BusinessMirror December 20, 2022

CHINA REPORTS 2 COVID DEATHS BUT NUMBERS DON’T STACK UP

‘Omnibus’ PPP law to cover govt, private infra eyed

THE Marcos administration aims to create an “omnibus” public-private partnership law that will push for the consolidation of all infrastructure undertakings between the government and the private sector.

I n a briefing on Monday, National Economic and Development Authority (Neda) Undersecretary for Investment Programming Joseph J. Capuno said this law would consolidate several rules that currently exist on PPPs.

C apuno gave assurances that the omnibus law will take into consideration efforts to safeguard the national interest and allocate the risk between the

private and public sectors. “ We want to amend the law in such a way that we incorporate joint venture agreements between local governments and private sectors so that we don’t have too many laws, you know, governing public-private partnerships. We want one, as if it were an omnibus law that will govern all partnership agreements with the private sector,” Capuno said.

C apuno added that the omnibus “shouldn’t only be probusiness; it shouldn’t be only progovernment” to protect all stakeholders. He said new policies will also be included in the law that previous rules have been silent on.

I n September, the govern -

ment released the latest version of the Build Operate Transfer (BOT) Law Implementing Rules and Regulations (IRR) which is expected to entice more private sector players to participate in public infrastructure projects.

O ne of the major changes is on the definition of the Material Adverse Government Action (MAGA) which now covers all government actions, and not just the Executive branch.

I f these government actions discriminate against the proponent and have an adverse effect on its ability to undertake the project, the contract can be terminated and termination payment will be due to private proponents.

A part from the omnibus law on PPPs, Capuno said a priority goal for Neda is to raise the minimum threshold or the thresholds for projects to be elevated to the Neda Board for approval, given the increase in inflation.

I n 2017, the Neda Board raised the Investment Coordination Committee (ICC) threshold to P2.5 billion from P1 billion. This meant only projects costing P2.5 billion and over will be evaluated by the Neda.

However, Capuno did not indicate any proposed threshold as of press time, saying only that the minimum threshold will be raised to take inflation into account.

By Cai U. Ordinario @caiordinario

THE traffic jams and Christmas decorations are among the few indicators that GDP growth in the fourth quarter will be robust, according to the National Economic and Development Authority (Neda).

I n a briefing on Monday, Socioeconomic Planning Secretary Arsenio M. Balisacan said the economy has already exceeded the high end of the 6.5 to 7.5 percent target this year in the January to September period.

N eda Assistant Secretary for Policy and Planning Sarah-Lynne S. Daway-Ducanes said base-effects, pent-up demand, and remittances will increase consumption and, consequently, GDP growth in the last quarter of the year.

“ Now we see consumption growth, now see our streets, right to the traffic jams in the streets and in the malls,” Daway-Ducanes said. “When we go to the mall we jokingly say now, ‘it’s the revenge of the Christmas trees, and the Christmas lights.’”

T he strong consumption spending is expected to continue next year, despite the headwinds. Nonetheless, Balisacan said headwinds will prevent the economy from posting higher growth than the adjusted target of 6 to 7 percent.

B alisacan said at least for the past decade, consumption has been the primary driver of economic growth. Strong consumption in the country is not expected to change next year or in the medium term.

He added that agriculture of course is going to be another growth driver for the economy “to the extent that we can increase productivity there, and temper any pressures extended or exerted on food prices.”

DOLE’S ’23 FOCUS: HELP FOR MICRO ENTERPRISES

By Samuel P. Medenilla @sam_medenilla

BOOSTING support for micro enterprises and expanding skills training initiatives will be the focus of the government’s pandemic recovery roadmap which will start next year, according to the Department of Labor and Employment (DOLE).

T he measures include focusing on the skills needs of 10 key employment generating sectors and the release of updated implementing rules and regulations for Republic Act No. 11058 or the Occupational Safety and Health (OSH) Law,

which will ease its application for micro establishments.

At DOLE’s yearend press conference on Monday, Labor and Employment Secretary Bienvenido E. Laguesma disclosed they decided to zero-in on micro firms since these comprise the majority of the country’s businesses.

“ We believe if we strengthen micro, small, and medium enterprises [MSME], they will be able to produce more jobs, which will increase the opportunities [of workers] to have a family income,” Laguesma said in Filipino.

B ased on the latest Department of Trade and Industry (DTI) data, there are 850,127 micro establishments—companies with less than

10 workers -- nationwide. This is 88.77 percent of 957,620 businesses, as registered by DTI in 2020.

Priority sectors

LABOR Undersecretary Carmela I. Torres said among their initiatives to promote economic growth will be to address the demand requirements of establishments in line with the Philippine Development Plan 2023-2028, which was approved on Friday.

S he said they coordinated with the Technical Education and Skills Development Authority (TESDA) to “align training regulations and competencies and requirements” of 10 priority sectors.

See “Dole’s ’23 focus,” A2

SEC probes PLDT budget overruns, shares selloff

By VG Cabuag @villygc

THE Securities and Exchange Commission on Monday said it  is “closely monitoring” issues that have arisen from the recent disclosures of PLDT Inc. regarding what the company described as “budget overruns” totaling P48 billion over the last four years.

“ In this light, the SEC has immediately commenced an inquiry into the matter,” the agency said.

T he reported “budget overruns,” as well as the selloff in PLDT shares before the publicly listed company could make the official disclosure, are areas of concern for the SEC, being the regulator of the securities market and the champion of investor protection in the country.

A mong others, the SEC has ordered PLDT to clarify its disclosures to the SEC and the Philippine Stock Exchange Inc., in relation to statements attributed by the media to the company and its officers, especially with regard to the nature of the P48-billion expenditure.

T he SEC has also directed PSE and Capital Markets Integrity Corp. to submit initial reports on their See “SEC,” A2

Longer low-tariff regime for food imports backed, but…

“ Encouraging imports will result in the killing of our local production of pork, corn [including poultry relying on corn as feeds] and rice industries,” it added.

For her part, Poe stressed the need for lawmakers to “take an honest look at EO No. 171 and see if it achieved its goals of lowering prices.”

S he recalled that “for rice, the aim was to bring down the cost from countries outside of ASEAN,” even as she cited the point of agriculture groups that “rice from outside of ASEAN, specifically Pakistan, can still come in at lower prices even without bringing down the tariff.”

P oe also noted concerns of

Slowdown...

Since the rice trade liberalization law took effect in 2019, authorities have been looking for ways to manage the arrival of rice imports to avert an oversupply that would depress farmgate prices of local palay.

O ne of the ways the government limits the entry of rice imports especially during harvest seasons is by slowing down on the issuance of SPSICs.

the Federation of Free Farmers and SINAG over the revenue loss that lower tariffs mean to government.

“ For pork, did it really bring down prices?” she asked, recalling that “the issue last year was the volume of importation and the Senate had to step in for the concerns of hog raisers to be heard.”

T he senator reminded officials that National Meat Inspection Service data showed imported pork inventory is still 30 percent more than last year’s and remains above 100,000 tons; and importers have said that they have been stockpiling ahead of the expiration of EO 171.

Profiteering?

“WE need to see if there was profiteering,” she stressed, noting that “SINAG has been complaining of the drop in farmgate prices of pork yet retail prices were hardly moving,” adding that the extension of EO No. 171 now “is no more assurance that prices will go down soon as it is just extending what is.”

A t the same time,Poe said that, “beyond consumer prices, we also need to look at this in its entirety—the challenges affecting local production, the friction costs, consumer preference, and the livelihood of our people.”

S he asked:  “Do we want to per -

good or product is safe for human consumption and health and does not bring in any threats to the local agriculture sector such as plants and animals.

manently depend on imported food products and subject food prices to fluctuations in the foreign exchange or do we want to be selfsufficient?”

S he also proposed that “measures that bring down prices for consumers must go hand in hand with measures that will support food producers going forward,” noting that “food producers are also consumers themselves and many of them have already taken a hit in the past two years.”

S he stressed the need to “punish the syndicates of hoarders and smugglers” tagged as the reason for soaring prices of agriculture products, including rice and onions.

last year to this year,” Agriculture Assistant Secretary Arnel V. De Mesa said. The country’s palay output last year reached a record high of 19.96 MMT.

Omnibus...

B ased on the latest Philippine Statistics Authority (PSA) data, the Construction Materials Retail Price Index (CMRPI) in the National Capital Region posted a 6.6-percent growth in October 2022.

T his is lower than the 6.8 percent posted in September 2022 but significantly higher than the 2.1 percent posted in October 2021. Year to date growth of the CMRPI was at 5.8 percent.

Maharlika as fund source

MEANWHILE , Socioeconomic Planning Secretary Arsenio M. Balisacan said improvements in the country’s infrastructure program, particularly on projects, will be included in the Public Investment Program (PIP) for 2023-2028.

T he PIP is the accompanying document to the PDP and will outline the current administration’s projects to achieve the targets set in the PDP.

Meanwhile, Balisacan said the Maharlika Investment Fund (MIF) could be tapped as another source of funding for infrastructure projects similar to Official Development Assistance (ODA) and the National

Budget.

B alisacan said if MIF approval could be done earlier, that would be better for the PDP. The fund, he said, could complement the implementation of the country’s socioeconomic blueprint.   We see the Maharlika as another vehicle for sources of funds and investment, just like PPP is one vehicle, ODA is one vehicle, GAA is another. The more vehicles we have, the better and that will ensure that we can ramp up not only the infrastructure but even the other priorities of the government, development priorities,” Balisacan said.

Using the MIF for infrastructure projects, Balisacan said, would be helpful given the narrow fiscal space the government now has after Covid-19-related spending.

T he aim of the fund, Balisacan said, is to pool funds together so that government can invest them in critical areas such as those for infrastructure development.

W hat is important is for the fund to have a mixed portfolio on where to invest and ensure that its investments are maximized, he said.

Cai U. Ordinario

The last time the BPI issued SPSICs for rice imports was June 6, with a corresponding volume of a little over 625,000 MT.

T he BPI, an attached agency of the DA, is mandated under Republic Act 11203 or the RTL law to oversee rice importation through issuance of SPSIC. The SPSIC is a required import document that certifies an imported

Nonetheless, the agriculture officials assured the public that the country will not face a rice shortage next year. The worst scenario, they pointed out, would be smaller than average beginning rice stocks at the start of 2023.

There will be no shortage of rice next year. In fact, we are hoping to maintain the level of production from

“We have a roadmap, which we developed with TESDA to prioritize the 10 key employment sectors, which we have identified,” Torres said.

T he Philippines’s habit of using SPSICs as a mechanism to manage the entry of food imports has been questioned by its trade-partners, especially the United States, at the level of the World Trade Organization. (Related story: https:// businessmirror com.ph/2021/10/04/us-to-phlclarify-license-scheme-for-agriimports/) Jasper Emmanuel Y. Arcalas

The sectors are agriculture, health, tourism, manufacturing, transportation and logistics, Information and Communication Technology (ICT) and Information Technology-Business Process Management (IT-BPM), education, creative industries, energy and construction.

Torres said TESDA will create 15 to 17 “innovation centers” to provide the needed skilled workers of the said sectors.

Graduates from these centers will be then provided employment facilitation through the Public Employment Service Office (PESO) or official job-search website of the government, PhilJobNet.

Updated IRR

TO help the pandemic recovery of the said MSMEs, Labor Undersecretary Benjo M. Benavidez said they are now working on an amended IRR of the OSH Law of 2018 by next year.

Under the proposed new IRR, micro firms will not face an immediate fine in case they are found to have violated provisions of the OSH Law.

I nstead, they will be issued a warning and will be given time to comply through “technical assistance visits.”

It also includes allowing a building with multiple MSMES to have a designated first aider and safety officer and providing free training.

We saw in the implementation of the OSH standards in previous years that small firms have a hard time complying with the said standards, that is why we are making specific standards for them,” Benavidez said.

L aguesma said the Occupational Safety and Health Center (OHSC) and the Employees’ Compensation Commission (ECC) will also launch a new program to provide free antigen testing for workers of MSMEs.

Non-monetary aid

DOLE said the government opted to prioritize giving non-monetary support for MSMEs instead of the proposed cash aid, such as the proposed wage subsidy by labor groups, due to limited government resources.

B enavidez noted that while the wage subsidy is part of the social protection floor of the government, it is not expected to be implemented next year.

“ There is no specific line item on wage subsidy in the [2023] GAA [General Appropriations Act]. But there are programs to help the enterprises get back on their feet,” Benavidez told BusinessMirror in a Viber message.

Silver lining...

“ For next year, we of course, are aware of the global headwinds there, particularly the very likely recession for many advanced economies and the persistence of that problem with supply chain particularly in relation to the ongoing war in Ukraine,” Balisacan said.

“ There are still uncertainties there and so we have to reduce a bit, expect our targets from 6.5 to 8 percent originally, adjust now to 6 to 7 percent for next year,” he added.

B alisacan said inflation is expected to be among the main headwinds that will prevent the Philippine economy from posting high growth.

M eanwhile, Daway-Ducanes presented the salient features of the Philippine Development Plan (PDP) 2023-2028, which seeks to address both short-term issues and medium-term constraints to growth and inclusion.

T he new PDP is composed of 16 chapters covering the social and production sectors, as well as institutions and the environment as the elements of an enabling landscape.

T he Plan lays out the corresponding strategies including policies, programs, and legislative priorities needed to achieve identified socioeconomic targets.

T hrough a whole-of-society and whole-of-government process, the Plan benefited from the inputs of various stakeholders as well as those of sectoral experts.

T he Plan also features six cross-cutting strategies to facilitate economic and social transformation. These include: the digitalization of the economy and government; the improvement of the local and global connectivity of Philippine markets; and servicification or the building of service-sector ecosystems around manufacturing clusters.

SEC...

investigation into the trading activities that have resulted in the sudden and sharp decline in the share prices of PLDT before the official disclosure of the “budget overruns,” among others.

C MIC acts as the independent audit, surveillance and compliance arm of PSE, in line with its mandate to reinforce the confidence of the investing public in capital market institutions. As a self-regulatory organization, CMIC is tasked to enforce the Securities Regulation Code, and the pertinent rules and regulations.

A mong its powers and functions

T he cross-cutting strategies also include building a dynamic innovation system; public-private partnerships (PPPs) and strong collaboration between the local and national government in light of the devolution of critical social services.

B alisacan also provided a list of the Neda’s priorities for 2023. Chief among these are the steering and coordination of PDP 2023-2028 implementation as the agency finalizes the Regional Development Plans, the Public Investment Program (PIP) for 2023-2028 and the Threeyear Rolling Infrastructure Plan (TRIP) for FY 2024-2026.

T he Neda will also monitor plan implementation and generate the 2023 Socioeconomic Report and Regional Development Reports for 2022.

Together, we must build on and sustain our hard-won gains as a nation. This imperative comes as we aim to recover and secure our position among the most dynamic economies of Asia and the world,” Balisacan said.

Filled with hope for the coming year, we assure you of our unwavering commitment to stay the course and tirelessly work toward attaining our vision of a matatag, maginhawa, at panatag na buhay [stable, prosperous and peaceful life] for all Filipinos,” he added.

N eda also assured the public that it will work closely with the implementing agencies, the Legislature, and other stakeholders to carry out the strategies and attain the objectives and targets set in the PDP.

B alisacan highlighted the importance of the swift completion of the PDP as this will serve as the country’s roadmap for the reinvigoration of job creation and acceleration of poverty reduction in the medium term.

is to investigate and resolve violations by trading participants of the securities law as well as tradingrelated irregularities and unusual trading activities involving issuers.

“ The SEC, through its Markets and Securities Regulation Department, will closely monitor the investigation and will continue to conduct a parallel, independent inquiry into the matter to safeguard the interest of the investing public,” the agency said.

PLDT shares were the most sold shares during Monday’s trade. Its shares closed P286 or 19 percent lower to close at P1,192 apiece.

Vittorio V. Vitug

BusinessMirror

Human rights, press freedom good for business–EU envoy

COMPANIES with a “high degree of respect” for human rights have more sustainable business models, according to the European Union (EU) Delegation to the Philippines.

A longside governments and civil society, Luc Véron, EU Ambassador to the Philippines, stressed that business plays a “significant” role in promoting human rights. In fact, the EU envoy stressed that he encountered investors who believe that human rights, when unprotected, could be a “business inhibitor.”

Sometimes we hear that human rights advocacy would stand in the way of trade and investment. Nothing could be more wrong. I have met many investors who confided that poor governance and sub-par access to justice, a context in which individual and collective rights are ignored or insufficiently protected, is one of the most powerful business inhibitors. In other words, human rights is good for business,” Véron said at a recent conference organized by the Delegation of the EU in the Philippines in celebration of Human

Rights Day last week.

T he EU envoy emphasized that there is “clear reputational benefit” for companies that comply with the international human rights and environmental standards. Moreover, Véron stressed that for most companies, brand value is among their most important assets and human rights violations could taint that value.

In a news statement issued on Monday, the EU Delegation of the European Union to the Philippines said, “The European Union supports the international approach outlined in the 2011 UN Guiding Principles on Business and Human Rights, which stresses that not only states have the duty to protect human rights, but companies also have the responsibility to respect them, including in their global supply chains.”

For his part, Philipp Dupuis, Minister Counselor and Head of the Trade Section at the EU Delegation to the Philippines, highlighted that, “Nowadays, a company that tolerates human rights violations in its operations, whose business model even relies on, for example, forced

By Jovee Marie N. Dela Cruz @joveemarie

WITH the recent endorsement of President Ferdinand R. Marcos Jr. for the passage of the proposed Maharlika Investment Fund (MIF) Act, a senior lawmaker on Monday appealed to the public to give the proposal a chance.

Camarines Sur Rep. LRay Villafuerte, in a news statement, said the Maharlika bill, which has been certified as urgent measure, is designed to mobilize savings for augmenting funds for big-ticket infrastructure works and other priority programs meant to help the government improve the lives of all Filipinos.

In a related development, House leaders on Monday welcomed the result of a recent nationwide survey

showing that half of Filipinos “support” the proposed MIF.

Speaker Martin G. Romualdez issued the statement after the mobilebased poll was conducted by data research firm Tangere last December 8 to 10, before the House approved the MIF bill on third and final reading last Thursday.

“ We are happy with the survey, which to us means that we are on the right track in advocating the establishment of this sovereign wealth fund, which is intended to benefit future generations of Filipinos,” Romualdez said.

“It shows that our advocacy has the support not just of major business groups but of the general population as well,” Romualdez said.

T he survey had 2,400 respondents: 12 percent from Metro Ma-

DAVAO CITY—Six schools were feted to a night of recognition after the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) capped

labor, is not a sustainable business.”

T he EU has been vocal in their criticism against the Philippines due to its alleged human rights violations and suppression of freedom. Compliance with international conventions on human rights, labor, environment and good governance is a “major criteria” for a beneficiary of the EUGeneralised Scheme of Preferences Plus (GSP+) scheme.

A ccording to the Department of Trade and Industry (DTI) the EU-GSP+ is set to expire in December 2023.

Last week, President Ferdinand R. Marcos Jr. said he hopes the country’s human rights compliance will not affect its status under the EU GSP+. The President made the remark after the EU threatened to remove the country’s trade privilege in February for its alleged human rights and press freedom violations.

M arcos said he would bring up the matter during his meetings with the European Commission, the European Council and the European Parliament.

In February, the European Parlia-

ment reiterated that human rights abuses persist under the administration of former President Rodrigo R. Duterte and called on the European Commission to “immediately initiate the procedure which could lead to the temporary withdrawal of the GSP+ preferences if there is no substantial improvement and willingness to cooperate on the part of the Philippine authorities.”

Meanwhile, Signe Elneff Poulsen, Human Rights Adviser at the UN Resident Coordinator’s Office said at the conference hosted by the EU Delegation that the adoption of a National Action Plan for Business and Human Rights in the Philippines would be a “critical milestone.”

“O nly through joint action by all—including the United Nations, governments, human rights defenders, labor unions and other civil society actors and by leveraging the influence of business committed to advancing human rights do we have the best chance at tackling urgent global challenges and achieving a more sustainable future for all,” Poulsen said.

By Jasper Emmanuel Y. Arcalas @jearcalas

THE Department of Agriculture (DA) is hopeful that the country’s farm production this year would expand by an annualized rate of 1.2 percent driven by recovery of the livestock sector and higher crop yield.

A griculture Undersecretary Mercedita A. Sombilla said they expect the full-year growth rate of the country’s agricultural output to settle between 1.2 percent and 1.5 percent.

Sombilla explained that weather conditions in the fourth quarter have been favorable to the crops sector since there has been no major typhoon in recent months.

Our big problem really is the fertilizer and fuel,” Sombilla told reporters in an interview on Monday.

Sombilla was referring to runaway prices of fertilizer and fuel that

have hampered local farmers from expanding their production.

T he country’s agricultural output in the third quarter grew at 1.8 percent annual rate, snapping two straight quarters of contraction. (Related story: https://businessmirror.com.ph/2022/11/09/ farm-output-ends-2-quarter-contraction-grows-1-8/ )

The Philippine Statistics Authority (PSA) said the growth was driven by higher value of crops, livestock and poultry production during the threemonth period, offsetting decline in fisheries production.

T he increase in output came on the heels of two consecutive contractions in agricultural production: -0.3 percent in the first quarter and -0.6 percent in the second quarter.

T he PSA said agricultural output from January to September increased by 0.3 percent on an annual basis to P1.267 trillion.

By Manuel T. Cayon @awimailbox Mindanao Bureau Chief

nila, 23 percent from North and Central Luzon, 22 percent from South Luzon, 20 percent from Visayas, and 23 percent from Mindanao. It had a margin of error of 2.191 percent.

In the same statement, Martin Peñaflor, chief executive officer and founder of data research firm Tangere, said 2,010 or 83.75 percent of the 2,400 respondents were aware of the MIF bill.

Given this administration’s limited fiscal space resulting mainly from the enormous spending by the previous government for Covid-19 response, Villafuerte appealed to all Filipinos to support the President’s appeal for the public to give House Bill (HB) 6608 a chance and wait for the Congress to hammer out what Marcos described as the “perfect” version of this sovereign fund.

its four weeks of campaign of encouraging schools to raise their vaccination rate.

Tambak Primary School (Maguindanao II) bested all other schools under the non-city category while Maloong Legion Elementary School (Lamitan City) topped the city category.

The contest also recognized four other schools: South Park Elementary School (Lanao del Sur I), Brawarbatew Elementary School (Maguindanao I), Jolo National High School (Sulu), and Mahad Shuhada Al-Islamiya Inc.

The four schools achieved 85 percent Covid-19 vaccination coverage for both learners and school personnel.

