BusinessMirror December 19, 2023 by BusinessMirror

2024 budget to be signed into law on Dec. 20 By Jovee Marie N. dela Cruz @joveemarie

P CHRISTMAS BY THE RIVER The Marikina Riverbanks transforms into a carnival-themed setting as Christmas draws near, providing Filipino families with a festive atmosphere. They set up tents, enjoy dinners with family, and immerse themselves in the joyous holiday spirit. BERNARD TESTA

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RESIDENT Ferdinand Marcos Jr. is set to sign the proposed P5.768-trillion General Appropriations Act into law on Wednesday, Speaker Ferdinand Martin G. Romualdez announced on Monday, thus affirming an earlier assurance the 2024 budget can be implemented on the first day of the year. Romualdez underscored the collaborative efforts between the legislative and executive branches, following parameters set by the

Office of the President and working closely with all departments in crafting the spending program for the coming year. In crafting its version of next year’s spending program, Romualdez said the House followed the “parameters” set by the Executive branch. “The key priorities of the P5.768trillion budget remain the same: education, healthcare, infrastructure, social services, social welfare, and many others. But we’re most proud of three legacy projects that President Ferdinand Marcos Jr. hopes to fulfill through this bud-

get. These are the Legacy Food Security, Legacy Specialty Hospitals, and Legacy Housing for the Poor,” he added. Romualdez underscored the pivotal role played by the 2024 national budget in steering the course of national and regional development. The proposed 2024 national budget is 9.5 percent higher than this year’s budget of P5.267 trillion and is equivalent to 21.7 percent of the country’s gross domestic product.

Robust defense

AS the Philippines pushed for

stronger alliances to preserve peace and stability in the West Philippine Sea (WPS), Romualdez has also assured the nation that the 2024 national budget includes funds for robust defense of the WPS. Romualdez, who made the announcement during an interview in Japan while accompanying President Ferdinand Marcos Jr. for the 50th Asean-Japan Friendship and Cooperation Commemorative Summit, assured the nation of his commitment to safeguarding national interests in the region.

BusinessMirror Tuesday, December 19, 2023 Vol. 19 No. 69

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PBBM CLINCHES $263-M BIZ DEALS IN JAPAN GAB w

P25.00 nationwide | 3 sections 30 pages |

By Samuel P. Medenilla

@sam_medenilla

RESIDENT Ferdinand R. Marcos Jr. was able to secure US$263 million worth of business deals at the sidelines of the Association of Southeast Asian Nations (Asean)-Japan Commemorative Summit in Tokyo, Japan on Monday. During the roundtable meeting organized by the Department of Trade and Industry (DTI) with Japanese firms, the chief executive also received updates on the US$13billion business pledges which were made in his trip to Japan in February and sought more investments citing the country’s legislative and policy reforms. In a statement, Malacañang said 9 memoranda of understanding (MOUs) on areas such as energy, infrastructure and manufacturing were finalized at the event. The accords are expected to generate 15,750 employment opportunities. See “PBBM,” A2

HOME AT LAST Jimmy Pacheco, a former Filipino hostage released by Hamas on November 24, returned to the country on Monday. He arrived at Ninoy Aquino International Airport Terminal 1 on Philippine Airlines flight PR659 from Dubai. Pacheco was warmly welcomed by his wife Clarice and representatives from the Department of Foreign Affairs (DFA), DMW Officer-in-Charge Hans Cacdac, OWWA Administrator Arnel Ignacio, and Israeli Ambassador to the Philippines Ilan Fluss, who also played the role of the group’s “photographer” and took a groufie.Full story in A6 Economy, “Pinoy caregiver returns to PHL after release by Hamas militants.” NONIE REYES

HOUSE LEADER DISPUTES MIGZ’S STAND ON CHACHA VIA STATUTE

HE chief of the House Committee on Constitutional Amendments said on Monday that Senate President Juan Miguel Zubiri is “dead wrong” in his stand that laws or statutes can amend the Constitutio— a position that had also been taken by the previous Senate leadership, which approved three amendatory laws seen to relax restrictive provisions in the Charter. Cagayan de Oro Rep. Rufus Rodriguez, the constitutional amendments panel chairman, said that laws cannot amend the

Constitution, and this is evident in the current legal challenges facing amendments to the Public Service Act. “Of course not! The previous laws amending the Public Service Act are now being questioned by at least two petitions in the Supreme Court for being unconstitutional,” he said. “Just amending the Public Service Act to change the constitutional provisions prohibiting or limiting foreign investments cannot and will not pass constitutional muster,” he added. See “House,” A2

Miru Systems ‘ineligible’ to bid for ‘25 polls—Comelec By Patrick V. Miguel

HE lone bidder for the 2025 automated elections system is “ineligible,” the Commission on Elections has declared. According to the poll body, the joint venture led by Miru Systems Co., Ltd., lacked English translation and has submitted an “incomplete undertaking to enter into a joint venture.” The joint venture led by Miru Systems Co., Ltd, alongside Integrated Computer Systems, St. Timothy Construction Corporation, and the Centerpoint Solutions Technologies Inc. is the lone bidder following the disqualification of Smartmatic Philippines Inc. from

participating in all Comelec procurement. As a result, Comelec has declared the P18.827-billion contract the “first failure of competitive bidding.” Comelec Spokesman Atty. John Rex Laudiangco said the next bidding is scheduled sometime in January 2024. Although Miru Systems is declared “ineligible,” Laudiangco said they can join the next bidding again as long as their “deficiencies and defects” are “cured.” The poll body opened the bid submission of Miru Systems last December 14, and had checked its legibility that day. See “Miru,” A2

PESO EXCHANGE RATES n US 55.6950 n JAPAN 0.3920 n UK 70.6324 n HK 7.1381 n CHINA 7.8190 n SINGAPORE 41.8162 n AUSTRALIA 37.2878 n EU 60.7354 n KOREA 0.0428 n SAUDI ARABIA 14.8476 Source: BSP (December 18, 2023)

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A2 Tuesday, December 19, 2023

Real-time verification of PSA, govt IDs pushed to avert fraud By Malou Talosig-Bartolome

This development came almost a month after the Senate called the attention of the DFA and PSA on the issuance of Philippine passports to foreigners, saying such could be a “national security matter.” The DFA said in a statement published December 15 that the Inter-Agency Committee Against Passport Irregularities held an urgent meeting last December 6. During the budget deliberation of DFA in the Senate last November 9, it was found that 308 foreigners,

many are Chinese, have secured Philippine passports showing authenticated PSA certificates and person-with-disability IDs. Senate President Pro Tempore Loren Legarda and Senator Ronald “Bato” Dela Rosa sought a Senate inquiry through its Blue Ribbon Committee on how the Chinese nationals were able to secure Philippine passports through fraud. “The DFA emphasizes that it strictly observes a Zero Tolerance Policy for Philippine identification

documents obtained through illegal means and continues to coordinate with the concerned government agencies to tighten security measures, streamline verification of identification documents, and facilitate investigation and filing of appropriate charges,” the DFA said in a statement. Aside from the PSA, other members of the inter-agency committee are the National Intelligence Coordinating Agency (NICA), National Bureau of Immigration (NBI), Department of the Interior and Local Government (DILG), and the Philippine National Police (PNP). The NBI updated the government agencies on the status of their ongoing investigation pertaining to foreign nationals who allegedly acquired Philippine passports through fraud. DFA Undersecretary for Civilian Security and Consular Affairs Jesus S. Domingo, who cochaired the meeting, proposed a memorandum of un-

Budget...

the House of Representatives and the Senate were unified in eliminating such appropriations. “Both houses [of Congress] agreed upon it. In fact, the heads of the departments have agreed to it. They have voluntarily withdrawn it [request for confidential funds],” he said. He emphasized that department heads voluntarily withdrew their re-

quests for confidential funds, aligning with the shared goal of minimizing CIFs for civilian departments and redirecting focus to security issues, particularly defense and the West Philippine Sea. He added that the Coast Guard has been allocated more funds in the 2024 budget. President Marcos has vowed to

@maloutalosig

HE Department of Foreign Affairs (DFA) asked the Philippine Statistics Authority (PSA) and other government agencies to come up with a system where they can make real-time verification of the birth certificates and IDs of passport applicants.

Continued from A1

Responding to queries regarding the removal of confidential and intelligence funds (CIFs) from civilian agencies, Romualdez clarified that

derstanding (MOU) among members of the interagency committee. “The committee should adopt a mechanism wherein tighter and closer coordination among member agencies shall be created to ensure immediate verification and crossmatching of information contained in PSA certificates and government issued identification cards,” Domingo said. The DFA undersecretary envisions that the MOU would ensure real-time verification to address the proliferation of fraudulent documents and government identification cards used in passport applications. “The Philippine Passports are not for sale to foreign nationals and [DFA] does not tolerate attempts of foreign nationals to secure Philippine Passports through illicit means,” the DFA said in a statement. The next ICPI meeting will be held before the end of 2023. pursue a vigorous defense of the West Philippine Sea, saying recent aggressive activities by China in the area have “steeled” the country’s determination to protect disputed islets and other sea features that belong to it under international law. Romualdez noted the increased allocation for the Coast Guard in the proposed budget, emphasizing the importance of addressing security concerns, particularly in the West Philippine Sea. He revealed that the Coast Guard is set to receive five additional patrol vessels from Japan to enhance its maritime capabilities.

Support

MEANWHILE, Romualdez expressed strong support for President Ferdinand Marcos Jr.’s emphasis on forging stronger international alliances to maintain peace and stability in the WSP and the broader Asian region. T he Spea ker’s endorsement comes in light of the ongoing talks between the Philippines and Japan on a reciprocal access agreement for the deployment of military forces, a critical move amid escalating regional tensions. In his remarks during his bilateral meeting with Japanese Prime Minister Fumio Kishida on the sidelines of the 50th Commemorative Summit of ASEAN-Japan Friendship and Cooperation in Tokyo, Marcos said the Philippines and Japan will greatly benefit from the planned Reciprocal Access Agreement (RAA) in maintaining regional peace and stability in the Indo-Pacific region. The Speaker also highlighted the significance of the ruling by the Permanent Court of Arbitration in 2016, which invalidated China’s expansive claims in the South China Sea. Romualdez called for greater international cooperation and unity in addressing the challenges in the WPS.

Miru... Continued from A1

Despite the existing disqualification decision, Smartmatic has attempted to submit a bid before the Comelec Secretariat that day. However, the SBAC has rejected the bid of Smartmatic “pursuant to Resolution No. EM 23-003, promulgated by the Commission en banc.” Smartmatic has filed a temporary restraining order (TRO) before the Supreme Court (SC) against the disqualification by Comelec. (Related story: https://businessmirror. com.ph/2023/12/12/smartmaticseeks-tro-vs-comelecs-dq-ruling/) Comelec and SBAC have not received any temporary restraining order from the SC, said Spokesman Atty. John Rex Laudiangco. Asked if Smartmatic has a chance of bidding should a TOR be granted, Laudiangco said it depends on the terms of the SC. He gave assurances that Comelec will follow what the SC decides.

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PBBM...

Continued from A1

“I am delighted to know that the letters of intent signed last February 2023 and those signed today now aggregate P771.6 billion or about US$14 billion in pledges from Japanese investors—expected to generate approximately 40,000 jobs,” Marcos said. Presidential Adviser on Investment and Economic Affairs Frederick Go said 20 companies gave updates on their business pledges. He said P169-billion worth of pledges from February trip of the President became “actualized investments.” Marcos said he is hopeful the country can attract more investors from Japan and other countries amid the country’s booming economic growth and businessfriendly legislation and policies.

CREATE amendments

AMONG the laws he cited are the Public Service Act, Foreign Investments Act, the Retail Trade and Liberation Act and the Renewable Energy Act, as well as the amendments on the Corporate Recovery and Tax Incentives for Enterprise Act (CREATE) and its implementing rules and regulations (IRR). “The CREATE act is now in the process of amendment taking into account some of the concerns that businessmen not only from Japan, but from around the world that was brought to our at-

House...

tention,” Marcos said. “We take due note of the valuable feedback we receive from you and we work closely with the Congress to enact much needed legislation that we hope answer your needs and concerns,” he added, addressing the Japanese business leaders at the DTI event. The chief executive noted that among the changes made in the implementation of CREATE is the elimination of the extra step in the processing of investment applications at the Department of Finance (DOF), which was put in place during the pandemic as well as fast-tracking the payment of tax rebates. To further reduce red tape, Marcos said he also issued Executive Order No. 18 establishing the green lane for strategic investments. He cited the operationalization of the Maharlika Investment Fund, the country’s first sovereign investment fund, and the Memorandum Circular 2023-006 of the Board of Investments (BOI), which aims to incentivize projects dedicated to energy efficiency and conservation through tax holiday incentives and duty exemption. “This development aligns with our pledge to support companies including Japanese investors of course in establishing their renewable facilities to meet their energy demands,” Marcos said.

Continued from A1

Earlier, Zubiri declared that any endeavor to amend the 1987 Constitution would be futile, given the widespread opposition among his colleagues. Zubiri said he advocated for the implementation of a law enacted last year to attract foreign investors instead of pursuing Charter change to amend economic provisions in the Constitution for the same objective. However, Rodriguez, a former law dean, said “merely altering this act in an attempt to modify constitutional provisions restricting foreign investments is insufficient and unlikely to withstand constitutional scrutiny.” The veteran lawmaker said there is a lack of evidence demonstrating interest from foreign airlines, shipping companies, and railway companies in seeking franchises or authorization to operate in the Philippines, saying the constitutional questions surrounding these amendments in the Supreme Court only add to the uncertainty for potential foreign investors. “Also, we have not seen proof of foreign airlines, foreign shipping companies, or foreign railway companies applying for franchises or authority to open their businesses in the Philippines,” he said.

Govt...

“How can foreign companies apply to do business here under the amendments of the Public Service Act when the constitutionality of these amendments has been questioned in the Supreme Court?” he added. Also, Rodriguez said it is crucial to note that the sale of land to foreigners is not part of the amendments submitted by the House to the Senate. “As to the sale of land to foreigners, it is not one of the amendments the House has submitted to the Senate. We are appalled by the obstructionist stance of the Senate on economic amendments to our Constitution,” he said. “We are now No. 8 in Foreign Direct Investments among the 10 Asean members. Alarmingly, we have been overtaken by Vietnam and Cambodia. We are only ahead of Laos and Myanmar,” he said. According to Rodriguez, the urgency lies in opening the economy to attract essential foreign investments. “We need to open our economy to attract much-needed foreign investments in our country,” he said. “We need to provide more employment opportunities to our people and more business taxes to finance our social programs,” Rodriguez added. Jovee Marie N. Dela Cruz

Continued from A14

drift along ocean currents and settle elsewhere in the Philippine territory where they are eventually caught by fishermen. “We are not just talking about the production per se. But we are talking about the importance of the area in terms of overall production of the country, taking into account the connectivity of resources,” Briguera said. “For example, there are studies that the currents in the West Philippine Sea bring the larvae to other fishing grounds [of the country]. That is why the destruction of the West Philippine Sea would have actually affected fishing grounds considering the interconnectivity of the resources,” he added. Recent studies have shown the potential fish catch in the West Philippine Sea. For example, estimated potential fish output in Pag-asa Island and Sabina Shoal, which are under the Kalayaan Island Group, could be between

61,555.64 MT and 90,850.19 MT, according to a 2020 study by Hazel O. Arceo, Joey P. Cabasan, Rhea Mae A. Luciano, Lovely Joy D. Heyres, Samuel S. Mamauag and Porfirio M. Aliño published in the Philippine Journal of Science. I n 2019, m a r i ne e x p e r t s warned that China’s increasing demand for food will deplete marine resources in the West Philippine Sea and wreak havoc on the Philippines’s fish supply. (Related story: https://businessmirror.com.ph/2019/07/04/ china-fast-outstripping-phlf ish-catch-in-eez-maritimeexperts-warn/) Based on their estimates, the Philippines is losing at least P33 billion annually from the marine resources—within the country’s exclusive economic zone. China’s massive reclamation and artificial island-building resulted in the destruction of vital coral reefs that provide habitat to various marine resources.

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Tuesday, December 19, 2023 A3

MEGAWORLD HOTELS & RESORTS PLANT 2,500 SAMPAGUITA SEEDLINGS TO AID THE REVIVAL OF THE NATIONAL FLOWER Andrea Lagdameo, Officer-In-Charge ITMC Central Nursery, Don Earl Darel N. Caagbay, Operations Head of the Estate Management Department, and Charlene Go-Co, Group Director of Marketing Communications of Megaworld Hotels and Resorts.

Iloilo Business Park with their officers (IBP) Sheena Galon, Marketing Officer, Ralph Rastrullo, Accounts Director, Marbin Espina, Leasing Associate, Renaldo Orio, Estate Manager, Lyka Pulgado, Property Manager, Daisy Villanueva, Assistant Vice-President for Operations, Jennevieve Alonzaga – Deputy General Manager of Festive Walk Mall Iloilo, John Morancil, Marketing & Business Development Assistant of RFO.

By Anne Ruth Dela Cruz

HAT started as a project to develop the signature brand of service of Megaworld Hotels & Resorts (MHR) has now been transformed into an advocacy to revive a dying industry. In response to the declining numbers and popularity of the national flower, the Philippines’ largest hotel chain spearheaded the simultaneous planting of sampaguita across Megaworld’s four townships and estates which includes, Boracay Newcoast, The Mactan Newtown in Cebu, Iloilo Business Park and as well as the conglomerate’s very own 2,400-hectare botanical Central Nursery in Tanza, Cavite. “We are very glad to be able to do this and hopefully, this will not just end as a project for us. It is already one that we can call our advocacy and we don’t want to end it this year. We look forward to the many beautiful years of cultivating not just the Sampaguita plans but the love for Sampaguita, the love for our country and the love for service,” said Cleofe Albiso, MHR Managing Director. Inspired by Megaworld’s “MEGreen” sustainability program, Albiso and her team takes it to heart when they say “Green Starts with Me.” At least 200 volunteers comprised of Megaworld’s subsidiaries from the lifestyle malls, condominium properties, hotels group, estate management and Megaworld Foundation located across the participating townships dedicated an hour of their time during sunbreak to make the initial effort a success. A total of more than 2,500 sq m. of allocated space clearly marked by the MEGreen geo location marker is now dedicated for the Sampaguita. Check it out in this link for the whole video https://bit. ly/MHRSampaguitaPlanting.

Sampaguita: Elevating the quintessential Filipino brand of Service.

LAST July, MHR unveiled “The Sampaguita Brand of Hospitality” which promised to offer an extraordinary and immersive experience that appeals to all five senses. Cen-

tered around sight, smell, taste, hearing and touch, this homegrown hotel chain adopted the Sampaguita, the national flower of the Philippines, as the symbol of its warm and hospitable approach. Jasminum sambac, as it is scientifically known, is the variety that is grown in the Philippines. This genus is known to have an average of five petals which perfectly insights MHR’s customer service philosophy and values that represent love, honor, dignity, and healing. Observing MHR’s sampaguita pins worn by their associates, the 5th petal mimics the colors and placement of the Philippine flag intentionally pointing towards the heart, reminding the bearer to celebrate the pride of being a homegrown brand and the sampaguita’s values. When traveling and staying in a hotel, guests often experience profound emotions. MHR aims to deepen this connection by infusing the essence of the Sampaguita into every touchpoint of the guest journey. This iconic flower represents the brand’s dedication to providing meaningful stays, leaving a lasting impression on guests, and fostering strong customer loyalty and cultural identity. “When we embarked on the Sampaguita project, we did not want to stop offering it as part of the over-all guest experience through the five senses in our hotels and resorts,” noted Albiso. “We want to make it an inspiring journey that will not just refresh and relive the Sampaguita industry. We want to bring back the heydays, the glory days of the Sampaguita flower, being our national flower,” she added.

Creating a future for the Sampaguita

ALONG the course of developing MHR’s signature sampaguita scent, curated menu offers and other

Eden Decano, Group Director of Finance and Sustainability Champion of Megaworld Hotels and Resorts.

The Boracay Newcoast with associates from Belmont and Savoy Hotel Boracay.

Arnie Batac, Head of Corporate Ventures & Partnerships Management of Megaworld Corporation Subsidiaries of Megaworld plant sampaguita seedlings in the conglomerate’s botanical Central Nursery in Tanza, Cavite. Leaders from Megaworld Hotels and Resorts, Estate Tate, Corporate Ventures and Partnerships Management, Integrated Town Management Corporation, Megaworld Foundation and MEG Sustainability Circle were on hand to plant the seedlings.

multi-sensory requirements, it was discovered that there was actually a shortage of the national flower. For instance, San Pedro Laguna, once the Sampaguita capital of the Philippines, with stretches of farmlands have now been reduced to not more than the number of fingers in one’s hand. “I later found out through the Department of Agriculture in Region 4 that there used to be tens of thousands of sampaguita shrubs grown by local farmers in the area. However, now they are left with at least three farms with an average of at least a thousand shrubs reduced due to either pest infestation or land urbanization. It was then that we realized that Sampaguita farming was a dying industry,” shares

Volunteers from Boracay Newcoast with Nanette Kho-Moreno, Resort Manager of Savoy Hotel Boracay

The Mactan Newtown in Lapu-Lapu Cebu with associates from Belmont and Savoy Hotel Mactan, Lifestyle Malls, Estate Management and Corporate team.

Charlene Go-Co, project lead and MHR’s Group Director of Marketing and Communications. Eden Decano, MHR Group Director of Finance and sustainability

champion, related that from being the brand of service, a deeper connection was developed with the Sampaguita. It reached the point that MHR saw the need to trans-

form this project into an advocacy to help the Sampaguita industry. “The sampaguita carries with it the Philippines’ culture, traditions and for some their livelihood.

It would be such a shame to simply allow the national flower to perish. Through Megaworld, we decided that we will need to plant Sampaguita not only for our properties’ consumption but as well as to revive the industry and its prestige as an iconic symbol of our country” Decano said. Out of the initial 2,500 seedlings with majority sourced from San Pedro, Laguna now planted across the numerous townships, Megaworld will endeavor on propagating this batch to establish the sampaguita in their estates to serve a nationalistic, esthetic, and utilitarian purpose. “The real mission here is to not stop with what we know. Through research and development, our teams discover new ways of using the sampaguita,” says Decano. “The challenge is to diversify its use. We ask ourselves, more than its religious symbolism, what else can we do with it that will drive innovation, value, and demand. This way we don’t only preserve the country’s cultural heritage but revive the industry, as well as sustain it through genuine and practical interest” adds MHR’s sustainability champion. Experience service that celebrates the Filipino identity through the sampaguita. Book your rooms with Savoy and Belmont properties located in Boracay, Cebu, and Manila; Richmonde Hotels in Eastwood, Ortigas, and Iloilo; Hotel Lucky Chinatown in the oldest Chinatown in the world, Binondo. Others may consider Kingsford Hotel Manila in Paranaque and lastly Twin Lakes Hotel in Tagaytay overlooking the perfect view of Taal Lake. For more information visit www.megaworldhotels.com or any their properties’ official Facebook pages.

MHR employees proudly wear their sampaguita pins on their left chest while they attend to guests.

Sampaguita Rubbed Pork BBQ

Allow Chef Ariel Castaneda, Executive Chef of Richmonde Hotel Iloilo, to expand your appreciation of the Sampaguita through culinary creations.

Cleofe Albiso, Managing Director of Megaworld Hotels and Resorts.

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

Tuesday, December 19, 2023

Six rebels killed after military thwarts NPA bid to ‘reorganize’ guerilla unit in Batangas By Rex Anthony Naval

he Armed Forces of the P h i l i p p i n e s ( A F P) o n Monday said it had foiled an attempt of the New People’s Army (NPA) to reorganize in Batangas by neutra lizing si x of the insurgents in a clash in Balayan town Sunday. “Troops of the 59th Infantry Battalion conducted combat operations after receiving reports of an undetermined number of NPAs at Barangay Malalay in the town of Balayan that also resulted in the capture of four firearms,” AFP public affairs office chief Col. Xerxes Trinidad said.

However in the encounter, one of the soldiers was killed and three others were hurt. “The AFP extends its sincerest condolences to the family of the soldier who paid the ultimate sacrifice in service to the Filipino. The AFP assures them of its all out support. The wounded personnel will also receive the best of care that it can provide,” Trinidad said. Trinidad said the AFP is committed to resolving the local communist armed conflict the soonest time possible. The 2nd Infantry Division earlier said that joint government forces from the 59th Infantry Battalion,

which consists of Army, Navy, and Air Force personnel, were conducting combat operations at Barangay Malalay, Balayan town when they encountered an undetermined number of NPA members believed to be affiliated with the Southern Tagalog Regional Party Committee’s Sub-Regional Military Area 4C. The firefight resulted in six NPA rebels being killed and the recovery of two M-16 rifles, one M-653 rifle, one shotgun, and other subversive documents. Meanwhile, a soldier from the 59th Infantry Battalion was killed while three others were wounded. The wounded troops were already evacuated to the Medical Center Western Batangas in Balayan. Pursuit operations are now ongoing as of this time.

Ex-lawmaker Casiño files ₧2.2-M civil suit vs Celiz, Badoy By Joel R. San Juan @jrsanjuan1573

ORMER Bayan Muna Rep. Teodoro “Teddy” Casiño on Monday filed a P2.2-million damage suit before the Regional Trial Court (RTC) of Makati City against former National Task Force to End Local Communist Armed Conflict (NTF-ELCAC0) spokesperson Lorraine Marie Badoy and Sonshine Media Network Inc. (SMNI) anchor Jeffrey Celiz for repeatedly “red-tagging” him in public. In his complaint, Casiño said the respondents made malicious public statements that not only red-tagged but also maligned him. “By their repeated baseless and malicious red-tagging and attacks on plaintiff’s person, political beliefs, activities and affiliations, defendants have subjected plaintiff to public ridicule and hate, violating his rights and endangering his life, liberty and well-being. This has taken a toll on him due to mounting anxiety, stress, and tension and likely contributed to his heart attack in February 2023,” the petitioner said. Casiño noted that the respondents have

been “falsely, maliciously and repeatedly accusing me of being involved in terrorism, rebellion and other crimes as a supposedly high-ranking official of the Communist Party of the Philippines-New People’s Army-National Democratic Front of the Philippines [CPP-NPA-NDFP].” Casiño is asking the court to order Badoy and Celiz to compensate him with a total of P2.2 million as moral, exemplary and nominal damages plus attorney’s fees of not less than P100,000. Broadcast journalist Atom Araullo filed a similar case in September against Badoy and Celiz for also red-tagging him. Araullo’s mother, Carol Pagaduan Araullo, also filed in July a P2.07-million damage suit against the two SMNI anchors for red-tagging him. Aside from the P2.07million moral and exemplary damages, Araullo is also seeking attorney’s fees and cost of litigation against the respondents. Araullo was referring to the “defamatory” statements made by the respondents in their television program “Laban Kasama ang Bayan” aired on the SMNI News Channel and an online video interview of Celiz posted

on Facebook from early 2022 to the end of January 2023. Araullo said in those episodes he was subjected to “utterly false and malicious vilification” by the respondents who publicly branded him as the “spawn” of an “active CPP (Communist Par ty of the Philippines) Central Committee leaders; accused him of taking part in the “systematic orchestrated attack” against the government; declared that he was a member of the “communist party”; accused him of victimizing Filipinos and protecting terrorists; claimed that he is using his profession to destroy and attack others; and accused him of producing documentaries that are “faithful to the lies of the CPPNPA-NDF.” Badoy and Celiz were recently cited in contempt by the House of Representatives and ordered detained for falsely claiming that Speaker Martin Romualdez’s travel expenses had reached P1.8 billion. The two filed a petition for habeas corpus before the Supreme Cour t to challenge their detention but were freed several days due to humanitarian reasons. The SC has yet to act on their petition.

Economy

Tuesday, December 19, 2023

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

DBM okays release of ₧5 billion for rehab of conflict-affected communities in BARMM

HE Department of Budget a nd M a n a ge me nt ( DBM ) approved the release of P5 billion for the rehabilitation of con-

f lict-affected communities in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM). The DBM said Secretary Ame-

nah F. Pangandaman has approved the issuance of a Notice of Cash Allocation (NCA) for the rebuilding, rehabilitation and development of specific areas in BARMM. The P5 billion budget is for the Special Development Fund (SDF) mand ated under Republ ic Act (R A) 11054 or the Organic Law for BARMM, which was ratified in 2019. The SDF is released annually for 10 years for a total of P50 billionearmarked fund. “Sa pamamagitan ng pondong ito,

umaasa po tayo na magtutuloy-tuloy ang pag-unlad ng BARMM. Hindinghindi po bibitawan ng administrasyon ni Pangulong Ferdinand R. Marcos Jr., ang pag-agapay sa BARMM, Lalo na sa transition process nito,” Pangandaman said. (Through this fund, we hope that the development of BARMM would continue. T he administration of P resident Ferd i n a nd R . Ma rcos Jr. would not give up on supporting BARMM, especially during its transition process.)

The DBM explained that the release of the P5-billion fund was approved after BARMM Chief Minister Ahod B. Ebrahim submitted the cash requirements and schedule for the programs, projects and activities to be bankrolled by the budget. Pangandaman earlier reiterated that the Marcos administration would support the peace and advancement efforts in the BARMM as the national government proposes to allocate a P80.6 billion in financial aid next year.

The DBM said the proposed budget involves the BARMM’s Annual Block Grant of P70.5 billion, the SDF of P5 billion, and the BARMM’s shares in national taxes, fees, and charges of P5.1 billion, pursuant to R A 11054. “The Agenda for Prosperity of the government aims for a promising future for the country where no Filipino is left behind. And by all, we mean all Filipinos, including Muslim Filipinos,” Pangandaman said.

Jasper Emmanuel Y. Arcalas

From 4Ps participant to college graduate: Jeraldyn Bansale inspires Bajau community

BAJAU youth who was a former “monitored child” of the Pantawid Pamilyang Pilipino Program (4Ps) of the Department of Social Welfare and Development (DSWD) is now the pride of the indigenous peoples (IP) community in Bato, Leyte. Jeraldyn Bansale achieved the significant milestone of completing her Bachelor of Science in Business Administration (BSBA) degree at the Bato Institute of Science and Technology in Leyte province in 2022. The DSWD said Bansale’s accomplishment stands as a testament to the possibility of obtaining education for impoverished IP’s, particularly from the Bajau community, through perseverance and determination. “Despite the financial constraints and challenges her family faced, Jeraldyn saw education as the key to breaking the cycle of poverty and providing a brighter future for herself and her loved ones,” said the DSWD. “Due to the poverty that we are experiencing, I chose to strive and complete my education to help my parents. Also, to assist my siblings in their needs, especially in their education,” said Bansale.

In finishing her education, Bansale said the DSWD’s 4Ps program was a significant factor for her family since she was able to use the cash grants to meet her school requirements, transportation expenses, and other needs. The Bansale family became a 4Ps beneficiary in 2014. Bansale also shared that attending Family Development Sessions (FDS) provided her family with valuable insights. FDS is a significant feature of the 4Ps program as it employs neighborhood-based family psycho-educational activities to promote, empower, and nurture beneficiaries toward strengthened capacity so they could meet their familial and parental responsibilities as well as participate in community development activities. Moreover, through the FDS, the 4Ps parent-beneficiaries are provided with life skills, including livelihood skills training. “My family learned a lot from the topics in the Family Development Sessions. My family also learned the importance of saving, budgeting, and the value of money. So, even with my parents’ modest income, they managed to provide for our basic needs,”

JERALDYN BANSALE she said. She emphasized the importance of education and finishing school, noting, “My family learned a lot from the topics in the Family Development Sessions.” Furthermore, her family learned about the significance of saving, budgeting, and the value of money, allowing them to make the most of their modest income for their basic needs. According to DSWD Assistant Secretary for Legislative Affairs and co-

spokesperson Irene B. Dumlao, the DSWD remains committed to help marginalized families, especially IPs, by delivering programs and services such as the 4Ps that will help uplift their lives. “The DSWD is providing all the needed assistance to help our kababayans from the indigenous peoples’ sector by providing necessary interventions that will enable them to become empowered and productive citizens, with the prime consideration of their culture and heritage,” Dumlao, who is also the DSWD data protection officer, said. The 4Ps is the flagship program of the national government on poverty reduction and social development implemented by the DSWD. With around 4.4 million household beneficiaries, the 4Ps program provides conditional financial assistance to the most economically challenged families, fostering improvements in health, nutrition, and education. Of the total household-beneficiaries, 116,521 are IPs, with 87,124 households coming from Mindanao; 25,491 from Luzon; and 3,906 from Visayas as of September 30, 2023.

Jovee Marie N. Dela Cruz

Sen. Chiz says reimbursing off loaded pax won’t be taken from staff salaries

ENATOR Chiz Escudero assured employees of the Bureau of Immigration (BI) their salaries and benefits will remain intact and untouched even with the inclusion of a provision in 2024 General Appropriations Bill (GAB) that allows the reimbursement of thousands of passengers who missed their flights

due to long immigration assessment. Addressing the issue on his social media account X (formerly Twitter) over the weekend, the veteran legislator noted there is nowhere in the 2024 GAB that says the funds to be used to repay the affected passengers will be coming from the budget for employees’ salary and augmentation

allowances. “Any diminution from the salary and augmentation of BI personnel is illegal and unauthorized,” Escudero said as he reiterated that based on his proposal that was adopted in the final GAB, the reimbursement fund will come from the excess income of BI that is being returned annually to

the National Treasury. “The money to refund off loaded passengers will not come from/nor will it be deducted from BI personnel,” the senator stressed. “I will look closely into this to ensure that the intent and mandate of Congress regarding this is followed to the letter.”

Butch Fernandez

Pinoy caregiver returns to PHL after release by Hamas militants

VERSEAS Filipino Worker (OFW) Gelionor “Jimmy” Pacheco, the caregiver who was among those kidnapped by Hamas last October 7, 2023, arrived at the Ninoy Aquino International Airport (Naia) Terminal 1 Monday morning on board Philippine Airlines flight PR659 from Dubai after his release. Pacheco was met by his wife Clarisse and his children, Department of Migrant

Workers (DMW) Officer-in-Charge Hans Cacdac, Department of Foreign Affairs (DFA) representatives, Administrator Arnel Ignacio of the Overseas Workers Welfare Administration (OWWA) and Israeli Ambassador to the Philippine IIan Fluss, as officials from the Bureau of Immigration assisted Pacheco in processing his travel documents. Pacheco was included in the first batch of hostages released by Hamas

last November 24 after 48 days of captivity. They were seized by Hamas as the militants mounted simultaneous attacks on Israeli enclaves on October 7, 2023. Among the hundreds of abductees were migrant workers, like Pacheco, who worked for Israeli households and enterprises. Pacheco was advised not to say anything against his kidnappers for his own safety if he has plans to go back to Israel.

