BusinessMirror December 20, 2023 by BusinessMirror

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n Wednesday, December 20, 2023 Vol. 19 No. 70

WB: PHL REMITTANCES TO RISE TO $40B IN 2023

P25.00 nationwide | 2 sections 22 pages | 7 DAYS A WEEK

By Jasper Emmanuel Y. Arcalas @jearcalas

HE Philippines’s cash remittances are projected to rise by 5 percent year-onyear to $40 billion this year before growing further to $42 billion next year, putting the country among the top five recipients for remittances, according to the World Bank (WB). “ R e m it t a nce f low s to t he Philippines—the largest recipient after China in the East Asia and Pacific region—are likely to reach $40 billion in 2023, growing at over 5 percent compared with under 4 percent in 2022. The sustained growth of remittance f lows to the Philippines was an outcome of a well-diversified set of host destinations across the world,” the WB said in a report published recently. The WB said the Philippines is part of the top five countries for remittances this year, ranking third behind India ($125 billion), Mexico ($67 billion) and China ($50 billion). Completing the top is the Arab Republic of Egypt at $24 billion, according to the multilateral lender. Aside from recovering economies in host countr ies, the See “WB,” A2

A SPECTRUM OF CHANGE A radiant rainbow adorns St. Peter’s Square at the Vatican on January 31, 2021. Pope Francis on Monday officially endorsed the blessing of samesex couples, a groundbreaking shift in Vatican policy aimed at fostering inclusivity while upholding the Church’s steadfast prohibition of gay marriage. Although hailed by some as a progressive move, LGBTQ+ advocates caution that it underscores the Church’s perspective on the inferiority of gay partnerships compared to heterosexual unions. The Vatican’s doctrinal office document, building upon a letter from Francis in October, reiterates the condition that such blessings must not be confused with marriage rituals, emphasizing that marriage remains a lifelong commitment between a man and a woman. It affirms that requests for blessings for same-sex couples should not be denied, emphasizing a broad definition of “blessing” in Scripture, asserting that those seeking a blessing need not meet an unrealistic moral standard. Full story in World, A11. AP/ALESSANDRA TARANTINO

AFTER FISCAL POLICY REFORM, ‘OBSOLETE’ SYSTEMS UP NEXT By Samuel P. Medenilla @sam_medenilla

ITH the necessary economic structural changes already in place this year, President Ferdinand R. Marcos Jr. will be pushing for the “modernization” of obsolete government systems in the coming months. In an interview with reporters in Tokyo, Japan on Monday, the chief executive disclosed his administration focused on updating

existing fiscal, monetar y and spend ing policies as the country “moves away” from the economic impact of Covid-19. Since the onset of the pandemic, the government was forced to increase its loans to assist those affected by the nationwide lock downs despite lower revenue. Data from the Department of Fi n a nce ( DOF) showed nationa l gover nment debt soared from P7.73 See “Fiscal,” A2

PBBM: Conserve energy to cut greenhouse emissions

RESIDENT Ferdinand R. Marcos Jr. on Tuesday called on the public to contribute to national sustainable development efforts by reducing their energy use. In his message for the 2023 National Energy Consciousness Month (NECM), the chief executive stressed the importance of energy conservation to reduce the country’s greenhouse emissions. “As we pursue the path of sustainable development, it is important that we develop a keen awareness of our energy consumption,” Marcos said. “Thus, this month-long event serves as a reminder for us to

ref lect on our energy habits and foster a culture of responsible energy use,” he added. He noted the efforts of the Department of Energy (DOE) Energy Efficiency Excellence Award will help promote the conservation culture. The award is part of DOE’s initiatives for the celebration of 2023 NECM, which includes finding sound energy solutions, creating sustainable practices, and embracing emerging energy technologies and applications. “I hope that with their example we can inspire the rest of the See “PBBM,” A2

PESO EXCHANGE RATES n US 55.8190 n JAPAN 0.3911 n UK 70.6166 n HK 7.1602 n CHINA 7.8259 n SINGAPORE 41.8999 n AUSTRALIA 37.4266 n EU 60.9878 n KOREA 0.0429 n SAUDI ARABIA 14.8791 Source:

BSP (19 December 2023)

BusinessMirror

Wednesday, December 20, 2023

Fiscal. . . Continued from A1

trillion to P9.8 trillion in 2020, P11.73 trillion in 2021, and P13.4 trillion in 2022. As of October, the national debt was at P14.8 trillion. To address the matter, the government implemented debtmanagement strategy, efficient spending measures, and is now pushing for the passage of revenue generating bills. “We studied the government, we studied the economy, and started to come to a few answers, some of it is structural that we have had to do,” Marcos said. “ T hose str uctura l changes should start to—well, they already have but they will even have a greater effect in 2024 than they did in 2023,” he added. The reforms, he said, will provide the government the window in 2024 to update its existing structures to help speed up the country’s economic growth. The President said he has called for the review of existing laws in a bid to make the country an attractive destination for investors. He is also pushing for the digitalization of more government operations to make it more efficient and accessible to the public. “We’re moving in the right direction. But if you ask me, I’m always—I always say it’s [changes] too slow, it’s too slow, it’s too slow. So, we will just keep pushing and pushing and pushing so all of these will be completed and we can feel the effects of those changes that we made,” Marcos said.

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New EO eyed as El Niño’s droughts seen hitting earlier By Samuel P. Medenilla

@sam_medenilla

ITH the country expected to be hit earlier next year by droughts caused by El Niño, President Ferdinand R. Marcos, Jr. will be issuing a new Executive Order (EO) consolidating government efforts, including calamity funds, to help parched localities.

In a press briefing in Malacañang on Tuesday, Defense Secretary Gilberto “Gibo” C. Teodoro Jr. disclosed the proposed EO will “revive and revise” the Task Force El Niño (TFEL), which was created in 2001. The TFEL will be led by the National Disaster Risk Reduction and Management Council (NDRRMC). Teodoro said among the planned interventions is issuance of guidelines for local government units (LGU) to declare a state of calamity in case the effects of El Niño in their jurisdiction will not be immediate.

Such guidelines will be based on the criteria set by the Department of Budget and Management (DBM) and the Department of Science and Technology (DOST). “So we agree with the DBM [on] what the conditions are for the allowable use of the QRFs [quick response funds] of the local government agencies in the case of a slow onset calamity which will be science-backed,” Teodoro said. “DOST will inform them if they can declare a state of calamity and use their calamity funds to ameliorate conditions,”

he added. Other government interventions for the looming droughts include fast-tracking of projects to increase the country’s water supply, ensuring the country will have sufficient power during the dry months, fire-prevention measures, and stopping the spread of food and water-borne diseases. Citing their latest data, DOST Secretary Renato U. Solidum, Jr. revised their forecast as to when the impact of El Niño is expected to peak. “The peak of El Niño in terms of drought will be April of 2024, which is slightly different from the forecast last week or two weeks ago that it will be May,” Solidum said. By April, he said 63 provinces will be under drought conditions—the state where an area has below-normal rain conditions for five consecutive months or way below rainfall conditions for three consecutive months. A nother 12 prov inces w i l l have dry spell. These are areas which have below-normal rainfall conditions for three consecutive months or way-belownormal rainfall conditions for two consecutive months.

Tolentino quits as Blue Ribbon chief, cites deal

ENATOR Francis Tolentino confirmed on Tuesday he was resigning as chairman of the Senate Blue Ribbon Committee (BRC)— known for busting big-time government anomalies—to fulfill a “sacred” agreement that he would only serve as such until the end of 2023. In a press briefing for Senate reporters, Tolentino likewise cited highlights of the accomplishments of the Blue Ribbon panel under his chairmanship, citing the panel’s exhaustive investigation of the Department of Education laptops deal scandal, among others. The Office of the Ombudsman has since started its own investigation of the multibillion-peso mess involving overpriced laptops for public school teachers. Tolentino, however, declined to share other details of the “agreement” that he said was made among the members of the Senate majority last year when the committee chairmanships were being parceled out. He begged off when asked for further details on the agreement, nor explain the context of how the term-limit deal was forged, nor who could be his successor in one of the chamber’s most important, but also most difficult, portfolios. Though a neophyte senator, Tolentino is a veteran public servant and outstanding lawyer. He also chairs the Senate’s Justice committee. Butch Fernandez

WB. . . Continued from A1

Philippines’s “proactive stance” in negotiating deals with foreign gover nments like Saud i A rabia facilitated the emigration of more Filipinos, according to the WB. “The impact of the Filipino government’s proactive stance in negotiating specific deals with foreign governments such as Saudi Arabia to protect its workers also contributed to facilitating emigration to that country,” it said. The WB said the remittances in East Asia, excluding China, are projected to grow “robustly” to $83 billion this year on the back of better host economies and domestic conditions. “ R e m it t a nce f low s to t he Philippines, which accounts for about 48 percent of the total remittances to East Asia and the Pacific Islands, excluding China, are projected to grow by about 5 percent to reach $42 billion in 2024,” the WB added.

PBBM. . . Continued from A1

country to become more conscious in utilizing our energy supply more responsibly,” Marcos said. As part of government efforts to mitigate the effects of climate

Cash remittances sent home by Filipinos to the country from January to October rose by 2.8 percent to $27.49 billion from $26.74 billion recorded in the same period last year, according to latest Bangko Sentral ng Pilipoinas (BSP) data. (Related stor y: htt ps:// businessmirror.com.ph/2023/12/15/of wremittances-grow-3-to-3b-inoc tober-highest-g row th-in7-months/#:~:text=Total%20 cash%20 remittances%20 r o s e % 2 0 t o ,% 2 D a n d % 2 0 sea%2Dbased%20workers.) BSP Governor Eli M. Remolona Jr. earlier projected that the country’s total cash remittances could surpass $33.5 billion next year, rising to the highest level in at least six years on the back of improved economic conditions abroad. Based on the BSP’s projections, total cash remittances this year would grow by 3.07 percent yearon-year to $33.5 billion from $32.5 billion last year. (Related story: https://businessmirror.com. ph/2023/08/14/bsp-efforts-tostabilize-phl-peso-successful/) change, he reiterated his administration is seeking to reduce the country’s reliance on fossil fuels amid its growing energy needs. Among the options, he said, is the promotion of energy-efficient practices and attracting more investments for local renewable energy projects. Samuel P. Medenilla

Alternergy secures ₧1.45B capital funding from GSIS By Lenie Lectura @llectura

LT ER NERGY Hold i ngs Corp. has received the P1.4 5 - bi l l ion f u nd i ng from state-fund pension fund Government Service Insurance System (GSIS). In a disclosure, Alternergy said Tuesday it received the capital infusion amounting to P1.45 billion from the subscription to perpetual preferred shares of GSIS. “We are pleased to receive the GSIS investment which boosts our equity base. Alternergy has raised a total of P3 billion in equity capital in the last nine months following our P1.62 billion initial public offering (IPO) in March this year,” Alternergy President Gerry P. Magbanua said. The proceeds, he added, will be utilized for the construction of the Tanay and Alabat Wind Power

Projects under the Green Energy Auction 2 (GEA 2) Program of the government. “This boost to Alternergy’s equity base will help fund the next phase of development in projects, including the construction of the Tanay and Alabat Wind Power Projects under the GEA2,” the company reported. Alternergy has further undertaken back-to-back corporate finance activities to secure capital for its project pipeline. Last week, Alternergy mandated BDO Capital & Investment Corp. (BDO Capital) as Mandated Lead Arranger (MLA) for an up to P4 billion of fixed and repriceable rate green corporate notes. In early October, Alternergy tapped three investment banks— BPI Capital, RCBC Capital and SB Capital—as lead arrangers to raise P12 billion project finance structure for the Tanay and Alabat Wind Power Projects.

Unacash operator bares expansion plans for ’24

NLINE lend ing f ir m Digido Finance Corp. announced having opened 128 branches by the close of 2023, or a 300-percent increase since the firm upgraded its buy now, pay later (BNPL) services to point-ofsale (POS) loans last July. A statement by the firm said it aims to further amplify its services, “projecting more than a 200-percent increase in our existing roster of partners.” The operator of mobile loan application “UnaCash” started its expansion in the National Capital Region (NCR). The firm said through the statement it is beefing up its reach in Bohol, Davao, Pampanga, Nueva Ecija, Calabarzon (Cavite, Laguna, Batangas, Rizal, and Quezon) and, most recently, Bicol region. T he f i r m’s st atement credited the expansion as instrumental in addressing regions where digitalization remains a challenge. The firm also

credits its “phygital” approach— leveraging a blend of digital and traditional channels—vis-à-vis clients. In the past five months, Digido has established partnership with merchants, the firm said. The partnerships are based on Digido’s research that reveal a 173-percent surge in gross merchandise value (GMV) in BNPL transactions by 2024. The study said the surge is driven by the rise of mobile commerce penetration in the Philippines. “We recognize untapped potential in the market and aim to provide seamless services and accessibility to every Filipino, particularly focusing on the promising younger generation, as their preferences and purchasing power will dictate the outcome of the POS loans in the market in the decade to come,” the statement quoted Product Head Erwin Ocampo as saying. “This brings laser focus on enhancing our services’ accessibility across multiple areas in the country to meet future local market demands.” Rizal Raoul S. Reyes

DOE 51 Anniversary st

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DOE welcomes move to decommission coal-fired power plants prior to 2040 target

HE Philippine government is encouraging a voluntary early and orderly decommissioning or repurposing of existing coal-fired power plants. This should be done while securing a stable energy supply and addressing the climate emergency by ramping up the country’s renewable energy target of 50 percent share by 2040. As such, the Department of Energy said in a statement that it welcomed the move of ACEN to voluntarily retire its 246 megawatts South Luzon Thermal Coal-Fired Power Plant. “This is consistent with our view that it must be voluntary and must make business sense in a power sector like the Philippines that is privately-owned, market driven and unsubsidized. ACEN has our full support for this initiative, and we will explore ways to facilitate this program through access to climate financing,” the statement added. ACEN, the Ayala-led renewable energy company, announced earlier this month announced a new collaboration with The Coal to Clean Credit Initiative (CCCI) to use carbon finance to retire the South Luzon Coal-Fired Power plant and replace it with renewable energy.

Emissions reduction

THE initiative could reduce around 15 to 25 years’ worth of emissions given that coal plants typically operate for 40 to 50 years. The transition credits will enable ACEN to accelerate the transition of SLTEC plant by as early as 2023, a decade ahead of its current retirement date. Through the project, the SLTEC coal plant will become the world’s first coal-fired power plant to leverage carbon credits to enable its early decommissioning, ACEN added. According to the DOE, the Philippine power sector set-up is unique compared to other countries. The sector is market driven and privately-owned, with the regulator’s role limited to ensuring the competitive environment for the sector. “Accordingly, decisions by private businesses to retire coal-fired power plants and shift to full renewable energy are also purely

ACEN will decommission the South Luzon Coal-Fired Power plant and replace it with renewable energy.

market-driven and based on the economics of which projects will provide the most return of investors,” the statement said.

No subsidy

THE Philippines, the DOE added, is also one of the few countries in Southeast Asia which does not subsidize its power sector. The country relies on cross-subsidy to provide support to marginalized consumers as well as for renewable

MERALCO, BAP JOIN HANDS TO PROMOTE ENERGY EFFICIENCY, SUSTAINABILITY

MERALCO AND THE BANKERS ASSOCIATION OF THE PHILIPPINES JOINTLY organized a forum for financial institutions to advocate sustainable energy solutions. Seen in photo are, top from left to right, BAP Data Exchange Inc. Managing Director Cesar C. Santos, MSERV Account Executive John Pocholo Pabilona, Meralco Enterprise Relationship Manager Allan Christoper Anson, Meralco Energy Services Engineer John Louie Constantino, Meralco Enterprise Relationship Manager Daniel Tajora, MSpectrum Account Executive Ronwell David, Meralco Energy Services Engineer Pocholo Bolado, Meralco Lead, EC&C Technical Services Elefren Antonio, BAP Associate Director Arnel Almaden. Bottom, from left, are Meralco Enterprise Relationship Manager Valerie Ongtengco, and Meralco Enterprise Industry Lead for Hospitality and Financial Institution Bezie Mae Mina.

HE Manila Electric Company (Meralco) and the Bankers Association of the Philippines (BAP) have teamed up to advocate the adoption of energy efficiency in the banking sector. In a Power Up forum recently organized by Meralco and BAP, BAP Managing Director Benjamin P. Castillo emphasized the importance of introducing sustainable energy practices in the banks’ dayto-day operations. “As is generally known, electricity is a substantial operational expense for banks, particularly those with big branch networks and data centers. Managing energy expenses correctly can enhance profitability and competitiveness and implementing energy-efficient techniques can drastically cut operational costs for banks,” Castillo said.

The forum, which aims to empower the banking industry, was attended by facility and property managers and sustainability officers of 11 banks including Rizal Commercial Banking Corporation, Philippine National Bank, Metrobank, PBCom, among others. Discussions centered on sustainable business particularly on how financial institutions can achieve their sustainability goals through efficient management of power. Meralco has made managing energy efficiency easier for banks through its wholly owned subsidiary, MServ, which provides end-to-end services include energy audits and maintenance of equipment in the facility. In addition, businesses were urged to take advantage of MServ’s Energy Efficiency 360, an online platform that

allows users to track data related to energy consumption. Other practices cited that could help banks in achieving energy efficiency include switching to LED bulbs from CFL lights, which can yield monthly savings of up to Php 5,000 for every 100 bulbs; and using motor controllers when demand is low, like those used in escalators that slow them down when not in use. As part of the sustainable thrust of the forum, Meralco also tackled programs that banks can adopt in their operations, including the government’s Green Energy Option Program (GEOP) which allows consumers to tap renewable energy for their business operations. The financial institutions were also urged marry sustainability and efficiency through electric vehicle adoption and solar photovoltaic installations offered by Meralco subsidiaries Movem and MSpectrum, respectively. Meralco and BAP, through its Education Committee, pledged to jointly conduct more fora in the future that can serve as an avenue for the exchange of technical expertise and innovative developments that can help the banking industry embrace sustainable business operations. “This collaboration marks the beginning of a strategic alliance, where the synergy between energy efficiency and financial sustainability creates a positive impact on our communities and the environment, with the banking sector at the forefront,” concluded Bernice Gretchel P. Garcia-Rama, Meralco Head for Enterprise -- Commercial and Conglomerates.

energy incentives. “Therefore, the costs of transition, as well as the need for greater investment infrastructure, will be fully borne by our already overburdened electricity customers if we will not find strategic ways to shift the burden,” DOE said. The agency also lauded the Asian Development Bank and ACEN’s Energy Transition Mechanism concept which leverages public and private investments with the aim of retiring coal power assets on an earlier schedule. “We encourage every effort to incentivize the business owners and institutions that will participate in similar undertakings and work towards energy transition,” the statement said. “But we must also emphasize that our energy transition is beyond coal retirement. It also entails expanding our people’s access to electricity. It also entails expanding our people’s access to electricity in remote islands, building a smart and green grid and improving the distribution systems, putting up more energy storage systems and making energy affordable for all,” the DOE added.

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

Wednesday, December 20, 2023

seizes 2 smuggled ₧771-billion investments from Japan Customs Porsche cars worth ₧30M to generate 40,000 new jobs–PBBM By Jasper Emmanuel Y. Arcalas

By Jovee Marie N. Dela Cruz @joveemarie

av ing ga r nered investment pled ges e xce ed i ng P771 billion from Japan, the House members solidified their support for the Marcos administration’s pursuit of fostering a more investor-friendly environment in the Philippines with the implementation of essential legislative measures aimed at addressing investors’ concerns. Speaker Ferdinand Martin G. Romualdez lauded the success of President Ferdinand R. Marcos Jr.’s Tokyo trips, which, in conjunction with his state visit last February, have generated a total of over P771 billion in investment pledges expected to create thousands of jobs for Filipinos. Marcos reported Monday the exe-

cution of new agreements and pledges amounting to a total of P14.5 billion in investments during the Department of Trade and Industry-led (DTI) business event held on the sidelines of his participation in the AseanJapan Commemorative Summit in Tokyo, Japan. When combined with the letters of intent signed in February 2023 and nine additional agreements inked on Monday, Malacañang disclosed that investment commitments from Japanese investors now stand at P771.6 billion, or approximately $14 billion, paving the way for 40,000 employment opportunities for Filipinos. “President Marcos has proven himself a champion for economic growth and job creation. These investment pledges secured in Japan are a testament to the international community’s confidence in the Phil-

ippines’ future under his leadership,” Romualdez said. “The promised over 40,000 jobs are not just numbers; they represent families lifted out of poverty, brighter futures for our youth, and a stronger middle class. President Marcos’ dedication to attracting foreign investments translates directly into improved livelihoods for our countrymen,” added Romualdez. The Palace also reported P169 billion in actualized investments from agreements with Japanese investors signed last February. During the signing of new agreements and updates on investment pledges, President Marcos affirmed his administration’s commitment to actively listen to the issues, concerns, and suggestions of investors to ensure their success in the Philippines. Moreover, Romualdez said, “The

inputs and suggestions we personally hear from potential investors during these trips would be invaluable in crafting laws meant to answer the issues they have raised to ensure that these investment pledges would come to fruition and create jobs for thousands of Filipinos.” Romualdez earlier said the House would push for amendments to the “restrictive” economic provisions of the 1987 Constitution to further open the country’s doors to foreign investments. President Marcos mentioned ordering a study on whether constitutional revisions were necessary to attract more foreign investment, acknowledging that certain laws stemming from the Constitution might hinder or discourage foreign investors from engaging in specific sectors of the economy.

Writ of Kalikasan filed vs DENR, other agencies over Verde Island protection By Jonathan L. Mayuga @jonlmayuga

nvironmental groups Protect VIP (Verde Island Passage) and other groups on Tuesday filed a Petition for Writ of Continuing Mandamus against the Department of Environment and Natural Resources (DENR) to force the agency into issuing Guidelines for the Declaration of Non-Attainment Area. The petition was filed by Protect VIP together with the Center for Energy, Ecology, and Development (CEED), Bukluran ng Mangingisda ng Batangas, and several fisherfolk organizations in Batangas and Mindoro before the Court of Appeals (CA) also urged the DENR to suspend discharge permits and environmental compliance certificates of gas projects in the VIP pending the issuance of the guidelines. The case was also filed against the National Water Resources Board, the Department of Health, and the Department of Agriculture. Protect VIP and other stakeholders have repeatedly requested DENR to designate as non-attainment areas the waters of VIP and beyond that have failed water quality tests, as required under Section 6 of the Philippine Clean

Water Act. The provision states that it is the DENR’s duty under the law to prevent new sources of pollution in non-attainment areas and to ensure existing sources of pollution will be reduced. VIP has been declared by scientists as the center of shore fish biodiversity. It is a strait that separates the islands of Luzon and Mindoro, connecting the South China Sea with the Tayabas Bay and the Sibuyan Sea beyond. The DENR has failed to respond to the entreaties, allegedly giving only “empty assurances” of providing copies of such guidelines once these have been issued, according to Father Edwin Gariguez, Lead Convenor of Protect VIP. Last July, water quality tests across marine protected areas (MPA) of Pola and Pinamalayan showed that five of six exceeded 2016 water quality standards for oil and grease, while a follow-up test in September showed that all six either exceeded or failed to meet the aforementioned standards. Additionally, an MPA in Ilijan, Batangas also exceeded water quality standards for oil grease and ammonia. “The high concentrations of pollutants, such as oil and grease, in

coastal waters can impact the fish, corals, and other aquatic organisms and can also pose a health risk to humans exposed directly or through contaminated fish. The longer the subject waters remain unprotected and exposed to pollution, the more likely the damage and deterioration to these areas may be irreparable,” said Ivan Andres, Deputy Head for Research and Policy of CEED. Fisherfolk, on the other hand, lamented the decline of fish catch, citing the oil spill in Oriental Mindoro and the proliferation of gas plants in the vicinity. “Mahirap yung wala nang hanapbuhay ang mga simpleng mangingisda. Pinatay na ang hanapbuhay namin pero kailangan naming lumaban. Hindi lamang para sa aming pamilya kundi itong karagatan ay buhay—buhay ng aming pamilya. Masakit sa kalooban kung bakit namin ipaglalaban ang aming kabuhayan. Sana po sa DENR, mabigyan kami ng liwanag sa aming kabuhayan. Wala kaming ibang alam kundi ang mangisda. Sana po ay matugunan niyo ang aming kahilingan,” said Sanny Tayco, council member of LIMA para sa VIP, a coalition of fisherfolk in five provinces of the VIP. Atty. Luke Espiritu, counsel of the case, lambasted the DENR for its slow

action regarding the guidelines for Non-Attainment Areas and its failure to act on its mandate. “It has almost been 19 years since the Clean Water Act, and yet DENR’s response to our inquiry is that they don’t have guidelines and they are yet to create it. It is such a surprising excuse because the Clean Water Act already has implementing rules and regulations. There must be positive action on the part of DENR—they should not issue ECCs [environmental clearance certificate] for projects that proliferate LNG [liquefied natural gas] terminals and power plants around Batangas. The DENR has all the tools in its hands yet they still allow destructive projects even though the waters of the VIP fail water quality standards,” added Atty. Espiritu. “Given the current challenges faced by the VIP, the DENR must stop derailing the issuance of guidance for the Declaration of Non-Attainment Areas, and declare the VIP as a Non-Attainment Area. It must stop issuing discharge permits and ECCs until the waters are cleaned up, in the spirit of conscientious stewardship to protect the Verde Island Passage, and other threatened marine ecosystems in our country,” Father Gariguez added.

@jearcalas

he Bureau of Customs (BOC) on Tuesday said it intercepted two smuggled luxury vehicles, worth P30 million, that were misdeclared as used truck replacements in Tagoloan, Misamis Oriental. The BOC said its Port of Cagayan de Oro team, together with its Intelligence Group, seized the two luxury vehicles last December 15 at the Mindanao Container Terminal. The shipment, which was arriving from South Korea and consigned to M. Aguila Car Trading, was declared to contain 1,045 pieces of truck replacement parts. However, Customs personnel found out that the shipment concealed two units of Porsche with an estimated value of P30 million. “Upon receiving derogatory information, the BOC Intelligence Group requested the Port of Cagayan de Oro to issue a Pre-Lodgment Control Order

[PLCO] against the subject shipment,” the BOC said. “This was followed by a joint spot-check examination request from Customs Intelligence and Investigation Services-Cagayan de Oro [CIIS-CDO] and Surigao Field Station Chief Oliver Valiente and XIP CDO Chief Jenkinn Gutierrez,” it added. BOC Cagayan De Oro por t Ac ting District Collector Alexandra Y. Lumontad issued the corresponding alert order for the full examination of the container, resulting in the discovery of the smuggled luxury vehicles. The BOC added that a warrant of seizure and detention shall be issued against the shipment for violating pertinent provisions of Republic Act 10863 or the Customs Modernization and Tariff Act. “Our ports are steadfast in protecting our borders to ensure that goods are thoroughly inspected, preventing illicit cargo entry,” BOC Commissioner Bienvenido Y. Rubio said.

PNP launches inspection of firecracker manufacturing, retail and storage sites

ith the approach of Yuletide and New Year’s Eve celebrations, the Philippine National Police (PNP) on Monday instructed all regional directors to start their inspection of firecracker manufacturers and retailers’ sites in their respective areas. PNP spokesperson Col. Jean Fajardo said the order refers to groups or individuals who have been granted permits to manufacture and sell firecrackers to ensure compliance to regulations. She added PNP chief Benjamin Acorda

Jr. gave the instruction during their last command conference. As of December 5, Fajardo said only 28 manufacturers have been given permits to manufacture firecrackers and other pyrotechnic devices, while only 95 dealers were issued permits to sell. Also, Fajardo said the PNP would continue maintaining a proactive stance in securing crowded areas during the Christmas Season. This includes places of worship, major thoroughfares, and transport terminals. Rex Anthony Naval

Sen. Go sends aid to recovering storm victims in 3 Iloilo towns

e nator Christopher “B ong” G o provided additional aid and support for the full recovery of typhoon victims in Oton, Leon, and Maasin towns in Iloilo by organizing a relief activity at the Bakhaw Mandurriao Integrated School on Friday, December 15. His Malasakit team provided food packs, shirts, masks, vitamins, snacks, and balls for basketball and volleyball to 78 affected households. The team also gave away pairs of shoes to select recipients. With Go’s initiative, the National Housing Authority (NHA) also provided aid, through its Emergency Housing Assistance Program (EHAP), to qualified beneficiaries to help them rebuild. NHA’s program, which Go advocated for and continues to support, provides assistance to families who have lost their homes due to natural calamities, such as fires, typhoons, earthquakes, and

other disasters. At the forefront of Go’s legislative initiatives is Senate Bill No. (SBN) 188, which seeks to establish the Department of Disaster Resilience (DDR). The proposed law seeks to elevate disaster preparedness and response by creating a Cabinet-secretarylevel department solely focused on disaster resilience. The senator emphasized that if enacted and established, DDR would focus on three critical areas: disaster risk reduction, disaster preparedness and response, and recovery and building back better. Furthermore, Go co-sponsored SBN 2451, or the Ligtas Pinoy Centers bill, which was primarily sponsored by Senator Jinggoy Estrada. This bill, based on the Mandatory Evacuation Center bill previously filed by Go, aims to establish permanent and wellequipped evacuation centers nationwide.

Wednesday, December 20, 2023

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

PHL tags Taiwan as ‘priority market’ for investment missions next year By Andrea E. San Juan

sourcing location to China. “As such, banking on the existing Bilateral Investment Agreement and New Southbound Trade Treaty between the Philippines and Taiwan, PEZA has identified Taiwan as a priority market for outbound investment missions next year,” Panga said. “We will strengthen further our collaboration with the DTIPTIC [Department of Trade and Industry-Philippine Trade and Investment Center], MECO [Manila Economic and Cultural Office[, TECO [Taipei Economic and Cultural Office] and the Taiwanese Chamber of Commerce for the conduct of investment and trade promotions to be able to attract more FDIs from Taiwan and increase its share in the ecozone investments and exports of goods and services,” added the PEZA chief. Given Taiwan’s status as the seventh largest economy in Asia and 20th largest in the world by purchasing power parity, Panga said the Philippines would benefit from its increased economic cooperation with Taiwan. Moreover, Taiwan is driven by a “competitive” manufacturing sector in the fields of electronics,

machinery, petrochemicals, energy, and ICT products, the PEZA chief stressed. Armed with key economic reforms, such as the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law and Strategic Investments Priority Plan (SIPP), Panga said PEZA aims to target “strategic” and high-tech industries from Taiwan that will provide for “ecozone product sophistication, export diversification, labor-intensive and highskilled jobs, knowledge transfer, enhanced local supply chain, and creation of industry clusters.” In a recent statement, PEZA reported that it secured P20.6 billion in investment leads and pledges from Taiwanese investors during a five-day outbound mission to Taiwan for the 2023 Philippine Investment Forum, an annual gathering of Taiwan companies and associations interested in investing and doing business in the Philippines. (Full story: https://businessmirror.com.ph /2023/11/03/ peza-secures-%E2%82%A7206-billion-in-investment-leadspledges-f rom-taiwanese-investors/)

PBBM says Japan investment pledges in Feb to generate at least 9,700 jobs

One missing in Davao after TS ‘Kabayan’ onslaught

@andreasanjuan

HE Philippine Economic Zone Authority (PEZA) identified Taiwan as a “priority market” for outbound investment missions next year, as the investment promotion agency aims to entice over 4,000 Taiwanese firms with manufacturing facilities in China that are looking for other sites in the Asean region. In a social media post last week, PEZA Director General Tereso O. Panga said the Philippines might be able leverage on the “China Plus One” policy as a strategy to attract foreign direct investments (FDI). In particular, the PEZA chief said the Philippines can target “more than 4,000 Taiwanese companies and other MNCs (multinational companies) with manufacturing facilities in China that

VER 9,700 jobs were already generated f rom the realized investments pledges, which were announced by Japanese companies last February. President Ferdinand R. Marcos Jr. made the announcement in his arrival speech last Monday following his participation in the 50th Commemorative A sean-Japan Friendship and Cooperation Summit in Tokyo, Japan. He noted the additional employment opportunities were the

are looking for redundant sites in Asean,” adding that these firms are using the “de-risking” strategy amid the trend of supply chain diversification in the global arena. Panga explained that the “China Plus One” policy refers to a business strategy adopted by companies, especially multinational corporations, to diversify their production and supply chain activities by adding an alternative manufacturing or

result of the P169.7 billion worth of capital funneled by Japanese firms into the local economy. “I am pleased to update you on the progress of business commitments signed by our valued Japanese partners during my last visit to Japan in February,” the Chief Executive said. “From t hese comm it ments, m o r e t h a t 9 ,7 0 0 n e w j o b s h ave been generated tod ay,” he added. Marcos sa id t hey e x pect 15,750 more employment oppor-

tunities will be created from the nine letters of intent and memorandum of understanding (MOU) signed last Monday. Following his two trips to Japan this year, he said the country received a total of P771.6 billion worth of investment pledges from Japanese firms. “This significant investment is anticipated to create around 40,200 jobs, marking a positive and promising development for our collaborative efforts,” Marcos said. Samuel P. Medenilla

Study shows single-use food packaging from 17 countries may contain cancer-causing chemical

ST U DY relea sed on Tuesday by the International Pollutants Elimination Network (IPEN) and 18 IPEN member groups found toxic polyfluoroalkyl substance (PFAS) chemicals, including globally banned substances, in single-use, paper, cardboard, and plant-based molded fiber food containers and tableware purchased from 17 countries. These countries are found across Africa, Asia, Europe, Nor t h A me r ic a , a nd L at in America and the Caribbean. PFAS chemicals have been linked to cancer, infertility, and endocrine disruption. Prior studies have shown that PFAS in food packaging can leach into food and higher levels of PFAS have been found in blood testing of people who regularly eat types of foods that are typically sold in PFAS-containing packaging. Also called “forever chemicals” due to their extreme persistence in the environment, PFAS are widely used in food packaging and single-use tableware to confer grease resis-

tance. The study also found some p a c k a g i n g m a d e w it h o ut PFAS, demonstrating that alternatives to the toxic substances are available. The findings also show that some leading global food companies sell food in PFAS-free packaging in some countries but continue to use PFAS-tainted wrapping in other countries. “PFAS are widely used in single-use food packaging and tableware, especially for fast food, and people are exposed when they eat PFAS-packaged food. Since fast food is especially popular among youth, and PFAS can disrupt the bodies’ natural hormones, there is a serious concern that young people may be impacted at critical periods of development,” said IPEN’s Global Researcher Jitka Straková, the lead author of the study. “The food industry needs to quickly phase out PFAS and governments should move swiftly toward a global ban on PFAS as a group to stop environmental releases of and human exposure

to PFAS,” she added. In the study, food packaged i n paper, c a rdboa rd , and plant-based molded fiber was purchased, and 119 samples of packaging and tableware were tested. Samples were collected from 17 countries: Tunisia, Egypt, Jordan, Kuwait, Morocco, Iraq, Montenegro, Jamaica, Mexico, Argentina, Benin, Zambia, Cameroon, Philippines. Taiwan, Nepal, Nepal, and India. Tests for 58 specific PFAS and for extractable organic fluorine (EOF), a measurement that correlates with the use of any PFAS, were conducted. Among the groups in South and Southeast Asia that participated in the study were the Environmental and Social Development Organization (Bangladesh), Toxics Link (India), Center for P ubl ic Hea lt h a nd Environmental Development (Nepal), EcoWaste Coalition and Interfacing Development Interventions for Sustainability (Philippines), and the Taiwan Watch Institute (Taiwan). Jonathan L. Mayuga

AVAO CITY—A male resident of Davao Oriental in the town where tropical storm “Kabayan” made a landfall on Monday remained missing after he was earlier reported as the lone casualty. The Office of Civil Defense (OCD) corrected its Monday’s report that the 35-year-old male from Purok Silagan, Barangay Holy Cross, in the town of Manay, drowned when he was carried by the strong current in a river. The National Police, which filed the report to the OCD, said the victim was last seen gathering the coconuts, which drifted along the river when he was swept by the strong current. Kabayan made landfall at 10:00 am on Monday in Manay, Davao Oriental. The OCD said 4,145 residents belonging to 925 families were affected by storm in the provinces of Davao Oriental and Davao de Oro. Some 166 families in Davao de Oro were earlier evacuated. Twelve houses were partially damaged and two were totally damaged in Davao Oriental as floodwaters submerged 12 villages in Davao Oriental, Davao del Norte and Davao City. The bridge in Barangay Katipunan, Maragusan, Davao de Oro was rendered impassable on Monday and was reopened on Tuesday. Work was suspended as well as classes on Monday in three towns of Davao Oriental, the entire Davao City, all towns of Davao del Norte and five towns of Davao Occidental. Seaport operations were also suspended in Davao del Norte, Davao City and Davao Oriental. The Davao Oriental town of Caraga has reported severe damage to infrastructure and agriculture and estimated the damage to reach P60 million. It was poised to declare a state of emergency.