The “Get Vaxxed to Win” contest was opened to all public and registered private schools, including accredited Madaris institutions in the region from October 24 to November 18 this year. Qualifiers must have at least 85 percent Covid-19 vaccination coverage for both learners and school personnel.

The awarding ceremony was done on December 7, after the Bangsamoro government also concluded the first-ever BARMM education summit at the SMX Convention Center, Lanang in Davao City.

The Ministry of Basic, Higher, and Technical Education (MBHTE) organized the summit and the awarding at the sideline of the summit.

“I want to emphasize that the MBHTE fully supports the BARMM Government’s initiative to intensify our vaccination program and protect ourselves from Covid-19,” said Education Minister Mohagher Iqbal.

Iqbal said the return of face-to-face learning put more importance to vulnerable and immunocompromised individuals and children in school and at home to be protected.

The rise in numbers of infected people will create an unsafe environment for students, teachers and non-teaching staff,” he said. Manuel T. Cayon

President Marcos last week endorsed HB 6608 as an urgent bill, enabling the House to pass it on second reading and then on third reading (by a 279-6 vote) before Congress went on its annual Christmas break from December 17 to January 22, 2023.

“ The President has said that it was his idea regarding the MIF, and that our people should give it a try and let the Congress come up with a bill acceptable to the people and with the proper safeguards,” Villafuerte, who is majority leader of the Commission on Appointments (CA), said at the CA committee hearing on the designation of erstwhile University of the Philippines economics professor Arsenio Balisacan as director-general of the National Economic and Development Authority and concurrent Socioeconomic Planning Secretary.

DAVAO CITY—The Information Communication Technology (ICT) sector here has a pool of globally-competitive skills, but for the most part, remained untapped, the ICT Davao said.

Yet, its inventory of 70,000 ICT workers hired by companies and government offices would roughly contribute P1.26 billion to the city economy, said Belinda Torres, vice president of ICT Davao.

In a belated Philippine Information Agency dispatch, the ICT Davao said the financial contribution to the city economy was based on the conservative assumption that the 70,000 workers have an average monthly salary of P18,000.

W hile the total number of ICT workers remained largely untapped although they have been employed, the ICT Davao and the city government projected a need to increase it to as many as 150,000 by 2028 to meet the demands of local business

establishments and government and private offices.

He said small businesses offering ICT services have sustained their operations even during the Covid-19 pandemic because of the continued local demand, as well as the need by foreign companies for talents such as those that could be offered by the Davao City-based ICT personnel.

“ The talents that we have groomed here and grew here are more than capable of being able to build something of value to the global stage,” the PIA dispatch said, quoting John Naranjo, owner of the software development company called Ingenuity.

He said the ICT MSMEs (micro, small and medium scale enterprises) like his Ingenuity “are thriving because of these talented and creative ICT workers.” He said nearly all of its clients are overseas-based companies.

I would say 80 percent to 90 percent of our clients are international clients. It was actually during the pandemic we got busy with local projects because we felt we were needed by our countrymen during that time,” Naranjo said.

Living sensibly must be our goal for 2023

prudence during these uncertain times. While we’d never encourage you to curtail your dreams, ensuring your goals are sensible is equally important as dreaming big. Now may be a good time to reassess, change, or adjust according to your situation as things have changed.

Contribute: The markets have been choppy this year, but there’s still a good time to invest. In the spirit of sensibility, perhaps the best thing we can do to shore up our future is convincing others to invest jointly with us.

you’ve got three, go for six. Beyond that, it’s up to your discretion and comfort level, but it never hurts to save a little extra.

W hile I am focusing on what we need to do as individuals in 2023, I am clear in my mind that the Marcos administration has to focus on the same kind of sensibilities in 2023. The government and the private sector must agree that we have to turn things around in 2023:

Re: Think, Re: Duce, Re: Use; Re: Cycle!

By Henry J. Schumacher

THE collective goals of a society change over time, usually in the direction of broad trends and in response to recent events. We’ve experienced a lot of change in recent years, and it seems to have made an impact on us, imprinting itself on our goals.

L ooking at the world in general and at the Philippines specifically, optimism is out, pragmatism is in, and 2023 looks to be the year of living sensibly.

Get in on the movement

Reassess: With the top 3 resolutions for 2023 being saving more, paying off debt, and spending less, goals seem to be shifting toward

Check your debt: Interest rates are on the rise across the board, and high-interest debt is one of the most prominent victims. If you’re carrying a balance, it’s important to stay up to date on the rate you’re paying as it often increases quietly. Subsequently, let this create a greater sense of urgency for paying down that debt too.

Reduce expenses: Spending less money is a top-voted resolution for 2023, and it might not be such a bad idea. Inflation is still historically high, interest rates are rising, budgets are shrinking, and layoffs are coming. In one way or another, it’s likely the ripples of all this will impact us all eventually, so creating some space in our budget is a smart move.

Expand our saving: For similar reasons cited above, it’s a better time than ever to expand on our emergency fund and savings. If you only have a month of expenses saved, now’s the time to shoot for three. If

And finally, let’s not copy Europe:

“Bags of cash” have been found at the homes of four European politicians. They’ve allegedly been paid hundreds of thousands of euros to do the bidding of the Qatari government. If true, this is one of the biggest lobbying scandals in European history.

T his corruption scandal is only possible because the European rules on lobbying are lax and outdated.

T he Qatari bribery scandal must be a wake-up call. The credibility of the whole European Union is at stake.

Unless we change the rules of the game, this could happen again and again. We urgently need a full inquiry into the scandal and stricter rules to fight corruption and bribery.

I wish you and your family a Merry Christmas; if you have comments, please contact me at hjschumacher59@ gmail.com

Vittorio V. Vitug

BusinessMirror

Human rights, press freedom good for business–EU envoy

COMPANIES with a “high degree of respect” for human rights have more sustainable business models, according to the European Union (EU) Delegation to the Philippines.

A longside governments and civil society, Luc Véron, EU Ambassador to the Philippines, stressed that business plays a “significant” role in promoting human rights. In fact, the EU envoy stressed that he encountered investors who believe that human rights, when unprotected, could be a “business inhibitor.”

Sometimes we hear that human rights advocacy would stand in the way of trade and investment. Nothing could be more wrong. I have met many investors who confided that poor governance and sub-par access to justice, a context in which individual and collective rights are ignored or insufficiently protected, is one of the most powerful business inhibitors. In other words, human rights is good for business,” Véron said at a recent conference organized by the Delegation of the EU in the Philippines in celebration of Human

Rights Day last week.

T he EU envoy emphasized that there is “clear reputational benefit” for companies that comply with the international human rights and environmental standards. Moreover, Véron stressed that for most companies, brand value is among their most important assets and human rights violations could taint that value.

In a news statement issued on Monday, the EU Delegation of the European Union to the Philippines said, “The European Union supports the international approach outlined in the 2011 UN Guiding Principles on Business and Human Rights, which stresses that not only states have the duty to protect human rights, but companies also have the responsibility to respect them, including in their global supply chains.”

For his part, Philipp Dupuis, Minister Counselor and Head of the Trade Section at the EU Delegation to the Philippines, highlighted that, “Nowadays, a company that tolerates human rights violations in its operations, whose business model even relies on, for example, forced

By Jovee Marie N. Dela Cruz @joveemarie

WITH the recent endorsement of President Ferdinand R. Marcos Jr. for the passage of the proposed Maharlika Investment Fund (MIF) Act, a senior lawmaker on Monday appealed to the public to give the proposal a chance.

Camarines Sur Rep. LRay Villafuerte, in a news statement, said the Maharlika bill, which has been certified as urgent measure, is designed to mobilize savings for augmenting funds for big-ticket infrastructure works and other priority programs meant to help the government improve the lives of all Filipinos.

In a related development, House leaders on Monday welcomed the result of a recent nationwide survey

showing that half of Filipinos “support” the proposed MIF.

Speaker Martin G. Romualdez issued the statement after the mobilebased poll was conducted by data research firm Tangere last December 8 to 10, before the House approved the MIF bill on third and final reading last Thursday.

“ We are happy with the survey, which to us means that we are on the right track in advocating the establishment of this sovereign wealth fund, which is intended to benefit future generations of Filipinos,” Romualdez said.

“It shows that our advocacy has the support not just of major business groups but of the general population as well,” Romualdez said.

T he survey had 2,400 respondents: 12 percent from Metro Ma-

DAVAO CITY—Six schools were feted to a night of recognition after the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) capped

labor, is not a sustainable business.”

T he EU has been vocal in their criticism against the Philippines due to its alleged human rights violations and suppression of freedom. Compliance with international conventions on human rights, labor, environment and good governance is a “major criteria” for a beneficiary of the EUGeneralised Scheme of Preferences Plus (GSP+) scheme.

A ccording to the Department of Trade and Industry (DTI) the EU-GSP+ is set to expire in December 2023.

Last week, President Ferdinand R. Marcos Jr. said he hopes the country’s human rights compliance will not affect its status under the EU GSP+. The President made the remark after the EU threatened to remove the country’s trade privilege in February for its alleged human rights and press freedom violations.

M arcos said he would bring up the matter during his meetings with the European Commission, the European Council and the European Parliament.

In February, the European Parlia-

ment reiterated that human rights abuses persist under the administration of former President Rodrigo R. Duterte and called on the European Commission to “immediately initiate the procedure which could lead to the temporary withdrawal of the GSP+ preferences if there is no substantial improvement and willingness to cooperate on the part of the Philippine authorities.”

Meanwhile, Signe Elneff Poulsen, Human Rights Adviser at the UN Resident Coordinator’s Office said at the conference hosted by the EU Delegation that the adoption of a National Action Plan for Business and Human Rights in the Philippines would be a “critical milestone.”

“O nly through joint action by all—including the United Nations, governments, human rights defenders, labor unions and other civil society actors and by leveraging the influence of business committed to advancing human rights do we have the best chance at tackling urgent global challenges and achieving a more sustainable future for all,” Poulsen said.

By Jasper Emmanuel Y. Arcalas @jearcalas

THE Department of Agriculture (DA) is hopeful that the country’s farm production this year would expand by an annualized rate of 1.2 percent driven by recovery of the livestock sector and higher crop yield.

A griculture Undersecretary Mercedita A. Sombilla said they expect the full-year growth rate of the country’s agricultural output to settle between 1.2 percent and 1.5 percent.

Sombilla explained that weather conditions in the fourth quarter have been favorable to the crops sector since there has been no major typhoon in recent months.

Our big problem really is the fertilizer and fuel,” Sombilla told reporters in an interview on Monday.

Sombilla was referring to runaway prices of fertilizer and fuel that

have hampered local farmers from expanding their production.

T he country’s agricultural output in the third quarter grew at 1.8 percent annual rate, snapping two straight quarters of contraction. (Related story: https://businessmirror.com.ph/2022/11/09/ farm-output-ends-2-quarter-contraction-grows-1-8/ )

The Philippine Statistics Authority (PSA) said the growth was driven by higher value of crops, livestock and poultry production during the threemonth period, offsetting decline in fisheries production.

T he increase in output came on the heels of two consecutive contractions in agricultural production: -0.3 percent in the first quarter and -0.6 percent in the second quarter.

T he PSA said agricultural output from January to September increased by 0.3 percent on an annual basis to P1.267 trillion.

By Manuel T. Cayon @awimailbox Mindanao Bureau Chief

nila, 23 percent from North and Central Luzon, 22 percent from South Luzon, 20 percent from Visayas, and 23 percent from Mindanao. It had a margin of error of 2.191 percent.

In the same statement, Martin Peñaflor, chief executive officer and founder of data research firm Tangere, said 2,010 or 83.75 percent of the 2,400 respondents were aware of the MIF bill.

Given this administration’s limited fiscal space resulting mainly from the enormous spending by the previous government for Covid-19 response, Villafuerte appealed to all Filipinos to support the President’s appeal for the public to give House Bill (HB) 6608 a chance and wait for the Congress to hammer out what Marcos described as the “perfect” version of this sovereign fund.

its four weeks of campaign of encouraging schools to raise their vaccination rate.

Tambak Primary School (Maguindanao II) bested all other schools under the non-city category while Maloong Legion Elementary School (Lamitan City) topped the city category.

The contest also recognized four other schools: South Park Elementary School (Lanao del Sur I), Brawarbatew Elementary School (Maguindanao I), Jolo National High School (Sulu), and Mahad Shuhada Al-Islamiya Inc.

The four schools achieved 85 percent Covid-19 vaccination coverage for both learners and school personnel.

The “Get Vaxxed to Win” contest was opened to all public and registered private schools, including accredited Madaris institutions in the region from October 24 to November 18 this year. Qualifiers must have at least 85 percent Covid-19 vaccination coverage for both learners and school personnel.

The awarding ceremony was done on December 7, after the Bangsamoro government also concluded the first-ever BARMM education summit at the SMX Convention Center, Lanang in Davao City.

The Ministry of Basic, Higher, and Technical Education (MBHTE) organized the summit and the awarding at the sideline of the summit.

“I want to emphasize that the MBHTE fully supports the BARMM Government’s initiative to intensify our vaccination program and protect ourselves from Covid-19,” said Education Minister Mohagher Iqbal.

Iqbal said the return of face-to-face learning put more importance to vulnerable and immunocompromised individuals and children in school and at home to be protected.

The rise in numbers of infected people will create an unsafe environment for students, teachers and non-teaching staff,” he said. Manuel T. Cayon

President Marcos last week endorsed HB 6608 as an urgent bill, enabling the House to pass it on second reading and then on third reading (by a 279-6 vote) before Congress went on its annual Christmas break from December 17 to January 22, 2023.

“ The President has said that it was his idea regarding the MIF, and that our people should give it a try and let the Congress come up with a bill acceptable to the people and with the proper safeguards,” Villafuerte, who is majority leader of the Commission on Appointments (CA), said at the CA committee hearing on the designation of erstwhile University of the Philippines economics professor Arsenio Balisacan as director-general of the National Economic and Development Authority and concurrent Socioeconomic Planning Secretary.

DAVAO CITY—The Information Communication Technology (ICT) sector here has a pool of globally-competitive skills, but for the most part, remained untapped, the ICT Davao said.

Yet, its inventory of 70,000 ICT workers hired by companies and government offices would roughly contribute P1.26 billion to the city economy, said Belinda Torres, vice president of ICT Davao.

In a belated Philippine Information Agency dispatch, the ICT Davao said the financial contribution to the city economy was based on the conservative assumption that the 70,000 workers have an average monthly salary of P18,000.

W hile the total number of ICT workers remained largely untapped although they have been employed, the ICT Davao and the city government projected a need to increase it to as many as 150,000 by 2028 to meet the demands of local business

establishments and government and private offices.

He said small businesses offering ICT services have sustained their operations even during the Covid-19 pandemic because of the continued local demand, as well as the need by foreign companies for talents such as those that could be offered by the Davao City-based ICT personnel.

“ The talents that we have groomed here and grew here are more than capable of being able to build something of value to the global stage,” the PIA dispatch said, quoting John Naranjo, owner of the software development company called Ingenuity.

He said the ICT MSMEs (micro, small and medium scale enterprises) like his Ingenuity “are thriving because of these talented and creative ICT workers.” He said nearly all of its clients are overseas-based companies.

I would say 80 percent to 90 percent of our clients are international clients. It was actually during the pandemic we got busy with local projects because we felt we were needed by our countrymen during that time,” Naranjo said.

Living sensibly must be our goal for 2023

prudence during these uncertain times. While we’d never encourage you to curtail your dreams, ensuring your goals are sensible is equally important as dreaming big. Now may be a good time to reassess, change, or adjust according to your situation as things have changed.

Contribute: The markets have been choppy this year, but there’s still a good time to invest. In the spirit of sensibility, perhaps the best thing we can do to shore up our future is convincing others to invest jointly with us.

you’ve got three, go for six. Beyond that, it’s up to your discretion and comfort level, but it never hurts to save a little extra.

W hile I am focusing on what we need to do as individuals in 2023, I am clear in my mind that the Marcos administration has to focus on the same kind of sensibilities in 2023. The government and the private sector must agree that we have to turn things around in 2023:

Re: Think, Re: Duce, Re: Use; Re: Cycle!

By Henry J. Schumacher

THE collective goals of a society change over time, usually in the direction of broad trends and in response to recent events. We’ve experienced a lot of change in recent years, and it seems to have made an impact on us, imprinting itself on our goals.

L ooking at the world in general and at the Philippines specifically, optimism is out, pragmatism is in, and 2023 looks to be the year of living sensibly.

Get in on the movement

Reassess: With the top 3 resolutions for 2023 being saving more, paying off debt, and spending less, goals seem to be shifting toward

Check your debt: Interest rates are on the rise across the board, and high-interest debt is one of the most prominent victims. If you’re carrying a balance, it’s important to stay up to date on the rate you’re paying as it often increases quietly. Subsequently, let this create a greater sense of urgency for paying down that debt too.

Reduce expenses: Spending less money is a top-voted resolution for 2023, and it might not be such a bad idea. Inflation is still historically high, interest rates are rising, budgets are shrinking, and layoffs are coming. In one way or another, it’s likely the ripples of all this will impact us all eventually, so creating some space in our budget is a smart move.

Expand our saving: For similar reasons cited above, it’s a better time than ever to expand on our emergency fund and savings. If you only have a month of expenses saved, now’s the time to shoot for three. If

And finally, let’s not copy Europe:

“Bags of cash” have been found at the homes of four European politicians. They’ve allegedly been paid hundreds of thousands of euros to do the bidding of the Qatari government. If true, this is one of the biggest lobbying scandals in European history.

T his corruption scandal is only possible because the European rules on lobbying are lax and outdated.

T he Qatari bribery scandal must be a wake-up call. The credibility of the whole European Union is at stake.

Unless we change the rules of the game, this could happen again and again. We urgently need a full inquiry into the scandal and stricter rules to fight corruption and bribery.

I wish you and your family a Merry Christmas; if you have comments, please contact me at hjschumacher59@ gmail.com

279 rogue cops dismissed from July to Dec. 7–PNP

By Glen Jacob Jose

ATOTAL of 279 erring police officers have been dismissed from the service under the administration of President Ferdinand R. Marcos Jr., the Philippine National Police (PNP) announced on Monday.

C iting latest data, PNP chief Gen. Rodolfo Azurin Jr. said that from July 1 to December 7, 2022, a total of 1,211 PNP personnel were meted with various sanctions—ranging from withholding of privileges to outright dismissal from the service.

Out of this number, 279 personnel have been dismissed for different administrative cases lodged against them, 79 were demoted, 472 were suspended, while 381 personnel were meted with penalties of forfeiture of salary, reprimand, restriction and withholding of privileges.

The PNP will never tolerate any irregularity and breach of discipline in the police service. We will always be steadfast in our thrust to discipline our personnel while we value each and everyone’s welfare while serving the Filipino people,” Azurin said.

T he Internal Affairs Service (IAS) of the PNP has taken an aggressive tack in handling and investigating police personnel who were slapped with administrative charges.

Working hand in hand with the IAS is the PNP Integrity Monitoring and Enforcement Group, whose functions include receiving complaints and information against erring personnel and conducting relevant information-gathering activities, detecting and conducting intelligence buildup on the involvement of PNP personnel in illegal activities, acts of graft and corruption, and other crimes for the conduct of prompt countermeasures, and initiating law enforcement operations against rogue cops.

Meanwhile, the Police Regional Office 7 (PRO7) has recorded a decrease in administrative cases involving its personnel accused of committing various wrongdoings.

DA exec rules out option to import onion as farm harvest season starts

By Jasper Emmanuel Y. Arcalas @jearcalas

ANY plans to import onion any time soon to boost domestic supply and arrest rising prices of the commodity is off the table since local farmers are already harvesting, Senior Agriculture Undersecretary Domingo F. Panganiban said.

I n a press briefing, Panganiban emphasized that the Department of Agriculture (DA) will not authorize the importation of any onion, whether red or white, as some farmers have started harvesting, which he noted is expected to pick up starting next month.

Panganiban issued the statement

despite admitting that the country’s current onion supply is insufficient to meet domestic demand, especially during this Christmas season.

It is not sufficient. It is short. But we are harvesting now and next month, so why should we import? We have harvests in January and February,” he said on Monday.

T he DA earlier disclosed that it was tinkering about allowing the importation of onion as a measure to temper skyrocketing prices of the commodity amid thin supply.

Philippine Chamber of Agriculture and Food Inc. (PCAFI) President Danilo V. Fausto said any onion importation plans right now would be “ill timed” since some

farmers are indeed harvesting their produce already.

Fausto, however, urged the government to already be proactive in preparing for an onion importation program next year given that the country annually suffers from shortage of the commodity.

Fausto noted that the country lacks at least 40,000 metric tons (MT) in onion supply due to limited capacity of local production.

T he prevailing price of onion in Metro Manila markets has now reached P380 per kilogram from just P300 per kilogram last week, based on market reports of the DA.

A s early as August, the DA revealed the country would suffer

a shortage of key ingredients in making Filipino dishes, such as white onion and garlic, as total supplies, even with imports, are insufficient to meet overall demand for the commodities.

In October, the DA was forced to issue a suggested retail price (SRP) on red onion at P170 per kilogram in its bid to address the rising prices of the commodity in the market. (Related story: https://businessmirror. com.ph/2022/10/11/da-issuessrp-for-red-onions-sold-in-metro-wet-markets/)

T he DA decided not to issue import permits for another round of white onion importation earlier this year to prevent farm-gate prices from

being depressed.

T he Philippines self-sufficiency ratio (SSR) in onions last year fell to a three-year low at 68.2 percent, PSA data showed. This meant that nearly 7 out of 10 onions consumed in the country are locally produced.

T he PSA defines SSR as the “magnitude of production in relation to domestic utilization.” It is the extent to which a country’s supply of commodities is derived from its domestic production or the extent to which a country relies on its own production resources.

T he Philippines produced 218,047 metric tons of onion last year and imported 101,681 metric tons of the commodity, based on PSA data.

ARTA outlines key priorities

By Andrea E. San Juan

By Rex Anthony Naval

THE Aviation Regiment of the Philippine Army’s (PA) humanitarian assistance and disaster relief (HADR) capability is expected to get a much needed boost with the Japan Ground SelfDefense Force’s (JGSDF) pledge to provide it with a number of UH-IJ utility helicopters.

“ The JGSDF pledged to transfer UH-1J utility helicopters to the PA through a government grant. This was announced during a sidebilateral meeting between the two Armies during the first-ever JapanPhilippine-US Trilateral Key Leaders’ Engagement at Camp Asaka, Tokyo, Japan on December 11, 2022,” Army spokesperson Col. Xerxes Trinidad said in a news statement issued on Monday.

T he donation of these UH-1J helicopters are expected to be received two to three years from now.