How courageous companies thrive by giving more than they take!

By Henry J. Schumacher

Y valuable partner in the Integrity Initiative, Jose Cortez, visited me the other day and we extensively discussed the above subject, being both convinced that sustainability and working for the common good are needed by contributing to communities and protecting

the environment. The runaway climate change and the rampant inequality are ravaging the world and costing a fortune. Who will help lead us to a better future? These massive dual challenges—and other profound shifts, such as pandemics, resource pressures, and shrinking biodiversity—threaten our very existence. Other megatrends, such as the push for a clean economy and the unprecedented focus on diversity and inclusion, offer exciting opportunities to heal the world, and prosper by doing so. Government cannot do this alone. Business must step in. The question of cause is, how you can they profit by fixing the world’s problems instead of creating them. To thrive today and tomorrow, companies have to become “net positive”—giving more to the world than they take. A net positive company: 1. Improves the lives of everyone it touches, from customers and suppliers to employees and communities, greatly increasing long-term returns in the process. 2. Takes ownership of all the social and environmental impacts its business model

creates. This in turn provides opportunities for innovation, savings, and building a more humane, connected, and purposedriven culture. 3. Partners with competitors, civil society, and governments (national and local) to drive transformative change no single group or enterprise could deliver alone. This is no utopian fantasy. Courageous leaders are already making it real—and the stakes couldn’t be higher. Net Positive sets out the principles and practices that will deliver the scale of change and transformation the world so desperately needs. Jose Cortez and I have both read the exciting book Net Positive written by Paul Polman and Andrew Winston, published by the Harvard Business Review Press. We are both inspired to push the net positive ideas and recommendation in the Philippines and are looking for partners to create change—in government, in business and in communities. We are convinced that these ideas will create the changes we all want: n Think of labor not as a cost, but as an asset to nurture. n Actively develop strategies to combat

Pacheco will receive his benefits due to him from the government. Meanwhile, Cacdac and Administrator Arnel Ignacio kicked off the “Paskong Salubong para sa Bagong Bayani ng Bagong Pilipinas” at the Naia Terminal 1 on Monday morning with the distribution of loot bags to incoming OFWs, including their children, on board a Philippine Airlines flight from Saudi Arabia. Nonilon G. Reyes

inequality and ensure just transitions, where jobs are changing. n Collaborate with suppliers, governments, and civil society to embrace the challenges of solving broader social problems like youth unemployment and skill development. n Get off the sidelines and speak out publicly, alone, or collectively, to protect democracy, freedom, science and truth. n Take the long-term view on working for the common good and continue to work directly with communities. We also see five critical traits that help create a net positive leader: n A sense of purpose, duty, and service. n Empathy: a high level of compassion, humility, and humanity. n More courage. n The ability to inspire and show moral leadership. n Seeking transformative partnerships. Let’s jointly rethink the way human beings—CEOs, politicians, and activists— can “thrive by giving more that they take.” Jose Cortez and I are looking forward to hearing your responses, so that we can design actions to achieve the important changes. Please email us at hjschumacher59@gmail.com

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

News

BusinessMirror

Comelec ordered to justify Smartmatic disqualification

HE Supreme Court (SC) has ordered the Commission on Elections (Comelec) to defend its decision to disqualify Smartmatic Philippines Inc. from participat-

ing in the bidding process for the Automated Election System (AES) for the 2025 national and local elections. In a three-page order, the Court en banc gave

the Comelec a non-extendible period of 10 days from notice to respond to Smartmatic’s petition for certiorari with extremely urgent application for the issuance of a temporary restraining order

(TRO) and/or writ of preliminary injunction filed against the poll body. “Now, therefore, you respondents…are hereby required to comment on the petition

Tuesday, December 19, 2023 and prayer for a TRO and/or writ of preliminary injunction within a non-extendible period of 10 days from notice hereof,” the SC said. The poll body last month disqualified Smartmatic from taking part in all biddings on its procurement processes. Comelec Chairman George Garcia said the

decision was reached to “preserve the integrity of the electoral process” in the country. While it maintained that there were no irregularities in the conduct of elections in the country, Garcia said the poll body couldn’t close its eyes to the current issues hounding Smartmatic. Joel R. San Juan

BusinessMirror

Tuesday, December 19, 2023

A6 A8

ESTABLISHMENT / ADDRESS

ESTABLISHMENT / ADDRESS No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

QUALIFICATION AND SALARY RANGE

21TH CONSTRUCTION DEVELOPMENT CORPORATION Ground Floor, No.28 Lot 12 Blk 94, R. Papa Ave. Cor. P. Garcia St. Phase 6, Afpovai, Western Bicutan, City Of Taguig

LIU, YUTING Supply Chain Manager Brief Job Description: Provide outstanding and exceptional customer service.

Basic Qualification: Can speak Chinese/ Mandarin language fluently. Salary Range: Php 30,000 - Php 59,999

3O BPO INCORPORATED 2/f Lcs Bldg South Super Highway, San Andres Cor Diamante St., 087, Barangay 803, Santa Ana, City Of Manila KAYMAZ, AHMET Customer Service Agent Swedish 2.

Brief Job Description: Handle inbound and outbound customer interaction via phone, email or chats with professionalism and courtesy. Listen attentively to customer inquiries, concerns and feedback and provide accurate and timely solutions.

Basic Qualification: Highschool graduate. Fluent in Swedish and English languages.

Brief Job Description: Provide customer service to clients.

CHONG CHEONG CHING Customer Service Representative (Chinese Speaking) Brief Job Description: Provide customer service to clients.

HE, ZHIGANG Customer Service Representative (Chinese Speaking) Brief Job Description: Provide customer service to clients.

LIU, HONGYE Customer Service Representative (Chinese Speaking) Brief Job Description: Provide customer service to clients.

NGUYEN TUAN ANH Customer Service Representative (Chinese Speaking) Brief Job Description: Provide customer service to clients.

Basic Qualification: Any nationality who can speak and write Chinese language fluently. Detailoriented and has the ability to multi-task.

10.

11.

12.

13.

Brief Job Description: Provide customer service to clients.

PHYO WAI AUNG Customer Service Representative (Chinese Speaking) Brief Job Description: Provide customer service to clients.

TAM KONG LOON Customer Service Representative (Chinese Speaking) Brief Job Description: Provide customer service to clients.

VAN COONG KIN Customer Service Representative (Chinese Speaking) Brief Job Description: Provide customer service to clients.

WANG, JUNFENG Customer Service Representative (Chinese Speaking) Brief Job Description: Provide customer service to clients.

ZHANG, ZHUANG Customer Service Representative (Chinese Speaking) Brief Job Description: Provide customer service to clients.

15.

16.

17.

18.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Any nationality who can speak and write Chinese language fluently. Detailoriented and has the ability to multi-task.

19.

Basic Qualification: Any nationality who can speak and write Chinese language fluently. Detailoriented and has the ability to multi-task. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Any nationality who can speak and write Chinese language fluently. Detailoriented and has the ability to multi-task. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Any nationality who can speak and write Chinese language fluently, preferably 6 months to 1-year customer service experience, detail-oriented and has the ability to multitask.

Basic Qualification: Any nationality who can speak and write Chinese language fluently. Detailoriented and has the ability to multi-task.

20.

21.

22.

24.

25.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Any nationality who can speak and write Chinese language fluently. Detailoriented and has the ability to multi-task. Salary Range: Php 30,000 - Php 59,999

LAI, JIZHEN Chinese Customer Service Representative Brief Job Description: Managing incoming calls and customer service inquires. SU, JINCHI Chinese Customer Service Representative Brief Job Description: Managing incoming calls and customer service inquires. HOQUE, MOHAMMED NEWAZ SHORIFUL Customer Service Representative Brief Job Description: Managing incoming calls and customer service inquires.

THAKUR, KUNAL KAUSHIK Customer Service Representative Brief Job Description: Managing incoming calls and customer service inquires.

MOHAMMAD JOHAN BIN MOHD SHAHAR Malaysian Customer Service Representative Brief Job Description: Managing incoming calls and customer service inquires.

Brief Job Description: Managing incoming calls and customer service inquiries. HO CAM CUONG Vietnamese Customer Service Representative Brief Job Description: Managing incoming calls and customer service inquires.

LE VAN DUNG Vietnamese Customer Service Representative Brief Job Description: Managing incoming calls and customer service inquires.

NGUYEN THI HOA Vietnamese Customer Service Representative Brief Job Description: Managing incoming calls and customer service inquires. PHAM, VAN DUOC Vietnamese Customer Service Representative

23.

ESTABLISHMENT / ADDRESS

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

DOAN THI THUY NA Vietnamese Customer Service Representative

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

NIU, FEI Customer Service Representative (Chinese Speaking)

14.

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

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

CHAN KWE LIN Customer Service Representative (Chinese Speaking)

No.

Brief Job Description: Managing incoming calls and customer service inquiries. PHAN, THI THU HUYEN Vietnamese Customer Service Representative Brief Job Description: Managing incoming calls and customer service inquires.

VU VAN THUONG Vietnamese Customer Service Representative Brief Job Description: Managing incoming calls and customer service inquires.

QUALIFICATION AND SALARY RANGE Basic Qualification: Able to speak, read and write Chinese language. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read and write Chinese language. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read and write Chinese and Indian languages. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read and write Chinese and Indian languages.

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

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

26.

Brief Job Description: Managing all aspects of reservation of the branch company.

Salary Range: Php 30,000 - Php 59,999 ANOC99 CORPORATION 5/f To 10/f Ayala Malls Manila Bay Building D., Macapagal Blvd. Cor. Aseana Street, Tambo, City Of Parañaque

32.

Brief Job Description: Provides overall direction and guidance to the operational activities of the organization.

EDWARDS, JEVON DARREN ANDERSON IT Operations Director 28.

Brief Job Description: Maintaining an inventory of computer hardware and software needed for operations and ordering new equipment when necessary. Developing disaster recovery plan for data storage sites, including testing backup systems regularly.

CHUMPOOKUM, NANAMI Foreign Language Customer Service Representative 33.

30.

Brief Job Description: Maintains customer records by updating account information. DONG THI HAO TAM Vietnamese Speaking Customer Service Representative

34.

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

Brief Job Description: Responding to Vietnamese customer queries via email, live chat, video, phone, and social media channels.

LIN, BING Data Analyst 35.

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

Basic Qualification: With relative work experience.

Brief Job Description: Responsible for the data quality improvement by checking of static descriptive content stored in our data server and dynamic data returned by Hotel Chains at time of shopping/booking in order to detect incorrect or missing content.

HE, XIYAO Project Coordinator 36.

37.

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

Basic Qualification: Bachelor’s degree in IT. With previous work experience in a similar capacity. Salary Range: Php 60,000 - Php 89,999

DJAPPA PAMI, GARLIN LOCLAIRE Multilingual Service Desk Member

Basic Qualification: Language proficient.

Brief Job Description: To support Multilingual Service Desk.

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

PASALSKI, PIOTR KRZYSZTOF Multilingual Service Desk Member

Basic Qualification: Language proficient.

Brief Job Description: To support Multilingual Service Desk.

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

COGNIZANT TECHNOLOGY SOLUTIONS PHILIPPINES, INC. 2nd, 3rd, And 4th Floors, Science Hub Tower 4 Bldg., Mckinley Hill Cyberpark, Fort Bonifacio, City Of Taguig

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

Basic Qualification: Excellent in a foreign language. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in speaking Vietnamese language. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: College graduate. Advance statistical knowledge and data mining skills. Fluent in Chinese-Mandarin and English languages. Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Monitoring the daily progress of projects, organizing reports, invoices, contracts, and other financial files for easy access.

Basic Qualification: Familiarity with risk management and quality assurance control, strong client-facing and teamwork skills. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Familiarity with risk management and quality assurance control, strong client-facing and teamwork skills. Salary Range: Php 30,000 - Php 59,999

GH EXCELLENT CONSTRUCTION DEVELOPMENT CORPORATION Unit 1709 One Park Drive 9th Avenue Corner 11th Drive, Bonifacio Global City, Fort Bonifacio, City Of Taguig ZHANG, CHENG Assistant Project Supervisor 38.

Brief Job Description: Serves as a department second in command supporting the primary supervisor.

Basic Qualification: Proven work experience as Operations Manager or similar role. Salary Range: Php 30,000 - Php 59,999

GOLDEN ARROW DIGITAL SOLUTION INC. 4/f 331 Bldg., Sen. Gil Puyat Ave., Bel-air, City Of Makati DENISH CHAIRANY Indonesian Marketing Officer 39.

Brief Job Description: Plan & execute all digital marketing strategies, including SEO and social media display. ENMIA GRACIA BANUAREA Indonesian Marketing Officer

40.

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

Basic Qualification: At least eight (8) years of experience within gaming, sales, and hospitality industry. Competencies in strategic perspective.

Basic Qualification: Proficient in speaking, reading, and writing in Vietnamese language.

FUTURENET AND TECHNOLOGY CORP. 4502 The Finance Centre, 26th Street And 9th Ave., Fort Bonifacio, City Of Taguig

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

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

FOUR SEASONS SEAVIEW HOTEL CORP. U-206a Antel Seaview Tower, 262 Roxas Blvd., Barangay 78, Pasay City

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

Basic Qualification: Bachelors’ degree in Science/ Mathematics/ English or equivalent.

EASYTECH SUPPORT INC. 9-11/f, 14/f Capella Bldg., Asean Drive Filinvest, Alabang, City Of Muntinlupa

Brief Job Description: Plan & execute all digital marketing strategies, including SEO and social media display. RISKY PERMADI Indonesian Marketing Officer

41.

Brief Job Description: Plan & execute all digital marketing strategies, including SEO and social media display. SENDY TAN Indonesian Marketing Officer

42.

Brief Job Description: Plan & execute all digital marketing strategies, including SEO and social media display.

Basic Qualification: Graduate of a bachelor’s degree. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Graduate of a bachelor’s degree. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Graduate of a bachelor’s degree. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Graduate of a bachelor’s degree. Salary Range: Php 30,000 - Php 59,999

INFOMERGE SERVICES INC. Unit 5-a 5th Floor Hollywood Square Building, 33 West Avenue, District 1, Nayong Kanluran, Quezon City IRELAND, MATTHEW DAVID Marketing Consultant 43.

CGI (PHILIPPINES) INC. 2/f One World Square, Mckinley Hill, Pinagsama, City Of Taguig

29.

Brief Job Description: Immediately escalating serious complaints or issues that you are not equipped to deal with.

LONG, FEI Project Coordinator

CALAY BUSINESS CONSULTANCY SERVICES, INC. 10/f Frabelle Business Center, 111 Rada St., San Lorenzo, City Of Makati

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

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

CHUNG KHAM LUC Vietnamese Speaking Customer Service Representative

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

QUALIFICATION AND SALARY RANGE

DIGICHROM INC. 25/f Yuchengco Tower, Rcbc Plaza, 6819 Ayala Ave. Cor. Sen. Gil Puyat Ave., Bel-air, City Of Makati

Brief Job Description: Monitoring the daily progress of projects, organizing reports, invoices, contracts, and other financial files for easy access.

27.

ONG CHOW KEE Senior Director For Business Development

Brief Job Description: Understand client, brief the product/services and all its aspects. Create update and publish content as required. Assist in developing communication goals & objectives.

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

31.

ATTIC TOURS PHILS. INC. G-05a Antel Seaview Towers, 2626 Roxas Blvd., Barangay 76, Pasay City SATO, YU Reservation Manager

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION CHAKRABORTY, SUVADIP Associate

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

BRIGHTLEISURE MANAGEMENT INC. 10/f Newport Entertainment & C Newport City, Manlunas, Barangay 183, Pasay City

Basic Qualification: Any nationality who can speak and write Chinese language fluently. Detailoriented and has the ability to multi-task.

No.

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

Basic Qualification: Any nationality who can speak and write Chinese language fluently. Detailoriented and has the ability to multi-task.

www.businessmirror.com.ph

Brief Job Description: Research industries, markets, demographics, trends, sales results and other data related to the company’s products and services. Analyze details of competitor offerings, including specifications, market share, pricing and promotional materials.

Basic Qualification: College graduate. With previous work experience in a related field. Salary Range: Php 60,000 - Php 89,999

JTI GBS PHILIPPINES, INC. 14th And 17th Floor - Office A, Ten West Campus Building, Le Grand Avenue, Fort Bonifacio, City Of Taguig VASILEV, IVAN Process Expert Manager 44.

Brief Job Description: Provide application support for both Production and Development with a focus on critical/complex incidents and significant change/service request that includes reproduction of problem in test system, test solutions and provide and confirm problem solution to end-users.

Basic Qualification: Holder of a Specialist Degree in Secure Information System. With at least 5 years of relevant work experience in a similar capacity. Salary Range: Php 150,000 - Php 499,999

KNW TECHNOLOGY INC. 103 Equinox Plaza, Sierra Madre, Highway Hills, City Of Mandaluyong

BusinessMirror

www.businessmirror.com.ph

ESTABLISHMENT / ADDRESS No.

45.

46.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION NGUYEN CONG HOANG IT Support Brief Job Description: Handle concerns with technical issues. NGUYEN TO QUYEN Payment Specialist Brief Job Description: Assists with the process of settling payments.

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: Relevant degree with information technology. Salary Range: Php 30,000 - Php 59,999

47.

Brief Job Description: Provide outstanding and exceptional customer service.

48.

Brief Job Description: Interview potential vendors and select ones that best meet the needs of the organization.

OCEAN MIGHT SUPPORT MANAGEMENT INC. 33/f Tower 6789, Ayala Ave., Bel-air, City Of Makati 30/f Tower, 6789 Ayala Ave., Bel-air, City Of Makati" and "32/f Tower 6789, Ayala Ave., Bel-air, City Of Makati ANDI WIJAYA Customer Service Representative 49.

Brief Job Description: Responsible for handling questions, comments and complaints regarding a particular business. Their ultimate goal is to provide positive customer experiences by enhancing relationships between them. CHEN, YU-SYUAN Customer Service Representative

50.

51.

52.

53.

54.

55.

56.

57.

58.

Brief Job Description: Processes complaints and issues related to products or services, helps customers complete purchases, upgrades, and returns, and frequently provides advice and technical assistance as well. LI, JINLING Customer Service Representative

59.

60.

61.

62.

64.

Basic Qualification: 18-55 y/o, with at least 6 months of work experience, and with good verbal and written communication skills.

65.

66.

67.

68.

69.

70.

71.

72.

73.

74.

75.

76.

77.

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

CONG NHIT VO HR Admin 78.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: 18-55 y/o, with at least 6 months of work experience, and with good verbal and written communication skills.

AUNG KHANT MAW HR Admin

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: 18-50 years old, good organizational skills, and proficient in relevant computer applications.

Basic Qualification: 18-55 y/o, with at least 6 months of work experience, and with good verbal and written communication skills.

Basic Qualification: 18-50 years old, good organizational skills, and proficient in relevant computer applications.

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

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: 18-55 y/o, with at least 6 months of work experience, and with good verbal and written communication skills.

Basic Qualification: College graduate. Fluent in Bangladeshi language. Salary Range: Php 90,000 - Php 149,999

Basic Qualification: Can speak Chinese/ Mandarin language fluently.

NS-FASHION-TREAD INTERNATIONAL CORP. Unit 18, 3/f Baclaran Bagong Milenyo Building, F.b. Harrison St., Barangay 76, Pasay City PARVIN, RUMANA Inventory Specialist

63.

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

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

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION MICHEL MOKOGIANTO Customer Service Representative

Basic Qualification: Degree holder within a relevant field.

MARKETROLE ASIA PACIFIC SERVICES, INC. 27/f & 28/f The Enterprise Center Tower 1, 6766 Ayala Ave. Cor. Paseo De Roxas, San Lorenzo, City Of Makati LIU, XIAOLONG Customer Service Representative

No.

POTISARIN, THANAPON HR Admin 79.

Tuesday, December 19, 2023

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: 18-55 y/o, with at least 6 months of work experience, and with good verbal and written communication skills.

No.

80.

81.

82.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: 18-55 y/o, with at least 6 months of work experience, and with good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: 18-55 y/o, with at least 6 months of work experience, and with good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: 18-55 y/o, with at least 6 months of work experience, and with good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: 18-55 y/o, with at least 6 months of work experience, and with good verbal and written communication skills.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: 18-55 y/o, with at least 6 months of work experience, and with good verbal and written communication skills.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in Mandarin language both verbal and written.

Brief Job Description: Provide specialized services to assist end-users with technology needs.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in Mandarin language both verbal and written.

Brief Job Description: Provide specialized services to assist end-users with technology needs.

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

LUO, SHUAIJUN Client Support Agent 84.

Brief Job Description: Resolve customer inquiries and supervise escalated issues, providing efficient and effective customer service to clients. Identify opportunities to officer value added products and services.

Basic Qualification: College graduate. Excellent communication skills, particularly in ChineseMandarin language. With previous work experience in a related field. Salary Range: Php 30,000 - Php 59,999

PACIFIC SEA BPO SERVICES, INC. 16/f Pbcom Tower, 6795 Ayala Ave. Cor. V.a. Rufino St., Bel-air, City Of Makati Basic Qualification: Must be 21 years old and above, graduate of any vocational or bachelor’s degree course, at least 1-year experience as a data analyst or customer service and with good verbal and written communication skills.

HENDRO Data Analyst Officer 85.

Brief Job Description: Multilingual customer support, specifically for other Asian language.

Salary Range: Php 30,000 - Php 59,999 QSL PHILIPPINES INC. 7/f Jm Building Pres. Sergio Osmena Highway Cor., Rockefeller St., San Isidro, City Of Makati KUMAR, PRAMOD Operations Manager - Hindi Speaking 86.

Brief Job Description: Develop and implement effective strategies, processes, systems, procedures and training programs as per customer’s deliverables and quality requirement.

Basic Qualification: College graduate. With proven professional experience as Operations Manager. Excellent communications, interpersonal and presentation skills. Salary Range: Php 60,000 - Php 89,999

RIDGE OUTSOURCING SERVICES INC. 12/f Pbcom Tower, 6795 Ayala Ave. Cor. V.a.rufino St., Bel-air, City Of Makati

87.

NGUYEN, THI NGOC HUYEN Vietnamese Customer Service Representative

Basic Qualification: Foreign language speaking.

Brief Job Description: Manage large amount of incoming calls.

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

ROYAL GLOBAL TECHNOLOGIES INC. 2nd, 3rd, 5th, 6th, Ph Flr., Bpo Global Link Center, Shaw Blvd., Wack-wack Greenhills, City Of Mandaluyong LEE, CHANHEE Customer Service Representative

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: 18-55 y/o, with at least 6 months of work experience, and with good verbal and written communication skills.

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

ONWARD WORLDWIDE MANAGEMENT & CONSULTANCY SERVICES CORP. 5/f Greensun Bldg., 2285 Chino Roces Ave. Ext., Magallanes, City Of Makati

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: 18-55 y/o, with at least 6 months of work experience, and with good verbal and written communication skills.

Brief Job Description: Provide specialized services to assist end-users in technology needs.

LI, MINGYUE Mandarin Technical Support 83.

Basic Qualification: 18-55 y/o, with at least 6 months of work experience, and with good verbal and written communication skills.

Basic Qualification: Fluent in Mandarin language both verbal and written.

CHEN, JUNLUN Mandarin Technical Support

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: 18-55 y/o, with at least 6 months of work experience, and with good verbal and written communication skills.

QUALIFICATION AND SALARY RANGE

WAWAN HR Admin

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: 18-50 years old, good organizational skills, and proficient in relevant computer applications.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

88.

Basic Qualification: College graduate. Fluent in both English and Korean languages.

Brief Job Description: Field incoming help requests from end users via both telephone and work orders in a courteous manner. Document all pertinent end user identification information, including name, department, contact information and nature of the problem or issue.

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

YU, SIHAN Customer Service Representative

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

Basic Qualification: College graduate. Fluent in both English and Korean languages.

Basic Qualification: 18-50 years old, good organizational skills, and proficient in relevant computer applications.

89.

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

SNOWVIT SERVICES CORPORATION Unit 5d Rose Industries, Bldg. No. 11, Pioneer Street, Kapitolyo, City Of Pasig

Basic Qualification: 18-55 y/o, with at least 6 months of work experience, and with good verbal and written communication skills.

JU, SUNGMIN Travel Coordinator 90.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: 18-50 years old, good organizational skills, and proficient in relevant computer applications.

Brief Job Description: Travel coordinators make travel arrangements for individuals, group including scheduling flights and ground transportation, booking accommodations, and handling any other trip-related tasks.

Basic Qualification: College graduate/bachelor’s degree, at least 1-2 years working experience in the related position, flexible, trustworthy, proficient in speaking and writing in English and Korean hangul languages. Salary Range: Php 30,000 - Php 59,999

ZAPPORT SERVICES, INC. 22/f & 36/f Burgundy Corporate Tower, 252 Sen. Gil J. Puyat Ave., Pio Del Pilar, City Of Makati Unit Aro1-03 B,c,m,n,o,p,q 28th/f & 14/f U-c, B, Ar03, Ar02, Q,p,o,g,h,i,j01,02,03, K&l, Burgundy Corporate Tower 252 Sen. Gil Puyat Ave., Pio Del Pilar, City Of Makati ANDI AZRIL AVEROSH AMARALA Indonesian Speaking Customer Service Officer

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: 18-55 y/o, with at least 6 months of work experience, and with good verbal and written communication skills.

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

91.

Brief Job Description: Indonesian written reports on a daily operation of call center activities performing customer-oriented telephone activities and various background operation duties. YOSELLA WINALDI Indonesian Speaking Customer Service Officer

92.

Brief Job Description: Indonesian written reports on a daily operation of call center activities performing customer-oriented telephone activities and various background operation duties.

Basic Qualification: Knows how to speak and write in Indonesian language. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knows how to speak and write in Indonesian language. Salary Range: Php 30,000 - Php 59,999

*Date Generated: Dec 18, 2023 Any person in the Philippines who is competent, able and willing to perform the services for which the foreign national is desired may file an objection at DOLE National Capital Region located at DOLE-NCR Building, 967 Maligaya St., Malate Manila, within 30 days after this publication. Please inform DOLE National Capital Region if you have any information on criminal offense committed by the foreign nationals.

A10 Tuesday, December 19, 2023

TheWorld BusinessMirror

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

In Israel’s killing of 3 Hamas hostages, some see the same excessive force directed at Palestinians By Tia Goldenberg

The Associated Press

EL AVIV, Israel—Israelis were left stunned and speechless when three hostages held by Hamas were killed by Israeli forces in the middle of an active war zone after they waved a white flag and screamed out in Hebrew to show they did not pose a threat.

For some, the incident was a shocking example of the ugliness of war, where a complex and dangerous battlefield is safe for no one. But for critics, the incident underscores what they say is the excessively violent conduct of Israel’s security apparatus against Palestinians. Except in this case, it cut short the lives of three Israelis trying desperately to save themselves. “It’s heartbreaking but it’s not surprising,” said Roy Yellin, director of public outreach with the Israeli human rights group B’Tselem. “We have documented over the years countless incidents of people who clearly surrendered and who were still shot.” Yellin said the killings violated basic military ethics and international law that prohibit shooting at people trying to surrender, whether combatants or not. But he said it was part of a long trend of largely unpunished excessive force that in recent weeks has ensnared

Israelis themselves. According to a military official, the three hostages, all men in their 20s, emerged from a building close to Israeli soldiers’ positions in the Gaza City neighborhood of Shijaiyah, where troops have been battling Hamas militants in intense combat. 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. The army’s chief, Lt. Col. Herzi Halevi, said the hostages “did everything possible” to make it clear they did not pose a threat. “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,” he said.

FRIENDS that attended the funeral of 26-year-old Alon Shamriz mourn over the grave of a victim of the October 7th attack buried in the same cemetery in Kibbutz Shefayim, Israel on Sunday, December 17, 2023. Shamriz was one of three hostages mistakenly shot to death by Israeli troops on Friday in a neighborhood of Gaza City. AP/OHAD ZWIGENBERG

“However, this shooting was carried out during combat and under pressure.” Prime Minister Benjamin Netanyahu said Saturday that the killings “broke my heart, broke the entire nation’s heart,” but he indicated no change in Israel’s intensive military campaign. With popular opinion firmly behind the military effort, the hostages’ deaths weren’t likely to prompt a change in the public mood. Israel says a number of hostages have died in Hamas captivity. But the deaths of the three hostages struck a nerve because they were killed by the forces trying to rescue them. Roughly 129 hostages remain in the Gaza Strip, according to the Israeli military, and their plight has gripped the nation, which sees their captivity as the embodiment of the security failure surrounding Hamas’ October 7 attack that sparked the

war. The hostages’ deaths prompted hundreds of demonstrators to take to the streets in anger. It also came days after another incident raised questions about Israel’s open-fire rules. After Hamas militants shot at a busy Jerusalem bus stop, an Israeli man who had rushed to confront the attackers was gunned down by an Israeli soldier, even though he had raised his hands, knelt on the ground and flung open his shirt to indicate he wasn’t a threat. The military has launched an investigation. Critics see a direct link between a long list of shooting deaths of Palestinians—from the killing of 32-year-old autistic man Eyad Hallaq, to the death of Al Jazeera journalist Shireen Abu Akleh, and many more over the years—to the incidents that led to the deaths of Israelis. Most recently, B’Tselem accused the army of carrying out

a pair of “illegal executions” after releasing video footage that appeared to show Israeli troops killing two Palestinian men— one who was incapacitated and the second unar med—dur ing a military raid in the occupied West Bank. Military police are investigating, but rights groups say such incidents rarely lead to punitive measures. Critics say the hostages incident ref lects the military’s conduct toward civilians in Gaza. More than 18,700 Palestinians have been killed since the war began, of whom about two-thirds are said to be women and minors, according to the Health Ministry in Hamas-run Gaza, which does not differentiate between combatants and civilians. Avner Gvaryahu, who heads Breaking the Silence, a whistleblower group that documents testimonies of former Israeli soldiers, said soldier accounts from previous military engagements in the Gaza Strip showed that once an area was deemed by the military to be cleared of civilians, they were instructed to “shoot everything that moves.” “The army said this happened in violation of the rules of engagement. I’m skeptical of that, based on what we know of previous operations in Gaza,” he said. “How many Palestinians were shot at like this?” The military says it does what it can to protect civilians, but says it faces a complex arena where Hamas embeds itself in densely populated civilian areas. Palestinians on several occasions have said Israeli soldiers opened

fire in Gaza as civilians tried to f lee to safety. Kobi Michael, a senior researcher with the Institute for National Security Studies, a Tel Aviv think tank, disputed the comparisons between the hostage deaths to the killings of Palestinians in the West Bank or the killing of the Israeli civilian in Jerusalem. He said each case needed to be seen on its own, rather than as part of a broader trend. “It shouldn’t have happened but we are in a war and it’s not a sterile environment,” said Michael, who is a former senior official at Israel’s Ministry for Strategic Affairs. “We need to understand the context.” The killing of Israeli civilians in recent weeks has prompted a reckoning for some Israelis. Nahum Barnea, a leading commentator, wrote in Yediot Ahronot that the hostage incident was a crime and could not be passed over “as if it were nothing.” Ben Caspit, writing in the daily Maariv, said the rise of Israel’s far right has helped create an environment that makes it easier for forces to open fire. He also highlighted a common sentiment among Israel’s hardline right wing that there are no noncombatants in Gaza. That has fueled concerns among critics that Israeli forces are not being discriminate in their combat. “In recent years our finger has become too light on the trigger. The recent events have made it even lighter,” he wrote. “There are noncombatants in Gaza, and three of them were killed this weekend by our own soldiers.”