Gavan hails Gatchalian’s stand on Coast Guard modernization

HILIPPINE Coast Guard (PCG) commandant, Admiral Ronnie Gil L. Gavan expressed his thanks to Senator Sherwin Gatchalian for filling Senate Bill (SB) No. 2516, which calls for the modernization of the maritime law enforcement agency. “This will enable us to fulfill our mandates. The PCG is not only a maritime agency in charge of managing the sea but also a tool for national security and development,” the PCG chief added. SB 2516 will be known as the “PCG Modernization Act” once enacted into law. “We need this law to be present everywhere and be capable of responding to the current and future challenges in the maritime sector,” Gavan added. SB 2516 aims to “provide for a modernization program to enhance PCG’s assets and facilities, bolster its capabilities, and strengthen the effective implementation of its mandate under Republic Act 9993 or the Philippine Coast Guard Law.” It will also “develop a more mobile and visible Coast Guard force that will establish its vision of a

World-Class Guardian Of the Sea by 2025, acquire and upgrade appropriate technology and equipment, and strategically improve and construct bases, installations, and other PCG facilities.” SB 2516 also calls for the creation of the PCG Modernization Trust Fund with an initial allocation of P1 billion. “It is imperative that our government provides the necessary support to have a responsive and wel l- equ ipped PCG w it h enhanced technical and legal capabilities in maritime safety, m a r it ime sec u r it y, m a r it ime searc h and rescue, mar it ime law enforcement, and maritime env ironment a l protect ion to ensure our maritime presence,” Gatchalian said earlier. “With the advent of various maritime issues currently faced by the country, from maritime disasters and incidents such as oil spills, ship collisions, and grounding to ongoing harassment in the West Philippine Sea, there is a need to continuously modernize and enhance the capabilities of the PCG to respond to all these incidents effectively,” he added. Rex Anthony Naval

BusinessMirror

Wednesday, December 20, 2023

ESTABLISHMENT / ADDRESS

ESTABLISHMENT / ADDRESS No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

QUALIFICATION AND SALARY RANGE

No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

ACCENTURE, INC. 7f Robinsons Cybergate Tower 1, Pioneer St., Barangka Ilaya, City Of Mandaluyong

BINETTI, DARIO SW/App/Cloud Tech Support Analyst

Brief Job Description: The position will require candidates to take calls using any of the 6 languages to support our clients with their IT-related incidents and request. Some of the roles and responsibilities for the role include perform initial triage for IT issues raised by customers log, track, and update incidents, attempt first time fix resolution for known issues, identify target resolver group and route tickets, do remote trouble shooting, install/uninstall applications for incidents raised by customers.

Basic Qualification: Graduate of any 4 yr. course, preferably IT or Engineering related. Strong working knowledge of the service desk function. Good knowledge level on multiple IT technologies. Excellent communications skills both written and verbal. Willing and able to work effectively in a diverse and multi-cultural environment. Willing and able to work on a shifting schedule. Salary Range: Php 30,000 - Php 59,999

XIE, LIFENG Mandarin Dredger Navigation Controller 10.

FUKUDA, KEISUKE Chief Representative 2.

Brief Job Description: Directs and implements the organization advertising and promotional activities.

XIE, JUN Mandarin Reclamation Dredger Operator 11.

Brief Job Description: Communicates effectively with buyers, merchants and internal customers. Take appropriate action to identify and minimize the risk posed by fraud patterns and trends. Consistently achieves weekly productivity and quality standards.

12.

LE MINH THANG CBO Risk Data Analyst Senior Executive 4.

Brief Job Description: Identify trends and patterns that could indicate potential risk factors as well as analyzing operational data to assess overall risk profile of the customers.

13.

LIM, JIYOUNG Client BPO Executive 5.

Brief Job Description: Serves as a liaison between the customer and various departments & ensures that basic CS functions are performed.

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

NGUYEN CONG DANH Client Delivery Executive Brief Job Description: Conduct and analyze market research.

14.

Brief Job Description: Coordinates sub-contractors involved in the assembly stages. Ensures compliance with safety procedures and quality standards. Searches for the most efficient technical solutions.

15.

16.

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

18.

LIN, YANRU Key Accounts Specialist Consultant 8.

Brief Job Description: Oversee the relationships of the company with Chinese clients, responsible for obtaining and maintaining long term key customers by comprehending their requirements.

SHENG, LINA Key Accounts Specialist Consultant 9.

Brief Job Description: Oversee the relationships of the company with Chinese clients, responsible for obtaining and maintaining long term key customers by comprehending their requirements.

Basic Qualification: Can develop strong positive relationships with executive and management contacts and able to speak and communicate using Mandarin language. Salary Range: Php 30,000 - Php 59,999

CHINA HARBOUR ENGINEERING COMPANY 5/f Section E Ramon Magsaysay Center, 1680 Roxas Blvd., 076, Barangay 699, Malate, City Of Manila

CHEN YAN Finance Officer Brief Job Description: Assists budget preparation and management activities.

Brief Job Description: Manages the material control team for close monitoring and fulfillment of materials demand to support the operation. LI, HAIFENG Operation Manager

17.

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

Brief Job Description: The Mandarin Reclamation Quality Controller will be a strategist and a leader able to steer the company to the most profitable direction while also implementing its vision, mission and long-term goals.

WANG RUOYU Materials Management Officer

Brief Job Description: Evaluating safety standards on site and enforcing regulations to ensure worker safety. FENG, JUNKAI Quality Assurance/Quality Control Manager Brief Job Description: Develop the company’s quality testing policy in alignment with standards. WANG, RUOYING Site Engineering Assistant

C’EST LA VIE EVENT MANAGEMENT INC. 230, Narra Street, Marikina Heights, City Of Marikina

ZHANG, YUFENG Booth Fabrication Specialist Consultant

Basic Qualification: Proven experience as Mandarin Reclamation Dredger Operator, familiarity, knowledge and awareness on machinery and heavy equipment used by company. Demonstrable experience in developing strategic business plan.

Basic Qualification: Proven experience as Mandarin Reclamation Quality Controller, familiarity, knowledge and awareness on machinery and heavy equipment used by company. Demonstrable experience in developing strategic business plan.

CHINA ROAD AND BRIDGE CORPORATION Unit 2605, 2607, 2608, & 2609, High St. South Corporate Plaza, Tower 1, 9th Avenue Corner 26th St. Bonifacio Global City, Fort Bonifacio, City Of Taguig

Basic Qualification: Must be native in Malaysian / Taiwanese / Korean / Indian / Thai / Japanese / Indonesian / Singaporean / Vietnamese / Chinese. Fluent in English and respective language. With at least a year of work experience in similar field.

Basic Qualification: Can coordinate and interface between fabrication/installation and pre-fabrication activities. Able to speak and communicate using Mandarin language is an advantage. Must be willing to work on field.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

CAO, JINGANG Marketing And Sales Agent 23.

Brief Job Description: Researches and develops various marketing strategies for products and services and implements marketing plans and works to meet sales quotas.

Brief Job Description: Prepares, coordinates, and manages a wide range of materials needed at the jobsite. DING BOZHOU Technician

19.

Brief Job Description: Monitors and installs various substation equipment and associated attachments.

HAN ZHENGCHUN Technician 20.

Brief Job Description: Monitors and installs various substation equipment and associated attachments.

Basic Qualification: Experience in finance management and fluent in Chinese and English languages. Salary Range: Php 60,000 - Php 89,999 Basic Qualification: Experience in materials management and fluent in Chinese and English languages. Salary Range: Php 60,000 - Php 89,999 Basic Qualification: Experience in operation management and fluent in Chinese and English languages. Salary Range: Php 60,000 - Php 89,999 Basic Qualification: Experience in QAQC management.

LIU, HONGFEI Marketing And Sales Agent 24.

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

Brief Job Description: Researches and develops various marketing strategies for products and services and implements marketing plans and works to meet sales quotas.

SAMUEL, JAMES LIVINGSTON Marketing And Sales Agent 25.

Basic Qualification: Experience in handling site equipment and fluent in Chinese and English languages. Salary Range: Php 60,000 - Php 89,999

21.

CHOWGULE, KAVITA YASHWANT Assistant Indian Chef Brief Job Description: Prepare delicious meals according to menu.

26.

22.

Brief Job Description: Collect, analyze and interpret large data sets from within and outside the organization to answer business objectives and needs.

EASTERN GOLD CORPORATION 503, Nueva St., Barangay 289, Binondo, City Of Manila

Brief Job Description: Researches and develops various marketing strategies for products and services and implements marketing plans and works to meet sales quotas.

ZHAO, JIANPING Marketing And Sales Agent 27.

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

Basic Qualification: Can contribute information, ideas, and research to help develop marketing strategies and can help detail, design, and implement marketing plans for each product or service being offered.

Brief Job Description: Researches and develops various marketing strategies for products and services and implements marketing plans and works to meet sales quotas.

ESCALENT CONSULTING PHILIPPINES INC. 12/f Ayala Ave. Office Tower, 6750 Ayala Avenue, San Lorenzo, City Of Makati

ROESELER, PIERRE PAUL Y. Director - Research Services 28.

Brief Job Description: Part of the leadership team of the company expected to own client relationship.

Basic Qualification: Univ. degree in business economics & management, 12 plus years relevant experience in client, account management in a research or KPO company, and 6 plus years of experience in team (base on the job position/vacancy). Salary Range: Php 150,000 - Php 499,999

ETRANSS REMITTANCE INTERNATIONAL CORP. G/f Jx Tower Block 2 Lot 17 Fuentes Cor. San Pedro Street, Aseana, Tambo, City Of Parañaque HUANG, XIANGRONG Multilingual Customer Service 29.

Brief Job Description: Maintaining a positive, emphatic and professional attitude towards customers at all times. CUI, YAWEN Multilingual Customer Service Representative

30.

Brief Job Description: Maintaining a positive, emphatic and professional attitude toward customers all the times.

Basic Qualification: With relative work experience. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With relative work experience. Salary Range: Php 30,000 - Php 59,999

EXLSERVICE PHILIPPINES, INC. 6th Floor, One E-com Center, Harbor Drive, Mall Of Asia Complex, Pasay City

JOSHI, VAIBHAV VINOD Assistant Vice President - Workforce Management 31.

Brief Job Description: Generate month-wise, day-wise, and interval-wise forecasts incorporating historical trends and other factors such as special events, seasonality, chum or growth, weather etc.

Basic Qualification: 7 years minimum experience in workshop management, excellent skills in forecasting, scheduling and real-time management is a must, and strong organizational skills to ensure critical timelines are met. Salary Range: Php 150,000 - Php 499,999

FLY ASIAN INTERNATIONAL CORPORATION Eighty One Bldg. Newport City, Vab St. Newport Blvd., Barangay 183, Pasay City

32.

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

Basic Qualification: Must have 5 years of work experience in analytics applied in banking industry.

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

KHUAT LIK SIEN Marketing Consultant (Mandarin Speaking Clients)

EAST WEST BANKING CORPORATION Podium Of The Beaufort, 5th Avenue Corner 23rd Street, Bonifacio Global City, Fort Bonifacio, City Of Taguig PALADUGU, HARSHITHA Data Analytics Specialist

Brief Job Description: Researches and develops various marketing strategies for products and services and implements marketing plans and works to meet sales quotas.

WANG, JIAQI Marketing And Sales Agent

CLUB UNITED PHILIPPINES CORP. Lot 4 A4, Off Madrid Street, Merville, City Of Parañaque Basic Qualification: Preferably with 2 years of experience in Indian cuisine.

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

Basic Qualification: Experience in handling site equipment and fluent in Chinese and English languages. Salary Range: Php 60,000 - Php 89,999

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

Salary Range: Php 60,000 - Php 89,999 Basic Qualification: Experience in management. Fluent in Chinese and English languages.

QUALIFICATION AND SALARY RANGE

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

Salary Range: Php 90,000 - Php 149,999 Basic Qualification: Must be native Indonesian / Singaporean / Korean / Japanese / Malaysian / Taiwanese / Cambodian / Vietnamese / Thai / Indian / Chinese and fluent in English and respective native language. With at least 2 years of work experience in similar field.

Brief Job Description: The Mandarin Reclamation Dredger Operator will be a strategist and a leader able to steer the company to the most profitable direction while also implementing its vision, mission and long-term goals.

TU, DEWEI Mandarin Reclamation Quality Controller

AVANTICE CORPORATION 19/f Pbcom Tower, Ayala Ave., Bel-air, City Of Makati Basic Qualification: College Degree in any field. Must be native in Malaysian / Taiwanese / Vietnamese / Indonesian / Singaporean / Burmese. Fluent in English and respective native language. With at least 2 years of experience in data analytics.

Basic Qualification: Proven experience as Mandarin Dredger Navigation Controller, familiarity, knowledge and awareness on machinery and heavy equipment used by company. Demonstrable experience in developing strategic business plan.

No.

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

Basic Qualification: Proficient in the Mandarin language. Leverages team knowledge across several specialty areas to help resolve recurring seller issues. Salary Range: Php 30,000 - Php 59,999

ZHAO, SIGUO Mandarin Reclamation Dredger Operator

AMAZON OPERATION SERVICES PHILIPPINES, INC. B21 Three E-com Moa Complex, Harbour Drive Cor. Bay Shore, Brgy. 076, Pasay City

QUALIFICATION AND SALARY RANGE

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

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

CHEN, LIAN AHS Specialist - CN

ESTABLISHMENT / ADDRESS

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

AISIN ASIA PTE. LTD. PHILIPPINE REPRESENTATIVE OFFICE Stu-605 Steelworld Tower, 713 Ns Amoranto Cor. Biak Na Bato, Sienna, Quezon City Basic Qualification: Preferably 5 years of experience in dealing with executive level documents and has extensive experience in marketing and product planning support.

Brief Job Description: The Mandarin Dredger Navigation Controller will be a strategist and a leader able to steer the company to the most profitable direction while also implementing its vision, mission and long-term goals.

www.businessmirror.com.ph

Brief Job Description: Studying company profile and operations to understand its marketing needs. Implementing a marketing strategy according to objectives and budget.

LIN, JIA-WEI Marketing Consultant (Mandarin Speaking Clients) 33.

Brief Job Description: Studying company profile and operations to understand its marketing needs. Implementing a marketing strategy according to objectives and budget.

Basic Qualification: Preferably 6 months experience with the position. Can multi-task and keen to details. Any nationality who can speak and write Chinese language fluently. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Preferably 6 months experience with the position. Can multi-task and keen to details. Any nationality who can speak and write Chinese language fluently. Salary Range: Php 30,000 - Php 59,999

GAMMA INTERACTIVE INC. 21/f Alphaland Makati Place, 7232 Ayala Ave. Cor. Malugay St., Bel-air, City Of Makati RAJ PRAVEEN, NANDHINI Marketing Executive Indian Speaking 34.

Brief Job Description: Manages the execution of different marketing strategies for a company and developing efficient and intuitive marketing strategies.

Basic Qualification: 21 yrs. old and above with marketing executive experience. Salary Range: Php 30,000 - Php 59,999

BusinessMirror

www.businessmirror.com.ph

ESTABLISHMENT / ADDRESS No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE

No.

GAO SHOU TECHNOLOGY MANAGEMENT, INC. 52/f Pbcom Tower, 6795 Ayala Ave. Cor. V.a. Rufino St., Bel-air, City Of Makati SIRIWAT, JARAWEE Thai Customer Service Representative 35.

Brief Job Description: Attracts potential customers by answering products and service questions and suggesting information about other products and services. THAMNIYOMDEE, KEWALIN Thai Customer Service Representative

36.

Brief Job Description: Attracts potential customers by answering products and service questions and suggesting information about other products and services. TRAN NGOC PHUONG Vietnamese Customer Service Representative

37.

Brief Job Description: Attracts potential customers by answering products and service questions and suggesting information about other products and services. TRUONG HAO LUONG Vietnamese Customer Service Representative

38.

Brief Job Description: Attracts potential customers by answering products and service questions and suggesting information about other products and services.

Basic Qualification: Fluent in spoken & written Mandarin and other dialect spoken in other parts of China. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in spoken & written Mandarin and other dialect spoken in other parts of China. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in spoken & written Mandarin and other dialect spoken in other parts of China. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in spoken & written Mandarin and other dialect spoken in other parts of China.

39.

Brief Job Description: Provide customers with product knowledge and educate the company’s clientele on the new products and app features to ensure that the clients get the best out of their subscriptions. BIYAGA, PAUL EMILE Customer Case Specialist - French Speaker

40.

Basic Qualification: College graduate. Fluent in French and English languages. With excellent customer service skills.

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

INFOSYS BPM LIMITED - PHILIPPINE BRANCH 19th-23rd Flr., Bgc Corporate Center, 11th Ave. Corner 30th Sts., City Of Taguig FOFANA, ABOUBAKARY SIDIKI Customer Service Process Specialist 41.

Brief Job Description: To work on post contractual legal agreements relating MSA and allied agreements and undergo client training to review and validate executed legal agreements like BDA, MSA, PASA and related amendments such as SLA, DPA of specific French and Portuguese accounts. SHINGATE, MANOJ DEVANAND Technology Analyst

42.

Brief Job Description: Designs, implements and improves existing process through automation and digitation.

54.

55.

43.

Brief Job Description: The Mandarin Warehouse And Logistics Manager will be a strategist and a leader able to steer the company to the most profitable direction while also implementing its vision, mission and long term goals.

44.

45.

46.

47.

48.

49.

50.

51.

52.

Brief Job Description: Ensures that basic CS functions are performed.

ALFONS Indonesian Customer Service Representative Brief Job Description: Ensures that basic CS functions are performed.

ALWI VANDO Indonesian Customer Service Representative Brief Job Description: Ensures that basic CS functions are performed.

ANDY Indonesian Customer Service Representative Brief Job Description: Ensures that basic CS functions are performed.

BOBI WINATA Indonesian Customer Service Representative Brief Job Description: Ensures that basic CS functions are performed.

DENY YULIANTI Indonesian Customer Service Representative Brief Job Description: Ensures that basic CS functions are performed.

MICHELLA THERISKA Indonesian Customer Service Representative Brief Job Description: Ensures that basic CS functions are performed.

SANTA FRANSISKA Indonesian Customer Service Representative Brief Job Description: Ensures that basic CS functions are performed.

SINTIA ARISKA Indonesian Customer Service Representative Brief Job Description: Ensures that basic CS functions are performed.

Brief Job Description: To be consulted on implementation of marketing objectives.

BOGOSLOVOV, GOERGI VALERIEV Head Of Operations 56.

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

Basic Qualification: College graduate. With at least 1 year of work experience in the customer service industry. Fluent in Vietnamese language. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Knowledge on English, Mandarin and other Chinese languages.

Brief Job Description: Coordinate customer service operations and find ways to ensure customer retention. Manage contracts and relations with customers, vendors, partners, and other stakeholders.

Basic Qualification: Fluent in Bulgarian and English languages. Salary Range: Php 90,000 - Php 149,999

57.

58.

DUONG HA MY Vietnamese Language - Marketing Officer Brief Job Description: Create specific promotions for affiliates. TA QUANG MINH Vietnamese Language - Marketing Officer Brief Job Description: Create specific promotions for affiliates.

Basic Qualification: Fluently speak and write Vietnamese language.

POWERCHINA PHILIPPINES CORPORATION Unit 2101 21/f Bdo Equitable Tower, 8751 Paseo De Roxas, Bel-air, City Of Makati LI, BO Chinese Technical Works Supervisor 59.

Brief Job Description: Provides work direction and participates in the construction, installation, operation, maintenance, inspection, and repair of electronic, electrical, mechanical, scientific instrumentation, and other various systems. ZHANG, YAN Multilingual Business Manager

60.

Brief Job Description: Oversees the activities of other workers. Hires, trains and evaluates new employees.

Basic Qualification: Fluent in Mandarin and English languages both in written and verbal. With working knowledge in the field of construction.

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

61.

JHA, MANISH KUMAR Senior Director - Sales, Distributor Operations

Basic Qualification: Proficient in writing, reading, and speaking in both English and Bahasa Indonesia languages. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in writing, reading, and speaking in both English and Bahasa Indonesia languages.

NAHKUN, VIRGINIA Scrum Master 62.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in writing, reading, and speaking in both English and Bahasa Indonesia languages. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in writing, reading, and speaking in both English and Bahasa Indonesia languages. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in writing, reading, and speaking in both English and Bahasa Indonesia languages. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in writing, reading, and speaking in both English and Bahasa Indonesia languages. Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Promote Agile ways of working by establishing Agile foundation, values and principles within a group. Facilitate and coordinate all Agile routines and tactics to ensure quality and timely completion of Objectives and Key Results.

Basic Qualification: College graduate. Certified Scrum Master. Proficient in MS Office applications. Excellent communications, presentation and collaborating skills. Salary Range: Php 90,000 - Php 149,999

LIN XUGUANG Finance And Supply Chain Leader 63.

Brief Job Description: Support the local management team and country manager for an effective, proactive and forward-looking business controlling. Lead the organization with the country manager and the leadership team to be profitoriented.

Basic Qualification: Holder of a double Bachelor’s Degree in Accountancy and Business Management. With previous managerial experience in a related industry.

KIM, ISABELLE SUNHYEA Product Marketing Manager 64.

Brief Job Description: Contribute to expanding the product’s market coverage by setting up a product line-up operation plan.

Basic Qualification: Holder of a Bachelor’s of Science in Political and International Relations degree. With at least 5 years of work experience in a similar position. Fluent in Korean language. Salary Range: Php 90,000 - Php 149,999

70.

65.

Brief Job Description: Oversee the preparation of development program and concept plans. Responsible for managing the entire development process.

Basic Qualification: College graduate. With previous work experience in the construction industry. Salary Range: Php 30,000 - Php 59,999

SF EXPRESS PHILIPPINES INC. 4/f Pcci Corporate Center, 118 L.p Leviste St., Bel-air, City Of Makati

66.

67.

LIANG, RUXIN Sales Management Senior Specialist (Mandarinspeaking) Brief Job Description: Responsible for supporting and ensuring tactical alignment of medium/short-term business drivers. HE, CUI Senior Specialist In Operations And Management (Mandarin-speaking) Brief Job Description: Responsible for ensuring that all company policies are being followed by all staff members.

Brief Job Description: Resolves Integrated Retail B2C complaints and feedback. Liaises with other service partners as required. In charge of customer calls and emails involving account maintenance.

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

Brief Job Description: Responsible for overseeing the production process of the company’s engineering and architectural teams and ensuring the successful execution of complex local and international transportation projects while maintaining the highest standards of design excellence and client satisfaction.

Basic Qualification: Holder of a Master’s degree in Engineering. With previous work experience in railway designing. Salary Range: Php 500,000 and above

TIAN XIA TECHNOLOGIES INTERNATIONAL, INC. 6/f Filinvest Cyberzone Bldg. B, Superblock A Central Business Park 1 Bay City St., Barangay 76, Pasay City

71.

72.

Basic Qualification: Proficient in their respective language.

SAELAI, PANPAPAT Thai Marketing Specialist Brief Job Description: Conduct market research.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: At least 19 years old. Ability to speak, write and communicate in their respective language.

MAI XUAN THUY VY Vietnamese Marketing Specialist Brief Job Description: Manages daily operations of the IT department.

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

TOYO CONSTRUCTION CO. LTD. 3/f Planters Products Bldg., 109 Esteban St., San Lorenzo, City Of Makati MATSUMOTO, SOTARO Site Supervisor 73.

Brief Job Description: Control construction schedule. Directly responsible for the supervision of actual construction implementation at site. Responsible for the preparations of actual process monitoring reports.

Basic Qualification: Holder of a Bachelor’s degree in Engineering. With previous work experience in a Japanese Construction Firm. Salary Range: Php 60,000 - Php 89,999

UNI-GREEN, INC. 2/f Prime Corporate Center Km 15 East Service Road, Cor. Marian Road 2, San Martin De Porres, City Of Parañaque FUJII, TERUO Project Supervisor 74.

Brief Job Description: Vertical garden installation and maintenance. Indoor landscape installation, maintenance and management.

Basic Qualification: Architectural Design degree holder. With previous work experience in a similar/ related industry. Salary Range: Php 60,000 - Php 89,999

VESTICOM, INC. 1209 12th Floor One Park Drive, 11th Drive Corner 9th Avenue Bonifacio Global City, Fort Bonifacio, City Of Taguig

KINGHORN, PATRICK JOSPEH Consultant For Foreign Clients 75.

Brief Job Description: Formulate strategies and policies and provide advice on client relations with foreign clients, marketing and public relations. Advice the CEO, President and the Board of Directors and the executive management team.

Basic Qualification: English literature graduate. With at least 10 years of relevant work experience in client relations industry. With exceptional public speaking and interpersonal skills. Salary Range: Php 150,000 - Php 499,999

WANFANG TECHNOLOGY MANAGEMENT, INC. 6-9/f Tower 2 Double Dragon Plaza, Edsa Cor. Macapagal Ave., Barangay 76, Pasay City

NGUYEN, THI HOAI Vietnamese Customer Service Representative 76.

Brief Job Description: Attracts potential customers by answering product and service questions and suggesting information about other products and services.

Basic Qualification: Proficient in speaking, reading and writing in English and their respective native language for the position applied for. Fluent in Chinese Mandarin language is an advantage. Salary Range: Php 30,000 - Php 59,999

WAYSEER CONSTRUCTION INC. 333 Juan Luna St., Unit 801 State Centre Bldg., Barangay 287, Binondo, City Of Manila

XIONG, DIFEI Construction Manager 77.

Brief Job Description: Plan, coordinate, and manage every aspect of a building project from start to finish.

Basic Qualification: A bachelor’s degree in Construction, Business, Engineering, or a related field. Bachelor’s degree programs in constructionrelated majors often include courses in project control and management design, construction methods and materials, and cost estimation. Salary Range: Php 30,000 - Php 59,999

ZTE PHILIPPINES INC. Unit 29 Fort Legend Tower, 3rd Avenue Corner 31st, Bonifacio Global City, Fort Bonifacio, City Of Taguig TAN, PENGBING Sales Director

SEWON INTERIOR CONSTRUCTION INC. Unit 3006 One Corporate Center, Julia Vargas Ave., Ortigas Center, San Antonio, City Of Pasig KIM, SEOKJIN Consultant

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

Basic Qualification: Tertiary education. Proven experience in Customer Service or operations. Knowledgeable of local retail business and ability to build the local market.

SILVAIN, THOMAS GEROME XAVIER Production Management Adviser

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

SAMSUNG ELECTRONICS PHILIPPINES CORPORATION 7th-10th Floor Science Hub Tower 4, Mckinley Hill, Pinagsama, City Of Taguig

Basic Qualification: With experience as Director of food & beverage in an international hotel.

SYSTRA PHILIPPINES, INCORPORATED 1601 West Tower Pse Center, Exchange Rd., San Antonio, City Of Pasig

Salary Range: Php 500,000 and above

ROCHE (PHILIPPINES), INC. Unit 801 8th Floor The Finance Centre, 26th Street Corner, 9th Avenue, Bonifacio Global City, Fort Bonifacio, City Of Taguig

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in writing, reading, and speaking in both English and Bahasa Indonesia languages.

69.

RCG INFORMATION TECHNOLOGY (PHILIPPINES), INC. 3/f Finman Centre, 131 Tordesillas St., Bel-air, City Of Makati

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in writing, reading, and speaking in both English and Bahasa Indonesia languages.

Brief Job Description: Transformation of the distributor operations business in P&G Philippines.

Basic Qualification: With more than 10 years expertise in distributor and retail operations in International and Regional Market.

Brief Job Description: Has solid understanding about F&B operations and well versed with hotel policies and procedures.

QUDDUS, ZOKA MBANGU Customer OPS Specialist - Order To Cash

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in Mandarin and English languages both in written and verbal. With working knowledge in the field of construction.

QUALIFICATION AND SALARY RANGE

SHELL SHARED SERVICES (ASIA) B.V. 16/f-25/f Solaris One Bldg., 130 Dela Rosa St., San Lorenzo, City Of Makati

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

PROCTER & GAMBLE PHILIPPINES, INC. 10f Seven/neo, 5th Ave., Crescent Park West, Bonifacio Global City, Fort Bonifacio, City Of Taguig

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

68.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluently speak and write Vietnamese language.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION SOMMERAU, GIAN YUSUKE Director Of Food And Beverage

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

Basic Qualification: Proven experience as Mandarin Warehouse And Logistics Manager, excellent communication, interpersonal and presentation skills.

Basic Qualification: Proficient in writing, reading, and speaking in both English and Bahasa Indonesia languages.

No.

PHOENIXFIELD, INC. 7/f Iacademy Plaza, 324 Sen. Gil Puyat Ave, Bel-air, City Of Makati

MPOTECH DIGITAL SYSTEM INC. 2/f 331 Bldg., Sen. Gil Puyat Ave., Bel-air, City Of Makati ADITYA SYAHPUTRA Indonesian Customer Service Representative

Basic Qualification: Proficient in writing, reading, and speaking in both English and Bahasa Indonesia languages.

NOVATECH (PASAY) LIMITED, INC. 4f Wmall Bldg., D. Macapagal Ave. District 1 Zone 10, Barangay 76, Pasay City

INSPIRINGPG INC. Unit 1708-t 17th Floor Sm Aura Office Tower, 26th Street Corner Mckinley Parkway, Bgc, Fort Bonifacio, City Of Taguig XIONG, YIFAN Mandarin Warehouse And Logistics Manager

Brief Job Description: Managing incoming calls and customer service inquiries. Identifying and assessing customers’ needs to achieve satisfaction.

CHEN, LINREN Marketing Consultant For China

Basic Qualification: With relative work experience. Salary Range: Php 150,000 - Php 499,999

QUALIFICATION AND SALARY RANGE

NEW TIANLE ASIA CORPORATION 962, De Castro Subd, Paso De Blas, City Of Valenzuela

Basic Qualification: With relative work experience. Salary Range: Php 60,000 - Php 89,999

Brief Job Description: Ensures that basic CS functions are performed.

NGUYEN THI HONG HANH Vietnamese Customer Service

Salary Range: Php 90,000 - Php 149,999 Basic Qualification: Holder of a General Certificate of Education. Fluent in French and English languages. With excellent customer service skills.

TENDY Indonesian Customer Service Representative

ESTABLISHMENT / ADDRESS

NEW ORIENTAL CLUB88 CORPORATION 3rd, 5th, 6th, 7th, 8th, 9th & 10th/f Sapphire Seaview Park, Pacific Avenue, Don Galo, City Of Parañaque

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

HELLOCONNECT, INC. 7/f Inoza Tower, 40th St., Bonifacio Global City, Fort Bonifacio, City Of Taguig NDJEUKOUA KANGUE, INES DANIELLE Customer Care Specialist - French Speaker

53.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

Wednesday, December 20, 2023

78.

Brief Job Description: Accurately identify the key decision-making chain figures of customers, explore, establish, maintain and improve daily relationships. Responsible for the organization, coordination and management of the entire product sales process.

Basic Qualification: Can speak, write, and type in Mandarin language. Salary Range: Php 30,000 - Php 59,999 *Date Generated: Dec 19, 2023

Basic Qualification: Proven experience as Sales Management Senior Specialist. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proven experience as Senior Specialist In Operations and Management. Salary Range: Php 30,000 - Php 59,999

SHANG GLOBAL CITY PROPERTIES, INC. 3rd Avenue Corner 30th Street, Crescent Park West District, Bonifacio Global City, Fort Bonifacio, City Of Taguig

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

Wednesday, December 20, 2023

News BusinessMirror

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

Romualdez bares P500-B ‘ayuda’ for poor Pinoys in 2024 budget A

Diplomatic talks with China? Not this time, Villafuerte says

By Jovee Marie N. Dela Cruz @joveemarie

PEAKER Ferdinand Martin G. Romualdez on Tuesday announced that the proposed P5.768-trillion 2024 national budget includes nearly P500 billion for a social amelioration program or “ayuda.”

farmers with free irrigation, seeds, fertilizer, and other farm inputs. Another P5 billion is appropriated for the buying of their produce at market prices,” he said. “By providing much-needed capital and buying their harvest, we will not only create jobs and assure the income of our farmers—we can ensure supply of affordable and high quality local rice,” he said. He recalled that President Marcos has ordered the National Irrigation Administration (NIA) to expedite the implementation of irrigation projects in four months in preparation for the El Niño or extended dry season phenomenon. “NIA has enough funds to do this. Congress allocated P80 billion for NIA to build more dams, water reservoirs and solar irrigation systems. More irrigated lands mean better food production,” he said. A s for L egac y Hos pit a l s, the House leader reported that construction of new or expansion of existing facilities has already started as ordered by President Marcos last year. “We hope to finish them within three years. For 2024, we have appropriated P1 billion for UPPhilippine General Hospital, P1.5 billion for National Kidney and Transplant Institute, P1 billion for Philippine Cancer Center, P1 billion for Philippine Children’s Medical Center, P1 billion for Bicol Regional Medical Center, and P500 million for Batangas Regional Medical Center,” he said. Romualdez said aside from new or ex pansion of hea lthcare facilities, the government continues to provide free treatment and consultation, free medicines, and quality medical services to indigent patients.

He added that Congress has also prioritized the President’s legacy housing program for the poor for funding. Romualdez announced that the President is set to inaugurate some completed housing projects in the days ahead. “With government subsidy, more Filipinos can now have access to quality, affordable housing. Since monthly amortization is only P2,500 to P3,500, government housing will be much more affordable than the projects of private developers, which cost about P15,000 a month in amortization,” he said. The Speaker said the House and the Senate likewise set aside P1.5 billion for the development and expansion of the airport in Pag-asa Island as a manifestation of the Marcos administration’s deter mination to asser t t he country’s sovereignty in the West Philippine Sea. An additional P800 million is allocated for the construction of a shelter port for fishermen and boats in Lawak, Palawan—the island closest to Ayungin Shoal, where a platoon of Filipino soldiers is manning a rusting Navy vessel intentionally grounded there in 1999 as a symbol of Philippine presence in that area, he said. “We in Congress are one with the President in protecting the West Philippine Sea and in calling out China for its aggressive activities there, and its harassment of our Coast Guard, soldiers, fishermen, and civilian vessels. We urge China to accept the ruling of the Permanent Court of Arbitration, w h ic h i nv a l id ate d B e iji n g ’s expansive territorial claims in the South China Sea, including the West Philippine Sea,” Romualdez said.