T he UH-IJ is manufactured by Japan’s Fiji Heavy Industries. Trinidad said this donation will

significantly boost the capabilities of the Army Aviation Regiment in the field of HADR, medical evacuation, transport of personnel and supplies and for damage assessment flights in times of national emergencies and calamities.

I n the same meeting, PA chief Lt. Gen. Romeo S. Brawner Jr. discussed with JGSDF Chief-of-Staff, Gen. Yoshida Yoshihide potential areas of military cooperation to include capability development, training and exercises, as well as defense materiel assistance.

T he PA chief also expressed hope that this nascent partnership would bring about mutually beneficial outcomes for both the PA and JGSDF.

As we all know, the Philippines and Japan are within the Pacific Ring of Fire and we experience so many disasters every year. By collaborating, all of our Armies will be able to cooperate on ensuring that our people are safe as we face the various calamities that come to our land every year,” Brawner said.

By Ma. Stella F. Arnaldo @akosistellaBM Special to the BusinessMirror

THE lack of direct flights to the Philippines is one of the major challenges in attracting more foreign visitors.

“

I’ve just returned from Saudi Arabia in Riyadh and attended the World Travel and Tourism Council and the outlook for the Philippines in Saudi Arabia and in that side of the world is very optimistic,” said Tourism Secretary Christina Garcia Frasco after the recent launch of the Bisita, Be My Guest Program. (See, “DOT relaunches travel incentive program for overseas Pinoys,” in the BusinessMirror , December 15, 2022.)

“I had a listening tour with stakeholders in that region, and they’re very excited to partner with the

Philippines to be able to harness the Middle Eastern market for us, but admittedly, we really have to focus on accessibility, that is, the availability of flights. We’re also working hard and ensuring that we improve the tourism conditions in the Philippines through infrastructure access, connectivity, and the like,” she added.

W hile the Philippines has direct flight routes between its other major destinations like Cebu and Davao with Asian countries, only Manila has direct flights with key cities in the United States and the Middle East. The country has no direct flights with Europe, one of the key source markets for longer-staying, higher-spending tourists. Other Asean neighbors like Thailand and Vietnam, for instance, have direct flights to Europe, pushing their arrivals this year.

Despite the challenges in direct

flight connectivity, the Philippines managed to attract some 2.5 million foreign tourist arrivals from February to December 18, and earning for the country about $2.34 billion, or some P131 billion, in visitor receipts as of October, still below pre-pandemic levels. But Frasco expressed confidence the country can attract some 4.8 million foreign tourists, and visitor receipts of $5.85 billion (P328 billion) in 2023.

In her yearend media briefing on Monday, the DOT chief clarified though next year’s arrivals “may be a moving target, in a sense, as we continue to improve the enabling mechanisms for tourism into the Philippines, we are confident that while we will lay this down as a benchmark, we will try as best we can to have an even more optimistic number of arrivals in the year to come.”

A mong the projects to be

THE Anti-Red Tape Authority (ARTA) on Monday unveiled its key priorities for 2023, including targeting to cover around 3,000 government agencies, state universities and colleges (SUCs), and government-owned and -controlled corporations (GOCCs), in its report card survey.

Ernesto V. Perez, ARTA director general, said the anti-red tape watchdog is eyeing to cover around 3,000 agencies in its Report Card Survey in 2023. The said survey subjects all offices and agencies providing government services.

F or the meantime, however, Perez said the ARTA has rolled out the pilot version of the survey last November, which, he said included 40 compliant agencies.

“Lahat naman ng sectors covered natin kaya lang in view of limited time pilot testing, we only targeted 50 pero represented naman noon national government agencies, local government units [LGUs], GOCCs, and SUCs,” Perez told reports at the sidelines of a media briefing on Monday.

Perez said out of the 50 agencies targeted to be included in the pilot rollout, 10 did not qualify  in the survey because they were not able to comply with the requirements outlined by ARTA.

T he anti-red tape watchdog launched the Report Card Survey 2.0 in hopes of keeping tabs on government agencies and mitigating regulatory roadblocks in terms of the delivery of government services.

This survey, the authority noted, also aims to keep in check if agencies are complying with the Ease of Doing Business (EODB) law.

A s to the manner of obtaining the results of the survey, the ARTA chief said the anti-red tape watchdog aims to roll out the survey by conducting interviews either physically or through online filing and processing of applicants.

A RTA is set to give recognition to the government agencies that obtained a grade higher than 85. Perez said getting a rating of 85 and above in the said survey is equivalent to being compliant with their requirements.

On the other hand, Perez said a marking below 85 “needs improvement.”

Perez gave a hint that among

national government agencies, the Department of Trade and Industry (DTI) qualified. Meanwhile under the GOCC classification, Perez said the Philippine Health Insurance Corporation (PhilHealth) also qualified.

Under the SUCs, the University of the Philippines (UP) also qualified, making it among the 40 agencies that qualified for the pilot survey, which was conducted during the last week of October until November.

Perez said intensifying its efforts through this poll is only among the authority’s key priorities for 2023. Other programs, which will be strengthened next year are the National Policy on Regulatory Management System and the Philippine Business Regulations Information System (PBRIS).

Citing Section 2, Rule 12 of the Implementing Rules and Regulations (IRR) of RA 11032, ARTA said last September that the report card survey will serve as a “holistic tool that will measure effectiveness of the Citizen’s Charter in reducing regulatory burdens and the impact of the human resource systems and programs in delivering efficient government service.”

launched by the agency next year are a Tourism Assistance Call Center, the “continued improvement” of the entry protocols into the Philippines, an improved Travel Philippines app by the DOT’s marketing arm, the Tourism Promotions Board, the promotion of Philippine destinations as a site for foreign film productions, among others.

To boost foreign arrivals into the country, the DOT is working with the Department of Foreign Affairs, the Bureau of Immigration and its parent unit, the Department of Justice for an e-visa system that will initially target China and India.

OIC-Undersecretary Verna C. Buensuceso said the technical working group, “[Will] identify areas where we can facilitate entry into the Philippines through facilitating our visa regulations and requirements.” Said countries

Leyte rebel returnees receive agri landholding under CARP

REBEL returnees from Leyte are the latest agrarian reform beneficiaries who received land under the Comprehensive Agrarian Reform Program (CARP), the Department of Agrarian Reform (DAR) said.

Municipal Agrarian Reform Program Officer Maximo Castañeda Jr. distributed 31 individual Certificates of Land Ownership Award (CLOAs) covering 39.9 hectares to the agrarian reform beneficiaries (ARB) during a simple ceremony held recently in Barangay Enage where the subject

landholding is located.

Ten of the 31 ARBs are former rebels, DAR’s contribution to the National Task Force to End Local Communist Armed Conflict (NTFELCAC) under Executive Order (EO) No. 70, series of 2018.

“Providing lands to the landless gives these former rebels the support they need as they start over a new life,” said Castañeda.

T he awarded lots are part of the 58-hectare hacienda owned by Caridad Enage that was covered by CARP.

Under EO No. 4 of President Ferdinand R. Marcos Jr., land amortization payments are suspended for one year.

During the event, Castañeda also shared a priority bill of the Marcos administration which, when approved, will allow ARBs to receive their lands for free, and that they will no longer need to pay amortizations and interest payments, soliciting cheers and applause from the beneficiaries and their families.

Widower Romeo Cuizon, 67, re -

ceived the maximum 3 hectares a beneficiary could avail of.

Cuizon said he started working in the hacienda when he was only 15 years old, helping his tenant-father until he became one of the tenants too.

“As gratitude for this blessing, I will donate 2,000 square meter for our association’s office,” Cuizon said.

Presently, the Enage Agrarian Reform Farmer Beneficiaries Association’s center stands temporarily on a private lot. Jonathan L. Mayuga

have big tourism market volumes, but have a limited number of Philippine embassies and consular services, she explained.

Of the 2.5 million arrivals this year, foreign tourists accounted for 75.5 percent at 1.86 million, while overseas Filipinos were 603,755.

The major tourism markets from February to December 18 were: the United States at 461,967; South Korea 387,780; Australia 122,971; Canada 112,015; the United Kingdom 93,440; Japan 91,557; Singapore 50,964; India 49,330; Malaysia 44,357; and Vietnam 37,028.

for 2023 Japanese ‘Huey’ helicopters seen boosting Army’s HADR capability DOT targets 4.8-million foreign tourists, $5.8-billion visitor receipts in

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Basic Qualification: Proven experience as mandarin field service coordinator, excellent communication, interpersonal and presentation skills.

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China reports 2 Covid deaths but numbers don’t stack up

By Jennifer Creery & Jinshan Hong

MORE than a month after China started seeing an exponential surge in Covid cases, the country has only reported two virus deaths, defying the experience of other, more vaccinated and better resourced places as they reopened and fueling suspicion the true scale of fatalities is being hidden.

The swift abandonment of Covid Zero has seen infections explode, especially in Beijing, which has seen shortages of medicine, overwhelmed hospital staff and deserted streets as residents stay home sick or to avoid the virus. That aligns with what other places experienced as they shifted from eliminating Covid to living with it—except for the lack of officially reported deaths.

Over the weekend, China reported its first fatalities since Covid Zero was dismantled earlier this month. In total, the country has declared just 11 Covid deaths among its 1.4 billion people since Nov. 19, which was more than a week after the government’s first tentative steps toward loosening virus policy.

“The very few Covid deaths reported so far are suspiciously low,” said William Schaffner, an infectious disease expert at Vanderbilt University’s medical school in Tennessee. He said a rapid increase in infections is typically followed by a rise in Covid-related deaths a week or two later.

“China has under-vaccinated its population, particularly older persons,” Schaffner said. “Thus, we continue to interpret data on Covid from China with a grain of salt.”

Reports on the ground suggest Beijing is seeing a wave of fatalities,

with crematorium workers and relatives suggesting at least tens of people have died infected with Covid. The news of the two most recent deaths were among the top trending topics on China’s Twitterlike Weibo, with more than 200 million views on Monday, and social media users questioned whether there were more fatalities that hadn’t been reported.

That’s stoked speculation officials and hospitals may be attributing deaths from the virus to other ailments as outbreaks mushroom, with Caixin reporting that China had narrowed guidelines for what counts as a Covid death. New guidance was issued on Dec. 6 that notes that some patients who were Covid-positive died from underlying illness, and medical facilities have 24 hours to ascertain a person’s cause of death, it said, without saying where it got the information. Previously, anyone who died while Covid-positive was considered a Covid death.

China’s death toll is far lower than more vaccinated countries that went through reopening waves.

When Omicron hit South Korea, the country swiftly reported fatalities and daily deaths climbed to more than six per 1 million people as infections swelled. Meanwhile, Australia and New Zealand saw

deaths pass three per-million a day at the peak of outbreaks after they left elimination behind. Even Singapore, which had a wellplanned and gradual shift away from quashing all cases, saw a bit more than a month between its first Omicron case and fatality and ultimately experienced an increase in deaths to about two per-million daily.

Hong Kong—where Omicron rampaged though the city’s undervaccinated elderly, recording the deadliest outbreak in the world at one point—reported its first fatalities in early February. That was about three weeks from when the city said the virus was spreading locally. More than 10,800 people in the financial hub have died of Covid this year, versus China’s official death tally for the whole pandemic of a little over 5,000.

The low fatality rate so far also flies in the face of China’s own experience. Shanghai reported its first Covid deaths in mid-April, less than three weeks into a brutal two-month citywide lockdown and with fewer than 30,000 cases a day. By late-May, when the outbreak had largely abated, more than 580 people had died.

It’s in China’s interests to obscure or downplay the death toll,

given the way it’s approached Covid from the time it emerged.

The government has spent most of the past three years casting China’s containment of Covid and low death toll as proof of the superiority of the Communist system. Now, amid the whipsaw pivot, officials are playing down the virus, with one top health adviser saying it could even just be called a “cold”. Covid policy is inextricably tied to President Xi Jinping, who is looking to cement his power after securing a third term in October and installing a cabal of new leaders.

All the evidence suggests China is headed for a more severe pandemic exit than other ex-Covid Zero countries.

The elderly are a particular concern. Unlike other countries that prioritized vaccinating residents of aged-care facilities, China’s elderly have proved difficult to persuade and the group remains extremely under-vaccinated. Just 40 percent of people older than 80 had received a booster by late-November and—while there’s been a recent push to inoculate older people—the figure likely remains low given the lack of mandates, as other countries deployed. With assistance from Dong Lyu, Claire Che and Zibang Xiao/Bloomberg.

Pakistani Taliban overpower guards, seize police center

By Riaz Khan & Munir Ahmed The Associated Press

PESHAWAR, Pakistan—

Several Pakistani Taliban detainees have managed to overpower their guards at a counter-terrorism center in northwestern Pakistan, snatching police weapons and taking control of the facility, officials said Monday.

The militants at the detention center in Bannu, a district in the Khyber Pakhtunkhwa province and part of a former tribal region, also took police and others inside the compound hostage, according to Mohammad Ali Saif, a spokesman for the provincial government.

Officials say at least 30 Taliban fighters are involved in the takeover and that there could be as many as 10 hostages being held.

The brazen action reflected the Pakistani government’s inability to exercise control at all times over the remote region along the border with Afghanistan. The Pakistani Taliban are a separate group

but also allied with the Afghan Taliban, who seized power in the neighboring country last year, as US and Nato troops were in the final stages of their pullout from Afghanistan.

Few other details have emerged about the incident, which started late on Sunday— apparently while police were interrogating the Taliban detainees, according to Saif.

By Monday morning, Pakistan had dispatched military troops and special police forces to the area as security official were trying to negotiate with the hostagetakers. Saif said the place was surrounded and that an operation was underway. He did not elaborate.

Authorities were still in talks with the hostagetakers, enlisting the help of several relatives of the Taliban insurgents, security officials told The Associated Press. They spoke on condition of anonymity because they were not authorized to talk to reporters.

The officials said some

soldiers were also among the hostages. There were concerns that the military could storm the facility if negotiations fail.

In a video message circulating on social media, the hostagetakers threatened to kill the officers if their safe passage was not quickly arranged by the government.

Mohammad Khurasani, a spokesman for the Pakistani Taliban—also known as Tehreek-e-Taliban Pakistan or TTP—confirmed the incident. He said some of the hostagetakers were members of the Pakistani Taliban who had been detained for years. Khurasani said the TTP fighters were demanding safe passage to North or South Waziristan.

Those areas were a Taliban stronghold until a wave of military offensives over the past years declared the region cleared of insurgents. Since then, TTP’s top leaders and fighters have been hiding in neighboring Afghanistan though the militants still have relatively free reign in patches of the province.

Earlier, in a video message,

the hostage-takers had demanded they be airlifted to Afghanistan but Khurasani said that demand had been made by mistake, since their fighters were not aware—due to their prolonged detention— that TTP now “enjoys control in some” parts of Khyber Pakhtunkhwa, near the Afghan border.

The Pakistani Taliban have stepped up attacks on security forces since last month, when they unilaterally ended a monthslong cease-fire with the Pakistani government. The violence has strained relations between Pakistan and Afghanistan’s Taliban rulers, who had brokered the cease-fire in May.

The TTP has waged an insurgency in Pakistan over the past 15 years, fighting for stricter enforcement of Islamic laws in the country, the release of their members who are in government custody and a reduction of Pakistani military presence in the country’s former tribal regions.

Ahmed reported from Islamabad.

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

North Korea says rocket launch was test of first spy satellite

By Hyung-Jin Kim Associated Press

SEOUL, South Korea—North Korea said Monday it fired a test satellite in an important final-stage test for the development of its first spy satellite, a key military capability coveted by its leader Kim Jong Un along with other high-tech weapons systems.

The North’s official Korean Central News Agency also released black-and-white photos showing a space view of the South Korean capital and Incheon, a city just west of Seoul, in an apparent attempt to show the North is pushing to monitor its rival with its advancing technologies.

The rocket carrying the test satellite was launched Sunday to assess the satellite’s photography and data transmission systems, KCNA said.

The country’s National Aerospace Development Administration called the test results “an important success which has gone through the final gateway process of the launch of reconnaissance satellite.” It said it would complete the preparations for its first military reconnaissance satellite by April next year, according to KCNA.

“From the images released, the resolution does not appear to be so impressive for military reconnaissance,” Soo Kim, a security analyst at the California-based RAND Corporation, said. “I’d note, however, that this is probably an ongoing development, so we may see more improvements to North Korea’s military reconnaissance capabilities over time.”

South Korea, Japan and US authorities had said Sunday they had detected a pair of ballistic missile launches by North Korea from its northwestern Tongchang-ri area, where the North’s satellite launch pad is located. They said the two missiles flew about 500 kilometers (310 miles) at a maximum altitude of 550 kilometers (340 miles) before landing in the waters between the Korean Peninsula and Japan. This could mean North Korea might have fired a missile or two to send the test-piece satellite into space.

A spy satellite was on a wish list of sophisticated military assets Kim announced during a ruling party meeting early last year, together with multi-warhead missiles, solid-fueled long-range missiles, underwater-launched nuclear missiles and nuclear-powered submarines. Kim has called for such high-tech weapons systems

and an expanded nuclear arsenal to pressure the United States to abandon its hostile polices on North Korea, an apparent reference to US-led sanctions and the US-South Korean military drills that North Korea views as an invasion rehearsal.

North Korea has since taken steps to develop such weapons systems. In February and March, North Korea said it conducted tests to check a camera and data transmission systems to be used on a spy satellite. In November, it test-launched its developmental, longest-range Hwasong-17 intercontinental ballistic missile, a weapon believed to be designed to carry multiple warheads. Last week, North Korea said it performed a “high-thrust solid-fuel motor” to be used for a new strategic weapon, an apparent reference to a solid-fueled ICBM.

Ankit Panda, an expert with the Carnegie Endowment for International Peace, said that North Korea will likely make a proper orbital launch for a reconnaissance satellite next April—probably around April 15, the birthday of Kim’s late grandfather and state founder Kim Il Sung. The day is one of the most important state anniversaries in North Korea.

Earlier this year, North Korea test-launched a record number of missiles, many of them nuclear-capable missiles with varying ranges to reach the US mainland and its allies South Korea and Japan. It also legislated a law authorizing the preemptive use of nuclear weapons on a broad range of scenarios, causing security jitters in South Korea and elsewhere.

North Korea has avoided fresh UN sanctions for those moves, however, because UN Security Council permanent members Russia and China won’t support US attempts to impose them.

“Having codified his country’s nuclear law earlier this year, tested missiles of varying capabilities, and made it very clear he has no interest in diplomacy with the US and South Korea, Kim has essentially paved the way for nuclearization,” Soo Kim, the analyst, said. “He’s lent the appearance that the only possible way out of this quagmire is for the international community to fold the conditions set forth by the regime.”

She said a handful of other high-priority geopolitical concerns involving China and Russia “has allowed Kim to buy time and the grace of the international community to push forward with his plan.”

Thailand navy searching for 31 sailors in water after ship sank

BANGKOK—Thai navy ships and helicopters were searching on Monday for more than two dozen sailors still missing more than 12 hours after a warship sank in rough seas overnight in the Gulf of Thailand.

As of noon, 75 sailors from the HTMS Sukhothai corvette had been rescued and 31 were still in the water, the navy said. The high waves that caused the accident had lessened since Sunday night’s sinking, but were still high enough to endanger small boats, the navy announced.

A rescued crewmember interviewed by Thai PBS television said he had to float in the sea for three hours before he was rescued. He said that the ship was buffeted by waves 3 meters (10 feet) high as it was sinking Sunday night, complicating rescue efforts.

“The waves are still high and we cannot search for them from the horizontal line. We have to fly the helicopters and search for them from a bird’s eye view instead,” navy spokesman Adm. Pokkrong Monthatphalin told Thai PBS.

Strong winds blew seawater onto the HTMS Sukhothai and

knocked out its electrical system Sunday evening, making control of the ship difficult. The navy dispatched three frigates and two helicopters with mobile pumping machines to try to assist the disabled ship by removing the seawater but it couldn’t do so because of the strong winds.

The loss of power allowed more seawater to flow into the vessel, causing it to list and sink.

The warship had been on patrol at sea 32 kilometers (20 miles) from the pier at Bangsaphan district in Prachuap Khiri Khan province. Pokkrong said the ship had been on its regular patrol to assist any fishing boats needing help.

“Our top priority now is to rescue all the sailors. We will plan to have the ship salvaged later,” he said. The search was being conducted in an area of 16 square kilometers (6.2 square miles) around the site of the sinking.

While northern and central Thailand are seeing their coldest temperatures of the year, far southern Thailand has been experiencing storms and flooding in recent days. Ships were warned to stay ashore. AP

A WOMAN watches the transfer of a deceased body wrapped in yellow to a vehicle parked next to a fever clinic in Beijing on Monday, December 19, 2022. Chinese health authorities on Monday announced two additional Covid-19 deaths, both in the capital Beijing, that were the first reported in weeks and come during an expected surge of illnesses after the nation eased its strict “zero-Covid” approach. AP/ANDY WONG

World

Oil advances on China’s growth pledge and US move to refill SPR

By Yongchang Chin

OIL rose at the week’s open following a pledge from China to revive consumption as Covid Zero is abandoned and a plan from the Biden administration to begin refilling the nation’s strategic crude reserves.

West Texas Intermediate rose toward $75 a barrel after losing almost 4% in the final two sessions of last week. President Xi Jinping said restoring and expanding consumption should “take the precedence” as leaders concluded a meeting to set priorities for 2023. That pledge may help buttress energy demand even as Covid cases surge and the reopening process turns bumpy.

In the US, authorities are moving to replenish the Strategic Petroleum Reserve, starting with a 3-million barrel, fixed-price purchase, the Department of Energy said on Friday. The announcement caps a year that saw President Joe Biden order an unprecedented release from the SPR to help curb soaring domestic energy costs,

which spiked after Russia’s invasion of Ukraine.

Oil is still headed for a second monthly loss as concerns about recessions in the US and Europe mounted, with central bankers continuing to tighten policy. In addition, Russian flows have so far proved to be resilient as a price cap imposed by the Group of Seven and European Union hasn’t led to major disruptions. Among major buyers, India said it doesn’t expect problems.

China’s drive to “expand consumption as the key economic priority for 2023” is helping to “paint a better demand outlook for oil,” said Charu Chanana, market strategist for Saxo Capital Markets Pte in Singapore, who also cited the SPR refill news as contributing to crude’s gains.

Time spreads continue to hold in contango, signaling ample near-term supply. Brent’s prompt spread—the gap between the two nearest contracts—was 43 cents a barrel in contango. The figure was 35 cents a barrel last week.

Bloomberg News

11 people injured amid turbulence on Hawaii flight

By AUDREY McAVOY Associated Press

HONOLULU—Severe turbulence rocked a flight from Phoenix to Honolulu on Sunday, seriously injuring 11 people in what a Hawaiian Airlines official called an isolated and unusual event.