N. Korea conducts 1st long-range missile test in months, likely firing a solid-fueled weapon By Hyung-Jin Kim & Mari Yamaguchi The Associated Press

EOUL, South Korea — North Korea on Monday conducted its first intercontinental ballistic missile test in five months, likely launching a developmental, more agile weapon, as it vows strong responses against US and South Korean moves to boost their nuclear deterrence plans. The South Korean government described the missile tested as a solid-fueled weapon, a likely reference to the North’s road-mobile Hwasong-18 ICBM whose built-in solid propellants make its launch more difficult for adversaries to detect than liquid-fueled weapons. North Korean leader Kim Jong Un previously called the Hwasong-18 the most powerful weapon of his nuclear forces. South Korea’s military said the North Korean missile flew about 1,000 kilometers (620 miles) before landing in the waters between the Korean Peninsula and Japan. It said the missile was launched on an elevated angle, an apparent attempt to avoid neighboring countries. Japanese lawmaker Masahisa Sato, citing Japan’s Defense Ministry, said the missile rose as high as 6,000 kilometers (3,730 miles). The reported f light details matched those of North Korea’s second test of the Hwasong-18 missile in July. The North first test-fired the missile in April. Since 2017, North Korea has carried out a slew of ICBM tests in a bid to acquire the ability to launch nuclear strikes on the US mainland. But all of its previous

ICBM tests before April’s Hwasong-18 launch involved liquidpropellant ICBMs, which need to be fueled before launch and cannot stay fueled for long periods of time. In a trilateral call, US National Security Advisor Jake Sullivan and his South Korean and Japanese counterparts condemned the North Korean launch, which the White House said was “a f lagrant” violation of multiple UN Security Council resolutions that ban any ballistic activities by the North. It said the three advisers also underscored the importance of sharing data and coordinating responses amid growing cooperation between North Korea and Russia. South Korean President Yoon Suk Yeol ordered officials to maintain a solid South Korean-US joint defense posture and respond “swiftly and overwhelmingly” to any North Korean provocations against South Korean territory. In a televised statement, senior South Korean military officer Lee Seung O separately warned that North Korea will be solely responsible for all the consequences that could occur due to its provocations. The North’s ICBM test was its second weapons firing in less than a day. On Sunday night, the North launched a short-range ballistic missile, also into the water off its east coast, according to the South Korean, Japanese and US governments. South Korea’s military said the short-range missile flew about 570 kilometers (354 miles), a range that observers say is far enough to reach all key sites in South Korea, including US military installations, if weapons are launched

near the border with the South. The US military said the launch highlighted “the destabilizing impact of (North Korea’s) illicit weapons program.” Observers said the North ’s back-to-back launches were likely a protest against moves by South Korea and the United States to bolster their joint nuclear deterrence capabilities in the face of North Korea’s evolving nuclear threats. Senior US and South Korean officials met in Washington on Friday for their second Nuclear Consultative Group meeting. They agreed to update their nuclear deterrence and contingency strategies and incorporate nuclear operation scenarios in their combined military exercises next summer, according to Seoul officials. The consultative body is responsible for sharing information on nuclear and strategic weapons operation plans and joint operations, though the US will retain operational control of its nuclear weapons. US officials said the group’s establishment and other steps to solidify US security commitment were meant to ease South Korean worries about North Korean provocations while keeping Seoul from pursuing its own nuclear program. The “US side reiterated that any nuclear attack by (North Korea) against (South Korea) will be met with a swift, overwhelming, and decisive response,” said a joint statement issued after Friday’s meeting. On Sunday, North Korea’s Defense Ministry slammed its rivals’ move to include nuclear operation scenarios in their joint drills, describing it as an open threat to

potentially use nuclear weapons against the North. “The armed forces of (North Korea) will thoroughly neutralize the US and its vassal forces’ attempt to ignite a nuclear war,” the North Korean statement said. “Any attempt by the hostile forces to use armed force against (North Korea) will face a preemptive and deadly counteraction.” Since last year, North Korea has performed about 100 ballistic missile tests as part of its efforts to enlarge its arsenal of nuclearcapable weapons targeting the US and its allies. Experts say North Korea would eventually aim to use its weapons arsenal to wrest greater US concessions. The US and South Korea have responded by expanding their military drills and increased the temporary deployments of strategic US assets such as aircraft carriers, nuclear-capable bombers and a nuclear-armed submarine in and near South Korea. Animosities between the two Koreas further deepened after North Korea launched its first military reconnaissance satellite into space on Nov. 21 in violation of UN bans. South Korea, the US and Japan strongly condemned the launch, viewing it as an attempt by the North to improve its missile technology as well as establish a space-based surveillance system. South Korea announced plans to resume front-line aerial surveillance in response. North Korea quickly retaliated by restoring border guard posts, officials in Seoul said. Both steps would breach a 2018 inter-Korean deal on easing front-line military tensions.

IN this photo released by the Office of the Narcotics Control Board on Sunday, December 17, 2023, acting secretary-general of the Office of the Narcotics Control Board Phanurat Lukboon, third right, talks to reporters as bags containing methamphetamine pills are displayed during a news conference in Chiang Rai province, Thailand. A number of suspected drug smugglers were killed and about 2 million methamphetamine tablets seized in a northern Thai border town near Myanmar after a shootout with Thai soldiers, Thai officials said. OFFICE OF THE NARCOTICS CONTROL BOARD VIA AP

15 suspected drug smugglers killed in clash with Thai soldiers near Myanmar border, officials say

ANGKOK—Fifteen suspected drug smugglers were killed and about 2 million methamphetamine tablets seized in northern Thailand near the Myanmar border after a shootout with Thai soldiers, Thai officials said. The clash, which occurred Saturday night, came after the local army received a tip that there would be smuggling activity near the border in Chiang Rai province, said Phanurat Lukboon, acting secretary-general of the Office of the Narcotics Control Board. Officers found a group of about 20 people carrying backpacks in the area, Phanurat said on Sunday. After the officers identified themselves and asked to inspect the bags, the group began shooting at them, he added. The clash lasted around 15 minutes and the Thai officers were all safe, Phanurat said while on a visit to the site where the incident occurred. He thanked the officers for their help in “preventing these awful things from entering our country and destroying our youth.” Seventeen backpacks made from fertilizer sacks were found with the

suspected smugglers and more than 2 million methamphetamine pills were inside the bags, officials said. No arrests were made and officials were still working to identify the 15 people killed in the clash and the origin of the drugs, according to the Office of the Narcotics Control Board. On Wednesday, Thailand announced it had seized 50 million methamphetamine tablets in the western province of Kanchanaburi, also near the Myanmar border. It was said to be a record haul of the drug in the country. Myanmar has historically been Southeast Asia’s main drug production area in part because of lax security measures in border areas where minority ethnic groups have long been fighting for greater autonomy. Some of the powerful ethnic armed groups there have been heavily involved in narcotics production for decades. A 2021 military takeover in Myanmar that unseated the elected government of Aung San Suu Kyi triggered armed resistance nationwide, further destabilizing the country and contributing to an increase in its drug production.

A12 Tuesday, December 19, 2023 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

The key to Mindanao’s peace and prosperity

he government signed a peace pact with the Moro Islamic Liberation Front in 2014, ending their armed rebellion. But smaller bands of Muslim fighters opposed to the peace deal remain, including militants professing allegiance to the Islamic State. These are the terrorists that detonated a bomb at the Mindanao State University (MSU) gymnasium in Marawi City recently, which killed four people and injured 50 others.

Unfortunately, this deadly incident can adversely impact the region’s economic progress. It can undermine investor confidence, as the whole Mindanao and not just Marawi may be perceived as unsafe, leading to a decrease in investments. This can hamper economic growth, which could be the avowed goal of the terrorists. President Marcos has been doing his best to invite foreign investors to locate in the country, Mindanao included. However, this violent act can deter investors, leading them to redirect their investments to more stable and secure locations. This will negatively affect job creation and impede the region’s economic growth. This act of violence will also have a significant impact on Mindanao’s tourism industry, as potential tourists may be deterred from visiting due to safety concerns. This can result in decreased revenue for businesses in the tourism sector, affecting overall economic growth. We are happy to note that government troops have already arrested a number of suspects in the MSU bombing. A swift resolution of the case can boost public confidence in the government’s ability to maintain law and order. It demonstrates that the Marcos administration is capable of effectively responding to threats and ensuring the safety of citizens. The arrests made can also act as a deterrent to potential perpetrators. When terrorists see that swift and effective action is taken against those responsible for violent acts, it sends a strong message that such acts will not be tolerated. This can help deter future attacks and maintain public safety, which can enhance trust in the administration’s governance capabilities. The country has learned an invaluable lesson that prolonged violence can lead to social and political instability, causing disruptions in governance, law and order, and public services. Instability does not only hamper economic growth. It can lead to population displacement as people flee affected areas in search of safety. This can disrupt communities and strain resources because displaced citizens usually face economic challenges, particularly in rebuilding their lives. Mindanao is known for its rich agricultural resources. It is often called the country’s “food basket” because it produces a significant portion of our food supply. To realize Mindanao’s full potential, it is important to focus on several key areas including peace and stability, infrastructure development, and education of citizens. It would do well for authorities to consider that the consequences of acts of violence are interconnected and can create a vicious cycle. For example, reduced investment and economic opportunities can lead to increased unemployment and poverty, which, in turn, can contribute to social unrest and further violence. Efforts to address violence, promote peace, improve security, and rebuild affected communities are crucial for mitigating the negative impact of violence on economic progress. We have seen in the past how the region was plagued by conflict and instability, which prevented progress. With the 2014 peace agreement with the MILF, people in Mindanao started to see hope for lasting peace and prosperity. They wanted to see Mindanao realizing its full economic potential. There are urgent things that the government needs to do to prevent another bombing attack in Mindanao. For example, it needs to strengthen security and law enforcement by investing in professionalizing security forces, improving intelligence capabilities, and enhancing border control measures. These initiatives will help prevent the influx of illegal arms, combat terrorist groups, and ensure the safety of communities. Building strong and accountable security institutions is crucial for maintaining peace and stability in Mindanao. The essence of the peace agreement with the MILF is not just to create conditions that would discourage support for armed resistance. More importantly, it sought to speed up economic development and reconstruction in the conflict-affected areas of Mindanao, and to empower local communities to actively participate in their own development. While there is no foolproof method to mitigate the risk of violence or insurgency in the regions, we believe that inclusive growth is the key to peace and prosperity in Mindanao.

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T looks like we will have a jolly holiday season this year, with many of us preparing to celebrate Christmas and New Year’s Eve with more festive activities than in the past three years. It is the time of the year when the family members gather around the dining table to thank God for the blessings they received in the past 12 months, and talk about the future. As I have conveyed in my past columns, we have a lot of things to be thankful about as a nation. We have survived the pandemic and our economy has rebounded strongly with the reopening of various sectors. Despite the external challenges, we are poised to register one of the fastest growth rates in Southeast Asia, per the Asian Development Bank (ADB) assessment. The ADB, in its December 2023 Asian Development Outlook (ADO), kept its 2023 growth forecast for the Philippines at 5.7 percent on the back of a strong domestic demand and amid low unemployment and steady remittance inflows from Filipinos working overseas. Our gross domestic product (GDP) expanded 5.5 percent in the first three quarters, making it among the best-performing economies in

Asia. Fourth-quarter growth is seen to be faster. The National Economic and Development Authority (NEDA) is even confident we can hit the lower end of the target range of 6 percent to 7 percent this year. This is possible if the economy grows at least 7.2 percent in the fourth quarter. Government spending played a significant role in this growth. Public infrastructure spending, for one, improved to 5.9 percent of GDP in the first three quarters. The business outlook also remains optimistic for 2024, per the Bangko Sentral ng Pilipinas’ thirdquarter survey. The future holds even greater promise. The ADB expects the Philippine economy to grow faster at 6.2 percent in 2024, as inflation rate begins to trend down. Inflation in

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November eased to 4.1 percent, near the government’s target range of 2 percent to 4 percent for the year. We may also achieve our target of becoming an upper middle-income society in a couple of years. In Neda Secretary Arsenio Balisacan’s estimates, our real GDP per capita already exceeded its pre-pandemic level. Beyond 2023, the government is aiming for a GDP growth rate of 6.5 percent to 8.0 percent. The services sector, in particular, is expected to remain the major growth engine. Tourism, business process outsourcing and construction would likely generate the most number of jobs. Per the Philippine Statistics Authority, unemployment rate fell to 4.2 percent in October 2023, its lowest since April 2005. President Ferdinand Marcos Jr. said this indicates the “remarkable progress” in the country. Sustaining this momentum requires the active participation of our younger generation. Adept in digital technologies and brimming with innovative ideas, young Filipinos hold the key to tackling future challenges. We need to encourage the next generation to take on the mantle of leadership. Young Filipinos have modern solutions and tools to address challenges that lie ahead. I am confident in the ability of our children to carry this nation to a brighter and better future. After providing them with proper education, sharing with them our knowledge,

Is this PSE move sustainable? John Mangun

Jennifer A. Ng Vittorio V. Vitug Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Dennis D. Estopace Angel R. Calso

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Better future

OUTSIDE THE BOX

N January 18, the Philippine Composite Index closed at 7,094. I had previously forecast that we would be calling 2023 “The Year from Hell” and it looked like I would be rapidly proven wrong at least for the PSE. On October 27, the market closed at 5,961. Less than a month later on November 20, I said on ANC Market Edge that while it was too soon to call the beginning of a years-long uptrend, “We came up strongly from 6,000 and now we’re trying to build momentum to advance through and hold the 6,200 level.” Every war begins with a single shot being fired. Every market rally begins with a single day that we then look back on as the turning point. The PSE closed at 5,973 on October 31, up 11 points on the day but up from the day’s low at 5,920. That move was not anything special as on

September 20 we had the same sort of intraday reversal that then saw the market—over the next six days —having a good run higher to 6,385. But the momentum did not sustain. The market reversed lower and then tried but failed to hold 6,200. On November 14, the market pulled another intraday upside reversal at 6,080 up to 6,110. But this time the upside follow-through continued for nine days, longer than the October 31 five-day run. At PSE 6,300, the prices took a two-day downside pause before continuing higher. A 1.13 percent fall on December

A 1.13 percent fall on December 7 at 6,300 looked as if all hopes for a higher PSE were being destroyed. But the next day we had a third intraday upside reversal from a low of 6,167 to 6,228. The market closed on Friday, December 15, at 6,478. 7 at 6,300 looked as if all hopes for a higher PSE were being destroyed. But the next day we had a third intraday upside reversal from a low of 6,167 to 6,228. The market closed on Friday, December 15, at 6,478. Is this upside move from October 31 sustainable? Ask firstly, what are the reasons we are up at all? November 8: “Favorable inflation extends PSEi winning streak.” November 16: “Stocks up on BSP’s expected pause on policy rates.” November 22: “Bargain hunters lift PSE index above 6,200.” December 15: “Stocks continue gains amid dovish Fed outlook.” Political issues have dominated the front pages for several months. If this were the Game of Thrones, it might be divided into “House Duterte,” “Clan Marcos Pa Rin,” and

skills and values and training them on the intricacies of modern life, we can rest assured that they are ready to take on the task of building and sustaining our economy. Passing the baton is not just about delegating responsibilities, but also about putting our faith and trust in the next generation. It is the cycle that sustains families, communities and nations. At the same time, we need to continue supporting and empowering them with wisdom that we have gained from our parents and through our life experience, so that our tradition, beliefs and principles will continue to thrive in the future. I believe that with our guidance and the availability of modern solutions such as digital technology that we were not able to fully harness in the past, the next generation of Filipinos could realize the Ambisyon Natin 2040, or the vision of the Philippines being a prosperous middle-class society where no one is poor. Achieving our goal requires the collective effort of every Filipino. We must work together to sustain high economic growth that generates jobs and raises incomes while maintaining price stability. As the festive lights of Christmas brighten our homes, let us also bask in the warmth of optimism and hope for a better future. The Philippines is on a promisSee “Villar,” A13

“Heirs of Edsa.” Each is somewhat internally jumbled by The China Question, with China blaming the Philippines for the troubles and the US fully supporting “Exercise Balikatan.” As Mercutio says in “Romeo and Juliet,” “A plague o’ both your houses!” But politics is not special to the Philippines, and in the US politics is connected to a stock market driver: the Federal Reserve lowering interest rates. The US will elect its president in 2024. December 1: “US Fed Chair Powell Says “Premature” To Speculate on Rate Cuts.” December 13: “Rate cuts are something that begins to come into view” and “clearly is a topic of discussion: Powell.” What exactly changed in less than two weeks? The “Additional Jobs” reported was impressive, a significant improvement from the previous combined with a good unemployment rate. Consumer Sentiment boomed higher from 61.3 to 69.4, smashing estimates of 62.0. However, inflation, the Fed’s nightmare, was higher than expected and is at an unprecedented 30+ months above 3 percent. See “Mangun,” A13

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Opinion BusinessMirror

Tuesday, December 19, 2023 A13

China’s real estate meltdown is battering middle class wealth

Compliance with VAT obligations: Are we expecting changes?

There are still some concerns associated with the proposed changes. As the law cannot possibly cover everything needed to realize the objectives of easing the payment of taxes, I hope the implementing regulations would fill in those details. Otherwise, we will just be replacing the inefficiencies sought to be avoided with another issue.

For today’s article, let me proceed with the presentation of the proposed changes in the rules for VAT compliance, specifically on the timing for VAT recognition. As we are aware, the current rules differ between sales of goods and sales of services—especially with respect to the timing of recognition of output/ input taxes and the required documentation to support the related transactions. And we also understand the complications brought by these differences in treatment. The Ease of Paying Taxes Act (EOPT) seeks to remedy these complications by harmonizing the rules and providing uniform treatment for sales of goods and services. Together with other colleagues in the tax practice, we proposed that in harmonizing the rules, the current requirements for sale of goods should be changed and follow the current rules for sale of services, that is: recognition of output tax/input tax for both sales of goods and services shall be upon receipt/payment with the official receipts as the prescribed documents. And there are a number of reasons for that, especially when referring to the ease in compliance with the VAT obligations. But I would no longer dwell on that. Instead, let’s focus on understanding what we would be expecting based so far on the provisions of the final version of the bill. Substantially, the regime cur-

tion as referring to “service that has already been rendered by the seller and use or lease of properties that have already been supplied by the seller.” This approximates the accrual of revenues. That simply means that the VAT should be determined and paid when the revenue is accrued. I understand that the purpose of this rule is to make the recognition of revenue for VAT purposes similar to the recording of revenue in the financial statements and income tax return, which is normally based on accrual. The same may also be computed based on the issued invoices. And that makes it easier for the tax authorities to easily identify discrepancies in the amounts presented in the financial reports, and various information and tax returns, as opposed to the current practice where a reconciliation of the information in the financial reports, income tax returns and VAT returns is necessary. But with that as the timing for VAT recognition, there could still be an issue with respect to the issuance of the corresponding invoice, which as noted earlier, will serve as the supporting document. Unlike sale of goods where the issuance of invoice normally coincides with the sale and delivery, that is not necessarily so for sale of services. In case of the latter, the issuance of invoice depends on the business arrangements between the parties and other schemes adopted by the buyer and the seller. Invoicing could be done even before service is rendered, or

Fulvio D. Dawilan

Tax Law for Business

By Bloomberg News

tock investments: down 30 percent. Salary package: down 30 percent. Investment property: down 20 percent. As Thomas Zhou reflects on 2023, his household finances are front of mind.

“It’s just heart-breaking,” the 40-year-old financial worker from Shanghai said. “The only thing that still keeps me going is the thought of keeping my job so I can support my big family.” Zhou’s predicament will resonate with many people in China, where slumps in the real estate and stock markets are wiping away household wealth. And as the world’s secondlargest economy struggles to regain momentum after years of Covid-19 lockdowns, there’s also the growing threat of unemployment. Now, middle class households are being forced to rethink their money priorities, with some pulling away from investing, or selling assets to free-up liquidity. At the heart of the decline in family wealth is China’s real estate meltdown, which is having a pervasive effect on a society where 70 percent of family assets are tied up in property. Every 5 percent decline in home prices will wipe out 19 trillion yuan ($2.7 trillion) in housing wealth, according to Bloomberg Economics. “It might just be the beginning of more wealth losses in coming years,” said Eric Zhu, an economist with Bloomberg Economics. “Unless there’s a big bull market, small gains in financial wealth are unlikely to offset losses in housing wealth.” While China’s official data show just a mild drop in its existing home prices, evidence from property agents and private data providers indicate declines of at least 15 percent in prime areas in its biggest cities. The housing sector’s value may shrink to about 16 percent of China’s gross domestic product by 2026 from around 20 percent of GDP currently, according to Bloomberg Economics. This would put about 5 million people, or about 1 percent of urban workforce, at the risk of unemployment or reduced incomes.

Rainy days

At the heart of the decline in family wealth is China’s real estate meltdown, which is having a pervasive effect on a society where 70 percent of family assets are tied up in property. Every 5 percent decline in home prices will wipe out 19 trillion yuan ($2.7 trillion) in housing wealth, according to Bloomberg Economics. siders herself lucky to have sold it in May before prices dropped further. Huang gave the majority of the proceeds from the property sale to her parents for their retirement savings, and put the rest in demand deposits and money market funds that allow real-time redemptions. She ruled out stock investments after her current holdings more than erased all gains since 2018. “My company is struggling to survive, so who knows if I might get paid less or even laid off one day,” said the 39-year-old. “My main goal is stability in my assets, and I want to keep enough liquidity on hand.”

Wealth protection

Even high-net-worth-individuals are turning more conservative, according to a joint survey by China Merchants Bank Co. and Bain & Co. The number of the cohort citing “wealth protection” among their major money goals jumped significantly in 2023, and mentions of “wealth creation” decreased. Peter Bao, who works at a big technology firm in Beijing, is following a prudent investment strategy. His stock holdings, mostly in USlisted Chinese shares, at one point halved to the equivalent of about 5 million yuan from a late 2020 peak. Over the past two years he’s shifted part of his assets to money market funds and fixed income products that require less analysis. He’s hoping that he’ll be able to withstand short-term volatility and potential losses. “There isn’t a single moment without anxiety and doubt, but there are no better options,” Bao said. “Also I need to focus on my job to protect my source of income, so I really can’t spare more time to explore other investments that are reliable.”

Financial investments offer little respite. Chinese shares underperformed emerging-market peers by the widest margin since at least 1998 earlier this month. Mutual funds were in the red as of the third quarter. Yields on banks’ wealth management products remain subdued and deposit rates have seen three reductions in the past year. The $2.9 trillion trust industry, where wealthy Chinese investors have sought high returns from products sold by loosely regulated shadow banks, is showing cracks, with one recent scandal potentially involving tens of billions of dollars in losses. Net worth per adult in China slid 2.2 percent to $75,731 in 2022, UBS said in its August global wealth report, while total assets per adult fell for the first time since 2000 as nonfinancial holdings shrank due to the housing market difficulties. Media worker Echo Huang watched as the value of her investment property in Ningbo, Zhejiang province fell about 1 million yuan from its 2019 peak. Now, she con-

Faced with few chances to grow her wealth, 35-year-old Dani Wang said she’s “lying flat” and hoping the domestic economy and capital markets improve by 2026. She’s deleted her trading apps and has no plans to adjust her 1 million yuan in stock and equity fund positions, or even check prices. She’s also ignoring any volatility in her 50,000 yuan Dogecoin investment made at the start of 2022, which has halved. Hangzhou-based technology industry worker Lily Liu, who manages a few million yuan of family savings, agrees. While her parents’ propertyrelated business suffered a steep income drop, her husband’s salary bump in recent years left her with more money at her disposal. Bloomberg

Villar. . .

Continued from A12

becomes a reality for all. MERRY CHRISTMAS TO ONE AND ALL!

ing trajectory, and with continued dedication and collaboration, we can build a nation where prosperity

Mangun. . .

Continued from A12

Rabobank noted that with weaker data in hand, the Fed Chair said it was “premature” to talk about rate cuts.

N my previous article, I started discussing the contents of the proposed law that aims to ease the payment and compliance by taxpayers of their tax obligations. I started with the presentation of the proposed changes related to the rules on venue for filing and payment, and the cancellation and transfer of tax registration. rently prescribed for sales of goods shall be adopted for sales of services. As a consequence, the output taxes on sale of services would have to be reported, as a general rule, upon sale. It follows that the input tax shall be recognized and claimed by the buyer upon purchase. This means that the reference for the payment of output taxes and in claiming the input taxes for both sales of goods and services shall be the gross sales. As the recognition of the output and input tax would no longer be reckoned upon receipt and payment for sale/ purchase of services, the present prescribed documentation—which is the official receipt—will be discarded. Instead, like in the sale of goods, sales invoices should also be issued for sale of services and serves as the supporting document. What does this mean to a taxpayer? Specifically, what is meant by “gross sales” as the basis for the recognition of output tax? When is sale considered complete that would trigger the realization of VAT? This is easily understood for sale of goods. Apparently, it is not easy to determine when “gross sales” arise for sale of services. And that’s precisely one of the reasons why the current rule provides for a different timing for sale of services. To make the determination of “gross sales” easier for sale of services under the EOPT, the proposed law provides an additional descrip-

North Korea fires ICBM as it criticizes US-South Korea nuclear talks By Jon Herskovitz & Shinhye Kang

orth Korea fired an intercontinental ballistic missile toward waters off its east coast in a defiant show of force after criticizing the US and South Korea for holding talks on containing Pyongyang’s atomic ambitions.

Kim has ignored US calls to return to long-stalled nuclear disarmament talks through which Pyongyang could secure economic aid in exchange for disarmament. He has stayed busy modernizing his arsenal of missiles and conducting tests of systems to attack South Korea and Japan, which host the bulk of US military personnel in the region.

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

The missile was fired from an area near Pyongyang on Monday, flying about 6,000 kilometers (3,730 miles) into space before splashing down more than 70 minutes later west of Japan’s main northern island of Hokkaido at about 9:37 a.m. local time, according to data from Japanese and South Korean authorities. The launch represents North Korea’s fifth ICBM test this year. The class of missile is the most powerful in its arsenal and designed to deliver a nuclear warhead to the US mainland. Pyongyang usually releases images of its ICBM launches several hours afterward, giving analysts in the outside world a chance to evaluate the isolated state’s latest weaponry. The launches coincided with talks between the US and South Korea on deepening cooperation in deterring Kim Jong Un from using atomic weapons. The US sent the nuclearpowered USS Missouri attack submarine to the South Korean port of Busan over the weekend, its latest dispatch of military assets to the region as a part of its deterrence policy. Before the talks, a top South Korean security official warned that North Korea could soon test

an ICBM. On Sunday night, North Korea fired a short-range ballistic missile that flew 570 kilometers before falling into waters off its east coast, South Korea’s Joint Chiefs of Staff said. North Korea slammed the meeting of the so-called Nuclear Consultative Group, with a spokesman for the Ministry of National Defense saying the discussion was “an open declaration on nuclear confrontation to make the use of nuclear weapons against the DPRK a fait accompli in case of emergency,” Pyongyang’s official Korean Central News Agency reported. North Korea is ready to launch “a preemptive and deadly counteraction,” KCNA quoted the spokesman, which it didn’t name, as saying. Japan protested the launch and South Korea held an emergency meeting of its National Security Council. President Yoon Suk Yeol attended the meeting and pledged to “counter immediately and overpoweringly any provocation by North Korea” against South Korea’s territory and people, his office said. US National Security Advisor Jake Sullivan condemned the launch

as a violation of United Nations Security Council resolutions, the White House said in a statement. He also spoke with his counterparts in Japan and South Korea after the launch to reaffirm Washington’s “unwavering commitment to the defense” of its allies. Kim is poised to hold a major policy-setting meeting at the end of the year. By testing ballistic missiles, he can show his top cadres and people the country’s nuclear arsenal is making great strides in being able to attack the US, reinforcing the propaganda message that its expansion is essential to prevent a US invasion. The latest launches come after North Korea placed a satellite into orbit in late November, moving Kim closer to his key policy goal of deploying an array of reconnaissance probes to keep an eye on US forces in the region.

Two weeks later with higher-thanexpected inflation, Powell suddenly turned 180 degrees. The latest voter polling data puts Biden at the largest disadvantage ever behind Trump, and Biden is polling weakest on his signature “Bidenomics.”

Did the white House call the Federal Reserve with a reminder that there is an election coming and lower interest rates would help the stock market, potentially increase borrowing from the banks by consumers, and push the GDP growth

higher? Roughly 4 in 10 Americans say the economy or the cost of living is the most important issue facing the country. Philippine consumers and business are growing more cautious to the point of being somewhat pes-

simistic about the next months. Yet the overall economic data is neutral at worst. What’s the problem? Is it too much “Game of Thrones”? Is the stock market betting too much on the Federal Reserve? I am always cautious, but I also

No options

upon the achievement of a specific milestone or based on percentage of accomplishment, upon completion of specific deliverables, or some other schemes that may not necessarily match with the accrual of revenues. The issuance of an invoice may not therefore necessarily mirror the recognition of revenues derived from sale of services. Revenues may be recognized in a taxable period different from the issuance of the invoice. And to refer to the invoices issued in a specific period as reference in the determination of VATable amounts for same taxable period could be misleading. Apparently, for long-term contracts, the proposed law includes a provision that “the invoice shall be issued on the month in which the service or use or lease of properties is rendered or supplied.” That is mandating the service provider and the client to agree on a monthly billing arrangement. It could be done for some other types of services where the duration runs through different quarters. But that would be another case of tax law dictating what a business should do. For ease in compliance, it should be the tax rules following the business practice. There are still some concerns associated with the proposed changes. As the law cannot possibly cover everything needed to realize the objectives of easing the payment of taxes, I hope the implementing regulations would fill in those details. Otherwise, we will just be replacing the inefficiencies sought to be avoided with another issue. The author is the Managing Partner of DuBaladad and Associates Law Offices (BDB Law), a member-firm of WTS Global. The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at fulvio.dawilan@ bdblaw.com.ph or call 8403-2001 loc 310.

Pyongyang has now fired 30 ballistic missiles and three space rockets so far this year. Last year, Kim’s regime launched more than 70 ballistic missiles, a record for the state. The last time North Korea tested an ICBM was in July when it fired off its new solid-fuel Hwasong-18, which at that point had the longest flight time for any of the nation’s ballistic missiles. The missile appeared designed to carry a multiple nuclear weapons payload, which increases the chances at least one bomb could slip past interceptors and make its way to a target. Solid-fuel missiles have the propellants baked into rockets, allowing them to be rolled out and fired in minutes, giving the US less time to prepare for interception. The challenge becomes even greater if the missile carries several warheads rather than one. Still, it’s unclear whether the warheads aboard North Korea’s ICBMs could evade interception and survive reentry into the atmosphere to reach their targets. Kim has ignored US calls to return to long-stalled nuclear disarmament talks through which Pyongyang could secure economic aid in exchange for disarmament. He has stayed busy modernizing his arsenal of missiles and conducting tests of systems to attack South Korea and Japan, which host the bulk of US military personnel in the region. With assistance from Ryotaro Nakamaru, Takashi Hirokawa and Seyoon Kim/Bloomberg

see PSE opportunities now and more coming after the New Year. E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.

A14 Tuesday, December 19, 2023

COP 28: INCREMENTAL BUT NOT TRANSFORMATIVE–THINKTANK

NSURPRISINGLY, the recentlyconcluded 28th Conference of Parties’ Meeting of the United Nations Framework Convention on Climate Change (UNFCCC) did not end well with a dramatic shift in the world’s response to climate change, an Oxford Economics report concluded. A leader in global forecasting and quantitative analysis said in a new report said that while there were some small wins, such as the operationalization of the Loss and Damage Fund and the unanimous agreement on increasing the role of renewables by 2030, much more could have been done. On December 14, President Ferdinand Marcos Jr. announced that the Philippines secured a seat in the inaugural Loss and Damage Fund board, which he said would give the country a very strong voice in the management of all funding available around the world for climate change mitigation and adaptation. The Loss and Damage Fund intends to support vulnerable countries, especially developing nations such as the Philippines and other island states, that are struggling to cope with the loss and damage caused by climate change-triggered events. According to the report, the L&D fund was an early success for the conference, and its pot has pledges of around $800 million so far. Large donations have come from Europe and the UAE, while large emitters like the US were criticized for their small contributions. Oxford Economics says it is an early win as getting it done early minimizes the risk of funds being used as a bargaining chip in other negotiations and means there was a win if talks collapsed. Several rich countries such as the United Arab Emirates made early pledges, contributing $100. This was

matched by Germany, followed by France and Italy later, adding $108.9 million each. Still, it says more is needed to ensure the fund is accessible to those in need. “Yet, funding must increase and these commitments remain small. The US, in particular, has been criticized for its paltry contribution of $17.5 million. The fund is expected to be replenished every four years,” it says in the report. The fund will be operationalized through the World Bank within eight months after COP28 and will assist vulnerable developing countries in their response to economic and non-economic loss and damage from climate impacts such as extreme weather and slow, onset events, such as sea-level rise. “Notably, climate finance is still difficult to access, and the World Bank will need to ensure direct access is possible without the usual bureaucratic trappings of multilateral development bank financing,” Oxford Economics added. According to the think tank, fossil fuels’ future role dominated talks around the Global Stocktake, with debates over phrases such as‘phasing down’or ‘phasing out’of these energy sources. Sadly, it says the final draft included neither, with language broad enough for wider interpretation. Nevertheless, it says the overall message is clear: “The energy sector must transition away from fossil fuels and make room for cleaner energy. In this vein, most countries have agreed to triple renewables and double energy efficiency.” Finally, it says that compared to earlier COPs, adaptation and finance did not advance much. The global goal of adaptation still lacks firm targets and the new goal for finance was pushed to 2024. Jonathan L. Mayuga

‘Rushed’ Naia rehab deal to ‘favor’ only 2 bidders

RESIDENTIAL Adviser on Poverty Alleviation Secretary Larry Gadon on Tuesday disclosed that he had already advised President Ferdinand Marcos, Jr. to extend the bidding deadline for the P171-billion Ninoy Aquino International Airport (NAIA) rehabilitation project as the original deadline set by the Department of Transportation (DoTr) may “favor” only two of prospective project proponents. “Why the rush? That’s (a) P171billion project. [Is there a] favored bidder [there, and that’s why they don’t want] an extension?” Gadon said partly in Filipino, stressing that the President had been apprised of the developments on the ground. “I sent a message of recommendation to the Office of the President expressing my adherence to the recommendation of the ADB (Asian Development Bank) to grant the suggested extension. After all, the ADB itself is the prime mover of this extension,” the Palace official further said. Gadon bewailed that while there are 340 pages of bid documents to be accomplished and complied with by the bidders, the December 27 deadline appears to be “tailor fit to a favored bidder.” “The extension will also avoid possible suspicion that a favored proponent is being tailored fit to grab the award. With the staggering cost of the project—P171 billion—the selection process must not create any suspicion of rigging,” he pointed out. On Sunday, Gadon and two lawmakers from the House of Representatives urged the DoTr to heed the ADB advice to extend the bidding for the NAIA rehabilitation project for one month to ensure due diligence and to avoid perceptions of “favoritism.” The ADB, in an internal memo, proposed that the bidding be extended from December 27, 2023 January 29, 2024 primarily to allow potential bidders more time to prepare and participate. It said that increased competition will ensure better financial outcome for the government. The ADB memo noted that at least four more bidders for the project are seeking the extension. If the December 27 deadline pushes through, the

bank said only two bidders may submit the required bid documents. Eight firms had previously bought bid documents for the project. These are 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. Manila Rep. and OFW Party-list Cong. Marissa P. Magsino both backed the ADB position, aguing that extending the bidding deadline by a month would be for the best interest of the government and the public as well. “The ADB has experience in these types of projects. We hope their opinion to extend the deadline will be heeded. This is better, and will allow the DOTr to pick the most qualified party because more can join and they can be better prepared. Much is at stake, due diligence is a must,” said Valeriano, chairman of theHouse Committee on Metro Manila Development. For her part, Magsino 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 agreement, then the one-month delay eventually will be more beneficial,” the lawmaker said. In its memo, the ADG “strongly” proposed the bidding date extension to “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 bank said. Gadon, meanwhile, pointed out that the extension proposed by the ADB is called for, especially in the light of the fact that the December 27 deadline will marginalize other potential bidders.

