BusinessMirror December 27, 2023 by BusinessMirror

PBBM issues EO extending lower food tariffs By Patrick V. Miguel

WORLD | A7

UKRAINE SAYS IT SHOT DOWN RUSSIAN FIGHTER JETS, DRONES AS COUNTRY OFFICIALLY MARKS CHRISTMAS

R ESIDEN T Ferd ina nd “Bongbong” Marcos Jr. has extended on Tuesday the temporary modification of rates of import duty on rice, corn, and meat products until December 31 next year. In Executive Order No. 50, Marcos cited the impact of El Niño on the price of goods, alongside effects of

the African Swine Fever and trade restriction in exporting countries. He also cited the “present economic condition” that called for the reduction of tariff rates on rice, corn, and meat of swine (fresh, chilled, or frozen). The continued application of the reduced tariff rates on goods will “maintain affordable prices for the purpose of ensuring food security, managing inflationary

pressures, help augment the supply of basic agricultural commodities in the country, and diversify the country’s market sources,” said Marcos. Under Section 1608 of the Republic Act No. 10863, or the Customs Modernization and Tariff Act, the President can modify existing rates of import duty “in the interest of general welfare and national security,” with the

recommendation of the National Economic and Development Authority (Neda). The Neda Board has endorsed the temporary extension of the reduced Most Favored Nation (MFN) rates earlier this December under EO No. 10 on rice, corn and meat of swine until December 31, 2024. E xec ut ive Secret a r y Luc a s B ers a m i n sig ned t he EO on December 22.

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n Wednesday, December 27, 2023 Vol. 19 No. 75

‘HIGHEST EVER’:BOI OKS P1.16T IN INVESTMENTS

P25.00 nationwide | 2 sections 18 pages | 7 DAYS A WEEK

By Andrea E. San Juan

Generation cost pulls up Meralco tariff above CPI

@andreasanjuan

HE Board of Investments (BOI) said it approved P1.16 trillion worth of investments as of December 18, 2023, the “highest ever” level in the agency’s 56-year history. Trade and Industry Secretary Alfredo E. Pascual, who also chairs the investment promotion agency attached to the Department of Trade and Industry (DTI), had earlier revised BOI’s investment approvals target for 2023 from P1 trillion to P1.5 trillion following the “strong”investment approvals in January 2023. In a statement sent to reporters through Viber over the weekend, BOI Managing Head and Trade Undersecretary Ceferino S. Rodolfo reported, however, that there are three more projects worth about P350 billion “that are currently being assessed.” “If they are able to comply with both the substantive and transparency requirements, they may be able to make it to the BOI Board and Mancom deliberations on December 28th—our last for the year,” Rodolfo said.

By Lorenz S. Marasigan @lorenzmarasigan

COVID JITTERS Pedestrians took precautions by wearing face masks at

the Edsa-Kamias area in Quezon City on Tuesday, December 26, 2023. Dr. Tony Leachon, a health expert, has called on the government to enforce mandatory face mask usage in the next two weeks amid the rising Covid-19 cases. However, in A2 story, “DOH allays fears of Covid-19 spread as 18 JN.1 cases listed.” NONOY LACZA

PHL EYES COMPLEMENTING CHINA’S PRODUCTION FACILITIES

“With this remarkable milestone, we are all the more optimistic about opportunities that lie ahead in 2024, with the BOI poised to further catalyze smart- and sustainabilitydriven investments in the country.” -DTI SEC. ALFREDO E. PASCUAL

According to the BOI, the P1.16 trillion worth of investment approvals recorded in the Januaryto-December 18, 2023 period comes from 303 projects which are expected to generate 47,195 jobs in the country. As to the source of foreign investments, BOI noted that Germany emerged as the leading origin of investments, contributing P393.28 billion; followed by Netherlands with P333.61 billion; Singapore, P17.38 billion and the United States, with P3.38 billion. In terms of recipient of investments, Western Visayas gets to have the largest share of the pie with P316.89 billion; followed by Calabarzon at P211.89 billion. The Bicol region secured P162.92 See “BOI,” A2