Jon Snook, the airline’s chief operating officer, said the airline hasn’t experienced “an incident of this nature in recent history.” The flight was full, carrying 278 passengers and 10 crewmembers, he said during an afternoon news conference.

Jim Ireland, director of Honolulu Emergency Medical Services, said 20 people were taken to hospitals, including 11 people deemed to be in serious condition.

At least one person was reported to have been rendered unconscious but all patients were awake and talking when they arrived at hospitals, he said.

Patients suffered cuts, including to the head, as well as bumps and bruises. Some people were nauseous and vomited as a result of extreme motion, he said. Altogether 36 people received treatment.

“We are also very happy and we feel fortunate that there were not any deaths or other critical injuries. And we’re also very hopeful that all will recover and make a full recovery,” Ireland said.

Snook said three flight attendants were among those taken to hospitals.

Passenger Kaylee Reyes told Hawaii News Now that her mother had just sat down when the turbulence hit and did not have a chance to buckle her safety belt.

“She flew up and hit the ceiling,” Reyes said.

Snook said there was some internal damage to the aircraft during the turbulence. The seatbelt sign was on at the time, though some of those injured weren’t wearing them, he said.

Thomas Vaughan, a meteorologist with the National Weather Service in Honolulu, said there had been a weather advisory for thunderstorms that included Oahu and areas that would have included the flight path at the time of the incident.

The airline was aware of the weather forecast and the unstable air and weather conditions, but had no warning the particular patch of air where the turbulence

occurred “was in any way dangerous,” Snook said.

He didn’t know how much altitude the plane lost during the turbulence, saying that would be part of an investigation involving the National Transportation Safety Board. The plane’s flight data recorder would provide those details, he said.

The investigation would also address precisely what the passengers and crew were doing at the time, he said.

The Airbus A330-200 began its descent immediately after the turbulence and crew declared an emergency due to the number of injuries on board, he said. Air traffic controllers gave the flight priority to land.

The aircraft will undergo a thorough inspection and maintenance, mostly to fix components in the cabin, Snook said.

Snook said he could only speculate whether some passengers hit their heads, but that was likely based on the injuries and the damage to cabin paneling.

“If you don’t have your seatbelt on, you stay where you are as the aircraft goes down and that’s how those injuries occur,” Snook said.

The investigation will examine what other measures were taken, aside from turning on the fasten seatbelt sign, to ensure passengers were buckled in, he said.

In 2019, 37 passengers and flight crew members were injured when an Air Canada flight from Vancouver to Sydney hit intense turbulence about two hours past Hawaii. The Boeing 777-200 was diverted to Honolulu, where the injured received treatment. Thirty people were taken to hospitals and nine had serious injuries.

Over the Atlantic, a 2017 American Airlines flight from Athens hit severe turbulence along the New York coastline. Seven crew members and three passengers were injured.

Most people associate turbulence with heavy storms. But the most dangerous type is so-called clear-air turbulence. The windshear phenomenon can occur in wispy cirrus clouds or even clear air near thunderstorms, as differences in temperature and pressure create powerful currents of fastmoving air.

Planes can sail into clear-air turbulence without warning.

The Associated Press Writer Becky Bohrer in Juneau, Alaska, contributed to this report.

Saudi-Iran talks said to have stalled over protests in Iran

By Qassim Abdul-Zahra The Associated Press

BAGHDAD—Baghdad-mediated diplomatic talks between regional rivals Iran and Saudi Arabia have come to a halt, largely because of Tehran’s claims that the Sunni kingdom has played a role in alleged foreign incitement of mass antigovernment protests underway in Iran, multiple Iraqi officials said.

The talks had been lauded as a breakthrough that would ease regional tensions. Iraq’s new Prime Minister Mohammed Shia al-Sudani said last month after taking office that Iraq had been asked to continue facilitating the dialogue.

However, an anticipated sixth round of talks, to be hosted by Baghdad, has not been scheduled because Tehran refuses to meet with Saudi officials as protests in Iran enter a fourth month, according to the Iraqi officials.

“The Iranian-Saudi negotiations have stalled, and this will have a negative impact on the region,” said Amer al-Fayez, an Iraqi lawmaker and member of the parliamentary Foreign Relations Committee.

On his first official visit to Tehran in November, al-Sudani inquired about resuming the talks and mentioned he would be traveling to the Saudi capital of Riyadh soon.

But the Iranians told him they would not meet with Saudi counterparts and accused the kingdom of supporting country-wide protests in Iran through Saudi-funded media channels, according to an official who is a member of Iraq’s ruling Coordination Framework coalition, an alliance of mostly Iran-backed groups.

The details were confirmed by five Iraqi officials, including government officials, Iran-backed militia groups and Shiite Muslim political party figures. All spoke on condition of anonymity because they were not authorized to discuss the subject with the media.

Iran’s UN mission confirmed the talks had halted but did not provide an explanation. “The talks

between Iran and Saudi Arabia ceased before the recent developments in Iran, for a variety of reasons. It might be worth asking Saudi Arabia about them,” the mission said in a statement.

The kingdom did not respond to requests for comment.

Iran’s apparent refusal to continue with the talks is a setback for al-Sudani, who had hoped an ongoing Saudi-Iran dialogue would enable Iraq to buttress its role as a regional mediator. Halting the talks could have regional repercussions as well, with the two nations supporting opposing forces in several conflicts across the Middle East, including in Syria and Yemen, where Iran backs Houthi rebels fighting against the kingdom.

Iran accuses Saudi Arabia of funding the London-based Iran International, a news channel that has been reporting extensively on the protests that erupted in Iran in mid-September. The channel is owned by Volant Media UK, which includes Saudi shareholders with ties to the Saudi royal family.

Tehran was also irked by a joint statement issued after an ArabChina summit in Riyadh last week, according to an Iraqi official in the Foreign Ministry. In the statement, Saudi Arabia and China said they agreed to “strengthen joint cooperation to ensure the peaceful nature of Iran’s nuclear program,” while also calling on Iran to respect “principles of good neighborliness and non-interference in internal affairs of states.”

China has been a longtime economic partner to Iran, with bilateral relations centered on Beijing’s energy needs but also including arm sales. The deepening ties be -

tween the countries are also seen as strategic regional counterweight to the United States and its allies. Tehran is worried that improved economic ties between Beijing and Riyadh could unravel this status quo, Iraqi officials said.

Saudi Arabia, with a majority Sunni population, and Iran, which is majority Shiite, have been at odds since Iran’s 1979 Islamic Revolution, but relations worsened after the 2016 execution of Shiite cleric Nimr al-Nimr by Riyadh. The incident set off protests in Saudi Arabia and Iran, where demonstrators set fire to the Saudi Embassy in Tehran. Diplomatic relations soured after that.

Direct talks were launched in April 2021, brokered by Iraq, in a bid to improve relations. The mere existence of a dialogue was seen as important, even if the only notable result so far has been Iran reopening the country’s representative office to the Organization of Islamic Cooperation in the Saudi city of Jeddah.

Iran has been mired in antigovernment protests since Sept. 16, following the death of 22-year old Mahsa Amini in police custody, after she was arrested for allegedly violating the country’s strict Islamic dress code. From demonstrations calling for greater freedoms for women, the protests have become one of the greatest challenges to Iran’s theocracy since the chaotic years after the Islamic Revolution.

At least 495 people have been killed since the demonstrations started, according to Iran rights monitor HRANA, with reported

incidents of Iranian security forces using live ammunition, pellets and rubber bullets to disperse crowds. Over 18,000 people have been detained across dozens of cities.

Iran claims the protests are orchestrated by foreign agents, including the US and its regional allies. At the start of the protests, Tehran blamed Kurdish opposition groups exiled in Iraq for fueling the demonstrations and funneling weapons into Iran, without providing evidence for the claims. Iran unleashed a barrage of missile attacks into northern Iraq targeting the party bases, killing at least a dozen people.

Kurdish opposition groups have denied Tehran’s allegations that they smuggled weapons into Iran, and said their involvement was limited to standing in solidarity with protesters, especially in the Kurdish-speaking regions of Iran, and raising awareness globally.

Iran has continued to pressure Iraq to enforce stricter border controls.

The topic was broached again during al-Sudani’s visit to Tehran, officials said. Iraq has deployed specialized border forces to the area near its border with Iran. The forces are made up mainly of Kurdish soldiers to avoid tensions with the government of Iraq’s northern, semi-autonomous Kurdish region.

“Iran is now facing a real crisis,” said Ihsan al-Shammari, an Iraqi political analyst.

Iran, he said, is attempting to scapegoat other countries and groups, “in order to convince the Iranian people that the crisis is the result of foreign interference.”

5 dead and police kill suspect in Toronto area condo shooting

By Rob Gillies The Associated Press

TORONTO—Five people were shot and killed in a condominium unit a Toronto suburb and the gunman was killed by police, authorities said late Sunday.

C hief James MacSween of York regional police said one of

his officers shot and killed the suspect at a condo in Vaughan, Ontario.

“Horrendous scene,” MacSween said. “Six deceased. One of them is the subject. The other five are victims.”

He said a seventh person shot by the suspect was in the hospital and expected to survive.

MacSheen said he didn’t have

details on whether the shooter was a resident of the building.

Ontario’s Special Investigations Unit, which gets involved when there is a death or serious injury involving police, is investigating.

Police did not identify the suspect or name the deceased.

Police evacuated the building but MacSween said there is no further

threat to the community. He said they hoped to have residents back in their units within hours.

Mass shootings are rare in Canada and Toronto has long prided itself as being one of the safest big cities in the world.

Canadians are nervous about anything that might indicate they are moving closer to US experiences with gun violence.

IN this photo taken by an individual not employed by the Associated Press and obtained by the AP outside Iran, Iranians protests the death of 22-year-old Mahsa Amini after she was detained by the morality police last month, in Tehran on Thursday, October 27, 2022. Multiple Iraqi officials have told The Associated Press that Baghdad-mediated talks between Iran and Saudi Arabia have come to a halt. They say this is largely because of Tehran’s claims that Saudi Arabia has played a role in alleged foreign incitement of mass anti-government protests that erupted in September in Iran. AP/MIDDLE EAST IMAGES

editorial

UN involves women in pursuit of peace

The armed conflict in Mindanao started six decades ago when the Moro National Liberation Front started to advocate for a “Moro homeland.” The government deployed the military to stop the separatist group, resulting in armed confrontations and displacement of the civilian population—Muslims as well as Christians. In the 1970s, the government initiated peace talks and managed to obtain a peace agreement with the MNLF.

Republic Act 6734 created the Autonomous Region in Muslim Mindanao in accordance with a constitutional mandate to provide for an autonomous area in Muslim Mindanao. ARMM, however, fell into the hands of an inept leadership and miserably failed.

The Bangsamoro Autonomous Region in Muslim Mindanao was created after residents of the then-existing ARMM voted to ratify the Bangsamoro Organic Law in January 2019. The official turnover from the ARMM to BARMM took place on February 26, 2019, which meant the full abolition of the former. Murad Ebrahim took office as BARMM’s first chief minister.

A United Nations-sponsored program called Supporting Conflict Transformation Toward Effective Peace-building in the Bangsamoro Region (STEP-BARMM) was launched two years ago by the International Organization for Migration, UN Population Fund (UNFPA) and UN Women, with support from the UN Secretary-General’s Peacebuilding Fund, to harness the potential of women, indigenous communities and youth. The program sought to strengthen the capacities of key regional and local institutions to respond to conflict during the BARMM’s transition period.

The UN recently announced STEP-BARMM’s completion, with results that have significantly contributed to normalization under the peace agreement as well as inclusive peace building in the Bangsamoro region.

The UN empowered 2,000 former women combatants from the Bangsamoro Islamic Women’s Auxiliary Brigade (BIWAB) to successfully transition to civilian life as successful entrepreneurs, para-social workers with the Ministry of Social Services and Development, and peace and gender champions in their communities via support to 15 BIWAB cooperatives generating sustainable livelihoods, and training on gender-based violence and peace building, a key objective of the peace agreement’s normalization track.

STEP-BARMM mainstreamed conflict understanding and prevention in BARMM institutions. It worked with the Bangsamoro Women’s Commission to operationalize and localize the Regional Action Plan on Women Peace and Security in 22 LGUs and supported the Bangsamoro Youth Commission (BYC) in developing the BYC Youth Policy Manual to engage the youth in shaping future peace and development initiatives.

STEP-BARMM supported the establishment of the Peace, Security, and Reconciliation Office under the Office of the BARMM Chief Minister to reinforce security and conflict mediation under the transition.

This move fostered community resilience in conflict hotspots by strengthening community policing and establishing or reviving local institutions as inclusive platforms with community partners, non-Moro Indigenous Peoples community groups, and women conflict mediators to address increasingly inter-linked conflict and climate security risks requiring humanitarian, development, and peace building approaches.

“STEP-BARMM has provided an effective platform for stakeholders to come together and foster synergies and partnerships that will contribute to the creation of a more inclusive platform for peace building in BARMM,” said Director General Engr. Mohajirin T. Ali of the Bangsamoro Planning and Development Authority.

“In order to sustain these important peace building milestones, I emphasize the importance of strong partnership and collaboration between government and non-government stakeholders, as well as a whole-of-government/whole-of-society effort,” Ali added.

“Through the UN Peacebuilding Fund, the UN agencies have truly come together with government, civil society and communities to leverage our collective strength to support the Bangsamoro in the pursuit of peace as demonstrated by these achievements,” said Gustavo Gonzalez, UN Resident and Humanitarian Coordinator in the Philippines.

Ma. Rosalyn Messina, Country Program Coordinator of UN Women, said that the joint program “showcased what we can all do together to promote peace and transform communities we serve, especially our women.”

With the UN working with women, youth, and BARMM authorities, it is hoped that lasting peace will reign in the Bangsamoro region. Kudos to the two-year STEP-BARMM program, which helped reduce community-based conflicts by involving Muslim women in addressing community security and strengthening local economic empowerment.

Revenge spending and the economy

THE EnTrEprEnEur

YoU can never tell the rush hour in the country this Christmas season anymore. Roads, especially in Metro Manila, are jam-packed with motorists all day long, while malls are filled to the brim.

Revenge spending is very evident among Filipino consumers, after nearly three years of mobility restrictions. This spending spree has created monstrous traffic jams, but it is an unmistakable sign that the Philippine economy is in the pink of health.

More telltale signs are emerging that the economy is on a solid path to recovery despite lingering challenges, such as the elevated inflation rate that prompted the Bangko Sentral ng Pilipinas to adjust interest rates again.

Among these compelling indicators in the fourth quarter are the robust growth of exports, doubledigit increase in vehicle sales and the frenzied holiday spending. We have a rapidly growing economy, which no less than the Asian Development Bank has recently affirmed.

Exports in October surged 20 percent year-on-year to a record $7.7 billion. If the trend continues, our fourth-quarter gross domestic product growth could exceed the 7.6-percent expansion registered in the third quarter.

The growth of October exports

rode on the back of a 39.6-percent increase in sales of electronic products overseas. Electronics exports amounted to $5.10 billion in October and accounted for 66.3 percent of total exports during the month.

The cumulative export earnings in the first 10 months of 2022, per the report of the Philippine Statistics Authority, grew 6.3 percent to $66.01 billion from $62.10 billion in the same period last year. Imports of merchandise goods, meanwhile, rose 7.5 percent in October to $11 billion and by 22.7 percent in the first 10 months to $115.90 billion, as we purchased more fuel, machinery, transport equipment, raw materials and capital goods to kick-start our economic recovery this year.

Industry associations reported that sales of motor vehicles increased 34.2 percent in November to 34,037 units from 26,456 in the same period last year. Automotive sales recorded double-digit growths for nine straight months and may exceed the industry forecast of 336,000 units this year.

Total sales in the first 11 months

Who’s the oil Boss?

Revenge spending is very evident among Filipino consumers, after nearly three years of mobility restrictions. This spending spree has created monstrous traffic jams, but it is an unmistakable sign that the Philippine economy is in the pink of health.

of 2022 reached 315,337 units, up 31 percent from 240,742 vehicles delivered in the same period in 2021, underscoring the Filipino consumers’ pent-up demand, supported by improved business confidence and more relaxed mobility this year.

Auto sales are a critical economic indicator—they provide a snapshot of consumer demand for big-ticket items, such as property.

Revenge travel is fueling the growth of the transport sector. An average of 417,000 vehicles used Edsa on a daily basis in November and could reach 430,000 ahead of the Christmas celebration, per the report of the Metropolitan Manila Development Authority. Both numbers already surpassed the pre-pandemic level of 405,000 vehicles using Edsa in 2019.

Revenge travel likewise boosted inter-island traffic, now nearing pre-pandemic levels. The Philippine Ports Authority predicted that interisland traffic using Philippine ports could more than double to 57 million in 2022 from just 23 million in 2021.

Airlines are reopening international and domestic routes, as demand continues to rise, an evidence of the recovery of the tourism and travel sector.

Philippine tourism generated

P100 billion in receipts as of Nov. 15 since the government eased the border restrictions on foreign tourists on Feb. 10, 2022. International visitor arrivals breached the 2-million mark as of mid-November, exceeding the department’s full-year assumption of 1.7 million.

The reopening of the economy led to more business activities and stronger consumer demand. As a result, more Filipinos found jobs this year, with the unemployment rate down to 4.5 percent in October.

Given these latest data, the ADB, the Manila-based regional lender, has forecast that the Philippine economy may grow faster than previously anticipated, backed by strong domestic demand, rising employment and a recovery in tourism.

The ADB, in its latest supplement to the Asian Development Outlook 2022, now sees the country’s gross domestic product expanding 7.4 percent in 2022, faster than its September forecast of 6.5 percent. The multilateral bank upgraded its 2022 growth outlook for the Philippines, while lowering its estimate for other Asia-Pacific countries, underscoring the resilience of the local economy in the face of challenges, such as monetary policy tightening by central banks globally, the protracted Russian invasion of Ukraine and recurring lockdowns in China.

The favorable economic trend in the Philippines gives us enough reason to celebrate the Christmas season with greater optimism this year.

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

John Mangun

OuTSIDE THE BOX

DaTINg to the 4th or 5th century, from the midrash or rabbinical interpretation of the book of genesis comes “In the street of the blind, the one-eyed man is called the guiding Light.” That describes well the world and its relationship to the United States post-World War 2.

From the end of World War 2 to the early 1970s was one of the greatest eras of economic expansion for a country in world history. US Gross Domestic Product increased nearly 700 percent. Annual economic growth in the late 1940s averaged over 5 percent, and by the early 1950s had jumped to over 15 percent.

The USSR may have acquired nuclear weapons but was dependent on the world for grain to feed its people.

The Chinese nationalists fled, stripping the mainland of assets including gold, silver, and the dollar reserves. China’s agriculture was 30 percent below pre-war levels, domestic commerce had been destroyed, the currency was valueless, and the economy was based on barter.

The “Guiding Light” boomed militarily, economically, diplomatically, technologically, and it controlled global trade. It’s good to be The King.

In 1976 Washington went to Saudi with the “offer-you-can’trefuse”: we buy your oil in US dollars and you buy our Treasury bonds and weapons. And the petrodollar, now accounting for 80 percent of all oil trade, was born.

In 1972, the world was asked, forced, or slyly anticipated great economic benefits to accept the US dollar as the global reserve currency—the “gold standard”—with the US military enforcing and protecting that “standard.”

What a difference 50 years makes. I lost my hair and the US lost its position as “The King.”

It is difficult to understand how soft and hard power flows even when you try to sit on top of the mountain and look down on the big picture. If a single butterfly flapping its wings in Shanghai can cause a blizzard in New York City, multiply that a thousand times with a thousand different

levels of intensity.

Remember, “For the loss of the battle the kingdom was lost; All for the want of a horse-shoe nail.”

President Biden went to Saudi Arabia in July and received a “fistbump” from Crown Prince Mohammed bin Salman (MBS)—about as an Arabic greeting as a meal of pork adobo and lambanog. Biden also received a promise that “Saudi Arabia has committed to support the global oil market balancing for sustained economic growth.” Very true—sustained economic growth for Saudi Arabia.

October 21, 2022: “The Saudi-Led oil cartel Opec+ announced earlier this month that it was cutting 2 million barrels of oil per day.” December 9th: “Saudi crude output at 6-month low.” Any oil price decrease is because of lower demand.

December 14, 2022: No fistbump but “Saudi’s MBS rolls out the red carpet for China’s Xi, with four Royal Saudi fighter jets escorting Xi’s

Manny B. Villar

Sovereign wealth fund mulled before

Understanding ESG

LITO GAGNI

ThE hysteria that accompanied the establishment of a sovereign wealth fund, now just awaiting the approval from the Senate, should not have arisen if the government had bared the provenance for such a bill seeking for the creation of a Maharlika Wealth Fund (MWF).

For there was such a proposal made two years ago for such a fund to be established with the Bangko Sentral ng Pilipinas (BSP) early on identified to be the proponent for such sovereign wealth fund. In fact, a technical working group (TWG) was specifically created for such a fund that would be made to earn substantial sums for the government much like the other such funds such as that of Norway and Singapore, among others.

Budget Secretary Amenah Pangandaman, then BSP assistant governor, revealed in a recent news forum that two years ago, the Bangko Sentral created a technical working group to look into the feasibility of creating a sovereign wealth fund. She said that she became part of that TWG and they consulted with the World Bank, the International Monetary Fund (IMF), the Asian Development Bank (ADB) and Singapore’s Milken Institute to learn the best practices in putting up a sovereign wealth fund.

“It’s not rocket science,” she told the forum. “Sovereign funds have been in existence for around 200 years, and more than 100 countries have them.”

The budget chief also said that during their feasibility study, they saw a good model in the structure of the Indonesia Investment Authority or INA, which was established in 2020 at the height of the pandemic.

“When they created that fund, it was in the middle of the pandemic in 2020,” she said. “They started with only $5 billion. Now, it’s already $22.5 billion.” She further explained that, during those consultations, the ADB and the IMF both said establishing a sovereign wealth fund is okay, but they said the central bank should not do it because it’s not within the BSP’s mandate.

Thus, the bill that the House has now passed establishing a Maharlika Wealth Fund arose from the tied hands of the BSP due to its charter. And what the Fund’s proponents did was to ensure that there are governance and transparency issues included so as to forestall the possibility of putting the Fund’s money into questionable transactions, the main reason for the hysteria that accompanied the proposed fund.