Romualdez said this substantial allocation aims to assist at least 12 million poor and low-income families, benefiting an estimated 48 million Filipinos. “For the first time, under the administration of President Ferdinand Marcos Jr., we are allocating half-a-trillion pesos, or about nine percent of the national budget, as assistance to the poor and households with insufficient income,” Romualdez said as he thanked Ako Bicol Party-list Rep. Zaldy Co, chairman of the House Committee on Appropriations, Sen. Sonny Angara, chairman of the Senate Finance Committee, and his colleagues for a job well done in crafting a pro-people budget under the Marcos administration. “We are hoping that in some way, we are able to support people who badly need government help to get them through hard times,” he said. President Marcos is set to sign the proposed 2024 spending p r o g r a m o n We d n e s d a y i n ceremonies at the Palace. Highlighting specific programs, Speaker Romualdez outlined the AKAP initiative, a P60-billion fund

targeting “near poor” families earning up to P23,000 a month. Approximately 12 million households, including low-income workers in various sectors, will receive a one-time cash assistance of P5,000. “If the program is successful, we can continue implementing it next year,” he said. The House leader pointed out that existing government programs targeting the poorest of the poor, like Assistance to Individuals in Crisis Situation (AICS) under the Department of Social Welfare and Development and Tulong Panghanapbuhay sa Ating Disadvantage/ Displaced Workers (TUPAD) under the Department of Labor and Employment would continue to get tens of billions in funds. Some P23 billion has been appropriated for AICS and P30 billion for TUPAD, he added. R omu a lde z st res se d t h at Congress continues to provide funding for President Marcos’s “legacy projects”—Legacy Food Security, Legacy Specialty Hospitals, and Legacy Housing for the poor. “For Legacy Food Security, we allocated P5 billion to support our

DOH chief says 90% of Covid allowance to HCWs disbursed

Davao Light cites low electricity rate in Dec

By Claudeth Mocon-Ciriaco @claudethmc3

BOUT 90 percent of the Cov id-19 a l lowance to health-care workers (HCW) has been disbursed already and dropped broad hints it might take “another year” to resume disbursement, the Department of Health (DOH) on Tuesday said. In a telev ision inter v iew, Health Secretary Teodoro Herbosa admitted that “many” are yet to receive their allowance. “This year we allocated P19 billion and the amount of money that the DBM has released to us was about P4 billion already,” Herbosa disclosed. The health chief added: “Because as you heard, it is P63 billion that we have arrears since 2021. So it will take another year, with another P22 billion in budget in the 2024 General Appropriations Act and releases by DBM because, and this is the haymaker, it’s under unprogrammed funds. So it is only dependent on the taxes and savings that the government makes and then it will release the money to distribute to the health-care workers.” He explained that it is uncertain “to be released when the taxation is low, it depends on the taxation and the savings.” Herbosa said that he had already requested for another tranche to be released so that the HCWs can enjoy their Christmas. “This is what we call continuing appropriations. So the fact that we have not yet disbursed it this year, we can move it on to 2024 and still continue to disburse it,” he added.

AVAO CITY—Customers of the Aboitiz-owned Davao Light and Power Co. Inc. should expect electricity rates on their December bill to be 38-centavos lower compared to the previous month’s bill. “Residential customers of Davao Light will enjoy lower electricity bills this holiday season due to the decrease in generation charge as power supply prices from the Philippine Wholesale Electricity Spot Market [WESM] in Mindanao, and the world market dropped,” read the statement the company issued over the weekend. The firm said that from P9.12 in November, the overall residential power rate was down to P8.74 per kilowatt-hour (kWh) this month. For households with an average monthly electricity consumption of 200kWh, a reduction of P76.34 would be experienced, it added.

This rate applies to bills received from December 12 to January 10 next year. Last month’s rate was also a reduced price, from P9.21 in October to P9.12 in November. The same level of 200kWh consumption paid P18.98 lower compared to their October bill. However,DavaoLightadmonished customers that the households’ expected high consumption during the Christmas season would mean high electric bills next month. “We couldn’t stress enough how important it is to manage energy consumption even with the low rate,” said Fermin Edillon, head of the Davao Light Reputation Enhancement Department. “Power rates are affected by unpredictable market prices and so changes in rates are expected every month. It could decrease this month then it could increase the next.”

Thus, Edillon said, “Davao Light recommends properly managing power usage, especially this season when people spend more time at home and use electric appliances and gadgets.” “Since we cannot control the monthly power rate, we should focus on what we can, and that is our power usage. We can reduce energy consumption by lessening the number of hours or days used for a particular appliance,” he added. Davao Light, an AboitizPower subsidiary, is the third largest privately owned electric distribution utility in the country in terms of customer size and annual sales. Its franchise area covers the cities of Davao and Panabo and the municipalities of Carmen, Dujali, and Santo Tomas in Davao del Norte, with a population of approximately 2.23 million and a total area of 3,561 square kilometers.

Group lauds FDA for alerting public vs ‘toxic’ beauty products

HE group BAN Toxics lauded on Monday the Food and Drug Administration (FDA) for issuing public health warnings against the purchase and use of unsafe beauty products that are still allegedly being sold in the Philippines. In particular, BAN Toxics lauded the FDA for issuing FDA Advisory No. 2023-2392 on November 21, 2023, which identified the unauthorized Goree 24K Gold Beauty Cream as among the products that are unsafe to human health. To recall, on October 13, BAN Toxics alerted consumers to the sale of skin-lightening products (SLP) containing toxic mercury, a known hazard to human health. The group purchased a “new”

brand of Pakistan-made SLP sold for P200 in the local market. Monitoring online shopping platforms like Shoppe and Lazada, the products were found priced between P170 to P200. Using a SCIAPS X-200 HH XRF Analyzer, the Goree 24k Gold Beauty Cream 3-in-1 Formula was discovered to contain toxic mercury, measuring up to 41,500 parts per million (ppm). This exceeds the allowable limit of 1 ppm set by the FDA and outlined in the Asean Cosmetic Directive. The Minamata Convention on Mercury prohibits the manufacture, import, or export of specific mercury-added products after 2020. According to this regulation, all cosmetic products must contain mercury concentrations of less than

1 part per million (ppm). “We commend the FDA for issuing public health warnings against unnotified cosmetic products such as Goree Gold 24K Beauty Cream to prevent potential hazards from prohibited ingredients, such as toxic mercury,” said Thony Dizon, Toxics Campaigner, BAN Toxics. “As part of our Safe Cosmetics campaign, we’re committed to monitoring and reporting the unauthorized sale of unregistered and unnotified skin lightening products containing mercury in both on-site and online markets. Our goal is to protect human health and the environment from mercury exposure,” he added. Jonathan L. Mayuga

SENIOR lawmaker shot down the latest Chinese of fer for Beijing and Mani la to reopen diplomatic talks to settle their lingering territorial dispute. Camar ines Sur Rep. LR ay Villafuerte cited China’s persistent, provocative, and perilous bullying in Philippine seas as grounds for excluding them from negotiations, stating that “a nonpareil gaslighter like China has no place at the negotiating table amid its unceasing, increasingly provocative, and dangerous bullying in Philippine seas in defiance of international law.” Villafuerte emphasized that China’s behavior, particularly its violations of Philippine sovereignty and maritime rights following diplomatic talks, renders any new proposal for dialogue futile. He poi nted out t h at t he Department of Foreign Affairs (DFA) has acknowledged the “ dissonance” between China’s words and actions regarding its efforts to ease sea tensions within the Exclusive Economic Zone (EEZ) of the Philippines, as defined by the 1982 United Nations Convention on the Law of the Sea (UNCLOS). As the DFA lodged its 130th diplomatic protest against China over WPS incidents in December, Foreign Affairs spokesperson Ma. Teresita Daza highlighted the need for China to adhere to UNCLOS and the Arbitral Tribunal Award, emphasizing the responsibility of China as a signatory to UNCLOS. Chinese Coast Guard (CCG) and Chinese maritime militia (CMM) vessels have been encroaching nonstop into the WPS, which falls under Philippine territory, based on the UNCLOS definition of an EEZ as a 200-nautical-mile area of the sea where a sovereign state has exclusive

rights over exploration and use of marine resources. “Beijing, the nonpareil gaslighter, has no place in any negotiating table to discuss the WPS issue as it persists in bullying us and harassing our vessels and fishermen on the absurd excuse that the Philippines is the one guilty of ‘infringement and provocation’ in intruding into South China Sea [SCS] islands and adjacent waters that belong to China, hence ostensibly giving them the legal right to protect their supposed sovereign rights,” Villafuerte said. V i l l a f uer te st ressed t h at diplomatic negotiations between the Philippines and China on the WPS issue, as proposed by the Chinese Ambassador, would be fruitless. He proposed a more proactive approach, suggesting joint and possibly multilateral patrols with the US and other allies in the Philippines’ EEZ to better protect its seas. The lawmaker pointed out that over 400 foreign vessels, predominantly from China, have been spotted in the region. Refuting China’s accusations and justif ications for recent incidents, Villafuerte criticized China’s gaslighting tactics, noting that the actions of Philippine vessels align with UNCLOS and the 2016 Permanent Court of Arbitration ruling, which upheld the Philippines’ claim over the WPS. In light of Defense Secretary Gilberto Teodoro Jr.’s belief that China has no peaceful agenda in the WPS, Villafuerte emphasized the importance of rejecting China’s illegal behavior and asserted that diplomatic talks are unlikely to yield positive results while China persists in hostile actions. Jovee Marie N. Dela Cruz

Comelec, petitioners vow to comply with SC order on Smartmatic DQ suit By Patrick V. Miguel

HE Commission on Elections (Comelec) assured Tuesday it will adhere to the Supreme Court’s order to justify their decision to disqualify Smartmatic from participating in any procurement. The poll body and the petitioners were given 10 days to comment on Smartmatic’s Petition for Certiorari with an extremely urgent application for the issuance of a temporary restraining order (TRO) and/or writ of preliminary injunction. “The Commission on Elections shall remain consistent to its commitment to comply with the directives of Supreme Court, and at this instance, with the assistance of the Office of the Solicitor General,” said Spokesman Atty. John Rex Laudiangco in a Viber message to reporters. C h a i r m a n G e o r g e G a rc i a added: “Most importantly, the High Court found no compelling reasons to issue an injunctive writ to stall the implementation

of our questioned resolution.” Meanwhile, the petitioners required to comment are former Department of Information and Commu n ic at ions Tec hnolog y (DICT) Undersecretar y Eliseo Mijares Rio Jr., former Comelec Commissioner Augusto Cadelina Lagman, Leonardo Olivera Odoño, and Franklin Fayloga Isaac. In a Facebook post, Isaac said, “This gives us opportunity to give our side and to help Comelec refute the supplemental pleading by Smartmatic.” He added that Smartmatic has not refuted and “didn’t refute nor contest that integrity issue,” but instead has “asked the SC that the process of disqualification should only happen after bidders submit their proposal.” So far, there is no prospective bidder for the automated election systems for the 2025 polls after the poll body has declared lone bidder Miru Systems ineligible. The next bidding is scheduled on January 2024.

Success of 4Ps cited as BARMM families graduate from program

AVAO CITY—The Bangsamoro government celebrates a rare milestone in implementing the national government’s lifeline cash assistance as it graduated 552 exiting beneficiaries. The Bangsamoro Ministry of Social Services and Development (MSSD) said the achievement was reported in Lanao del Norte alone for the beneficiaries of the Pantawid Pamilyang Pilipino Program (4Ps). The belated report said the graduation program to fete the success of the families was held on November 28. Dubbed as “Pugay Tagumpay,” the event was held to celebrate the milestone of the 4Ps beneficiaries from Lanao del Sur’s first district who have completed the program. The Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) said the graduation “signifies the improvement of their well-being through

various interventions provided by the program.” The graduates were also given P15,000 cash as seed capital for their chosen businesses. The financial support is from the Sustainable Livelihood Program (SLP) of the national government, aimed at ensuring the sustainability and improvement of livelihood they started during their time in the 4Ps, said Muntazar Mukarram, BARMM 4Ps program coordinator. MSSD Deput y Minister Nur-Ainee Tan-Lim led the certificate distribution to the former beneficiaries. Along with Mukarram, Tan-Lim oversees the program’s implementation in the BARMM. “[The] MSSD, through its SLP fieldworkers, will continue monitoring the mentioned 4Ps graduates to ensure the continuation and proper utilization of the livelihood seed capital provided to them,” she said. Manuel T. Cayon

www.businessmirror.com.ph

GENERAL CONDITIONS OF CARRIAGE FOR PASSENGERS AND BAGGAGE Effective Date from:24August 2022 ARTICLE 1: DEFINITIONS USED IN OUR CONDITIONS OF CARRIAGE ARTICLE 2: WHEN OUR CONDITIONS OF CARRIAGE APPLY ARTICLE 3: TICKETS ARTICLE 4: STOPOVERS ARTICLE 5: FARES, TAXES, FEES AND CHARGES ARTICLE 6: RESERVATIONS ARTICLE 7: CHECK-IN AND BOARDING ARTICLE 8: REFUSAL OF AND LIMITATION ON CARRIAGE ARTICLE 9: BAGGAGE ARTICLE 10: SCHEDULES, CANCELLATION OF FLIGHTS ARTICLE 11: REFUNDS ARTICLE 12: CONDUCT ABOARD AIRCRAFT ARTICLE 13: ARRANGEMENTS FOR ADDITIONAL SERVICES ARTICLE 14: ADMINISTRATIVE FORMALITIES ARTICLE 15: SUCCESSIVE CARRIERS ARTICLE 16: LIABILITY FOR DAMAGE ARTICLE 17: TIME LIMITATION ON CLAIMS AND ACTIONS6 ARTICLE 18: MODIFICATION AND WAIVER ARTICLE 19: OTHER CONDITIONS ARTICLE 20: INTERPRETATION Term Agreed Stopping Places

Definition means those places, except the place of departure and the place of final destination, set forth in the Ticket or shown in our timetables as scheduled stopping places on your route as contractually agreed stopping places.

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Damage

Days

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Hold Baggage Itinerary Receipt

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Passenger

means any person, except members of the crew, carried or to be carried in an aircraft pursuant to a Ticket. (See also definition of “you”, “your” and “ yourself”).

SDR

means a Special Drawing Right as defined by the International Monetary Fund. It is an international unit of account based upon the values of several leading currencies. The currency values of the Special Drawing Right fluctuate and are recalculated each banking day. These values are known to most commercial banks and are reported regularly in leading financial journals as well as the website of the International Monetary Fund (www.imf.org).

Stopovers

means a scheduled stop on your journey, at a point between the place of departure and the place of destination.

Successive Carriers

means one of several carriers which performs carriage under one ticket or under a ticket and any conjunction ticket issued in connection therewith, which is regarded as a single operation for purposes of determining the applicability of the Montreal Convention to the transportation.

Tariffs

means the published fares, charges and/or related conditions of carriage of an airline filed, which have been filed where required, with the appropriate authorities.

Ticket

means the paper or electronic document delivered to the Passenger, in each case issued by us or on our behalf and includes the Conditions of Contract and notices.

Warsaw Convention

means whichever of the following instruments are applicable: the Convention for the Unification of Certain Rules Relating to International Carriage by Air, signed at Warsaw, 12 October 1929; or the Warsaw Convention as amended at The Hague on 28 September 1955; or the Warsaw Convention as amended by Additional Protocol No. 1 of Montreal (1975); or the Warsaw Convention as amended at The Hague and by Additional Protocol No. 2 of Montreal (1975); or the Warsaw Convention as amended at The Hague and by Additional Protocol No. 4 of Montreal (1975); or Guadalajara Supplementary Convention (1961) (Guadalajara).

Unaccompanied Minors

Means children between the age of 6 up to 18 years old who travel on our flights without their parent or guardian.

We, Our, Us

Means Greater Bay Airlines Limited.

You, Your, Yourself

Means any person, except members of the crew, carried or to be carried in an aircraft with our consent (see also definition for Passenger).

ARTICLE 1: DEFINITIONS USED IN OUR CONDITIONS OF CARRIAGE We use certain defined terms and expression in our Conditions of Carriage the meaning of which is as follows: ARTICLE 2: WHEN OUR CONDITIONS OF CARRIAGE APPLY 2.1 GENERAL 2.1.1 Except as provided in Articles 2.4 and 2.5, these Conditions of Carriage apply to all flights operated by us and in any case where we have a legal liability to you in relation to your flight. 2.1.2 Unless we tell you otherwise, these Conditions of Carriage also apply to gratuitous (free of charge) and reduced fare carriage as well as any flights purchased under the terms of any frequent flyer loyalty scheme that we may offer to our Passengers. 2.2 CHARTER OPERATION If carriage is performed by us under any charter agreement (which means an aircraft hiring agreement), these Conditions of Carriage shall apply unless you are otherwise advised by us or the charterer (the person who hired our aircraft) of the flight prior to boarding our aircraft. 2.3 CODE SHARES For commercial and operational reasons, we may from time to time make Codeshare arrangements with other carriers. This means that even if you have a reservation with us and hold a Ticket where our name or Airline Designator Code is indicated as the Carrier, another carrier may operate the aircraft. Passengers travelling on Codeshare flights will be subject to terms and conditions of that operating carrier. These terms might differ from our Conditions of Carriage on subjects such as checkin times, Baggage acceptance and allowance, Unaccompanied Minors etc. If such arrangements apply we will advise you of the name of the other carrier operating the aircraft at the time you make a reservation. 2.4 OVERRIDING LAW 2.4.1 These Conditions of Carriage apply to the extent that they are not inconsistent with any laws that apply to your carriage. In the event of any inconsistency those laws shall prevail. 2.4.2 Your flight is subject to the rules and regulations governing our liability to you as set out in any of the applicable international air law Conventions, unless your flight is not considered ‘international carriage’ under the Conventions. 2.4.3 If any of these Conditions of Carriage is invalid, illegal or unenforceable, it will be read down to the extent necessary to ensure that it is not invalid, illegal or unenforceable. If that is not possible, those terms will be severed from the Conditions of Carriage and the other conditions will remain valid. 2.5 CONDITIONS PREVAIL OVER OUR OTHER RULES & REGULATIONS Except as provided in these Conditions of Carriage, in the event of inconsistency between these Conditions of Carriage and any other rules and regulations we may have, dealing with for example Unaccompanied Minors, passengers with reduced mobility and other subjects, these Conditions of Carriage shall prevail to the extent of any inconsistency. ARTICLE 3: TICKETS 3.1 TICKET ISSUANCE AND USE 3.1.1 Unless otherwise required by law, our Tickets will be generated and issued electronically. 3.1.2 Only Passengers named on the Ticket will be allowed to take the flight and they will be required to produce appropriate proof of identity before travel. It is therefore important that all Passengers’ names are spelt correctly when making the reservation and that the name on your Ticket matches the name on your travel document. 3.1.3 You cannot transfer your Ticket. If someone else presents your Ticket for travel and we discover that that person is not you, we will refuse to carry that person. If we, acting reasonably, do not discover that the person is not you and as a result either carry the person or give them a refund, we will not be obliged to replace your Ticket nor will we be liable to provide you with a refund. 3.1.4 Subject to payment of our applicable amendment charges, we will accept minor name changes to correct a mistake for the same Passenger. This can be done through our customer services. We reserve the right to refuse the change to the Ticket if we reasonably believe that you are trying to transfer the Ticket to someone else. 3.1.5 Except for our flexible fare Tickets and certain other types of fare, our Tickets, fees and charges are non-refundable. If you therefore cancel, miss, or do not take your flight you will not receive a refund, unless otherwise required by applicable law or agreed by us in accordance with Article 11 of these Conditions of Carriage. We recommend that you have appropriate travel insurance should you have to cancel your Ticket. 3.1.6 If you have a non-refundable Ticket which is completely unused, and you are prevented from travelling due to an Event Beyond Your Control, we will at our discretion provide you with a credit note (for use within 6 months of its issuance or later as we may reasonably determine) in the amount paid, less any applicable administrative fees and charges, for the Ticket for future travelling on us, provided that you advise us in writing with supporting evidence within two (2) days from the date on which the Event Beyond Your Control occurred. 3.1.7 The Ticket is and shall remain the property of us or the issuing Carrier. 3.2 PERIOD OF VALIDITY 3.2.1 Unless the applicable Tariffs provide otherwise, your Ticket will be valid for 12 months from the date of commencement of travel or if no part of the Ticket has yet been used, for 12 months after the date first issued. 3.2.2 When you are prevented from travelling within the period of validity of the Ticket because we either cancel your flight, delay your flight to the extent that you must cancel your entire trip, no longer fly to an Agreed Stopping Place as a Stopover on your original itinerary or are otherwise unable to supply you with a confirmed seat on a given flight, the validity of your Ticket will be extended to enable you to complete your journey at a later date. Alternatively, you may be entitled to a refund

BusinessMirror in accordance with Article 11. 3.2.3 When you are prevented from travelling within the period of validity of the Ticket due to illness, we may extend the period of validity of your Ticket until the date when you become fit to travel. This will be subject to you providing evidence such as a valid medical certificate. If your Ticket includes one or more Stopovers then the validity of such Ticket may be extended for not more than three months from the date shown on such certificate. In such circumstances, we will similarly extend the period of validity of Tickets of other members of your immediate family accompanying you. 3.2.4 In the event of death of a Passenger en route, the Tickets of the persons accompanying the Passenger may be modified by waiving any restrictions and extending the validity. In the event of a death in the immediate family of a Passenger who has commenced travel, the validity of the Passenger’s Tickets and those of his or her immediate family who accompanied the Passenger may likewise be modified. Any such modification shall be made upon receipt of a valid death certificate and any such extension of validity shall not be for a period not longer than forty-five (45) Days from the date of the death. 3.3 FLIGHT ITINERARY SEQUENCE 3.3.1 The Ticket you have purchased is valid only for the transportation as shown on the Ticket, from the place of departure via any Agreed Stopping Places to the final destination in the service class and on the dates and times that have been set out in your Itinerary Receipt or Ticket. This is how we calculate the overall price of your Ticket. Subject to any Tariffs, you are not permitted to alter the sequence of travel on the Ticket without our agreement. Your Ticket will be deemed invalid and you will not be able to travel. 3.3.2 Should you wish to change any aspect of your trip with us you must contact us in advance. The fare for your new Ticket will be subject to payment of any applicable fees, taxes and fare adjustment charges. You will be given the option of accepting the new price or maintaining your original Ticket. Should you be required to change any aspect of your transportation due to Event Beyond Your Control, you must contact us as soon as practicable and we will use reasonable efforts to transport you to your next Stopover or final destination, without recalculation of the fare. 3.3.3 Please be advised that in the event you do not show up for any flight without advising us in advance, we may cancel your return or onward reservations. However, if you do advise us in advance, we will not cancel your subsequent flight reservation. ARTICLE 4: STOPOVERS 4.1 Subject to applicable government rules and regulations and our Conditions of Carriage, you may be able to include Stopovers at Agreed Stopping Places at the time or after having made a reservation with us. 4.2 Any Stopovers must be arranged with us or another Carrier (if part of a Codeshare) in advance and specified on your Ticket. We reserve the right to change Stopovers or Agreed Stopping Places for operational reasons, adverse weather-related diversions or due to medical or other emergencies. ARTICLE 5: FARES, TAXES, FEES AND CHARGES 5.1 FARES AND OTHER CHARES The fares for your Ticket apply only for carriage from the airport at the point of origin to the airport at the point of final destination in accordance with any Tariffs or our applicable rules and policies. Unless otherwise expressly stated, our fares do not include land (road, rail) and maritime transport service (boat, ferry) between airports and between airports and town terminals. 5.2 CHARGES, SURCHARGES, FEES AND TAXES 5.2.1 Applicable charges, fees and taxes not included in the fare that are imposed on us or on you, collected by us on behalf of governments or other authorities, or by airport operators, shall be payable by you. At the time you purchase your Ticket, you will be advised of charges, fees and taxes not included in the fare, most of which will normally be shown separately on the Ticket. The charges, fees and taxes imposed on air travel are constantly subject to change and can be imposed after the date of Ticket issuance. If there is an increase in the charge, fee or tax shown on the Ticket, you will be obliged to pay it. Likewise, if a new charge, fee or tax is imposed after Ticket issuance, you will be obliged to pay it. In the event any charges, fees or taxes which you have paid to us at the time of Ticket issuance are abolished or reduced such that they no longer apply to you, a lesser amount is due, or you cancel your Ticket, you will be entitled to, subject to applicable laws, claim a partial or full refund of unused charges, fees and/or taxes (as the case may be) without being subject to any administration fees 5.2.2 Certain additional charges, surcharges or fees imposed by us or by another Carrier shall also be payable by you. Such charges, surcharges or fees will normally be incurred at the time you purchase your Ticket and may be refunded at our absolute discretion or in accordance with any applicable rules or policies that we may have published and, in either case, subject to the payment of any administrative fees as we may determine from time to time as applicable to such refund. As such charges, surcharges or fees are subject to change, we reserve the right, except as limited by applicable law, to require you to pay new charges, surcharges or fees (or increases to existing ones) at any time up until the flight to which the relevant charges, surcharges or fees may apply has been fully performed. 5.3 CURRENCY Fares, taxes, fees and charges are payable in Hong Kong Dollars (HKD), Chinese Yuan (RMB) or the currency of the country in which the Ticket is issued, unless another currency is indicated by us or our Authorised Agents, at or before the time payment is made (for example, because of the nonconvertibility of the local currency). We may, at our discretion, accept payment in another currency such as United States Dollars (USD), Euros (EUR) or Pound Sterling (GBP) ARTICLE 6: RESERVATIONS 6.1 RESERVATION REQUIREMENTS 6.1.1 When you make a flight booking with us through any online platform such as our website or any mobile apps or via an Authorised Agent, it will be treated as an offer to contract with us. That offer is only accepted by us, and a contract formed, when we record the reservation in our systems and generate an Itinerary Receipt. If you try to book but for any reason this fails and does not generate an Itinerary Receipt, you will not have a valid reservation with us. 6.1.2 Your Itinerary Receipt will be sent to you by email or mobile notification. Please check all the details carefully. You should contact our customer services if anything is incorrect. 6.1.3 If you think you have made a reservation but have not received an Itinerary Receipt or Ticket, please contact our customer services. 6.1.4 Certain fares have conditions which limit or exclude your right to change or cancel reservations. You should check the conditions that apply to your fare and we accept no responsibility for your failure to do so. 6.2 TICKETING TIME LIMITS If you have not paid for the Ticket prior to the specified ticketing time limit as advised by us or our Authorised Agents, we may cancel your reservation. For most of our fares, you will be required to make payment immediately to us or to our Authorised Agent in order for us to confirm your reservation and issue an Itinerary Receipt and Ticket. Certain fares allow for payment at a later date within the specified time limit. Please check the conditions of your fare. 6.3 PERSONAL INFORMATION 6.3.1 We collect and process personal information about you which includes health information, if necessary, for the following purposes: a) To provide our products and services to you, b) To contact you about and process the arrangements for your trip, c) To allow you to participate in our frequent flyer schemes and loyalty programs, d) To conduct marketing activities and market research, e) To enable immigration and customs control, security, administrative and legal purposes. 6.3.2 You consent to the collection, use and disclosure of your personal data as described in this Article 6.3. If you do not provide your personal information to us, we may not be able to provide the services requested. 6.3.3 For these purposes, you therefore authorise us to retain your personal information and to disclose your personal information to other Carriers (in the event of a Codeshare) travel service providers, organisations which provide services to us, such as collecting commissions, credit and other payment card companies, various law enforcement agencies and governments around the world for security, healthcare and disease control, customs, emergency and immigration purposes. 6.3.4 You may be required by government regulations or laws to provide specific personal information to us, including information to enable you to travel to other countries or to enable us to notify family members in the event of an emergency.6.3.5 You can access the personal information we hold about you and ask for correction of your personal information by contacting us at 12 Floor One Citygate, Tung Chung, Lantau, Hong Kong. 6.4 SEATING 6.4.1 We operate an allocated seating system on all of our flights. You can select seats free of charge or for a fee, depending on your fare type, at the time of making a reservation or afterwards on one of our online platforms, such as our website or mobile apps, through our customer services, or one of our customer representatives at the Airport. The seat fees will vary depending on the seat category, the specific flight and when the seat is selected. Some of our Tickets include free of charge seat selection, as shown at time of reservation. All seats are subject to availability at the time you wish to select the seats for your flight. If you choose to pre-select a seat on your flight, you must do so for all Passengers on your reservation. 6.4.2 If you choose not to pre-select a seat we will allocate one for you automatically, based on your class of travel, when you check in. Our system will try to allocate you seats close to other Passengers on your reservation, but this depends on availability and cannot be not guaranteed. 6.4.3 All seats fees are non-refundable. If you change your flight, your original seat will be cancelled and you may want to buy a new seat on your new flight. 6.4.4 Seat fees will be refunded if we cancel your flight and the refund application will be available at our website or through your travel agency. 6.4.5 For safety reasons, some seats are restricted and are not suitable for all Passengers. We may also need to change your seat at any time, even after you have boarded the aircraft, for operational, safety, security or other reasons e.g. if for aircraft weight and balance reasons certain rows of seats need to remain empty on a particular flight or if the seat or its in-flight entertainment system is damaged or malfunctions. If we need to change your seat selection or are unable to honour that seat selection by providing a seat in the same or higher category that you have purchased, then we will refund the seat fee. 6.5 PASSENGERS NEEDING SPECIAL ASSISTANCE 6.5.1 If any Passengers have special assistance requirements in relation to a disability or a medical condition, please add any requests for special assistance either at the time of making your reservation or afterwards as soon as possible so that we have adequate time to make appropriate arrangements. We can then inform the relevant airport teams of your requirements in advance of your travel. No charge will be made to you for the provision of such services. 6.5.2 We will assist Passengers with a disability in reaching those locations where arrangements have been made to provide for your specific requirements. Please let us know of your special requirements at least 48 hours before the departure time of your flight. We will nevertheless use reasonable efforts to accommodate your special requirements in any event. 6.5.3 We may require that you travel with an attendant if it is essential for safety or you are unable to physically assist in your evacuation from the aircraft or you are unable to understand safety instructions. 6.5.4 We do not accept passengers who require a stretcher to travel on our flights. 6.5.5 We do not carry medical oxygen on our flights. 6.6 PREGNANT PASSENGERS AND INFANTS Pregnant Passengers 6.6.1 If you wish to travel whilst you are pregnant then the following conditions will apply based on the term of your pregnancy and how many children you are expecting: a) Unless you advise us that your pregnancy is complicated or high-risk, then we do not require a medical certificate for travel with us within the first 27 weeks and 6 days of a single pregnancy and/or a known multiple pregnancy. b) For travel with us after the first 28 weeks of your pregnancy you will need to carry a valid certificate or letter from your doctor or midwife (with their signature, chop or stamp) which confirms: i.) your name, the number of weeks of your pregnancy, the date when youe or baby is due; ii.) whether it is a single or multiple pregnancy; iii.) that there are no complications with your pregnancy; and iv.) that you are “fit to fly”. c) Provided that there are no complications with your pregnancy you can travel up to the end of the 35th week of your pregnancy for single pregnancies or up to the end of the end of the 31st week of your pregnancy for multiple pregnancies. d) medical clearance will otherwise be required if you are having complications with your pregnancy. 6.6.2 The medical certificate must be issued within seven (7) days of Departure. An e-Certificate for pregnant Passenger will also be accepted. The medical certificate must be in either English or Chinese. 6.6.3 Pregnant passengers cannot be seated in an emergency exit seat. 6.6.4 You must complete our release and indemnity form when you check in or arrive at the airport. Infants 6.6.5 We only accept on board our flights infants who are more than seven (7) days’ old. Infants are those passengers who are aged between 7 days to two (2) years old at the date of travel. 6.6.6 A parent or guardian (aged 18 or above) must travel with the infant and each parent or guardian may bring a maximum of two (2) infants. Infant tickets will not give you an additional seat. Please see our applicable fares and charges for Infant Tickets. 6.6.7 One of the maximum two travelling infants must be at least six (6) months old and will be seated in an individual seat. A car-type safety seat or Child Aviation Restraint System (CARES) harness must be used to secure that infant to the seat. You must bring your own personal car-type safety seat or CARES harness which you will fasten to the seat. The other travelling infant if under six (6) months old must be seated in a bassinet (if available) or on your lap with the infant seat belt provided by the crew. 6.6.8 The requisite safety device (car-type safety seat, harness, CARES harness or seat belt extension) must meet applicable safety and specifications for travel on our flights. Please check with us before you travel. You are responsible for the installation of the requisite safety device on the seat. 6.6.9 Not all of our flights will have bassinets available. For flights that do have bassinets, we will only have a limited number of them. Please contact us in advance if you want a bassinet when you make your reservation with us. 6.7 IN FLIGHT SERVICES 6.7.1 We shall endeavour to provide Passengers with a range of quality in-flight services on all of our flights. 6.7.2 For operational reasons however, we cannot guarantee the provision or availability of any of these services. If you have purchased any in-flight services in advance that are subsequently unavailable, we will refund that payment to you. 6.8 RECONFIRMING YOUR RESERVATION Before your flight we advise you to check our online platforms, such as our website or mobile apps for any schedule changes to your Ticket. We do not require you to reconfirm your reservation with us. However, you may need to reconfirm your reservation with any other Carriers involved in your journey (i.e. if a Codeshare arrangement). You are responsible for checking and complying with the reconfirmation requirements of those other Carriers. 6.9 IF YOU ARE LATE OR DO NOT SHOW UP FOR YOUR FLIGHT 6.9.1 Subject to the applicable fare rules for your Ticket, if you are late for a flight we will not refund you. 6.9.2 If you advise us in advance that you will not show up for a flight on your Ticket then we will not cancel any subsequent flight reservations on your Ticket. If you fail to notify us in advance, we reserve the right to cancel your return or onward reservations. ARTICLE 7: CHECK-IN AND BOARDING 7.1 You can check in for your flight online in advance of travel when able to do so in accordance with the terms of your Ticket. If you are travelling without Hold Baggage, then we recommend that you check in online before you travel. Even if you have already checked in online, you must still allow enough time to complete any government formalities and airport security procedures and to get to your departure gate on time. 7.2 You must check in at the airport if you are travelling with Hold Baggage so please also allow extra time to check in your Hold Baggage before clearing security and getting from our check-in/ bag drop counters to your departure gate on time. Procedures may vary at different airports and for particular flights. It is your responsibility to ensure that you comply with these formalities and procedures. 7.3 The check-in times and gate closure times are based on specific airport requirements and are available from our website, our customer agents and displayed on public information screens at the airport, but for operational reasons they may change. Please check flight information updates at the airport for any gate changes and revised gate closure times. Please help us get your flight away on time and ensure you are at the boarding gate by the time specified. 7.4 We may cancel the space reserved for you if you fail to arrive at the boarding gate in time or if you fail to present required travel documents as provided in Article 14.2. 7.5 We will not be liable to you for any loss or expense incurred due to your failure to comply with the provisions of this Article. ARTICLE 8: REFUSAL OF AND LIMITATION ON CARRIAGE 8.1 RIGHT TO REFUSE CARRIAGE 8.1.1 In the reasonable exercise of our discretion, we may refuse to carry you or your Baggage (even if you hold a valid Ticket and/or have a Boarding Pass) if we have notified you in writing that we would not at any time after the date of such notice carry you on our flights. In this circumstance, you will be entitled to a refund as provided in Article 11.3. 8.1.2 We may also refuse to carry you or your Baggage or remove you from a flight if you have already boarded, without any liability on our part, if one or more of the following have occurred or we reasonably believe may occur: a) you or your Baggage may put the safety of the aircraft or the health or safety of any person in the aircraft or airport in danger or at risk; b) your mental or physical state, including your impairment from alcohol or drugs, presents a safety or health hazard or risk to yourself, to passengers, to crew, or to property or may materially affect the comfort of other Passengers or crew; c) you require specific assistance outside the services that we can reasonably offer to people with a disability; d) you have committed a criminal offence when reserving your Ticket, the check-in or boarding process, at the airport or on board the aircraft; e) you have refused to submit to a security check for yourself or your Baggage, or having submitted to such a check, you fail to provide satisfactory answers to security questions at check-in or at the boarding gate or you tamper with or remove any security seals or stickers on your Baggage; f) you have not observed our instructions with respect to safety or security, either on board or at the airport. g) you have not observed our instructions or those of the Hong Kong Government and/or a local Port Health Department or the World Health Organization or the International Civil Aviation Organization with respect to the health of other passengers or crew. This includes any pre-travel communicable disease testing requirements, vaccine records, the need to wear a mask throughout your journey where required by law, and specific documents you must bring if you have a medical exemption; h) you have caused harm to, injured, or used threatening, abusive, insulting, discriminatory, obscene or lewd language or behaviors towards a member of our staff, Ground Crew or any Passengers i) you have made a bomb threat or other security threat; j) you have a medical illness or condition that requires a certificate from your doctor confirming your fitness to fly and/or confirming an exemption from the need to wear a mask, and you do not present a valid certificate, or otherwise you do not satisfy us that you are fit to fly; k) you do not appear to have valid travel documents, may seek to enter a country through which you may be in transit, or for which you do not have valid travel documents, or destroy your travel documents during flight or refuse to surrender your travel