UJIAN, China—The Philippines, with its access to much of the world as a result of trade agreements and stable ties with leading Western economies, aspires to complement economic powerhouse China’s production facilities, according to an official of the Department of Trade and Industry (DTI). “Our aspiration also is to complement Chinese production facilities. Because the Philippines has access to the rest of the world because of [Regional Comprehensive Economic Partnership] RCEP, because of our economic partnership agreements, because of our stable relationships with the US, with EU,” Froilan Emil D. Pamintuan, DTI Commercial Vice Consul in Guangzhou, China, told the BusinessMirror during a recent trip to Fujian by a Philippine Economic and Trade Delegation.

“If you’re a Chinese company and you don’t want to place all eggs in one basket, you’d like to explore other areas where you can get comparative advantages when it comes to production and then when you export it will still be feasible,” Pamintuan also pointed out. The DTI representative in Guangzhou, China emphasized that the Philippines will always be a “feasible” option for China because of the proximity of China to the Philippines. Apart from locational advantage, Pamintuan cited other inherent advantages of the Philippines such as having a “relatively young” population and the Filipinos’ capability to communicate in English so that the country can cater to international markets. W it h t hese adv a nt a ges, Pamintuan underscored the importance of encouraging Chinese locators “to consider

the Philippines as a complementary site for their strategic businesses.” The Trade official said this does not mean that the Philippines should only place its bet on China, but stressed the importance of building strong bilateral trade relations with the economic powerhouse. “It doesn’t mean that we should only concentrate on China. With all countries we should foster strong economic relations especially [with] the big economies that can complement our development,” said Pamintuan. He emphasized that it is “very logical” for the Philippines to engage with China because it’s one of the top economies in the global arena. “It’s number 2 right now. In the future, it may be number one.” He pointed out that China is the Philippines’s top trading partner, top source of imports

and the third export destination. “As it is, we can’t really dissociate ourselves from China because raw materials-wise, market-wise, technology-wise, China will always be a factor when it comes to business.” In 2024, according to Pamintuan, the Philippine government will continue to promote “aggressively” Renewable Energ y, Infrastructure and Construction, Agriculture and Smart and Sustainable Manufacturing sectors to Chinese investors. “So every time we do investment forums or seminars, these are areas that we want Chinese investments or their resources to go into the Philippines, mainly because we need those types of activities,” Pamintuan said. Aligned with Trade and Industry Secretary Alfredo E. Pascual’s thrust for Science, See “China,” A2

HE cost of power in the National Capital Region (NCR) for the lowest 30 percent income segment rose faster over the past five years versus the overall rate of inflation, increasing by 6.4 percent since 2018, according to the International Energy Consultants (IEC). Based on the study that Manila Electric Co. (Meralco) sent to the media, the company’s prices grew by 6.4 percent from 2018 to 2022, ranking second next to transport at 8.2 percent. Petrol came in third at a fiveyear increase of 6.3 percent, followed by food at 5.2 percent. The average consumer price index (CPI) for NCR was at 4.1 percent. “Inflation has hit the lowest income households hardest, over the past 5 years. Average CPI is up 3.1 percent p.a. for all households in the NCR but has risen at 4.1 percent p.a. for the lowest 30 percent income segment. Meralco’s tariffs have increased significantly faster than the overall rate of inflation entirely because of the increase in generation costs,” the IEC study said. Generation cost represents 71.4 percent of Meralco’s regulated retail tariff. IEC found that between 2018 and 2022, Meralco’s generation costs increased by 46 percent, with crude oil up by 32 percent and coal surging by 270 percent. When compared with other countries, Meralco’s average tariff ranked 21st out of 46 energy markets. It was 3 percent below the global average. The study added that if subsidized markets were excluded, the power distributor’s tariff would even be 13 percent lower than the world average. IEC also noted that electricity tariffs of the Philippines’s neighbor countries, particularly Thailand, Indonesia, Malaysia, Korea, Taiwan and Vietnam, are more than 50 percent subsidized. On the average, Meralco’s tariff rose by 24 percent over the past five years, on a par with the global See “Meralco,” A2