Finance Secretary Benjamin Diokno, Neda Secretary General Arsenio Balisacan, and other topnotch investment professionals from the private sector have lent their voices

With the passage of the bill at the House on Thursday, we now only need a counterpart bill in the Senate to create the MWF for good. And while its chances of passing the Senate also look good, one thing is for sure: We have enough expertise and research done on the MWF, and we have people like Budget Secretary Pangandaman to turn to when we need some sober and expert voice on the matter.

to those pushing for the fund to allow the country to make better use of its money. In fact, proponents also took out the possible funding from the Social Security System to counter the hysteria over the Fund’s establishment.

Also, the proponents of the Fund saw to it that the bill contained governance and transparency issues to preclude possible investments that are deemed unworthy of the Fund’s investment. There was also the oversight committee from the vehicle plus at least five prior steps before the Fund can make its investments.

Imagine if that Fund had been established during the pandemic, the country could now be looking at least a three hundred percent rise in investments. So the government should be allowed to go on with the Fund’s establishment, as it is an idea that was long ago thought of. Two years ago, a TWG had thought of such a fund. But there was an issue in the proposal to have the BSP spearhead its creation.

Secretary Pangandaman said: “They told us we could, but we need to revise the mandate and the charter of the Bangko Sentral ng Pilipinas.” The sovereign fund idea was thus abandoned by the BSP due to restrictions in its charter.

The idea only resurfaced when a bill was filed at the House of Representatives in November proposing the MWF. With the passage of the bill at the House on Thursday, we now only need a counterpart bill in the Senate to create the MWF for good. And while its chances of passing the Senate also look good, one thing is for sure: We have enough expertise and research done on the MWF, and we have people like Budget Secretary Pangandaman to turn to when we need some sober and expert voice on the matter.

commodities markets, and most trade—is tied to the role of the US dollar as reserve currency.

airplane and cannons being fired when Xi’s plane landed. China is Saudi Arabia’s biggest trading partner, with China buying roughly a quarter of Saudi oil exports.

Here’s the story that the press/ media have yet to pick up its significance. Xi Jinping made an offer difficult for the Arabian Peninsula to ignore. China will be guaranteed buyers of its oil and gas; just pay China in yuan.

In 1976 Washington went to Saudi with the “offer-you-can’t-refuse”: we buy your oil in US dollars and you buy our Treasury bonds and weapons. And the petrodollar, now accounting for 80 percent of all oil trade, was born. Now, Beijing and Moscow have clearly identified how everything—the oil market, global

The use of the dollar is not going to disappear. But this serious move to the “Petro-yuan” is formidable. Opec+ and China effectively control the crude oil price as the largest supplier and user. China’s geopolitical and economic clout is massive, particularly with the “Belt-and-Road” and the Shanghai Cooperation Organization coming back in full swing after being shut down by Covid.

Will we see in the future a two tier-price structure for buying crude oil; one in USD and one in CNY? Care to make a wager which will be priced more advantageously for oil importers like the Philippines or India?

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.

Atty. Jomel N. Manaig

TAx LAw fOr BusINess

Conclusion

IN last week’s article, our elementary stroll opened our eyes to what Environmental, Social, and Governance factors are. But, as we already figured out last week, knowing the “what” of it all is just half the battle. Equally imperative for us is to also know the “why.” Why is ESG important?

Before we go any further, let me first say that ESG compliance is not a simple matter. It is not something that may be fully threshed out in a meeting over a pile of notes and a powerpoint presentation. So to prevent going down aimlessly at the rabbit hole of understanding ESG’s importance, we will wear a more focused lens and take aim at two crucial concerns: investments and taxes.

Ever since movements began to highlight corporate sustainability and responsibility, there has been a steady rise in ESG investing. Basically, ESG investing is an investment strategy used by institutional investors and fund managers that let ESG factors affect, if not determine, investment decisions. If a company has a good ESG rating, investors are more likely to invest in that company. On the other hand, if the ESG rating is poor, investors may shy away or even distance themselves from such company.

In a 2021 survey by Deutsche Bank Research, 75 percent of their investor-respondents said that ESG has some impact on their investment process. Among the three pillars, environmental factors are more important for European entities, while US firms are relatively more focused on social factors. Nonethe-

less, the respondents still perceive increased importance of ESG, as a whole, in the future.

In evaluating the ESG compliance of a potential investee-company, investors would rely on ESG disclosures in the financial statements. Some Asia-Pacific economies like Hong Kong, Japan, and Singapore have adopted various regulatory guidelines for mandatory ESG disclosure requirements. Similar requirements are also under various stages of discussion and adoption in the United States and the European Union.

Also, independent agencies are now providing ESG rating services to quantify the otherwise mainly qualitative ESG aspects of each corporation. Compliance then, at least in this aspect, is certainly not beyond reach. It should be noted though that in the absence of a global standard, these ESG rating agencies have largely adopted their own ratings framework.

In the Philippines, ESG is still a matter that takes up space largely as an unofficial concept. Discussions are there, even if barely, but application is close to non-existent. However, this does not mean that we should just shrug it away. Non-compliance with ESG requirements may remove Philippine companies from any pref-

Ever since movements began to highlight corporate sustainability and responsibility, there has been a steady rise in ESG investing. Basically, ESG investing is an investment strategy used by institutional investors and fund managers that let ESG factors affect, if not determine, investment decisions. If a company has a good ESG rating, investors are more likely to invest in that company. On the other hand, if the ESG rating is poor, investors may shy away or even distance themselves from such company.

erential investment list. Worse, they may be considered as undesirable investment destinations.

Lack of ESG regulation initiatives may likewise cause multinationals to forego investing in the Philippines as operating here may cause them compliance issues.

Aside from loss of investment opportunities, taxes are also a concern when it comes to ESG compliance due to the application of what is coined as “green taxes.” Green taxes are tax impositions computed on the basis of pollution, emissions, consumption of fuel and other natural resources, and carbon footprint, among others. Incentives may likewise be granted to corporations to encourage them to reduce environmental harm.

In Asia-Pacific jurisdictions like Cambodia, China, India, Japan, Singapore, and South Korea, among others, various green taxes are imposed against corporations. Examples of these taxes are the Carbon Tax, Single Use Plastic Tax, Excise Taxes on Automobiles and Fuels, Pollution Tax, and Energy Tax, to name a few.

Considering that the environment is one of the pillars of ESG, corporations would have more mo-

tivation to clean up their acts, pun intended. Should ESG disclosures become mandatory, tax authorities would easily be able to impose the appropriate green taxes commensurate to the environmental harm that a corporation causes. In order to escape this liability, corporations must do everything in their power to have an environmentally sound business practice.

It should be noted that green taxes, like carbon and pollution taxes, are not limited to the pollution that a corporation directly creates. It may include the pollution caused by those within the supply chain of the corporation. What corporation likes to pay additional taxes?

Despite its complexity, one reassuring thing is that everyone is still new at ESG. Everyone still has time and room to grow into it. The question for Philippine companies and regulatory agencies alike is that do we want to grow and mature together with other economies? Or will we join the party only when everyone else is starting to move on to the next big thing?

We have been enacting various amendments to our investment and tax laws for the better part of the past decade with the aim of shedding the title of the “Sick Man of Asia.” But perhaps, we should be more proactive to emerging trends. While we may no longer be Asia’s sick man, we are still always late to the party. Let us be early for once.

The author is a junior partner of Du-Baladad and Associates Law Offices (BDB Law), a memberfirm 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 jomel.manaig@ bdblaw.com.ph or call 8403-2001 local 380.

Jan. 6 panel pushes Trump’s prosecution in forceful finish

By Mary Clare Jalonick | The Associated Press

WAShINGTON—The house Jan. 6 committee is wrapping up its investigation of the violent 2021 US Capitol insurrection, with lawmakers expected to cap one of the most exhaustive and aggressive congressional probes in memory with an extraordinary recommendation: The Justice Department should consider criminal charges against former President Donald Trump.

At a final meeting on Monday, the panel’s seven Democrats and two Republicans are poised to recommend criminal charges against Trump and potentially against associates and staff who helped him launch a multifaceted pressure campaign to try to overturn the 2020 election.

While a criminal referral is mostly symbolic, with the Justice Department ultimately deciding whether to prosecute Trump or others, it is a decisive end to a probe that had an almost singular focus from the start.

“I think the president has violated multiple criminal laws and I think you have to be treated like any other American who breaks the law, and that is you have to be prosecuted,” Rep. Adam Schiff, D-Calif., a member of the panel, said Sunday on CNN’s “State of the Union.”

The panel, which will dissolve on January 3 with the new Republican-led House, has conducted more than 1,000 interviews, held 10 well-watched public hearings and collected more than a million documents since it launched in July 2021. As it has gathered the massive trove of evidence, the members have become emboldened in declaring that Trump is to blame for the violent attack on the Capitol by his supporters almost two years ago.

After beating their way past police, injuring many of them, the Jan. 6 rioters stormed the Capitol and interrupted the certification of President Joe Biden’s win, echoing Trump’s lies about widespread

election fraud and sending lawmakers and others running for their lives.

The attack came after weeks of Trump’s efforts to overturn his defeat—a campaign that was extensively detailed by the committee in its multiple public hearings. Many of Trump’s former aides testified about his unprecedented pressure on states, federal officials and on Vice President Mike Pence to find a way to thwart the popular will.

“This is someone who in multiple ways tried to pressure state officials to find votes that didn’t exist, this is someone who tried to interfere with a joint session, even inciting a mob to attack the Capitol,” Schiff said. “If that’s not criminal, then I don’t know what it is.”

Members of the committee have said that the referrals for other individuals may also include ethics violations, legal misconduct and campaign finance violations. Lawmakers have suggested in particular that their recommended charges against Trump could include conspiracy to defraud the United States, obstruction of an official proceeding of Congress and insurrection.

On insurrection, Schiff said Sunday that “if you look at Donald Trump’s acts and you match them up against the statute, it’s a pretty good match.” He said that the committee will focus on those individuals—presumably Trump—for whom they believe there is the strongest evidence. While a so-called criminal re-

At a final meeting on Monday, the panel’s seven Democrats and two Republicans are poised to recommend criminal charges against Trump and potentially against associates and staff who helped him launch a multifaceted pressure campaign to try to overturn the 2020 election.

ferral has no real legal standing, it is a forceful statement by the committee and adds to political pressure already on Attorney General Merrick Garland and special counsel Jack Smith, who is conducting an investigation into Jan. 6 and Trump’s actions.

The committee is also expected at the hearing to preview its massive final report, which will include findings, interview transcripts and legislative recommendations. Lawmaker have said that report will be released Monday.

“We obviously want to complete the story for the American people,” said Rep. Jamie Raskin, D-Md., another member of the committee. “Everybody has come on a journey with us and we want a satisfactory conclusion, such that people feel that Congress has done its job.”

The panel was formed in the summer of 2021 after Senate Republicans blocked the formation of what would have been a bipartisan, independent commission to investigate the insurrection. That opposition spurred the Democratic-controlled House to form a committee of its own.

House Republican leader Kevin McCarthy of California, a Trump ally, decided not to participate after House Speaker Nancy Pelosi rejected some of his appointments. That left an opening for two anti-Trump Republicans in the House—Reps. Liz Cheney of Wyoming and Adam Kinzinger of Illinois—to join the seven Democrats serving on the committee.

While the committee’s mission was to take a comprehensive accounting of the insurrection and educate the public about what happened, they’ve also aimed their work at an audience of one: the attorney general. Lawmakers on the panel have openly pressured Garland to investigate Trump’s actions, and last month he appointed a special counsel, Smith, to oversee several probes related to Trump, including those related to the insurrection.

In court documents earlier this year, the committee suggested criminal charges against Trump could include conspiracy to defraud the United States and obstruction of an official proceeding of Congress.

In a “conspiracy to defraud the United States,” the committee argues that evidence supports an inference that Trump and his allies “entered into an agreement to defraud the United States” when they disseminated misinformation about election fraud and pressured state and federal officials to assist in that effort.

Trump still says he won the election to this day.

The panel also asserts that Trump obstructed an official proceeding, the joint session of Congress in which the Electoral College votes are certified. The committee said Trump either attempted or succeeded at obstructing, influencing or impeding the ceremonial process on Jan. 6 and “did so corruptly” by pressuring Pence to try to overturn the results as he presided over the session. Pence declined to do so.

The committee may make ethics referrals for five House Republicans—including McCarthy—who ignored congressional subpoenas from the panel. Those referrals are unlikely to result in punishment since Republicans are set to take over the House majority in January.

SLOWDOWN IN ISSUANCE OF SPSICS STAYS AS TOOL TO MANAGE RICE IMPORTS

THE Philippines will continue its practice of “managing” the entry of rice imports by slowing down the issuance of pertinent import documents during harvest seasons as authorities “balance” local production and foreign supplies.

However, high-ranking agriculture officials hinted that they may issue fewer sanitary and phytosanitary import clearances (SPSICs) that would cover import arrivals in the first half should official figures indicate abundant supply.

Senior Agriculture Undersecretary Domingo F. Panganiban revealed that due to sufficient stocks, the Department of Agriculture (DA), through the Bureau of Plant Industry, is not yet “on the verge” of issuing SPSICs for rice imports that would arrive in the first quarter of next year.

Panganiban explained that the department continues to review the country’s rice supply situation, including production figures to manage the volume of imports that will arrive in the

country.

Importation has been going on without SPSICs. There has been no SPSICs issued by the BPI. So we shall not import anymore,” he said at a press briefing on Monday.

A griculture Undersecretary Mercedita A. Sombilla emphasized that the BPI’s current practice of slowing down on SPSICs, when local harvest season is nearing, shall remain in place.

The review of SPSIC applications does not stop. But what is happening actually now is that during the peak harvest season, the BPI’s approval of SPSICs becomes very slow because again we are balancing production and the import arrivals,” Sombilla explained.

T he country’s rice imports has reached a record-level of over 3.5 million metric tons (MMT) as of early December, which Sombilla described as a “blessing in disguise” since it compensated the reduction in local output due to higher production costs driven by expensive fertilizer and fuel.

See “Slowdown,” A2

Issues with ‘aging population’ easier to handle–Neda

By Cai U. Ordinario @caiordinario

WHICH is more challenging?

To have a fertility rate declining below replacement rate and be confronted with providing for an aging population, or see a fertility boom that makes poverty reduction harder?

To the National Economic and Development Authority (Neda), the recent decline in the country’s fertility rate is welcome news, seeing it as creating opportunities to grow the economy and improve Filipinos’ well-being.

Socioeconomic Planning Secretary Arsenio M. Balisacan told reporters on Monday that the country’s fertility rate was now below the replacement rate. While this presents a demographic problem, particularly in ageing, this is a more manageable concern than a population boom, he said.

B ased on the Philippine Statistics Authority’s (PSA) National Demographic and Health Survey (NDHS) 2022, the total fertility rate (TFR) of Filipino women 15- to 49-years old now stands at 1.9 children, below the 2.1-percent replacement rate needed to sustain population growth.

That problem of ageing, we’re so far away from there,” Balisacan said. “In the meantime, I would rather focus on seizing the opportunity of that declining fertility rather than this ageing population.”

B alisacan said the slower fertility rate presents opportunities to grow the economy and reduce the number of poor Filipinos, whereas a population boom would complicate poverty-reduction efforts.

H e explained that with lower fertility rates, Filipino families will have more opportunity to move up the income ladder with fewer family members to support. In the Neda chief’s view, if households have more of the younger members, there will be fewer adults to support children.

I f there are more adults compared to children in households, Balisacan said, families can focus on the quality of the care and attention they can provide to young members. This includes investments in health and education.

It’s a positive because there will be more people working,” Balisacan

Longer low-tariff regime for food imports backed, but…

By Jasper Emmanuel Y. Arcalas @jearcalas & Butch Fernandez @butchfBM

THE Department of Agriculture (DA) backed the extension of lower tariff duties on certain imported commodities to ensure steady food supply and ease inflation, but acknowledged—as pointed out by a lawmaker and farm groups—that the lower tariffs thus far have worked only marginally in bringing down local prices. The DA also sees the need for a periodic review of the tariff order in order to strike the right balance between helping consumers and protecting local producers.

I n a statement on Monday, Sen. Grace Poe said that, while government efforts to bring down prices are laudable, the extension of Executive Order No. 171 now “is no more assurance that prices will go down soon as it is just extending what is,” referring to her observation, shared by stakeholders, that market prices have not substantially gone down despite the entry of imports.

A t the same time, Poe stressed that “we need to craft policies that take on a longer view of the situation with a wider perspective.”

T he Office of the Press Secretary (OPS) earlier revealed that President Marcos Jr., concurrently the agriculture chief, has greenlit a proposal to prolong the duration of lower tariff rates on corn, pork, coal and rice under EO 171 until December 2023. (Related story: https:// businessmirror .com.ph/2022/12/19/lower-tariffs-on-food-items-coalto-cool-inflation-balisacan/)

The extension of the lower tariff rates will take effect once Marcos issues a new EO ordering such a measure.

I n a separate development, highranking DA officials explained that the extension of lower tariffs stipulated under EO 171 is imperative as a short-term measure to ease price pressures brought about by lackluster domestic production.

However, the officials, including Senior Agriculture Undersecretary Domingo F. Panganiban, stressed that implementation of lower tariff rates, which is expected to last until December 2023, must be regularly reviewed to determine its efficacy.

Panganiban proposed that the lower tariff rates must be scrutinized every quarter starting January.

Mid-term review

MEANWHILE , Agriculture Undersecretary Mercedita A. Sombilla disclosed that there will be a mid-term review of the lower tariff rates to assess local and global conditions.

S ombilla explained that the DA is doing its best to balance importation and local production to resolve the country’s food supply problems, particularly on skyrocketing prices.

E conomic managers of the current administration have unanimously endorsed the extension of EO 171, deeming it imperative to temper spikes in food prices amid accelerating inflation.

Various quarters of the agriculture sector have reacted to the news that the lower tariff rates on

certain agricultural products have been extended.

T he Meat Importers and Traders Association (Mita), in a statement, said the extension of lower pork tariffs is a “recognition” by the government of the existing “threats” to the country’s food security.

In addition to coal, the government should seriously consider to extend the low tariff on feed corn indefinitely and on pork for five years,” Mita said.

Low power cost and low feed cost are essential for our poultry and livestock sectors to produce affordable meat. Let us take these initial steps towards global competitiveness,” it added.

Little impact

HOWEVER , the Philippine Chamber of Agriculture and Food Inc. (PCAFI) remained firm that the lower tariff rates on agricultural imports have not yielded its intended impact of lowering food prices for Filipino consumers.

P CAFI said “only” the traders and importers are benefitting from the lower tariff rates.

“ EO 171 is still in effect up to Dec. 31, 2022 and yet we see prices skyrocketing. How can you say then that the extension of EO 171 up to December 2023 will bring down prices?” it said.

on A2

said. “Their welfare will improve, their well-being will improve. They can now send their children to better schools because there are more members in the family with jobs.”

Reasons for decline

MEANWHILE , the Commission on Population and Development (Popcom) said part of the reasons behind the decline in fertility rate is improved access to contraceptives, thanks to Republic Act 10354 or the Responsible Parenthood and Reproductive Health (RPRH) Law of 2012.

T his law, Popcom said, allowed the country to gain the momentum in upholding Filipinos’ sexual and reproductive health and rights (SRHR). It also increased the practice of family planning which averts unplanned pregnancies, declining incidence of teenage pregnancies, and attaining fertility among women which is within their desired levels, among others.

I n the second decade of enactment of the RPRH, sustaining the trajectory of the law’s triumphs will require much effort from the level of local government units, Popcom said. Provinces, cities, municipalities and barangays will now be mainly tasked to follow through with the law’s successes 10 years after its passage, as it cascades benefits to marginalized members of communities.

Transitioning to its second decade, the Popcom official believes that the way forward for the RPRH Law is toward universality of the access to reproductive health services—including those for family planning and maternal health care. He added that “governance should be continuously examined and improved to ensure enabling partnerships between national and local governments, as well as with the private sector and civil society organizations.”

B ased on the NDHS survey, the Philippines’s TFR has been on a downward trend since the 1970s, which was at 6 children per woman.  However, the decline from 2017 to 2022 was the sharpest ever recorded.

T he same survey revealed that 1 in 2 currently married women said they no longer desire more children, while 17 percent want to delay their next childbirths for 2 or more years.

Lip service only? ‘Still Christmas in crisis for OFWs’

By Samuel P. Medenilla @sam_medenilla

in crisis.

ACHRISTMAS

T his was how a migrant advocate group, Migrante International, described the plight of overseas Filipino workers (OFW) in the yuletide season, as it blamed alleged government negligence for such.

Migrante Philippines asserts that despite pretending to serve OFWs and their migrants as ‘modern-day heroes,’ the Marcos government has failed to significantly resolve these pressing issues,” the group said in a statement on Monday.

It issued a 12-point list of issues that it wants the government

to grant following the celebration of the International Migrants Day last Sunday.

“ We call for quick and decisive action to give labor justice, just and safe working conditions, and rights to express our condemnation of these anti-migrant policies and schemes,” Migrante said.

Foremost in its demand is for the settlement of P4.6 billion in claims of 9,000 OFWs who were displaced from the Kingdom of Saudi Arabia in 2015 and 2016.

I t also called for the repatriation of Mary Jane Veloso, who has been on death row in Indonesia for over a decade due drug-related charges.

T he group also called for better

benefits such as justice for victims of human traffickers; the passage of the law for the Magna Carta for Seafarers; the granting of P10,000 benefits and livelihood aid for pandemic-displaced OFWs; reduction in passport and consular fees.

T he list also includes the abolition of the following: the laws which require compulsory OFW membership in the Social Security System (SSS), Philippine Health Insurance Corporation (PhilHealth), and Pag IBIG Fund; the Overseas Employment Certificate (OEC); and the National Task Force to End Local Communist Armed Conflict (NTF-ELCAC).

L ast, Migrante also pushed for initiatives, which will help the

families of OFWs in the country including a P1,100 national minimum wage, price control for basic commodities; and for the government to stop red-tagging.

“As we approach the Christmas season, many migrants and their families worry about the food to serve on their table, while the politicians scheme for a ‘Maharlika Wealth Fund (MWF)’ that aims to rob the common people of their social service contributions for profiteering,” Migrante said.

T he MWF is patterned on the sovereign wealth fund of the other countries, which is meant to help the government invest in crucial sectors such as energy and agriculture.

CHRISTIAN INITIATION Fathers light their candles at the altar before sharing these with their wives and godparents of their children during mass baptismal rites on Sunday, December 18, 2022, at the St. Anthony of Padua Parish Church in Antipolo City. BERNARD TESTA

Ayala subsidiary inks deals for solar energy projects

By Lorenz S. Marasigan @lorenzmarasigan

the acquisition of its 4,400 Class A common shares in SSPC.

Another deed of absolute sale of shares was executed with Havilah AAA Holdings Corp. for the acquisition of its 600 Class B common shares in SSPC.