Wednesday, December 20, 2023

documents to members of the flight or cabin crew, against receipt, when so requested; l) you present a Ticket that has been acquired unlawfully, or has been purchased from an entity other than us or our Authorised Agents or has been reported as being lost or stolen; or is a counterfeit ticket; or you cannot prove that you are the person named in the Ticket. We reserve the right to retain such Ticket; m) you fail to comply with the requirements set forth in Article 3.3 above concerning travelling on flights in the right chronological order (coupon sequence) and use, or you present a Ticket which has been issued or altered in any way, other than by us or our Authorised Agents, or the Ticket is mutilated; n) such action is necessary in order to comply with any applicable government laws, regulations, or orders; o) you refuse our requests for information about yourself including information required by governments; or p) you are the subject of a Banning Notice with us or any other Carrier 8.2 CONSEQUENCES OF REFUSAL TO CARRY OR REMOVAL OF PASSENGER (BANNING NOTICES) 8.2.1 If you are refused carriage for any of the reasons outlined in Article 8.1 above then we reserve the right to cancel your Ticket and any subsequent flights on your Itinerary Receipt (without any obligation to refund you). 8.2.2 We may also issue you with a Banning Notice. Under a Banning Notice, you are banned from all flights we operate. The Banning Notice will give the date when the ban 8.3 OVERBOOKING 8.3.1 Our flights may occasionally be overbooked on flights where seats would otherwise be empty so that we can reduce the impact of Passengers who do not show up.comesinto force and the period for which it applies. A Banning Notice will also ask you not to buy a Ticket or ask or allow anyone to do so for you. If you try to travel whilst a Banning Notice is in force, we will refuse to carry you. 8.3.2 If your flight is overbooked, we will notify Passengers at the airport (either at the check-in counters or at the departure gate) and look for volunteers who are willing to take a later flight or cancel their journey. In case there are not enough volunteers, we may need to deny boarding to one or more Passengers against their wishes including you. 8.3.3 Whilst we endeavour to accommodate the needs of all of our Passengers, depending on the circumstances, we will prioritise carriage for our elderly Passengers, families with babies and small children and passengers with disabilities. Thereafter, our decisions will be based on the different fare types associated with the Ticket. 8.3.4 If you are denied boarding due to an overbooking of our flight for which you have a valid Ticket and a confirmed reservation, you have checked in on time and complied with all applicable requirements for travel as set out in these Conditions of Carriage, then we will either: a) offer you a seat on the next available flight on our services; or b) refund in full your Ticket or any unused part of it, and, depending on the applicable law, we may provide a monetary compensation or incentive as a result of the overbooking. 8.3.5 In the event of overbooking, we will also provide any assistance and care required by any law which may apply. 8.4 ITEMS REMOVED FROM PASSENGERS BY AIRPORT SECURITY PERSONNE We will not be responsible for, nor have any liability to you or anyone else in respect of, items removed from you or your Baggage by airport security personnel acting a accordance with international or government regulations, whether or not any such items are subsequently retained or destroyed by such airport security personnel, or are passed by such airport security personnel to us. 1.5 SERVICE ANIMALS 1.6 Service animals accompanying a Passenger with disabilities will be carried free of charge in addition to the normal free baggage allowance, subject to conditions specified by us, which are available on request. ARTICLE 9: BAGGAGE 9.1 FREE BAGGAGE ALLOWANCE Depending on the type of Ticket you have purchased, you can carry a limited amount of Cabin Baggage on board or check in Hold Baggage free of charge provided it complies with our weight and size requirements and our Conditions of Carriage. The current allowances for Cabin Baggage and Hold Baggage are set out below. For more information about our Baggage policies please contact our customer services or visit our dedicated Baggage page. 9.2 HOLD BAGGAGE 9.2.1 When you check Hold Baggage in with us, we will issue you with a Baggage Identification Tag, for each piece of your Hold Baggage. 1.1.2 Hold Baggage must have your name, or other personal identification affixed to it. 9.2.3Hold Baggage will whenever possible, be carried on the same aircraft as you, unless we decide for safety, security, or operational reasons to carry. It on an alternative flight. If your Hold Baggage is carried on a subsequent flight we will deliver it to you, unless applicable law requires you to be present for customs clearance 9.2.4Your Ticket will identify the maximum allowable weight for checked-in Hold Baggage. Unless stated otherwise, the maximum weight allowances are subject to the fare type you have purchased. 9.2.5 The maximum weight of any single piece of checked-in Hold baggage 32 kg (70lb). Acceptance of any bag weighing more than 32 kg (70lb.) is subject to our prior approval and notification to us upon booking/reservation. Overweight items will be repacked or split into lighter units during check-in. Such items that cannot be repacked will not be accepted for carriage. In either case, we shall not be liable to you for any loss, damage or delay arising as a result of your failure to comply with the weight allowance and need to repack, split or decline to carry the overweight items. 9.2.6 Subject to Article 9.2.7 below, we will generally not accept any single piece of Hold Baggage that is more than 158cm (62”) long in total dimension. The total dimension of your Hold Baggage can be measured by the sum of its width, height and length (L+W+H = 158cm or 62”). 9.2.7 Notwithstanding the restriction set out in Article 9.2.6 above, we may accept Hold Baggage that:a) is more than 158cm but does not exceed 203cm in total dimension, subject to available aircraft hold capacity and payment of the requisite Excess Baggage charges; and b)is more than 203cm but does not exceed a maximum 277cm in total dimension, subject to available aircraft hold capacity, payment of the requisite Excess Baggage charges and a minimum of twenty-four (24) hours’ advance notice. 1.1.8 For the avoidance of doubt, no Hold Baggage with a total dimension that is more than 277cm will be accepted. 9.3 SPECIAL DECLARATION OF VALUE FOR HOLD BABGAGE Our liability to you for damage or loss of Hold Baggage in our possession is limited by the Conventions. However, provided we agree to permit a higher limit of liability and receive payment of a reasonable fee, you may declare that your Hold Baggage’s value is higher than the applicable limit and recover a higher amount in the event that we damage or lose your Hold Baggage. 9.4 CABIN BAGGAGE 9.4.1 Your Ticket will identify the maximum allowable weight for Cabin Baggage. Each Passenger is allowed one (1) piece of Cabin Baggage with a maximum weight of 7kg and one additional personal item (i.e. handbag, camera or digital device) on board. Both items combined should not exceed the maximum dimensions. 9.4.2 The maximum dimensions of Cabin Baggage are 56+36+23cm (22”+14+9”). 9.4.3 In any event, Baggage which you carry onto the aircraft must fit under the seat in front of you or in an enclosed storage compartment in the cabin of the aircraft. If your Baggage cannot be stored in this manner, or is of excessive weight, or is considered unsafe for any reason, it must be carried as Hold Baggage. 9.4.4 We cannot carry oversized items which exceed a maximum weight or dimensions as set out in 9.4.1 and 9.4.2 unless they can travel in the aircraft hold. For operational reasons, oversized objects that are not suitable for carriage in the aircraft hold (delicate musical instruments e.g. cellos) will not be permitted in the cabin. 9.5 EXCESS BAGGAGE 9.5.1 If you arrive to check in with Baggage in excess of your allowance, we may either refuse to carry that Excess Baggage or we will allow you to carry Excess Baggage in return for payment of the applicable Excess Baggage fees before boarding. 9.5.2 If your Ticket includes travel with another Carrier as part of a Codeshare then you may be subject to additional charges for Excess Baggage from that Carrier. 1.6 PROHIBITED ITEMS 9.6.1 We will not carry, and you must not include in your Baggage or otherwise try to bring on board the following prohibited items: a) items which are prohibited by any applicable law from being carried on any aircraft; b) items listed as dangerous goods in your Ticket; c) items which are likely to endanger the aircraft or persons or property on board the aircraft, or that may become dangerous. More information is available in the International Civil Aviation Organisation (ICAO) Technical Instructions for the Safe Transport of Dangerous Goods by Air, and the International Air Transport Association (IATA) Dangerous Goods Regulations; d) firearms and ammunition other than for hunting and sporting purposes. Firearms and ammunition for hunting and sporting purposes may be accepted as Hold Baggage provided we agree and all applicable laws and regulations are complied with. Firearms must be unloaded of all ammunition and suitably packed; e) weapons of any other type, including but not limited to knives, blades, or sharp items antique firearms, swords, knives and similar items may be accepted as Hold Baggage, at our discretion, but will not be permitted in the cabin of the aircraft; f) items we reasonably determine are unsuitable for carriage because they are dangerous or unsafe; g) any pungent or strong-smelling foodstuff such as durian fruit or seafood; and h) live animals (including pets, insects, reptiles, or any other form of livestock), with the exception of recognized service dogs (guide dogs and assistance dogs) for passengers with reduced mobility. 9.6.2 If we discover that you are carrying prohibited items, we may do whatever we consider appropriate and what is reasonable in the circumstances, including disposing of the item. 9.6.3 You must not include in your Hold Baggage, fragile or perishable items, artwork, cameras, money, jewellery, precious metals, silverware, computers, diving computers, personal electronic devices, negotiable papers, securities or other valuables, business documents, passports and other identification documents or samples. 9.6.4 Unless we are at fault, we will not be responsible for any loss or damage caused to any prohibited items if they are brought on board despite being prohibited items. 9.6.5 We may carry Excess Baggage on later flights, subject to your paying the applicable fees in accordance with Article 9.5.1. 9.6.6 We may refuse to accept Hold Baggage unless it is in our reasonable opinion properly and securely packed in suitable containers. Information about packing and containers unacceptable to us is available upon request. 9.7 RIGHT OF SEARCH 9.7.1 For reasons of safety and security we may request that you permit a search and scan of your person and a search, scan or x-ray of your Baggage. If you are not available, your Baggage may be searched in your absence for the purpose of determining whether you are in possession of or whether your Baggage contains any item described in Article 9.6.1 or any firearms ammunitions or weapons, which have not been suitably packed. If you are unwilling to comply with such requests, we may refuse to carry you and your Baggage. 9.7.2 In the event a search or scan causes damage to you, or an x-ray or scan causes damage to your Baggage, we shall not be liable for such Damage unless due to our fault or negligence. 9.8 COLLECTION AND DELIVERY OF BAGGAGE 9.8.1 Please collect your Hold Baggage as soon as it is made available at your destination or Stopover, provided that the Stopover is greater than 24 hours. For the avoidance of doubt, Hold Baggage will not be checked to an intermediate point when a passenger arrives at an intermediate point and is scheduled to depart within 24 hours after arrival, except where permitted under your Ticket. Should you not collect it within a reasonable time, we may charge you a storage fee. Should your Hold Baggage not be claimed within three (3) months from the time it is made available, we may dispose of it without any liability to you. 9.8.2 Only the bearer of the Baggage Receipt and Baggage Identification Tag, is entitled to delivery of Hold Baggage. 9.9 ANIMALS Other than services animals for Passengers with disabilities in accordance with Article 8.5 above, we do not carry any other live animals on board our aircraft. ARTICLE 10: SCHEDULES, CANCELLATION OF FLIGHTS 10.1 SCHEDULES 10.1.1 The flight times shown in our timetables may change between the date of publication and the date you actually travel on your Ticket. We do not guarantee the flight times and they do not form part of your contract with us. 10.1.2 It is possible we may need to change the scheduled flight time after we have issued your Ticket. If, after you purchase your Ticket, we make a significant change to the scheduled flight time, which is not acceptable to you, and we are unable to book you on one of our alternate flights which is acceptable to you, you will be entitled to a refund in accordance with Article 11. 1.2 CANCELLATION, REROUTING, DELAYS, ETC. 10.2.1 We will take all necessary measures to avoid delay in carrying you and your Baggage. 10.2.2 Except as otherwise provided by the Warsaw Convention or the Montreal Convention or applicable law, if we cancel a flight, fail to operate a flight reasonably according to the schedule, fail to stop at your destination or Stopover destination, we shall, at your option, either: carry you at the earliest opportunity on another of our scheduled services on which space is available without additional charges and where necessary, extend the validity of your Ticket; or within a reasonable period of time re-route you to the destination shown on your Ticket by our own services or those of another Carrier, or by other mutually agreed means and class of transportation without additional charge. If the fare, and charges for the revised routing are lower than what you have paid, we shall refund the difference; or make a refund in accordance with the provisions of Article 11; 10.2.3 Upon the occurrence of any of the events set out in Article 10.2.2, except as otherwise provided by the Warsaw Convention or the Montreal Convention, the options outlined in Article 10.2.2 are the sole and exclusive remedies available to you and we shall have no further liability to you. In particular, if cancellations or delays are due to inclement weather or to air traffic control delays or other Force Majeure events, we shall be under no immediate obligation to comply with Article 10.2.2 or to provide at all for the cost of telephone calls, accommodation, refreshments or transportation, although we shall make reasonable efforts to assist you as best we can in the prevailing circumstances. 10.2.4 If we are unable to provide confirmed space, we shall provide monetary compensation to those Passengers who are denied boarding (unless the cancellation, rerouting or delay is as a result of a Force Majeure) or who are involuntarily downgraded to the class below in accordance with the applicable law. 10.3 TARMAC DELAY CONTINGENCY PLAN: PRC AIRPORTS 10.3.1 If your flight is delayed on departure or upon arrival into an airport in the People’s Republic of China (PRC) then Article No.56 of 2016 of the Ministry of Transport of the PRC shall apply. Our aircraft will not remain on the tarmac for longer than three hours before allowing Passengers to disembark (subject to Article 10.5 below) from the aircraft unless the captain determines at his or her sole discretion that there is a safety or security related reason why the aircraft cannot be positioned to disembark Passengers, the airport authority or air traffic control prohibits disembarkation. 10.3.2 In the event of delay at any PRC Airport, we will provide simple refreshments, snacks and drinking water no later than two hours after the aircraft leaves the gate (in the case of a departure) or touches down (in the case of an arrival) unless we are unable to do so for safety or security reasons as determined by the pilot. 10.3.3 We will ensure operable lavatory facilities are available whilst the aircraft remains on the tarmac. 10.3.4 We will notify you periodically (no less than every 30 minutes) of the status of the delay, including the reasons and estimated time for the tarmac delay, if known. 10.4 TARMAC DELAY CONTINGENCY PLAN: KOREAN AIRPORTS 10.4.1 We will not delay a flight, with Passengers boarded, in the tarmac area of the airport for more than 4 h m m m m m m m m m

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A10 Wednesday, December 20, 2023

TheWorld BusinessMirror

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

US envoys work for new hostage release deal and scale-down of Israel-Hamas war By Tara Copp, Melanie Lidman & Samy Magdy

The Associated Press

EL AVIV, Israel—The head of the CIA jetted to Europe for talks with Israeli and Qatari officials Monday, sounding out the potential for a deal on a new cease-fire and the release of hostages in Gaza as the United States defense secretary spoke to Israeli military leaders about scaling back major combat operations against Hamas. Still, there was no sign that a shift in the war was imminent after more than two months of devastating bombardment and fighting. Fierce battles raged in northern Gaza, where residents said rescue workers were searching for the dead and the living under buildings flattened by Israeli strikes. Pressure is growing as France, the United Kingdom and Germany—some of Israel’s closest allies—joined global calls for a cease-fire over the weekend. Israeli protesters have demanded the government to relaunch talks with Hamas on releasing more hostages after three were mistakenly killed by Israeli troops while waving a white flag. US officials have repeatedly expressed concern about the large number of civilian deaths in Gaza. But after talks with Israeli officials Monday, US Defense Secretary Lloyd Austin said, “This is Israel’s operation. I’m not here to dictate timelines or terms.” The US has vetoed calls for a cease-fire at the United Nations and has rushed munitions to Israel. The UN Security Council delayed to Tuesday a vote on an Arab-sponsored resolution calling

for a halt to hostilities to allow unhindered access to humanitarian aid. Diplomats said negotiations were taking place to get the US to abstain or vote “yes” on the resolution. Prime Minister Benjamin Netanyahu has insisted that Israel will keep fighting until it ends Hamas rule in Gaza, crushes its formidable military capabilities and frees hostages still held in Gaza since the deadly October 7 attack inside Israel that ignited the war. Militants killed some 1,200 people and abducted 240 others in the attack. The war has killed more than 19,000 Palestinians and demolished much of the north, turning it into a moonscape. Some 1.9 million Palestinians—nearly 85 percent of Gaza’s population—have fled their homes, with most packing into UN-run shelters and tent camps in the southern part of the besieged territory.

Hostage talks

IN an apparent sign that talks on a hostage deal were growing more serious, CIA Director William Burns met in Warsaw with the head of Israel’s Mossad intelligence agency and the prime minister of Qatar, a US official said. It was the first known meeting of the three since the end of a weeklong cease-fire in late November, during which some 100 hostages—including a number of foreign nationals—were freed in exchange for the release of around 240 Palestinians held in Israeli prisons. Nat iona l Sec u r it y Cou nc i l spokesperson John Kirby said the talks were not “at a point where another deal is imminent.” Aiming to increase public pres-

city of Khan Younis. Still, casualties have continued to mount and Palestinians say nowhere in Gaza is safe as Israel carries out strikes in all parts of the territory. Israel reopened its main cargo crossing with Gaza to allow more aid in—also after a US request. But the amount is less than half of prewar imports, even as needs have soared and fighting hinders delivery in many areas. Israel blocked entry of all goods into Gaza soon after the war started, and weeks later began allowing a small amount of aid in through Egypt.

ISRAELI attack helicopter fires a missile into the Gaza Strip on Monday, December 18, 2023. AP/LEO CORREA

sure on the Israeli government, Hamas released a video showing three older Israeli hostages sitting in white T-shirts and pleading for Israel to bring their immediate release. The comments were likely made under duress, but the video signaled Hamas wants to move on to discussions of releasing sick and old men from captivity. Israel has said it wants around 19 women and two children freed first. Hamas says the women include soldiers, for whom it is expected to demand a higher price in terms of prisoner releases. Hamas and other militants are still holding an estimated 129 captives. Hamas has said no more hostages will be released until the war ends.

Scaling down the war

AUSTIN, who arrived in Israel with Joint Chiefs Chairman Gen. CQ Brown, said he and Israeli officials exchanged “thoughts on how to transition from high intensity operations” in Gaza

Earthquake in China kills at least 118 people in Gansu, Qinghai provinces By Ken Moritsugu The Associated Press

EI J I NG — A n over n ig ht earthquake killed at least 118 people in a cold and mountainous region in northwestern China, the country’s state media reported Tuesday. Search and rescue operations were under way in Gansu and neighboring Qinghai provinces. The earthquake left more than 500 people injured, severely damaged houses and roads, and knocked out power and communication lines, according to media reports. The magnitude 6.2 earthquake struck near the boundary between the two provinces at a relatively shallow depth of 10 kilometers (six miles) just before midnight on Monday, the China Earthquake Networks Center said. The US Geological Survey measured the magnitude at 5.9. By mid-morning, 105 people had been confirmed dead in Gansu and another 397 injured, including 16 in critical condition, Han Shujun, a spokesperson for the provincial emergency management department, said at a news conference. Thirteen others were killed and 182 injured in Qinghai in an area north of the epicenter, according to state media. Another 20 were missing in Qinghai after being buried in a landslide, the China News Service said. The earthquake was felt in much of the surrounding area,

RESCUERS work on the rubble of a house that collapsed in the earthquake in Kangdiao village of Jishishan county in northwestern China’s Gansu province on Tuesday, December 19, 2023. An overnight earthquake killed multiple people in a cold and mountainous region in northwestern China, the country’s state media reported on Tuesday. CHINATOPIX VIA AP

including Lanzhou, the Gansu provincial capital, about 100 kilometers (60 miles) northeast of the epicenter. Photos and videos posted by a student at Lanzhou University showed students hastily leaving a dormitory building and standing outside with long down jackets over their pajamas. “ The earthquake was too intense,” said Wang X i, the student who posted the images. “My legs went weak, especially when we ran downstairs from the dormitor y.” The quake struck in Gansu’s Jishishan county, about 5 kilometers (3 miles) from the provincial boundary with Qinghai. The epicenter was about 1,300 kilometers (800 miles) southwest of Beijing, the Chinese capital. There were

nine aftershocks by 10 a.m., about 10 hours after the initial earthquake, the largest one registering a magnitude of 4.1, a Gansu official said. The remote and mountainous area is home to several predominantly Muslim ethnic groups and near some Tibetan communities. Geographically, it is in the center of China, though the area is commonly referred to as the northwest, as it is at the northwestern edge of China’s more populated plains. Tents, folding beds and quilts were being sent to the disaster area, state broadcaster CCTV said. It quoted Chinese leader Xi Jinping as calling for an all-out search and rescue effort to minimize the casualties. The overnight low in the

and how to increase the f low of humanitarian aid. American officials have called for targeted operations aimed at killing Hamas leaders, destroying tunnels and rescuing hostages. US President Joe Biden warned December 12 that Israel is losing international support because of its “indiscriminate bombing.” Speaking alongside Austin, Israeli Defense Minister Yoav Gallant said only that “the war will take time.” Israeli military spokesperson Rear Adm. Daniel Hagari said the Israeli chief of staff met with Austin and Brown and presented “plans for the continuation of the battle in the coming stages.” European countries appear to be losing patience. “Far too many civilians have been killed in Gaza,” European Union foreign policy chief Josep Borrell posted on X, formerly Twitter. Under US pressure, Israel provided more precise evacuation instructions earlier in December as troops moved into the southern area was minus 15 to minus 9 degrees Celsius (5 to 16 degrees Fahrenheit), the China Meteorological Administration said. At least 4,000 firefighters, soldiers and police officers were dispatched in the rescue effort, and the People’s Liberation Army Western Theatre set up a command post to direct its work. Han, the Gansu spokesperson, said the rescue work was proceeding in an orderly manner and asked people to avoid going to the quakehit areas to prevent traffic jams that could hinder the effort. A video posted by the Ministry of Emergency Management showed emergency workers in ora nge u n i for m s u si ng rod s to try to move heavy pieces of what looked like concrete debris at night. Other nighttime videos distributed by state media showed workers lifting out a victim and helping a slightly stumbling person to walk in an area covered with light snow. Middle school student Ma Shijun ran out of his dormitory barefoot without even putting on a coat, according to a Xinhua report. It said the strong tremors left his hands a bit numb, and that teachers quickly organized the students on the playground. CCTV reported that there was damage to water and electricity lines, as well as transportation and communications infrastructure. Earthquakes are somewhat common in the mountainous area of western China that rises up to form the eastern edge of the Tibetan plateau. The Associated Press researchers Wanqing Chen and Yu Bing contributed.

More death and destruction

AT least 110 people were killed in Israeli strikes Sunday on residential buildings in the urban Jabaliya refugee camp in northern Gaza, Munir al-Boursh, a senior Health Ministry official, told Al Jazeera television. Fierce fighting continued Monday in Jabaliya and the Gaza City districts of Zaytoun and Shijaiyah, where tens of thousands of Palestinians remain trapped, crowded in homes or schools. In Jabaliya, first responders and residents searched the rubble of many collapsed buildings. “They use their hands and shovels,” said Amal Radwan, who is staying at a UN shelter there. “We need bulldozers and above all the bombing to stop.” More than 19,400 Palestinians have been killed, according to the Health Ministry in Hamas-run Gaza, which has said that most are women and minors and that thousands more are buried under rubble. The ministry does not differentiate between civilian and combatant deaths. Israel’s military says 127 of its

soldiers have been killed in the Gaza ground offensive. It says it has killed thousands of militants, without providing evidence. Israel blames civilian deaths on Hamas, saying it uses them as human shields. But the military rarely comments on individual strikes.

Regional tensions

EARLY Tuesday in Bahrain, Austin said that the US and other nations have created a new force to protect commercial ships passing through the Red Sea from attacks by Yemen’s Houthi rebels. The Houthis say their attacks aim to end Israel’s offensive in Gaza, and their campaign has prompted a growing list of companies to halt operations in the major trade route. “This is an international challenge that demands collective action,” Austin said in statement. Israel and Lebanon’s Hezbollah have traded fire along the border nearly every day since the war began. And in the Israeli-occupied West Bank, over 300 Palestinians have been killed since the start of the war, including four overnight during an Israeli military raid in the Faraa refugee camp, according to the Palestinian Health Ministry. This has been the deadliest year for Palestinians in the West Bank since 2005. Most have been killed during military raids, which often ignite gunbattles, or during violent demonstrations. Lidman reported from Jerusalem and Magdy from Cairo. Associated Press writers Lolita C. Baldor and Ellen Knickmeyer in Washington, and Edith M. Lederer at the United Nations, contributed to this report.

Kim Jong Un threatens ‘more offensive actions’ against US after watching powerful missile test By Hyung-Jin Kim The Associated Press

EOUL, South Korea—North Korean leader Kim Jong Un threatened “more offensive actions” to repel what he called increasing United States-led military threats after he supervised the third test of his country’s most advanced missile designed to strike the mainland US, state media reported Tuesday. Kim’s statement suggests he is confident in his growing missile arsenal and will likely continue weapons testing activities ahead of the 2024 US presidential election. But many observers say North Korea still needs to perform more significant tests to prove it has functioning missiles targeting the US mainland. After watching Monday’s launch of the Hwasong-18 intercontinental ballistic missile, Kim said the test showed how North Korea could respond if the United States were to make “a wrong decision against it,” according to the official Korean Central News Agency. Kim stressed the need to “never overlook all the reckless and irresponsible military threats of the enemies...and to strongly counter them with more offensive actions,” KCNA said. The Hwasong-18 ICBM is a developmental, solid-fueled ICBM that is considered North Korea’s most powerful weapon. Its built-in solid propellant makes launches harder for outsiders to detect than liquid-fueled missiles, which must be fueled before liftoffs. But many foreign experts say North Korea still has some other technological hurdles to master to acquire reliable nuclear-tipped ICBMs, such as one to protect warheads from the harsh conditions of atmospheric reentry. KCNA said the Hwasong-18 missile— launched at a high angle to avoid neighboring countries—flew a distance of 1,002 kilometers

(622 miles) for 73.5 minutes at a maximum altitude of 6,518 kilometers (4,050 miles) before landing in an area off the North’s east coast. It said Kim expressed “great satisfaction” with the launch, which verified again the reliability of “the most powerful strategic core striking means” of North Korea. It was the North’s third test of the Hwasong-18 missile. Its two previous launches were in April and July. “Based on their statement, this looks to have been an exercise in signaling and a developmental test in one,” said Ankit Panda, an expert with the Carnegie Endowment for International Peace. “There’s nothing new here technically as far as I can tell at this early stage, but they’re certainly growing increasingly confident in their new solid propellant ICBM.” Leif-Eric Easley, a professor at Ewha University in Seoul, said the North’s latest ICBM test is another indicator of how far its missile engine technology has progressed, but added there are limits to what North Korea can learn from lofted trajectory firings. “Demonstrating warhead targeting and reentry capabilities would involve provocative launches across greater distances,” Easley said. “So more significant tests of both technology and diplomacy are likely in the New Year.” KCNA said that a recent US-South Korean meeting to discuss their nuclear deterrence plan openly revealed their intention to hold joint drills with a simulated nuclear attack on North Korea. It referred to the second Nuclear Consultative Group meeting between senior US and South Korean officials Friday. During their meeting in Washington, the two countries agreed to update their nuclear deterrence and contingency strategies and incorporate nuclear operation scenarios in their combined military exercises in the summer, according to officials in Seoul.

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Wednesday, December 20, 2023 A11

Pope approves blessings for same-sex couples that must not be like marriage By Nicole Winfield & David Crary The Associated Press

OME—Pope Francis formally approved letting Cat hol ic pr iests bless same-sex couples, the Vatican announced Monday, a radical shift in policy that aimed at making the church more inclusive while maintaining its strict ban on gay marriage. But while the Vatican statement was heralded by some as a step toward breaking down discrimination in the Catholic Church, some LGBTQ+ advocates warned it underscored the church’s idea that gay couples remain inferior to heterosexual partnerships. The document from the Vatican’s doctrine office elaborates on a letter Francis sent to two conservative cardinals that was published in October. In that preliminary response, Francis suggested such blessings could be offered under some circumstances if the blessings weren’t confused with the ritual of marriage. The new document repeats that condition and elaborates on it, reaffirming that marriage is a lifelong union between a man and a woman. And it stresses that blessings in question must not be tied to any specific Catholic celebration or religious service and should not be conferred at the same time as a civil union ceremony. Moreover, the blessings cannot use set rituals or even involve the clothing and gestures that belong in a wedding. But it says requests for such blessings for same-sex couples should not be denied. It offers an extensive and broad definition of the term “blessing” in Scripture to insist that people seeking a transcendent relationship with God and looking for his love and mercy shouldn’t be held up to an impossible moral standard to receive it. “For, those seeking a blessing should not be required to have prior moral perfection,” it said. “There is no intention to legitimize anything, but rather to open one’s life to God, to ask for his help to live better, and also to invoke the Holy Spirit so that the values of the Gospel may be lived with greater faithfulness,” it added. The document marks the latest gesture of outreach from a pope who has made welcoming LGBTQ+ Catholics a hallmark of his papacy. From his 2013 quip, “Who am I to judge?” about a purportedly gay priest, to his 2023 comment to The Associated Press that “Being homosexual is not a crime,” Francis has distinguished himself from all his predecessors with his message of welcome. “The significance of this news cannot be overstated,” said Francis DeBernardo of New Ways Ministry, which supports LGBTQ+ Catholics. “It is one thing to formally approve same-gender blessings, which he had already pastorally permitted, but to say that people should not be subjected to ‘an exhaustive moral analysis’ to receive God’s love and mercy is an even more significant step.” The Vatican holds that marriage is an indissoluble union between man and woman. As a result, it has long opposed same-sex marriage and considers homosexual acts to be “intrinsically disordered.” Nothing in the new document changes that teaching. And in 2021, the Vatican’s Congregation for the Doctrine

POPE Francis speaks during his weekly general audience in St. Peter’s Square at The Vatican, on October 18, 2023. Pope Francis has formally approved allowing priests to bless same-sex couples, with a new document released on Monday, December 18, 2023, explaining a radical change in Vatican policy by insisting that people seeking God’s love and mercy shouldn’t be subject to “an exhaustive moral analysis” to receive it. AP/ALESSANDRA TARANTINO

of the Faith said flat-out that the church couldn’t bless the unions of two men or two women because “God cannot bless sin.” That 2021 pronouncement created an outcry and appeared to have blindsided Francis, even though he had technically approved its publication. Soon after it was published, he removed the official responsible for it and set about laying the groundwork for a reversal. In the new document, the Vatican said the church must avoid “doctrinal or disciplinary schemes especially when they lead to a narcissistic and authoritarian elitism whereby instead of evangelizing, one analyzes and classifies others.” It said ultimately, a blessing is about helping people increase their trust in God. “It is a seed of the Holy Spirit that must be nurtured, not hindered,” it said. It stressed that people in “irregular” unions of extramarital sex—gay or straight—are in a state of sin. But it said that shouldn’t deprive them of God’s love or mercy. “Even when a person’s relationship with God is clouded by sin, he can always ask for a blessing, stretching out his hand to God,” the document said. “Thus, when people ask for a blessing, an exhaustive moral analysis should not be placed as a precondition for conferring it,” the document said. The Rev. James Martin, who advocates for a greater welcome for LGBTQ+ Catholics, praised the new document as a “huge step forward” and a “dramatic shift” from the Vatican’s 2021 policy. “Along with many Catholic priests, I will now be delighted to bless my friends in same-sex marriages,” he said in an e-mail. Trad it iona l ists, however, were outraged. The traditionalist blogger Luigi Casalini of Messa in Latino (Latin Mass) blog w rote t h at t he do c ument appeared to be a form of heresy. “The church is crumbling,” he wrote. University of Notre Dame theologian Ulrich Lehner was also concerned, saying it would merely sow confusion and could lead to division in the church. “The Vatican’s statement is, in my view, the most unfortunate public announcement in decades,” he said in a statement. “Moreover, some bishops will use it as a pretext to do what the document explicitly forbids, especially since the Vatican has not stopped them before. It is—and I hate to say it—an invitation to schism.” Ramón Gómez, in charge of human rights for the Movement for Homosexual Integration and Liberation group in Chile, said the statement was a step toward breaking down discrimination in

the church and could help LGBTQ+ people in countries where even civil unions aren’t legal. But he said the document was “belated” and “contradictory” in specifying a non-ritualized blessing that cannot be confused with marriage. Such a mixed message, he said, “thus once again gives the signal that same-sex couples are inferior to heterosexual couples.” The Vatican admonition to refrain from codifying any blessing or prayer appeared to be a response to Flemish-speaking bishops in Belgium, who last year proposed the text for a prayer for same-sex couples that included prayers, Scriptural readings and expressions of commitment. I n G e r m a ny, i nd i v idu a l priests have been blessing samesex couples for years, as part of a progressive trend in the German church. In September, several Catholic priests held a ceremony blessing same-sex couples outside Cologne Cathedral to protest the city’s conservative archbishop, Cardinal Rainer Maria Woelki. The head of the German Bishops Conference welcomed the document. “This means that a blessing can be given to couples who do not have the opportunity to marry in church, for example due to divorce, and to same-sex couples,” Bishop Georg Baetzing said in a statement. “The practice of the church knows a variety of forms of blessing. It is good that this treasure for the diversity of lifestyles is now being raised.” In the United States, the Rev. John Oesterle, a Catholic priest and hospital chaplain in Pittsburgh, said many priests would probably not be open to offering such a blessing, but he welcomed Francis’ action. “I think the pope has learned to accept people as God made them,” he said on Monday. “When I was growing up, the a s s u mp t io n w a s t h at G o d made everyone straight. What we have learned is that is not true. In accepting people as God made them, and if Jesus’ primary teaching is we should love and serve one another in the community, I think that’s what gives Pope Francis the openness to God’s presence in those relationships.” The Church of England on Sunday announced a similar move allowing clergy to bless the unions of same-sex couples who have had civil weddings or partnerships, but it still bans church weddings for same-sex couples. Crary reported from New York. Patricia Luna in Santiago, Chile; Peter B. Smith in Pittsburgh, Pennsylvania; and Kirsten Grieshaber in Berlin contributed.