PESO EXCHANGE RATES n US 55.6860 n JAPAN 0.3919 n UK 70.6767 n HK 7.1317 n CHINA 7.7980 n SINGAPORE 41.9923 n AUSTRALIA 37.8720 n EU 61.3214 n KOREA 0.0430 n SAUDI ARABIA 14.8452 Source:

BSP (22 December 2023)

Wednesday, December 27, 2023

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7 Pinoy tourists, Taiwanese driver hurt in freak ravine fall T

DOH allays fears of Covid-19 spread as 18 JN.1 cases listed

By Malou Talosig-Bartolome

on excursion to Hehuan Mountain in Nantou County, Ren’ai Township, for the breathtaking mountain views. On their return around 4pm, the vehicle lost control and crossed into the opposite lane of Provincial High 14A. It hit a guardrail and fell into a

30-meter cliff. Police, firefighters and rescue workers rushed to the scene. Five passengers—three Filipino women and two Filipino men—were initially rescued and brought to the Taichung Veterans General Hospital Puli Branch for treatment. All were conscious and one was seriously injured. However, the car was severely twisted and deformed and trapped t hree passengers. It took more than four hours for the rescuers to extract the three passengers. In its report, PTS Taiwan said the trapped Filipino passengers and the Taiwanese driver sustained “serious injuries although not life-threatening.” “The three people were relatively serious. One was trapped in the driver’s seat, one had his arm

crushed by the car, and one was trapped in the car,” Cai Peixuan, deputy captain of the Second Brigade of the Nantou County Fire Department, told Taiwanese TV. Filipino tourists reportedly told the medical staff that their car was traveling very fast before the accident and they suspect that the brakes had failed. Central Taiwan was also experiencing a cold spell, dropping to 7.5 C, causing icy conditions on the road. Taiwanese police said they are waiting for the driver, a 33-year old Taiwanese female, to stabilize to clarify the cause of the accident. The Manila Economic and Cultural Office has yet to confirm this report and the condition of the Filipinos when sought for comment by the BusinessMirror.

outsiders to bring those technologies into the Philippines.” Meanwhile, Pamintuan listed the promising sectors of the Philippines in terms of its trade relations with China. He said the Philippines can still tap its potential on the areas of consumer and resource-based products with respect to trade with China.

He cited an example: durian. China is importing $13 billion worth of durian, which he said is “more than what they’re importing when it comes to bananas,” the top agricultural commodity that the Philippines exports to China. “If they will give the pie for durian, that means we have a bigger opportunity to partake of that $13

billion,” Pamintuan added. The Philippines started exporting durian to China in April 2023, three months after President Ferdinand R. Marcos Jr. signed an agreement for protocol with Beijing during his state visit in China last January. Pamint uan sa id t hen t hat when durian entered the China market, it gained a lot of potential buyers. (Full story here: https://businessmirror. com.ph /2023/09/21/supplywoes-prevent-phl-from-hikingfruit-exports-to-china/) Right now, he noted, only six fruit products from the Philippines are given access: banana, pineapple, mango, avocado, durian and coconut. Meanwhile,, Pamintuan revealed that the Philippines also hopes to offer processed food products to China, but added that the Philippines may not have enough capacity at the moment. The Trade representative in Guangzhou, China thinks the Philippines should encourage more participation from exporters in international trade shows to promote local products. “I think by 2024, the direction should be for us to be a little more serious when it comes to our participation in these trade events that would promote Philippine products within the Chinese market because it’s a really big market…1.1 billion people. If you can get just 1 percent of that, that’s already huge,” Pamintuan said, partly in Filipino. Apart from consumer products, the Trade official unveiled the resource-based products which the Philippines can leverage on exporting to China. “Our top exports to China are nickel products, electronics parts, electronic components, electronic data. Maybe the fruits number 6 or 7. When it comes to opportunities, let’s not forget that it’s not only consumer products that we have opportunities to export to China. There are also resource-based products.” Although with nickel, he pointed out there has been a policy pivot and Manila wishes to export not just the nickel ore. Andrea E. San Juan