In a regulatory filing, AC eN said it signed a subscription agreement with wholly-owned subsidiary Giga Ace 8 Inc. for the subscription by AC e N of 12,296,920 Common A Shares; 110,694,854 r e deemable Preferred A Shares ( r P S A); and 28,698,665 r e deemable Preferred C Shares.

t h e total price consideration for this transaction is P4.1 billion.

“ t he subscription will be used by Giga Ace 8 to fund the proposed

300.011MWp/237MW AC Palauig

Solar 2 Project — including tr ansmission for 1200 MWac,” the disclosure read.

Giga Ace 8 is a subsidiary of AC e N

In a separate disclosure, AC e N s aid it has acquired 60.44 percent of Sinocalan Solar Power Corp. (SPPC) for P362.2 million. AC e N s aid it has executed the deed of absolute sale of shares with Sungrow Power r e newables Corp. (SPrC ) for

AC e N has also signed a deed of assignment of subscription rights with Havilah for the acquisition of subscription rights to 6,000 Classs B common shares, and a subscription agreement with SSPC for another 600,000 r P S B.

t he subscription to 600,000 r PS B is subject to the necessary regulatory approvals from the Securities and e x change Commission (Se C ) for the increase in the authorized capital stock of SSPC.

“ t h e acquisition will allow AC e N to have a significant ownership in SSPC and is meant to implement the development of the 60 MWp solar power plant in San Manuel, Pangasinan,” the disclo-

sure read.

Aside from this, AC e N said that in accordance to its share purchase agreement dated November 29, it will purchase subscription rights to 400,000 r P S A shares out of the increase in the authorized capital stock of SSPC upon the completion of certain conditions precedent.

“Upon the acquisition of the 400,000 r P S A shares, the Company will have 100 percent ownership of SSPC,” the disclosure read.

AC e N is the listed energy platform of the Ayala Group. It has about 4,000 MW of attributable capacity in the Philippines, Vietnam, Indonesia, India, and Australia, with a renewable share of 87 percent, which is among the highest in the region.

t he company’s aspiration is to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 20,000MW in renewables capacity by 2030.

PAL starts flying to Borongan City

FLAG carrier Philippine Airlines (PAL) said on Monday it started its Cebu-Borongan operation, which could “boost business and tourist travel to the popular surfing spot that is winning the attention of adventurous travelers.”

“We are delighted to link Borongan City with Cebu for the first time, opening direct access for more travelers to discover the beauty and special attractions that eastern Samar has to offer,” said PAL Vice President for Sales Bud Britanico.

PAL operates the twice-weekly Cebu-Borongan flights using its De Havilland Dash 8 Series 400 Next Generation aircraft.

“As we continue to expand our network hub in Cebu, we view our new Cebu-Borongan routes as a huge opportunity for eastern Samar to generate more good business and tourism revenues to uplift the local economy,” Britanico said.

He added: “Philippine Airlines

will do its part to promote travel to Borongan, not just from Cebu but also from Manila and other cities in PAL’s domestic and regional network.” PAL also offers a convenient one-stop connection to Borongan from Manila, as PAL flights from Manila to Cebu enable travelers to hop on to the new Cebu-Borongan service for their onward journey.

Without the flights, travelers to and from Borongan had to depart or arrive at the tacloban Airport, from which they had to travel by land for as much as six hours.

Borongan City is positioning itself as “the next major tourism hub of eastern Visayas,” as well as a “regional sports tourism hub.”

“We have made significant in-

vestments in improving the quality of our beach area. We’ve trained our local surfers to be certified surf instructors so they are ready to teach tourists interested in surfing. We’ve also invested in training our local surfers and exposing them to national competitions,” Borongan City Mayor Mayor Jose Ivan Agda said. Lorenz S. Marasigan

By VG Cabuag @villygc

THe Ayala Group on Monday said it opened its Sinag SariSari Social enterprise Store in Glorietta in Makati.

t he project is a joint initiative of Ayala Land Inc. through Alagang AyalaLand and BPI foundation under its Sinag program, that aims to nurture and empower the social enterprise sector through capacity building, financial support and market access.

following the first Sinag Sari-Sari Social enterprise Store in tr iNoma in Quezon City last year, Glorietta is hosting 19 Sinag social enterprises with products inclusive of eco-friendly items, locally-produced shoes, bags and home accessories, among others.

“ t his partnership with BPI foundation and Bayan Academy is special. I feel that we’re going to have the right formula to ensure the success of the social enterprises,” Bernard Vincent O. Dy, Ayala Land president and CeO, said.

Alagang AyalaLand is a community engagement program focused on generating livelihood and jobs through social enterprise, providing disaster relief to surrounding communities, and promoting a sustainable environment.

Glorietta is one of 32 Ayala Malls with Alagang AyalaLand Centers.

t his program supports more than 1,100 social enterprises and impacting over 1,000 families.

BPI foundation, the social development arm of BPI, and its implementing partner, Bayan Academy organized the participating Sinag merchants. Sinag is the foundation’s flagship program that empowers social enterprises as they address the triple bottom line of people, planet and profit. t his partnership with Alagang AyalaLand is an enhancement of the Sinag program that started last year to provide market access to social enterprises.

for eight years now, through our social development arm, BPI fo undation, we have been supporting social entrepreneurs—a special breed of business innovators who pursue not only profit, but also help protect our planet and provide a livelihood to people in need, through the BPI Sinag program,” BPI President and C e O Jose te odoro K. Limcaoco said.

“ t his three-way collaboration on social enterprise will lead to other things. I’m sure the AyalaMalls will continue to spread this throughout the country. entrepreneurs really are the building blocks of our economy in every way so for us to be able to do some small part to help is just a pleasure,” said Ayala Corp. Chairman Jaime Augusto Zobel de Ayala in his message.

IN t eL Corp. will delay construction of its planned German chip plant and is seeking more in government subsidies, Volksstimme reported, potentially jeopardizing eu rope’s ambition of playing a bigger role in the semiconductor market.

t he United States-based chipmaker earlier this year announced plans for a mega site worth €17 billion ($18 billion) in Magdeburg. Construction was set to begin by mid-2023, and the government planned to provide €6.8 billion in state aid.

t he cost has now risen to €20 billion, according to Volksstimme. Intel no longer has a planned start date for construction and wants the German government to increase subsidies, according to the report Saturday.

While Intel has not made any official announcements about a delay, it said in a statement Saturday that “much has changed” since the company disclosed plans to build in Magdeburg. “Geopolitical challenges have become greater, semiconductor demand has declined, and inflation and recession are disrupting the global economy,” according to the statement. Bloomberg News

After the worst year for initial public offerings in Hong Kong since the financial crisis, bankers and analysts expect a recovery in listings in the Asian financial hub as China moves forward with reopening plans.

Proceeds raised in the city totaled $12.9 billion in 2022, down 70 percent versus last year, outpacing the 29 percent contraction in the Asia Pacific as a steady flow of deals in mainland China helped boost the broader region.

Hit by Beijing’s regulatory clampdowns, Covid policy and a property crisis on top of concerns over global interest-rate hikes, Hong Kong deals shrank in size this year. While large offerings may take a while to recover, market watchers see a number of mid-sized Hong Kong deals in the first quarter amid rising optimism over the Chinese economy.

“With the transition toward a reopening, we anticipate several delayed Chinese IPOs and followon transactions to occur in the near term,” said Murli Maiya, head of equity capital markets for Asia Pacific

at JPMorgan & Chase Co. in Hong Kong, adding “these are more likely to be either onshore or in Hong Kong rather than the United States.”

Additional share sales increased in the fourth quarter as China announced support for the real-estate sector, triggering hopes for a rebound in the beaten-down sector. Increased placements and sales of share blocks are seen as positive for IPOs as well, as they indicate issuer and investor appetite.

“With China opening up, everyone is hoping that next year will be a better year — because there is a solid IPO pipeline, with a series of companies that have submitted applications for listings or are waiting to do so,” said Victoria Lloyd, a partner in Baker McKenzie’s capital markets practice in Hong Kong. “I am actually quite positive that after Chinese New Year the pipeline will pick up.”

Some of the companies seeking to list in Hong Kong are Xiamen International Bank Co., which could raise about HK$10 billion ($1.3 billion), and ruqi Mobility, state-backed automaker GAC Group’s ride-hailing

unit, Bloomberg reported.

China’s onshore market meanwhile saw a record year for IPO proceeds at $93.5 billion in 2022, helped by Beijing’s efforts to discourage overseas listings and promote the local market. t he trend is expected to continue next year as more developers seek to raise funds through equities. elsewhere in Asia, India is seen remaining active for mid-size deals from various sectors after a series of flops by recently listed unicorns. t h ailand is expected to continue dominating Southeast Asia. A rebound in South Korea offerings may take time as companies have difficulties achieving desired valuations.

“We’re going to open next year in similar fashion to what we have experienced in the second half of this year,” with IPOs in Hong Kong remaining challenging, said tucker Highfield, managing director and co-head for Asia Pacific equity capital markets at Bank of America Corp. in Hong Kong. “ t h at said, there could be some brighter spots coming out of India and Southeast Asia.”

CeBU Pacific is encouraging fi lipinos to explore more local destinations with its special seat sale spanning across its widest domestic network.

Until January 2, 2023, passengers may book flights to any domestic destination for as low as P88 one-way base fare (exclusive of fees and surcharges), according to the airline.

travel period is from December 19 until May 31, 2023 – allowing travelers to fly home or travel local this holiday season, all the way until the hot dry season next year.

“We are happy to keep offering our trademark low fares as we know many travelers, fi lipinos and foreigners alike, are eager to travel more these days. tr ust that we will continue to stimulate travel through our seat sales,” said Carmina romero,

Cebu Pacific Corporate Communications Director.

CeB currently operates 92 percent of its pre-pandemic capacity. It recently ramped up its flights to key domestic destinations from Manila and Cebu to destinations like Davao, Dumaguete, General Santos, tacloban, and Zamboanga, among others.

Passengers with existing travel funds may use these to pay for flights and add-ons during CeB’s seat sales. Apart from travel fund, other payment options may also be used, such as payment centers, credit/debit cards, and e-wallets.

to date, CeB flies to a total of 34 domestic and 19 international destinations. t he airline continues to implement a multi-layered approach to safety while it operates with a 100 percent fully vaccinated crew, 98 percent of whom have been boosted.

BusinessMirror file photo

Banking&Finance

Give Maharlika Fund a chance–lawmaker

By Jovee Marie N. dela Cruz @joveemarie

Akey ally of President Ferdinand R. Marcos Jr. is appealing to that the proposed Maharlika Investment Fund (MIF) Act be given a chance after the Chief executive certified House Bill (HB) 6608 as an urgent measure last week.

A statement issued by his office quoted Camarines Sur Rep. Luis Raymund F. Villafuerte as saying that he believes the bill would mobilize savings that would augment funds for government’s big-ticket infrastructure projects and the state’s other priority programs.

Villafuerte said the “enormous spending” by the Duterte government on Covid-response has given the Marcos administration limited fiscal space. This, hence, prompted him to seek support to the Presidential backing of HB 6608. The lawmaker also said the public should wait for Congress to ham-

mer out what Marcos described as the “perfect” version of the sovereign fund.

HB 6608 was passed on third reading (by a 279-6 vote in Congress) before lawmakers went on holiday beginning December 17 until January 22, 2023.

“The President has said that it was his idea regarding the MIF, and that our people should give it a try and let the Congress come up with a bill acceptable to the people and with the proper safeguards,” said Villafuerte, who is majority leader of the Commission on Appointments (CA), at a CA hearing.

Full support

THE CA held a session on the designation of erstwhile University of the Philippines (UP) Economics Professor Arsenio M. Balisacan as directorgeneral of the National Economic and Development Authority (Neda).

Villafuerte, who is also president of the National Unity Party (NUP)— the second biggest power bloc in the House of Representatives—asked Balisacan whether he supported the proposed MIF.

Balisacan, who was awaiting confirmation as Socioeconomic Planning Secretary, said “We are in full support, Your Honor.”

“In fact, the recent statement read by Secretary Ben(jamin) Diokno was a joint statement among us in the cabinet and economic team. So that’s an expression of our full commitment,” said Balisacan, who first served as Neda chief during the administration of the late President Benigno S. Aquino III.

In that joint statement mentioned by Balisacan, the President’s economic team led by Diokno said they expect the MIF to boost investments and funding of infrastructure projects, particularly in agriculture, to move forward the Marcos administration’s

“Agenda for Prosperity.”

At the CA panel hearing, Villafuerte told Balisacan: “I think we should give it (MIF) a try. When the President said we should give it a try, we are all up for it. There’s no harm in trying as long as the proper safeguards are there. At the end of the day, it’s up to the Congress to really come out with a good measure.”

Potentials

BALISACAN said at the CA hearing that it was his “personal view” that “the laws that Congress pass are good or bad depending on how you (lawmakers) make it, and governance is key to that.” “But the governance framework that you put into the law, that’s what makes it workable or not workable. I think that for Congress to allow us to debate the merits or demerits of the proposal and put the appropriate assurance that it [proposed MIF} will work.”

For the Neda chief, the proposed MIF “has the potential of attracting funds …that otherwise is not used in a way that addresses the immediate concerns and priorities for national development.”

“That fund could supplement the limited fiscal resources that we

have. For example, it could be used to improve the attractiveness of PPP [public-private partnership] projects, particularly for critical areas like infrastructure,” Balisacan added.

Villafuerte said after the CA hearing that Marcos was spot on in asking the people to wait for the final version of the MIF bill to be drawn up by both chambers, “considering that the MIF will still go through refinements after HB 6608 is transmitted to the Senate.”

“At the Senate, it will again go through further tweaking before the final, consolidated measure is hammered out at the bicam [bicameral] negotiations before being ratified by both Houses and then submitted to Malacañang for the President’s signing into law,” he added.

Changes, amendments

V ILLAFUERTE said the initial reservations over the bill’s certain features, such as the use of state-run pension funds and the Fund’s board chairmanship by the President, were quickly addressed with the major changes or amendments made at the House committee level.

Under the House-approved version, he said the initial investment

will come only from the investible funds of the Land Bank of the Philippines (LandBank) and Development Bank of the Philippines (DBP), gaming revenues of the Philippine Amusement and Gaming Corp. (PAGCOR) and other state-run gaming operators and dividends of the Bangko Sentral ng Pilipinas (BSP).

Villafuerte said that investments from the proposed MIF will also be limited to big-ticket projects approved by the Neda Board, which is chaired by the President, to make sure such ventures are in support of the Marcos administration’s socioeconomic development program.

He noted that the final House bill also has punitive measures—ranging from a prison term of six years to 20 years and/or a fine of P10,000 to P5million—against future violators of investment guidelines and policies to be drawn up by the MIC Board.

Citing the statement of the economic managers, Villafuerte said such an investment vehicle has been put up in both affluent and developing countries to achieve the economic objectives of their respective governments. He believes there are over 100 countries with sovereign wealth funds.

Because it’s Christmas BSP encourages public to send electronic aguinaldos

ANOTHER Christmas is around the corner; another opportunity for folks to show how good a year they’ve had.

In the Philippines, September marks the beginning of Christmas. By that month, a lot of people are already planning in their mind about what to do. Based on my experience, this is also the time a lot of businesses are implementing the bulk of their target projects for the year.

This translates to spending according to the budget they have planned beginning of the year. They need to consume their budget so that the following year they can justify planning on a higher budget, specifically for marketing.

Individuals differ with companies during this season because we did not plan the budget early in the year and yet we spend just to celebrate; companies spend to get a return.

I still remember when, as still an employee, a colleague asked me if the bonus is already credited to our ATM account. When I asked for the reason, the reply was he already pawned his bonus earlier. Then he said, it is ok. It is time to celebrate because it’s Christmas.

Because it’s Christmas. This is always a justification by many to splurge whatever additional incentives received. For 20 years as a warehouse officer, I have always encountered workers who borrow money a day after receiving their 13th month pay and SL/ VL cash benefits. Every time I ask what happened, the usual reason is that because it is Christmas, their wives spent all their monies to buy expensive food and gifts for their children.

Below are some more expenses people incur, just because it’s Christmas: n Partying with friends. Since Christmas comes once a year and people have lots of cash to spend, they feel they need to be rewarded so they go into a partying mode. They spend recklessly as if there is no tomorrow. They think the bonus they received is free money (when in fact it is not free money). They feel it is easier to spend it than their salary. Try asking one which is easier to spend, salary or bonus? For sure the answer will be bonus.

n Buying gifts. Christmas is a season of giving. With the incentives they have, this is what they see as the perfect time to buy gifts for friends and loved ones. In effect, without checking their December finances, they go into January broke because the money they have did not make it into the New Year.

n Have a vacation. December is the month where a lot of people are in the fun mode. In the workplace, there is not much work to do since all companies do not have business activities anymore. For this reason, we see a lot of people travel (domestic or inter-

national). It is their way to relax and reward themselves for the whole year of working.

n Christmas is for children. Too often, it has been said that Christmas is for children. The children refer not only to our own but to the children of relatives or even close friends for whom we drain our pockets to buy them something to give joy to them. But there’s also a child in some adults. And that is what makes Christmas spending very stressful.

Because it’s Christmas, isn’t it good to think that we will still have more Christmases to prepare for? By not preparing for the future Christmases, we will never be as happy as we are now. Prepare by spending wisely our money this Christmas by:

n Buying protection. As we have our extra monies, it is time to think of protecting our money. As we are all humans, we are prone to illnesses and death and both will definitely drain our pockets. By buying insurance, we are buying our protection, which will help preserve our money that we need as long as we are alive. It would not be a good scenario to see us to outlive our money.

n Buying assets. Buying assets means that in the future, even if we are no longer employed, we will still be able to receive income as if we are still working. Remember that as job provides income, it is not permanent. One day, we will all graduate from employment but still with expenses, Christmas spending included. With assets providing passive income, we can afford to party with friends, buy gift for friends and even go to vacation stress-free.

n Spending less. By spending less, we can afford to buy our assets and protection. Spending less does not mean limiting the purchase. It means buying the same but on lesser price. The best practices are: make a list and check it twice; know your limit/budget; buy local (it is much cheaper); buy from wet markets or ukay-ukay; and, best if possible, give home-made gifts or even recycle old gifts.

So this Christmas season, think first before spending and start building for your future Christmas celebrations. Merry Christmas!

Edmund Lao is a registered financial planner of RFP Philippines. To learn more about personalfinancial planning, attend the 99th RFP program this January 2023. To inquire, e-mail info@rfp.ph or text <name><e-mail> <RFP> at 0917-6248110.

By Cai U. Ordinario @caiordinario

WITH less than a week until Christmas, the Bangko Sentral ng Pilipinas (BSP) is encouraging Filipinos to bring the yuletide cheer to loved ones through electronic aguinaldos (e-aguinaldos).

BSP said giving e-aguinaldos support its broader thrust to foster the wider adoption of digital payments, which promotes financial inclusion and the efficient flow of funds in

the economy.

“We encourage our countrymen to take advantage of the ease and safety provided by digital finance in sending their cash gifts during the holidays,” according to the BSP.

BSP said ninongs ninangs (godfathers and godmothers) and other gift-givers who intend to give cash as their pamasko can transmit money through digital payment channels.

The wide array of digital payment channels available in the country can also be used to donate to charitable institutions this Christmas.

These platforms include interbank fund transfers through InstaPay and PESONet, electronic money issuers that are more commonly known as e-wallets.

Another digital payment option is QR Ph, which entails code scanning and offers consumers faster, easier and cheaper payment op-

tions. This is based on the EuropayMastercard-VISA (EMV) standard, the global standard for secure payments.

The BSP pursues this under its Digital Payments Transformation Roadmap, which aims to convert at least half of the total volume of retail payments into digital form and to onboard at least 70 percent of Filipino adults to the financial system through transaction account ownership by 2023.

Highest interest rates in 15 years are derailing the American Dream

THE highest interest rates in 15 years are delaying home dreams, putting business plans on ice and forcing many Americans to agree to loan terms that would have been unimaginable just nine months ago.

Most of all, the surge in borrowing costs is punishing the cash-poor. And it’s about to get worse as the Federal Reserve carries on with its anti-inflation campaign and keeps hiking rates next year.

“Consumers who weren’t able to make ends meet are just digging themselves a deeper and deeper hole with the higher interest rates,” said Philip Cornell, economist at the Ludwig Institute for Shared Economic Prosperity, which focuses on research about middle-income and lower-income families.

As the Fed’s most aggressive interest-rate hike cycle in a generation filters through the US economy, the gap is widening between the haves and the have-nots. Even without a recession, households and businesses are feeling the financial pain.

Here’s a look at pockets of the economy that are bearing the brunt of the impact.

Housing in holding pattern

MANDA Waits from Suwanee, Georgia, feels lucky that she and her husband bought their townhouse near Atlanta a year ago with a 3 percent loan—less than half of where mortgage rates are now.

To trim expenses amid soaring consumer prices, the couple recently bought a freezer and stocked it with a quarter cow and half a pig sourced from an agricultural school. But they shelved their plan to upgrade to a single-family home for the time being.

“We would like to buy some land to build on, but these rates aren’t making it attractive, so we are in a holding pattern,” said Waits, who receives disability benefits.

Even in the once red-hot market of Tampa, Florida, a few people

showing up at an open house is now considered a good day. “People are just waiting on the sidelines,” said Rae Anna Conforti, a realtor with Re/Max Alliance Group.

As mortgage rates hit their highest levels since 2001 this year, real estate agents suddenly found themselves hunting for clients again—if not losing their jobs. Thousands of mortgage employees have already been laid off at lenders including Wells Fargo & Co. and JPMorgan Chase & Co.

The higher rates, coupled with a surge in home values during the pandemic, pushed the monthly mortgage payment on a median-priced house to more than $2,000, up from about $1,100 just before Covid-19 hit.

‘Vicious circle’

THE widening gap between the cashrich and the cash-strapped is playing out at car dealerships across the nation. The former are paying more upfront, while the latter are stuck with high-rate auto loans that will leave them underwater—or forced to settle for cheaper and less reliable vehicles.

Almost one in three car buyers

are now taking out six- to seven-year loans on used vehicles to help lower monthly payments.

When consumers are locked for so long, the outstanding balance quickly exceeds a used car’s value, said Oren Weintraub, whose California-based service helps consumers negotiate better prices with dealers for a fee. When they buy their next car, that balance will get tacked onto to the new loan.

“It’s a vicious cycle,” he said.

Matt Tambornini was hoping to take out a car loan to build his credit history. The 22-year-old, who lives near Knoxville, Tennessee, with his parents, figured he’d be in a position to buy a house when mortgage rates eventually come down.