A12 Wednesday, December 20, 2023 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

Most Pinoys have no access to healthy diet

dvances in food production technology that significantly increased output have enabled many nations to grow crops and raise animals to feed their people. Apart from farm equipment and machinery, scientists and other experts have found other ways to increase food production despite several limitations. For one, the expansion of the world’s population necessitated the search for other means to grow food using limited land resources and less water. However, despite the advancements in crop and animal production, millions remain food insecure and are unable to afford a healthy diet, according to the Food and Agriculture Organization (FAO) of the United Nations. In a report it published last week, FAO said there were 370.7 million undernourished people in Asia Pacific as of 2022, or half of the global total (see “Report: Millions of people in Asia-Pacific can’t afford a healthy diet,” BusinessMirror, December 14, 2023). The region accounts for half of the world’s severe food insecurity with more women than men being food insecure. FAO attributed this to the convergence of higher food, feed and fuel prices, and a slow recovery from the global pandemic. These factors have made it more difficult for people in the region to afford a healthy diet, which, according to FAO data, rose on average 5.3 percent in purchasing power parity (PPP). The UN agency estimated that 232.8 million people in Asia Pacific could not afford the cost of a healthy diet. In the Philippines, FAO data indicated that 74.2 percent were unable to afford a healthy diet in 2021. This means that 7 out of 10 Filipinos did not have access to nutritious food and consumed food that may have eased their hunger pangs but did not fortify their bodies. FAO also noted that the Philippines is one of the countries in Southeast Asia with a high prevalence of “moderate” or “severe” food insecurity at nearly 45 percent. People are “food insecure” when they lack regular access to enough safe and nutritious food for normal growth and development and an active and healthy life. The high prevalence of moderate or severe food insecurity has hurt children, based on the latest data of FAO on the prevalence of stunting and birthweight. The report noted that Indonesia, the Philippines and Timor-Leste are the countries with the highest prevalence of stunting in the Southeastern Asia subregion (45.1 percent, 31 percent and 28.8 percent, respectively). The Philippines is also one of the countries in Southeast Asia with a high prevalence of low birth weight. In 2020, the prevalence of low birth weight reached 21.1 percent, according to FAO data. Other countries with a high prevalence of low birth weight in Southeast Asia are Lao People’s Democratic Republic and Timor-Leste. Reversing these trends requires immediate attention and significant reforms that will enable nearly 75 percent of the Philippine population, especially women, to have access to a healthy diet. The country would be hard pressed to meet its lofty economic goals, such as becoming an export powerhouse in five years, if its people are unhealthy and sickly. Since 2005

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Disciplinary proceedings as means to preserve the integrity of the profession Dennis Gorecho

Kuwentong Peyups

he new Lawyer’s Oath mandates that a member of the bar “shall do no falsehood nor shall pervert the law to unjustly favor or prejudice anyone” and “shall faithfully discharge the duties and responsibilities to the best of ability, with integrity and utmost civility.” This should be a reminder to the 3,812 law graduates who successfully passed the 2023 Bar exams that the profession is a privilege burdened with conditions bestowed by law through the Supreme Court. The results of the September 2023 Bar Exams were released on December 5, 2023, where successful examinees comprise 36.77 percent of the 10,387 takers. Last year’s Bar exams produced 3,992 successful examinees out of 9,183 takers, or 43.47 percent. The 2023 Bar Examinations were held on September 17, 20, and 24, 2023, the third to be held digitally with multiple (14) testing sites spread out across the National Capital Region, Luzon, Visayas, and Mindanao. Of the 2023 Bar exam top 20, five were from the University of the Philippines with 89.45 percent passing rate for first-time takers and 88.35 percent for overall takers (235 out of 266). Among the group of biggest schools or those with over 100 takers, Ateneo De Manila University had

the highest passing rate at 93.18 percent, followed by San Beda at 90.07 percent, UP at 88.35 percent, University of San Carlos at 83.89 percent, and the University of Santo Tomas at 72.39 percent. These schools also had the same ranking for the 2022 bar exams. This year also marks the 25th year of our Bar exams. I was among the lucky 1,465 examinees out of the 3,697 examinees that passed (or 39.63 percent) in the 1998 Bar exams held in DLSU. The highest passing rate was the 1954 Bar where 75.17 percent passed. The lowest was in 1999 with 16.59 percent with a total number of 660 successful examinees. My bar buddy and former Solicitor General Florin Hilbay was the topnotcher. Bar membership may be withdrawn due to the lawyer’s lack of essential qualifications including honesty, fidelity, and integrity as enshrined in the lawyer’s oath. Ultimately, being a good lawyer is a different thing as passing the bar is not enough. It is never the measure of the decency, honesty, integrity and

intelligence of a lawyer. Disciplinary proceedings are a means of protecting the administration of justice by requiring those who carry out important function in the judicial system to be competent, honorable and reliable men in whom courts and clients may repose confidence. The primary purposes of disciplinary proceedings are to protect the public, to foster public confidence in the Bar, to preserve the integrity of the profession, and to deter other lawyers from similar misconduct. Erring lawyers may be penalized either by suspension or disbarment for any violation of the oath, a patent disregard of one’s duties, or an odious deportment unbecoming of an attorney. In case of suspension, the period would range from one year to indefinite suspension. Disbarment is imposed where the misconduct and unrepentant demeanor shows a serious flaw in his character and the outright defiance of established norms that put the legal profession in disrepute and place the integrity of the administration of justice in peril. In Villatuya v. Tabalingcos, (676 SCRA 37), the lawyer entered into marriage twice while his first marriage was still subsisting. The Court declared that he exhibited a deplorable lack of that degree of morality required of him as a member of the Bar. He made a mockery of marriage, a sacred institution demanding respect and dignity. In Artates v. Atty. Meinrado Enrique Bello (A.C. No. 13466 January 11, 2023), the lawyer was given a six-

month suspension after he failed to inform complainant of the unfavorable decision issued by the Labor Arbiter. His negligence caused material damage to complainant as she was precluded from perfecting her appeal before the National Labor Relations Commission. In Jumalon v. Atty. Elmer dela Rosa (A.C. No. 9288 January 31, 2023), a disbarred lawyer sold the Comprehensive Agrarian Reform Programawarded property received by the complainant’s deceased husband without their knowledge. He also failed to account all the money and property and keep the clients’ funds separate and apart from those of his own. He was adjudged to be ineligible for judicial clemency. The Court reminds the members of the Bar that once they take up the cause of their clients, they are duty bound to serve these clients with competence, and to attend to their cause with diligence, care, and devotion regardless of whether the lawyers accepted the cases for a fee or for free. A lawyer must at no time be wanting in probity and moral fiber, which are not only conditions precedent to his entrance to the Bar, but are likewise essential demands for his or her continued membership in it. Lawyers, as professionals, are expected to uphold the ethical and moral values that are said to be essential to the fabric that holds society together. Peyups is the moniker of University of the Philippines. Atty. Dennis R. Gorecho heads the seafarers’ division of the Sapalo Velez Bundang Bulilan law offices. For comments, e-mail info@sapalovelez. com, or call 0917-5025808 or 0908-8665786.

Wall Street forced by Fed to rethink 2024 bond yields By Elizabeth Stanton

he epic slide in Treasury yields suddenly unleashed last week by the Federal Reserve forced many Wall Street strategists to jettison days-old forecasts for 2024, but dissent still lingers between bulls and bears. Bond-market projections for next year that looked pessimistic when they were published in November became untenable as yields slumped following the Fed’s pivot toward cutting interest rates next year. Some already upbeat calls were also completely overtaken by events. Yet even while many were forced back to the drawing board, major banks are still at odds. TD Securities is among the most bullish on bonds. Bank of America Corp. and Barclays Plc are some of the most skeptical. The median forecast of strategists at the world’s biggest financial

institutions is now for the 10-year US Treasury yield, a benchmark for multiple markets, to fall to 3.98 percent. That’s hardly far from its level of 3.93 percent as of Monday’s close, but markedly lower than its yield before the Fed’s pivot: 4.20 percent—itself down from a 2023 high above 5 percent. At the low end, TD Securities thinks the 10-year rate has scope to slump to 3 percent in a year from now, following 200 basis points of Fed rate cuts beginning in May. Goldman Sachs Group Inc. and Barclays, while capitulating on their views that rate

cuts were unlikely before the fourth quarter of next year, forecast yields to end 2024 at 4 percent and 4.35 percent respectively. “Whenever you see that disparate range of estimates, that’s when you know that a trend has come to an end and you’re about to embark on something new,” said Bryce Doty, whose team manages $9 billion in government bond funds at Sit Investment Associates. The Fed’s dovish pivot, Doty added, was “the bell going off telling you we’re at a turning point.” Others, such as Bank of America, still project the 10-year yield to trade at 4.25 percent this time next year but concede that the Fed’s new stance “poses downside risks to our rate forecasts.” Morgan Stanley is at 3.95 percent, JPMorgan Chase & Co. is penciling in 3.65 percent, and Citi sees 3.90 percent.

“Depending on when cuts begin and at what pace, the market may be getting somewhat ahead of itself. Though there may be consolidation for some time, we still look for the 10-year yield closer to 3 percent than 4 percent by the end of next year,” said BI strategists Ira F. Jersey and Will Hoffman. This time last year, TD and Citigroup were among those most bullish on Treasuries as multiple investors declared 2023 to be the “year of the bond.” Such forecasts blew up as the economy and inflation proved more resilient than anticipated and a recession was avoided, leading the Fed to spend much of the year extending the biggest series of rate hikes in decades. Contrary to the expectations of most, 10-year yields exceeded 5 percent in October for the first time See “Wall Street,” A13

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Opinion

The diabolical lies of Belle Gibson

Houthi attacks start shutting down Red Sea merchant shipping

BusinessMirror

By Rachel Graham, Brendan Murray & Alex Longley

hipping in the Red Sea is grinding to a halt with oil tankers idling and container vessels rerouting around Africa as violence linked to the Israel-Hamas war threatens to undermine the global economy.

T is a fact that everybody tells lies, but Belle Gibson’s were diabolical, grand, and global in scale with a reason clear as day—her intention was to get attention and profit from it.

She was the young mother who said she was at one point terminally ill with brain cancer and ditched conventional medical treatments for alternative remedies, diet, and exercise. She claimed recovery and success that catapulted her to global fame through social media. She launched a wellness app with Apple and a cookbook with Penguin, got media and television interviews, earned the tag “wellness guru” from some publications, and was cheered on by her Instagram followers, numbering 200,000. She received a lot of love, admiration, and attention from her supporters. This young mother who was battling brain cancer was depicted as a true warrior of life, and her selfless sharing of how she was winning over the Big C was nothing short of amazing. Or so they thought. The only problem is that all of them were tall tales. Inconsistencies in her story eventually surfaced. Gibson didn’t have brain cancer or any other illness she declared to her followers (including having had a stroke, heart problems, etc.). It turned out that none of her anecdotes were true. Everything she told was a big, fat lie including her donation to charities from the book deals and fundraisers she had. She claimed that whatever she was doing was working for her, and her supporters followed them to a T. There must have been thousands who ditched conventional medical treatments for their cancer after being moved and motivated by Gibson’s methods. That is the crux of the matter. She conned the already vulnerable, the hopeless, and the sick into believing that there is a potential natural remedy from cancer, with her as the living proof. Sure, we all lie. Whether it is denying that you know anything about your friend’s husband’s infidelity or lying about how your friend’s weight has made her look—we’ve all done it. But ordinary mortals have intentions for these lies such as to prevent inflicting pain or offending people. What sets Gibson from the fray is her utter lack of consideration for the people who were affected by her pack of lies—people she gave false hopes to such as cancer patients she rallied to move from conventional

treatments to alternative methods, as well as family members of cancer patients who sought her guidance on natural medicine and healing. People were asking, why? Why mislead sick people into abandoning potentially life-saving treatments for unproven alternatives. With a fantastical lie after another, she begged for attention that her followers selflessly gave her. One must be seriously sick in the head to pull that stunt on a global scale. But she did, and the consequences of her unraveling were swift that turned her from the darling of the wellness world to social media’s most prominent con artist overnight. In an interview with Tara Brown of 60 Minutes Australia three months after the bust-up, she was asked if she was probably suffering from Munchausen Syndrome, a psychological disorder characterized by the fabrication of illness. She said no. I believe she was because of her most conspicuous desire for attention and adulation. Others would get a pug for that, but Gibson had to con the world into believing she was cancer-stricken with only four months to live. Another point in this saga is her fearlessness with deceit. Imagine fabricating a story about having an inoperable brain cancer, broadcasting it to the world, and achieving fame and money for it. That is a massive deception. Was she being naïve about the consequences of her actions, or was she indifferent and cold-hearted? In 2017, she was slapped on the wrist with a US$410,000 fine for “false claims by Ms. Gibson and her company concerning her diagnosis with terminal brain cancer, her rejection of conventional cancer treatments in favor of natural remedies, and the donation of proceeds to various charities.” The woman who inspired thousands has fallen from grace and is now a convicted scammer. Belle was only in her early 20s when she committed the fraud—so young and so messed-up. Gibson’s story serves as a cautionary tale against the dangers of misinformation that could easily spread today through social media.

Wall Street . . .

that the rally will lose steam in 2024. Others are just kicking the ‘buy bonds’ mantra into a new year. Analysts at Jefferies International Ltd. told clients on December 11 that “we expect 2024 to be the year of fixed income” with bonds outperforming equities as central banks embark on rate cuts. Still, the authors said, “With due respect to analysts across the spectrum, it is likely that 2024 will be another challenging year for macro forecasts.” Differences between yield forecasts also take into account views on how long the Fed will continue to let its holdings of Treasuries runoff at the pace of $60 billion per month as it moves to offload bonds bought during the pandemic. Socalled quantitative tightening, or QT, puts upward pressure on longerterm yields by requiring more debt be sold to service the US’s massive fiscal deficits. With assistance from Carter

continued from A12

since 2007. Bonds are now on course to narrowly avert a third consecutive annual loss after the economy started to fade and the Fed stopped tightening. That sparked the best month for Treasuries since 2008 in November and a pan-market surge in stocks, credit and emerging markets. “Expectations of 2023 being the year of the bond have not been fully met,” Chris Iggo, chief investment officer of core investments at AXA Investment Managers, said in a Dec. 8 report, before the post-Fed surge in Treasuries. “The performance of government bond markets has been disappointing.” Goldman Sachs was among a handful to correctly predict what happened, and its team, led by Praveen Korapaty, now says again

Johnson/Bloomberg

Two European oil and gas giants said Monday that their tankers would avoid waters off the coast of Yemen—an unavoidable waypoint for ships using the Suez Canal to cut between Europe and Asia. They join major container shippers who pulled out of the area last week as Iranbacked Houthi militants stepped up attacks in support of Hamas. On Monday afternoon, the US Secretary of Defense said America and its allies including the UK, Canada, France and others agreed to create a naval task force to counter attacks on ships in the region. “This is an international challenge that demands collective action,” Secretary of Defense Lloyd J. Austin said in a statement. European natural gas prices surged by as much as 13 percent amid the most concrete sign yet of disruption to energy flows since the start of the war in Gaza. Brent oil futures jumped as much as 3.9 percent. From BP Plc to A.P. Moller-Maersk A/S, companies that transport consumer goods, commodities like coal and corn, and energy supplies face longer journeys. While there’s some slack in global supply lines to absorb the recent capacity strains, the sudden closure of the Suez Canal in 2021 showed how fragile networks are when major links break down. US officials are scrambling to come up with a response as global trade comes under threat. Defense Secretary Lloyd Austin will convene fellow ministers Tuesday to discuss next steps to deal with the Yemenbased militants. But it’s not straightforward, and Gulf allies in the region don’t agree on the correct approach.

John Kirby, spokesman for the National Security Council, told reporters that the talks will be about reinforcing “an existing maritime force under the Fifth Fleet in Bahrain.” He said “what we’re trying to do is strengthen, bolster it and operationalize it in ways that perhaps it hadn’t been operationalized prior to these Houthi attacks.”

Trade threat

The incidents are threatening a trade corridor through which about 12 percent of seaborne commerce normally passes. They’re happening at a time when the world’s other vital oceanto-ocean waterway—the Panama Canal—is being severely restricted by drought. They also come as central banks remain wary about inflation risks. “Rising uncertainty in the Suez channel combined with the global economy rebounding because of easier financial conditions could put upward pressure on goods inflation over the coming months,” Apollo Global Management chief economist Torsten Slok said. Fifty-six merchant ships entered or left the Red Sea on Saturday and Sunday, according to data compiled by Bloomberg. That’s down by 35 percent from the start of the month. BP said it would “keep this precautionary pause under ongoing review, subject to circumstances as they evolve in the region.” None of its ships—those it owns or those it hires—will pass through the Red Sea. Its statement was followed hours later by Norway’s Equinor ASA, which said it will reroute ships. Mosaic Co., one of the world’s top makers of phos-

Wednesday, December 20, 2023 A13

phate and potash fertilizer, diverted one of its ships traveling from Saudi Arabia to New Orleans. Those moves came as a fuel tanker was struck by an “unidentified object” on Monday, according to its owner. Attacks are now occurring almost daily. “It has been escalating beyond what we have seen at any point in time really,” Lars Barstad, chief executive officer of the management unit of tanker owner Frontline Ltd., said in an interview with Bloomberg TV. “It is a huge risk concern.”

Israel link

The Iran-backed Houthis say they’re targeting any vessel with a connection to Israel as a response to the country’s war with Hamas, which has been designated by the US and European Union as a terrorist organization. Those links have appeared increasingly tenuous in the past week or so, and the owner of the tanker attacked on Monday, the Swan Atlantic, said there was no connection. “There is no Israeli link in the ownership [Norwegian], technical management [Singapore] of the vessel nor in any parts of the logistical chain for the cargo transported,” Rieber & Son said in a statement on its website. The tanker was transporting biofuel feedstock to Reunion from mainland France when it came under attack. There were no injuries and the vessel is sailing using its “own machinery with all systems operational,” Rieber & Son said.

Insurance reappraised

The London-based Joint War Committee, which advises Lloyd’s marine-insurance underwriters on risk, on Monday expanded the portion of the Red Sea that it considers to be part of the world’s riskiest waters. That means the amount of time that ships need cover against war risks will increase. The cost of such cover has surged almost 10-fold since the

attacks first began. Three container ships came under attack in the space of about a day late last week, prompting owners including MSC Mediterranean Shipping Co. SA, A.P. Moller-Maersk, CMA CGM—the top three—to announce plans to stay away. On Monday, German container carrier Hapag-Lloyd AG said it was sending several ships around southern Africa instead of going through Suez. That will continue until the canal and the Red Sea are safe again, a spokesman said. There are 46 container vessels that have diverted around the southern tip of Africa rather than using the Red Sea and a further 78 awaiting instructions, Ryan Petersen, the founder of logistics firm Flexport said on X. Already rates to ship goods in containers from Asia to the Mediterranean are rising. According to Freightos.com, a booking and payments platform for international freight, the rate for that route through Suez as of Sunday was $2,414 for a 40foot container, up 62 percent since the end of November. The Suez Canal has also emerged as a major route for the global LNG trade over the past two years, bolstered by Europe’s appetite for the super-chilled fuel as the main replacement of piped Russian natural gas. Its importance has amplified this year as Asia-bound cargoes take longer routes amid the congestion on the Panama Canal. LNG vessels have also been rerouting, taking the longer and more expensive route via the Cape of Good Hope. “The situation does mean an increase to shipping costs and some short-term delivery delays,” said Henning Gloystein, a director at researcher Eurasia Group. “All these costs will be directly passed on to consumers.” With assistance from Anna Shiryaevskaya, Elena Mazneva, Stephen Treloar, Julian Lee, Kim Chipman and Jennifer Jacobs/Bloomberg

Nippon Steel agrees to buy US Steel for $14.1 billion By Joe Deaux, Eddie Spence and Stephen Stapczynski

ippon Steel Corp. will buy United States Steel Corp. for $14.1 billion to create the world’s second-largest steel company—and the biggest outside of China—with a key role in supplying American manufacturers and automakers. The deal ends months of uncertainty over the future of US Steel, an icon of American industry, which has been considering bids since it rejected an offer from rival Cleveland-Cliffs Inc. in August. Nippon Steel’s all-cash offer is significantly higher than the roughly $7.25 billion Cliffs offered at the time, and a whopping 142 percent premium to US Steel’s share price on the last trading day before it announced its strategic review. For Nippon Steel, Japan’s biggest steel producer, the transaction provides a large foothold in the American steel industry when US demand is poised to benefit from rising infrastructure spending. US Steel is a key supplier to the lucrative automotive market in particular. The Japanese company has been seeking growth overseas as it faces a slowdown in demand at home, combined with a weakening yen and surge in competition across Asia. US Steel’s shares jumped 26 percent to close at $49.59 in New York on Monday. Nippon Steel shares fell as much as 6.1 percent in early trading in Tokyo on Tuesday. Cliffs rose 9.6 percent, as the company indicated it is refocusing on share buybacks as a use of capital—choosing to walk away rather than doubling down on its pursuit. ArcelorMittal SA, which had also been reported as a potential buyer, gained 5.3 percent. The deal announced Monday would create a steel giant with plants stretching from Slovakia to Osaka and Pennsylvania. The combined firm would be the world’s secondbiggest steelmaker with more than

86 million tons of capacity, leapfrogging European giant ArcelorMittal, according to a company presentation and Bloomberg calculations. Only China’s state-owned China Baowu Steel Group Corp. would have more. However, the deal is already shaping up as a political lightning rod, after the influential United Steelworkers union criticized the foreign takeover and urged US regulators to apply close scrutiny. At least three US senators said they oppose the deal. In a presentation, Nippon Steel said it was expanding its US presence to benefit from a growing population, cheap energy and renewed focus on building infrastructure. The company said it had secured commitments to finance the transaction from Japanese banks. Analysts weighed in on the deal, noting Nippon Steel’s offer was higher than market expectations. Keybanc Capital Markets analyst Phil Gibbs said in a note to clients that the implied enterprise value of about $14.9 billion was “well above recently rumored” levels, while Wolfe Research analyst Timna Tanners called Nippon Steel a “wild card” paying a “lofty price.” For American industry, the takeover will mark the end of an era. US Steel traces its roots back to 1901 when J. Pierpont Morgan merged a collection of assets with Andrew Carnegie’s Carnegie Steel Co. It has undergone a dramatic shift in recent years under CEO David B. Burritt, as its investment focus pivoted away from traditional blast-furnace production of steel from iron ore, toward more modern and less-polluting plants that remelt metal scrap

The deal ends months of uncertainty over the future of US Steel, an icon of American industry, which has been considering bids since it rejected an offer from rival Cleveland-Cliffs Inc. in August. Nippon Steel’s all-cash offer is significantly higher than the roughly $7.25 billion Cliffs offered at the time, and a whopping 142 percent premium to US Steel’s share price on the last trading day before it announced its strategic review.

instead. The company was catapulted into the spotlight in August after revealing it had rejected an offer from Cliffs and begun a strategic review. The announcement kicked off a dramatic few weeks, as the USW threw its support behind Cliffs’ pugnacious chief executive, while a little-known buyer startled the industry with an even larger offer, before abruptly pulling its interest days later. As US Steel considered its options, analysts speculated certain buyers would be more focused on the firm’s Big River Steel plant in Arkansas, which uses the greener and more efficient electric arc furnaces, while seeking to offload the older blast furnace assets. However, Nippon Steel Executive Vice President Takahiro Mori said the company intends to continue with US Steel’s existing plans for the company, including completing the Big River project and continuing to operate the legacy steelmaking assets. He said the company is “supportive” of US Steel’s strategy. “After a few years we may think in another way, but at this moment we are just following the current plan.”

Passing CFIUS

The deal requires US Steel share-

holder approval, and will need to clear regulators, including the Committee on Foreign Investment in the US, or CFIUS. Nippon Steel’s Mori said he is confident on clearing regulatory hurdles, pointing to Japan’s strong relationship with the US. “I don’t have any concern about passing CFIUS,” he said. A handful of US politicians had already started weighing in Monday on the deal—slamming a foreign purchaser of the iconic American company and citing concerns about what the deal means for union workers. The two companies have agreed that US Steel will keep its name and Pittsburgh headquarters. Nippon Steel also said it will honor all agreements US Steel has with the USW, which has repeatedly said it won’t support any foreign bidders.

Strained relations

Relations between the USW and US Steel remain strained. USW President David McCall said he received a call at 6 a.m. New York time from US Steel CEO Burritt, who left a voicemail. McCall said it would have been the first time he had spoken to the executive since becoming the union’s top official in September, following the death of former president Tom Conway. “This is not how this is going to work,” McCall said in an interview. “We don’t know Nippon.” The union had a transferable right—which it had said it would pass on to Cliffs—to counterbid after an offer for US Steel as part of its collective bargaining agreement. However, Cliffs in a statement congratulated US Steel on the deal and wished it well with the transaction. Cliffs will refocus its capital allocation priorities towards more aggressive share buybacks, CEO Lourenco Goncalves said. With assistance from Shoko Oda and Jessica Zhou/Bloomberg

A14 Wednesday, December 20, 2023

‘JV’ CONFIDENT NO PROVISION IN ’24 GAA WILL FACE A VETO By Butch Fernandez @butchfBM

ENATOR Joseph Victor Ejercito is confident none of the provisions in the Congress-approved 2024 national budget will be vetoed when President Ferdinand Marcos Jr. signs into law the 2024 General Appropriations Act (GA A), as expected, on Wednesday. A ll of the “controversial items“ like the Confidential and Intelligence Funds (CIF) ] “have been removed” and are “now solely allotted to national security agencies” like the Armed Forces of the Philippines (AFP), the Department of National Defense (DND), and peacekeeping agencies like the Philippine National Police (PNP), Ejercito said, adding that with this, the proposed budget has been rid of controversial baggage that could spur a veto. He reiterated the lawmakers’ intent in both chambers to ramp up resources for modernizing the country’s defense, and corollarily, beef up funds for the Philippine Coast Guard and other units involved in safeguarding the countr y’s maritime assets, amid continuing threats in the West Phil-

ippine Sea, a crucial fishing ground where local fishers now face increasing harassment. The senator pointed out that all the civilian agencies that asked for CIFs now have these funds solely as line items, confirming that the goal of having all items “auditable” has been achieved. Asked about concerns that a controversial allocation of an additional P450 billion in unprogrammed funds in the budget after the bicameral conference committee, could “cause a problem,” Ejercito expressed hope it would not. However, even if he is one of the vice chairmen of the Committee on Finance that championed the 2024 budget, he deferred to Sen. Juan Edgardo Angara, the panel chairman, to explain the rationale of the increase in unprogrammed funds. Angara had staunchly defended the move last week, amid warnings by Minority Leader Koko Pimentel that the belated addition of unprogrammed funds was legally suspect. However, Angara found unsolicited support from former Senate President Franklin M. Drilon, who saw nothing wrong with the lawmakers’ move.

PBBM eyes new WPS tack as he shuns oust-envoy call W By Samuel P. Medenilla

@sam_medenilla

ITH “traditional” forms of protest against growing aggression by Chinese ships in the West Philippine Sea (WPS) apparently failing to nudge Beijing, President Ferdinand R. Marcos, Jr. is now pushing for a multinational solution to address the situation. “We have to do something what we have not done before. We have to come up with a new concept, a new principle, a new idea so that we move, as I say, we move the needle the other way,” Marcos said in a recent interview with Japanese media. “And so, in my review, it’s time that the countries that feel that they have an involvement in this situation, we have to come up with a paradigm shift,” he added. On Monday, the President brushed aside calls from some lawmakers to expel Chinese ambassador to the Philippines Huang Xilian, saying such means of response to the harassment in the WPS needlessly inflame tension and do not solve the problem.

In seeking a new way of doing things, Marcos cited China’s response to the government initiatives to protest the use of water cannons and long-range acoustic devices by Chinese Coast Guard (CCG) and Chinese Maritime Militia (CMM) ships against Philippine ships earlier this month. The Department of Foreign Affairs (DFA) sent a diplomatic protest to the Chinese Ministry of Foreign Affairs, summoned Chinese Ambassador Huang Xilian and made a “demarche to the Chinese Ministry of Foreign Affairs officials” to call out the China Coast Guard (CCG). It also led to the lawmakers’ call for the removal of Xilian for defending the CCG ships involved in the

incident, but which the President outright dismissed. “That doesn’t serve any purpose for us to lose our temper or to overreact,” Marcos said. He also noted it is upon Beijing’s discretion to decide if it will recall Xilian. “I mean if he is really objectionable, you can make it known to Beijing. But I don’t—I think Ambassador Huang is just doing his job,” Marcos said. On Tuesday, one of the senators who had vocally sought Huang’s ouster, Sen. JV Ejercito, walked back his call, saying the President has spoken and they respect that stand, he being the architect of foreign policy.

International involvement

TO help de-escalate tension in the WPS, Marcos said he is eyeing the support of the country’s partners in the Indo-Pacific region. “We have, as I have said, the consensus that we must continue to promote peace, but we have to decide amongst ourselves what part each of us plays and what we can play, what we are willing to play,” Marcos said. Among the countries which called out China’s recent aggression

in the WPS were France, United States, Japan, Ireland, Australia, Canada, Denmark, Germany, Netherlands, New Zealand, and the United Kingdom. China, however, has noted that most of those loudly protesting its moves are outsiders and not from the region, and pro-Beijing camps hinted that their motivations for interfering are suspect. Last month, Marcos announced the country is engaged in bilateral talks with Vietnam and Malaysia for the creation of a code of conduct in the South China Sea (SCS). During his recently concluded visit in Tokyo, Japan for the 50th Commemorative Association of Southeast Asian Nation (Asean)Japan Friendship and Cooperation Summit, the President also announced that he and Japanese Prime Minister Fumio Kishida have agreed to speed up the completion of the Reciprocal Access Agreement (RAA). The RAA will set the guidelines for the Philippines and Japan to conduct joint military training and exercises. Marcos said the accord will help the country face its problems in the SCS.

Editor: Jennifer A. Ng

Companies BusinessMirror

Wednesday, December 20, 2023

Campi: Auto sales goal for ’23 within striking distance

By Andrea E. San Juan

@andreasanjuan

ehicles sold in January to November have already surpassed prepandemic levels, according to a report by the Chamber of Automotive Manufacturers Association of the Philippines Inc. (Campi) and the Truck Manufacturers Association (TMA). The Campi-TMA joint report indicated that vehicle sales during the period reached 390,654 units, up 23.9 percent from the 315,337 units recorded a year ago. The figure is also higher than the 369,941 units sold

by the auto industry in 2019. Apart from exceeding prepandemic sales, Campi President Rommel Gutierrez said the automotive industry has hit 92 percent of its goal for this year.

“We may even exceed our sales forecast of 423,000 units if sales performance in the last three months is sustained.” The sustained demand, he noted, can be attributed to “continued aggressive marketing activities and supply improvement across all brands.” On a month-on-month basis, however, vehicle sales declined by 1.2 percent to 37,683 units in November from the 38,128 units sold in October. In terms of vehicle segments, Asian utility vehicle led the growth in sales in the 11-month period which grew by 30.7 percent to 54,634 units. This was followed by passenger car sales which rose by 29 percent year-on-year to 99,665 units; commercial vehicle, 22.2 percent; light-

duty trucks and buses, 22.2 percent; light commercial vehicle, 20.8 percent; and heavy-duty trucks and buses, 15.5 percent. In contrast, sales of medium-duty trucks and buses declined by 0.8 percent to 3,467 units. Toyota Motor Philippines Corp. led the auto market as it sold 180,480 units in January to November and cornered 46.2 percent of the domestic market. Mitsubish i Motors Ph i l ip pines Corp. ranked second as it accounted for an 18.39-percent share of the automotive market, selling 71,833 units in January to November. Ford Motor Co. Phils. ranked third as its vehicle sales accounted for 7.32-percent share of the market. It sold 28,586 units during the period.

DMCI, Marubeni tie up for Pasig project By VG Cabuag

along C-5, making it very accessible from any point in the metro.”

@villygc

MCI Homes, the property development arm of engineering conglomerate DMCI Holdings Inc., and Japanese trading conglomerate Marubeni Corp. have signed a memorandum of understanding (MOU) for the development of a residential condominium in Pasig. The signing of the MOU was witnessed by DMCI Chairman Isidro A. Consunji and Marubeni’s Taro Kawabe, the company’s executive officer, COO of finance, leasing and real estate business division. DMCI said The Valeron Tower, a single-tower dual-wing designed condominium, is set to become Marubeni’s flagship real estate investment in Southeast Asia, according to Marubeni’s overseas real estate business department senior manager Shinya Matsuo. The project is targeted for launch in the first quarter of 2024. With a 114-year history of doing business in the Philippines through Marubeni Philippines Corp., the Japanese firm has participated in

numerous infrastructure projects in the country, including various collaborations with DMCI. This partnership has extended to various projects, including the LRT Line 2 East Extension Project, Maynilad Water Services Inc. consortium and recent initiatives in reforestation and plantation development in Negros Occidental. “We have fostered a strong relationship with DMCI built on mutual trust. Considering the longevity of our partnership, we anticipate that this business venture will also be long-term. This is just the kickoff,” Marubeni Philippines President and CEO Shigeru Shimoda said. DMCI Homes President Alfredo Austria, for his part, said the collaboration signifies “a significant step” in merging DMCI Homes and Marubeni’s areas of expertise. “Our collaboration signifies a

joint commitment to further enhancing quality living and providing innovative home solutions for homebuyers in the Philippines,” Austria said. With a focus on expanding into the Philippine real estate sector, Matsuo identified DMCI Homes as the ideal partner, citing the company’s construction expertise, product differentiation and a strong sales team. “We conducted market research over the years, and as a conclusion, we found DMCI Homes to be the best partner,” he said. Matsuo has expressed confidence in business expansion, particularly given favorable demographic trends and an increasing population, especially among the younger generation. “The location of The Valeron Tower is strategically positioned

Danish wind farm installer targets push into Asia

enmark’s Cadeler A/S is targeting an expansion into the Asian offshore wind market as the technology is poised to grow after a crisis that threatened progress in some regions. So far the firm has focused on Europe where its ships helped to build some of the biggest projects, but it is now looking to expand to Asia, Chief Executive Officer Mikkel Gleerup said. After a $1.2 billion merger with Eneti Inc. to create the world’s biggest offshore wind installation company, it will list on the New York Stock Exchange on Wednesday. “With the combination, we are looking very, very intensively into Asia as well,” he said in an interview. “We think Asia is a highly interesting market, both Taiwan and South Korea, and to some degree Japan.” The offshore wind industry has had a lackluster year with canceled and delayed projects in Europe and the United States leading to multibillion dollar writedowns. But global additions are forecast to be five times the

total in 2022 by the middle of next decade, with Asia playing a prominent role in driving the gains, according to BloombergNEF. To meet that surge in demand, the combined group has ordered six large-scale newbuilds scheduled for delivery in the next few years. It also has four vessels active in the market today. Cadeler has an order backlog of 1.4 billion euros ($1.5 billion), said Gleerup. Its shares, which started trading on the Oslo Stock Exchange back in 2020, have advanced for 11 consecutive days. They rose 2.4 percent on Tuesday morning. The stock is up more than 10 percent this year, in contrast to declines seen elsewhere in the offshore wind industry. While the US listing was also a requirement of the merger, “our business can certainly benefit from being listed in the largest capital market in the world,” Gleerup said. The firm was founded in 2008 and has installed foundations and turbines at large sites including Orsted A/S’s Hornsea 2 off the UK coast, and Vattenfall AB’s Hollandse Kust Zuid in the

Netherlands. Both utilities were caught up in the industry’s recent malaise, with Vattenfall saying in October that industry costs surged about 40 percent in the past 12-18 months. Still, Asia hasn’t been immune to the issues hitting the industry. Companies have posted losses and pulled investment from projects in South Korea and Taiwan due to inf lated costs and supplier challenges, according to a recent BNEF report. But there are now more positive signs for the industry, Gleerup said. They include longterm interest rates that are starting to trend downward, which is especially important for capitalintensive industries such as offshore wind. Politicians are realizing that the industry needs more support, and the UK has upped its support prices for new wind parks at sea. “We have all learned something from this process and this period we have been through, but I think that we are seeing light at the end of the tunnel,” Gleerup said. Bloomberg News

Maersk sails south of Africa to avoid Red Sea conflict area

Photographer: Chris Ratcliffe/Bloomberg

hipping giant A.P. MollerMaersk A/S will redirect its vessels to sail south of Africa to avoid the Red Sea conflict area where Houthi militants have attacked several ships. About 20 Maersk vessels, waiting on both sides of the Suez Canal, will now change course and sail the long way around the continent, the Copenhagen-based company said in a statement on Tuesday. “Out of safety reasons all vessels previously paused and due to sail through the region will now be rerouted around Africa via the Cape of Good Hope,” Maersk said. “They will continue their voyages on the diverted routes as soon as operationally feasible.” Maersk, which transports about 15 percent of the world’s containers at sea, last week paused its vessels in the area due to the attacks, which also targeted one of the Danish company’s ships. On Monday, the US said it has

agreed with allies, including the United Kingdom, Canada, France, to create a naval task force to counter attacks on ships in the region. “We are pleased to see global governments reacting promptly with joint efforts,” Maersk said. “However, at this time it remains difficult to determine exactly when this will be. Meanwhile, routing vessels via the Cape of Good Hope will ultimately deliver faster and more predictable outcomes for our customers and their supply chains.” Maersk also redirected its ships around Africa in 2021 when the Suez Canal was blocked for several days by a large container vessel. Back then, the disruption led to higher freight rates and a period of record profits for shipping lines. Maersk shares rose 0.2 percent in Copenhagen trading on Tuesday, after gaining more than 10 percent over the past two trading days combined. Bloomberg News

Wednesday, December 20, 2023

Companies BusinessMirror

EEI to acquire construction equipment from Zoomlion

By VG Cabuag

@villygc

ments we have to make to meet the demands of infrastructure work,” EEI President and CEO Henry D. Antonio said. The signing ceremony was attended by Antonio, ZL Machinery President Jesus Martin Cacho-Araneta, EEI’s senior vice president for SCM, logistics, security and facilities Earl Jason R. Vistro, ZL Machinery vice general Manager Chris Zeng and Earthmoving Machinery Business Unit Assistant President and General Manager Ye Yuan. Antonio and Vistro recently flew to China to visit the Zoomlion Smart City and negotiated the terms of contract. “In this industry, equipment reliability is a highly critical aspect of ensuring construction projects are executed on schedule. We believe that Zoomlion’s equipment and excellence in after-sales service and support will improve the capability of EEI’s project delivery and keep it on track,” Antonio said.

onstruction firm EEI Corp. on Tuesday said it has signed a memorandum of understanding (MOU) with ZL Machinery Philippines Inc. and Chinese construction machinery maker Zoomlion Heavy Industry Science and Technology Co. Ltd. (ZHIST).