Govt data: Fish catch from WPS slipped in recent years

By Jasper Emmanuel Y. Arcalas

@jearcalas

HE country’s fish catch from the West Philippine Sea has been declining in recent years due to a confluence of factors, including “overfishing” involving foreign vessels encroaching in the “disputed” waters. Latest Bureau of Fisheries and Aquatic Resources (BFAR) data showed that the country’s fisheries production in the West Philippine Sea declined by 7.38 percent to 273,520.97 metric tons (MT) from 295,332.05 MT recorded in 2021. The BFAR computed the fisheries production in the West Philippine Sea by combining the production data of marine capture fisheries of both municipal and commercial fisheries sectors in the entire Region 1, Bataan, Zambales, National Capital Region, Batangas, Cavite, Palawan and Occidental Mindoro. The above-mentioned areas in the country are the ones facing the West Philippine Sea directly. Based on historical Philippine Statistics Authority (PSA) data, the same dataset used by BFAR, the country’s fisheries output in the West Philippine Sea last year was the lowest in at least seven

years, according to BusinessMirror computations. Historical PSA data analyzed by the BusinessMirror showed the Philippines’s fish catch from the West Philippine Sea was at least 30,000 MT lower than the average production of at least 300,000 MT from 2018 to 2021. BFAR data showed that bulk of the country’s fish catch from the West Philippine Sea is captured by municipal fishers at 170,622.25 MT, followed by commercial fishers at 102,898.72 MT.

Foreign vessel presence

PHILIPPINE Chamber of Agriculture and Food Inc. President Danilo V. Fausto attributed the decline in the fish caught by Filipino fishermen in the West Philippine Sea to “overfishing” by both foreign and local fishermen. Nonetheless, Fausto argued that the country’s West Philippine Sea

fish output could have been higher if only Filipino fishermen were the ones catching within the territories. “It can be higher if we are the only ones in that area. The problem is that territory is being disputed by several countries including China and Vietnam. Our production could be more,” Fausto told the BusinessMirror. Government documents showed BFAR has monitored 305 vessels within the Philippines’s Exclusive Economic Zone in the West Philippine Sea from 2022 to 2023. Of 305 vessels, about 39 were identified as military operations while the remaining 266 were identified as fishing vessels from Vietnam, China, Taiwan and the Philippines. BFAR recorded 49 Philippineflagged fishing vessels in the area during the period which were from regions 12, 3, 4-B, 1, and the National Capital Region. Meanwhile, majority of the foreign vessels monitored—or 144 --were identified as from China while 71 were from Vietnam and two were from Taiwan.

Confluence of factors

BFAR Spokesperson Nazario C. Briguera said the “challenges” posed by foreign vessels in the West Philippine Sea could be among the reasons behind the decline in the country’s fish catch in the body of water. Briguera said no concrete study so far “directly” attributes the decline in the Philippine’s fisheries output in the West Philippine Sea

to the foreign vessels present in the area. “It could mean reduced catch result [because of the] inability to fully utilize sustainably the area. Again, it is not a direct attribution but it could be a possible reason,” he told the BusinessMirror. “Because if there is no challenge, in particular in Bajo de Masinloc, because of these incidences, [the fishermen cannot ramp up their work] and that would mean reduced fishing efforts and activities,” he added. Briguera also cited other possible reasons behind the drop in fish catch such as inclement weather that reduced fishermen’s fishing days; and the implementation of the closed fishing season, particularly in Palawan area. The “intensified” efforts of the state against the use of hulbot-hulbot, a destructive fishing gear, could also have impacted fish output in the West Philippine Sea, he added.

Beyond fish catch

FISHERIES output in the West Philippine Sea accounts for about 6 to 7 percent of the country’s annual fisheries production. The figure, however, does not capture the entire importance of the country’s resources in the West Philippine Sea, Briguera said. He explained that the West Philippine Sea is critical in the country’s overall fisheries production as it serves as a breeding ground and birthplace of various fish that See “Govt,” A2

SENATE PROBES HEALTHCARE READINESS Senator Lawrence Christopher "Bong" Go, chairman of the Committee on Health and Demography, addresses questions to Department of Health Assistant Secretary Maylene Beltran of the Public Health Services Team during the Senate public hearing regarding inquiry into the preparedness of the government on the global rise of respiratory illnesses. Sen. Joel Villanueva filed Resolution No. 874 directing the appropriate Senate committee “to look into the preparedness of the government to detect, prevent, minimize, treat, and contain the reported global rise of respiratory illnesses, and the capacity of the country's healthcare system to handle a surge or outbreak of cases.” ROY DOMINGO

Senators probe readiness for disease surge

HE Senate Committee on Health and Demography, chaired by Senator Christopher “Bong” Go, on Monday led senators in questioning Department of Health (DOH) officials to assess government readiness to promptly contain the global rise of respiratory illnesses. Senators said that nearly four years since the world’s attention was drawn to the troubling indications of what would later be the Covid-19 pandemic, both government and health stakeholders should all draw painful lessons from those times. Presiding over the Senate panel’s proceeding, Go addressed questions to Department of Health Assistant Secretary Maylene Beltran, who assured senators that the DOH and hundreds of public hospitals it supervises nationwide are con-

stantly raising their readiness to deal with the rash of non-Covid respiratory ailments, collectively described as “ILI” or influenza-like illness. The inquiry was triggered by Majority Leader Joel Villanueva’s Resolution No. 874, directing the appropriate Senate committee “to look into the preparedness of the government to detect, prevent, minimize, treat, and contain the reported global rise of respiratory illnesses, and the capacity of the country’s healthcare system to handle a surge or outbreak of cases.” Also in Monday’s hearing, Department of Foreign Affairs representatives assured senators that the agency constantly tracks any possible public health emergency in other countries, to minimize the risks of any new type of infections reaching Philippine shores through

international visitors. Senator Go touted, for his part, the increasing number of Malasakit centers in all public hospitals, noting that these make it possible for patients and their families to get coordinated assistance from charity and health insurance agencies, among others. Citing lessons learned from previous coronavirus attacks, Senator Nancy Binay earlier pointed out that the government can “use all the lessons it had learned from the Covid-19 pandemic” to ensure that “walking pneumonia” and other respiratory illnesses “do not escalate into another public health crisis.” Binay recalled that “Covid-19 pandemic was an eye-opener for everyone, especially those in the public health sector.” Speaking partly in Filipino, she

expressed hope that “we can all apply lessons we learned from this [pandemic] to better manage communicable diseases so that we don’t reach the level of a public health emergency.” The DOH recently reported that there have been four cases of Mycoplasma pneumoniae, also known as “walking pneumonia,” from January to November this year. The DOH also clarified that the four cases were “not new” and had been detected among those who got infected with influenza-like illness (ILI). Given the high number of respiratory cases and another expected increase in January, the government should put in place the appropriate and necessary measures to ensure the public health system is not pushed to the limit, Binay stressed. Butch Fernandez

Companies BusinessMirror

Editor: Jennifer A. Ng

Tuesday, December 19, 2023

Citicore files for IPO, plans Filinvest, French company unveil to raise ₧12.9B for projects energy projects

By VG Cabuag

@villygc

iticore Renewable Energy Corp. (CREC), a pure-play renewable energy producer in the Philippines, has filed for an initial public offering (IPO) aimed at raising as much as P12.94 billion.

The company said in a statement that it hopes to offer to the public some 3.34 billion shares, divided into an initial 2.9 billion and another 435 million for its over-allotment option, at an offer price of up to P3.88 per share. Without the over-allotment portion, CREC can raise as much as P11.25 billion. “Net proceeds from the Offer are intended to be utilized for CREC’s and its subsidiaries’ capital expen-

ditures and pipeline development,” it said. CREC said the timing of the offer, final offer price, final number of offer shares and allocation of the proceeds will depend on market conditions, the circumstances surrounding the offer, and will be subject to favorably securing the necessary regulatory approvals. The company said it has filed the necessary documents for regulatory approval.

CREC is looking at developing 1,000 megawatts of additional capacity annually in the next 5 years. The sponsor company for real estate investment trust, Citicore Energy REIT Corp., has over 5 gigawatts of project pipelines in varying stages of development. CREC currently operates 10 solar power plants, and one microgrid solar rooftop systems with total aggregate capacity of 284 MWpdc across the country. These solar facilities include Citicore Solar Bulacan Inc., CS Bataan Inc., CS Tarlac 1 Inc., CS Tarlac 2 Inc., Clark Solar Farm Inc., CS South Cotabato Inc., CS Ceb Inc., CS Negros Occidental Inc., ArayatMexico Solar Farm (a joint venture with ACEN Corp) and solar rooftop systems in Bataan. The company also ventured into the development of run-of-river hydro in Ilaguen, Isabela. It has secured wind energy service con-

tracts for at least 7 offshore wind projects. “In 2021, we completed the construction of solar rooftops, which delivered 6.5MW in solar energy capacity, and commissioned an additional 115.7MW solar energy capacity in 2022. From 2021 until September 30, 2023, we almost doubled our total installed capacity, having developed, operated and maintained ten operating solar assets with a combined gross installed capacity of 285.1MW1 as of September 30, 2023,” the company said. The company is the the vehicle used by Citicore Power Inc. to pursue renewable energy platform investments in greenfield and brownfield projects, and manage the operation of power generation projects for solar, hydro and wind technologies. CPI is a direct subsidiary of Citicore Holdings Investment Inc., the parent company of Megawide Construction Corp.

MPT South braces for traffic surge By Lorenz S. Marasigan

It i nc ludes add it ion a l onground personnel for services such as traffic management and toll collection, standby emergency medical services, and incident response teams. As part of the “Safe Trip Mo, Sagot

Ko” program, free towing services for Class 1 vehicles up to the nearest exit will be provided during the specified period. This program will be in effect from 6 a.m. on December 22, December 24, December 26, December 27, December 30, 2023, and January 2. “As we gear up to ensure a safe and smooth journey for our motorists this holiday season, we advise everyone to plan their trips and check their vehicle’s health to avoid untoward incidents. We also encourage our motorists to take advantage of using their Easytrip RFID for quicker toll transactions, and even stand a chance to win in our MPTC’s Happy Holideals promo if they reload their account via MPT DriveHub App,” said Raul Ignacio, MPT South President and General Manager.

of Yanson patriarch Ricardo B. Yanson Sr. who died on October 25, 2015. The Yanson family is divided into two factions, with the first faction composed of Ricardo’s wife Olivia and two of their children—Leo Rey and Ginnette. The other faction is composed of Emily, Roy, Celina and Ricardo Jr., known as the Yanson four. The MTCC said Emily Yanson in her capacity as corporate secretary of Ceres Transport made untruthful statements and falsified entries in the 2017, 2018 and 2019 general information sheet of the company to state that she and her sister Celina are purportedly stockholders and directors of the company, and that their mother is not a stockholder and director of the company. T he Court of Appeals said Emily could not simply declare herself a stockholder of Ceres Transport, having only as basis the stipulations in the extrajudicial settlement deeds. It said only corporate documents, such as the stock transfer book and certificate of stock, among others, can be considered relevant to a claim of stock ownership. “Let us assume that the RTC will eventually rule in favor of

the validity of extrajudicial settlement deeds, which would mean that Olivia’s waiver is valid and appellee is rightfully entitled to the disputed shares. However, this alone will not automatically mean that apellee is a stockholder of the corporation or appellee’s statements in the general information sheets were correct. “The validity of the settlement does not necessarily mean that shares of stock will also be transferred to appellee’s name. Being a corporation, Ceres Transport, has a separate and distinct juridical personality which presupposes that it is governed by law and has its own set of rules and procedures laying down the requisites for one to become a stockholder,” the CA said. The CA said that Puno v. Puno Enterprisees Inc. teaches that upon the death of a shareholder, the heirs do not automatically become stockholders of the corporation and acquire the rights and privileges of the deceased as shareholder of the corporation. The stocks must be distributed first to the heirs in estate proceedings, and the transfer of the stocks must be recorded in the books of the corporation, it said. VG Cabuag

@lorenzmarasigan

etro Pacific Tollways S out h ( MP T S out h) Corp. is preparing for a significant surge in traffic on its expressways, the Manila-Cavite Expressway (Cavitex) and CaviteLaguna Expressway (Calax), as the holiday season goes into full swing. During the third to the last week of December 2023, MPT South foresees a substantial 15 percent to 20 percent increase in traffic along Cavitex. The average daily traffic is expected to climb to 208,000 vehicles, up from the current 181,000. Meanwhile, Calax is projected to experience an even more significant 35 percent surge in traffic, reaching 47,000 vehicles, compared to last

Photo from www.calax.com.ph

year’s 35,000 vehicles. To manage and ensure the safety of motorists during this period, MPT South will be on “high alert” status and will reinforce its “Safe Trip Mo, Sagot Ko” motorist assistance program.

In Laguna, FREE will implement a rooftop solar system with a capacity of over 3 MW for Dutch semiconductor manufacturer Nexperia, which processes approximately one billion microchips annually. Merasenko Corp., a medical products and solutions company, has engaged FREE to develop a 0.53-MWp rooftop solar system for their facility in the Cebu Light Industrial Park of Cebu City. Meanwhile, PDDC will lead the implementation of a low-carbon centralized cooling system (CCS) for the Festival Supermall in Alabang, under a 20-year build, own, operate, and transfer (BOOT) contract. “The scope of this project is nothing short of remarkable. Once completed, Festival Supermall, the country’s 5th largest mall, will enjoy a sustainable centralized cooling system with a capacity of 11,400 RT that is projected to save a substantial 47,500 metric tons of CO2 over the contract’s 20-year term, an impact equivalent to planting more than three-quarters of a million trees,” Michael Dumlao, FVP and Business Retail Head at Filinvest Land Inc., said. Anticipated to be commissioned in 2025, this CCS complements Festival Supermall’s 2.8 MW rooftop solar system that commenced operations in 2021, marking the largest rooftop solar project in Metro Manila to date. “Engie and Filinvest have been working in partnership to advance the Philippines’ sustainability goals since 2015. Engie is proud to be part of these new initiatives, which build upon the positive impact we have already made together in improving access to renewable energy, reducing CO2 emissions, and fostering more environmentally sustainable economic development in the country,” Engie Southeast Asia CEO Thomas Baudlot said. Lorenz S. Marasigan

AmCham’s new chief CA orders arrest of Emily Yanson is Capital One exec

Asia shippers T jump S

hipping stocks in Asia soared on expectations that disruptions to Red Sea routes due to militant attacks will push up freight rates. A gauge of Japan’s shippers rose as much as 5.8 percent, the only industry sector that gained while the broader Topix Index fell 1.6 percent. South Korea’s Korea Line Corp. and China’s Ningbo Ocean Shipping Co. both rose as much as 10 percent. The threats to shippers around Egypt’s Suez Canal may pressure freight rates from Asia to Europe or to the United States East Coast as ships take alternative, longer routes, according to Bloomberg Intelligence senior analyst Lee Klaskow. If all trades via Suez are re-routed, there will be about a 6-percent effective supply reduction in the container industry on an annualized basis, Citigroup Inc. analysts including Kaseedit Choonnawat estimated in a report. “Given ships need to detour and the news would raise freight rates, it is positive to shipping stocks,” said Shawn Oh, an equity trader at NH Investment & Securities Co. in Seoul. Bloomberg News

ilipino conglomerate Filinvest Development Corp. and French energy company Engie SA have launched four sustainable energy initiatives through their joint venture companies, encompassing a total of 13.68 megawatts (MW) of solar energy and 11,400 refrigeration tons (RT) of sustainable cooling capacity. Filinvest-Engie Renewable Energy Enterprise Inc. (FREE) and Philippine DCS Development Corp. (PDDC) are taking the lead on the four projects. “With these projects, customers in complex industries like cement and semiconductor manufacturing are taking action to decarbonize, setting an example for others, without compromising on their bottom lines and customer satisfaction,” FDC Utilities Inc. President and CEO Juan Eugenio L. Roxas said. Among the four initiatives, the most substantial is a 10.08-MW ground-mounted solar array in collaboration with leading cement producer Cemex, a subsidiary of APO Cement Corp. (APO Cement). This solar project, slated for deployment in 2024 in the City of Naga, Cebu, is expected to annually prevent over 9,000 metric tons (MT) of CO2 emissions. Governed by a 25-year power purchase agreement (PPA), it is projected to contribute to cumulative carbon savings equivalent to removing over 50,000 cars from the road. This project aligns with Cemex’s Future in Action program, which aims to cover 65 percent of its electricity consumption with clean energy by 2030. Cemex Holdings Philippines, the parent company of APO Cement, and Engie have signed a memorandum of understanding to explore the implementation of various renewable energy and energy efficiency solutions across Cemex’s facilities in the City of Naga.

he Court of Appeals (CA) in Cebu City has reversed a Bacolod City Regional Trial Court’s (RTC) ruling and ordered the lifting of the suspension of warrant of arrest against Emily V. Yanson, former corporate secretary of Ceres Transport Inc., for perjury and falsification of public documents. In a 34-page decision dated October 27, the CA 19th Division in Cebu reversed and set aside the orders of Bacolod City RTC Branch 45 dated August 5, 2022 and October 20, 2022, respectively, which suspended the warrants of arrest issued by a lower court against Emily V. Yanson. “The MTCC [Municipal Trial Court in Cities] is directed to lift the suspension and to implement the warrants of arrest issued against appellee in Criminal Case Nos. 21-09-36294 to 96 for perjury and Criminal Case No. 21-09-36299 to 301 for falsification of public documents. The MTCC is further directed to continue with the proceedings in the said criminal cases,” according to the decision penned by Associate Justice Rogelio G. Largo. The case stemmed from the family dispute over the estate

he American Chamber of Commerce of the Philippines (AmCham) said it has appointed its first female president, Sara Murphy, who is currently the chief of Capital One Philippines. Amcham said Murphy unanimously secured the support of the AmCham Board of Directors and was appointed to lead the chamber for the upcoming year after a “thorough” election process. Murphy is currently the president of Capital One Philippines and its head of global operations, leading a team of over 4,000 Capital One associates in the country, the chamber noted. She also leads the company’s global expansion strategy, including the launch of its operations in South Africa. The business group representing American firms in the Philippines said that with “substantial experience and a forward-thinking” approach, the newly elected president is “poised to lead AmCham Philippines into a new growth, inclusivity, and innovation phase.” Describing it as “historic”, AmCham said the election “reflects the Chamber’s commitment to diversity and equality,” as the business group said it acknowledges the invaluable contri-

butions of women in leadership roles. “The Chamber believes Murphy’s unique perspective and leadership style will inspire positive change and open new opportunities for all members,” it said in a statement. Apart from Murphy, AmCham said its members in the Philippines elected officers and directors tasked to lead the business organization. For Honorary Chairman, the chamber said it elected United States Ambassador to the Philippines MaryKay Carlson; 1st Vice President Aileen Judan Jiao, IBM Philippines; 2nd Vice President Mark Lwin, RELX Reed Elsevier Shared Services Phils. Inc.; Corporate Secretary, Aileen Lerma; Executive Director, Ebb Hinchliffe; and Treasurer, Philip Soliven. For Directors the AmCham board said it elected Antonio Del Rosario, Coca-Cola Philippines and Coca-Cola ASEAN and South Pacific; Michael Breen, Ford Philippines and Ford Motor Co.; Carlos Ma. G. Mendoza, JPMorgan Chase Bank, NA; Bruce Winton of Marriott International Philippines; Peter Maquera of Microsoft Philippines; Marissa De Ungria, SC Johnson & Sons Inc.; Rick Santos, Santos Knight Frank; Paula Marie Navarro, United Airlines Inc.; Frank Thiel, George M. Drysdale and Donald Felbaum. Andrea E. San Juan

Tuesday, December 19, 2023

Companies BusinessMirror

KFC to open more than 10 stores in PHL by yearend

astfood chain KFC is opening more than 10 stores before the end of this month as demand for its products continues to expand, according to a company official.

KFC Philippines Chief Marketing Officer Charmaine BautistaPamintuan told the BusinessMirror that the company is opening more than 10 outlets in the remaining two weeks of 2023, which will expand their store network to more than 380. At present, KFC’s store count is at 372 after it opened a branch in

Rosario, La Union last December 15. As business is brisk, Pamintuan said the company plans to open more than 50 stores in various parts of the country next year. “We are more than happy with the growth,” she said during the recent launch of the KFC Kentucky Town Christmas at the SM Mall of Asia

(MOA) in Pasay City. Pamintuan said the company will hit its fiscal targets this year on the back of a “great combination of vision, product, and people.” “Business is great that’s why we have these (Yuletide events and upcoming store launches). It’s actually also like a ‘thank you’ to our KFC fans for supporting us and patronizing our products.” The quick-service restaurant unveiled products, such as the KFC Christmas Shareables and HolyDeals. The company also opened the KFC Kentucky Town Christmas--a series of events, which kicked off with the lighting of its Bonifacio

Triangle branch in Bonifacio Global City, Taguig. Other activities are the KFC Sphere which will be held on December 23 to 25 at the MOA Eye and the KFC Ferris Wheel that is ongoing until January 13, 2024 at the SM MOA Globe. The third leg of the KFC Kentucky Town Christmas will be held at SM Pampanga’s Sky Ranch on December 22. According to Pamintuan, the initiative is being conducted in the Philippines for the first time and is also being done in Malaysia, South Africa, and Thailand. “We are proud that we can run it for the Philippines. Hopefully, we can continue with it as an annual event.” Roderick L. Abad

Arm lays off over 70 engineers in China PSE STOCK QUOTATIONS

NAV

One Year Three Year

Five Year

Y-T-D

per share Return*

Return

Stock Funds ALFM Growth Fund, Inc. -a

211.54

1.34%

-2.96%

-3.56%

-0.38%

1.45%

1.4379

9.13%

2.46%

0.31%

1.66%

6.97%

ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.9643

1.6%

-2.63%

-5.49%

-2.16%

Climbs Share Capital Equity Investment Fund Corp. -a 0.6897

0.82%

-5.78%

First Metro Consumer Fund, Inc. -a

-6.71%

-5.5% n.a

-3.7%

-2.55%

-0.34%

ATRAM Alpha Opportunity Fund, Inc. -a

rm Holdings Plc has recently laid off over 70 sof t wa re eng ineers in China though it will relocate some of the roles outside of the Asian nation, according to people with knowledge of the move. The British firm’s actions mirrored those of major chip companies including Qualcomm Inc. that have cut back on the global staffing level earlier this year as the semiconductor industry faces a downturn due to lackluster demand for electronics. In November, Arm gave a disappointing sales forecast amid a slump in smartphone sales. About 15 of the staff whose positions are being eliminated will be offered different roles working on China-related projects, according to one of the people, who declined to be identified discussing private matters. The jobs being terminated are currently filled by contract software engineers who have worked on projects that span Arm’s business around the world, according to another one of the people. “In order to ensure that the China Software Ecosystem can fully maximize the benefits of Arm performance and features, Arm is restructuring its China software engineering resources to focus on direct support for local developers,” the Cambridge, United Kingdom-based company said in a statement. China’s contribution to Arm’s global sales fell to about 20 percent from 25 percent as rest of

the world grew much faster, Chief Financial Officer Jason Child told analysts in November. The SoftBank Group Corp.backed firm has been impacted by restrictions Washington has imposed on technology exports to Chinese companies as Arm has developed some of its proprietary designs, widely used by mobile devices, in the United States. Arm is still recovering from the turmoil of an extended dispute with the ousted head of Arm China, a joint venture owned by SoftBank and a group of Chinese investors. Former Arm China Chief Executive Officer Allen Wu had refused to leave his post after being dismissed and it took investors years to retake control. Arm China acts as the sales office for the British chip designer in the largest market for semiconductors. Earlier this year, the Chinese entity itself let go over over 100 employees, most of them working in the research and development unit to create new chip technology for the local market, the people said. Arm has outsourced the work of supporting its Chinese customers to Arm China through a division called global service, which had as many as 200 employees at one point. Over 70 employees at that department have been let go, with some expecting an offer to be relocated, according to one of the people. Arm China did not immediately respond to a request seeking comment. Bloomberg News

0.6246

-3.25%

First Metro Save and Learn Equity Fund, Inc. -a 4.6341-0.26% -2.87%

-5.1% n.a -0.26%

First Metro Save and Learn Philippine Index Fund, Inc. -a 0.6925-1.35% -3.84% n.a n.a MBG Equity Investment Fund, Inc. -a

83.69

11.22%

-6.3%

-6.17% n.a

PAMI Equity Index Fund, Inc. -a 43.0852

-0.3%

-3.47%

-2.77% n.a

-0.24%

Philam Strategic Growth Fund, Inc. -a

449.52

0.97%

-3.35%

-2.78%

-0.26%

1.16%

1.1913

0.44%

0.05%

-1.18% n.a

1.38%

Philequity Fund, Inc. -a

1.34%

-1.48%

-1.75%

1.53%

33.7876

-2.22% n.a n.a

2.43%

Philequity PSE Index Fund, Inc. -a

4.5272

0.65%

-2.6%

-1.95%

1.33%

0.7%

Philippine Stock Index Fund Corp. -a

753.37

0.58%

-2.77%

-2.03%

1.34%

0.59%

Soldivo Strategic Growth Fund, Inc. -a 0.6899

2.86%

-2.25%

-4.45% n.a

2.34%

Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.3663

-0.41%

-0.06%

-3.15%

-3.86%

Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8544 0.25%

-3.07%

-2.33% n.a

United Fund, Inc. -a

0.64%

0.2%

-2.84%

-2.55%

-1.37%

-1.23%

1.48%

Philequity MSCI Philippine Index Fund, Inc. -a 0.86942.27%

3.1002

1.69%

11.12%

Philequity Dividend Yield Fund, Inc. -a

-0.2% 0.29%

0.2%

Primarily invested in Peso securities (units) COL Equity Index Unitized Mutual Fund, Inc. -a 1.05990.28% n.a n.a n.a

0.35%

COL Strategic Growth Equity Unitized Mutual Fund, Inc. -a,2 1.0085 n.a n.a n.a n.a n.a Philequity Alpha One Fund, Inc. -a

1.0097

-2.88%

-2.99% n.a n.a

-3.51%

Philippine Stock Index Fund Corp. -a

914.41

0.51% n.a n.a n.a

0.54%

Exchange Traded Fund (shares) First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c102.2991.16% -2.39%

-1.72%

0.76%

1.17%

Primarily invested in foreign currency securities (shares) -7.38%

-12.2%

-2.9%

Sun Life Prosperity World Voyager Fund, Inc. -a $1.6388

ATRAM AsiaPlus Equity Fund, Inc. -b

$0.8092

10.98%

-0.25%

-1.62%

-5.02%

7.13% n.a

15.08%

Balanced Funds Primarily invested in Peso securities (shares) ATRAM Dynamic Allocation Fund, Inc. -a 1.5197

4.22%

-3.38%

-1.73%

-1.36%

2.36%

ATRAM Philippine Balanced Fund, Inc. -a 2.2239

7.31%

-1.34%

0.11%

0.56%

5.63%

First Metro Save and Learn Balanced Fund, Inc. -a 2.4954

-0.44%

-2.17%

-0.36%

-0.72%

First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.1885

-2.08%

-2.2% n.a n.a

-0.4%

-2.58% NCM Mutual Fund of the Phils., Inc. -a

1.9358

-0.06%

-0.84%

0.95%

1.65%

PAMI Horizon Fund, Inc. -a

3.5603

3.08%

-2.37%

0.1%

0.85%

3.5%

Philam Fund, Inc. -a

15.5956

2.4%

-3.04%

-0.45%

0.49%

3.01%

Solidaritas Fund, Inc. -a

2.0333

2.14%

-1.31%

-0.42%

1.2%

2.35%

2.59%

Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.4029

2.07%

-2.06%

-1.52%

0.02%

Sun Life Prosperity Dynamic Fund, Inc. -a 0.9013

-0.12%

-0.59% n.a

2.55%

2.51%

2.2%

Primarily invested in Peso securities (units) Sun Life Prosperity Achiever Fund 2028, Inc. -a 0.93792.53%

-3.15% n.a n.a

2.48%

Sun Life Prosperity Achiever Fund 2038, Inc. -a 0.8471.41%

-4.33% n.a n.a

1.36%

Sun Life Prosperity Achiever Fund 2048, Inc. -a 0.82610.54%

-4.62% n.a n.a

0.44%

Primarily invested in foreign currency securities (shares) Cocolife Dollar Fund Builder, Inc. -a $0.03319 PAMI Asia Balanced Fund, Inc. -b$0.8878

-2.6%

1.9%

-5.32%

-1.12%

0.2%

-8.16%

-1.06%

-1.1%

5.69%

2.44%

Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.237

6.7%

-1.76%

4.36%

10.17%

Sun Life Prosperity Dollar Wellspring Fund, Inc. -a $1.0297

3.17%

-3.89%

1.15% n.a

5.98%

Bond Funds Primarily invested in Peso securities (shares) ALFM Peso Bond Fund, Inc. -a 389.94

3.36%

1.69%

2.59%

2.22%

3.16%

ATRAM Corporate Bond Fund, Inc. -a

1.9057

1.36%

0.11%

0.51%

0.02%

1.65%

Cocolife Fixed Income Fund, Inc. -a

3.3192

2.86%

1.1%

2.28%

3.76%

3.44%

Ekklesia Mutual Fund, Inc. -a 2.2767

4.53%

-0.27%

4.18%

1.34%

1.36%

First Metro Save and Learn Fixed Income Fund, Inc. -a 2.4522

2.32%

0.01%

2.12%

Philam Bond Fund, Inc. -a

1.83%

0.8%

3.56%

4.2874

2.35%

-2.54%

1.16%

Philam Managed Income Fund, Inc. -a

1.3695

3.58%

1.26%

3.02%

1.74%

3.79%

Philequity Peso Bond Fund, Inc. -a

4.0171

3.73%

0.26%

2.84%

1.55%

3.84%

Soldivo Bond Fund, Inc. -a

2.46%

0.27%

3.28% n.a

3.04%

1.0475

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

3.3017

4.46%

1.07%

3.63%

2.1%

Sun Life Prosperity GS Fund, Inc. -a

3.75%

0.28%

2.78%

1.44%

4.04%

1.7642

2.56%

4.96%

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

1.005 n.a n.a n.a n.a n.a

Primarily invested in foreign currency securities (shares) ALFM Dollar Bond Fund, Inc. -a $494.12

2.89%

0.73%

1.98%

2.52%

2.92%

ALFM Euro Bond Fund, Inc. -a Є213.63

1.61%

-0.83%

0.1%

0.84%

1.89%

ATRAM Total Return Dollar Bond Fund, Inc. -b$1.03832.62% -6.59%

-1.58%

0.14%

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

-2.32%

-0.16% n.a

PAMI Global Bond Fund, Inc. -b$0.8525

-1.92%

-3.12%

-5.28%

Philam Dollar Bond Fund, Inc. -a

$2.2972

Philequity Dollar Income Fund, Inc. -a $0.0608695

-7.92%

-3.72%

2.86%

4.9%

-3.13%

1.2%

1.92%

5.38%

1.66%

-0.78%

1.33%

1.6%

1.96%

1.28%

-4.33%

-0.42%

0.61%

Sun Life Prosperity Dollar Abundance Fund, Inc. -a $2.8104

4.22%

3.27%

Money Market Funds Primarily invested in Peso securities (shares) ALFM Money Market Fund, Inc. -a 136.67

2.67%

1.75%

2.52%

2.03%

2.57%

First Metro Save and Learn Money Market Fund, Inc. -a 1.1069 3.22%

1.85% n.a n.a

Sun Life Prosperity Peso Starter Fund, Inc. -a 1.374 2.78%

2.45%

1.97%

3.1%

2.66%

Primarily invested in Peso securities (units) ALFM Money Market Fund, Inc. -a 104.39

4.07% n.a n.a n.a

3.9%

Primarily invested in foreign currency securities (shares) Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0955

2.46%

1.36%

1.53% n.a

2.46%

Feeder Funds Primarily invested in Peso securities (units) ALFM Global Multi-Asset Income Fund, Inc. -a 43.157-0.99% n.a n.a n.a Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a 1.4542

13.14%

1.12%

9.14% n.a n.a

18.03% Sun Life Prosperity World Income Fund, Inc. -a,1

0.9944 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 $0.7995-0.86%

-6.56% n.a n.a

a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. 1 - Launch date is August 22, 2023.

2 - Launch date is October 6, 2023.