His plan stumbled when a local car dealership offered a 23 percent loan rate and a 60-month term, a deal that would’ve had him paying thousands more than he wanted. He bought the car anyway, quickly got buyer’s remorse and returned it for a refund.

For now, he’s driving a 15-year-old pick-up he bought with cash.

“It seems like everything is just unaffordable,” Tambornini said.

Soaring credit debt

INTEREST rates on credit cards that averaged 16.3 percent at the beginning of the year have climbed to just over 19 percent, according to Bankrate.com, the highest level in data going back to 1985.

That’s a massive increase especially for lower-income consumers, who may be making the minimum payment and carrying a balance for 20 years, said Scott Sanborn, chief executive officer of LendingClub Corp.

“I don’t think consumers have fully internalized yet how much their cost of living has actually increased,” Sanborn said.

The surge in APRs to historical highs isn’t affecting consumers the same way. It makes no difference to those who pay off their balances monthly—many don’t even notice the rate increases—but it’s hitting those who are falling behind.

Mike Lauretti, 24, has about $12,000 in debt on four cards, as well as car, student and private debt. The high school social worker, who lives near Hartford, Connecticut, is working on paying off the card with the smallest amount first before moving to the next— known as the snowball method. He also took an extra job as a coach of the girls basketball team to supplement his income.

“I am using the snowball method to pay off the cards first and then it’ll eventually lead to me paying the private loan,” the largest, he said. American consumers will end the year with about $110 billion more in credit-card debt than they started with, which would be close to an annual record, according to WalletHub, an online personal finance data firm.

The reality may hit next year, when many economists predict the US will enter a recession. Household debt delinquencies are still well below their end of 2019 levels, but they’re picking up.

Editor: Dennis D. Estopace

PerSonAl FinAnCe

edmund lao

Photo shows Greg Vojnovic, owner of a fast-food chain in the Youngstown, ohio area. Vojnovic said he will have to cut two part-time corporate-office positions to lower costs. PhotograPher: Dustin Franz/BloomBerg

On storm-stirring wing flaps

The exhibition namesake gently flutters its way across every featured artwork, in image or idea, depicted through various media.

There are pieces that show a butterfly interacting with a human subject frozen in deep thought, while others depict a fusion between the two characters in an act of willful submission. Does it signify one’s impending metamorphosis into a greater form, or could it be nothing more than stagnant transformation?

With butterflies involved, colors bloom in Le Papillon in a garden of soft wings. There is also an overwhelming sense of tenderness, as the show’s central creature is often accompanied by an equally tender female subject; each one appearing ever clement and forbearing. Despite the lulling appeal of the featured pieces, however, one should be reminded of the core of Lorenz’s butterfly effect: There is more to everything than meets the eye, which is why the mind should be as open as wings spread out.

CaTalina afriCa solo exHibiTion

CATALINA Africa’s new solo exhibition in Silverlens, shrine in the shape of a shadow welcomes the public yet again to a spatial visualization of an environment. This environment is expressed in painting and settles into a site inhabited by images painted by elemental habitation, sculptures molded by the dimensional agency of their material, and videos in collaboration with humans attuned to non-human ecologies. A shrine is a location, site. A shape denotes a contour, frame. And the shadow suggests intermediaries between the visible and the invisible, transformation.

Today’s Horoscope

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Jonah Hill, 39; David Cook, 40; Nicole de Boer, 52; Joel Gretsch, 59.

HAppY BIRTHDAY: Follow your heart and your goals, but be cognizant of how much time, effort and cash you spend trying to reach your dream. Question people you encounter who try to talk you into something you don’t need. Focus on being resilient and dedicated to what’s meaningful to you. Change only what’s necessary; everything will fall into place. Your numbers are 4, 12, 18, 27, 33, 35, 43.

aARIES (March 21-April 19): Emotional spending won’t solve the problem. Step back, look over your financial situation and plan to save more next year. Helping those less fortunate will encourage you to handle your dilemmas with patience and goodwill. A change of pace is favored. HHH

bTAURUS (April 20-May 20): Share your thoughts and feelings, and find out where you stand. You’ll be surprised by the response you receive, and it will help you put your life in perspective and your plans in place. Leave nothing to chance; move forward. HHH

cGEMINI (May 21-June 20): You can agree to help, but don’t sign up to take over a project that doesn’t belong to you. Put your time and effort where they will have the biggest impacts and make you feel good about what you can offer. HHH

dCANCER (June 21-July 22): Plan to get together with people who put a smile on your face and pique your imagination. An exciting idea will capture your attention and encourage you to take on a new project. Baby steps will save you from loss along the way. HHHHH

eLEO (July 23-Aug. 22): Impulsive acts will lead to trouble. Slow down, and don’t try to buy love. Helping a cause you believe in will lift your spirits. What you do for others will offer the greatest reward. Be generous of heart, not cash. HH

fVIRGO (Aug. 23-Sept. 22): Home is where the heart is. Work with the people you care about most to make a warm and comfy environment where you can catch up and discuss long-term plans. The input you receive will change your course of action. HHHH

miniscule creature flapping its wings in Brazil could set off a tornado in Texas.

Conversely, he argued that “if the flap of a butterfly’s wings can be instrumental in generating a tornado, it can equally well be instrumental in preventing a tornado.”

While butterflies are often associated with the romanticized idea of evolution, its role in setting off a massive chain of events is part of the concepts explored in the ongoing group exhibition

SM Megamall.

Galerie

Le Papillon, French for “The Butterfly,” the massive

Featured in Le Papillon are the works of Amiel Cagayat, Bryan Teves, Bullet Dematera, Charmaigne Mendoza, Domeng Cruz, Eliseo Perreras, Eric Perreras, Ferd Failano, Jaime Gubaton and James Imperial. Part of the exhibition as well are Jaspher Penuliar, Joyce Ignacio, Katrina Pallon, Kenneth Garcia, Lei Manto, Marloun Mago, Marko Bello, Noli Manalang, Obet Tiaño, Raine Sarmiento, Ran Bolivar, Renato Balute, RJ Balute, Rum Corvera, Win Castle and Von Caro.

More information about the exhibit and Galerie Anna is available on Facebook at www.facebook.com/ and Instagram at www.instagram.com/

In the last six years, Catalina’s works have been frequently associated with her move to Baler, a piece of information that facilitates our perception of local architecture adapting to rocky cliffs, beachside palettes, weathered layers, and streams (whether rivers or creative consciousness). Besides place contextualizing an artist’s immediate vocabulary, it is animated by the artist’s participation in it. shrine in the shape of a shadow arrived through tactility. Before images, mud was the first teacher for Catalina: its quality occurring between solidity and fluidity while simultaneously carrying these states. Mud demonstrates the feature of liminality but exists as a complete state, very much enlisting the condition of the painterly.

Through shrine in the shape of a shadow, Catalina reflects on how her practice can deepen an understanding of nature’s subtle actions. Edging closer to refining the routes that correspond to the world, she begins with portals to enter landscapes.

The exhibit is on view until January 7, 2023, at Silverlens Manila.

‘Art of this World’ experience from Leeroy New

e World of Christmas ). This Christmas t of this World with Leeroy

on Bamboo

Begin the extraordinary journey with the neon spaceship installation, a glowing front end of a spacecraft with hundreds of neon and LED signages on its surface. Onto the next destination, the sapphire Forest showcases an enchanting view of blue synthetic trees made from plastic water containers and PET bottles. The Bamboo Cave makes for an enthralling finale as weaved bamboo and plastic cover the walls and posts of the whole room.

New is prominent for his large-scale

creations crafted from reclaimed and reused plastics turned into décor. Some of his notable projects are the sculpted silicone bustier for Lady Gaga worn in the “Marry the Night” music video, solo show at Pintô International in New York, an exhibit at Palais de Tokyo in Paris, and more. A Yuletide spectacle like no other, art of this World with Leeroy new is a wonderful Christmas destination for all, from art enthusiasts to families and kids. Delight the senses and visit the installation located at Newport Mall.

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LIBRA (Sept. 23-Oct. 22): Be careful about approaching sensitive issues with family and friends. You will likely start a feud if you don’t choose your words wisely. Shared expenses or joint ventures will take a turn. Be ready to make a move to avoid loss. HHH

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SCORpIO (Oct. 23-Nov. 21): Let your creative imagination take over and you’ll come up with ideas and plans that will change your life and the lives of those you encounter. Speak up, share your thoughts and press forward with compassion and a positive attitude. HHH

iSAGITTARIUS (Nov. 22-Dec. 21): Don’t take a risk or get involved in someone’s dubious scheme. Do what feels right and best for you, and don’t look back. Forward motion will release you from what’s holding you back. HHH

jCApRICORN (Dec. 22-Jan. 19): Change will brighten your day. Look at each situation as a project and adjust what doesn’t fit your plans. Don’t wait for life to come to you. Take control, listen to reason and show strength in pursuing what makes you happy. HHHH

kAQUARIUS (Jan. 20-Feb. 18): An emotional incident will change your plans. Don’t let trivial matters ruin your day or stop you from taking care of time-sensitive last-minute chores. Choose to be original and practical, not flashy, regarding your gift and celebration budget. HH

pISCES (Feb. 19-March 20): You can’t buy love, but your kindness will. Changing how you handle your money will set the stage for a bright future. Offer to contribute to something worthy. Spending time helping others will get you in the festive spirit. HHHHH

BIRTHDAY BABY: You are charming, compassionate and helpful. You are active and relentless.

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

IN 1963, academician Edward Lorenz published a paper, titled Deterministic Nonperiod Flow. The Massachusetts Institute of Technology meteorology professor posited that “slightly differing initial states can evolve into considerably different states” even with the most minute modifications. His theory—which would be known in popular media as “the butterfly effect”—relates to how the

by

Anna at SM Art Center in

Titled

MuLTI-DISCIPLINARY artist Leeroy New (center), joined by Newport World Resorts chief marketing officer David Jorden (left) and Megaworld Lifestyle Malls-Newport Mall general manager Roshele Moreno, opens an immersive installation art of this World with Leeroy new at Newport World Resorts.

Angelina Jolie

leaves

role as UN refugee agency

envoy

UNITED NATIONS—Angelina Jolie and the United Nations’ refugee agency are parting ways after more than two decades. In a joint statement issued on Friday, the US actor and the agency announced she was “moving on” from her role as the agency’s special envoy “to engage on a broader set of humanitarian and human rights issues.”

“I will continue to do everything in my power in the years to come to support refugees and other displaced people,” Jolie was quoted as saying in the statement, adding that she felt it was time “to work differently” by directly engaging with refugees and local organizations.

Jolie first started working with the UN refugee agency in 2001 and was appointed its special envoy in 2012. The release described the multi-hyphenate as “carrying out more than 60 field missions to bear witness to stories of suffering as well as hope and resilience.”

“After a long and successful time with UNHCR, I appreciate her desire to shift her engagement and support her decision,” UN High Commissioner for Refugees Filippo Grandi was quoted as saying. “I know the refugee cause will remain close to her heart, and I am certain she will bring the same passion and attention to a wider humanitarian portfolio.”

In an opinion piece published in The Guardian last month, Jolie alluded to frustration with the lack of global progress in ending sexual violence in conflict.

“We meet and discuss these horrors and agree that they should never be allowed to happen again. We promise to draw—and to hold—that line. But when it comes to hard choices about how to implement these promises, we run into the same problems time and again,” she wrote, specifically calling out UN Security Council members for “abusing their veto power.”

Jolie previously characterized the United Nations as “imperfect” during a 2017 speech in Geneva, but also defended the international body and said it needed to be supported.

She later pressed the United Nations to create a permanent and independent investigative body to amass and evaluate evidence in cases regarding alleged war crimes, crimes against humanity and other human rights violations. While promoting that effort at UN headquarters in 2019, she told the AP that promoting equality for women, combatting injustice, and helping refugees were the most important parts of her life after her children.

“But in many ways, they go hand in hand,” she said. Jolie has been involved in other advocacy efforts, recently pushing for the renewal of the Violence Against Women Act in the US. Jolie began visiting refugee camps in 2001, and was appointed as a UNHCR goodwill ambassador that same year. At the time, the then-high commissioner said he hoped the then-26-year-old actress could direct young people’s attention to the plight of refugees.

Last year, Jolie told The Associated Press in Burkina Faso that she was concerned that increasing displacement across the world would drive more instability—and that governments had to do something to address the conflicts at the root of the issue.

“Compared to when I began working with UNHCR 20 years ago, it seems like governments have largely given up on diplomacy...countries which have the least are doing the most to support the refugees,” she told the AP.

Developing countries play host to more than 80 percent of the world’s refugees, according to UNHCR, which also announced in May that the number of displaced people crossed 100 million for the first time. Speaking to the AP in August, Grandi praised the European Union’s efforts to aid Ukrainian refugees but implored world leaders to remember the other humanitarian crises for which is agency was fundraising.

“The big problem that we have at the moment is that it tends to marginalize all other crises in which people suffer,” Grandi said of Russia’s war in Ukraine. AP

Home for a few days th is Christmas

US-baSed ai-ai de las alas is back for a few days because of her work commitments for GMa Network. de las alas flew into town quietly last week to fulfill her judging chores for the TV singing star search The Clash, now on its fifth season.

“I wish I could stay longer because the Christmas season in the Philippines is the best, but I have to be with my husband on Christmas day. It’s very cold there at this time, but my husband is hot anyway!”

She lets out a big laugh, then continued, “ Seriously, I am first and foremost a wife—and a mother, too! My two children are also in the US at this time and it will be very nice for all of us to spend Christmas together!”

de las alas is referring to Sofia and Niccolo, her children with former singer-actor Miguel Vera who has been living in the US for many decades now.

Her eldest Sancho and her youngest Seth are still in Manila, but their papers are already being processed so they can join the rest of the family in the West Coast soon.

The Philippine Comedy Queen shared that she recently renewed marital vows with her husband Gerald Sibayan in Las Vegas.

“It might look like we did it for fun, but I have promised myself to renew marital vows every five years. This is my longest marriage yet, and I am lucky to have found a husband like Gerald. We both feel that we need to constantly seek divine intervention and blessings, especially since we are starting a new phase of our married life overseas.”

de las alas also told us that she will have a show with her estranged husband Miguel in January, which they are both producing too. “Not many know that Miguel and I used to have the same manager, the late angie Magbanua, but we never had a show together, so this will be the first time. This concert will be a family show since both our children will also be performing special numbers with us. We chose the title Ang Dating Kami and it’s so apt since we have

chosen to remain friends after more than 20 years of being separated, and we have moved on with our respective lives.”

Life in the US is so different from what de las alas has been used to, especially after she hit it big as a first-rate comedienne and performing artist.

“We do not have helpers there, so I do everything. My husband and I share household chores. He is the one who has a regular job so I tend to the needs of our home. Super homemaker ang role ko. I cook, I clean, I do the laundry, I go to the grocery to buy everything that we need. I know when it is sale season and what the best offers are in Costco. I am glad I knew how to do these things before I was bitten by the showbiz bug!”

She expects to be flying back and forth this new year to fulfill all her contract obligations. “I think I still have a little more than two years in my network

contract,

It’s funny that my life has to be planned like this. a go-with-the-flow lifestyle can’t work for me at this time,” she mused.

de las alas also wants to make one or two movies next year. “I love acting. I got acting awards when I tried doing dramatic movies in the past, so I will be open to checking out good scripts and interesting roles. and the new generation of screenwriters and filmmakers are amazing now, so if I stumble on a good material, I’ll definitely make time for it.”

For now, ai ai de las alas continues to remind herself how fortunate she is to have the life she has, the reason why she also chooses to share her blessings quietly and always pay it forward to others. n

Iran authorities arrest actress of Oscar-winning movie

CAIRO—Iranian authorities arrested one of the country’s most renowned actresses Saturday on charges of spreading falsehoods about nationwide protests that grip the country, state media said. The report by IRNA said Taraneh Alidoosti, star of the Oscar-winning movie The Salesman, was detained a week after she made a post on Instagram expressing solidarity with the first man recently executed for crimes allegedly committed during the protests.

The announcement is the latest in a series of celebrity arrests, that have included footballers, actors and influencers, in response to their open display of support for anti-

government demonstrations now in their third month

According to the report published on the state media’s official Telegram channel, Alidoosti was arrested because she did not provide ‘’any documents in line with her claims.”

It said that several other Iranian celebrities had also “been summoned by the judiciary body over publishing provocative content,” and that some had been arrested. It provided no further details. In her post, the 38-year-old actress said: ‘’His name was Mohsen Shekari. Every international organization who is watching this bloodshed and not taking action, is a disgrace to humanity.”

Shekari was executed December 9 after being charged by an Iranian court with blocking a street in Tehran and attacking a member of the country’s security forces with a machete.

In November, Hengameh Ghaziani and Katayoun Riahi, two other famous Iranian actresses, were arrested by authorities for expressing solidarity with protesters on social media. Voria Ghafouri, an Iranian soccer player, was also arrested last month for ‘’insulting the national soccer team and propagandizing against the government.” All three have been released. Other well-known movies Alidoosti has starred in include The Beautiful City and About Elly AP

Pinoys in US honor Philippine culture and history in ‘Maria Clara at Ibarra’ watch party

CLAD in their best Filipiniana attire, Pinoys abroad from New York, Los Angeles and San Francisco took a historical trip to Jose Rizal’s novel Noli Me Tángere and El Filibusterismo via a watch party of GMA Network’s most talked-about and acclaimed prime-time series Maria Clara at Ibarra.

Hosted by GMA Networks’ flagship international channel GMA Pinoy TV, the event is the network’s way of bringing Filipino culture to Filipinos abroad of all ages, especially the Gen Z.

Maria Clara at Ibarra is a GMA program that we are very proud of. Led by its director Zig Dulay, GMA assistant vice president for drama Helen Sese and the production staff, this watch party is our way to impart to our Kapuso in the United States and many parts of the world the lessons that our generation needs to know about our history and our culture. We recognize that our young Filipinos abroad today may not be familiar with a lot of things already from the Philippines. What we, in GMA International, do are bridging activities like this to our Filipino communities because if we know more about our culture, wherever we are in the world, we will be stronger together,” says GMA International first vice president and head of operations Joseph T. Francia.

The event was attended by the powerhouse cast of Maria Clara at Ibarra —Barbie Forteza (Klay), Juancho Triviño (Padre Salvi), David Licauco (Fidel), Rocco Nacino (Elias), Juan Rodrigo (Kapitan Tiago), Lou Veloso (Mr. Torres), Ces Quesada (Tiya Isabel), Karenina Haniel (Victoria), Dennis Padilla (Mang Adong), and Dennis Trillo (Crisostomo Ibarra).

The

Aside

in every corner of the planet because of the Kapuso abroad. I am also eternally grateful to GMA for creating and choosing me to be a part of a show that reminds us Filipinos of our wonderful history and culture,” Barbie said.

Dennis also took notice of the efforts of Filipinos abroad in the US who wore their Filipinianas even in cold weather: “We are very grateful to the Kapuso abroad for joining us in this watch party. They look very beautiful in their Filipino costumes. Thank you so much for wearing it even during the cold season. We can’t thank you enough for the support you’re giving us every night by watching Maria Clara at Ibarra,” he shared.

Vice Consul Adrian Baccay of the Philippine Consulate in San Francisco also reiterated the importance of shows like Maria Clara at Ibarra to the young Filipino-Americans who want to reconnect with their roots: “It is not often that we are able to watch a Filipino drama based on our culture here in the US. That’s what I’ve been noting with GMA—it’s really the home of the many teleseryes that are really based on our culture and history. The grade schoolers we’ve invited for this watch party are able to reconnect with their culture and heritage because of shows like this, especially those who are born and educated here in the US. We are very thankful for entertainment companies like GMA which produce content and entertainment, like Maria Clara at Ibarra.”

The Maria Clara at Ibarra watch party is an initiative of GMA Pinoy TV in partnership with DollarHits, NYCFilipinos New York and Los Angeles, and the Philippine Consulate in San Francisco. The high-rating and well-loved fantasy series airs on GMA Pinoy TV. More information is available at www. gmapinoytv.com/subscribe.

and I am so thankful that I am given very good projects and the executives in GMa understand how difficult it can be shuttling between two continents. I think I’ll be back February to april next year.

AI-AI DE LAS ALAS with husband Gerald Sibayan

program’s creative team were present and answered questions from the audience. Among those who attended were Sese, program manager Edlyn Tallada-Abuel, executive

producer Shielyn Atienza, creative consultant Suzette Doctolero, head writer J-Mee Katanyag, and director Pam Miras. “Maria Clara at Ibarra, a teleserye based on Jose Rizal’s Noli Me Tángere and El Filibusterismo, is still very relevant. Until now, it mirrors the realities that we are facing today.

from that, we also want to remind the youth that we have a beautiful culture, arts and literature that we can be proud of. It is great that Filipinos are already going global and

experiencing the culture of other countries, but as Filipinos it is important that we still go back to our colorful roots. This is why we create shows, like Maria Clara at Ibarra,” says Doctolero.

The cast expressed their gratitude to the Filipinos in the US who came in their best Philippine costumes and showed their support to Maria Clara at Ibarra “I am so proud to be Filipino, knowing that we are present

THE cast of the GMA hit series Maria Clara at Ibarra get together with fans and followers during a viewing party.

Deaf advocate entreprener Francis Reyes is one of this year’s 21 TOYM finalists

capabilities to help the company improve its service, products and food concepts.

Reyes believes in continually developing his people. Thus CFGI provides skills enhancement and leadership training programs for its employees. Soon he plans to promote his exemplary deaf partners to Team Leaders and Supervisors.

“It was one deaf guy who really showed me the epitome of customer service. I wanted to recreate the experience in this concept so I decided to hire deaf people. I wanted everyone to feel the warmth and realize how capable these deaf people are,” Reyes said.

Health Undersecretary Beverly Lorraine Ho and comics artist Manuel Luis “Manix” Abrera were among the 10 TOYM awardees.

BDO FOUNDATION AND EWSF FORGE PARTNERSHIP TO ADDRESS HUNGER. As part of a shared advocacy to address hunger, promote food security and support underserved sectors of society, BDO Foundation has inked an agreement with East-West Seed Foundation (EWSF), a non-governmental organization that promotes proper nutrition through improved vegetable consumption. The memorandum of agreement was signed by (from left) EWSF program manager Mary Joyce Gaviola, EWSF managing director Ma. Elena Primicias Van Tooren, BDO Foundation president Mario Deriquito, BDO Human Resources Group head and BDO Foundation trustee Evelyn Salagubang, and BDO Foundation program director Rosemarie Espinosa. Through a partnership project called Gulayamanan, BDO Foundation and EWSF will establish vegetable gardens in economically disadvantaged communities. The initiative will provide additional food supply to the communities and enable residents lacking livelihood opportunities to earn some income. In line with its financial inclusion advocacy, BDO Foundation will also conduct financial literacy training sessions for the beneficiaries.