EVEN Filipino tourists and a Taiwanese driver were hurt in a freak Christmas Eve accident after their vehicle lost control and fell into a deep ravine in Hehuan Mountain in central Taiwan. PTS Taiwan, an independent public ser vice broadcaster, repor ted t h at a l l t he Fi l ipi no passengers and the Taiwanese driver have been rescued, four of whom suf fered “relatively serious” injuries. T he Filipino tourists went

China. . . Continued from A1

Technology and Innovation (STI), Pamintuan said, “If we’re going to be more strategic and considering that we don’t really have a lot of resources to say that we have all the technological capabilities, STIrelated activities, we would need

HE Department of Health (DOH) allayed fears on the JN.1 Covid variant after 18 JN.1 cases were detected in the country by genomic sequencing. The earliest sample collected was from November 16; the most recent was on December 3. “There has been no significant increase in the number or severity of cases overall. Furthermore, all the JN.1 cases have recovered,” the DOH said. “New variants and strains of viruses like SARS-CoV-2 are always there—but only a few become ‘of concern.’ JN.1 is not one of those. It is another Omicron subvariant with no evidence of increased severity or unusual clinical presentation,” the DOH explained in a statement over the weekend.

BOI. . . Continued from A1

billion; Eastern Visayas, P128.62 billion; and Ilocos Region, P122.18 billion. Meanwhile, the BOI said domestic investment approva ls reached P398.76 billion, making up 34 percent of the approved investments. Foreig n investment approvals, on the other hand, “surged” to P763.22 billion, a 452-percent jump from the P138.18 billion recorded in 2022. The investment promotion agency also noted that the P1.16 trillion in investment approvals has surpassed the previous record of P1.14 trillion recorded in 2019 or prior to the pandemic. This, it said, is already 59 percent higher than last year’s P729.1-billion level. In terms of sectors, BOI said the Renewable Energy and Power sector continues to dominate the Philippine investment approvals pie as it contributed P968.14 billion in investments. This figure, the agency noted, represents a 137-percent increase from last year’s P409.03 billion. “Noteworthy projects approved for January to December were seven offshore wind power projects located in Cavite, Laguna, Dagupan, San Miguel Bay, Negros, and Northern Samar amounting to a total of

Meralco. . . Continued from A1

increase of 23 percent—due to higher generation charge, a passthrough cost, which in turn was a result of fuel price increases, particularly imported coal and domestic gas. “Considering that the Luzon power market is unsubsidized, and the majority of the electricity is produced using imported fuel, Meralco appears to have done a ver y good job of minimizing tar if f increases,” t he IEC study read. IEC also recognized that of the tariff components, the Meralco’s distribution charge only went up by 2 percent and the generation charge, while significant, was still relatively lower at 33 percent versus the average mainly due to Meralco’s ability to source lowcost power supply agreements. O vera l l, IEC bel ieves t hat Meralco’s charges are “fair and reasonable.” “Considering all of these factors, IEC believes that—on average—Meralco’s regulated customers are currently paying a fair and reasonable price for electricity. This assessment is supported by the fact that Meralco’s average tariff is 3 percent lower than the global average—and 12 percent lower than the average of unsubsidized markets—despite lack of subsidies