Under the agreement, EEI will purchase brand new heavy and construction machineries from ZL Machinery Philippines and Zoomlion for the company’s equipment re-fleeting project in the Philippines and for its overseas business. “We anticipate a surge in infrastructure projects from next year

onwards which we are committed to accomplish, not just in terms of target schedules and completion, but also with excellent service and quality that come with working with EEI. We also have to be efficient with our capex [capital expenditure] budget. Acquiring equipment for several projects is one of the prudent invest-

ZHIST, founded in 1992, is mainly engaged in the research and development and manufacturing of construction machinery, agricultural machinery and other high-tech equipment and new construction materials. Over three decades of development, ZHIST has grown into a global enterprise, with key products covering 18 categories, 106 product series and 660 varieties. Zoomlion has been listed in Shenzhen and Hong Kong stock markets, becoming the first company in the industry to be listed in both markets. EEI, meanwhile, is recognized as one of the leading construction companies in the Philippines with multiple mega infrastructure projects in the pipeline including railway projects in the country. The company has a broad range of construction and engineering services, with expertise in the construction of infrastructure, buildings, and industrial and electromechanical facilities.

Bayer hit with $857-M verdict on Monsanto

ayer AG was ordered to pay $857 million to former students and parent volunteers at a Seattle-area school who blamed exposure to the company’s hazardous chemicals at the facility for causing brain damage and other ailments. A jury in Washington state on Monday found that levels of polychlorinated biphenyls, or PCBs, at the school weren’t “reasonably safe” and awarded $73 million in compensatory damages and $784 million in punitive damages to two parents who volunteered at Sky Valley Education Center along with five former students, according to court filings. The decision marks the eighth time Washington state juries have found that students, teachers and parents who spent time in the facility were harmed by exposure to PCBs used in fluorescent light fixtures. Jurors have awarded a total of more than $1.5 billion in damages in those cases, which Bayer is appealing.

Monsanto’s woes

“Our clients would happily trade all the money they were awarded if they could get their health back,” Mike Wampold, one of the lawyers who represented the students and parents, said in an interview. Bayer will appeal the verdict and pursue post-trial motions to reduce the damages awarded, it said by email. The company insists that the plaintiffs were not exposed to unsafe levels of PCBs. The stock was little changed in Frankfurt trading. Bayer, which bought Monsanto in 2018 for $63 billion, has been dealing with a host of legal issues inherited from the US maker of

seeds and herbicides, including thousands of lawsuits alleging that its Roundup weed killer causes cancer. Besides the $16 billion set aside to resolve Roundup cases, the German conglomerate faces mounting liabilities tied to PCBs, frequently found in electrical equipment. The compounds were banned in the US in 1979 after researchers found they posed a cancer threat. Bayer’s top-end exposure in PCB contamination claims from US states and individuals could exceed $2.5 billion, according to Bloomberg Intelligence. The company has already paid out more than $650 million in settlements of lawsuits filed by US cities and counties over pollution of waterways.

School’s lights

In the most recent Washington state case, a parent at Sky Valley school alleged PCB exposure caused her brain damage, while others in the case blamed the chemicals for neurological disorders and illnesses such as lupus, according to court records. In the trial, Angela Bard, a volunteer at the school which her daughter Jessica attended, won a total of $119 million for her injuries. Jessica was awarded $127 million in damages. Jurors found that Monsanto and Pharmacia, a related company, supplied PCB-laced products used in the school’s lighting system and failed to provide adequate warnings about the chemicals’ health risks, according to court filings. The verdict was reported earlier by the New York Times. Last month, a separate jury awarded workers at the Sky Valley facility $165 million in damages over their claims that the PCBs caused their cancers and brain injuries. The plaintiffs included six teachers and a custodian. T he mo s t re ce nt case is Bard v. Pharmacia, 21-2-14305, Washington State Superior Court for King County (Seattle). Bloomberg News

MUTUAL FUNDS

December 19, 2023

NAV

One Year Three Year

Five Year

Y-T-D

per share Return*

Return

211.77

2.71%

-2.92%

-3.36%

-0.4%

1.4457

10.88%

2.64%

0.46%

1.67%

7.55%

ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.9765

3.52%

-2.5%

-5.19%

-2.18%

-5.8%

-4.92% n.a

ATRAM Alpha Opportunity Fund, Inc. -a

Climbs Share Capital Equity Investment Fund Corp. -a 0.6893 First Metro Consumer Fund, Inc. -a

0.6196

-3.32%

First Metro Save and Learn Equity Fund, Inc. -a 4.64281.17%

1.1%

1.56%

-6.96%

-5.48% n.a

-4.47%

-2.81%

-2.33%

-0.16%

-0.29%

First Metro Save and Learn Philippine Index Fund, Inc. -a 0.692-0.37%

-3.87% n.a n.a

MBG Equity Investment Fund, Inc. -a

-6.35% n.a

84.34

11.81%

-6.06%

PAMI Equity Index Fund, Inc. -a 43.0576

0.73%

-3.49%

-2.53% n.a

-0.31%

Philam Strategic Growth Fund, Inc. -a

449.87

2.33%

-3.32%

-0.3%

1.24%

1.1896

1.34%

-1.02% n.a

1.23%

2.3%

-1.44%

-1.52%

Philequity Fund, Inc. -a

33.8243

-2.54% 1.5%

-2.16% n.a n.a

2.6%

Philequity PSE Index Fund, Inc. -a

0.69%

4.5265

1.72%

-2.61%

-1.7%

Philippine Stock Index Fund Corp. -a

752.9

1.6%

-2.79%

-1.78%

Soldivo Strategic Growth Fund, Inc. -a

0.693

-2.11%

-4.12% n.a

2.8%

Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.3695

1.23%

-3.12%

-3.63%

-0.44%

Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8539 1.27%

-3.09%

-2.09% n.a

3.0943

1.06%

-2.91%

-2.42%

0.5%

-1.43%

-1.3%

1.59%

Philequity MSCI Philippine Index Fund, Inc. -a 0.8709 3.81%

United Fund, Inc. -a

2.11%

11.98%

Philequity Dividend Yield Fund, Inc. -a

1.27% 1.28%

0.53% -0.11% 0.23%

0.01%

Primarily invested in Peso securities (units) COL Equity Index Unitized Mutual Fund, Inc. -a 1.0593 1.3% n.a n.a n.a

0.29%

COL Strategic Growth Equity Unitized Mutual Fund, Inc. -a,2 1.0071 n.a n.a n.a n.a n.a Philequity Alpha One Fund, Inc. -a

1.013

-1.4%

-2.89% n.a n.a

-3.19%

Philippine Stock Index Fund Corp. -a

913.93

1.54% n.a n.a n.a

0.48%

Exchange Traded Fund (shares) First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c102.24452.2% -2.41%

-1.47%

1.97%

1.11%

Primarily invested in foreign currency securities (shares) -5.66%

-12.33%

-2.81%

-1.65%

Sun Life Prosperity World Voyager Fund, Inc. -a $1.6366

ATRAM AsiaPlus Equity Fund, Inc. -b

$0.8056

13.2%

-0.29%

7.46% n.a

-5.45% 14.93%

Balanced Funds Primarily invested in Peso securities (shares) ATRAM Dynamic Allocation Fund, Inc. -a 1.5225

4.69%

-3.32%

-1.56%

-1.39%

2.55%

ATRAM Philippine Balanced Fund, Inc. -a 2.2287

7.82%

-1.27%

0.3%

0.54%

5.86%

First Metro Save and Learn Balanced Fund, Inc. -a 2.4983

0.49%

-2.14%

-0.21%

-0.75%

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

-1.77%

-2.2% n.a n.a

-0.28%

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

1.9365

0.38%

-0.83%

1.05%

1.61%

PAMI Horizon Fund, Inc. -a

3.94%

-2.34%

0.25%

0.82%

3.6%

3.5637

Philam Fund, Inc. -a

15.613

3.21%

-3%

-0.29%

Solidaritas Fund, Inc. -a

2.0346

2.94%

-1.29%

-0.26%

1.19%

2.42%

2.87%

-2.03%

-1.35%

0.01%

-0.07%

-0.47% n.a

2.69%

Sun Life Prosperity Dynamic Fund, Inc. -a 0.9025

3.36%

0.46%

2.62%

Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.406

3.12% 2.29%

Primarily invested in Peso securities (units) Sun Life Prosperity Achiever Fund 2028, Inc. -a 0.93863.04%

-3.13% n.a n.a

2.56%

Sun Life Prosperity Achiever Fund 2038, Inc. -a 0.84642.17%

-4.36% n.a n.a

1.29%

Sun Life Prosperity Achiever Fund 2048, Inc. -a 0.82551.33%

-4.64% n.a n.a

0.36%

Primarily invested in foreign currency securities (shares) Cocolife Dollar Fund Builder, Inc. -a $0.03308

1.19%

-5.43%

-1.19%

0.17%

PAMI Asia Balanced Fund, Inc. -b$0.8956 -0.57%

-7.89%

-0.9%

-1.03%

6.62%

2.1%

Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.2362

8.19%

-1.76%

4.58%

Sun Life Prosperity Dollar Wellspring Fund, Inc. -a $1.0305

4.09%

-3.87%

1.26% n.a

3.03%

10.15% 6.06%

Bond Funds Primarily invested in Peso securities (shares) ALFM Peso Bond Fund, Inc. -a 390.04

3.37%

1.7%

2.6%

2.21%

3.18%

ATRAM Corporate Bond Fund, Inc. -a

1.9076

1.48%

0.14%

0.53%

-0.01%

1.75%

Cocolife Fixed Income Fund, Inc. -a

3.3226

2.96%

1.13%

2.3%

3.77%

3.54%

Ekklesia Mutual Fund, Inc. -a 2.2768

4.52%

-0.27%

1.34%

1.31%

4.18%

2.3%

2.12% 3.71%

First Metro Save and Learn Fixed Income Fund, Inc. -a 2.4516 Philam Bond Fund, Inc. -a

4.2936

1.17%

2.49%

-2.49%

1.86%

0.82%

Philam Managed Income Fund, Inc. -a

1.3706

3.64%

1.28%

3.03%

1.75%

Philequity Peso Bond Fund, Inc. -a

4.0233

3.83%

0.31%

2.85%

1.57%

Soldivo Bond Fund, Inc. -a

2.59%

0.29%

3.28% n.a

3.1%

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

3.3015

4.46%

1.07%

3.63%

2.11%

Sun Life Prosperity GS Fund, Inc. -a

3.75%

0.27%

2.78%

1.46%

4.02%

1.0481

1.7639

2.53%

3.87% 4% 4.95%

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

1.0055 n.a n.a n.a n.a n.a

Primarily invested in foreign currency securities (shares) ALFM Dollar Bond Fund, Inc. -a $494.14

2.92%

0.73%

1.98%

2.52%

2.92%

ALFM Euro Bond Fund, Inc. -a Є213.67

1.68%

-0.83%

0.1%

0.84%

1.91%

-6.56%

-1.57%

0.14%

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

-2.32%

-0.16% n.a

ATRAM Total Return Dollar Bond Fund, Inc. -b$1.03942.64% PAMI Global Bond Fund, Inc. -b$0.855

-1.69%

Philam Dollar Bond Fund, Inc. -a

$2.3011

-7.83%

-3.68%

-3.1%

-5%

2.97%

5.05%

-3.08%

1.21%

1.93%

5.56%

1.69%

-0.77%

1.33%

1.6%

1.99%

Sun Life Prosperity Dollar Abundance Fund, Inc. -a $2.815

1.47%

-4.28%

-0.37%

0.63%

Philequity Dollar Income Fund, Inc. -a $0.0608852

4.22%

3.44%

Money Market Funds Primarily invested in Peso securities (shares) ALFM Money Market Fund, Inc. -a 136.71

2.7%

1.76%

2.52%

2.03%

2.6%

First Metro Save and Learn Money Market Fund, Inc. -a 1.1072 3.25%

1.86% n.a n.a

Sun Life Prosperity Peso Starter Fund, Inc. -a 1.37432.79%

2.45%

1.98%

3.13%

2.68%

Primarily invested in Peso securities (units) ALFM Money Market Fund, Inc. -a 104.42

4.09% n.a n.a n.a

3.93%

Primarily invested in foreign currency securities (shares) Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0959

2.5%

1.37%

1.54% n.a

2.5%

Feeder Funds

Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a 1.4593

17.76%

1.5%

9.27% n.a n.a

18.44% 0.9969 n.a n.a n.a n.a n.a

Primarily invested in foreign currency securities (Units) ALFM Global Multi-Asset Income Fund, Inc. -a $0.7995-0.16%

-6.56% n.a n.a

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

2 - Launch date is October 6, 2023.

1.2%

c - Listed in the PSE.

3 - Launch date is May 25, 2023.

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

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

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

ASIA UNITED BDO UNIBANK BANK COMMERCE BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FERRONOUX HLDG MANULIFE NTL REINSURANCE PHIL STOCK EXCH SUN LIFE

285,655 429,722,657 9,401 220,238,331 2,440,540 565,002 71,876,778 1,740 812,144 1,110 28,955 10,436,723 12,228,850.50 132,890 168,840 8,180 109,000 40,150 474,780 13,550

-3,050 84,812,032 7,400,454 -1,188,430 -6,223,860 -5,514 -1,110 1,053,307.50 -1,308,386.50 -5,400 0 -3,650 35,191 13,550

INDUSTRIAL ACEN CORP 4.18 4.2 4.3 4.3 4.18 4.2 42,878,000 180,755,790 ALSONS CONS 0.55 0.56 0.55 0.58 0.55 0.56 506,000 278,380 ALTERNERGY HLDG 0.71 0.75 0.74 0.74 0.71 0.71 1,239,000 894,650 ABOITIZ POWER 37.45 37.7 37.7 37.85 37.4 37.7 614,900 23,179,880 RASLAG 1.17 1.21 1.17 1.22 1.16 1.2 24,000 28,780 BASIC ENERGY 0.181 0.183 0.18 0.181 0.18 0.181 740,000 133,880 FIRST GEN 17.14 17.2 16.98 17.14 16.82 17.14 153,700 2,614,144 FIRST PHIL HLDG 61.2 61.9 62.4 62.4 61.9 61.9 42,180 2,611,572 JOLLIVILLE HLDG 3.7 5.53 4.47 5.53 4.47 5.53 7,000 34,490 MERALCO 379 383 375 383 375 383 183,320 69,674,764 MANILA WATER 18.5 18.6 18.6 18.7 18.5 18.5 676,900 12,564,458 PETRON 3.48 3.5 3.49 3.5 3.47 3.5 72,000 251,100 PETROENERGY 4.53 4.82 4.46 4.53 4.46 4.53 12,600 56,652 REPOWER ENERGY 6.9 7 6.99 7 6.9 7 13,600 94,863 SYNERGY GRID 6.81 6.86 6.79 6.86 6.73 6.81 1,805,100 12,278,343 SHELL PILIPINAS 11.3 11.36 11.06 11.36 11.06 11.36 4,400 49,954 SPC POWER 6.8 7.08 6.76 7.13 6.75 7.08 198,900 1,343,802 SP NEW ENERGY 1.15 1.16 1.14 1.19 1.13 1.16 51,965,000 60,393,120 AGRINURTURE 1.03 1.06 1.04 1.09 1.03 1.06 3,423,000 3,646,120 AXELUM 2.32 2.33 2.32 2.33 2.28 2.33 145,000 335,170 CNTRL AZUCARERA 10.56 11.44 11.46 11.48 11.44 11.44 5,400 61,888 CENTURY FOOD 31.05 31.55 30.5 31.95 30.05 31.55 1,395,700 43,746,240 DEL MONTE 6.56 6.82 7.19 7.19 6.5 6.55 74,100 512,019 DNL INDUS 6.03 6.08 6.09 6.14 6.01 6.03 6,403,200 39,089,960 EMPERADOR 20.65 20.8 20.9 20.9 20.6 20.65 811,800 16,765,630 SMC FOODANDBEV 49.4 50.5 49.3 50.5 49.3 50.5 54,090 2,697,898.50 FIGARO COFFEE 0.61 0.62 0.61 0.62 0.61 0.61 868,000 530,550 FRUITAS HLDG 1 1.01 1.04 1.04 1 1 3,526,000 3,545,710 GINEBRA 167 168 168.8 169 165 168 2,380 400,622 JOLLIBEE 247.8 248 251.2 251.2 245 247.8 443,990 109,736,990 KEEPERS HLDG 1.49 1.5 1.5 1.51 1.5 1.5 916,000 1,375,010 MAXS GROUP 3.17 3.19 3.16 3.2 3.15 3.17 55,000 174,630 MONDE NISSIN 7.83 7.85 8.05 8.05 7.81 7.85 8,371,800 65,942,961 SHAKEYS PIZZA 9.75 9.78 9.6 9.75 9.53 9.75 39,700 385,889 ROXAS AND CO 0.465 0.49 0.465 0.495 0.465 0.495 340,000 164,100 RFM CORP 2.98 3 3 3 2.98 3 49,000 146,140 ROXAS HLDG 0.56 0.59 0.59 0.59 0.59 0.59 3,000 1,770 SWIFT FOODS 0.054 0.069 0.069 0.069 0.069 0.069 10,000 690 UNIV ROBINA 117.9 118 117.9 119 117.1 118 783,670 92,494,848 VITARICH 0.48 0.5 0.48 0.5 0.48 0.5 110,000 53,000 VICTORIAS 3.13 3.32 3.1 3.31 3.1 3.31 9,000 28,620 CONCRETE B 40.3 53.9 48 53.9 48 53.9 2,200 117,400 CEMEX HLDG 0.89 0.9 0.89 0.9 0.89 0.89 195,000 173,690 EC VULCAN CORP 0.67 0.69 0.7 0.7 0.67 0.67 77,000 51,830 EEI CORP 5.8 5.86 5.97 5.97 5.8 5.86 168,600 988,125 MEGAWIDE 3.03 3.05 3.06 3.07 3.03 3.05 137,000 417,350 PHINMA 19.5 20.3 20.3 20.3 20.3 20.3 5,000 101,500 TKC METALS 0.44 0.475 0.41 0.41 0.41 0.41 40,000 16,400 CROWN ASIA 1.5 1.55 1.57 1.57 1.5 1.55 762,000 1,146,250 PRYCE CORP 5.11 5.35 5.35 5.35 5.1 5.35 2,900 15,015 GREENERGY 0.243 0.244 0.246 0.248 0.243 0.244 25,790,000 6,321,510 INTEGRATED MICR 3.06 3.14 3.04 3.15 3.04 3.14 47,000 145,520 IONICS 1.05 1.07 1.09 1.1 1.04 1.07 361,000 388,520 PANASONIC 5.04 5.5 5.66 5.66 5.55 5.55 1,200 6,770 SFA SEMICON 1.96 2.06 2.04 2.07 2 2 535,000 1,094,550 CIRTEK HLDG 1.53 1.56 1.53 1.59 1.53 1.56 168,000 258,080

-20,703,410 -229,490 -9,671,535 10,770 -1,800 -633,318 -2,609,076 13,417,408 -2,319,854 -3,490 13,980 -1,522,238 -1,136 35,361,740.00 -677,110 -11,650 289,505 -152,084 -3,812,662 -14,380,520 -1,947,982 6,760 20,000 -26,673,598 -117,000 -19,030 8,531,612 260,239.00 99,000 -137,160 -11,737,891 -9,300 143,290 700 -14,064 107,080 1,550 4,690 0 23,930 -194,250 -

HOLDING & FRIMS

ABACORE CAPITAL ASIABEST GROUP AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL ANSCOR ATN HLDG A ATN HLDG B COSCO CAPITAL DMCI HLDG FILINVEST DEV GT CAPITAL JG SUMMIT LOPEZ HLDG LT GROUP PRIME MEDIA SOLID GROUP SM INVESTMENTS SAN MIGUEL CORP SEAFRONT RES TOP FRONTIER ZEUS HLDG

34.1 130.1 7.19 104 30 8.07 50.9 8.61 18.36 54 22.2 71.25 58.8 1.4 2.52 2.74 1,090 0.365 176.4 2,710

0.86 2.92 715 49.1 10.08 11.3 0.38 0.38 4.6 9.34 5.21 563 41.45 4.35 8.77 2.72 0.89 903.5 110.1 1.43 96.1 0.071

34.95 131 7.3 104.2 30.1 8.25 50.95 8.7 18.38 55.5 22.4 71.5 59 1.41 2.7 2.88 1,098 0.37 176.5 2,720

0.88 3.44 716 49.95 10.1 11.7 0.385 0.395 4.7 9.35 5.3 565 41.55 4.4 8.79 2.79 0.94 904 111.4 1.97 101.9 0.083

36.3 126.9 7.19 102 30.15 8.2 50.5 8.7 18.36 55.5 22.25 72 59.7 1.42 2.6 2.71 1,090 0.365 174.2 2,710

0.88 2.99 712.5 49.1 10.1 11.36 0.38 0.38 4.65 9.24 5.21 569 40.5 4.39 8.75 2.8 0.9 910 110 1.42 103 0.071

36.3 131 7.3 104.4 30.2 8.27 51 8.7 18.38 55.5 22.4 72.85 60 1.43 2.7 2.76 1,090 0.365 176.4 2,710

0.89 2.99 718 50 10.28 11.7 0.38 0.38 4.7 9.35 5.25 575 41.8 4.39 8.82 2.8 0.94 910 111.5 1.42 103 0.071

33.15 125.2 7.19 101 30 8.02 50.5 8.7 18.26 55.5 22.25 71.15 59 1.41 2.6 2.71 1,090 0.365 174 2,710

0.87 2.99 709 49.1 10.02 11.36 0.38 0.38 4.57 9.24 5.21 561 40.2 4.35 8.75 2.8 0.89 895 110 1.42 96.05 0.071

34.1 131 7.3 104 30 8.25 50.95 8.7 18.38 55.5 22.4 71.25 59 1.42 2.69 2.76 1,090 0.365 176.4 2,710

0.88 2.99 715 49.1 10.1 11.7 0.38 0.38 4.59 9.35 5.25 565 41.45 4.35 8.77 2.8 0.94 903.5 110.1 1.42 96.05 0.071

8,200 3,335,770 1,300 2,135,260 81,300 70,200 1,411,250 200 44,300 20 1,300 146,030 205,400 94,000 64,000 3,000 100 110,000 2,710 5

267,000 1,000 256,410 458,200 4,857,900 85,300 130,000 10,000 206,000 2,289,700 1,600 222,970 1,492,400 46,000 1,886,800 35,000 347,000 298,550 222,930 2,000 100 100,000

233,060 2,990 182,859,965 22,558,850 49,057,916 969,212 49,400 3,800 948,900 21,292,929 8,356 126,191,630 61,572,720 200,500 16,552,147 98,000 308,980 269,841,925 24,604,792 2,840 10,230.50 7,100

ARTHALAND CORP 0.42 0.43 0.425 0.44 0.42 0.42 120,000 51,400 AYALA LAND 34.3 34.35 33.85 34.6 33.8 34.35 19,707,300 675,507,585 AYALA LAND LOG 1.61 1.63 1.62 1.65 1.59 1.63 580,000 946,800 ALTUS PROP 9.02 9.48 9.01 9.01 9.01 9.01 1,300 11,713 ARANETA PROP 1.01 1.03 1.05 1.05 1.01 1.03 7,200,000 7,354,380 AREIT RT 33.7 34 33.6 34 33.5 34 813,800 27,537,955 CITYLAND DEVT 0.68 0.7 0.71 0.71 0.68 0.7 103,000 70,800 CROWN EQUITIES 0.057 0.067 0.067 0.067 0.067 0.067 10,000 670 CEB LANDMASTERS 2.49 2.5 2.48 2.48 2.46 2.47 311,000 768,390 CENTURY PROP 0.28 0.285 0.28 0.28 0.28 0.28 40,000 11,200 CITICORE RT 2.59 2.6 2.58 2.61 2.57 2.6 3,620,000 9,386,250 DOUBLEDRAGON 7.44 7.67 7.43 7.69 7.43 7.44 83,000 617,829 DDMP RT 1.18 1.2 1.21 1.22 1.18 1.2 3,224,000 3,835,480 DM WENCESLAO 6 6.2 6.08 6.08 6.08 6.08 18,000 109,440 EMPIRE EAST 0.127 0.131 0.126 0.131 0.124 0.131 700,000 87,860 EVER GOTESCO 0.285 0.29 0.29 0.29 0.29 0.29 200,000 58,000 FILINVEST RT 2.57 2.59 2.63 2.63 2.57 2.59 4,457,000 11,578,100 FILINVEST LAND 0.55 0.56 0.55 0.56 0.54 0.56 2,407,000 1,324,210 GLOBAL ESTATE 0.74 0.8 0.74 0.74 0.74 0.74 1,000 740 8990 HLDG 8.47 8.76 8.64 8.99 8.41 8.84 105,500 895,142 GOLDEN MV 800 845 849 849 849 849 400 339,600 PHIL INFRADEV 0.52 0.56 0.56 0.56 0.56 0.56 4,000 2,240 CITY AND LAND 0.73 0.74 0.75 0.75 0.73 0.74 63,000 46,460 MEGAWORLD 1.95 1.96 1.95 1.97 1.94 1.95 12,690,000 24,816,440 MRC ALLIED 1.39 1.44 1.45 1.45 1.39 1.39 83,000 117,860 MREIT RT 12.02 12.1 12 12.1 11.96 12.02 737,800 8,856,150 PREMIERE RT 1.53 1.54 1.53 1.54 1.53 1.54 34,000 52,240 RL COMM RT 4.7 4.72 4.75 4.75 4.67 4.7 1,528,000 7,172,820 ROBINSONS LAND 15.66 15.68 15.58 15.68 15.52 15.68 3,290,200 51,388,714 ROCKWELL 1.37 1.44 1.39 1.44 1.37 1.44 142,000 199,630 SHANG PROP 3.65 3.66 3.66 3.66 3.65 3.66 478,000 1,749,380 STA LUCIA LAND 3.48 3.5 3 3.48 2.71 3.48 27,000 85,780 SM PRIME HLDG 33.8 33.9 33.6 34 33.35 33.9 7,130,300 240,932,295 VISTAMALLS 2.28 2.39 2.28 2.4 2.28 2.4 7,000 16,200 VISTA LAND 1.64 1.65 1.64 1.65 1.64 1.64 552,000 905,730 VISTAREIT RT 1.67 1.69 1.69 1.69 1.67 1.67 218,000 367,270 SERVICES ABS CBN 4.45 4.5 4.36 4.5 4.28 4.5 632,000 2,799,680 GMA NETWORK 8.28 8.29 8.32 8.32 8.28 8.28 316,100 2,623,835 MANILA BULLETIN 0.23 0.237 0.237 0.237 0.23 0.237 100,000 23,490 GLOBE TELECOM 1,729 1,730 1,706 1,742 1,706 1,730 26,560 45,874,155 PLDT 1,284 1,285 1,275 1,293 1,270 1,285 81,450 104,365,750 APOLLO GLOBAL 0.013 0.014 0.015 0.015 0.014 0.014 389,700,000 5,504,300 CONVERGE 7.76 7.8 8.09 8.09 7.72 7.8 5,974,900 46,653,768 DFNN INC 3.1 3.15 3.15 3.15 3.15 3.15 8,000 25,200 DITO CME HLDG 2.56 2.58 2.59 2.73 2.54 2.56 7,008,000 18,500,610 NOW CORP 1.12 1.13 1.14 1.15 1.12 1.12 322,000 365,270 TRANSPACIFIC BR 0.134 0.137 0.138 0.138 0.134 0.134 180,000 24,270 ASIAN TERMINALS 15.48 15.7 15.5 15.5 15.5 15.5 1,000 15,500 CHELSEA 1.49 1.53 1.54 1.54 1.48 1.5 168,000 253,570 CEBU AIR 31.7 31.95 32.2 32.2 31.7 31.7 115,400 3,678,515 INTL CONTAINER 245 246 244.2 246.8 240.4 246 1,576,430 386,121,948 LBC EXPRESS 17 18.28 17 17 17 17 2,000 34,000 MACROASIA 3.9 3.92 3.98 4 3.9 3.9 563,000 2,203,040 PAL HLDG 5.12 5.35 5.28 5.3 5.12 5.12 109,100 559,910 HARBOR STAR 0.79 0.8 0.8 0.82 0.8 0.8 37,000 29,720 BOULEVARD HLDG 0.064 0.065 0.065 0.066 0.062 0.065 8,620,000 554,860 WATERFRONT 0.375 0.42 0.375 0.375 0.37 0.37 100,000 37,100 CENTRO ESCOLAR 8.35 8.49 8.3 8.3 8.29 8.29 200 1,659 FAR EASTERN U 570 598.5 569.5 569.5 569.5 569.5 10 5,695 IPEOPLE 6.51 7.35 7.35 7.35 7.35 7.35 2,400 17,640 STI HLDG 0.475 0.48 0.475 0.48 0.475 0.48 2,160,000 1,035,400 BELLE CORP 1.16 1.17 1.17 1.17 1.15 1.16 281,000 326,330 BLOOMBERRY 9.81 9.85 9.8 9.95 9.78 9.85 3,549,800 34,855,686 PACIFIC ONLINE 3.7 3.78 3.63 3.78 3.6 3.77 608,000 2,260,900 PH RESORTS GRP 0.92 0.93 0.98 0.98 0.91 0.92 4,994,000 4,699,440 PREMIUM LEISURE 0.58 0.59 0.6 0.6 0.58 0.59 2,457,000 1,431,000 DIGIPLUS 7.28 7.29 7.22 7.42 7.22 7.29 3,964,400 29,107,190 PHIL RACING 5.01 6.81 6.84 6.84 6.84 6.84 1,000 6,840 PHILWEB 1.72 1.78 1.78 1.79 1.71 1.78 152,000 268,360 ALLDAY 0.156 0.157 0.162 0.162 0.157 0.157 3,770,000 595,710 ALLHOME 1.15 1.17 1.14 1.18 1.13 1.15 6,076,000 7,067,020 METRO RETAIL 1.22 1.25 1.23 1.25 1.19 1.25 639,000 784,700 PUREGOLD 26.4 26.45 26.4 26.65 26.2 26.45 798,100 21,112,760 ROBINSONS RTL 38.95 39 39.45 39.55 38.75 39 679,900 26,525,970 PHIL SEVEN CORP 71.25 75.2 76.25 76.25 75.15 75.2 501,300 38,222,765 SSI GROUP 2.49 2.5 2.52 2.53 2.47 2.49 924,000 2,307,140 UPSON INTL CORP 1.56 1.63 1.65 1.68 1.55 1.63 21,000 33,590 WILCON DEPOT 20.15 20.3 19.8 20.25 19.7 20.15 579,800 11,615,879 APC GROUP 0.22 0.228 0.224 0.228 0.224 0.228 50,000 11,240 MEDILINES 0.31 0.33 0.33 0.33 0.33 0.33 50,000 16,500 PRMIERE HORIZON 0.164 0.17 0.163 0.164 0.163 0.164 30,000 4,910 SBS PHIL CORP 3.81 3.98 3.98 3.98 3.98 3.98 3,000 11,940 MINING & OIL APEX MINING 2.92 2.93 2.96 2.99 2.93 2.93 3,085,000 9,125,350 ATLAS MINING 3.21 3.47 3.35 3.35 3.35 3.35 120,000 402,000 BENGUET A 4.7 4.74 4.8 4.8 4.7 4.7 235,000 1,110,880 COAL ASIA HLDG 0.12 0.124 0.125 0.125 0.124 0.124 170,000 21,090 CENTURY PEAK 3.15 3.35 3.15 3.35 3.15 3.35 2,304,000 7,431,610 FERRONICKEL 1.99 2 2.01 2.01 1.99 2 435,000 868,160 GEOGRACE 0.03 0.033 0.033 0.033 0.033 0.033 100,000 3,300 LEPANTO A 0.079 0.08 0.083 0.083 0.08 0.08 1,240,000 99,680 LEPANTO B 0.078 0.079 0.076 0.079 0.076 0.079 60,000 4,710 MANILA MINING A 0.0049 0.005 0.005 0.005 0.005 0.005 5,000,000 25,000 MARCVENTURES 1.05 1.06 1.05 1.05 1.04 1.05 458,000 479,080 NICKEL ASIA 5.04 5.08 5.14 5.14 5.04 5.04 547,200 2,771,736 ORNTL PENINSULA 0.63 0.67 0.68 0.68 0.67 0.67 9,000 6,110 PX MINING 3.2 3.21 3.27 3.27 3.18 3.2 1,220,000 3,907,110 SEMIRARA MINING 28.1 28.15 28.2 28.25 28.1 28.15 799,000 22,497,620 ENEX ENERGY 4.47 4.78 4.45 4.78 4.45 4.78 21,000 99,050 ORNTL PETROL A 0.008 0.0083 0.0082 0.0082 0.0081 0.0081 24,000,000 194,700 ORNTL PETROL B 0.0081 0.0088 0.0082 0.0082 0.0082 0.0082 1,000,000 8,200 PXP ENERGY 3.8 3.84 3.86 3.9 3.61 3.8 294,000 1,132,910 PREFFERED HOUSE PREF B 94 95 95 95 95 95 25,020 2,376,900 ACEN PREF B 1,065 1,076 1,070 1,070 1,065 1,065 3,055 3,267,350 AC PREF AR 2,468 2,510 2,470 2,510 2,468 2,468 290 716,590 ALCO PREF D 450 490 451 451 451 451 30 13,530 CEB PREF 31.4 32 31.4 32 31.4 32 1,900 60,680 DD PREF 93.55 94 93.5 94 93.5 94 9,270 870,960 EEI PREF B 95.25 97 95.5 96.7 95.25 95.25 7,200 686,054.50 JFC PREF A 950.5 999.5 950 950 950 950 300 285,000 JFC PREF B 910 920 920 920 920 920 10 9,200 MWIDE PREF 4 90.05 92.95 92.95 92.95 92.95 92.95 10 929.5 PNX PREF 3B 24.5 25.85 24 26 24 24.5 3,600 87,545 PNX PREF 4 204 234.8 234.8 234.8 234.8 234.8 210 49,308 PCOR PREF 3A 971 990 971 985 970 985 2,000 1,962,380 PCOR PREF 3B 970 980 979.5 979.5 970 970 200 195,425 PCOR PREF 4C 970 1,000 999 999 999 999 1,000 999,000 SMC PREF 2F 72.25 72.95 72.95 72.95 72.15 72.95 4,090 297,845.50 SMC PREF 2I 70.5 70.6 71 71.5 70.6 70.6 17,000 1,201,390 SMC PREF 2J 66.55 67.95 68 68 66.55 66.55 7,720 517,715 SMC PREF 2K 66.35 69.45 69.45 69.45 66.35 66.35 12,050 799,672.50 SMC PREF 2L 78 79 78.5 78.5 78 78 6,500 507,320 SMC PREF 2O 76.5 78 78 78 76.5 76.5 17,730 1,369,777 TECH PREF B2D 48.4 48.5 48.75 48.75 48.5 48.5 1,000 48,550 ABS HLDG PDR GMA HLDG PDR