1.2%

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 18, 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 PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FERRONOUX HLDG IREMIT MANULIFE NTL REINSURANCE PHIL STOCK EXCH

484,580 590,018,775 2,207 104,080,413 1,539,910 88,297 93,738,803 25,620 327,264 33,555 1,212,340 6,240,771.50 4,412,621.50 15,420 355,700 27,000 122,215 119,940 91,250 56,004

-103,690 -126,501,163 11,193,620 -1,195,890 -32,679,912 -2,220 -766,120 1,037,257 -234,237 -350,550.00 51,000 114,450 0 -

INDUSTRIAL ACEN CORP 4.27 4.29 4.4 4.4 4.26 4.27 44,666,000 192,293,870 ALSONS CONS 0.55 0.57 0.54 0.57 0.54 0.57 79,000 44,080 ALTERNERGY HLDG 0.73 0.74 0.73 0.75 0.72 0.74 652,000 477,630 ABOITIZ POWER 37.7 37.8 37.7 37.9 37.5 37.8 1,161,400 43,841,415 BASIC ENERGY 0.178 0.18 0.176 0.18 0.176 0.178 1,330,000 235,240 FIRST GEN 16.82 16.98 16.8 17 16.78 16.82 173,400 2,917,046 FIRST PHIL HLDG 61.9 62 62.4 62.4 61.9 62 201,370 12,467,157.50 MERALCO 375 379 383.2 383.2 375 375 190,330 71,979,822 MANILA WATER 18.52 18.6 18.5 18.78 18.5 18.52 784,300 14,589,246 PETRON 3.46 3.49 3.4 3.49 3.4 3.49 376,000 1,297,620 REPOWER ENERGY 6.81 7 6.98 7 6.85 7 33,800 234,450 SYNERGY GRID 6.75 6.79 6.52 6.79 6.47 6.79 1,126,400 7,527,225 SHELL PILIPINAS 11.06 11.36 11.38 11.38 11 11.36 11,200 125,918 SPC POWER 6.75 6.76 6.79 6.79 6.7 6.75 52,100 351,868 AGRINURTURE 1.05 1.08 1.13 1.13 1.03 1.05 1,990,000 2,129,290 AXELUM 2.31 2.33 2.32 2.32 2.3 2.32 400,000 926,210 CENTURY FOOD 30.5 31 31.25 32.35 30.5 30.5 2,135,100 67,198,050 DEL MONTE 6.5 6.62 6.54 6.74 6.5 6.63 13,200 87,120 DNL INDUS 6.04 6.09 6.1 6.16 6.01 6.04 764,700 4,623,721 EMPERADOR 20.65 20.7 20.9 20.95 20.65 20.7 4,852,200 100,411,245 SMC FOODANDBEV 49.8 50 50 50.35 49 50 116,740 5,827,121 FIGARO COFFEE 0.61 0.62 0.61 0.62 0.6 0.62 3,636,000 2,217,220 FRUITAS HLDG 1.02 1.04 1.03 1.04 1.01 1.04 191,000 197,160 GINEBRA 165.6 168.8 169.9 169.9 163 168.8 3,080 516,814 JOLLIBEE 251 251.6 246 252 243.4 251.6 1,402,540 350,914,186 KEEPERS HLDG 1.49 1.5 1.5 1.52 1.49 1.5 317,000 477,870 LIBERTY FLOUR 12.08 15 15 15 15 15 600 9,000 MACAY HLDG 5.63 6.4 5.6 6.4 5.6 6.4 300 1,760 MAXS GROUP 3.11 3.16 3.03 3.2 3.03 3.16 176,000 551,140 MG HLDG 0.097 0.098 0.097 0.097 0.097 0.097 90,000 8,730 MONDE NISSIN 7.93 8.01 8.1 8.1 7.93 7.93 5,186,400 41,295,803 SHAKEYS PIZZA 9.6 9.7 9.55 9.6 9.55 9.6 42,600 408,324 ROXAS AND CO 0.465 0.51 0.465 0.465 0.465 0.465 20,000 9,300 RFM CORP 2.98 3 2.98 3 2.98 3 186,000 555,970 ROXAS HLDG 0.52 0.59 0.6 0.6 0.6 0.6 3,000 1,800 UNIV ROBINA 117.7 117.9 119.1 119.4 117.7 117.9 703,800 83,293,948 VITARICH 0.48 0.49 0.475 0.475 0.475 0.475 10,000 4,750 VICTORIAS 3.02 3.3 3.31 3.31 3.31 3.31 1,000 3,310 CONCRETE B 38.65 48 48 48 48 48 200 9,600 CEMEX HLDG 0.89 0.91 0.91 0.91 0.89 0.89 487,000 437,330 EC VULCAN CORP 0.65 0.66 0.67 0.67 0.66 0.66 51,000 33,880 EEI CORP 5.95 5.96 5.8 5.97 5.77 5.95 472,600 2,791,246 MEGAWIDE 3.06 3.07 3.03 3.07 3.02 3.06 114,000 347,230 TKC METALS 0.41 0.495 0.415 0.42 0.41 0.42 100,000 41,300 CROWN ASIA 1.52 1.57 1.57 1.57 1.57 1.57 20,000 31,400 EUROMED 0.72 0.75 0.72 0.72 0.72 0.72 5,000 3,600 PRYCE CORP 5.3 5.39 5.3 5.4 5.03 5.39 64,500 337,025 GREENERGY 0.244 0.245 0.245 0.248 0.24 0.245 32,430,000 7,932,770 INTEGRATED MICR 3.04 3.11 3.33 3.33 3 3.04 841,000 2,591,530 IONICS 1.06 1.07 1.05 1.07 1.02 1.07 480,000 505,360 PANASONIC 4.86 5.62 5.62 5.62 5.62 5.62 500 2,810 SFA SEMICON 1.99 2.05 1.91 2.05 1.91 2.05 1,066,000 2,097,710 CIRTEK HLDG 1.54 1.58 1.63 1.63 1.53 1.58 223,000 346,130

-21,169,710 -18,340,665 52,706 -1,593,119.50 -15,438,802 907,632 -69,770 -25,953 -645,617 -4,534 -550,420 -29,950 -8,963,825 -1,218,151 46,232,380 -4,176,223.50 12,200 -20,460 23,584 136,778,356 22,450 0 -6,642,603 383,394 -129,000 1,446,195 234,370 -43,780.00 18,180 3,120 -1,839,660 -1,011,120 10,500 7,710

HOLDING & FRIMS

December 18, 2023

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 PRIME MEDIA REPUBLIC GLASS SOLID GROUP SM INVESTMENTS SAN MIGUEL CORP TOP FRONTIER

36 126.9 7 102.2 30.15 8.2 50.35 8.61 18.26 54 22.2 72 59.65 1.4 2.49 2.7 0.485 1,090 0.36 174.2

0.87 714 49.1 10.08 11.2 0.38 4.57 9.21 5.25 565 40.4 4.35 8.72 2.72 3 0.9 912 109.7 96.05

36.3 127.6 7.39 102.4 30.2 8.27 50.85 8.7 18.36 55.5 22.25 72.85 59.7 1.42 2.6 2.76 0.53 1,098 0.385 175

0.88 715 50.5 10.1 11.36 0.39 4.65 9.22 5.29 569 40.7 4.39 8.73 2.8 3.1 0.91 912.5 110 102

37.2 130 7.47 101.6 30.1 8.24 50.95 8.5 18.36 54 22 73 59 1.4 2.55 2.7 0.59 1,090 0.365 175

0.87 701 50 10.26 11.2 0.38 4.65 9.21 5.29 560 40.95 4.35 8.83 2.72 3 0.91 903 110 101.5

37.2 130.6 7.47 103 30.2 8.29 51.3 8.6 18.4 55.5 22.2 73 59.85 1.42 2.6 2.7 0.59 1,098 0.365 176

0.9 715 50.6 10.26 11.36 0.38 4.68 9.37 5.29 580 41 4.35 8.83 2.8 3 0.91 919 111 102

35.9 126.9 7.3 101.5 30.1 8.07 50.35 8.5 18.26 54 22 71.3 59 1.4 2.5 2.7 0.48 1,090 0.365 174.2

0.86 701 49.1 10.06 11.2 0.38 4.53 9.21 5.29 556 40.25 4.35 8.73 2.72 3 0.91 886.5 109.5 99.5

36 126.9 7.3 102.2 30.2 8.27 50.35 8.6 18.26 55.5 22.2 72.85 59.7 1.42 2.6 2.7 0.485 1,098 0.365 175

0.88 715 49.1 10.1 11.36 0.38 4.57 9.22 5.29 565 40.4 4.35 8.73 2.8 3 0.91 912.5 109.7 102

13,300 4,597,260 300 1,018,150 51,000 10,700 1,842,600 3,000 17,900 620 54,700 86,300 73,990 11,000 142,000 10,000 243,000 110 250,000 320

1,014,000 316,410 653,480 5,564,700 8,200 150,000 339,000 2,107,300 6,700 231,720 1,194,000 30,000 2,620,300 16,000 5,000 20,000 461,200 408,850 1,250

894,380 224,997,550 32,468,109.50 56,219,050 92,368 57,000 1,563,200 19,473,807 35,443 131,847,905 48,382,530 130,500 22,983,771 44,110 15,000 18,200 420,932,800 44,864,985 125,550

PROPERTY AYALA LAND 33.9 33.95 32.95 33.95 32.85 33.95 22,723,800 763,395,145 AYALA LAND LOG 1.6 1.62 1.62 1.62 1.6 1.62 461,000 738,420 ALTUS PROP 9 9.46 9.46 9.48 9.46 9.48 1,300 12,316 ARANETA PROP 1.03 1.04 1.06 1.07 1.02 1.04 1,658,000 1,718,450 AREIT RT 33.6 33.65 33.75 33.75 33.3 33.6 531,900 17,857,285 A BROWN 0.63 0.68 0.63 0.68 0.63 0.68 2,000 1,310 CITYLAND DEVT 0.7 0.71 0.7 0.72 0.67 0.71 35,000 24,180 CROWN EQUITIES 0.057 0.062 0.068 0.068 0.068 0.068 40,000 2,720 CEB LANDMASTERS 2.48 2.52 2.5 2.5 2.47 2.48 122,000 302,060 CENTURY PROP 0.28 0.285 0.28 0.285 0.28 0.28 420,000 118,200 CITICORE RT 2.56 2.58 2.57 2.58 2.56 2.56 1,926,000 4,944,070 DOUBLEDRAGON 7.46 7.72 7.42 7.73 7.42 7.46 32,200 240,097 DDMP RT 1.2 1.22 1.22 1.22 1.2 1.22 980,000 1,186,850 DM WENCESLAO 5.8 6 6.03 6.03 6 6 86,200 518,150 EMPIRE EAST 0.129 0.13 0.129 0.131 0.128 0.128 1,580,000 204,050 EVER GOTESCO 0.285 0.29 0.295 0.295 0.285 0.29 350,000 101,750 FILINVEST RT 2.63 2.7 2.7 2.75 2.63 2.63 2,557,000 6,855,680 FILINVEST LAND 0.55 0.56 0.55 0.56 0.54 0.55 3,495,000 1,934,620 8990 HLDG 8.63 9.06 8.8 9.1 8.8 9.06 49,300 444,659 GOLDEN MV 807.5 849.5 800 850 792.5 849.5 41,640 34,202,920 PHIL INFRADEV 0.52 0.57 0.58 0.58 0.56 0.56 11,000 6,280 CITY AND LAND 0.72 0.76 0.76 0.76 0.76 0.76 5,000 3,800 MEGAWORLD 1.95 1.96 1.97 1.98 1.95 1.95 15,436,000 30,208,460 MRC ALLIED 1.45 1.47 1.47 1.48 1.45 1.48 817,000 1,208,230 MREIT RT 12 12.12 12.04 12.16 11.96 12 627,300 7,565,986 OMICO CORP 0.228 0.23 0.228 0.228 0.228 0.228 100,000 22,800 PHIL ESTATES 0.325 0.34 0.325 0.325 0.325 0.325 350,000 113,750 PREMIERE RT 1.52 1.53 1.54 1.54 1.53 1.53 97,000 149,110 RL COMM RT 4.66 4.78 4.7 4.79 4.65 4.66 4,253,000 19,918,760 ROBINSONS LAND 15.58 15.6 15.48 15.68 15.42 15.6 5,085,500 79,336,038 PHIL REALTY 0.14 0.158 0.14 0.14 0.14 0.14 10,000 1,400 ROCKWELL 1.35 1.39 1.35 1.35 1.35 1.35 18,000 24,300 SHANG PROP 3.65 3.67 3.65 3.68 3.65 3.66 112,000 410,540 STA LUCIA LAND 3 3.3 3.3 3.3 3.3 3.3 4,000 13,200 SM PRIME HLDG 33.4 33.6 33.2 33.6 33.1 33.6 4,775,800 159,709,680 VISTAMALLS 2.26 2.35 2.26 2.41 2.26 2.41 5,000 11,900 VISTA LAND 1.64 1.65 1.65 1.66 1.63 1.64 461,000 757,160 VISTAREIT RT 1.69 1.7 1.69 1.7 1.68 1.7 254,000 430,260 SERVICES ABS CBN 4.21 4.28 3.75 4.5 3.75 4.28 1,408,000 5,915,850 GMA NETWORK 8.28 8.29 8.3 8.3 8.27 8.29 100,900 836,211 MANILA BULLETIN 0.23 0.237 0.237 0.237 0.237 0.237 60,000 14,220 GLOBE TELECOM 1,703 1,715 1,701 1,729 1,701 1,703 25,935 44,331,655 PLDT 1,268 1,270 1,270 1,287 1,266 1,270 75,455 96,044,675 APOLLO GLOBAL 0.014 0.015 0.014 0.015 0.014 0.015 226,700,000 3,393,300 CONVERGE 8.02 8.06 8.2 8.2 8.02 8.02 2,256,900 18,219,264 DFNN INC 3.05 3.2 3.05 3.18 3.05 3.18 255,000 800,750 DITO CME HLDG 2.58 2.59 2.45 2.6 2.39 2.59 5,216,000 13,173,840 NOW CORP 1.1 1.14 1.15 1.16 1.08 1.14 313,000 354,240 TRANSPACIFIC BR 0.134 0.138 0.132 0.134 0.132 0.134 100,000 13,340 ASIAN TERMINALS 15.5 15.7 15.5 15.74 15.5 15.5 1,700 26,446 CHELSEA 1.47 1.54 1.47 1.54 1.47 1.54 249,000 375,790 CEBU AIR 32 32.3 32.45 32.45 32 32.3 29,500 949,955 INTL CONTAINER 244 245 238 248.6 237.4 244 2,016,900 490,562,882 LORENZO SHIPPNG 0.55 0.65 0.55 0.55 0.55 0.55 1,000 550 MACROASIA 3.97 3.98 4 4 3.97 3.98 54,000 214,950 METROALLIANCE A 0.42 0.49 0.46 0.49 0.46 0.49 2,000 950 PAL HLDG 5.12 5.3 5.3 5.3 5.11 5.11 7,700 39,754 HARBOR STAR 0.76 0.8 0.8 0.81 0.76 0.81 74,000 59,340 BOULEVARD HLDG 0.061 0.064 0.06 0.064 0.06 0.064 3,190,000 199,750 WATERFRONT 0.375 0.415 0.37 0.375 0.37 0.375 40,000 14,900 CENTRO ESCOLAR 8.3 8.5 8.3 8.3 8.3 8.3 1,400 11,620 FAR EASTERN U 569.5 598.5 568 568 568 568 60 34,080 STI HLDG 0.475 0.48 0.48 0.48 0.475 0.475 2,400,000 1,146,800 BELLE CORP 1.17 1.18 1.18 1.18 1.18 1.18 2,000 2,360 BLOOMBERRY 9.76 9.9 9.9 10 9.76 9.76 1,995,600 19,633,726 PACIFIC ONLINE 3.5 3.6 3.34 3.63 3.34 3.6 479,000 1,704,660 PH RESORTS GRP 0.98 0.99 0.99 1.01 0.99 0.99 807,000 802,560 PREMIUM LEISURE 0.59 0.6 0.59 0.6 0.58 0.59 6,344,000 3,749,430 DIGIPLUS 7.31 7.32 6.88 7.32 6.85 7.32 16,041,300 116,276,396 PHILWEB 1.75 1.78 1.75 1.78 1.69 1.78 426,000 743,160 ALLDAY 0.158 0.16 0.162 0.162 0.157 0.158 1,100,000 174,780 ALLHOME 1.13 1.14 1.12 1.14 1.09 1.14 3,042,000 3,411,820 METRO RETAIL 1.2 1.24 1.23 1.23 1.23 1.23 94,000 115,620 PUREGOLD 26.1 26.5 26.7 26.7 26.1 26.1 858,500 22,597,560 ROBINSONS RTL 39.35 39.45 39.25 39.85 39.15 39.35 55,400 2,184,735 PHIL SEVEN CORP 75.15 76.25 76 76 75 76 300 22,770 SSI GROUP 2.49 2.52 2.46 2.59 2.46 2.52 681,000 1,705,050 UPSON INTL CORP 1.58 1.65 1.65 1.65 1.65 1.65 1,000 1,650 WILCON DEPOT 19.7 20.3 20.4 20.4 19.7 19.7 663,900 13,224,630 IPM HLDG 3.38 3.5 3.45 3.45 3.4 3.4 10,000 34,230 MEDILINES 0.325 0.33 0.325 0.33 0.31 0.33 50,000 16,150 PRMIERE HORIZON 0.162 0.163 0.163 0.163 0.161 0.162 570,000 92,260 MINING & OIL ATOK 5.04 5.79 5.84 5.85 5.84 5.85 5,000 29,230 APEX MINING 2.95 2.96 2.9 2.98 2.9 2.95 4,149,000 12,218,620 ATLAS MINING 3.19 3.4 3.35 3.35 3.35 3.35 402,000 1,346,700 BENGUET A 4.74 4.79 4.76 4.8 4.76 4.76 36,000 171,840 CENTURY PEAK 3.11 3.18 3.12 3.18 3.12 3.18 510,000 1,604,000 FERRONICKEL 1.99 2.02 2.07 2.07 1.99 2.02 594,000 1,191,940 LEPANTO A 0.08 0.082 0.082 0.082 0.082 0.082 210,000 17,220 LEPANTO B 0.08 0.082 0.081 0.081 0.08 0.081 3,500,000 282,000 MANILA MINING B 0.0049 0.0053 0.0049 0.0049 0.0049 0.0049 2,000,000 9,800 MARCVENTURES 1.05 1.06 1.06 1.06 1.05 1.06 473,000 500,380 NIHAO 0.6 0.63 0.59 0.59 0.59 0.59 4,000 2,360 NICKEL ASIA 5.06 5.08 5.15 5.18 5.04 5.06 1,000,400 5,072,856 ORNTL PENINSULA 0.63 0.67 0.63 0.63 0.63 0.63 5,000 3,150 PX MINING 3.23 3.24 3.08 3.28 3.04 3.23 7,863,000 25,235,070 SEMIRARA MINING 28.15 28.2 28.4 28.6 28.2 28.2 1,847,900 52,403,565 UNITED PARAGON 0.004 0.0043 0.004 0.004 0.004 0.004 6,000,000 24,000 ENEX ENERGY 4.55 4.8 4.78 4.78 4.78 4.78 9,000 43,020 ORNTL PETROL A 0.0082 0.0083 0.0082 0.0082 0.0082 0.0082 28,000,000 229,600 ORNTL PETROL B 0.0082 0.0087 0.0081 0.0081 0.0081 0.0081 4,000,000 32,400 PHILODRILL 0.0077 0.0083 0.0077 0.0077 0.0077 0.0077 44,000,000 338,800 PXP ENERGY 3.75 3.82 3.42 3.9 3.42 3.82 722,000 2,722,660 PREFFERED ACEN PREF A 1,050 1,065 1,050 1,050 1,050 1,050 100 105,000 ACEN PREF B 1,072 1,076 1,076 1,076 1,076 1,076 2,545 2,738,420 AC PREF B2R 485.4 496 488 488 485 485.4 13,200 6,421,600 CEB PREF 31.35 32 32 32 31.35 31.35 1,800 57,470 DD PREF 93.5 93.95 93.4 93.5 93.4 93.5 21,660 2,025,120 EEI PREF B 96 96.65 95.5 96.65 95.5 96.65 50 4,786.50 GTCAP PREF B 938 994.5 937.5 937.5 937.5 937.5 2,500 2,343,750 JFC PREF B 910 920 920 920 920 920 10 9,200 MWIDE PREF 4 90 91.95 90.05 92.5 90.05 92 720 65,370 PNX PREF 3B 23.25 25.95 23 25.95 23 25.95 500 12,025 PNX PREF 4 203.2 234.8 237.8 237.8 237.8 237.8 20 4,756 PCOR PREF 3B 970 979.5 979.5 979.5 979.5 979.5 100 97,950 PCOR PREF 4C 970 1,005 1,005 1,005 961 961 1,010 971,050 SMC PREF 2F 72.55 72.85 72.95 72.95 72.85 72.85 1,040 75,816 SMC PREF 2I 70.5 70.6 71.1 71.1 70.6 70.6 48,480 3,435,838 SMC PREF 2J 66.55 68 66.55 66.55 66.55 66.55 100 6,655 SMC PREF 2K 66.2 69.45 69 69 66.2 66.2 24,240 1,657,912 SMC PREF 2N 77 78 78 78 78 78 280 21,840 SMC PREF 2O 77.5 78 78 78 78 78 30,510 2,379,780 TECH PREF B2D 48.5 48.65 48.75 48.75 48.5 48.5 4,800 233,450

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

WARRANTS

TECH WARRANT

3.9 4 3.5 4.1 3.5 4.1 186,000 7.62 8.38 0.29

0.34

34,946,075 -4,731,517 11,518,820 -321,500 -4,511,232 4,248,645 13,455,715 -3,599,445 18,200 118,833,670 35,714,584 123,520 451,344,665 2,603,245 1,360 0 -1,096,140 -61,021 -379,580 -174,790 -6,070,110 -711,730 -322,800 -16,911,200 -3,492,860 -12,890,630 -64,282,626 11,010 40,808,120 -643,830 5,850,940 30,536,260 -9,000 -9,268,677.00 6,100 -955,480 -22,800.00 15,500 13,290 131,716,826 11,910 -11,620 177,550 -13,303,513 144,580 -13,570 -14,265,067 -52,200 1,580 -1,749,520.00 -2,469,805 -1,802,345 3,010 -1,058,650 -62,590 245,340 -3,350 378,600 -715,720 81,000 -1,536,969 264,300 -18,317,230 0 37,100 9,200 920 -2,288,520 -

731,520 -

-64,900 -

SMALL, MEDIUM & EMERGING

0.4 0.42 0.4 0.42 100,000 41,550 25,200 0.74 0.79 0.74 0.75 180,000 136,880 1.02 1.02 0.98 1.02 1,080,000 1,099,620 0.63 0.66 0.62 0.66 153,000 97,410 1.02 1.04 1.02 1.02 472,000 483,640 -98,910 0.2 0.2 0.2 0.2 130,000 26,000 -

EXHANGE TRADE FUNDS

102 102.9 101.8 102.5 27,690 2,835,587 -387,992

BALAI FRUITAS CTS GLOBAL HAUS TALK ITALPINAS MERRYMART XURPAS

FIRST METRO ETF

0.405 0.75 0.98 0.62 1.02 0.201 102.4

0.42 0.78 1.02 0.66 1.03 0.209 102.5

www.news.businessmirror@gmail.com

Banking&Finance BusinessMirror

Editor: Dennis D. Estopace • Tuesday, December 19, 2023 B3

Anti-dumping duties vs Turkish flour stays

By Jasper Emmanuel Y. Arcalas

@jearcalas

HE Philippines will continue imposing anti-dumping duties against imported Turkish wheat flour for the next three years to prevent the domestic industry from suffering injuries, the state’s tariff commission ruled.

In its final report, the Tariff Commission (TC) disclosed its order to extend the application of anti-dumping duties on imported wheat flour from Turkey. The TC explained that it arrived with its decision after it determined that lifting the trade remedy would

“highly likely” lead to dumping of Turkish wheat flour in the domestic market that would cause “material injury” to the local flour industry. The World Trade Organization (WTO) defines material injury as “material injury itself, threat of material injury, or material retardation

of the establishment of a domestic industry.” Material injury is often associated with a loss in income of a domestic industry because of unfair competition against foreign states. (Related story: https://businessmirror. com.ph/2023/09/18/expiry-ofanti-dumping-duties-on-turkishflour-to-hurt-local-industry/) “A real and imminent threat of material injury continues to exist and there is a high likelihood that material injury to the domestic wheat flour industry would occur once the antidumping duties are terminated,” the TC said in its final report released to the public recently. The extension would mean that the anti-dumping duties on Turkish wheat flour would be in effect until 2026. This marked the second extension of the trade remedy by the Philippines following an extension in 2020

Undercutting, suppression

and the initial imposition in 2015. Under its latest ruling, the Philippines shall impose a weighted average dumping margin (expressed as a percentage of the export price) from a low of 2.87 percent to as much as 16.19 percent depending on the exporting company from Turkey. The TC pointed out that the Agriculture Secretary must issue a Department Order that would formalize the extension of the definitive anti-dumping duties on Turkish wheat flour within 10 days after receiving the agency’s final report. The TC explained that any interested party could petition for an interim review after one year of the imposition of the re-extended anti-dumping duties. (Related story: https://businessmirror.com. ph/2023/09/14/manila-beginsreview-of-anti-dumping-dutyon-flour/)

THE Tariff Commission revealed that it determined that Turkey continued to commit dumping practices in its exports of wheat flour to the Philippines despite the imposition of the anti-dumping duties. “There was price undercutting and price suppression. Price differences are critical for a homogeneous and fungible product like wheat flour. Due to the markedly lower prices of its wheat flour exports, Türkiye remains an important foreign supplier of wheat flour to the Philippines,” the agency said. The Tariff Commission also pointed out the Philippine market remains “attractive” for Turkey because of its lower tariffs on imported flour and the latter’s established distribution network in the domestic market. “Despite the imposition of anti-

dumping duties, the Philippines remains an important wheat flour export market of Türkiye. The Philippines ranked second among the top country destinations of Turkish wheat flour, next to Indonesia, in Southeast Asia and other neighboring countries during the POI (Period of Investigation),” said the independent adjudicatory body. “The lower tariffs on imports of wheat flour imposed by the Philippines (compared to those of Indonesia and Myanmar that also imported wheat flour from Türkiye) along with a distribution network that has been established with Filipino businesses serve as strong incentives for continued Turkish exports of wheat flour to the Philippines,” added the government agency tasked to enforce and administer the provisions of the Tariff and Customs Code.

How to enjoy the season Hedge funds bearish on USD, Goldman sees losses without falling into debt G

S the cool ‘Ber’ months breeze in, carrying with them a symphony of twinkling lights, festive carols and the mouthwatering aroma of bibingka and puto bumbong, it’s undeniable: the holiday season is here! But amidst the laughter, giftgiving and hearty feasts, there lurks an unwelcome visitor that can dampen our spirits: debt. Yes, you read it right. Like a party crasher, debt can sneak in through unchecked holiday shopping, grandiose parties and those innocent-looking “small” indulgences. Before we know it, we’re welcoming the New Year not with a bang but with a sigh over a pile of bills. But this year, let’s turn the tables. What if we could revel in the season’s joy without the looming shadow of debt? Imagine waking up after all the celebrations to not just wonderful memories, but also a healthy bank balance. Sounds like a Christmas miracle, doesn’t it? But believe me, it’s entirely possible.

Understanding the beast: Debt

BEFORE we can effectively dodge the debt bullet, we need to understand what we’re dealing with. Debt isn’t just those pesky credit card bills that arrive in January. It’s also the debt you owe to your friendly neighborhood sarisari store or the money you borrowed from Tito Boy for that lavish family reunion. Remember, debt is anything that you’ll have to pay in the future for enjoying today.

Setting a budget: Your financial compass

NOW, onto our first line of defense: setting a budget. This might seem like a daunting task, especially when all you want to do is enjoy the season. But believe me, a little planning goes a long way. Start by listing down all your expected expenses—from gifts to groceries. Be realistic and don’t forget to set aside something for those unexpected costs (because we all know they will come). Your budget is your financial compass, guiding you through the festive storm without losing your way.

Savvy shopping: More bang for your buck

WHO doesn’t love a good bargain? As Pinoys, we’re masters at stretching every peso. Apply the same skill when shopping for gifts and preparing for Noche Buena. Hunt for sales, compare prices and don’t shy away from haggling. Every peso saved is a peso earned!

Say ‘No’ to impulse buying

IMPULSE buying is like a sneaky pickpocket, it can quickly drain your wallet without you even realizing it. Those

attractively displayed items near the cashier or the irresistible online flash sales can lead us into spending money we hadn’t planned on. The key is to stick to your shopping list and budget. Remember, if it’s not on the list, it doesn’t go in the cart!

OLDMAN Sachs Group added its voice to a chorus of expectations of a weaker dollar after the US central bank’s clearest sign yet that interest-rate cuts are coming. The bank made sweeping changes to its exchange-rate forecasts after the Federal Reserve signaled a morerapid move to “non-recessionary” interest-rate cuts, Goldman analysts including Michael Cahill wrote in a note on Friday. Ahead of the meeting, hedge funds and other large speculators switched to a net short position against the dollar for the first time since September, according to Commodity Futures Trading Commission data as of December 12. The Bloomberg Dollar Spot In-

dex dropped 1.2 percent last week and touched a four-month low after the Fed held interest rates and projected 75 basis points of reductions in 2024. Markets rushed to price in as many as six cuts, and Goldman’s economists moved to anticipate five. “Our new forecasts incorporate more dollar weakness than before,” the Goldman analysts wrote. “The biggest revisions to our forecasts are in the rate-sensitive currencies that would have struggled under a ‘higher for longer’ rates regime,” such as the yen, the Swedish krona and the Indonesian rupiah, they wrote. The combined position for bets across major currencies shifted to a net 26,355 contracts bearish on the dollar in the week ending last Tues-

day, the CFTC data show. The biggest shifts were for the yen, with bets on dollar gains versus the Japanese currency dropping by more than 20 percent, and for the British pound, where wagers on dollar declines almost doubled. The yen soared 2 percent last week against the dollar, while the krona added 1.9 percent. Those were the biggest gains among G-10 currencies outside of Norway’s krone, which jumped more than 4 percent as its central bank unexpectedly lifted its key deposit rate. A weaker dollar next year is the majority view among analysts surveyed by Bloomberg across the Group-of-10 nations and emerging markets, yet Goldman previously only anticipated a “shallow” depre-

‘China should trim US Treasury holdings’

DIY gifts: Personal and pocketfriendly

NOTHING beats the charm of a handmade gift. It’s not just about saving money, but also about adding a personal touch that store-bought items often lack. Be it a hand-knit scarf for Lola, a customized photo frame for your best friend, or homemade cookies for the neighbors, DIY gifts can help you save and add a sprinkle of love to your presents.

Potluck parties: Sharing is caring (and saving!)

WHEN it comes to parties, why not propose a potluck? It’s a fantastic way to share costs and reduce the burden on any one person. Plus, it’s always fun to taste different dishes and enjoy a variety of flavors. Remember, it’s the company and shared laughter that makes a party, not an extravagant menu.

Plan for the future: Start saving early

ONE of the best ways to avoid holiday debt is by planning ahead. Consider setting up a holiday fund at the start of the year and contribute to it regularly. By the time the ‘Ber’ months roll in, you’ll have a nice little nest egg ready for the festivities.

Celebrating within means: The heart of the season

FINALLY, remember that the true spirit of the season isn’t about grand gestures or expensive gifts. It’s about love, camaraderie and gratitude. It’s about sharing a simple meal with the family, catching up with old friends and giving thanks for the blessings we’ve received. Celebrate within your means and you’ll find that the joy of the season doesn’t cost a thing. So, there you have it! A few simple steps to enjoy the season without falling into debt. It might require a bit of effort and discipline, but the peace of mind that comes with financial stability is worth it. After all, wouldn’t you rather start the New Year with a fresh slate rather than a pile of bills? Let’s toast to a merry and debt-free holiday season! Janice Sabitsana is a registered financial planner of RFP Philippines. To learn more about financial planning, attend the 105th RFP program this January 2024. Please email info@rfp.ph or visit https:// www.rfp.ph for details.

ciation, forecasting the dollar index to drop 3 percent over the next 12 months in their 2024 currency outlook published November 10. Goldman now sees the yen little changed at 142 per dollar in six months, significantly stronger than its prior estimate of 155. It also boosted projections for the Australian and New Zealand dollars by at least 9 percent over the same horizon. “We see the most ‘room to run’ from current levels in pro-cyclical currencies that should benefit from the Fed loosening its grip on financial conditions and adding to the case for a soft landing,” the strategists wrote. That group includes the British pound, the South Korean won and the South African rand. Bloomberg News

FIN-ED TOOLS Bangko Sentral ng Pilipinas Monetary Board Member Romeo L. Bernardo (above, third

from left) turns over financial education (fin-ed) modules for civilian and uniformed personnel of the Armed Forces of the Philippines to Deputy Chief of Staff LTGEN Charlton Sean M. Gaerlan (second from left) during the “Financial Education Stakeholders Congress” on November 14, 2023, in Pasay City. The BSP also launched fin-ed modules for technical vocational education and training learners of the Technical Education and Skills Development Authority (Tesda) during the congress. Developed with support from BDO Foundation Inc., the modules impart practical skills for personal finance management. Also in the photo above are (from left): BDO Foundation President Mario A. Deriquito; BSP Deputy Governor Francisco G. Dakila Jr.; Officer-in-Charge Charina B. De Vera-Yap; and, Acting Director Arnel Adrian C. Salva. CREDIT: Bangko Sentral ng Pilipinas

Long-dated US Treasuries venture into bull market

vehicle used to track longer-dated US government bonds surged into a bull market, as investors seek to end three years of pain on the Federal Reserve’s willingness to consider interest-rate cuts. The iShares 20+ Year Treasury Bond ETF, a popular tool for betting on long-dated debt, jumped to touch 99.35 on Friday. That’s a gain of 21 percent from the 16-year low reached on October 23, qualifying as a bull market. The gauge is still down more than 40 percent since it peaked in 2020. While many investors are still focusing on shorter-dated bonds as a safer bet amid an uncertain outlook for monetary policy, the potential for steep gains at the longer end is drawing plenty of interest. The fund received $1.3 billion of new money on Friday, the biggest inflow in almost five months. However, concerns of an over-supply of issuance in long-term debt and the threat that inflation could reignite next year are weighing on some investors, as they seek compensation for the added risk. Kellie

Wood, deputy head of fixed income at Schroders Plc in Sydney, said her firm has been focusing on shorter-dated notes. “This is totally a case of FOMO,” or a fear of missing out, Wood added. “Retail investors have been waiting to see more positive returns from fixed income before allocating after many years of negative returns.” Traders who bought the 10-year US note sold on November 8, would have stood to gain 5 percent if they offloaded the security at the end of last week, data compiled by Bloomberg show. By comparison, the twoyear note auctioned in late October gained about 1.7 percent since then. The ETF entered a bear market in February 2021 when its decline from an August 2020 peak first exceeded 20 percent. It previously saw rises of more than 10 percent from troughs in December 2021, August 2022 and March 2023, but fell short of the 20 percent guideline used to define the end of a bear market and the start of a new bull rally. Bloomberg News

HINA should gradually reduce its holdings of Treasuries and balance trade by boosting imports to control its exposure to US debt risks, a former adviser to its central bank said. America’s debt levels may continue rising relative to the size of the US economy, Yu Yongding said in a speech in the southern city of Sanya on Sunday. The US has accumulated $18 trillion in net overseas debt, which is equivalent to some 70 percent of its gross domestic product, he said, adding that this figure could climb to 100 percent. The appeal of American debt to other countries is also declining given the “weaponization” of the dollar by Washington, Yu said, echoing Beijing’s complaints about the US’s use of financial sanctions. “Therefore, China should accelerate the adjustment of its overseas asset and liability structure, improve returns on overseas net assets and lower the share of foreign exchange reserves in its overseas assets,” Yu said. The nation should trim its ownership of Treasuries by “stopping the purchase of new notes after existing holdings mature.” China has more than $3 trillion in foreign currency reserves, with part of that in US Treasuries and other government-related debt. The money is mostly the proceeds of the massive trade surplus the country runs, and is kept offshore partly to get better returns and also because converting it all to yuan would drive up the currency. The value of Chinese holdings of Treasuries fell by the most in a year in September, according to data from the US Department of Treasury, as the bonds dropped on concern the Federal Reserve will keep interest rates higher for a longer period. China is the second-largest foreign holder of US bonds after Japan. There’s been speculation by analysts that tensions with Washington would spur Beijing to shift its foreign reserves out of US assets, though it’s unclear whether that is happening. Chinese purchases help to keep US yields anchored in an environment of higher interest rates.