The DOH added that there is also no evidence that such variant could spread faster. “WHO [World Health Organization] sees it as ‘of interest,’ as it needs to be closely observed and studied by epidemiologists and researchers worldwide,” the DOH added. “As 2023 ends and we usher in a New Year, the DOH urges all to use multiple layers of protection [masking, ensuring good airflow and adequate ventilation, covering coughs, vaccination], especially among our high-risk and vulnerable groups,” the DOH said. “Doing so will help avoid an increase in influenza-like and other respiratory illnesses due to all the gatherings,” it added. The DOH also assured the public that it is keeping watch over other concerns this Holiday Season. Claudeth Mocon-Ciriaco P759.84 billion,” BOI said. The investment promotion agenc y sa id t he Infor mation and Communication sector also showed “strong” growth in investment approvals, securing P96.16 billion of investments. Another sector that “made a significant impact” is Manufacturing, as it clinched P22.03 billion in approved investments, the BOI said. T h e I n f r a s t r u c t u r e ( To l l Roads) sector featured projects valued at P20 billion, and Real Estate activities, specifically in Mass Housing, got P15.63 billion in investments. With these developments in the investment approvals landscape, Pascual, the BOI chairman and concurrent Trade chief, said the investment promotion agency’s performance this year “reaffirms strong investor confidence in the administration of President Ferdinand R. Marcos Jr.—their responsiveness to the Policy initiatives of the President and the effectiveness of the aggressive investment promotion activities under the Make It Happen in the Philippines campaign.” Pascual added: “With this remarkable milestone, we are all the more optimistic about opportunities that lie ahead in 2024, with the BOI poised to further catalyze smart- and sustainability-driven investments in the country.” and fundamentally high supply costs,” the IEC study read. To lower the cost of energy, the IEC said it is “critical” to focus on facilitating investment in new generation capacities to meet demand growth. It added that given the country’s reliance on imported fuel, urgent attention should be given to accelerating the development of indigenous renewable energy sources. “To ensure that Meralco holds or improves its position relative to tariffs in other markets, it is critical that regulators and legislators focus on facilitating investment in new generation, in order to meet rapid demand growth. In particular, the reliance on imported coal and a soon-to-be exhausted domestic gas supply is a major problem. IEC recommends that urgent attention be given to accelerating the development of domestic renewable energy sources—particularly wind and solar— supplemented by utility-scale storage—particularly pumped hydro,” the study read. Meralco recently announced that electricity rates for December will go down by P0.7961 per kilowatt hour (kWh) to P11.2584 per kWh from P12.0545 per kWh in November. The downward adjustment, which will more than offset the increases implemented in the past two months, was brought about by lower generation charge. For resident i a l c u stomers consuming 200 kW h, the adjustment is equivalent to a decrease of around P159 in their total electricity bill.

Wednesday, December 27, 2023

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

Customs seizes ₧56.069M worth of shabu, nabs consignee in Cavite

AW enforcement agencies intercepted over 8,000 grams of shabu being smuggled at the Port of Clark (POC) with an estimated value of at least P56 million recently, according to the Bureau of Customs (BOC). The BOC on Monday said a recent joint operation by various state agencies led to the seizure of 8,126 grams of shabu worth P56.069 million and the eventual arrest of the consignee in Cavite. The BOC added that this marked the “largest” illegal drug apprehension recorded by its POC office this year. The operation was undertaken by the BOC-Port of Clark with the Philippine Drug Enforcement Agency (PDEA), Customs Anti-Illegal Drug Task Force (CAIDTF), X-ray Inspection Project (XIP), Enforcement and Security Services (ESS), and Customs Intelligence and Investigation Service (CIIS). “With a derogatory information from PDEA, the shipment was subjected to rigorous X-ray screening and K-9 sniffing, which both indicated possible presence of illegal drugs. Physical examination resulted in the

discovery of eight [8] brown heat-sealed plastics containing the illegal substance declared as ‘dry food,’ which arrived on December 17, 2023, from California, USA,” the BOC said in a news release. “PDEA chemical laboratory analysis confirmed that the substance is Methamphetamine Hydrochloride, commonly known as ‘shabu,’ a dangerous drug under RA No. 9165,” it added. Together with the PDEA, the BOC said the one male claimant was arrested during the controlled delivery operation in Cavite last December 19. BOC-POC District Collector Erastus Sandino Austria issued a Warrant of Seizure and Detention against the subject shipment for violation of R.A. No. 10863 or the Customs Modernization and Tariff Act (CMTA) in relation to RA No. 9165. “This arrest only shows that we are steadfast and firm in our efforts to protect the health of our people against the harmful effects of the illicit trade of drugs in the country,” BOC Commissioner Bienvenido Rubio said. Jasper Emmanuel Y. Arcalas