WARRANTS

TECH WARRANT

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

December 19, 2023

PHIL. DEPOSITARY RECEIPTS

Primarily invested in Peso securities (units) ALFM Global Multi-Asset Income Fund, Inc. -a 43.3208 0.3% n.a n.a n.a

PSE STOCK QUOTATIONS

PROPERTY

Stock Funds ALFM Growth Fund, Inc. -a

www.businessmirror.com.ph

4.06 4.18 4.1 4.2 4.1 4.17 136,000 7.68 8.38 7.65 7.65 7.65 7.65 8,000

0.305

0.345

65,291,420 1,961,100 -4,150,494 -256,270 -1,701,007 -2,121,630 11,475,955 -4,600,113 9,000 77,440,825 5,641 216,489,365 27,210 15,948,040.00 10,250 7,410 676,750 -49,144 -1,000,780 -52,200 -3,377,700 -995,270 339,600 3,750 -3,354,620 -1,483,964 19,920 -4,024,190 9,485,648 -63,000.00 10,950 27,748,055 -677,320 -122,420 4,966,145 30,230,615 1,400,000 -30,822,417 -2,873,870 15,500 -118,660 42,774,362 1,162,110 -90,440 -11,814,053 158,850 165,200 -3,201,784 -274,930 -2,817,020.00 1,240 -8,723,935 -25,444,720.00 -38,056,563.50 -749,980 5,030 322,888 656,660 5,339,320 -266,910.00 8,400 -1,151,929 680 -7,964,260 -11,670 -640,500 -568,390 -46,975 -103,360 -628,317 -

564,960 61,200 -

-66,720 -61,200 -

SMALL, MEDIUM & EMERGING

0.42 0.42 0.4 0.415 240,000 96,900 0.78 0.79 0.78 0.79 20,000 15,640 0.97 1.04 0.97 1.04 2,223,000 2,280,110 0.66 0.67 0.66 0.66 51,000 33,680 0.054 0.054 0.054 0.054 40,000 2,160 1.02 1.03 1.01 1.02 1,071,000 1,092,340 0.2 0.221 0.2 0.221 370,000 76,480

EXHANGE TRADE FUNDS

102.5 102.9 102.1 102.9 17,540 1,796,377 62,327

BALAI FRUITAS CTS GLOBAL HAUS TALK ITALPINAS LFM PROP MERRYMART XURPAS

FIRST METRO ETF

0.405 0.75 0.99 0.63 0.054 1.01 0.201 102.8

0.415 0.79 1.04 0.67 0.063 1.02 0.221 102.9

4,200 -

www.businessmirror.com.ph

Entrepreneur

5 BARMM food coops receive machines to boost production By Manuel T. Cayon @awimailbox Mindanao Bureau Chief

AVAO CITY—Five Bangsamoro cooperatives outside the main autonomous area received food-processing machines to improve production and better economic returns for members. The five cooperatives are located outside the main central Mindanao provinces of Maguindanao and Lanao del Sur, in the different barangays that were formerly part of the towns of North Cotabato and now collectively under the Special Geographic Area (SGA-Bangsamoro Autonomous Region in Muslim Mindanao). The machines were donated by the Ministry of Science and Technology (MOST) comprising units of processing equipment worth P250,000. The MOST said the machines would enhance production capacity and maximize the quality of their products. These are the Bandara Kadingilan Women’s Association which is engaged in dried fishmaking, Asatidz Mangungaya Association (AMA), which is into cassava chips, Pikit 2 Catalyst Association (P2CA), which produces peanut butter, Integrated Bangsamoro and Agricultural Development Association, which makes coconut vinegar, and Kapalawan Women’s Association, which processes chicken kagikit. The cooperatives are all from barangay clusters of Pigcawayan, Pikit, Carmen, and Kabacan, North Cotabato. Monawara Abdulbadie, MOST chief of the science and technology unit, said the turnover of the machines held from November 22 to 24 with support provided by the Bangsamoro government was “a great source of gratitude for us.” “MOST has reached out to help you through technological intervention, aiming to enhance your product. Make the most of the processing equipment to maximize the production of a variety of products,” she said. Abdulbadie also hoped for the success of each co-operative that their products may soon be displayed in various markets. “Even with a small turnover, it can greatly contribute to the processing of your raw materials. Hopefully, we’ll see your products in grocery stores and many other markets soon,” she added. Alimudin Manamba, president of AMA, said MOST also renovated its production area. “If we handle this business well, there might be more assistance in the future. This is a huge gratitude to MOST.” Noraida Sansaluna, president of Pikit 2 Catalyst Association (P2CA), said she did not expect the cooperatives “to reach this level of goodness” and assured MOST to take care of the resources and to continuously strive for improvement. MOST said the processing machines were part of the Bangsamoro Empowerment for Science and Technology (BEST) project, which is under the MOST Technology Transfer and Commercialization Program (TTCP). The project aims to assist newly established MSMEs in the Bangsamoro region to adapt good manufacturing practices through technology training, food safety, and halal awareness along with the provision of start-up capital.

BusinessMirror

Editor: Vittorio V. Vitug • Wednesday, December 20, 2023 B3

PLDT, Smart and ATRIEV upskill PWD entreps in digital business

LDT and its wireless unit Smart Communications, Inc. (Smart) have teamed up with Adaptive Technology for Rehabilitation, Integration, and Empowerment of the Visually Impaired (ATRIEV) to enable Filipino entrepreneurs with disabilities through technology. ATRIEV or is a non-profit organization, which specializes in ICTbased programs and services that enable persons with disabilities, those affected by chronic illness, as well as stakeholders working for and with persons with disabilities (PWD). “We at PLDT and Smart firmly believe in reducing inequalities so that every Filipino can make the most of the digital world. Our partnership with ATRIEV allows us to do this, by empowering entrepreneurs with disabilities through access to technology and innovation,” said Joy Lapuz, Luzon Relations Head for Stakeholder Management Team

at PLDT and Smart. Though ATRIEV’s assistive Digital Business Basic Training Program or DBBT, graduates are provided with opportunities to learn about doing business online—from conceptualization, planning, costing, fund sourcing, to content creation, marketing, and branding, and more importantly, equipping them with the right digital tools to help them succeed. “I have created a multi-page responsive website for Angeline’s Nham Nham sauce. I learned how to do this by taking a Basic Web Design course at ATRIEV. I also applied the

Nham Nham Sauce, is a graduate of ATRIEV’s DBBT 2022 run.

Web Content Accessibility Guidelines (WCAG) to ensure that the website is accessible to people with disabilities,” said 44-year-old Cecille Rose Primero, a person with cerebral palsy and owner of Angeline’s Nham Nham Sauce, and a graduate of ATRIEV’s DBBT 2022 run. Joining the Entrepreneurs with Disability Forum organized by ATRIEV, with the support of Voice Philippines and the local government of Cavite Province, PLDT and Smart also introduced their IDEATe (Inclusion, Diversity, Equity,

ShopAble, an e-commerce website accessible designed for persons with disabilities, was launched during the forum.

and Advocacy through Technology) initiative, a set of digital inclusion programs which aims to ensure that all sectors are provided with the access and skills to participate in the digital economy. “The empowerment we gain from organizations like ATRIEV, PLDT, and Smart fuels my determination to continue and grow my business. I believe that we can make a real difference by empowering individuals with disabilities and providing them with the skills they need to succeed. My own journey is a testament to

this fact. I have faced many challenges, but with the right opportunities and support, I have been able to overcome them and contribute to society,” Cecille added. PLDT and Smart’s IDEATe programs contribute to the achievement of United Nations Sustainable Development Goals, which include Goal #8: Decent Work and Economic Growth and Goal #10: Reduced Inequalities by empowering and promoting the social, economic and political inclusion of all, including persons with disabilities.

Manila trade show generates $6.6-M sales with coconut slippers as top-selling product By Andrea E. San Juan

anila FAME, a flagship sourcing event of the Department of Trade and Industry’s export promotion arm, the Center for International Trade Expositions and Missions (CITEM), generated $6.6 million export sales, up 51 percent from its last face-to-face edition in 2019. In a statement on Monday, the export promotion arm of DTI said Manila FAME was participated by over 200 local exhibitors of home, fashion, and lifestyle products and attracted more than 4,000 local and international visitors. The show also generated P44.7 million in domestic sales, CITEM said. CITEM said that coconut slippers from exhibitor Everything Green came out as the top-selling export product with more than $3.3 million in negotiated sales.

“The coconut slippers were featured under the Coconut Pavilion, a collaboration of CITEM with the Export Marketing Bureau [EMB] and the Design Center of the Philippines [DCP] in an effort to make use of the rather discarded husk of the abundant natural material,” CITEM said. Meanwhile, Design Commune, a curated showcase in Manila FAME of home and fashion pieces from CITEM’s product development program, featured 425 new designs produced by 40 local companies. “This year’s edition of Design Commune was led by renowned product specialists Tony Gonzales, and the tandem of Rita Nazareno and Gabriel Lichauco,” the export promotion arm of DTI said. “Through time, the Philippines became famous because our craftsmen and designers were able to come up every year with new designs, new ideas, and new ways

of using the materials,” Gonzales shared. According to CITEM, Gonzales curated home decor, lighting, and furniture pieces in collaboration with local brands. In 2024, CITEM said Manila FAME would traditionally start the global promotion of locally made export-quality products. “With the conclusion of the country’s premier trade show for quality home, fashion, and lifestyle products last October, international buyers and patrons can now look forward to seeing selected local exhibitors joining overseas trade fairs starting early next year under the banner DESIGNPhilippines,” CITEM said. The export promotion arm of DTI said various Philippine furniture and lighting brands and visual artists are set to join the upcoming Paris-based trade show Maison et Objet from January 18 to 22, 2024.

FRUITS OF THE SEASON

Fruit entrepreneurs at the corner of Monteverde and Lizada Streets in Davao City gird for brisk sales amid an anticipated Christmas shopping rush. Filipinos traditionally fill their dining tables with round fruits to welcome the New Year as they believe the practice represent good luck and prosperity. PNA photo by Robinson Niñal Jr.

Two types of sales professionals

tions so people can immediately come and go. Usually, order-takers only ask two questions—“May I get your order?” and “Is there anything else?”

The sales-maker

id you know that there are actually two types of sales professionals? One is called an order-taker and the other is a sales-maker. Which one are you? Both types are good in sales, and I’ve seen both types of sales professionals excel in what they do. So what’s the difference? Well, it’s mostly on their mindset—whether they want to immediately serve their customers’ requirements or they want to fully satisfy what customers truly need.

The order-takers

The order-takers are typical sales professionals. Basically, if a customer places an order, they take it and serve it immediately, the best way possible. The order-takers do not mince with words, and highly value time. For them, customer service is all about serving what is required at the shortest possible time, with the best manner of service that they can muster. This works well especially for “high traffic” businesses where there is a need for quick transac-

ON the other hand, sales-makers are those who would invest time to understand what customers truly need. They ask sensible questions and recommend the best possible solutions, which most often are not comprised by just one product. Salesmakers are masters of suggestive selling, and can effectively up-sell and cross-sell with ease. They aim to help customers by identifying and providing other products and services that they will require in order to successfully satisfy their needs. This type of sales professionals always consider the “big picture” and their mindset to “selling is all about helping.” They focus on solutions, not on products. To illustrate the difference between these types of sales professionals, let’s consider the following examples.

Scenario 1. In a restaurant, an order-taker will approach you and ask for your order. Once you’ve given your preferred dishes, the order-taker will ask, “Is there anything else?” And depending on your response, the order-taker will endeavor to deliver your order as soon as possible. However, if a sales-maker is serving you, the experience may be different. The sales-maker may begin along these lines—“Would you like to begin with appetizers?” After which, several other questions would follow—“How about refreshments? Are you expecting other guests? This is the specialty of the house, would you like to try it? Would you like to add some vegetables?” The salesmaker will try to uncover customer needs and provide the best experience possible. Scenario 2. In a local construction supply outlet, the order-taker will ask about what you need, and follow-through with “Is there anything else?” And will then proceed to provide what you require. On the other hand, the sales-maker may ask you the following questions:

“What project are you working on? Do you already have the other materials to complete your project? May I know the project dimension?” After which, the sales-maker will give recommendations through up-selling and cross-selling in order to help you complete the best project possible. As I mentioned earlier, both types of sales professionals are okay. You can be an order-taker and still be very successful in your profession. Indeed I’ve met a lot of successful order-takers. But think about your potentials as a sales-maker—you sell by helping and you help by selling. Remember, even the best ordertakers can still get better. And that’s by becoming a sales-maker. Alexey Rola Cajilig is the President of ARCWAY Consultancy Inc. and Executive Director of ARC DOCENDI. He is a Sales Leadership Coach, Strategic Sales Operations Consultant, Christian Motivational Speaker, Human Ecologist and Author of The effective Seller. He is also the creator of ARCH Styles, a behavioral and personality assessment tool. If you have questions and suggestions, you may send an e-mail to salesleadershipcoachlex@gmail.com.

Banking&Finance BusinessMirror

Wednesday, December 20, 2023 • Editor: Dennis D. Estopace

BSP extends moratorium N on InstaPay, PESONet fees

By Jasper Emmanuel Y. Arcalas

@jearcalas

HE Bangko Sentral ng Pilipinas (BSP) has extended indefinitely the moratorium on InstaPay and PESONet fees pending a review or until such time that small e-payment transactions are levied with zero fees. The BSP said the Monetary Board issued Resolution 1599 dated December 7 ordering the status quo on the moratorium on the increase on e-payment transfer fees. Under B SP Memora ndu m M-2021-071 dated December 28, 2021, financial institutions that participate in the InstaPay and PESONet “automated clearing houses must not increase their current fund transfer fees.” “The BSP encourages Filipinos to actively use their accounts for digital payments, savings, and investments. The central bank is working with the industry to bring more of our countrymen into the fold of the formal financial system,” BSP Governor Eli M. Remolona Jr. said. The BSP reiterated that any financial institutions planning to introduce new fees must secure the approval of the central bank. “These fees must also be re-

ported to the BSP 60 days before implementation,” the BSP said in a statement. “Moreover, a transfer fee that is currently waived may only be restored up to the amount reported to the BSP before the waiver,” it added. The BSP tasked the Philippine Payments Management Inc., the industry body that oversees both PESONet and Instapay, to monitor the regulatory compliance of its members and “promptly” report any issues to the BSP for appropriate action. “Non-compliant members shall be subject to the BSP’s supervisory and enforcement actions under the National Payment Systems Act and the New Central Bank Act, as amended,” the BSP said. The BSP said it would continue to work with the payments industry in its bid of lowering or eliminating fees imposed on small electronic

payments or e-payments. “The reduction or removal of transfer fees for small e-payments supports our vision of digitalization and inclusivity. We are engaging the industry through dialogue to explore ways to reduce or completely eliminate fees for small-value transactions,” Remolona said. The BSP said the moratorium shall be lifted, subjected to review, when zero fees for small e-payment transactions have been implemented by the payments industry. “This is consistent with the BSP’s commitment to achieve a cash-lite economy by fostering reasonable, competitive, and transparent pricing mechanisms, while advocating the reduction of digital payment fees, particularly for small e-payments,” it added.

Consumer welfare

PESONet and InstaPay are digital payment schemes launched in 2017-2018 under the National Retail Payment System. Their usage grew significantly during the pandemic. PESONet is a batch electronic fund transfer service and is a viable alternative for checks and recurring payments. InstaPay, on the other hand, is a real-time, low-value payment substitute for cash transactions. PESONet and InstaPay are operated by the Philippine Clearing House Corp. and BancNet Inc., respectively.

Quiet luxury and ESG?

The two payment systems are expected to comply with international standards that foster safe, efficient, and reliable operations, particularly those provided under BSP Circular 1126 (series of 2021). Last year, the BSP designated PESONet and InstaPay as prominently important payment systems (PIPS), pursuant to the National Payment Systems Act (NPSA). Under the Payment System Oversight Framework, PIPS refers to a payment system which may not trigger or transmit systemic risk, but could potentially cause adverse economic impacts or undermine the confidence of the public in the national payment system or in the circulation of money, read the statement issued by the BSP in July 2022. “The designation of PESONet and InstaPay as PIPS would subject them to closer BSP supervision and monitoring to protect the public,” the central bank has said. “The designation of PESONet and InstaPay as PIPS is considered timely, as these payment systems will facilitate the launch of other use cases for digital transactions, such as interoperable bills payments and direct debits,” then-BSP Governor Felipe M. Medalla was quoted in the statement as saying. “This further promotes consumer welfare as we continue making progress toward the BSP’s objective of reaching 50 percent digital payments by 2023,” Medalla added.

Rang-Ay Bank partners with PLDT Enterprise By VG Cabuag

@villygc

ANG-Ay Bank, a lender in the northern part of the country, has partnered with PLDT Enterprise to deploy vulnerability management as-a-service (VMaaS), through ePLDT, an arm of the telecom giant PLDT Inc. The partnership will further support Rang-Ay Bank’s mission to ensure the security of their online and mobile banking. Rang-Ay Bank is the oldest bank in Ilocandia and one of the well-established banks in the country. A PLDT Enterprise partner since 2009, Rang-Ay Bank initially acquired its connectivity services with Enterprise Broadband, to address their challenges on slow internet connection in the region and slow response on the restoration of lines. Since the partnership, the bank has seen significant improvement and more stable connectivity services. With the new implementation of VMaaS in their operations, Rang-Ay Bank became the first PLDT Enterprise partner to enroll the new service to their mobile applications, database server, core banking system, mobile banking server, and their payment hub server. With plans to launch additional branches, the lender opted to prevent their risk and exposure to all possible security incidents by partnering with PLDT Enterprise and availing ePLDT’s VMaaS, which allows them to identify and fix as many vulnerabilities as possible within their environment. “As technologies continue to evolve and industries continue to transform, this service allows us to empower our partners with secure and reliable solutions to help them propel their business visions. With services like VMaaS, we fully support Rang-Ay’s vision for a secure financial sector,” Mitch Locsin, first vice president and head of enterprise and international business groups of PLDT and Smart. As businesses nationwide and organizations in the region have been exploring digital solutions to support their operations, PLDT Enterprise has committed to fully supporting SMEs in the country. For clients like Rang-Ay Bank, PLDT Enterprise commits to pushing cybersecurity in promoting a robust financial industry, especially for businesses in the province. With this most recent vulnerability management service, the importance of building a secure and reliable banking industry, and ensuring its many benefits to customers, especially in the Ilocos Region, is a major consideration for the partnership. “Now, more than ever, we need to have a more holistic cybersecurity because the world is growing more and more digitally interconnected, and the advancement of technology means equally advanced threats. This partnership is a testament to our commitment against the rising tide of cyber risks,” Ives Nisce, Rang-Ay Bank chairman, said. “This collaboration provides us with the tools and intelligence required to detect vulnerabilities in real-time, analyze them comprehensively, and mitigate them swiftly,” Nisce said.

CSR SEEN

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This undated photo courtesy of the Philippine National Bank (PNB) shows (L-R): Corporate Sustainability Officer Mark Julius D. Meneses; Chief of Staff Atty. Jose German M. Licup; President Florido P. Casuela; Executive Vice President Francis B. Albalate; Corporate Sustainability Department Head Mariamel V. Cordova; and, Corporate Sustainability Officer Sarah Mae D. Marcelo posing with the award the PNB received from the International Business Magazine (IBMAG) LLC in its IBMAG Awards 2023, which declared the PNB as the “Best Bank for Corporate Social Responsibility (CSR) in the Philippines. “We encourage the culture of creating a meaningful impact by respecting and supporting communities and the environment,” Casuela said. CREDIT: Philippine National Bank

OWADAYS you can read or hear the buzz about quiet luxury. Some took it to mean you do not wear branded items anymore and to be as discreet as possible. Some wear items where although the brands are not shown, the prices are even more expensive than the ones with the brands or logos obviously seen. You can see Mark Zuckerberg in his t-shirts as everyday-wear. But, mind you, a shirt he wears cost a fortune for those of us who are below his wealth level. You might be surprised to discover that what looks like ordinary t-shirts are custom made and created by a well-known Italian designer. The cost for each is a whopping $300 and $400! And even if you want to buy, these are not available to the public (Source: fortune.com). But what is really quiet luxury? Does that mean you do not carry branded bags or wear branded clothes or luxury watches, etc.? That is quite a misconception. Quiet luxury is not about projecting wealth but creating a wardrobe with a focus on high-quality essentials as a base. It is what we call in business ESG (environment, social, governance). And ESG in wardrobe means buying less and only what is essential, buying quality and being mindful of the cost per wear (CPW). You can wear luxury brands if you can afford one; but be mindful of ESG. Branded bags, some say, are still in the quiet luxury side since the logos are not so obvious and the timeless nature and craftsmanship are the best in the market; although the prices are also obviously expensive. But mind you, luxury does not mean expensive all the time. There are clothes, bags and jewelry that are not expensive but durable, simple but classic. The rest of the brands not mentioned above may not be classified as quiet luxury but who cares about how other people defined it. If your brand is not in the aforementioned list below, do not allow others define what is or what is not quiet luxury for you. As long as your motive are right brands and you think these are good brands for you since you consider them as timeless and durable, go ahead - buy it and use it. But be mindful of the ESG that we can apply in the use of our personal assets. Some people defined quiet luxury as having bags or clothes for instance, with no name of the brands being seen all over the item or the logo is not so glaring. The better the quality with no brand, the better. However, those with brand names (although some of these brands are not easily seen in the item) had invested a lot in craftsmanship and durability to stands the tests of time and the creativity of the design that goes into the bag or clothes.

Finex free enterprise Wilma Inventor-Miranda Those who can afford to buy more luxury brands, they buy them as investments. They just collect and they don’t even get to wear or use some of these. For working people like me, I buy a few brands because of quality. You can just imagine how many times you have to buy bags with inferior quality although cheap for example, compared to a branded bag which lasts for years and can even be handed down to future generations. So don’t easily judge that those who wear branded are just projecting wealth or want to look rich. There maybe some but not all. You should admire them especially the not-sorich ones since they are buying the real ones and not the fake ones. They are buying quality and they are buying “integrity.” These brand companies invested millions even billions to come up with quality brands while some shrewd businesses just imitate or manufacture fake ones to sell to the market. If you buy the cheaper bags for instance, and you bought it several times you are contributing to the increase in the use of microplastics, energy consumption and water consumption, thus accentuating nonrenewable resource dependence and climate change. In the long run it is harming our environment. For social implications, are these manufacturing companies producing fake goods hiring cheap labor? For governance, are you, for instance, as a consumer conscious of the cost per wear of what you buy? It is not a matter anymore of quantity but of quality. Fast fashion trends have seen the industry grow to account for a fifth of annual plastic production globally. Thus, keep this is in mind if you are planning or saving for that bag or clothes or shoes this Christmas or even for the future—is it timeless. Does your purchase protect the environment, or promote social welfare and do you minimize on cost per wear? ESG is not only for business but for our personal consumption, too, because in the long run it will affect the whole global community. Wilma Miranda is the 2023 Chair of FINEX Ethics Committee, Managing Partner of Inventor, Miranda & Associates, CPAs, Member-Board of Directors Member of KPS Outsourcing Inc. The views expressed herein do not necessarily reflect the opinion of these institutions.

High Tribunal junks Manila Credit’s appeal on loan interest By Joel R. San Juan

@jrsanjuan1573

HE Supreme Court (SC) has stressed that a contract that is freely executed has the force of law between the parties; provided that it is not contrary to law, morals, good customs, public order, or public policy. Thus, in a 12-page ruling penned by Associate Justice Mario V. Lopez, the SC’s Second Division denied the petition for review filed by the Manila Credit Corp. (MCC) seeking the reversal of the rulings of the Court of Appeals and the Regional Trial Court which declared the interest rates it imposed on the loans of respondent-spouses Ramon and Anita Viroomal are void for being patently “exorbitant and unconscionable.” Based on the records, the Viroomals obtained a loan from MCC in 2009 in the amount of P467,600 payable in 60 months, with an interest rate of 23.36 percent per annum and secured by a real estate mortgage over Ramon’s property in Parañaque City. The spouses later requested a loan restructuring, resulting in the execution of a second promissory note in the amount of P495,840 payable in 84 months at 24.99 percent interest per annum. The restructured amount represents the unpaid balance in the first promissory note, including interests and penalty charges.

When spouses Viroomal failed to make timely amortizations, the MCC demanded full payment of the outstanding obligation of P549,029.69 as of October 15, 2016. The spouses, however, claimed they had already paid a total of P1,175,638.12 and thus asked for a re-computation, but were ignored by MCC. Instead, MCC proceeded with the extrajudicial foreclosure of the real estate mortgage, prompting the respondents to file a complaint with the trial court for the declaration of nullity of real estate mortgage as well as of the interest rate and other charges for being unconscionable, iniquitous, and immoral. They argued that their loan obligation was already fully paid, had they not been burdened with the 36 percent per annum effective interest rate (EIR) and other charges which they claim were covertly imposed by the MCC. Meanwhile, the MCC was declared the highest bidder in the foreclosure sale, and, upon the lapse of the redemption period, the title over the mortgaged property was consolidated in MCC’s name. The trial court subsequently ruled in favor of the respondents as it declared the charges and interests compounded by MCC void for being “grossly excessive.” The spouses were thus allowed to recover from MCC overpayment in the amount of P417,859.58.

The RTC also ordered the title in the name of MCC over the foreclosed property cancelled, and Ramon’s title reinstated. The trial court’s ruling was affirmed by the CA in a decision issued on July 6, 2021. In denying MCC’s appeal, the SC noted that the trial court was able to establish that MCC imposed an additional three percent monthly interest or EIR for any delay in the payment of the loans as part of its company policy. “The EIR is on top of the stipulated 23.36 percent per annum monetary interest and the penalties of 1/10 of 1 percent per day and 1.5 percent per month penalty, all of which were compounded monthly as part of the outstanding balance,” the SC noted. “Clearly, the Court cannot sustain the imposition of the compounded 3 percent monthly ElR. The evidence shows that the EIR was not indicated in PN (Promissory Note) 7155. The MCC unilaterally imposed the EIR by simply inserting it in the disclosure statement. This is not valid and does not bind the respondents as it violates the mutuality of contracts under Article 1308 of the Civil Code, which states that the validity or compliance to the contract cannot be left to the will of one of the parties,” it added. The Court added that the “willingness of the debtor in assuming an unreason-

able rate of interest is inconsequential to its validity.” Thus, the SC ordered the reduction of the interest rates and penalties to the applicable 12 percent per annum legal interest while noting that the obligation to pay the principal loan is separate from the void interest and charges. “Note, however, that only the EIR and stipulated interest rates and penalties are declared void for being unconscionable. The very nature of the parties’ contract of loan entitles MCC to recover not only the principal amount, but also the payment of monetary interest from the respondents, as compensation for the use of the borrowed amount,” the SC explained. The Court, however, modified the CA and the trial court’s decision as to the amount the MCC needed to refund to the Viroomals. In addition to the P417,859 that MCC was earlier ordered to refund to the respondents, the SC directed the petitioner to also refund the Viroomals the amount of P203,532 representing overpayment for the second promissory note with legal interest of six percent per annum from the date of the filing of the complaint until finality. It also imposed a six percent legal interest per annum on all monetary awards, from the finality of the decision until full payment.

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WILLIAM LLAGUNO (from left), Toby’s Sports store operations and franchise management head; Steven Tan, president of SM Supermalls, and Lilibeth Santiago, franchisee of Toby’s Sports SM San Pedro led the ribbon cutting of Toby’s Sports SM San Pedro.

Toby’s Sports celebrates 45 years of excellence THE Philippines’ No. 1 sporting goods store, Toby’s Sports is celebrating its 45th anniversary. For four and half decades, Toby’s Sports has been the unwavering beacon of support for athletes, sports enthusiasts and champions in the making, fueling the sporting dreams of countless Filipinos. From the very first goal to the triumphant finish line, the store has been providing Filipinos with the finest sports gear that empower champions. n A legacy of excellence. This milestone marks a legacy of excellence, resilience and passion. Over the course of 45 years, Toby’s Sports has transformed into more than just a retailer, but a legacy intertwined with the pursuit of excellence and championing the spirit of sportsmanship. From basketball courts to home gyms, from tennis courts to running tracks, Toby’s Sports has been the source of top-tier sports brands. Its mission? To help Filipinos become champions through sports. n More stores, more options. With millions of Filipinos depending on Toby’s Sports for their sports and fitness needs, the retail giant continues to expand its footprint and product offerings, signifying its dedication to providing top-notch sports gear and equipment to a wider audience. It has opened seven new stores in the past two years, four of which are franchised, to reach a total of 63 branches nationwide and continues to bring in new sports brands into the country. In 2023, it added a Flagship Store in SM North The Block to bring its total of Flagship Stores to three, with the other two strategically located in Bonifacio Global City and SM Mall of Asia. Its most recent openings include in SM Tuguegerao, SM San Pedro and its Toby’s Outlet Store right next to its Headquarters in Pasig City. n Providing complete sports solutions. Apart from catering to individual customers and its own employees, Toby’s Sports has also expanded its business to providing gear and mounting sports events for corporate partners and clients. Recognizing the importance of fostering a healthy and active workplace culture, Toby’s Sports offers tailored solutions to corporate clients, including team-building events, wellness programs, corporate tournaments, fun runs, and access to top-quality sports gear. This expansion aligns with Toby’s Sports’ mission to empower individuals, teams, schools and corporations with their complete sports and fitness needs. More information can be found on Toby’s Sports’ official pages on Facebook, Instagram and Twitter.

Barriers to effective communication

F you are leading a team, one of the common issues you will encounter is how to communicate effectively. This is especially true when you have to balance management expectations with your team’s current skills and attitudes. You are in a unique position to influence both management’s requirements and your team’s growth. One of the most effective tools you can use to manage your team is communicating effectively. But in order to do so, you also need to understand that just because you said so does not mean that your team will follow. One of the barriers to effective communication is your assumptions and preconceived notions. There will be times when your team will not want to work with another group because of what other people have said or a previous bad experience. As their leader, you need to set an example by helping your team look at other groups from a different perspective. Instead of relying on what other people say, ask them to validate their assumptions with facts and evidence. If warranted, set ground rules so that the working relationship is kept professional and expectations are met. What you are feeling at the moment can also hinder you from communicating effectively. Whether felt or ignored, personal issues have a way of creeping into your work and how you communicate. In addition, communication can be hampered by your own communication style. The way you say things can be loaded with meaning that you did not intend. When you listen to respond more than intently listening to what the other person is saying, you tend to think of how to reply more than fully understanding what the other person is saying. When overwhelmed with personal issues, take control of your emotions by taking a step back and breathing deeply. Be self-aware of when you are reacting and when you are empathizing. Reacting is when you match the other person’s emotions while empathizing is recognizing where the other person is coming from and thinking of how to bring the other person to the discussion. Remember also that not all people react and respond in the same way. Your communication style should depend on who you are talking to and towards making them understand. An overlooked barrier to communication is the office layout. People who are near to each other tend to become more familiar with each other. Your office layout should provide opportunities for collaboration, but also for individual work. If you have a big team,

Simple beauty guide to get a shimmering holiday glow ’TIS the season for all that glitters—a time of the year when it’s perfectly acceptable to wrap yourself up in sparkle, and this definitely includes your makeup. If you’ve been wanting to achieve a long-awaited holiday glow, don’t throw up your hands in defeat just yet. Spotlight Cosmetics shares these useful tips to help you shine the brightest during the most wonderful time of the year. Let’s dive right in: n BOOST YOUR LOOK WITH A CONTOUR. One of the main steps to achieve a perfect shimmer and naturallooking radiance is to truly know how to make the most of your contour. From defining your cheekbones and sculpting your jawline to emphasizing your unique face shape, contouring can boost any makeup look by adding depth and dimension to your facial features and bone structure, giving your skin the extra glow and sparkle like no other. Luckily, the newest Spotlight Glow and Contour Duo can do just that. This 2-in-1 makeup tool offers palettes that you need to color, sculpt, contour, illuminate, and bronze—all in one convenient compact. For starters, it has a cool light brown contour shade, and vibrant color payoff for sculpting the face to illuminate cheekbones. Its creamy finish also feels light on the face, thanks to its blendable and buildable pigment that has a smooth texture for easy application. n GET LIT FROM WITHIN USING A HIGHLIGHTER. The shimmer in your highlighter reflects the light that naturally catches on the high points of your face, which gives your face a glowing, youthful-looking, and sculpted appearance.

Editor: Gerard S. Ramos • Wednesday, December 20, 2023

expect that there will be smaller groups who have the same interests. Expect that communication will be difficult when some team members work remotely or have different schedules and days of reporting to the office. To remove this barrier, set a regular meeting where your team can discuss project updates, but also for them to get to know each other better. Regular meetings help you identify roadblocks to current projects and help you keep track of what your team needs. It also provides a temperature check on your team’s motivations and engagement. If possible, provide a venue where your team can just chat and catch up. Providing common areas help your team get to know each other better and help them discover common interests. This breaks down their indifference, and will break the ice in getting to know other team members. How you use the communication tools in the office can also reduce communication efficacy. You and your team need to agree on when to use email, chat, or phone call because as the culture builder of your team, you determine how they are used or abused. Each has its own merits and disadvantages, but the important thing is that the team understands the implications of when they are used. When there are deviations to the agreement, you need to call it out and consistently implement the agreement. Sometimes, a person’s motivations also hinder them from communicating effectively. Some team members only want to do the bare minimum and would disengage from activities that would require them to do more. Some are demotivated from not

getting a promotion after doing everything they can to prove their worth. Varying degrees of motivation affect the way your team member communicates. To break through motivational issues, you need to get to know the people you work with and find out what really drives them to be fully engaged in the workplace. When a team member’s performance declines, you need to find a way to understand why and identify the communication style that works for them. Similar to people’s motivations are trust issues which play a crucial role in effectively communicating. In the workplace, innovative and creative ideas die in an environment where there is no trust because people will be afraid to share their ideas for fear of being ridiculed or censored. If you are leading a team, it is your role to ensure that everyone’s voice is heard and that your team knows you listen to their ideas. If you are a team member, your role is to take accountability for your actions and ideas so that when you speak up, they know you are willing to do the work. It goes without saying that you need to respect other people and have the integrity to mean what you say. People will only trust what you say when your word is dependable and trustworthy. Your end goal in communication is to inform and persuade someone to adopt a certain perspective or to do something. When a method is not working, you should not be afraid to try other ways to achieve your goal. When you encounter roadblocks, you need to find other ways to get through because if you do not, people will not change. n

INDIGENT FAMILIES UPCYCLE SINGLE-USE PLASTICS TO CREATE SUSTAINABLE BELEN

SPOTLIGHT Glow and Contour Duo

This is also where Spotlight Glow and Contour Duo can come in handy. Aside from contour, this power duo also has a highlighter in a champagne shade that blends seamlessly and melts into your skin, leaving a luminous, fresh-faced, softly sculpted look. Use the contouring shade and apply it on both cheeks and forehead, then blend the highlights around or in the eye area so your makeup looks even more natural. This glow and contour duo is also vegan, parabenfree, and cruelty-free for a much healthier and safer beauty routine. Add a dose of shimmer this holiday season with the newest Spotlight Glow and Contour Duo priced at P495. Spotlight Cosmetics is available at Watsons, Watsons Online, ShopSM, and The SM Store Beauty Section, and on the brand’s official Lazada and Shopee pages.