‘Accept trade deficits’

CHINA will need “to maintain trade and international payment balances,” if it stops buying Treasuries, Yu said. “We should accept trade deficits for some period of time, and China shouldn’t be overly reliant on foreign demand for economic growth,” he added. Beijing should keep its monetary policy expansionary to help maintain a “relatively high” economic growth rate and secure the safety of foreign exchange reserves and overseas assets, Yu said. Those comments echoed an article published by Xinhua News Agency on Sunday elaborating on top leaders’ economic policy agenda for 2024. China still has “relatively sufficient” room to strengthen monetary and fiscal policies next year, given its low inflation and because central government debt levels are not high, the official news agency said in a report that cited a financial official it didn’t name. Bloomberg News

Tuesday, December 19, 2023 • Editor: Gerard S. Ramos

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Unesco inscribes Aklan’s piña weaving to intangible cultural heritage list PHOTO from Unesco via National Commission for Culture and the Arts

TODAY’S HOROSCOPE By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Marla Sokoloff, 43; Jake Gyllenhaal, 43; Alyssa Milano, 51; Tyson Beckford, 53. HAPPY BIRTHDAY: Establish what you want to accomplish, and open a discussion with someone in the know who can help you navigate the process of reaching your destination. Ask for guidance, but be ready to achieve your objective by yourself. Put a plan in place and move forward quietly. The upcoming year will be one of surprises and unexpected change that offers benefits beyond your expectations. Your numbers are 4, 12, 18, 27, 31, 35, 42.

ARIES (March 21-April 19): Your timing is critical. Look over your investments and adjust whatever needs updating. Get information firsthand to avoid being misled by faulty interpretation. Make changes that encourage better relationships with partners. Tidy up loose ends, and deal with matters that could infringe upon your plans. ★★★

TAURUS (April 20-May 20): Be ready to take advantage of any opportunity that comes your way. Traveling, exploring educational pursuits and partnering with people heading in a similar direction will add to your momentum and ensure you make headway before the year ends. ★★★★

HE United Nations Educational, Scientific and Cultural Organization (Unesco) has included the craft and tradition of the handwoven piña or pineapple textile of Aklan in its Representative List of the Intangible Cultural Heritage of Humanity. The declaration took place during the 18th Session of the Intergovernmental Committee in Kasane, Botswana earlier this month. Every year, the Unesco committee for safeguarding intangible cultural heritage gathers to honor and preserve cultural practices and expressions around the world. Aklan’s piña handloom weaving joins 44 other new elements internationally added to the list, alongside ceramic arts in Uzbekistan, the Palestinian traditional dance Dabkeh, and the practice of opera singing in Italy, among others. The Philippines’ latest entry is its fifth intangible cultural heritage (ICH) element to be inscribed, following the hudhud chants and the punnuk ritual of the Ifugao; the Darangen epic of the Meranaw and the buklog ritual of the Subanen, which was inscribed in the separate List of Intangible Cultural Heritage in Need of Urgent Safeguarding. Meanwhile, NCCA’s School of Living Traditions was inscribed in Unesco’s Register of Good Safeguarding Practices. “A source of pride and a strong identity marker, the piña is the most highly regarded of the traditional textiles of the Philippines,” reads the entry about the Aklan piña handloom weaving on the Unesco list. “The knowledge and skills of piña handloom weaving are primarily passed on within families.... The practice is also transmitted through the Schools of Living Traditions, which were initiated by local communities in partnership with the government to help safeguard intangible cultural heritage in the Philippines.” The piña, of course, is used as prime material in formal attire such as the terno and the barong Tagalog as well as in finery and other objects. Often passed on as heirloom pieces, piña products are highly prized for its beauty and the tedious process involved, with its fiber marked by an elegant luster, delicacy and

GEMINI (May 21-June 20): Embrace what you need to do before the year ends. Refuse to let anyone lead you astray or convince you to neglect your responsibilities. Your diligence is what will save you from loss. Don’t believe everything you hear or give in to emotional meddling. ★★

CANCER (June 21-July 22): Listen carefully; expand your mind and options. Call on those who offer sound advice and who you think might contribute to something you want to pursue. A makeover that gives you an updated appeal will attract attention. Romance is on the rise. ★★★★★

simplicity. The weaving of the piña is estimated to be about two centuries old, as its process remains almost unchanged throughout the years. The Akeanon people of the province of Aklan in the northwestern portion of Panay Island, part of the Visayan cluster of islands in central Philippines, are known for producing the piña. Production is historically concentrated in the barangays of Old Buswang and New Buswang in the capital town of the province, Kalibo, as well as in nearby municipalities, such as Makato, Tangalan, Balete, Banga and Lezo. The practice of the craft has spread to other areas, including the provinces of Antique, Capiz, Leyte, Camarines Sur and Palawan. Unesco maintains two lists of its Intangible Cultural Heritage. First, the Representative List of the Intangible Cultural Heritage of Humanity, which comprises “elements that help demonstrate the diversity of this heritage and raise awareness about its importance.” Second is the List of Intangible Cultural Heritage in Need of Urgent Safeguarding, which includes elements that “require urgent measures to keep them alive.” Additionally, Unesco also maintains the Register of Good Safeguarding Practices, which “allows States Parties, communities and other stakeholders to share successful safeguarding experiences and examples of how they surmounted

challenges faced in the transmission of their living heritage, its practice and knowledge to the future generation.” Unesco’s Intangible Cultural Heritage Lists now feature 694 elements corresponding to 140 countries, and the Register now features 37 practices corresponding to 31 countries. ■■■ FOR-MIXING whiskey brand Monkey Shoulder mounts a community mural as part of its pop-up in Bonifacio Global City, in collaboration with muralist Jill Arteche. The artist has been making the rounds here and around the world with her distinctive style. She said it was part of her goal to work with a beverage brand, and was grateful for the opportunity to have worked with Monkey Shoulder. “I was inspired by the phrase, ‘Make It Monkey,’ which for me played with the idea of living boldly and making your life truly yours,” Arteche said. Her mural bursts in vivid color and vibrant life, while promoting a joyous vibe in tune with the holiday season. The piece shows people engaging in revelry, toasting with one another and having a good time. The Monkey Shoulder Mixing Tree and Pop-Up Bar at Bonifacio Global City is available for viewing until the end of the year. ■

Philippine cultural movers knighted in the French Order of Arts and Letters IN a joint ceremony held at the French Ambassador’s Residence on December 5, 2023, Her Excellency Marie Fontanel awarded Arsenio Lizaso, former chairman of the National Commission for Culture and the Arts and president of the Cultural Center of the Philippines, and Dr. Joven Cuanang, president and founder of the Pinto Art Museum, the Rank of Chevalier in the Order of Arts and Letters of France. The French National Order of the Arts

and Letters is an award given by the Ministry of Culture to individuals who have been outstanding in their artistic creation, or who have contributed to the promotion of culture in France and in the world. In his capacity as CCP president and NCCA chairman, Nick Lizaso made it a priority to bring culture to the people. In his acceptance speech, Lizaso insisted that since the common Filipino did not go to the CCP to watch concerts and plays, then it was for the CCP to go to

them, in parks, open spaces, developing the institution’s outreach program. He also supported the collaboration between French and Filipino artists particularly in theater and music, making available the Philippine Philharmonic Orchestra for performances of French répertoire together with guest conductor Michael Cousteau. Meanwhile, the Ambassador recognized the dedication of Cuanang to support the visual arts in the Philippines through the

founding of the Pinto Arts Museum. She said that while in France, the government and private foundations provided funding for culture and the arts, individual initiatives in the Philippines, like the Pinto Museum are exemplary. Further, Cuanang opened the doors of Pinto for the Diamond in the Rough exhibition that opened the celebration of the 75th anniversary of French-Philippine Diplomatic Relations. She looks forward to visiting the museum soon.

LEO (July 23-Aug. 22): A work-related change will give you something to consider. Research your options and be ready to make a move. A festive event that’s conducive to networking will play in your favor. Put your energy where it counts and say no to temptation. ★★★★★

VIRGO (Aug. 23-Sept. 22): Keep an open mind and refuse to let the hustle and bustle overwhelm you. Reach out to loved ones, but don’t try to do too much for too many. Balance is necessary if you want things to be copacetic. ★★★

LIBRA (Sept. 23-Oct. 22): Make travel arrangements or plan an outing with friends or relatives you don’t see often enough. Spread festive cheer by doing or saying something upbeat or helpful. Consider the changes you want to make during the upcoming year and start your New Year’s resolution early. ★★★

SCORPIO (Oct. 23-Nov. 21): You don’t have to overspend to enjoy yourself. Getting together with loved ones will spark your imagination and give you many ideas to pursue next year. Changing your attitude or updating your image will fetch compliments and boost your morale. ★★★★★

SAGITTARIUS (Nov. 22-Dec. 21): Don’t make promises you can’t keep or depend on someone else to come through for you. Keep moving in a direction that gets you closer to your objective. Don’t rely on others when focusing on what you do best is the best solution. ★★★

CAPRICORN (Dec. 22-Jan. 19): Formulate a plan that ensures your safety and ability to get things done on time. A development at home or work will lead to an unexpected opportunity that encourages achieving your life goal. ★★★★

AQUARIUS (Jan. 20-Feb. 18): Be innovative and make a change that will distance you from negativity, debt and stress. Say no to extravagance and trying to please everyone. Set a budget and look for unique ways to put a smile on the faces of those you love. ★★★

PISCES (Feb. 19-March 20): Don’t believe everything you hear, but be gracious and enjoy the rhetoric. Pay it forward in kindness, encouraging others to do the same. Choose love and affection over lavish gifts. You are with the wrong person if you must buy their love. ★★★ BIRTHDAY BABY: You are energetic, determined and opportunity-driven. You are creative and self-assured.

‘themeless sunday 64’ BY WILLA ANGEL CHEN MILLER The Universal Crossword • Edited by David Steinberg/Anna Gundlach/Adrian Johnson/Jared Goudsmit

ACROSS 1 2.54 centimeters, roughly 5 Was tickled, perhaps 14 Draped garment 15 “That’s my own fault” 17 Las Vegas WNBA team 18 Shrewdly conducted exchange 19 “I figured it out!” 20 Give a heads-up 21 122 square miles, for Malta 22 Jam alternative 24 TV award 27 Gentlemen 28 Android Cupcake or Froyo 32 Smell skunky 34 Identity-concealing name 36 Dynasty before the Tang 37 Play place with a kitchen 40 Oft-torn knee part: Abbr. 41 Many OPEC meeting attendees 42 Momentary lack 43 Hard-to-convince sort 45 Group with the most widely circulated magazine in the US 46 Chive’s relative

47 Date for an event 50 Up the ___ (raise the stakes) 53 Back muscles, for short 54 Act immorally 55 Paragons of unfairness 59 Message such as “plz call me” 60 Person making Fluffy fluffy 61 The “U” in UI 62 Is very disoriented 63 Main part of an essay DOWN 1 Asimov who defined the Three Laws of Robotics 2 Cheesy chip 3 Frozen orange treat 4 That guy’s 5 Foot-operated cymbals 6 Love a lot 7 Laura of Big Little Lies 8 Total jerk 9 Juneteenth advocate Opal 10 Creative output 11 Invisible beams that can clean 12 Reverse or drive 13 Something to do when “it” counts

16 Meaning of “cha” in “matcha” 20 Stay for overtime pay, perhaps 23 Singer whose name is often stylized with an exclamation mark 24 Bad things 25 Serving between snacks 26 Woman living at the 90th parallel north 29 “Hmm, yeah” 30 Belonging to us 31 “Nick at ___” 32 Massage spots 33 Watch sound 34 Taken ___ 35 Breed with yellow and chocolate varieties, for short 38 Smallest Great Lake, by volume 39 Crew equipment 44 Promise 45 Changes 47 The NBA’s Reggie Miller, e.g. 48 Vetoed 49 What a general admission ticket grants 50 The Matterhorn or the Lagginhorn

51 “Not in a million years” and “When pigs fly” 52 British gallery name 53 Peruvian capital 56 Triage places: Abbr. 57 Cinco menos tres 58 “Polka” follower 59 But spelled in reverse?

Solution to today’s puzzle:

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Derek Ramsay is indeed a happy man

A Epic sci-fi action thriller ‘The Creator’ to debut December 20 on Disney+

20th Century Studios’ The Creator, the epic sci-fi action thriller directed by Gareth Edwards which was released in theaters, will debut on December 20 on Disney+. The film, which stars John David Washington, Gemma Chan, Ken Watanabe, Sturgill Simpson, newcomer Madeleine Yuna Voyles, and Allison Janney, is set amidst a future war between the human race and the forces of artificial intelligence. Joshua (Washington), a hardened ex-special forces agent grieving the disappearance of his wife (Chan), is recruited to hunt down and kill the Creator, the elusive architect of advanced AI who has developed a mysterious weapon with the power to end the war...and mankind itself. Joshua and his team of elite operatives journey across enemy lines, into the dark heart of AI-occupied territory, only to discover the world-ending weapon he’s been instructed to destroy is an AI in the form of a young child (Voyles). The film is directed by Gareth Edwards, with a screenplay by Gareth Edwards and Chris Weitz from a story by Gareth Edwards. The producers are Gareth Edwards, p.g.a., Kiri Hart, Jim Spencer, p.g.a., and Arnon Milchan. The executive producers are Yariv Milchan, Michael Schaefer, Natalie Lehmann, Nick Meyer, and Zev Foreman. Disney+ is the dedicated streaming home for movies and shows from Disney, Pixar, Marvel, Star Wars, National Geographic and Star, along with The Simpsons and much more. The service offers an ever-growing collection of exclusive originals, including feature-length films, documentaries, live-action and animated series, and short-form content. With unprecedented access to Disney’s long history of incredible film and television entertainment, Disney+ is also the exclusive streaming home for the newest releases from The Walt Disney Studios. For more, visit www.disneyplus.com, or find the Disney+ app on select compatible mobile and connected TV devices.

Matthew Perry died from the effects of ketamine, autopsy report says LOS ANGELES—Matthew Perry died from the acute effects of the anesthetic ketamine, according to the results of an autopsy on the 54-year-old Friends actor released on Friday. The Los Angeles County Department of Medical Examiner said in the autopsy report that Perry also drowned in “the heated end of his pool,” but that it was a secondary factor in his October 28 death, deemed an accident. People close to Perry told investigators that he was undergoing ketamine infusion therapy, an experimental treatment used to treat depression and anxiety. But the medical examiner said the levels of ketamine in Perry’s body were in the range used for general anesthesia during surgery, and that his last treatment 1 1/2 weeks earlier wouldn’t explain those levels. The drug is typically metabolized in a matter of hours. The report says coronary artery disease and buprenorphine, which is used to treat opioid use disorder, also contributed. The amount of ketamine detected “would be enough to make him lose consciousness and lose his posture and his ability to keep himself above the water,” said Dr. Andrew Stolbach, a medical toxicologist with Johns Hopkins Medicine who reviewed the autopsy report at the request of The Associated Press. “Using sedative drugs in a pool or hot tub, especially when you’re alone, is extremely risky and, sadly, here it’s fatal,” said Stolbach, who noted that both ketamine and buprenorphine can be used safely. Perry was declared dead after being found unresponsive at his home in the Pacific Palisades area of Los Angeles. Investigators performed the autopsy the following day. The actor had taken drugs in the past but had been “reportedly clean for 19 months,” according to the report. AP

ctor Derek Ramsay is back on the big screen after taking a hiatus from acting. He is the lead male character in the horror film Kampon, directed by King Palisoc from the script of our brilliant writer-friend Dodo Dayao. The movie tells the tale of the arrival of a young girl in the life of a childless couple, and things just get creepy and scary after. Beauty Gonzales plays Ramsay’s wife in the movie, produced by Josabeth Alonso’s Quantum Films, a perennial active player in the annual Metro Manila Film Festival (MMFF). After Ramsay worked in the 2019 GMA TV series The Better Woman, where he was paired with his thengirlfriend Andrea Torres, he announced that he was taking a long break from show business, to prioritize personal stuff and recalibrate his plans for the future. Then came Kampon. Perhaps Ramsay is Quantum Films’ lucky charm in the MMFF. In 2014, he won best actor for the movie English Only Please, and he received his second best festival actor award three years after for the movie All of You. So it didn’t take his producer (who is also his wedding ninang) long before she was able to convince him to face the cameras again. Kampon was supposed to be in the line up of the MMFF some years ago but it had to be pulled out because of some issues. Kris Aquino was supposed to headline the movie with Ramsay that year, but things do not happen if these were not meant to, and perhaps this December will be a much better playdate for the movie. “I have always been a go-with-the-flow type of guy. I’ve always trusted the universe, and let things unfold in their most natural means and manner. I follow my gut feel, I trust my intuitions, and of course I take calculated risks, too. That way, I can enjoy life better, and keep my expectations at bay,” he said. Being away from the often noisy showbiz jungle allowed Ramsay to find his peace and eventually his wife Ellen (Adarna) and her toddler Elias, who are both so well-loved and cared for by Ramsay. It has also given him control of his time, which he spends doing things he loves most, and visiting places he has never been to.

Travel has always been a favorite activity of Ramsay even when he was in his younger years, and travel has become a favorite pastime that he shares with his wife. “Antartica is in the bucket list of Ellen. She gifted me with Machu Pichu [Peru] last year so it’s my turn to bring her to Antartica and Patagonia [governed by Argentina and Chile] in February,” shared Ramsay about their next destination. The couple, who got married two years ago, explored the North Pole last year, and followed it up with a South Pole itinerary this year. “I don’t really like freezing cold weather, but Ellen loves it so I think we reached our quota already. If it was just me, I’m super fine with the sun, the coconut tree-laden beaches. We haven’t visited our beach house in San Vicente [Palawan] for some time now so I think it’s about time we do so.” Ramsay believes that Kampon will do well in the coming festival. “This year has an exciting line-up, and we all feel that the movies will do well, especially

those with horror themes like ours.” Even before the film starts screening in Manila on Christmas Day, Kampon has received word that it already made it to the main competition of the 44th edition of the Internacional de Cinema de Porto in Portugal in March. Perhaps this early, Ramsay can reserve the dates to attend the Portugal festival and who knows, he’ll come back with an international award just like his brother Andrew, who won best actor honors at the 60th Asian Pacific Film festival in Macau two weeks ago. At this point in his life, Derek Ramsay can truly say that he is indeed a happy man. He has continued to live the way he pleases, defied the industry norms that do not fit him, pursue any undertaking that will make him fulfilled, happy and productive, and be with the people who truly complete him. And to add to that, like the Ramsay we knew decades ago, he continues to quietly make a difference in the lives of others without much fanfare. n

‘Wonka’ waltzes to $39 million opening, propelled by Chalamet’s starring role Timothee Chalamet in a scene from Wonka.

By Jake Coyle The Associated Press NEW YORK—Wonka debuted with $39 million in box office sales in US and Canadian theaters over the weekend, according to studio estimates on Sunday. That made it a strong start for the Timothée Chalamet—starring Willy Wonka musical that underscored the young star’s draw. Musicals have been tough sells in theaters in recent years, so much so that Warner Bros. downplayed the song and dance elements of Wonka in trailers. Instead, the studio emphasized Chalamet, the 27-year-old actor who, with Wonka, notched his second No. 1 movie following 2021’s Dune. The earlier film recorded a $41 million opening. While Dune was a sprawling and star-studded sci-fi adventure, Wonka relies chiefly on Chalamet’s charisma. Wonka, which cost about $125 million to produce and played at 4,203 locations, was also the first big Hollywood release to launch following the end of the SAG-AFTRA actors’ strike. Chalamet hosted Saturday Night Live just days after the strike ended. In his opening monologue, he sang to the tune of “Pure Imagination” about “returning to this magical world where actors can promote their projects.” Jeffrey Goldstein, distribution chief for Warner Bros., expects Wonka to be the go-to choice from

families over the holidays. Its main competition for kids will be Universal Pictures’ animated Migration. Wonka, directed by Paul King of Paddington and Paddington 2, is a prequel to 1971’s Willy Wonka and the Chocolate Factory, with Chalamet starring as a young Wonka trying to open a candy store. Its ensemble cast includes Hugh Grant, Olivia Colman and KeeganMichael Key. Warner Bros. last revived Roald Dahl’s classic with the 2005 Tim Burton-directed Charlie and the Chocolate Factory, starring Johnny Depp. It debuted with $56.2 million and ultimately grossed $475 million worldwide. To reach those numbers, Wonka will need strong legs through the lucrative holiday moviegoing period. On its side are mostly good reviews (84 percent “fresh” on Rotten Tomatoes) and positive audience reaction (an “A-” CinemaScore). “Chalamet is a true movie star who’s been developing his craft and his reputation over many years,” says Paul Dergarabedian, senior media analyst for comScore. “Everybody’s looking for who’s the next big movie star. Is it all about the old-school leading men? Chalamet is definitely that.” The Hunger Games: The Ballad of Songbirds and Snakes

again ranked second this week with $5.8 million in its fifth week of release. The Lionsgate Hunger Games prequel, now up to $145.2 million domestically and more than $300 million globally, has held strong week after week. Yorgos Lanthimos’ Poor Things, a surreal Frankenstein-esque fairy tale starring Emma Stone, expanded into 82 theaters and grossed $1.3 million for Searchlight Pictures. The film, which will expand further in the coming weeks, is nominated for seven Golden Globes, including best comedy or musical. Estimated ticket sales are for Friday through Sunday at US and Canadian theaters, according to comScore. 1. Wonka, $39 million 2. The Hunger Games: The Ballad of Songbirds and Snakes, $5.8 million 3. The Boy and the Heron, $5.2 million 4. Godzilla Minus One, $4.9 million 5. Trolls Band Together, $4 million 6. Wish, $3.2 million 7. Christmas With the Chosen: Holy Night, $2.9 million 8. Napoleon, $2.2 million 9. Renaissance: A Film by Beyoncé, $2 million 10. Poor Things, $1.3 million.

Tuesday, December 19, 2023

www.businessmirror.com.ph

PHL’S FIRST-EVER FUTURE OF WORK SUMMIT DRAWS MORE THAN 500 BUSINESS LEADERS, SAFETY OFFICERS

‘I

NNOVATION is the driving force behind progress. In the context of the future of work, it involves embracing emerging technologies such as artificial intelligence and reimagining traditional processes.” Information and Communications Technology Secretary Ivan John E. Uy made the declaration during the recently concluded Future of Work Conference organized by the Quezon City Government, the first of its kind event held in the country. He also highlighted the need for collaboration between the public and private sectors in order to build a conducive environment for growth and innovation. In his keynote speech at the opening of “INNOVATE. ADAPT.THRIVE: The Quezon City Future of Work Conference 2023,” Uy assured the stakeholders present at the conference that his department is committed to supporting businesses and local government units as they “traverse the digital transformation journey.” He also lauded Quezon City Mayor Joy Belmonte for leading the way for businesses in the city to navigate the transformative path of the future of work. “Let this conference serve not only as a moment of reflection on the dynamic landscape of business and technology but as a call to action, innovate with purpose, adapt to change and thrive in the future

of work,” Uy added. Utilizing AI and the digitization of the workplace were among the topics discussed in the two-day conference. To prepare business establishments for the future of work, the conference communicated relevant strategies and best practices in creating safe, inclusive, resilient, and sustainable workplace environments. In her opening speech, Belmonte invited participants to work closely with the Quezon City government “to craft a vision so we can embrace a future where innovation knows no bounds, resilience becomes our strength, and that responsibility and accountability are fundamental.” “A related challenge for all stakeholders is empowering our workforce to adapt to the fourth industrial revolution. We will learn how to maximize our workforce through investments in education as well as retooling and upskilling and to support them better both mentally and physically as they navigate through unfamiliar territory in order to adjust to changing times,” she said. “Together let us embark on this journey into the future of work,” Belmonte added. The two-day summit on November 13 to 14, 2023 was attended by more than 500 C-level business leaders in charge of operations, human resources directors as well as compliance and safety officers. Among the speakers were C40 Cities

Honda Philippines holds tryouts for new generation Pinoy racers

ONDA Philippines, Inc (HPI) held its Honda Pilipinas Dream Cup (HPDC) Tryout last November 18, 2023, at the Carmona Racing Circuit, Carmona, Cavite. Eighteen young riders participated in the event, giving them four sessions to show their skills using the CBR150R

converted to race bikes. Twelve riders were selected after the thorough, strict deliberation and assessment of Shigeki Honda, the Founder of HARC-PRO and Coach Charles Nolasco, a retired PSBK (Philippine Super Bike) rider and experienced coach in racing.

Executive Director Mr. Mark Watts who discussed in Plenary 5 “From Risk to Resilience: Climate Action and Disaster Risk Management in the Workplace,” while Interior and Local Government Undersecretary Lord Villanueva tackled Plenary 1 “Doing Well by Doing Good” (Best of the Best Business Practices); Plenary 2 was about “AI, Flexi-work and Cyber Security: Shaping the Tech-Ready Workplace” by DICT Undersecretary David Almirol; Plenary 3 “From Good to Great – The Science Behind the Best Workplaces” by Managing Partner of the Great Place to Work Antoinette Mendoza-Talosig; Plenary 4 was about “Safe Spaces: Right of One, Right of all” by Senator Risa Hontiveros; and Plenary 6 “On the Rise – Jobs of the Future” discussed by the Founder of PEOPLElogy Group Allen Lee Chin Min. Among the panelists were the National President of the Philippine Association of Building Officials (PABO) National, Inc. Arch. Edison Ching Padilla; Director General of Food and Drug Administration Dr. Samuel Zacate; the Chief of Bureau of Fire Protection Director Louie Puracan; President of National Association of Business Permits and Licensing Officers Atty Melanie S. Malaya; the Senior Vice President for Operations of SM Supermalls Bien Mateo; Assistant Vice President and Head of Eastwood City Estate Management of Anton Calugay; President & Co-Founder of Intentionality Inc and Owner of Rags2Riches Ms. Reese Fernandez-Ruiz; President and Co-Founder of Human Nature Anna Meloto-Wilk; Urban Planner Consultant Mark Roeland De Castro; the Co-Founder of Jurist AI Jay Basco and Vice President for AI and Head of Sprout AI Labs Gian dela Rama. Among the moderators were the Chairman of Dr. Carl Balita Review Center CEB Group of Companies Dr. Carl E Balita; President of Maginhawa Food Community and Communications Coordinator Jules Guiang; Anchor from ONE News & Bloomberg TV Ph Daniela Laurel; Senior Consultant of Enterprise Information Security Ernest Ocson; and Former Commissioner of National Youth Commission Percival Cendaña.

HPDC started last 2017 aiming to develop and mold aspiring Filipino young talented riders while giving them a chance on becoming a professional motorcycle racer using the same type of machinery before stepping up to the Domestic and International racing competitions. HPI President Sayaka Arai emphasizes that “The Honda Pilipinas Dream Cup is an opportunity to showcase individual skills and a chance to foster camaraderie and sportsmanship among young riders. It is a platform where dreams are nurtured, and aspirations take flight.” In 2024 HPDC, these selected riders will compete and prove themselves worthy to become a champion that could further improve and stepup for them to achieve their dreams in racing. This “Road to Champion” campaign in developing young riders and to bring them to International Racing scene. For more information, visit www.hondaph. com. Stay updated on Honda’s newest products, promos and events by following Honda Philippines, Inc. on Facebook (facebook.com/hondaph) and Instagram (instagram.com/hondaph_mc/), YouTube (HondaPhilippines_Motorcycle) and Tiktok (tiktok. com/@hondaphilippines) or contact (02)-8581-6700 to 6799, and 0917-884-6632.

Pioneer ElastoSeal Katibays Places 3rd in the PBA 3x3 Season 3 Second Conference

AKAS. PUSO. TIBAY. That’s ElastoSeal Katibays. The Pioneer ElastoSeal definitely improved and stepped up! From seventh overall after the first two stops, the Katibays leapfrogged three places to No. 4 at the halfway point of the mid-season conference. After constantly placing top four in the last conference, it finally made it to the grand fnals along with the PBA giants: TnT, Cavitex, Meralco, Terrafirma, Blackwater, and MCFASolver. And finally, third place in the Philippine Basket Ball Association’s 3x3 Season 3 Second Conference held from October 16 to November 27, 2023. The Pioneer ElastoSeal Katibays won their first championship back in 2022 and have not

placed since. The Grand Finals last November 27, 2023 saw them back on top, placing third to TnT and Cavitex. It was indeed quite a long journey of ElastoSeal’s road to the finals and bouncing back on top. They may not have won the gold, but they showed heart and tibay to battle it for third place.Winning team took home P100,000 for the leg champion, P50,000 for the runner-up and P30,000 for the third placer. Congratulations, Elastoseal! Pioneer Adhesives can be reached through its head office at JWS Center, 731 Aurora Blvd, New Manila, Quezon City. Or visit its website at https://www.pioneer-adhesives. com/products/.

Quezon City’s Grandest New Year Countdown Returns to Eastwood City

ASTWOOD City is set to usher in 2024 with unparalleled energy, excitement, and an array of spectacular performances at the Eastwood City New Year Countdown. The much-anticipated event promises to be the biggest celebration in Quezon City, marking the return of the iconic New Year festivities that have become a beloved tradition for locals and visitors alike. The Eastwood City New Year Countdown is scheduled to kick off at 6 pm on December 31, 2023 at the Eastwood Mall Open Park. Headlining this year’s celebration is the sensational pop artist, Morissette, known for her powerful vocals and chart-topping hits. Joining her on stage are the up-and-coming love team KD Estrada and Alexa Ilacad, promising an unforgettable night of entertainment and romance. Joining them, Sunkissed Lola, Armi Millare, 1st One, PlayerTwo, and Silent Sanctuary are all set to perform during the event. Adding charm and wit to the evening, the event will be hosted by the dynamic duo, Janeena Chan and Tito Mikee Reyes. “We are thrilled to bring back the Eastwood City New Year Countdown, and this year’s

lineup is nothing short of spectacular. It’s an honor to have these incredible performers and artists join us for the most exciting celebration in the city,” shared Eastwood City general manager Denisse Malong.

THE online bottle shop of Atoda Madre Mezcaleria offers a wide range of agave spirits.

Madre Mezcaleria Launches PHL’s First Online Bottle Shop Dedicated to Agave Spirits

’TODA Madre Mezcaleria, a Makatibased tequila, mezcal bar and bistro serving margaritas and Guadalajara-inspired Mexican food, proudly introduced the Philippines’ first and only online bottle shop devoted exclusively to agave spirits. The website, www.atodamadretequila. com, brings an exquisite selection of agave-based libations directly to the fingertips of spirit enthusiasts and connoisseurs. Central to this online bottle shop is a dedication to celebrating agave spirits’ rich and diverse heritage, featuring mezcal, tequila, sotol, raicilla, and other premium agave-based products. A’toda Madre Mezcaleria has meticulously curated a collection that showcases the craftsmanship, authenticity, and unique flavors inherent in these distinctive spirits. Some of the bottles available on the website include Derrumbes Mezcal, Don Julio, Los Vecinos, 1800 Tequila Blanco, Rey Campero, Clase Azul Reposado, Codigo, and Patron. To commemorate this milestone, A’toda Madre Mezcaleria recently hosted an exclusive agave tasting experience led by Windi Tapawan, the first certified master of agave spirits in Asia. Tapawan, who wrapped up her one-year certification course in Oaxaca, Mexico earlier this year, guided guests through an immersive journey, unraveling the complexities and nuances of each carefully selected spirit. The online bottle shop provides a user-friendly platform, allowing customers to explore and purchase a diverse range of agave spirits from the comfort of their homes. With an emphasis on education and appreciation, the shop offers detailed information about each spirit, empowering consumers to make informed choices and discover new favorites. “We are thrilled to introduce the Philippines’ first and only online bottle shop dedicated exclusively to agave spirits. Our goal is to create a destination where enthusiasts can explore, learn, and savor the incredible diversity within the world of agave-based beverages,” said Ms.

Tapawan, who also heads A’toda Madre Mezcaleria in the heart of Makati’s Poblacion district. In addition to the launch, A’toda Madre Mezcaleria is pleased to announce that Tapawan is available for exclusive Agave masterclasses and tastings. This

WINDI TAPAWAN, owner of A’toda Madre Mezcaleria, is the first and only certified agave spirits master in the Philippines and in Asia. offers enthusiasts a unique opportunity to delve deeper into the world of agave spirits under the guidance of a certified expert. Whether for private events, corporate gatherings, or educational experiences, Windi Tapawan brings her wealth of knowledge and passion to create memorable and insightful agave experiences. A’toda Madre Mezcaleria’s online bottle shop is set to become the go-to platform for enthusiasts seeking the highest quality agave spirits. With a commitment to authenticity and paying tribute to the rich cultural heritage surrounding agave production, the bottle shop aims to elevate the appreciation of these extraordinary spirits. For more information, visit www.atodamadretequila.com.

World Features

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

BusinessMirror

Tuesday, December 19, 2023

‘I feel trapped’: Scores of underage Rohingya girls forced into abusive marriages in Malaysia By Kristen Gelineau

The Associated Press

UALA LUMPUR, Malaysia—In a bedroom in Malaysia that has become a prison, the 14-yearold girl wipes away tears as she sits cross-legged on the concrete floor. It is here, she says, where her 35-year-old husband rapes her nearly every night.