Christmas Eve focus crime rate down 66.34%–PNP

OCUS crime rate this December 24 or Christmas Eve has recorded a 66.34 percent drop for this year, the Philippine National Police (PNP) reported on Monday. Data provided by PNP information chief and spokesperson Col. Jean Fajardo said only 34 focus crimes were recorded this December 24 compared to the 101 reported

on December 24, 2022. This is 66.34 percent lower, she added. Classified as focus crimes are murder, homicide, physical injury, rape, theft, robbery, vehicle theft and motorcycle theft. Also, Fajardo said the Christmas Day celebrations were generally peaceful. Rex Anthony Naval

Govt urged to tap AI to curb fraudulent SIM card registration, protect mobile users from scammers By Rizal Raoul S. Reyes

@brownindio

CITIZEN welfare group pressed the government Tuesday to harness artificial intelligence (AI) to curb fraudulent SIM registration and protect mobile users effectively from being bombarded with scam and other messages, especially this Holiday Season. “Drastic situations need equally drastic solutions,” said former lawmaker now CitizenWatch co-convenor, lawyer and former legislator Christopher Belmonte said. “We do not doubt that the SIM Registration Act has good intentions as it aims to promote responsibility in the use of SIM and provide law enforcement agencies with the tools to resolve crimes,” he said. However, Belmonte pointed out that scammers should not be underestimated since they are apparently determined to “undermine the intent of the law for their own selfish and

sinister aims.” Republic Act 11934 or the SIM Registration Act was signed on October 10, 2022 and its Implementing Rules and Regulations were released on December 12, 2022. To date, there are over 118 million registered SIM cards nationwide. “A boost from AI will not hurt,” Belmonte said, citing the efforts of the Department of Telecommunications in India, which had opted to tap “Artificial Intelligence and Facial Recognition powered Solution for Telecom SIM Subscriber Verification [ASTR]” in detecting and blocking suspicious mobile connections.

“AI, when harnessed properly, has the power to revolutionize and elevate our fight against fraudsters,” Belmonte said. “It will be a strategic weapon that can be integrated with a comprehensive, multi-pronged approach to a complex and evolving problem.”

Inadvertent consequences

DESPITE the urgency of its objectives, Belmonte said the law has been inadvertently created a black market for the buying and selling of registered SIM cards. Earlier this year, two individuals were arrested for selling preregistered SIM cards to Chinese and Filipino buyers for P1,500 to P2,500 each. The suspects were charged under both the SIM Card Registration Act and the Cybercrime Prevention Act of 2012. “These cards were listed under fictitious names and [are] reportedly linked to a mobile wallet app,” said Belmonte. Moreover, no less than the chief of the National Bureau of Investigation’s cybercrime division admitted during a Senate hearing that anyone can easily fake one’s identity online and use a SIM despite the availability of supposed verification systems. “Text scams, cryptocurrency scams, and even human trafficking remain possible by simply exploiting the loopholes,” said

Belmonte. “Criminals always try to be one step ahead of the law.”

Intensified efforts

BELMONTE proposed that the government intensify its collaboration with the private sector, specifically by giving telecommunication companies support through its vast ID database. “Among the steps that could be taken is the government teaming up with telcos to provide secure access to government ID data, which can be used to check and block fake SIM registration by scamming syndicates,” Belmonte said. He also urged the government to strengthen the security of its databases to protect themselves from cybercrime actors trying to steal sensitive data. “ These will complement the efforts of telcos, which are already investing heavily in fighting fraudulent activities,” said Belmonte, noting that Globe has invested P1.1 billion in a system specifically designed to detect and block spam and scam SMS, and likewise upgraded its SIM registration platform that verifies data within 24 hours to prevent fraud. “ T hese w i l l complement t he ef for t s of te lcos, wh ic h a re a l ready i nvest i ng heav i ly i n fighting fraudulent activ ities,” Belmonte sa id.