Initiative Philippines appointed Media Agency on Record of all-in-one banking app Maya

AN entrepreneur whose advocacy is to provide equal opportunities and professional growth to the Philippine Deaf Community is one of the 21 finalists in this year’s The Outstanding Young Men (TOYM) awards.

The TOYM honorees were announced during a gala night in Pasay City hosted by the award organizers Junior Chamber of Commerce (JCI) Philippines and the TOYM Foundation. Unlike previous iterations, the TOYM recognized 21 finalists for this year before disclosing the 10 awardees.

One of the finalists in the business, economics and entrepreneurship category was Francis Carl G. Reyes, founder of the Caravan Food Group Inc. (CFGI), a food and beverage company that aims to introduce new food concepts for the Philippine market as he believes that good is only as good as one’s overall experience.

Caravan Food Group carries three brands: Overdoughs, a homegrown pastry

shop that offers the best selling OD Mini Chonky Cookies and other pastries like Crinkles and donuts, among others; Elait!, which offers artisanal rolled ice cream and the first rolled yogurt; and RAW Natural Juice Bar, an all natural juice that offers nutritionally designed cold-pressed juices.

Reyes’ advocacy was inspired by his experience when he was young. A deaf person assisted him while he was in a clothing store, and he was amazed by his sincere customer service. From then on, Reyes wanted to incorporate this in his food business.

This deaf inclusive advocacy is made possible through the partnership with orgnizations like De La Salle College of San Benilde – School of Deaf Education and Applied Studies and Hand & Heart.

To date, Reyes has employed 30 deaf partners and counting. The comprise more than 50 percent of the overall employee count. He always believed in their

Ho was was named TOYM in the health and medicine category along with fellow physicians Ronnie Baticulon, a pediatric neurosurgeon and Ramon Lorenzo Luis Guinto, a public health advocate.

Abrera was one of the three TOYM honorees for literature, culture and the arts. Also awarded were Cordillera-based social entrepreneur Victor Mari Baguilat Jr. and Bicol Based writer and filmmaker Kristian Cordero.

Candon City councilor Joanne Ascension Valdez and Sustainability PH founder Shawntel Nicole Nieto received TOYMs for the humanitarian civil society or voluntary leadership category. Physician and medical anthropologist Paul Gideon Lasco and University of the Philippines-Los Banos, School of Environmental Science and Management Dean Rico Ancog rounded out the honorees for education and the academe.

Remember these 6 nostalgic lines from these Disney+ movies? Don‘t they make sense as an adult?

WE all had our favorite movies when we were kids, along with scenes and characters we will never forget. But sometimes, even stories meant for kids hide a few lines that may not have made sense before but hit harder as an adult.

Rewatching all your favorite movies from your childhood on Disney+ is now made convenient and easy when you #PayWithGCash. From iconic Walt Disney Animation Studio movies like Beauty and the Beast or Disney and Pixar’s Toy Story to the original Star Wars trilogy, you can enjoy these favorites on Disney+ without having to use a credit card or a mobile plan.

If you’re in the mood to walk down memory lane while picking up some pearls of wisdom, here are some lines from movies on Disney+ that really make sense after hearing them again:

“Oh yes, the past can hurt. But the way I see it, you can either run from it, or learn from it.” - Rafiki, The Lion King (1994)

The Lion King (1994) had a lot of lessons on growing up and acceptance, especially the concept of “Hakuna Matata” or as translated from Swahili, “There are no problems.” But perhaps, this is one of the greatest pieces of advice from Rafiki and applies to many challenges in life you might have had.

From getting over a heartbreak to unresolved arguments with loved ones, it’s up to you to avoid and forget these memories or to examine what you can learn from them and move on.

“Well there’s the usual things: flowers, chocolates… promises you don’t intend to keep.” - Cogsworth, Beauty and the Beast (1991)

Cogsworth had a funny reply to the Beast asking him what he could do for Belle, but in hindsight, this is an interesting take on romance and relationships in general. As you grow old, you might have realized that people might make promises they don’t intend to keep because they

want to impress or woo others.

This line is both a warning for you to be wary about grand statements people make but also a reminder for you to only make promises you know you can fulfill.

“You never forget kids like Emily or Andy, but they forget you.” - Jessie, Toy Story 2 (1999)

Have you ever thought about how much you might have impacted someone’s life? When Jessie mulled about how her owner Emily eventually forgot her, it feels just the same with people you lost contact with over the years.

You might have met a teacher or a random stranger who left a big impression on you only for them to fade away, but there are people too, who you’ve greatly touched that you might not even remember. It’s times like these when it’s important to hold onto our memories rather than dwell on the person we’ve lost.

“Do or do not. There is no try.” - Yoda, Star Wars: The Empire Strikes Back (1980)

You may have written it off as a funny figure of speech after hearing Yoda say this for the first time but Yoda is wise in his own ways. Success and failure are realities of the world, and all you can do is your best to have more successes than failures.

“Trying” implies that you doubt you can do something and that you aren’t wholly committed to it. Here Yoda reminds us that there will be failures in life but that should not stop you from

committing to your goals rather than always keeping one foot out the door.

“Your overconfidence is your weakness.” - Luke Skywalker, Star Wars: Return of the Jedi (1983)

Similar to Yoda’s famous phrase, Luke’s reply to the Emperor during the finale of Return of the Jedi, might have appeared as a simple retort but has a lot of meaning when you look back on it.

Confidence is important to prevent doubts from clouding your ability to do things but being too confident can also lead to failure. You may miss out on details, like important instructions or extra requirements, refuse to accept further knowledge or fail to see the harm your choices are causing others.

“Don’t be ridiculous, Andrea. Everybody wants this.” - Miranda Priestly, The Devil Wears Prada (2006)

If you’ve watched The Devil Wears Prada, Miranda Priestly tells Andrea how privileed she should feel about living such a charmed life. However, living a life of luxury where everyone does whatever it takes to get ahead is not everyone’s cup of tea.

Success can have an ugly side at times, and some people will do anything to meet their goals at the expense of others. However, seeing Andrea walkaway after getting out of the car, we realize not everyone wants to have to drag others down to get what they want and you shouldn’t have to go down that path to find your fulfillment.

INITIATIVE, the culturally-driven media agency within IPG Mediabrands, announced their appointment as media agency of record for the Philippines’ firstever all-in-one banking app, Maya. The news comes following a multi-agency pitch in October.

Initiative Philippines has been awarded the integrated mandate that includes business analytics, audience understanding, media strategy, planning, offline and full funnel digital performance activation for the Consumer and Business segments of the total Maya portfolio.

Pepe Torres, Chief Marketing Officer of Maya, commented, “2022 was a tremendous year of brand and business growth as we relaunched from PayMaya to Maya, but the work has only just begun. With even greater ambitions in 2023, we must ensure that all our capabilities across the board are on the cutting edge. Initiative proved to be the right media partner for us. Beyond having the capabilities that we need, they have proven themselves to be just as invested in our success as we are, and very philosophically aligned with their “Cultural Velocity.”

Paul Atienza, Managing Partner,

MAGGI, the trusted ally of homecooks, kicked off its “Ang Nagmamahal, Nagma-MAGGI” campaign, its latest effort to show how cooking nutritious and delicious food can make a difference in the lives of loved ones. Centering around the power of food in improving the lives of communities, the campaign will include MAGGI’s collaborative synergies with the Department of Agriculture (DA) and the Department of Education (DepEd), which in 2023, will focus increasingly on teaching families about achieving food security in the home, while striving for zerowaste in the kitchen.

More importantly, the campaign will aim to bring people together through food by enabling more interactive collaboration among the community of MAGGI homecooks. Using MAGGI’s online channels and face-toface activities, MAGGI is providing a robust platform and year-round opportunities that provide online and onsite opportunities to equip moms and young cooks with culinary knowledge and skills.

“MAGGI believes that the simple act of cooking can make a big, positive impact to our everyday lives,” said Kurt Santiago, Service Pillar Manager, Nestlé Philippines. “Unfortunately, due to a number of factors such as limited skills, time and budgets, cooking can be a task that poses mental, physical and even emotional effort. This is why MAGGI is committed to share simply good recipes and tips that enable homecooks to serve sarap sustansya meals to their families and make a difference to the lives of their loved ones every day.”

In 2022, through the help of the DA Bureau of Plant Industry (DA-BPI), MAGGI established

Initiative Philippines said, “Maya is a bold tech maverick that continues to stretch the limits and defy conventions in helping Filipinos make bolder financial choices. We could not be more thrilled to partner with them, and drive Cultural Velocity to further protract growth for the Maya brand in years to come.”

Melody Laogan, Managing Partner, Initiative Philippines added, “This win is a testament to Initiative’s culturally driven and outcome-focused approach to integrated strategic planning. We share the same values with Maya, of being fearless, bold, and progressive. We are excited to raise the bar together.”

This win is a demonstration of the strong performance of Initiative Philippines; breaking in to the “High” profile category in the recent 2022 report by the Research Evaluation Company for Media Agencies (RECMA). Initiative Philippines was also awarded the Philippines Media Agency of the Year bronze award at the recently concluded 2022 Campaign Asia Agency of the Year Awards.

Initiative Philippines’ appointment to the Maya media business is effective January 2023.

the MAGGI Sarap Sustansya Garden at the Nestlé Lipa Integrated Coffee Center (LICC). Since then, MAGGI has been conducting vegetable planting demonstrations via Facebook Live and onsite visits. MAGGI will soon be providing vegetable gardening workshops as an exclusive perk for active subscribers of its Sarap Sustansya Kusinaskwela group, which will also include a zero-waste demonstration on how vegetable cuttings can be re-grown, and how kitchen scraps can be used as compost.

MAGGI also partnered with DepEd in 2022 to start educating kids at a young age the value of home cooked meals in this age of food deliveries and technologies. Our young cooks can realize that food bonds the family and is center to each home, a distinct value of pinoy families. To make the partnership exciting, MAGGI conducted a Virtual Cooking Competition, teaching students the value of preparing nutritious and delicious dishes. This collaboration will continue in 2023, with pilot projects that will emphasize food security and the importance of vegetables in children’s diets. Other benefits of being part of the MAGGI Sarap Sustansya Kusina community - the biggest community of homecooks - is access to recipe inspirations on tasty and nutritious food. MAGGI regularly shares free recipe books each month, and also hosts live cooking demos on Facebook led by the head of its Culinary Team, Chef Erik Magtanong. With the easing of pandemic restrictions, on-ground cooking workshops are also underway, such as the cooking demo with the Philippine Army Officers’ Ladies Club, during which MAGGI shared family meal ideas that are affordable, yet nutrient-rich and flavorful.

MAGGI ramps 2023 campaign with skills-building initiatives in sarap-sustansya cooking, food security

ARGENTINA BEATS FRANCE IN WORLD CUP FINAL MESSI! MESSI! MESSI!

LUSAIL, Qatar—Lionel

It was an iconic sight that finally—definitively—places the soccer superstar in the pantheon of the game’s greatest players.

Messi’s once-in-a-generation career is complete: He is a World Cup champion.

In probably the wildest final in the tournament’s 92-year history, Argentina won its third World Cup title by beating France, 4-2, in a penalty shootout after a 3-3 draw featuring two goals from the 35-year-old Messi and a hat trick by his heir apparent, France forward Kylian Mbappé.

“

It’s just crazy that it became a reality this way,” Messi said. “I craved for this so much. I knew God would bring this gift to me. I had the feeling that this (World Cup) was the one.”

A mid the chaos inside Lusail Stadium, Mbappé did all he could to emulate Brazil great Pelé as a champion at his first two World Cups. Even scoring the first hat trick in a final since Geoff Hurst for England in 1966.

It wasn’t enough.

Now there’s no debate. Messi joins Pelé—a record three-time World Cup champion—and Diego Maradona, the late Argentina great with whom Messi was so often compared, in an exclusive club of the best soccer players of all time.

W ho is the greatest? It›s a discussion that will rage forever because there can never be a definitive answer. Messi has put up a good argument, though, and — with the World Cup title on his resume—

MACRON AND TOLENTINO

AT QATAR WORLD CUP

he is surely above Cristiano Ronaldo as the best player of his generation.

Messi achieved what Maradona did in 1986 and dominated a World Cup for Argentina. He scored seven goals and embraced the responsibility of leading his team out of those dark moments after a shocking 2-1 loss to Saudi Arabia in the group stage.

Playing in the spirit of Maradona, Messi coupled his dazzling skills with rarely seen aggression and led Argentina to the title by becoming the first man in a single edition of the World Cup to score in the group stage and then in every round of the knockout stage.

The torch will one day pass to Mbappé, but not just yet.

Let’s go, Argentina!” Messi roared into a microphone on the field in the post-match celebrations after playing in a record 26th World Cup match.

L ater, he said: “I can’t wait to

be in Argentina to witness the insanity of this.”

Messi had a tantalizing glimpse of the 18-carat gold World Cup trophy when walking on the stage to collect the Golden Ball, awarded to the player of the tournament. He even kissed the World Cup and rubbed it repeatedly.

He got his hands on it for good about 10 minutes later, after a ceremonial robe—a bisht—was draped over his shoulders by Qatar’s emir, Sheikh Tamim bin Hamad Al Thani. And, oh, did he enjoy the moment, celebrating with his family and the teammates who put Argentina atop the soccer world for the first time since the 1986 World Cup in Mexico. The country’s other title came in 1978 on home soil.

Messi was in scintillating form from the start of the final, putting Argentina ahead from the penalty

spot after Angel Di Maria was tripped and later playing a part in a flowing team move that resulted in Di Maria making it 2-0 after 36 minutes.

Mbappé, on the other hand, was anonymous until bursting into life by scoring two goals in a 97-second span—one an 80th-minute penalty, the other a volley from just inside the area after a quick exchange of passes—to take the game to extra time at 2-2.

Messi still had plenty of energy and he was on hand to tap in his second goal in the 108th minute, with a France defender clearing the ball just after it had crossed the line. Argentina was on the brink of the title once again, but there was still time for another penalty from Mbappé, after a handball, to take the thrilling game to a shootout.

“ We managed to come back from the dead,” said France coach Didier Deschamps, whose team was looking to become the first back-to-back champions since Brazil in 1962.

M bappé and Messi took their teams’ first penalties and scored. Kingsley Coman had an attempt saved by Argentina goalkeeper Emi Martinez and Aurelien Tchouameni then missed for France, giving Gonzalo Montiel the opportunity to end it. He converted the penalty to the left and sparked wild celebrations. AP

Mbappé electrifies, but finds himself on losing end this time

LUSAIL, Qatar—Kylian

Mbappé scored a hat trick seemingly from out of nowhere to electrify the World Cup final, he ended the tournament as the leading scorer with eight goals, and he still missed out on winning a second straight title.

T he France superstar was on the losing side of an epic final against Argentina that was settled in a penalty shootout after a 3-3 draw on Sunday. He was then consoled on the field by French President Emmanuel Macron.

Kylian has really left his mark on this final,” France coach Didier Deschamps said.

M bappé had been the leader France desperately needed as time was running out with the defending champions trailing 2-0 and playing poorly. The forward had also been almost invisible up to that point.

But his goals carried France back into the match—twice. First, late in regulation time. Then again deep in extra time.

M bappé converted a penalty in the 80th minute and then scored with a volley from just inside the area in the 81st.

It took only 97 seconds for him to get France even with Argentina and the great Lionel Messi.

M bappé scored a second penalty in extra time, about 10 minutes after Messi had given Argentina the lead again in what became a compelling duel between the two players.

M bappé’s hat trick was only the second in a World Cup final—the other was by England striker Geoff Hurst in 1966.

T he Frenchman leaves Qatar with the Golden Boot trophy as the tournament’s top scorer with eight goals. At the age of 23, he’s matched Pelé’s career total of 12 World Cup goals.

But Mbappé couldn’t quite match the Brazil great’s back-to-back World Cup titles—both players were teenagers when they won their first one, Pelé in 1958 and Mbappé in 2018.

O ne minute before Mbappé turned the game on its head,

Argentina’s fans began to taunt him.

C hants of “Olé, Olé” rained down from the stands at Lusail Stadium as Mbappé futilely chased the ball while his opponents passed it over and around him.

M bappé gestured in frustration with his right arm at the apparent hopelessness of the situation.

B ut after scoring his first two goals, Mbappé surged into the Argentina half looking for a gamewinning third. His darting, twisting run resulted in a shot deflected just too high.

O nce he eventually got the hat trick to make it 3-3 in extra time, Mbappé set out for a fourth. His curling cross barely eluded the head of substitute Randal Kolo Muani, and a final dribble deep into the Argentina penalty area was scrambled clear as he looked to shoot.

He shouted out loud as his last attempt to win the game singlehandedly slipped away.

M bappé tried to set the tone in the penalty shootout, taking responsibility for the first kick. He converted the penalty but France still ended up losing 4-2. Messi did the same for Argentina to start the shootout, but his teammates all scored their penalties.

D uring the shootout, Mbappé made sure he was the first to console Kingsley Coman and Aurélien Tchouaméni on their slow walks back to the center circle after their failures to score.

M bappé stood bent over in the center circle, hands on his knees, as Argentina defender Gonzalo Montiel prepared to take the decisive kick. He then squatted, saw the net ripple and walked away alone amid the Argentina celebrations.

Deschamps eventually came over behind his player to put arms around his neck. Mbappé soon went to the team dugout and sat slumped in a chair with his dark blue shirt pulled up over his face to hide his emotions.

L ong after the game was over, Mbappé left the stadium with his head bowed and the World Cup trophy securely in the hands of Messi. AP

Archers, runner, cyclist dominate 3rd day of Batang Pinoy Nationals

By Josef Ramos

VIGAN CITY, Ilocos Sur— Jathniel

The nine-year-old Fernandez, a third-grader at the Baguio Pines

M agbojos was also unflappable in winning gold medals in the 10m, 15m, 20m, 30m and total score.

B acolod City’s Mico Villaran, meanwhile, captured his third gold under the glaring sun in athletics while Maritanya Krog continued to provide a look-see on who’s the future of Philippine cycling.

expect to be a cut above the field in the cycling competitions that started and finished in front of the Ilocos Sur Provincial Capitol.

“ I didn’t expect to establish my best time in the ITT,” said Krog, the youngest in a family of cyclist that include parents Marita and Edward and siblings Rex Luis and Mathilda, who are either former or current national team members. “My second gold medal is an indication that I have to pursue my dream of becoming a member of the national junior or maybe the national team someday.”

Tolentino

Unfortunately

Attitude determines altitude

IF attitude alone determines altitude then there should be no problem for Sgt. Andrico Mahilum and Sandi Abahan as their attitude overcame altitude among other challenges to each win a world championship.

They’re the best in the world until somebody beats them

in Altitude OCR (Obstacle Course Race). Both athletes successfully competed at the recent Altitude OCR World Championships held in Mount Everest in Nepal.

To put things into context and perspective, according to the world obstacle website, www.worldobstacle. org, “Altitude Obstacle Course Races are events held in high altitude environments. Races achieve a minimum altitude above sea level of 2,438 meters (8,000 ft) with obstacles included throughout the course. Altitude is defined on the following scale: High altitude: 8,000 to 12,000 feet (2,438 to 3,658 meters).”

A rmy Sgt. Mahilum trained in Baguio City for eight months to prepare himself for the challenges that is Everest and Sandi had injury after coming at her up until four months before the world championships.

A ndrico and Sandi went up against a world-class field. Both athletes still have lingering physical effects from the competition. It has taken a toll on their physical health. The Altitude Obstacle Race is neither for the faint of heart nor for everyone. If it was easy, everyone would be doing it.

Learning Center,

the 10 meters (304), 15m (243), 20m (260), 30m (257) and final result (1064) one after the other.

V illaran, 15, said he never expected to win a third gold medal— in the under-15 400-meter hurdles of athletics—because of a strong field. But his time of 57.72 seconds earned him the top of the podium over Virgilio Ramos (58.76 seconds) of Laguna and John David Mangilin (1:01.65) of Biñan.

It’s a great feeling that all my hard work and sacrifices throughout the years have finally paid off,” said the son of a jeepney driver who also won gold medal in the 110m hurdles and 200m on Sunday.

After a dominant campaign in the criterium over the weekend, Krog, 13 and racing for Caloocan City, hurdled the girls’ 13-under individual time trial with relative ease with a clocking of 12 minutes and 39 seconds, 18 seconds faster than Calapan’s Jhanah

K rog aims for her third gold in the road races that were moved to the Vigan-Bantay Diversion Road after the Ilocos Sur capital experienced heavy traffic Monday because of the cycling competitions.

A lso winning gold in cycling’s ITT were Jerick Cabael of Pangasinan (boys 13-below), Harvey Dolutan of Iloilo (boys 14-15 below) and Aira Gregorio of General Santos City (girls 14-15).

R afael Guinto, meanwhile, bucked the heat in snatching victory in the boys’ under-15 5,000 meters run in 17:27.20. Gian Carlo Aiso of Leyte settled for silver in 17:29 and Julius Tolentino of Pangasinan bagged bronze in 17:30.

T he other gold winners in athletics were Marjorie Ragudos (girls high jump), Sophia Dela Vega (girls long jump), Prince Branzuela (boys discus throw), Marc Angelo Cabiluna (boys long jump), Courtney Trangia (girls’ discus throw), Leonalyn Compuesto (girls’ 200m) and Angel Villagracia (girls’ 100m hurdles).

T he multi-sporting event for athletes aged 15 and younger is organized by the Philippine Sports Commission.

Caleb Fernandez of Baguio City and Adrianna Jessie Magbojos of Sta. Rosa City shot their way to a five-gold medal effort in archery to emerge the most successful young athletes so far in the Philippine Sports Commission’s (PSC) Batang Pinoy National Championships at the San Ildefonso Central School.

Family

ruled

Abella and 22 seconds over Iloilo’s Maria Louisse Alejado.

L ike Villaran, Krog also didn’t

YOUNG archers Jathniel Caleb Fernandez and Adrianna Jessie Magbojos bag five gold medals each.

LIONEL MESSI’S once-in-a-generation career is complete: He is a World Cup champion. AP

Messi, wearing a black Qatari robe over his blue-and-white Argentina shirt, kissed the World Cup, shuffled toward his teammates and hoisted the golden trophy high in the air.

France President Emmanuel Macron (right) expresses his gratitude to Philippine Olympic Committee President Rep. Abraham “Bambol” Tolentino for cheering for France during its World Cup final against Argentina at the Lusail Stadium in Lusail, Qatar, on Monday.

also wished Macron the best of luck on Paris hosting the 2024 Summer Olympics.

for Macron, his side lost in a penalty shootout, 4-2, after a 3-3 draw.