Last year, the Rohingya girl sacrificed herself to save her family, embarking on a terrifying journey from her homeland of Myanmar to a country she had never seen, to marry a man she had never met. It wasn’t her choice. None of this was. Not the decision to leave behind everything she knew, nor the arranged marriage for which she was not ready. But her family, she says, was impoverished, hungry and terrified of Myanmar’s military, which unleashed a series of sweeping attacks against the country’s Rohingya Muslim minority in 2017. In desperation, a neighbor found a man in Malaysia who would pay the 18,000 ringgit ($3,800) fee for the girl’s passage and—after she married him—send money to her parents and three little siblings for food. And so, the teenager—identified along with all the girls in this story by her first initial to protect her from retaliation—tearfully hugged her parents goodbye. Then M climbed into a trafficker’s car packed with children. She didn’t yet know the horrors that awaited her. All she knew then was that the weight of her family’s survival was on her slender shoulders. She sits now in her bedroom in the Malaysian capital of Kuala Lumpur, her thin frame cloaked in teddy bear pajamas. The room is devoid of furniture, its blank white walls chipped and stained. Dangling from the ceiling is a knotted rope, designed to hold a hammock for any babies her husband forces her to bear. “I want to go back home, but I can’t,” she says in a small voice barely above a murmur. “I feel trapped.”

Underage girls abused DETERIOR ATING conditions in Myanmar and in neighboring Bangladesh’s refugee camps are driving scores of underage Rohingya girls to Malaysia for arranged marriages with Rohingya men who frequently abuse them, The Associated Press found in interviews with 12 young Rohingya brides who have arrived in Malaysia since 2022. The youngest was 13. All the girls interviewed by the AP said they are held hostage by controlling husbands who rarely let them outside. Several said they were beaten and raped by traffickers and other men during the journey to Malaysia, and five said they were abused by their husbands. Half the girls are pregnant or already have babies, despite most saying they were not prepared for motherhood. When asked if they had protested their parents’ decisions to marry them off, they appeared confused. “This was my only way out,” says 16-year-old F, still haunted by her memories of Myanmar, where in 2017 she watched as soldiers burned her house, raped her neighbors and fatally shot her aunt. In the years

that followed, so frequent were the soldiers’ gunshots in the night that she was terrified by the sound of her friends popping balloons in the day. “I wasn’t ready to be married, but I didn’t have a choice.” Now trapped with a 27-yearold husband, she yearns for a freedom she and her people have never known. “The Rohingya have no place to be happy,” she says. These unwanted marriages are the latest atrocity bestowed upon Rohingya girls: from childhoods marred by violence to attacks where security forces systematically raped them to years of hunger in Bangladesh’s squalid refugee camps. Global apathy toward the Rohingya crisis and strict migration policies have left these girls with almost no options. The military that attacked the Rohingya overthrew Myanmar’s government in 2021, making any return home a life-threatening proposition. Bangladesh has refused to grant citizenship or even basic working rights to the million stateless Rohingya wasting away in its camps. And no country is offering any large-scale resettlement opportunities. And so the Rohingya are increasingly fleeing—and those who are f leeing are increasingly female. During the 2015 Andaman Sea boat crisis, in which thousands of Rohingya refugees were stranded at sea, the overwhelming majority of passengers were men. This year, more than 60% of the Rohingya who have survived the Andaman crossing have been women and children, according to the United Nations’ refugee agency. In Bangladesh, Save the Children says child marriage is one of the agency’s most reported worries among camp residents. “We are seeing a rise in cases of child trafficking,” says Shaheen Chughtai, Save the Children’s Regional Advocacy and Campaigns Director for Asia. “Girls are more vulnerable to this, and often this is linked to being married off in different territories.” Because these girls live on the fringes of the fringe, accurate statistics on how many live in Malaysia do not exist. But local advocates who work with the girls say they have seen a spike in arrivals over the past two years. “There are really a lot of Rohingyas coming in to get married,” says Nasha Nik, executive director of the Rohingya Women Development Network, which has worked with hundreds of child brides since it was founded in 2016. Inside the organization’s small office in Kuala Lumpur, there are toys for the girls’ babies, stacks of educational kits about gender-based violence and a row of sewing machines where women and girls learn to make jewelry and other crafts they sell to help support themselves. “There are no other safe spaces

for Rohingya women in Malaysia,” Nasha says. “Domestic violence is very high.” Malaysia is not a signatory to the United Nations’ refugee convention, so the girls—most of whom are undocumented—are considered illegal immigrants. Reporting their assaults to authorities, therefore, would put them at risk of being thrown into one of Malaysia’s detention centers, which have long been plagued by reports of abuse. Malaysia’s government did not respond to the AP’s requests for comment. To understand why a parent would send their child into this hell, you need to understand the hell from which they came. Outside her bamboo and tarp shelter in one of Bangladesh ’s camps, Hasina Begum’s sobs swallow her words as she speaks of her daughter. Beg um last saw 16 -year-old Parvin Akter in 2022, when she sent her and Parvin’s brother, Azizul Hoque, on a boat bound for Indonesia. Begum hoped Parvin would make it to Malaysia to marry a man who could support her. But an AP investigation concluded the boat sank with all 180 on board. Begum’s husband abandoned the family years ago, leaving her to care for their six children. The food rations weren’t enough to sustain them, and Begum couldn’t afford the traditional dowry that Rohingya brides’ parents are expected to pay grooms in the camps, typically thousands of dollars. The grooms in Malaysia forfeit dowries and often send money to the brides’ parents. Local gangs, meanwhile, terrorized Begum’s family, once kidnapping Azizul and holding him until Begum borrowed 50,000 taka ($450) for the ransom. Which is why Begum says she sent her daughter and son to Malaysia—so they, and the rest of her family, could survive. Even now, another boat carrying Rohingya refugees has been missing at sea for weeks, likely with other girls who may never make it. Begum sits now amid the misery and the muck of the camps as the stench from a nearby latrine wafts by, wishing she could hear her children call her “mother” one more time. She pulls up a photo of them on her phone, then presses it to her heart. “To be Rohingya,” she says, “is to suffer.”

Suffering starts early FOR 14-year-old M, like so many Rohingya girls, the suffering started early. At age 9, she began working as a housekeeper for a local family in Myanmar. The patriarch often beat her, but she never told her parents. She knew her $1 a day wage helped feed her family. She has a few fond memories of Myanmar: the play shop she set up with her best friend. The cows her family once owned. But after attacks against the Rohingya in 2017, soldiers stole their animals. Her family descended further into poverty, unable to afford the dowry to marry M off in Myanmar. She climbed into the trafficker’s car just one day after her parents told her she’d been promised to a man in Malaysia. She didn’t know his name, hadn’t seen his picture. In the car were several other girls headed to Malaysia for marriage. M was frightened. She’d heard stories of traffickers raping girls along the route. For a week, they drove and walked through the jungles of Myanmar and south into Thailand.

After crossing into Malaysia, they stopped at a house. Four of the trafficker’s friends arrived and each selected a girl, telling them that they would drive them to their fiancé’s homes. Instead, M says, the man who chose her—who looked to be around 50—drove her to another house. When they got inside, he pushed her. She began to cry and scream. “If you keep shouting, I will kill you,” he warned. And then he raped her. She tried to fight him off, but he beat her. She wanted to die. In the morning, he locked her in the bedroom and left her there all day with no water or food, though she couldn’t have eaten anyway. The next night, he returned and raped her again. Afterwards, she vomited. She was terrified he would kill her. M’s experience is not an anomaly. One girl spoke of a boat captain who viciously beat her back with a stick. Another spoke of a trafficker who beat her, threw her to the ground and threatened to kill her unless she persuaded her parents to send him more money. She later wept as she helplessly watched the trafficker rape a group of girls who couldn’t pay more. The youngest, she says, was 12. Sixteen-year-old T was frightened from the moment she saw the boat on the beach in Bangladesh. Though she and her family were starving in the camps, she couldn’t bear to leave them for a man she did not know. “Even if you don’t have food,” she says, “if you have your parents, you’re happy.” The boat took her east into Myanmar, the country she’d fled five years earlier after soldiers burned her house and shot dead her best friend. From there, a trafficker hustled her and around 50 others onto another vessel headed south. The passengers were packed in so tight she could scarcely move, sitting stiffly for days with her arms hugging her knees. A month-long journey on foot and by car through Thailand followed. The roads were crawling with authorities, so for 12 days, she and a group of girls were stuck in a house. With them, she says, was a trafficker who showed them no mercy. Each night, she says, the trafficker ordered a different girl to have sex with him. When T’s turn came, she tried to run, but he caught her. She began to cry. “This is not your father’s house—stop being dramatic,” he barked. Then he beat her back with a belt. It was Ramadan, and when the time came to break the traditional fast, T was famished. But the trafficker told her she would receive no food unless she had sex with him. She cannot speak of what happened next. Now inside a shadowy apartment in Malaysia, she shakes her head and stares at the floor. “I was so scared of him,” she says quietly.

Repeatedly raped MARRIAGE did not end the girls’ anguish. What it did end were their childhoods. After enduring the second rape by her trafficker’s friend, M was handed over to another man who drove her to her 35-year-old fiancé’s apartment. The sight of her future husband terrified her. She didn’t dare tell him she’d been raped, because then he would reject her. Her fiancé insisted they get married that day and called an imam to

the apartment. In agony and bleeding from the rapes, M could not bear the thought of wedding night sex. All she wanted was to go home. Instead, she submitted to the wedding ceremony, then told her husband she had her period, so he wouldn’t touch her. A Rohingya women’s advocate, who confirmed M’s account to the AP, heard about the situation and intervened, telling the girl’s husband that his exhausted bride needed time to recover from her journey. The advocate then brought M to the hospital for treatment and cared for her until she was physically healed. When M returned to her husband, she learned he was already married with two children. She had no power to object to the situation, or to the beatings, cruel taunts and rapes she regularly endures. She said nothing about the abuse to her parents, lest they blame themselves, and lest her husband stop sending them 300 ringgit ($64) a month. In her spartan bedroom, where her pink cellphone with its heart decals and delicate ribbon is the lone glimmer of girlish joy, she wonders out loud why this man hurts her. She can summon no answers. Across the city, 13-year-old D plays with a blue plastic whale, rhythmically opening and closing its jaws as she talks about the pain of her wedding night and all the nights since. “You can see my body looks older, but my heart and mind are still young,” she says. Yet her body does not look older. She is tiny, with the soft cheeks of a child. Her ankle is scarred from the jungle floor that slashed her skin open as she and a trafficker walked through Myanmar barefoot, to avoid making noise. Back in Bangladesh’s camps, she says, she loved to play jump rope with her friends. Here in Malaysia, she is not allowed to play with anyone. She dreams of going to the market to see the colorful stalls. But her 25-year-old husband won’t let her outside. She disliked him from the moment they met, on their wedding day. When the imam arrived, she began to cry and refused to consent to the marriage. One of her cousins beat her until she said yes. That night, her husband raped her. The pain was excruciating. Afterwards, she fled to the nearby apartment of an older Rohingya woman she had befriended. Her husband later forced her to return home. And now he regularly forces her to have sex. She spends her days sleeping and sitting and scrolling through TikTok. Sometimes the loneliness overwhelms her to the point of tears. When her parents call and ask if she is happy, she tells them she is not. But she doesn’t tell them the extent of her despair. Their lives are hard enough, she says. She prays she won’t get pregnant, but her husband wants children. She knows it’s only a matter of time. Her voice grows desperate. “I want to run.”

Shackle they can’t escape IN an apartment complex filled with locked metal gates and cagedin balconies, the babies’ cries echo through the cavernous hallways. They are the children of child brides, who arrived while many of the brides still felt like babies themselves. Yet motherhood was another choice made for them, and another shackle they cannot escape. Sixteen-year-old R cradles her wailing newborn in her skinny arms,

his tiny hands reaching for her. She looks back at her baby, who was born in a rush of pain 24 days earlier, but her eyes are vacant, her bony shoulders slumped. She and her 27-year-old husband began trying for a baby one month after they wed. She wasn’t ready, but it didn’t matter. Though her life in Bangladesh was bleak, as one of 11 children, she never felt alone. In Malaysia, when her husband leaves for work, she has no one. And so when her baby arrived, she felt a hint of joy. “When I saw my baby’s face, I was happy, because now I have a friend,” she says softly. But she cannot sleep, because he always wants to breastfeed. He cries all the time. She does, too. Sixteen-year-old T survived 12 days in the Thai house where the trafficker had raped a different girl each night. She then prepared herself to survive marriage and all that would follow. Yet five months after her son was born, motherhood still feels alien. “Even if we are not ready for babies, we have to be,” she says. “I don’t feel like a mother.” She doesn’t know how to breastfeed and her 25-year-old husband refuses to allow anyone to help her. He has never held their child. Her husband verbally abuses her and won’t even let her go to the playground outside their apartment. She is banned from speaking to visitors. She prays that any daughter she has will go to school rather than marry young. Her nervousness manifests as a girlish giggle. But when she speaks of the ache for her own mother, her grin fades and her eyes well with tears. “I miss my mom,” she says. “I want my parents.”

Impossible dreams BACK inside M’s bedroom, the 14-year-old thinks back to the dreams she once had while growing up in Myanmar: to go to school, to get a job, maybe even as a teacher or a doctor. She still longs for those things, but knows they are impossible. So she has stopped thinking of her future. For now, she just tries to survive her present. Another girl, 16-year-old S, enters the bedroom. Her swollen belly strains against her pink T-shirt, which is adorned with hearts and butterflies. S is 7 months’ pregnant and homeless. Her 25-year-old husband divorced her and left her for another teenage girl the day he learned S was pregnant. Though her husband was abusive, she pleaded with him to stay. She hasn’t heard from him since. She spends her days begging on the streets for food and a place to sleep. Today, she has been permitted to stay at M’s apartment for a couple of nights. It’s a temporary reprieve. She still wears her wedding ring and plans to sell it just before the birth to help pay the hospital delivery fee. But the ring is worth a couple hundred dollars at best, and the hospital will charge more than $1,000. For Rohingya girls, she says, the agony never ends. “From the moment we are born, every day we face difficulty after difficulty,” she says. She hopes her child will go to school. She hopes her child will be kind. But she has stopped hoping for anything else. “I once dreamed of having a happy family, but my husband divorced me,” she says. “I don’t dream much anymore.”

Sports

THE Golden State’s Stephen Curry couldn’t shake off the Portland Trail Blazers’ Toumani Camara (right) and forward Jerami Grant. AP

BusinessMirror

B8 | T

uesday, December 19, 2023

mirror_sports@yahoo.com.ph Editor: Jun Lomibao

Curry’s 3-pt streak ends at 268 games in GSW’s win in Portland P

ORTLAND, Oregon— Stephen Curry’s National Basketball Association (NBA)-record three-pointer streak ended at 268 games Sunday night in the Golden State Warriors’ 118-114 victory over the Portland Trail Blazers. Curry was 0 for 8 from threepoint range, 2 for 12 overall and scored seven points. He began the streak December 1, 2018, at Detroit. Curry, the NBA career leader who recently made his 3,500th 3-pointer, last went without one in a regular-season game on November 8, 2018, when he was 0 for 4 against Milwaukee. He also owns the secondlongest NBA streak at 157 games. “We can’t rely on Steph to bail us out on every single night,” Warriors coach Steve Kerr said. “It was a tough night for him, but that’s what a team is supposed to be about. Everybody filling in for each other, different guys stepping up each night. That’s a great sign, because he’s carried us for long enough this year. We need to give him more help.”

The two-time MVP missed all nine 3-point attempts in Game 5 of the 2022 NBA Finals against Boston, one game before the Warriors won the title. Curry had made one in his previous 132 postseason games, another NBA record. Klay Thompson scored 28 points on the night Curry’s three-pointer streak ended. Andrew Wiggins, who was recently taken out of the Golden State’s starting lineup, had 25 points and seven rebounds. “He did a little bit of everything. Rebounded, hit 3s, played above the rim,” Thompson said. “That’s the Wigs we love.” Said Kerr: “That looked like vintage Andrew.. That’s the guy I know.” Rookie Trayce Jackson-Davis had 14 points and eight rebounds to help the Warriors win consecutive games for the first time since the end of a five-game winning streak in early November. Jerami Grant led Portland with 30 points. Anfernee Simons scored all 21 of his points in the second half. Portland cut it to 113-111 with

Davao City swimmer, QC cyclist shine in Day 1 of BP-PNG action

By Joseph Ramos

N athlete from Davao City basically walked away with a gold medal at the PhilSports Complex in Pasig City and a cyclist from Quezon City raced her way to victory in Tagaytay City as the combined staging of the Philippine National Games-Batang Pinoy kicked off on Monday. Bulacan’s Miguel Barreto also shared the day’s early limelight with a golden double at the PhilSports swimming pool to provide another highlight in both Philippine Sports Commission flagship program that returned in full throttle after the pandemic—the second for Batang Pinoy from last year’s revival in Ilocos Norte and the first for PNG. Aristen Aricela Ardice Villate Dormitorio easily won the girls’ 13-and-under criterium race of cycling at the Tagaytay City Centrum under the rain and fog, crossing the finish of the 30 minutes+3 laps race over a 2.10-km circuit by her lonesome. “I feel so happy,” said Dormitorio, who’s on a home-study program at the Hope Integrated School who crossed to road from mountain bike.

“I mediate and my prayers are part of my preparations,” added Dormitorio, who along with sister Lexi, 15, train five hour a day six times a week. Tacloban City’s Yvaine Oasias clinched silver while Iloilo City’s Ysabel Nicole Jamero bagged bronze in the race supervised by the PhilCycling. Quezon City made it a double before lunchtime after Jhaykarl Ophir Macapagal won the boys’ race, with General Santos City’s Kylle Jabat Flores Calapan City’s Mark Jerenz Atienza completing the podium. Catubig, meanwhile, woke up at 3 a.m. Monday to catch the PNG women’s under-20 3-km walk set at 6:30 a.m. which she won 16 minutes and 44.55 seconds later. Pasig’s City’s Laurize Jeante Wangkay was a distant second at 16:51.98 at while Pangasinan’s Jane Krizzel Buizon was third at 16:52.35. Barreto, on the other hand, topped the men’s 200-meter individual medley with a personal best of 2:09.94 before and the 100-meter freestyle in 52.07 seconds. “I didn’t expect to win although I trained hard for these games,” said Catubig, 19, of her triumph in her

39 seconds left. Chris Paul’s jumper with 20.9 seconds left pushed the Warriors’ lead to 115-11, and Simon’s 3-point play made it a 115-114 with 14.7 seconds to go. “Chris Paul, what a gamer he is to hit those shots at the end,” Thompson said about Paul, who scored all four of his points in the final 2:26. After Curry split a pair of free throws to make it 116-114, Portland’s Shaedon Sharpe was called for an offensive foul with 0.6 seconds left. Portland had a timeout remaining but elected not to call one with Sharpe attacking the basket as Golden State’s Brandin Podziemski drew the gamesealing foul. “Going in I was thinking rebound, let’s go timeout,” Portland coach Chauncey Billups said. “But we got it out quick and once we started attacking, I didn’t really want to call a timeout at that point. We couldn’t really advance it after the play started going. If Shae had stopped attacking, I would have called a timeout. But once he was attacking, I thought let the young fellow figure it out.” AP PNG debut. “It’s challenging to train, compete and study at the same time, but I beat these challenges with my dedication to what I wanted to do.” Davao del Norte’s Hannah Ashlei Regaya won gold in the under-18 Batang Pinoy women’s shot put event with 11.67 meters also at the PhilSports field, with Heart Duarte of Maasin City getting silver with 11.38 and Courtney Trangia of Masbate bagging bronze with 11.17m.

CYCLIST Aristen Aricela Ardice Villate Dormitorio, only 12, is all smiles at the finish line.

JUNQING ZHANG (second from left) holds the replica of the key to his Toyota Raize after winning one of the grand raffle prizes in the Manila Southwoods Chairman’s Charity Cup. With him are (from left) Manila Southwoods chairman Bob Sobrepeña, Toyota Silang (Cavite) manager Lovell Gopez and Manila Southwoods general manager Jayson Yu.

EY VILLAR and Junqing Zhang drove home brandnew cars after winning the grand raffle prizes in the Manila Southwoods Chairman’s Charity Cup at the Manila Southwoods in Carmona, Cavite, over the weekend. Villar and Zhang, who both vied in Seniors Division III, won the Mitsubishi Xpander Cross, courtesy of Mitsubishi Motors Philippines and Alpine Motors Corp., and Toyota Raize, courtesy of Toyota Silang, Cavite. The cars, along with other fabulous prizes, were awarded

Tapales on Inoue: He’s no monster, he’s still human

NIFIED world super bantamweight champion Marlon “The Nightmare” Tapales believes Japan’s Naoya Inoue is no monster and that he’s a mere human being. “If he doesn’t show fear, he’s a robot,” Tapales told reporters during his media day on Monday at the Elorde Plus gym in Parañaque City. “At the end of the day, it’s normal to worry, that’s why I have to be careful because I know he won’t be taking me for granted.” He added: “But I already studied his moves, his style…I took my conditioning seriously.” Tapales flies to Tokyo on Tuesday night together with trainer Ernel Fontanilla and Manny Pacquiao’s MP Promotions president Sean Gibbons. The 31-year-old Lanao del Norte will go after Inoue’s World Boxing Council and World Boxing Organization super bantamweight crowns at Tokyo’s Ariake Arena on December 26. Inoue showed concern over Tapales while in an open workout in Yokohama last Friday that his Filipino opponent would “surely take a shot” to knock him out.” Tapales—37-3 win-loss record with 19 knockouts—said he also expects the fight to end in a knockout but didn’t say which round ,saying he and Inoue are capable of unleashing a knockout power anytime. “He’s undisputed and undefeated but that doesn’t mean that I can’t beat him,” Tapales said. “It’s going to be a war and somebody will get knocked out for sure.” The 30-year-old Inoue, a former undisputed bantamweight champion, is 25-0 with 22 knockouts—he knocked out his last six oppnents including Nonito Donaire Jr. in their first match in November 2019. Tapales is also putting on the line his International Boxing Federation (IBF) and World Boxing Association (WBA), which he won over erstwhile unified champion Murodjon Akhmadaliev last April in San Antonio, Texas via split decision. Josef Ramos MARLON “THE NIGHTMARE” TAPALES shows media his ring savvy.

Escueta: We believed in ourselves

O one really believed San Beda University could seriously contend for the championship ahead of Season 89 of the National Collegiate Athletic Association (NCAA) seniors basketball action. The Red Lions defied overwhelming odds and proved doubters wrong by snatching the crown in the Finals on Sunday night that went the full route. “Not to be arrogant, but in our circle we know our capabilities and have each other’s back,” said San Beda coach Yuri Escueta moments after their title-clinching 76-66 Game Three win over Mapua at a packed Smart Araneta Coliseum two nights ago. “Yes, there’s stuff that comes out of media but the important thing is our belief in each other,” he added. San Beda was written off early following losses after losses but rose from the ashes to pull off one of a Cinderella story in by slaying the season’s giants one after another. “We joined the [Philippine Basketball Association] D-League, we went to Malaysia, we lost in both. We went to Davao and we couldn’t even beat the teams there,” Escueta said. “But these players, they said to themselves ‘we have to be resilient.’” “We’ve been used to adversity

early in the season, it’s something we were able to bring into this run of ours,” he added. San Beda’s top patron, Manny V. Pangilinan, and team manager Jude Roque both agreed. “8 do-or-die games and they crossed the finish line as Champions,” said the man everybody calls MVP on X (formerly Twitter) account referring to the Red Lions fighting off elimination from Final Four contention. “Such a story. What a feat. Such courage and will—the Red Lions 2023,” he added. “To those who believed, even when so many others doubted, this one’s for you,” Roque said. Escueta also paid tribute to his coaches and mentors who helped mold his path to glory—Norman Black when he was at Ateneo in college, his predecessor at San Beda Boyet Fernandez and the late great Ato Badolato when he was still a Red Cub. “I learned a lot from him [Black], and this one’s also for coach Boyet, this is his team, this is his championship,” said Escueta, who regretted passing up two offers from Badolato to become San Beda’s high school coach before the legendary bench tactician died two years ago. “The winning attitude and

YURI ESCUETA and the Red Lions prove doubters wrong. experience were taught to me early by my high school coach [Badolato],” he said. “I learned from him what San Beda basketball is all about, its excellence and winning tradition early in my basketball career and taught us his players how to be winners.” “I always try to talk to him when I’m by myself. I’d like to offer this championship as a thank you to him,” he added.

Villar, Zhang win cars in S’woods’ Chairman’s Cup through a raffle draw since no player managed to score a hole-in-one during the two-day tournament, Manila Southwoods’ premier member-guest championship, at the Masters and Legends courses. Alexis Jalijali, who competed in Men’s Division IV, won a sevennight Alaska cruise for two onboard the Brilliance of the Seas, inclusive of airfare (Manila-VancouverManila), courtesy of Royal Caribbean International and Baron Travel Philippines. Other winners were Edward

Lim (Tissot Watch from Klio International), Rommy Yao (round trip ticket for two—Manila-TaipeiManila—with hotel accommodation at Hamp Court Palace, also from Klio International) and Lino Ceriola (two-round trip tickets to Los Angeles via Starlux Airlines) and Buboy Alvarez (Smart Vouge Plus Ogawa Chair from Ogawa). The host club also donated P300,000 to Autism Hearts Philippines Inc. Jun Jun Plana and Marty Ilagan bagged the men’s and seniors low gross

titles while Lora Roberto took the ladies low gross plum in the annual event that featured club members and their dependents and guests. Other category winners were Jong Sug Han (men’s Division I), Allan Yap (Division II), Richie Santos (Division III), Gerald Castillo (Division IV), Fred dela Cruz (Seniors Division I), Paul Mo (Division II), Oscar Lactao (Division III), and Manolo Agojo (Division IV), Claudine Garcia (Ladies Division I), Hye Young Park (Division II), and Sung Soon Wi (Division III), and Ayel Reyes (Sponsors/Guest).

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Tuesday, December 19, 2023 C1

CHALLENGING, BUSY FIRST FULL YEAR IN OFFICE FOR PRESIDENT MARCOS JR.

By Samuel P. Medenilla

OARING inflation, security issues, landmark legislation and policies as well as more overseas trips marked the first full year of the Marcos administration. Headline inflation reached a staggering 8.7 percent in January and remained over 4 percent as of November. This put considerable pressure on the government to address the high cost of living, particularly non-alcoholic beverages, which contributed to more than half of overall inflation. Prices of rice, together with onion, sugar and potato suffered spikes this year due to supply issues. President Ferdinand R. Marcos, Jr. created an interagency committee to help address inflation through measures to ensure food security such as extending the lower tariff on rice, pork, and corn through his Executive Order (EO) No. 10. A price cap for regular milled rice and well milled rice was also imposed through his EO 39; the President also ordered an intensi-

fied government campaign against food smugglers and hoarders. Government economic managers reported inflation has significantly slowed down by the second half of the year with the arrival of the harvest season and food imports. To help ensure the country's food supply will remain stable by boosting local farm production, Marcos finally decided to appoint Francisco "Kiko" Tiu Laurel, Jr. as his Agriculture Secretary last month. Prior to the said appointment, the President had served as the concurrent head of the Department of Agriculture (DA).

Escalating illegal activities

ANOTHER challenge which the Marcos administration faced was the increasing aggression of Chinese ships in the West Philippines Sea (WPS).

The Department of National Defense said the conflicts in the WPS "escalated" in October following the two collision incidents involving Chinese sea vessels and Philippine ships engaged in the Rotation and Resupply (RORE) mission to BRP Sierra Madre in Ayungin Shoal. This month, China Coast Guard (CCG) ships also fired water cannons and used long-range acoustic devices against three vessels of the Bureau of Fisheries and Aquatic Resources (BFAR), which were on a resupply mission near Bajo de Masinloc (Scarborough Shoal). A similar incident also happened to Philippine ships bound for BRP Sierra Madre. These incidents sparked condemnation from President Marcos and resulted in the government filing a diplomatic protest against China and summoning Chinese Ambassador to the Philippines Huang Xilian. It also prompted them to update the country's response to foreign incursions within its territorial waters. Following his visit in China in January, Marcos announced Manila will be setting up direct communication lines with Beijing to address territorial issues. As of November, the chief executive said the Philippines-China

mechanism to resolve territorial disputes in the WPS was still a work in progress. Pending the completion of the mechanism, the country strengthened its military partnership with the United States, Australia, and Japan.

International trips

DESPITE the government's concerns on China's movements in the WPS, Marcos maintained it will continue to engage with Beijing to forge new partnerships, particularly on trade and investments such as the exporting of Philippine durians. A total of 14 bilateral agreements were signed when the chief executive visited Beijing earlier this year. Marcos also flew to Davos, Switzerland to participate in the World Economic Forum and then to Japan for a working visit. By April, he went on his second visit to the United States, and in the following month to the United Kingdom to attend the coronation of King Charles III. He also returned to Indonesia on two separate occasions this year to participate in the 42nd Association of Southeast Nation (Asean) Summit in May and the 43rd Asean Summit in September, respectively.

Continued on C4

C2 Tuesday, December 19, 2023

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MARITIME SUSTAINABILITY: ENSURING THE BOUNTY FROM THE SEA WILL LAST

By Lorenz S. Marasigan

HE Philippines has always had a deep connection to its maritime industry, traditionally and historically seen as a source of prosperity. This relationship, however, comes with a responsibility to safeguard the environment that sustains it. The nation is now embarking on a journey towards a more sustainable maritime industry, blending economic growth with environmental protection, according to the Maritime Industry Authority (Marina). The Maritime Industry Development Plan (MIDP) 2028, a copy of which was obtained by the BusinessMirror, is the blueprint that will guide the Philippines to its goal of championing the concept of the “blue economy.” In a nutshell, the blue economy seeks to ensure economic prosperity, social inclusion, and the preservation of livelihoods while also prioritizing the environmental sustainability of oceans and coastal areas. Aside from the economic development through human capital enhancements and investments in new technologies and infrastructure, the 10-year plan also outlines the country’s goals to ensure sustainability in both the local and global maritime industry.

Urgency of sustainable maritime practices

THE blue economy framework encompasses a wide range of maritime and coastal activities. The core idea behind the blue

economy is stewardship of the ocean, ensuring that the benefits derived from its waters are balanced with efforts to preserve its health. Key among these activities is maritime transport, given the Philippines's unique archipelagic geography. With this in mind, the government is committed to implementing measures that ensure ships operating in its waters comply with national and international regulations for marine environmental protection. According to the MIDP, while maritime transport plays a pivotal role in connecting the thousands of islands in the Philippines, it also brings significant environmental responsibilities, especially concerning marine pollution from ships. The Marina acknowledges this duty and is committed to implementing measures to ensure compliance with national and international regulations for marine environmental protection. The urgency of adopting sustainable maritime practices is underscored by the pressing global challenges of climate change and environmental degradation. The shipping industry contributes significantly to greenhouse gas (GHG)

emissions. According to the Marina, recent studies reveal that between 2 percent and 3 percent of the world's CO2 emissions come from shipping, a number that could rise to 17 percent by 2050 if no action is taken. Apart from GHGs, marine litter poses a severe threat to biodiversity, ecosystems, and livelihoods. A study conducted by the World Wide Fund for Nature (WWF) revealed that Filipinos consume about 2.15 million tons of plastics in a year, 9 percent of which is recycled and 35 percent leaks into the open environment. Further, it was learned that about 114,927 kilograms of plastic waste is generated from ports and 128,970 kg of plastic waste from vessels. The Marina added that abandoned or discarded fishing gear in the oceans also contributes to marine litter, making up around 10 percent of all marine debris. Moreover, invasive aquatic organisms, typically introduced via ships engaged in international trade, pose a risk to native marine ecosystems. “These are some of the environmental impacts of shipping, which highlights the importance of promoting an environmentally sustainable maritime industry to ensure a blue economy that will support the country’s national development agenda and promote quality of life of Filipinos. Thus, there is a need for holistic and practical measures to the pressing environmental problems associated with the shipping industry. It is imperative and timely that the government regulate the shipping industry in accordance with environmental considerations,” the Marina said.

Overriding program

TO combat these challenges, The MIDP 2028 outlines an “overriding program” on the “Promotion of Environmentally Sustainable Maritime Industry.” This program seeks to establish a sus-

tainable maritime industry, creating green jobs and redoubling efforts to protect the environment. The MIDP comprises several strategies and specific program components, aiming to enhance policies and regulatory frameworks, promote research and development, and ensure compliance with international conventions and national regulations for marine environmental protection. The overriding program is designed to support the long-term objectives of the MIDP. It aims to strengthen policies and regulatory frameworks, establish dedicated offices for marine environmental protection, enhance information systems, and promote research and development in various areas related to maritime sustainability. With the successful implementation of this program, several critical impacts are expected, including strengthened policy frameworks, enhanced information systems, and research and development. This also includes the strengthened mechanism for the ratification and implementation of relevant marine environment protection conventions and regulations through the establishment of a dedicated Marine Environment Protection (MEP) Service. The MEP aims to develop a Marine Environment Protection Strategy (MEPS), which will cover priority areas and environmental issues associated with shipping activities. “Under the identified strategy are program components which include the development and implementation of a national strategic action plans, which will cover the Reduction of air pollution, GHG Emissions from Ships, Ports and Shipyards, Decarbonization of Shipping, Biofouling management, Prevention of Pollution by garbage from ships and Green Shipyards,” the Marina said. Under the MIDP 2028, the Philippines aims to cut by half the number of marine

pollution related illnesses/cases, solid waste from ships, and liquid waste from ship in the next five years. Furthermore, the country aims to reduce the percentage of GHG emissions from Philippine flag vessels by 30 percent by 2028.