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

Wednesday, December 27, 2023

SRA seeks sugar quota export allocation PBBM orders NGAs to list from US amid drop in domestic demand functions devolved to LGUs By Jasper Emmanuel Y. Arcalas @jearcalas

HE Philippines is seeking a sugar quota allocation from the United States to lift local mill-gate prices by siphoning off some of its sugar supply amid a drop in the domestic demand. Sugar Regulatory Administration (SR A) Administrator and CEO Pablo Luis Azcona said he has written to the United States Department of Agriculture (USDA) to express the country’s intent to export some volume of raw sugar to the US. “I presented this to [Agriculture] Secretary [Francisco P. Tiu] Laurel [Jr.] and at the same time I wrote to the USDA to reconsider if we will be allowed to export,” Azcona told reporters recently. Azcona explained that certain quarters in the sugar industry, particularly some traders, producers and millers, were the ones responsible with the idea of shipping raw sugar to the US. Azcona disclosed that the ones volunteering to export sugar to

ARRIVALS ON BORACAY BACK TO PREPANDEMIC LEVELS, BUT BUSINESS STILL ANEMIC Continued from A10 Salazar explained that while Boracay resorts and businesses have been earning, many were still not hitting prepandemic profit numbers. “Our [room] rates are still very low even during peak season, which are more than 50-percent less compared to prepandemic [rates].” He noted that operation expenses are quite high, especially since inflation, or the rate of change in the prices of consumer goods and services, is still challenging. The Philippines continues to grapple with high inflation rates reaching an average of 6.2 percent as of November 2023, compared to 2.4 percent in full-year 2019. The Aklan provincial government is trying to address the concerns of stakeholders in Boracay on the lack of foreign tourists, having started with the easing the entry requirements. On November 13, Gov. Jose Enrique “Joen” Miraflores issued an executive order lifting the requirement on visitors to submit their hotel vouchers via the Akquire system before entering Boracay Island or any point in the province. The main beach, famous the world over for its creamy powdery sand, was also reopened for beach beds and umbrellas, while the P20,000fee charged on foreign tour guides has also been suspended. The island has been visited lately by international cruise ships, bringing thousands of foreign visitors going on day trips to check out the beach and enjoy water activities, sample the local cuisine, and buy souvenirs. International carriers from China and South Korea have also started flying to Kalibo International Report, a gateway to Boracay.

the US market could ship between 30,000 metric tons (MT) and 60,000 MT. He added that the SRA is engaging with six to eight traders and millers to service the US market. “This was brought about po kasi meron tayong mga trader and producer and miller, who have volunteered to serve part or if not whole yung US market. So, this is voluntary. Sila po yung nag-usap sa amin,” he said. Nonetheless, Azcona allayed concerns that sugarcane farmers may lose a profit since US market prices are a “bit cheaper” than domestic prices. “The problem is usually the US market is a bit cheaper than domestic. So, farmers do not want allocation for the US because it is cheaper than domestic,” he said. “But what we are going to do, anyway since it is voluntary, the traders and ex porters volunteered, the farmers will not be affected,” he added. The SR A chief explained that the domestic sugar categorized as “B” sugar held by the ones volunteering to export to the US

would be converted to “A” sugar or raw sugar allocated for export to the US market. A zcona said they are awaiting response from the USDA if the Philippines would get a raw sugar allocation to enable the countr y’s ex por ts to the US market. The SRA board will issue the corresponding Sugar Order to reallocate the country’s raw sugar stocks and set aside some volume for the US market. “We are in the planning stage. We are discussing the mechanics and everything. So this will be discussed at the SR A Board and then we will decide and issue the appropriate Sugar Order,” Azcona said. The US has been one of if not the largest trade partner of the Philippines in terms of sugar trade. The Philippines receives an annual tariff-rate quota allocation for the export of raw sugar to the US. Exporting under the tariff-rate quota system benefits the Philippines as it exports raw sugar at a lower tariff rate.