IN celebration of Christmas time, local constituents from various barangays in Pasay and Manila showcased their creativity and ingenuity in crafting three-dimensional art depictions of the birth of Jesus Christ using upcycled single-use plastics. The initiative was organized by the Center for Social Action (CSA) of the De La Salle-College of Saint Benilde (DLS-CSB) in partnership with the Industrial Design Program to further foster the inclusion and innovation mission of the college within the community. To equip them with the fundamentals and elements of design, they underwent a masterclass facilitated by industrial designer and educator Johann Mangussad. They likewise attended a series of brainstorming sessions with young volunteers from the college’s Industrial Design Program, who guided them from the conceptualization to the production process. Among the participants, Barangay 44 Pasay received the Gold Prize. Entitled “The Lamb of God,” the winning piece is an imaginative amalgamation of recycled plastic bottles, spoons, drinking straws, and twines. Christina Julianna Eugenio and Frances Nicole Cu served as the student-mentors. Barangay 46 Pasay nabbed the Silver award. Dubbed “Ecoglory Ensymbol Belen (Eco, glorified,

symbolic, ensemble),” their finished work utilized plastic bottles, microwavable containers, twines, sando bags, and drinking straws with an iconic parol (Christmas lantern) on top. They were counseled by student Angelica Mhae Tan. The Bronze distinction was presented to Barangay 743 in Manila, aided by talent Alex Cheyeanne Estorque. Their “Nativity of Love” featured repurposed fabrics, plastic bottles, metallic foil, and papers. All the winners received cash prizes. Barangays 45 and 48 of Pasay and Barangays 733, 742, 745, 752, and 756 of Manila likewise joined the project. The Industrial Design students who also rendered their skills in the activity included Deniese Bernadette Pagkalinawan, Julianna Louisse Jaurigue, Kevin Chua, Raphael Antonio Amparo, Roland Joseph Reynoso, Ralph Dylan Sales, Ferdinand Raphael Garcia, Manuel Babasa, Christian Angelo Rellata, Eryn Amante, and Francis Lawrence De Guzman. The entries were screened by a Panel of Judges headlined by Center for Social Action Director May Flor Artagame and Br. Emmanuel “Manny” Sia, FSC, together with industry experts and educators, to include School of Environment and Design (SED) Dean Architect Harvey Vasquez, M.Arch, UAP and SED faculty Ana Maria Veronica Solano.

PHOTO BY CAMPAIGN CREATORS ON UNSPLASH

Wednesday, December 20, 2023

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5 REASONS HOLIDAY GIFT SHOPPING JUST GOT BETTER WITH THE NEW GCASH CARD POWERED BY VISA

T’S the holiday season and we can expect a truly merry shopping experience filled with amazing deals from GCash and Visa. Amidst the season’s hustle and bustle, security and convenience in payments remain a top priority for shoppers seeking a seamless and efficient promise. GCash is here to make your shopping spree this Christmas more enjoyable as it has partnered with top brands in retail, e-commerce, and travel, providing exclusive promos and discounts when you pay with the all new GCash Card. With the GCash card, your holiday gift shopping is just about to get even better as you experience the ultimate convenience and stand a chance to win fantastic prizes! Don’t miss out on these deals: 1. Save P100 and Use Your GCash Card Every Monday on Shopee Make your Mondays brighter when you check out your cart on Shopee and enjoy a P100 discount on your purchases. Simply use the promo code GCASHMONDAYS during checkout every Monday until Januar y 1, 2024 and treat yourself to this irresistible deal to get what you want for less. This exclusive promo is valid for a one-time use every Monday, so mark your calendars and get your GCash Card ready!

Planning a holiday getaway? GCash cardholders can look forward to an 8 percent discount on hotel bookings made through Agoda until December 31, 2025. Embark on a memorable journey with your family and friends while enjoying more savings when you book worldwide via this link: agoda.com/visaph. 4. Get Cashback on Accommodation through Booking.com Make every stay memorable and rewarding with GCash and Visa and unlock up to 15 percent cashback on accommodation bookings until December 31, 2023 when you pay with your GCash Card through Booking.com. Just follow these steps: 2. Link Your GCash Card to Lazada and Receive a P100 Voucher Lazada and GCash join forces to bring you seamless transactions and exciting rewards. Save your new GCash Card on Lazada for the first time and receive a P100 discount voucher, adding extra joy to your online shopping experience. This holiday season, lahat ay Merry sa pamasko deals ng GCash, so start shopping and using your GCash Card and don’t miss out on these exciting promos! 3. Travel in Style and Save: Exclusive Discounts on Agoda Bookings

1. Visit https://www.booking.com/visaph. 2. Create a Booking.com account 3. Select an accommodation with a cashback badge 4. Pay with your valid GCash Card. Get your GCash Card today and start shopping w ith more deals and promos to enjoy! To order, users can open their GCash app, go to “ View all ”, and find the “Manage” section. Click on “Cards” and tap “Order a GCash Card ”. To know more, v isit GCash at www.new.gcash. com/services/cards.

Paco Park Presents ‘Joyful and Triumphant: A Pre-Christmas Choral Concert’ on Dec. 22

HIS December 22, 2023, the National Parks Development Committee (NPDC), in partnership with the Department of Tourism, will be hosting a festive night of music, dubbed “Joyful and Triumphant: A Pre-Christmas Choral Concert.” The event is open to everyone and is set to start at 6 pm featuring the cherished voices and harmonies of the International Baptist Church of Manila (IBCM) Chorale group, along with an opening unplugged acoustic performance from members of the band GRT. The IBCM Choir was originally established back in 1980 by Dr. Eli Sarmiento and joined by a number of distinguished musicians throughout the decades. The choir itself has 24 to 26 dedicated members and has been historically led by accomplished trainers such as the late Nolyn Cabahug and Rosalia Dim. Experienced and purposeful, the group has previously performed for the annual Christmas tree lighting ceremony at the Cultural Center of the Philippines Grounds and during Christmas Cantatas and Easter Sunday celebrations. The concert’s program is created to capture the colorful festive spirit of the season. From classic Christmas carols

like “Silent Night” and “Away in a Manger” to instrumental pieces like “Claire de Lune” and “Sugar Plum Fairy,” to acoustic performances of“Have Yourself a Merry Christmas” and “Pasko Na Sinta Ko,” among others. The audience is in for a musical treat that spans various genres, generations, and emotions. “Joyful and Triumphant: A Pre-Christmas Choral Concert” at Paco Park promises to be an unforgettable experience, to be hosted by Hany Cariño. Let’s celebrate the joys and cheer of the Christmas season together. Don’t miss the chance to be part of this musical celebration on 22 December 2023, at 6 PM! Paco Park Presents is one of the longest running programs of the agency and a recipient of the Catholic Mass Media Hall of Fame Award for Best Cultural Program in 1988, along with Concert at the Park. The musical soiree was born on February 29, 1980, from the suggestion of Cristoph Jessen, the then press and cultural attaché of the Embassy of the Federal Republic of Germany. His vision is to have an exchange program of artists and ideas that would promote the bonds between the Filipino and German people.

ASMMA LEADERS Leaders of the Asian Secondary Mortgage Market Association (ASMMA) gather at the recently held 9th Annual Meeting of ASMMA and Green Housing Finance in Tokyo, Japan hosted by Japan Housing Finance Agency (JHF). ASMMA is an organization of secondary mortgage corporations from Indonesia, Japan, Korea, Malaysia, Mongolia, Pakistan, Uzbekistan and the Philippines that aims to provide a basis and platform of ideas and experiences with a view to promote housing finance markets. Secondary mortgage organizations play a crucial role in fostering homeownership by creating opportunities for affordable housing and reducing financial costs. National Home Mortgage Finance Corporation (NHMFC) President Renato L. Tobias (4th from left) represented the country in this convention.

IN the photo are, from left, Fidel M. Balbieran, McDonald’s Philippines Local Store Marketing Director; Jomil Serna, Taguig City Councilor; Tony del Rosario, Coca-Cola Philippines President and Vice President for Franchise East Region for Asia South Pacific Operating Unit; Kenneth S. Yang, McDonald’s Philippines President and CEO and his wife, Cindy Yang; Lourdes T. Gutierrez-Alfonso, Chief Operating Officer, Megaworld Corporation; Brgy. Capt. Jorge Bocobo, Brgy. Fort Bonifacio during the ribbon cutting ceremony of McDonald’s Christmas Lights Magic at McDonald’s McKinley West, Taguig.

McDonald’s gifts customers this Christmas with iconic collaboration, spectacular Lights Show

ET yourself in the holiday spirit as McDonald’s has more in store for its customers as its Christmas Lights Show, dubbed the Christmas Lights Magic, is back and their new Christmas film features a surprising collaboration between unkabogable icon Vice Ganda and “Drag Race Philippines” host Paolo Ballesteros. McDonald’s new Christmas film centers around the spirit of sharing featuring the Chicken McDo McShare as a symbol of unity, capturing the essence of sharing the love no matter how different we are. And what better way to share the love with a shared experience with the gang? Grab your family and friends to experience the magic of the Christmas Lights Show in select McDonald’s stores! As the pioneer in mounting spectacular and memorable store lights shows in the country, McDonald’s continues to inspire other quick service restaurants in making their restaurants a space that

brings happiness to more Filipinos. In partnership with Coca-Cola, McDonald’s mounts three magical installations in three flagship stores across the metro. “McDonald’s has partnered once again with Coca-Cola Philippines to spread holiday cheer through our dazzling Christmas light shows at select McDonald’s stores. This marks the second year of our collaboration with Coca-Cola. Our brands share a commitment to bringing Filipino families and friends together over great food and beverages,” said Oliver Rabatan, Vice President and Chief Marketing Officer of McDonald’s Philippines. “We invite everyone to gather their families and friends, enjoy their McDonald’s favorites, and savor the refreshing taste of Coca-Cola. Together, let’s fill this season with happiness, laughter, and moments of real magic,” said Pablo Medina Noriega, Franchise Operations Director of Coca‑Cola Philippines. Be sure to visit any of the three McDonald’s branches to experience the magic nightly from 6

pm to 12 midnight. McDonald’s McKinley, Taguig: No snow? No worries! The Icy Wonderland comes to life with the McDonald’s McKinley store’s facade and Drive-Thru lit up in a grand display of lights. Don’t miss out on their bright and vibrant floor-to-ceiling decorations! McDonald’s Southwoods, Laguna: Take a trip down memory lane and be surrounded with all things classic as McDonald’s brings a unique Paskong Pinoy down south. McDonald’s Capital Town, Pampanga: Happiness is the place to be as McDonald’s creates Happyland within this store’s Drive-Thru, sure to bring smiles to all who drive by! The meaningful experiences, new festive flavors and fun-filled experiences with friends and family showcase that truly, there is so much more to love at McDonald’s this Christmas. For further updates and details, be sure to follow McDonald’s on Facebook and Instagram.

MR.DIY Christmas “Budol” Village Unwraps at Ayala Malls One Ayala

N the heart of the holiday season, MR.DIY invites you to the Christmas Budol Village at Ayala Malls One Ayala Activity Center until today, December 20, 2023. This festive event promises an exclusive opportunity to enjoy last-minute gift shopping at Always Low Prices and a chance to win delightful prizes at our game booths.

Gift Shopping at Always Low Prices

DON’T let the hustle and bustle of the season stress you out. Join us at the MR.DIY Christmas “Budol” Village for a unique shopping experience where affordability meets quality. Discover a treasure trove of gifts for everyone on your Christmas list, all available at Always Low Prices. Hurry, as the village doors swing open only until today, an event you wouldn’t want to miss!

Budol Village Activities

CONVENIENT Gift Shopping: Simplify your last-minute Christmas shopping with a diverse range of affordable and practical gifts, from Stationeries, Car Accessories, Furnishings, Household items, Pet Accessories, and Toys. Christmas Moments Captured: Immerse yourself in the holiday spirit with our free Christmas-themed backgrounds. Capture and share your best Christmas memories with loved ones. Game Booth surPRIZES: Elevate your shopping experience by trying your luck at our game booths—the

claw machine and falling sticks. Win extra prizes with every purchase, adding an extra layer of excitement to your holiday shopping Explore even more “budol” discoveries at the MR.DIY store on level 4. Uncover a collection of quality products that cater to your everyday needs, ensuring you leave with not just what you want, but at prices that delight.

MR.DIY Ayala Malls One Ayala Grand Opening Promotions

GWP (Gift with Purchase): Receive a free Rainbow Umbrella or Water Tumbler with a minimum spend of P500. Lucky Shoppers Promo: Unwrap a mystery gift when you spend at least P1000, adding an element of surprise and joy to your festive shopping spree. In the spirit of giving, MR.DIY invites you to embrace the warmth of the holiday season at Ayala Malls One Ayala. Join us for a celebration of affordable shopping, exciting games, and a festive atmosphere that captures the true essence of Christmas. To know more “budol” discoveries, head to MR.DIY’s official website at www.mrdiy.com/ph or follow / mrdiyPH on Facebook, and @mrdiy.philippines on Instagram and TikTok. You can also check out MR.DIY’s stores nationwide here: https://www.mrdiy.com/ph/ storelocator.

BusinessMirror

Editor: Tet Andolong

Wednesday, December 20, 2023 B7

Hotel industry, tourism on a rebound

By Rizal Raoul S. Reyes

ourism has staged a comeback as lots of Filipinos are on a revenge travel mode to make up for the lost time in the past three years which was sidelined by the pandemic. Major property management firms JLL Philippines and Colliers Philippines painted a rosy picture as the hotel industry is experiencing a rebound as manifested by the influx of tourists. “Post-pandemic recovery of hotels in Metro Manila is accelerating, with 4 million tourist arrivals in the first nine months of 2023. This is nearly double the 2.65 million tourist arrivals from February to December 2022, and near the Department of Tourism [DOT] year-end target of 4.8 million. Tourism Secretary Christina Frasco stated that these arrivals have already contributed P316 billion [$5.7 billion] to the economy,” said JLL Philippines in its third quarter report posted on its website. “The reinvigorated hotel sector remains as one of the most vibrant property segments in the country. Foreign arrivals are likely to breach the Department of Tourism’s target for 2023 while the domestic market continues to lift occupancies and daily rates. The return of business travelers and inperson corporate events have also been propping up the demand for meetings, incentives, conferences, and exhibitions [MICE] facilities,” said Colliers Philippines research director Joey Roi Bondoc. During a lean season, JLL Phil-

ippines observed that Q3 2023 hotel occupancy levels saw a slight decline of -6 bps quarter-on-quarter to 70.3 percent, while room prices had incrementally increased. On the supply side, hotel stock is expected to rapidly expand with an additional 6,400 rooms by 2026, which are mostly located in Quezon City and Pasay City. Although prices remain below pre-pandemic levels and supply expansion is in motion, JLL Philippines pointed out that government initiatives and good economic performance in cities that have a significant share of future supply may boost occupancy levels and demand. As the economy opened up simultaneously with the lifting of restrictions on public activities, occupancy rate for economy, midscale, and luxury hotels posted consistent growth above 60 percent since Q4 2021. In total, these segments take up 64.8 percent of future stock. “The outlook on the hospitality sector’s recovery remains optimistic as hotels slowly regain momentum with promotions, government initiatives, and increased tourist arrivals,” JLL Philippines said. Bondoc also expressed optimism stressing that the enhanced leisure sector will continue to ex-

ACM Xmas bazaar opens better alternative to crowded malls, escape from holiday traffic

An intricate gingerbread rendition of the hotel welcomes guests at the lobby of Seda Residences

EDSA Shangri-La hotel lobby

pand given the record-high supply of new keys in 2023. To accommodate the future growth, he urged the stakeholders to seize opportunities by (1) building more MICE facilities to maximize the return of in-person events; (2) developing more homegrown hotel brands or acquiring foreign ones; and (3) aligning programs and offerings with the Tourism department’s refreshed strategy.

Spreading goodwill As the hospitality sector benefits from the tourism rebound, Seda Residences Makati is sharing their blessings by spreading goodwill and the love especially to the underprivileged. The hotel recently celebrated its Annual

The Don Bosco Children’s Choir signals the lighting of the Christmas Tree with a rendition of Kumukutikutitap

Christmas Tree Lighting Ceremony, signifying the beginning of the festive season. The management said the event

P5-Billion partnership of Sta. Lucia Land Inc. with China Banking Corp.

Key executive members and officers from both Sta. Lucia Land Inc. and Chinabank Corporation attended the formal signing ceremony held last November 28, 2023.

FACADE of the newly-renovated Alabang Central Market

By Roderick L. Abad

TUCK on heavy traffic on your way to crowded malls to do your last-minute holiday shopping spree? Fret no more as the City of Muntinlupa adds more reasons for shoppers to still rejoice with the opening of a Christmas bazaar at the upgraded Alabang Central Market (ACM). No less than Mayor Ruffy Biazon presided over the recent reopening of the newly renovated Building B of the ACM in time for the Yuletide season. Expecting that major retail establishments in the metro are usually jampacked this time of the year by shoppers who buy gifts for themselves and loved ones, the city government offers an alternative goto-place not only to skip bottlenecks, but also to purchase items at affordable prices. The new building features 357 stalls for general merchandise, salon services, and dry goods. Building A, which was reopened earlier, is the wet section of the market. Considered by many as among the best market destinations in the South, the renovated ACM now has more improved service facilities such as individual power supply, air

handling system, fire protection system, fire detection and alarm system, and rainwater collection system. The local chief executive invited shoppers to enjoy the bazaar at the refurbished market, which signals a new era and a more modern approach to developing retail properties with a mission to elevate and make it at par with global standards. Data from the city government showed that the average foot traffic at the the ACM is at 140,000 monthly in 2022. This translates to a yearly collection of P21 million in revenue. Mayor Biazon earlier said that he expects this public market to account for over 300 percent growth in their collected revenue once it becomes fully operational. To realize this, he bared that they have tapped the services of a business planner to help the market management be more effective and to create a more profitable business and marketing strategy. In turn, the mayor sees the city will directly benefit from the market as a feasible social and economic enterprise. Now ongoing, the ACM Christmas Bazaar will run until January 1, 2024. It is open from 4 p.m. to 10 p.m.

holds a special significance as Seda Residences Makati once again collaborated with Seda Hotels’ charity partner Smile Train, an organi-

zation dedicated to providing cleft repair surgery and comprehensive cleft care to children in need. The lighting of the Christmas tree not only symbolizes the start of the Christmas season but also kickstarted the hotel’s charity campaign for Smile Train. Guests and attendees are invited to contribute to this noble cause and make a difference in the lives of children around the world. Adding to the hotel’s festive decorations is the newly unveiled Gingerbread Tower, meticulously crafted in the likeness of Seda Residences Makati—complete with a whimsical fondant display of restaurants and shops at the mall below the hotel. The yuletide masterpiece features intricate sugar and chocolate creations showcasing the dedication to craftsmanship and detail that Seda Residences Makati is known for. During the same event, Seda Hotel Makati also honored its valued partners during the Annual Client Appreciation Night for their important contribution in its success throughout the year. Moreover, the event also honored top corporate accounts and online travel agency partners. Long-time clientele from embassies and multinational groups, representatives of other Ayala Corp., subsidiaries, and special guests from local government agencies and the Department of Tourism were also present. Moreover, the month-long celebration of the Christmas holidays at Seda Residences Makati include exciting offers for both rooms and dining outlets: Holiday Countdown Buffets; A gingerbread-making contest for kids; Christmas and New Year’s Eve room packages.

ta. Lucia Land Inc. (PSE: SLI) has beefed up its finances by entering into a P5-billion 5-year loan with China Banking Corp. (PSE: CHIB). A signing ceremony was held last 28 November 2023 at the Chinabank head office in Makati City. T he proceed s of t he ter m loan agreement will be used to partially fund SLI’s nationwide expansion plans and refinance borrowings. Present during the signing ceremony where the top executive leaders of both organizations namely: From China Banking Corp. Led by its President and CEO-Mr. Romeo Uyan Jr., EVP and Head of Institutional Banking–Ms. Lilian Yu, EVP & CFO–Mr. Patrick Cheng, Chinabank Capital President–Mr. Ryan Tapia, FVP–Mr. Manolet Moreno and SAVP Mr. Marco Panajon. From Sta. Lucia Land Inc: Led by its President–Mr. Exequiel Robles, Chairman–Vicente Santos, EVP/ CFO/CRO–Mr. David Dela Cruz, Treasurer/Director–Ms. Marissa Tan, Director–Mr. Orestes Santos, Director and President of PRCI–

Mr. Simeon Cua, independent Director–Mr. Danilo Antonio, VP Finance–Mr. Davies Santos, VP Branding & Advertising –Ms. Michelle Robles-De Castro, VP Commercial Business–Ms. Rose Mantolino, VP Asset Management/ Collections/Documentation–Mr. Mardon Santos, VP Controller & Data Protection Officer–Ms. Hanani Palmon, Chief Legal Officer–Atty. Jerry Dela Cruz, Asst. Corporate Secretary–Atty. Crystal Prado and Chief Compliance Officer & VP Investor Relations and Corporate Planning–Mr. Jeremiah Pampolina. Legal Counsels: MVGS Law Founding Partner–Atty. Manuel Gonzalez, Partner–Atty. Janice Ong and Senior Associate Atty Genevieve Manalac. This partnership started over 8 years ago with SLI’s maiden bond offering which raised P4-billion for the refinancing of secured loans, land banking, and capex. China Banking Corp. was the issue manager and lead underwriter of the offering. China Banking Corporation (Chinabank) is a leading pri-

SLI President Mr. Exequiel Robles and CBC President and CEO Mr. Romeo D. Uyan Jr. shook hands to signify the established partnership.

vate universal bank in the Philippines with over 100 years of banking experience and history. Chinabank provides a full range of banking products and services to individuals and businesses and also serves the retail banking, investment banking, and insurance needs of our diverse customers through our subsidiaries China Bank Savings, Chinabank Capital, Chinabank Securities, Resurgent Capital, Chinabank Insurance Brokers, and af f iliate Manulife China Bank Life Assurance. Chinabank’s head office is located in Makati City, Philippines. As of December 31, 2022, its nationwide footprint spanned 640 branches, complemented by selfservice and digital banking channels available 24/7—1,044 ATMs, Cash Accept Machine, Chinabank TellerPhone, Chinabank Online, a nd C h i n aba n k Mobi le A pp. Chinabank is listed on the Philippine Stock Exchange under the ticker symbol “CHIB.” Chinabank is a member of the SM Group, one of the largest conglomerates in the Philippines. Sta. Lucia Land Inc. (SLI) which

is part of the Sta. Lucia Group and considered one of the Philippines’ biggest real estate companies with over 11,000 hectares of land developed in more than 300 projects launched and a footprint across over 70 cities and municipalities in 20 provinces throughout the country. Since its inception more than 50 years ago by members of the Robles-Santos Family, the organization focused on building planned residential subdivisions communities that cater to the emerging middle class. SLI successfully diversified into vertical residential developments and currently expanding its business to this project category. The Sta. Lucia Group is also a leading developer of golf courses in the Philippines, having developed the largest number of golf courses in the country, developed the 10.5-hectare Sta. Lucia East Grand Mall in Cainta, Rizal, built its first 6-story office building called the Sta. Lucia Business Center in Pasig City and started construction on the soon to open Sta. Lucia Mall in Davao right across the Davao International Airport.

OS ANGELES—Jalen Brunson scored 11 of his 29 points in the fourth quarter and the New York Knicks overcame LeBron James’s 109th career triple-double for a 114-109 victory over the Los Angeles Lakers on Monday night. Julius Randle had 27 points and 14 rebounds and Immanuel Quickley scored 20 points while the Knicks hung tough in the final minutes and fended off a rally led by James to earn their second road win over the Lakers in 2023. New York went 2-2 on the Western portion of its five-game road trip. “We took a step forward tonight, and we’re going to try to keep moving forward,” Brunson said. “We’re learning how to bounce back, but we’ve got to continue to stack wins. You can’t be comfortable after just one. Keep stacking them, keep being resilient and just stick together.” James had 25 points, 11 assists and 11 rebounds for the Lakers, who have lost three of four since winning the inaugural In-Season Tournament. Anthony Davis had 32 points and 14 rebounds, but Los Angeles couldn’t capitalize on numerous chances down the stretch to close the gap. James scored back-to-back baskets to cut the Knicks’ lead to 10399 with 3:38 left, but Randle rattled home a desperate three-pointer to beat the shot clock moments later. James missed a three-pointer with 40 seconds to play that would have trimmed New York’s lead to two points, and Randle cherry-picked a dunk on the other end. “I feel like our energy was up and down throughout the course of the game,” said James, who has two triple-doubles this season as the only player to get one in his 21st National Basketball Association (NBA) season. “We’ve been feeling it, definitely. Even through that, we still competed and gave ourselves a chance, but it’s a tough one for us.” Los Angeles’s superstar duo was let down by its supporting cast again as the other Lakers combined for 33.3 percent shooting. “It’s very rare we get outscored in the paint, and [the Knicks) were very deliberate in trying to play downhill, get to the paint, but just constantly coming at you,” Lakers coach Darvin Ham said. “I felt like they caught us standing a little bit.” Randle scored 16 points in the first half against his former team, while Brunson contributed three 3-pointers in a strong all-around game as New York rebounded from a loss to the Clippers two nights earlier. The Knicks are already playing without injured center Mitchell Robinson, and big man Jericho Sims then sprained his ankle early on against the Lakers. Isaiah Hartenstein stepped up with nine points and 17 rebounds while playing nearly 39 minutes. “We knew we would be challenged in this way to be mentally tough, to get through adversity,” New York coach Tom Thibodeau said. “There’s going to be some bumps. We took on a big injury, and I think the guys that are stepping in have been terrific. You need everybody, and we’ve got different guys, someone different almost every night.” Austin Reaves scored 20 points for the Lakers, who couldn’t win despite getting Davis, D’Angelo Russell and Cam Reddish back from injury after they all missed an embarrassing loss to San Antonio three nights earlier. “It’s tough, [because] for the whole month of December, we’ve basically been on the road,” Davis said. “There’s nothing we can really do about it. It’s the schedule. We’ve just got to take care of our bodies and get some guys back, hopefully in the next couple of games. But it’s definitely a mental challenge.” Before their first home game since December 5, the Lakers unveiled a banner celebrating their unbeaten run through the In-Season Tournament, culminating in their victory over Indiana in Las Vegas nine days ago. With their fans providing polite cheers, the Lakers unveiled the modest black banner—which has room to add future championship years—next to the five Minneapolis Lakers championship banners. They’re all hung in a less-prominent spot on their downtown arena’s north wall, which is dominated by Los Angeles’ 12 gold title banners. AP

Brunson, Lakers overcome James’s 109th triple-double

Sports

ARVIN NAEEM TAGUINOTA II adds the 50 and 100 meters backstroke gold medals for boys’ aged 12-and-under to the 8-12 100 meters individual medley title.

BusinessMirror

B8 | W

ednesday, December 20, 2023 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

Swimmer from Pasig City bags 3 gold medals By Josef Ramos

JALEN BRUNSON (left) and the Knicks fend off a Lakers rally led by LeBron James. AP

RVIN NAEEM TAGUINOTA II made Pasig City proud by winning three gold medals in the swimming competitions of the Batang Pinoy where action rose to fever pitch simultaneously with the Philippine National Games on Tuesday. Taguinota, 12, added the boys 12-and-under 50 meters (31.15 seconds) and 100m backstroke (1:05.63) gold medals to the 8-12 100m individual medley title he won the other day at the Rizal Memorial Sports Complex pool. It was no surprise for Taguinota to shine—he was named Best Swimmer among a thousand participants at

the recent Emirates International Swimming Championships in Dubai where he won six gold medals in backstroke, individual medley and freestyle. Another swimmer from Puerto Princesa City and two weightlifters from Cebu alsl dominated their respective events in the competitions organized by the Philippine Sports Commission. Quendy Fernandez ruled the PNG’s 18-and-over 50-meter butterfly and 100-meter backstroke at the PhilSports pool in Pasig City to validate her Most Valuable Player and Rookie of the Year awards in the recent University Athletic Association of the Philippines Season 86. Fernandez clocked 29.34 seconds to send Mandaluyong City’s Jinzy Azze Dassion to the silver medal with a time of 29.93 seconds. Atasha dela Torre of Ormoc City got the bronze with 30.07 seconds.

Kareem: A once world-class athlete just...stumbled

OS ANGELES—Kareem AbdulJabbar is recovering from surgery for a broken hip after he fell at a concert in Los Angeles. The basketball Hall of Famer had surgery Sunday “with no complications,” his business partner and spokeswoman, Deborah Morales, told The Associated Press on Monday. “He will be in recovery for the next three months,” she wrote via text. Abdul-Jabbar was attending the Manhattan Transfer’s concert at Disney Concert Hall in downtown Los Angeles on Friday night when he was injured. Paramedics at the venue

responded and took 76-year-old by ambulance to Ronald Reagan UCLA Medical Center. “I’d like to say I fell while trying to save a child from plunging over the balcony, but I just tripped,” he posted Monday on his Substack account. “Hard for me to accept that a once world-class athlete just stumbled. But age is the great equalizer and humbles us all.” Abdul-Jabbar wrote that he had hip replacement surgery “like 450,000 other Americans every year.” He had been scheduled to read a letter from Vice President Kamala Harris to the venerable vocal group

before his fall. The Manhattan Transfer was celebrating its 50th anniversary before performing for the last time. Abdul-Jabbar is a longtime fan of the group that blends R&B, jazz, blues and pop, and is best-known for its 1981 hit “The Boy From New York City.” “I’m sorry I was not able to join you onstage to read the letter and tell the audience how much your music has meant to me,” he wrote. “On the plus side, my fall hit all the newspapers so I made your final show even more memorable. Come for the music, stay for the klutzy fall.” AP

San Miguel Beermen’s Ross ups game’s ante

S injuries riddled San Miguel Beer, 38-year-old Chris Ross found a way to up his game’s ante and lead the Beermen back in strong contention for a top four finish in the Philippine Basketball Association (PBA) Commissioner’s Cup elimination phase. The veteran guard has been huge for the franchise from December 13 to 17 when the Beermen gunned down two legitimate title contenders in reigning champion Barangay Ginebra and TNT one after the other. Ross exploded for 22 points

in a 95-82 rout of the Kings, and then steadied the ship in a 98-93 come-from-behind win over the Tropang Giga. In the two games combined, the two-time Defensive Player of the Year averaged 13.5 points, 5.0 rebounds, 4.5 assists, and 1.5 steals in an all-around game that allowed San Miguel to climb back in the standings and improve at 5-3 for a tie with Northport for fourth to fifth places, and give the team a shot of clinching a twice-to-beat edge in the quarterfinals. Ross’s leadership and take-

charge attitude in leading San Miguel to back-to-back victories made him the unanimous choice as the PBA Press Corps-Pilipinas Live Player of the Week. Crowding out Ross for the weekly honor handed out by the men and women who cover the PBA beat, are San Miguel teammates CJ Perez and Jericho Cruz, the Meralco trio of Allein Maliksi, Chris Newsome, and Chris Banchero, and Rain or Shine’s Andre Caracut and rookie Keith Datu. But Ross truly stood out for the Beermen in the week that was.

Esteban: Another one that got away

FIRST was Wesley So. The chess prodigy was forced to migrate to the United States—and eventually switch from Filipino to American citizenship. Reason? He wasn’t given enough support by his federation. Turned down like a beggar, and shabbily treated while pleading for funding, Wesley left home with a heavy heart. The Cavite-born Wesley was taken care of by Filipinos in America, among them the former Philippine actress, Lotis Key. The genius that he is on the 64-square board, Wesley

would quickly take root on foreign soil. In no time would Wesley climb up the world rankings, reaching No. 2 and never straying out of the Top 10 since. And now comes Maxine Esteban, the latest to switch citizenship for basically the same reason as Wesley’s. The eight-time national fencing champion gave up her Filipino citizenship in favor of Ivory Coast in West Africa. And she deeply regretted it. “I hope I will be the last,” said the highest-ranked Philippine-born fencer (39th) in the world. “It hurt me a lot. I felt abused.” Esteban got injured competing for the country in the World Championships in Egypt in July 2022. She needed six months to recover. She requested in writing—and was granted, also in writing—the Philippine Fencing Association to excuse her from training.

But to her surprise, her fellow fencers told her she was removed from the national pool. She appealed—in vain. “I did not turn my back on my country,” Esteban said. “I turned my back on my federation because it turned it’s back on me first.” She said she chose Ivory Coast over others wishing to recruit her because of her family’s long-standing ties to the country. She said she had also donated fencing equipment to Ivory Coast when she was younger. Just last Sunday, Esteban won for Ivory Coast the International Handel Cup European U23 Circuit Championship in Halle, Germany. To do it, Esteban had to hurdle Germany’s Luca Sarah Holland-Cunz, 15-13, in a thrilling foil finale, completing her Cinderella finish by defeating foes ranked higher than her. A huge highlight in her victory was her 14-13 squeaker over top seed Carlotta Sophi Morandi, a prelude to her 15-8

“This is my first PNG so I am extremely happy because I never thought to win. But hopefully, I can add more,” said Fernandez, who’s swimming out of Universty of the Philippines. The 18-year-old Fernandez dominated the 100-meter backstroke in 1:07.66, almost five seconds faster than Pasig City’s Shane Francine Lugay (1:11.66). Her elder sister and teammate Cindy took the bronze in 1:11.76. She dedicated her accomplishment to her late Palawan Swimming Club coach Toyskie Dalisay, who passed away last year. She aims to add the 50 and 200 meters backstroke and 4x50-meter freestyle relay golds in the next two days. Over at the Rizal Memorial Sports Complex, Alex Daniel Buanghug and Althea Bacaro bagged gold medals in Batang Pinoy weightlifting competition. Buanghug, 12, competed inspired after witnessing his idol, Olympic gold medalist Hidilyn Diaz-Naranjo, coaching kids from Rizal. He lifted 45 kgs in snatch and 56 kgs in clean and jerk for a total of 101 kgs to top the boys’ 12-and-under class. Davao City’s Emmanuel Victor Arce (45-55-100) clinched silver and City of Tagbilaran’ s John Vincent Ong took bronze (35-40-75). Bacaro, meanwhile, lifted 44 kgs in snatch and 60 kgs in clean and jerk for a total of 104 kgs in clinching the girls’ 12-and-under gold. Jixelle Gonzalez of Zamboanga City (43-51-94) bagged the silver and Amor Gantalao earned the bronze (40-52-92). “We’re overwhelmed and very happy to see Ate Hidilyn here,” Buanghug said. He was 6-of-9 from three-point range against Ginebra and sank a couple of timely treys in the endgame that took the fight out of the Kings. Ross only had five points against the Tropang Giga, but hit a crucial three-pointer in the final 2:43 mark that sparked a strong finishing kick by the Beermen and complete the reversal. In all, the San Miguel playmaker averaged 67 percent shooting from the field, including a high 58 percent from beyond the arc (7-of-12) coming from a man who has made a living of playing defense in the PBA. CHRIS ROSS is the week’s best player.

rout of Larissa Evers in the semifinals to arrange the title showdown with Holland-Cunz. “Thank you to my teammates for cheering me on, my coach [Italian Andrea Magro] for believing in me and to the Cote d’Ivoire federation for supporting me all the way,” said Esteban, the former star fencer of Ateneo. Philippines’ loss is Ivory Coast’s gain. We never learn. THAT’S IT It took only five years for San Beda to bring back the National Collegiate Athletic Association seniors basketball crown to Mendiola, scoring a title-clinching 76-66 win over Mapua in Game 3 of their best-of-three title series on Sunday before a record 23,077 boisterous fans at the Smart Araneta Coliseum. And while the come-from-behind Red Lions (they lost Game 1) made themselves the winningest NCAA champions in college basketball with their 23rd title, the Mapua Cardinals were in brutal agony once more as their title drought was stretched to 33 years. Making it extra painful for Mapua was the fact that it blew a 15-point margin in Game 2, a golden opportunity lost amid San Beda’s never-say-die attitude.