Enhancing implementation of conventions

THE Marina is leading the way in implementing a “holistic approach” towards a greener maritime industry, especially since the Philippines is renowned as a global center for marine biodiversity. To protect this, the Philippines is a signatory to various international conventions and agreements related to marine environmental protection. These include the International Convention for the Prevention of Pollution from Ships (MARPOL 73/78), the International Convention for the Control and Management of Ships' Ballast Water and Sediments (BWM Convention), and the International Convention on the Control of Harmful Anti-fouling Systems in Ships (AFS Convention), among others. And to enhance the implementation of these conventions, relevant government agencies have taken several measures. These include the formulation of the Philippine Biodiversity Strategy and Action Plan (PBSAP), the enactment of the Climate Change Act, and the filing of House Bill No. 735 to ensure the full and effective implementation of international maritime instruments. Additionally, the Philippine Ports Authority (PPA) has issued administrative orders to provide efficient port reception facilities for waste disposal and to ban unnecessary single-use plastic products. The Department of Environment and Natural Resources (DENR) is spearheading a National Plan of Action (NPOA) to address marine litter. Collaboration with international organizations and nongovernment enti-

ties like the WWF or World Wildlife Fund is a key driver in the Philippines' bid for a cleaner maritime industry. While the Philippines has made significant strides in promoting environmentally sustainable maritime practices, the Marina admits that several challenges remain. According to the MIDP 2028, these challenges include the “long and tedious process of transposing the provisions of conventions and international instruments into national legislation,” overlaps in the functions of government agencies related to environmental protection, and the need for better waste management facilities in ports. To address these challenges, the government aims to develop long-term marine environment protection strategies, create a comprehensive compliance monitoring and evaluation system, and conduct baseline studies to assess the extent of invasive species and greenhouse gas emissions.

Not just a concept

FOR the Marina, the blue economy is not just a concept; it's a commitment to sustainable maritime practices that benefit both the nation and the planet. “Cognizant of the crucial role maritime transport plays in an archipelago and the concomitant obligation of protecting the marine environment from pollution coming from ships, the Philippine government is committed to implementing the necessary steps to ensure that ships operating in its waters are compliant with national and international regulations on marine environment protection,” the Marina said. With a rich marine biodiversity to protect and a growing awareness of the environmental impact of shipping, the Philippines is navigating towards a greener horizon. Through the MIDP 2028, the Marina is attempting to ensure that the deep relationship between the Philippines and its vast waters will become more symbiotic in the future.

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Tuesday, December 19, 2023 C3

MERALCO: POWERING ECONOMIC GROWTH WITH FAIR AND REASONABLE RATES

LECTRICITY rates worldwide have always been a primary concern for investors in making business decisions, particularly in terms of regional development and expansion. Power quality and rates are significant factors that can strongly impact operations, production, and regional and global competition.

FAIR AND REASONABLE. A cross-country study by the International Energy Consultants showed that Meralco’s rates remain fair and reasonable with the distribution utility’s average tariff 3% below the global average.

an estimated range of 35% to 66% or an average of 52%, resulting in around $138 billion in costs to their governments. The government support provided to cushion electricity costs were in the form of cash grants, subsidized fuel or deferred expenditure. This means that customers in subsidized countries are paying less than half the actual cost of electricity. In the case of the Philippines, the absence of subsidies means that Filipinos are paying for the true cost of electricity. Should a similar 50% subsidy be applied to Meralco’s average tariff, the IEC said it would require an estimated P241 billion in budgetary support. But despite the absence of subsidies and global pressures, the Philippines power supply industry has proven remarkably resilient and electricity prices have risen at or below the global average. For its recommendation, the IEC said that for Meralco to hold or improve its position relative to tariffs in other energy markets, it is critical for the country to focus on facilitating investment in new generation to meet rapid demand growth. Priority attention must also be given to accelerating the development of domestic renewable energy sources.

CONTEXTUALIZING ELECTRICITY RATES. Meralco Vice President and Head of Corporate Communications Joe R. Zaldarriaga discusses the results of the cross-country study of the International Energy Consultants.

In recent years, electricity rates were significantly impacted from global disruptions particularly the COVID-19 pandemic and the Russia-Ukraine war. These challenges had a severe impact on many markets and sectors including the Philippine energy industry which took a hit given the country’s heavy reliance on imported coal and domestic gas since these are benchmarked in the volatile world market prices. These recent global disruptions highlighted the important role electricity rates play in powering and defining economic progress and social development. Since the situation is not the

same across all energy markets, a comprehensive analysis is important in contextualizing the drivers of electricity rates in different countries like what the International Energy Consultants or IEC did when it compared 46 energy markets, including two American states, in the world. The IEC is an Australia-based consulting firm that has strong familiarity with the energy markets in the Philippines, Singapore, Vietnam, Taiwan, Japan, Indonesia, New Zealand, and South Korea. Its most recent 2022 study is the fourth in a series to be published by the IEC. Similar reports have been

Going Green and Service Excellence

compiled as well in 2012, 2016, and 2018. Just like in its previous reports, energy markets included in the 2022 study were selected based on availability and quality of data, with a focus on those which would provide a representative range of costs and tariffs. For the Philippines, the IEC used data from the Manila Electric Company (Meralco) since the company is the largest distribution utility in the country. The IEC indicated that the data was calculated using published tariff schedules for each market’s respective utility or supplier and cross-checked with actual customers’ bills to ensure accuracy. Results of the survey highlighted interesting insights that properly contextualizes Philippine electricity rates and allows for better appreciation and understanding of data.

Fair And Reasonable Rates

Meralco’s electricity rates remain fair and reasonable in comparison to other energy markets, results of

the recent IEC study showed. Meralco’s average tariff in 2022 is 3% below the global average and ranks 21st among those surveyed. This, even though the Philippines lacked subsidies for electricity tariffs unlike neighboring countries such as Thailand, Indonesia, Malaysia, Korea, Taiwan and Vietnam which are more than 50% subsidized. In addition, Meralco’s tariff increase at 24% is about the same level of 23% increase over the past five years worldwide. The IEC noted that this is due to higher generation charge, a pass-through cost, which in turn was a result of fuel price increases particularly imported coal and domestic gas. In terms of distribution charge, the IEC study noted that Meralco only recorded a 2% increase and recognized the distribution utility as well for its diligent management of supply contracts, noting that increase in the generation charge could have been much higher if not for the company’s efforts.

“Notwithstanding this increase, all of the components of the regulated tariff are judged fair and reasonable by IEC, based on comparisons with other markets versus the underlying cost of electricity supply in Luzon,” IEC said. “Considering that the Luzon power market is unsubsidized, and the majority of the electricity is produced using imported fuel, Meralco

appears to have done a very good job of minimizing tariff increases,” it added. Overall, the IEC study showed that Meralco’s tariffs remain close to both the global average and median for the past decade. As for other energy markets, the IEC in its study noted that electricity tariffs in most subsidized markets have either remained un-

changed (in local currency terms) or the increases have been insufficient to offset the increases in inputs costs and currency depreciation. As a result, many of these markets have seen their tariffs (in US dollar terms) decline which has resulted in a massive increase to subsidies. For example, in 2022, five neighboring countries of the Philippines subsidized their tariffs by

Even before results of the IEC study came out, Meralco has already been transitioning to cleaner energy sources through decarbonization and sourcing an increasing portion of its supply portfolio from renewable energy (RE). Earlier this year, the distribution utility said it would cut its direct emissions by at least 23% through 2030 in line with the government’s goal to become coalfree before 2050. The target covers Scope 1 emissions, which refer to Greenhouse Gas emissions generated by the company from its operations and the use of fuel for vehicles and other equipment. This early on, Meralco has already breached its initial RE capacity target of 1,500 megawatts (MW) with 1,880 MW of contracted capacity from various suppliers in support of the Department of Energy’s Renewable Portfolio Standards (RPS) policy. Through Meralco’s strategic sourcing initiatives, RE is expected to account for 22% of the distribution utility’s supply portfolio by 2030, and 18% of Meralco’s retail electricity supplier, MPower, by 2025. Meralco also continuously invests in the expansion and upgrading of its facilities to ensure the delivery of safe, stable, and reliable electricity service to its 7.8 million customers.

C4 Tuesday, December 19, 2023

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CHALLENGING, BUSY FIRST FULL YEAR IN OFFICE FOR PRESIDENT MARCOS JR. Continued from C1 The President also visited Malaysia last July, Singapore in September, which coincided with his 66th birthday and to attend the 2023 Singapore Grand Prix, and the Kingdom of Saudi Arabia (KSA) for the first Asean-Gulf Cooperation Council Summit in October. The 30th Asia-Pacific Economic Conference (Apec) Summit also prompted the President to visit the US last November in San Francisco. He was also supposed to participate in the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28), but he cancelled it at the last minute to more closely monitor efforts to ensure the safety of 17 Filipino seafarers taken hostage in the Red Sea. Overall, Marcos made 11 overseas visits this year after he committed to have fewer trips in January. The President at press time, was visiting Tokyo to attend the 50th Anniversary of Asean-Japan relations events. Last year, Marcos travelled to seven countries in the six months since he assumed the presidency.

Investment opportunities

MALACAÑANG, however, maintained the President's overseas travel is crucial to push for the country's priority agenda including food and energy security, addressing climate change, and digitalization. The Department of Trade and Industry (DTI) reported the trips have resulted in 130 project leads as of October. Of these, 11 of the said pledges have already materialized. It also attributed the increase in the country's foreign direct investments (FDI) to the overseas travels of the President and the implementation of probusiness legislation including Republic Act No. 11534 or the Corporate Recovery and Tax Incentives for Enterprises Act. DTI's Board of Investments (BOI) reported that it approved P734 billion-worth of investments from January to September this year --102 percent compared to the P362 billion worth of investments it approved in the same period in 2022. The bulk of the said FDI came from Germany, Japan and South Korea and involved renewable energy, while the other investments are in telecommunications, mineral processing.

Landmark legislation and policies

THE President also signed several landmark legislations such as Republic Act (RA) No. 11953 or the New Agrarian Emancipation Act (NAEA), which will allow over 600,000 agrarian reform beneficiaries (ARB) to avail themselves of debt condonation. This was augmented by his Executive Order (EO) No. 40, which provides 129,000 other ARBs extending the moratorium on payments of amortization on agrarian debt by two years. Also passed into law this year is Republic Act No. 11954 or the Maharlika Investment Fund (MIF) establishing the country's first ever sovereign fund and Republic Act (RA) No. 11966, also known as the "Act Providing for the Public-Private Partnership (PPP). Both measures aim to increase the number of investments in the country. Significant gains were also made in the government's efforts to ensure the country's internal security after the President issued separate proclamations granting amnesty to qualified members of the

President Ferdinand R. Marcos Jr. met with United States President Joe Biden during Marcos' visit to the US last May.

Pilipinas/Revolutionary Proletarian Army/ Alex Boncayo Brigade (RRMP-RPA-ABB), Communist Party of the Philippines-New People's Army National Democratic

Front (CPP-NPA-NDF), Moro Islamic Liberation Front (MILF), and the More National Liberation Front (MNLF). The amnesty took effect after

Congress concurred in the said proclamations. In November, the government also resumed its peace negotiations with the CPP-NPA-NDF.

Food Travelers: Here’s why you must try the Sampaguita

Kaakit Akit, Paraw Regatta, Maripoda, Sampaguita Fizz

Food detailing with sampaguita in salad

Bistek Tagalog with sampaguita

‘I

’LL never look at sampaguita the same way again,” says Socrates Alvaro, Cluster General Manager of Food and Beverage for Megaworld Hotels and Resorts (MHR). When asked why, he answers with a smile, “I’d rather eat it – mainly because we’ve discovered that the sampaguita is a versatile flower with many applications in food and beverage.” True enough, the country’s largest homegrown hospitality management chain heats up its kitchens and gives the Philippines’ national flower a date with your tastebuds. “There’s more to the local jasminum sambac, a variety of sampaguita that grows in the Philippines. Our goal is to get the conversation going and educate guests about its iconic aroma that adds a new layer of flavor to one’s local dining experience,” shares Alvaro with over 30 years of experience in the industry. The hotel group now offers its guests their Sampaguita Menu made available daily across their 12 properties located in Boracay, Cebu, Iloilo, the National Capital Region, and Tagaytay. The line-up features

Cheescake Sampaguita

heirloom dishes all infused and garnished with food grade sampaguita extract and blooms. The entire selection includes options for appetizers, salad, soup, mains, desserts, and baked goods. While lounging at the bar, guests may even try out cocktail creations with notes of the sampaguita. When asked how they do it, Ariel Castaneda, Executive Chef of Richmonde Hotel Iloilo, shares “we’ve tried the brining and pickling process, in which we infuse salt to the fresh flower and extract the full flavor.” Considering other options, they’ve also tried dehydration. “We dry out fresh flowers, petals and leaves and steep them into our mixture to give body to the dish.” Over time they’ve gotten more success doing the smoking process. What they do is “use fresh and dried Sampaguita petals, to smoke meats, fish, and sauces to enhance the aroma of the dish.” “We get all sorts of reactions from guests,” says the young and promising chef who conducts exclusive monthly dining events. He shares “guests would try different sampaguita dishes and would normally be

Sampaguita Ice Cream

amazed of the different flavor profiles it gives when mixed with other ingredients.” In more ways than one, the sampaguita shares an uncanny similarity with Filipinos, says Alvaro. Both are resilient as they bloom more in difficult conditions, he explains. In the long run, ”we aim to diversify how our guests can better appreciate the versatility of the Sampaguita and bring it back to a wider audience. Being a proud homegrown brand, we seek to elevate what we have locally for the rest of the world to taste and appreciate. To enjoy this offer, guests may book a table directly with any Savoy and Belmont properties located in Boracay, Cebu, and Manila. They may also try it out in their Richmonde Hotels located in Eastwood, Ortigas, and Iloilo or maybe drop by the Hotel Lucky Chinatown in Binondo. Others may consider Kingsford Hotel Manila in Paranaque and lastly Twin Lakes Hotel in Tagaytay overlooking the Taal Lake. For more information visit www.megaworldhotels.com or visit any of Megaworld Hotels and Resorts and their properties’ official Facebook page.

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Tuesday, December 19, 2023 C5

Poverty alleviation efforts of AboitizPower DU recognized by ASEAN A

BOITIZ Power Corporation distribution utility Davao Light and Power Co., Inc. (Davao Light) was the Philippine private sector winner of the 6th ASEAN Rural Development and Poverty Eradication Leadership Awards (RDPELA) for the corporate social responsibility programs it conducted with various partners to help enhance the living standards and the quality of life of people within its service area. The RDPELA is a regular biennial activity of the Senior Officials Meeting on Rural Development and Poverty Eradication intended to recognize, encourage, and promote community development and anti-poverty initiatives in the ASEAN member states. The RDPELA recognized Davao Light’s efforts in helping local cooperatives and associations like Samahan ng may iba't-ibang Kakayahan sa Dabaw (SAKADAB), as well as establishing technical vocational facilities for the Philippine Department of Education via Project e.Lab. “We believe that enabling dignified, sustainable livelihoods and providing education and upskilling opportunities open up more doors for our kababayans to get out of poverty,” said Davao Light President and COO Rodger S. Velasco. “Since the Davao region’s poverty incidence is still quite high at 11.9% in 20211, we hope to do our own fair share in getting that number down through our corporate social responsibility initiatives with our partners.”

SAKADAB

Davao Light, along with the Aboitiz Group’s social development arm Aboitiz Foundation Inc. (Aboitiz Foundation), has been supporting SAKADAB since 2012, starting when Aboitiz employees with other groups and organizations helped build their houses in the Gawad Kalinga community. Since then, they have been recipients of livelihood materials, equipment, and training meant to build the capability of its differentlyabled members and ensure the sustainability of the cooperative. Help was most critical during the height of the COVID-19 pandemic, when the members of the consumer cooperative bore the brunt of

Accomplished champions of corporate social responsibility. (L-R) Singapore Minister for Social & Family Development and AMRDPE Chair Masagos Zulkifli (1st) and ASEAN Secretary-General Dr. Kao Kim Hourn (4th) hand the ASEAN RDPELA recognition to Davao Light, represented by Reputation Enhancement Department Head Fermin Edillon (2nd) and Community Relations Specialist Sherilyn Puno-Lariosa (3rd).

putting food on the table for their respective families amidst great economic uncertainty. Davao Light and Aboitiz Foundation provided support to SAKADAB's bakeshop business via the donation of baking materials. The distribution utility also took initiative to upskill SAKADAB members in dressmaking to add to the cooperative’s income-generating projects. As a result, several members received their national certification or NC II in dressmaking from the Technical Education and Skills Development Authority (TESDA) after having passed a National Competency Assessment. This deems them ready for work or employment in that endeavor. SAKADAB also received a sewing business package worth P300,000, which included four sewing machines, as well as other tools, materials, and supplies. Most recently, the group was gifted with a fully-renovated production facility at the Gawad Kalinga community in Tugbok, Davao City, complete with better lighting, a ventilation system, and additional office equipment for product marketing. The facility will serve as the cooperative’s work and production area for its

handicrafts and sewing businesses. "We are very grateful and we appreciate all the things that you have done just to make our lives comfortable and [our livelihoods] sustainable… using our talents and skills so that in the future, we can stand on our own,” said SAKADAB President Mirasol Magalasin.

Project e.Lab

To date, a total of 43 high schools were beneficiaries of a fully furnished laboratory for electrical installation and maintenance (EIM) under Davao Light’s Project e.Lab. The project was accomplished with Aboitiz Foundation as part of the advocacy to help nurture young minds and encourage careers in electrical engineering, technical vocational livelihoods and the like. As these laboratories are enhanced with modern equipment at a quantity that corresponds to the classes’ population, high school students taking up EIM would no longer have to share wiring boards and other tools. As a result, they are able to do more wiring activities, with teachers also able to more accurately assess each individual’s skill and progress. “It's a big help and advantage for us. Be-

Songs of gratitude. 18 SAKADAB members rendered songs during the turnover ceremony of their new production facility at the Gawad Kalinga community in Tugbok, Davao City. The cooperative members are also skilled in handicraft making, baking, and sewing.

cause of this [facility], our instructor can share actual lectures [while we work], unlike before when we had to take turns since we only had one wiring board,” said Oliver Pepito, a senior high school student from one of the beneficiaries, Biao National High School. “Now, we can simultaneously perform, which enhances our knowledge.” Project e.Lab enables a hands-on learning environment for students to understand and apply radical electrical installation and maintenance concepts, as well as industry standards of how to mitigate risks, prevent accidents, and maintain quality control in electrical assets. Ultimately, the facility can help aspirants earn a national certification from TESDA and make them more competitive and technicallyproficient professionals.

Future forward: investing in the youth

Rounding out these efforts, Davao Light and Aboitiz Foundation have also been supporting more than a hundred scholars in college throughout the years by providing financial assistance to each beneficiary for their tuition fees,

Hard at work. With a fully furnished EIM laboratory, students would no longer have to share wiring boards and equipment. Teachers can also more accurately assess each individual’s skill and progress.

books, uniforms, and miscellaneous expenses. To date, some of these scholars have become licensed architects; registered civil, mechanical, electrical, and geodetic engineers; nutritionists; and professional teachers. “We [had] different struggles [and] different stories, but we ended up [in] the same [place] and it’s the success we have achieved [and recognize] today. Davao Light and Aboitiz Foundation have helped each one of us… they literally gave light to our future,” said Jonas Meneses, a Davao Light scholar and an architecture board exam passer, during a get-together kamustahan session. “We are very grateful to hear stories of you supporting yourselves, your families, and your communities through your professions after we have supported your education. You have embodied the aspirations of Davao Light’s scholarship program,” Velasco of Davao Light told the scholars during the same event. The scholarship program is in line with the fourth Sustainable Development Goal of the United Nations, which is to ensure inclusive and equitable quality education and promote lifelong learning opportunities for all.

Davao Light’s nomination for the 6th RDPELA originated from the endorsement of the Philippines’ Department of Education - XI and the National Anti-Poverty Commission (NAPC). The country was tasked to nominate two candidates, with the other being a non-governmental or civil society organization. On its website, the NAPC indicated that it will coordinate with ASEAN RDPELA winners and its partners “to explore possible avenues to advocate, replicate, scale up, imbue, or mainstream the winners’ successes into government programs or policies.” In receiving the award at the Sands Expo and Convention Centre in Singapore, Davao Light was among the Philippine delegation led by NAPC Secretary Lope Santos III that attended the Official Dinner of the 13th ASEAN Ministers Meeting on Rural Development and Poverty Eradication or AMRDPE. ASEAN, or the Association of Southeast Asian Nations, is a political and economic union composed of the countries Brunei Darussalam, Cambodia, Indonesia, Myanmar, Lao PDR, Malaysia, the Philippines, Singapore, Thailand, and Viet Nam. 1 According to the Philippine Statistics Authority.

C6 Tuesday, December 19, 2023

Yearender A BusinessMirror Special Feature

CHARTING THE COURSE: THE HOUSE OF REPRESENTATIVES’S YEAREND BID FOR FISCAL, LEGISLATIVE MILESTONES By Jovee Marie N. Dela Cruz

S the curtains draw on another legislative year, the House of Representatives has etched a significant legacy by securing the approval of crucial remaining priority measures. Chief among these accomplishments is the green light given to the P5.768trillion national budget for the year 2024 and the Maharlika Investment Fund (MIF).

2024 national budget

All 17 priority bills mentioned by President Ferdinand R. Marcos Jr. in his State of the Nation Address and 20 measures prioritized by the Legislative-Executive Development Advisory Council have been approved by the lower chamber.

RECOGNIZING its paramount significance in sustaining government operations and meeting the nation's needs, Speaker Ferdinand Romualdez underscored the ultimate goal—to have the budget measure reach President Ferdinand R. Marcos Jr.'s desk and be signed into law by year-end. “The budget is the lifeblood of our nation’s progress and development. The House is fully dedicated to the task at hand, ensuring that the national budget is ratified and enacted on time to guarantee the continuity of essential services, support economic growth, and promote the well-being of our citizens,” Romualdez declared. “The budget serves as the lifeblood of our nation’s progress and development. The House is fully committed to ensuring the timely ratification and enactment of the national budget to guarantee the continuity of essential services, support economic growth, and promote the well-being of our citizens,” affirmed Romualdez. With this, he expressed optimism that the country will avoid an economic slowdown in the coming year due to the timely passage and ratification of the 2024 General Appropriations Bill amounting to P5.768 trillion. Citing the economic slowdown in the second quarter of 2023 -- attributed to low fund utilization or government spending -- Romualdez anticipated a smoother allocation of funds for programs and projects in 2024. He reiterated, meanwhile, that the House will exercise its oversight functions in January to monitor the implementation of programs and agencies that received additional funding in the final version of the 2024 national budget. “The aim is to ensure the correct, swift, and efficient execution of funded programs, allowing the economy and the citizens to immediately feel the impact,” stated Romualdez. Emphasizing that the 2024 budget is "pro-poor," the Speaker highlighted the allocation of resources to social services, health, education, and housing programs. This strategic focus aims to address the needs of the most vulnerable sectors of society, reflecting the government's commitment to inclusive development. According to Romualdez, the 2024 General Appropriations Bill played a crucial role in realizing these priorities, with key focuses on education, healthcare, infrastructure, social services, social welfare, and three legacy projects: Legacy Food Security, Legacy Specialty Hospitals, and Legacy Housing for the Poor. “It is not just a financial document; it is a blueprint for national development and a tool for improving the lives of every Filipino. It will allocate funds necessary for infrastructure projects, educational reforms, healthcare improvements, business development, and agricultural support,” Romualdez stated. He added that the proposed na-

tional budget for the next year was crafted “with a vision of inclusivity, ensuring that growth is felt by every sector of society” and will prioritize regional development, spreading progress across the archipelago.

MIF: Controversial, but pivotal

WITH the passage into law of the Maharlika Investment Fund (MIF) this year, the House of Representatives has set the stage for a transformative period in the country's economic trajectory. Now, as the curtains rise on this new financial landscape, Deputy Speaker Ralph Recto challenged economic managers to turn skeptics into believers by delivering on the promises confidently made during the intense congressional debates. Recto, emphasizing the personal and professional stakes involved, urged critics to reevaluate their positions. "This is not just business, but personal," he asserted. In the face of initial doubts, Recto sees an opportunity for economic managers to rise to the occasion, fueled by criticism that can serve as a powerful motivation to prove skeptics wrong. The law is expected to serve as an additional financial vehicle for significant infrastructure projects. Recto underscored that the law adheres closely to the proponents' specifications while integrating essential safety features to prevent abuse and misuse of funds. Speaker Romualdez lauded the President's decision to ensure the fund's autonomy. Rejecting proposals for political interference, Marcos prioritized having competent and independent financial managers to steer the fund's investment decisions. The newly-signed Republic Act 11954 establishes the MIF, with the Secretary of Finance serving as the ex officio chairperson. However, the actual management lies in the hands of the nine-member Maharlika Investment Corporation (MIC), chaired by an independent director. As the implementation of the law progresses, Romualdez anticipates the MIC attracting investments and contributing significantly to the nation's economic growth. The fund's scope encompasses a diverse range of assets, including foreign currencies, fixed-income instruments, joint ventures, real estate, and high-impact infrastructure projects. Despite differing opinions, economists and lawmakers like House Committee on Ways and Means Chairman Joey Sarte Salceda expressed confidence in Consing's leadership. Salceda highlighted Consing's extensive experience in financial management and large infrastructure projects, making him an ideal fit for the role. The implementation rules and regulations (IRR) for the MIF have also sparked discussions. While some, like House Committee on Banks and Financial Intermediaries Chairman Irwin Tieng, see the IRR as a milestone fortifying the autonomy and governance of the MIC Board of Directors, critics, including Bayan Muna Chairman Neri Colmenares, express concerns about potential risks and expanded powers granted to the President. As the Maharlika Investment Fund takes center stage, its success and impact on the nation's economic landscape will undoubtedly be closely monitored and scrutinized by various stakeholders.

Priorities

THE House is fervently driving forward the remaining priority bills of the Marcos administration, set-

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ting the stage for a dynamic conclusion to the year's legislative agenda. All 17 priority bills mentioned by President Ferdinand Marcos Jr. in his State of the Nation Address (SONA) and 20 measures prioritized by the Legislative-Executive Development Advisory Council (LEDAC) have already been approved by the lower chamber. Romualdez, in a reiterated commitment, emphasized the importance of ensuring the timely passage of these remaining priority bills. Recognizing their substantial contribution to addressing critical issues and enhancing the well-being of Filipinos, he declared, “Our primary focus continues to be the legislative agenda outlined by President Marcos, and we are fully committed to working diligently to pass these vital bills for the betterment of our nation.” The emphasis on cooperation between the legislative and executive branches through the LEDAC was underscored by Romualdez, who stressed that unity and collaboration are pivotal in developing effective policies and reforms. In a dedicated effort to positively impact the lives of Filipinos, the lower chamber achieved a significant milestone recently by approving six additional priority measures on third and final reading. HB 8525, or the proposed Tatak Pinoy Act, aims to establish a Tatak Pinoy Strategy (TPS) that enhances the diversification of local enterprises and their connections with value chains. Additionally, the proposed New Government Procurement Reform Act hurdled third and final reading. This legislation seeks to overhaul the existing Government Procurement Reform Act (Republic Act 9184), making government procurement more transparent, competitive, streamlined, sustainable, and inclusive. Other priority measures approved on third reading include: 1. HB 9662, the proposed Blue Economy Act; HB 9663, the proposed National Water Resources Act; HB 9673, the proposed Philippine Cooperative Code of 2023; and HB 9674, the proposed Revised Government Auditing Act.

Political drama

IN the turbulent political landscape of the House of Representatives, Speaker Romualdez's resolute decision finds unwavering support from lawmakers, who assert that recent attempts to intimidate the chamber will not sway its members. The controversy centered on the reallocation of approximately P1.23 billion in confidential funds within the 2024 national budget, including Vice President and Education Secretary Sara Duterte-Carpio's allocation. Responding to the criticisms levied by former President Rodrigo Duterte against the House's decision to redirect funds previously requested by Vice President and Education Secretary Sara Duterte-Carpio, House Deputy Majority Leader Rep. Franz Pumaren emphasized the lawmakers' commitment to their constituents. He urged the former president to pursue appropriate channels if the allegations had merit, discouraging threats and violence. Pumaren denounced insinuations of harm to House members, emphasizing the need for a more measured dialogue. He clarified that the decision to reallocate funds was not personal, affecting several agencies beyond the Vice President's office. The Partylist Coalition Foundation Inc. (PCFI) echoed this sentiment, expressing gratitude for Romualdez's leadership and defending the decision to bolster security in the West Philippine Sea through the realignment of confidential funds.

Continued on C8

Yearender A BusinessMirror Special Feature

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Tuesday, December 19, 2023 C7

PHL industries told: Be competitive, investments won’t come just like that

By Andrea E. San Juan

HILE the Philippine government’s strategy is to push for more investments and to expand the operations of local businessmen, one of the top business groups in the country says what needs to be placed under the microscope is how the country will work towards being competitive. For one, according to Philippine Chamber of Commerce and Industry (PCCI) President George T. Barcelon, in many product sectors, the country is actually a netimporter -- which means that its value of imported goods is higher than its exported goods. “That’s why our trade deficit is huge. We have a big trade deficit with countries in the Asean because we import from them. They are more competitive if you look at the sugar-laden drinks because

our sugar is expensive, so there’s a lot of imported drinks,” Barcelon told the BusinessMirror in a phone interview on Wednesday, speaking partly in Filipino. The head of the PCCI noted at a forum earlier this year that the Philippines is getting the “shorter end,” compared to its five neighbor-countries in the Association of Southeast Nations (Asean) region. “We are getting the shorter end, meaning to say that [in] our trade relationship with the five Asean

countries—Indonesia,Vietnam, Thailand, Malaysia and Singapore – the Philippines is at the receiving end of a deficit of about more than $30 billion,” Barcelon pointed out at a press briefing in October. Barcelon also cited the country’s big volume of imported houseware that usually originates from Vietnam and Thailand. Tied to being a net-importer, the Philippines must address issues on high power and logistics costs, Barcelon said, noting that these are crucial to helping the country become more competitive. Ironing out these challenges would mean generating more jobs for the country, he added. “So this is where we have to be able to resolve issues on power and logistic cost. Then we will be more competitive, and there will be more jobs that will be created,” the PCCI chief said. Barcelon also recognized the lackluster performance of the country’s exports, which he said “labor-wise” has not rebounded to prepandemic levels. “The exports figure for this year . . .it’s much behind the targets. Although it’s bouncing back, there are challenges in the market

also,” he noted. Trade officials earlier noted that Philippine exporters won't likely hit the target set under the Philippine Export Development Plan (PEDP) 2023-2028 for this year as the goals discounted the flaring of geopolitical tensions. “Labor-wise, I think we have not rebounded to pre-Covid days on the labor sector of exports,” he added.

Ominous: Thousands stop exporting

Last Monday, Department of Trade and Industry-Export Marketing Bureau (DTI-EMB) Director Bianca Pearl R. Sykimte said in the 2023 Data Dissemination Forum on International Merchandise Trade Statistics (IMTS) organized by the Philippine Statistics Authority (PSA) that thousands of exporters stopped exporting products in the last five years. Sykimte said nearly 4,000 exporters stopped shipping their products abroad. This cut down the country’s active exporters in 2022 by around half the number in 2018. The Trade official also noted that the number of products that the country exports “has more or

less stagnated” while the Philippines’s competitors continued to “diversify” both their products and their markets. “Our trade deficit is ballooning and the share of Philippine exports to GDP is decreasing,” she added. (Full story: https://businessmirror.com.ph/2023/12/12/ nearly- 4k- ex por ters-stoppedshipping-goods/) The PSA said the trade deficit in October 2023 rose by 26 percent to $4.17 billion. With these challenges, Barcelon said enticing investments into the power sector could help the country improve its employment situation and hasten economic growth. However, he noted that this may take the country six to seven years. “Well, it helps . . . renewable energy but it would take some time. There are investments coming in the power sector, renewable energy. And as a matter of fact, the modular nuclear power generation [is coming] but this nuclear would take time: we’re talking about maybe 6 to 7 years down the line. But renewable, offshore and everything, it’s being done already. But the cost in itself is not

that low,” said Barcelon. Based on the resolutions submitted by the PCCI to the government, one of its recommendations is to “ensure adequate and affordable power supply throughout the country by considering modern technology and harnessing renewable energy resources that meet the criteria of reliability and affordability.” Moving forward, among the recommendations laid down by the major business group, the priority “hearing from the ground” should be addressing bureaucracy. “Instead of it being reduced, it has been heightened especially in the local government,” he lamented, adding this should be addressed because bureaucracy leads to corruption. According to the Ease of Doing Business resolution of the PCCI, the National Government should “provide a stable and predictable business environment by ensuring clear, consistent, and transparent regulations, streamlining and simplifying bureaucratic processes, reducing unnecessary red tape, and eliminating barriers that hinder business growth and development.”

C8 Tuesday, December 19, 2023

Yearender

Charting the course... Continued from C6 Despite the attacks, Romualdez continues to garner support from lawmakers. Political leaders from various parties within the House released a joint statement, condemning Duterte's remarks and emphasizing the decision's alignment with national security interests. Amid these developments, House Majority Leader Man-

nix Dalipe clarified that the House Resolution urging government cooperation with the International Criminal Court (ICC) regarding former President Duterte's alleged crimes against humanity is being treated like any other measure. Dalipe underscored the House's commitment to democratic principles, allowing diverse opinions to be heard.

A BusinessMirror Special Feature As the controversy unfolded, Dalipe also addressed circulating rumors of an impeachment complaint against Vice President Sara Duterte. Dalipe dismissed these as baseless and intended to sow discord, asserting that Romualdez remains dedicated to advancing legislative priorities and not engaging in presidential aspirations. Deputy Majority Leader Erwin Tulfo also categorically denied impeachment discussions,

clarifying that there were no substantial deliberations among party leaders or the House leadership. Amid speculation, Dalipe stressed the stringent requirements for impeachment, requiring substantial evidence aligned with constitutional processes. In response, Deputy Minority Leader France Castro acknowledged the impeachment talks as mere discussions among congressmen, emphasizing the need for Vice President Duterte to clarify

the use of confidential funds. The controversy extended to the media as Rep. Johnny Ty Pimentel revealed the possibility of Sonshine Media Network International (SMNI) losing its legislative franchise due to the alleged dissemination of fake news and attacks against Congress. Pimentel highlighted a pattern of assaults, leading to a proposed bill for Swara Sug Media Corp.'s franchise revocation. Pimentel noted SMNI's broad-

www.businessmirror.com.ph cast of an unverified report on Romualdez's alleged P1.8 billion travel expenses as part of a broader pattern of assaults against the House of Representatives and its members. In this intricate political drama, the House of Representatives navigates challenges with resilience, defending its decisions while weathering internal and external pressures. The unfolding events underscore the delicate balance between political interests, legislative responsibilities, and the pursuit of justice.