DTI: PBBM’s foreign visits raked in ₧4.09T worth of investments

By Patrick Miguel

HE Department of Trade and Industry (DTI) reported on Tuesday that President Ferdinand R. Marcos Jr.’s foreign visits raked in about P4.09 trillion or $72.178 billion worth of investments According to the DTI, the investments are the following: investment promotion agency (IPA) registered with operations of P11.4 billion, Business/IPA registered of P54.75 billion, IPA

registration in progress operations of P282.8 billion, signed agreement with clear financial project value of P544.152 billion, signed memorandum of understanding/letter of intent (MOU/ LOI) of P1.588 trillion, and confirmed investment not covered by MOUs/LOIs and still in the planning stage P1.522 trillion. The P4 -trillion investment value is composed of about 148 projects, according to DTI’s recent monitoring of consolidated and processed investments.

Go pushes more livelihood support for poor, assists displaced workers in Tangub City

ENATOR C hr istopher “Bong” Go said in a video message during his Malasakit Team’s relief effort in Tangub City, Misamis Occidental on Monday, December 18, that he continues to advocate for more livelihood support and other propoor programs. Go’s Malasakit Team coordinated with Mayor Sabiniano “Ben” Canama and Vice Mayor Tito Decena. They distributed shirts, vitamins, masks, snacks, and balls for basketball and volleyball to 430 displaced workers gathered at the Tangub City People’s Gymnasium. They also distributed a mobile phone and a watch to select recipients. Furthermore, the recipients were also eligible for the Department of Labor and Employment’s Tulong Panghanapbuhay sa Ating

Disadvantaged/Displaced Workers program. To tackle the issue of limited job availability in rural regions, Go introduced Senate Bill No. (SBN) 420. This bill proposes to offer temporary employment opportunities to qualified individuals from low-income rural families. Under the proposed legislation, the Rural Employment Assistance Program (REAP) would be established under the jurisdiction of DOLE. The primary aim of REAP, if legislated, is to provide temporary employment options to individuals who qualify based on criteria, such as economic hardship, poverty, displacement, or seasonal employment. Go, chairperson of the Senate Committee on Health and Demography, offered additional assistance to those with medical concerns. He said they can conveniently avail of aid from the government through the Malasakit Center located at the Doña Maria D. Tan Memorial Hospital (DMDTMH) in the city or Mayor Hilarion A. Ramiro Sr. Medical Center in Ozamiz City. T he Ma lasa k it Center is a one-stop shop that aims to make med ica l assistance prog rams more accessible by bringing the concerned agencies under one roof, such as the Department of Social Welfare and Development, Department of Health (DOH), Philippine Health Insurance Corporation, and Philippine Charity Sweepstakes Office.

For the Fiscal Year 2024 (October 1, 2023 to September 30, 2024), the Philippines received the third highest quota allocation at 145,235 MT raw value. However, last month, the US Trade Representative reallocated the unused raw sugar allocation of countries. The Philippines has not been exporting raw sugar to the US in the past two full fiscal years due to local supply issues with the state prioritizing the domestic market. At the start of the crop year 2023-2024 last September 1, the SRA Board decided to allocate all the country’s raw sugar output for the domestic market. As of December 3, the country’s raw sugar withdrawals, which the state uses to approximate the country’s demand, declined by 23.07 percent year-on-year to 354,508 MT from 460,846 MT. Total physical raw sugar stock remained adequate at 305,698.09 MT, about 41 percent higher than last year’s 217,445.48 MT when the country suffered tightness in stocks due to a confluence of events such as anemic production and delayed imports.

Most of these investments are in manufacturing, IT-BPM, renewable energy, data centers and telecommunications. About P2.2 billion were invested in telecommunications, P110 million for artificial intelligence, P13 billion for manufacturing, P1.1 billion for health sciences/ pharma manufacturing/health services, P16 million for energy, and an undisclosed amount for another investment in health sciences/pharma manufacturing/ health services. DTI is also monitoring 20 projects, approved and registered with the IPAs of the DTI, Board of Investments, and the Philippine Economic Zone Authority. “Hindi niyo na kailangang pumila o umikot pa sa iba’t ibang opisina para humingi ng tulong pampagamot. Nasa isang kwarto sa loob ng ospital na po. Lapitan niyo lang, para sa inyo ‘yan. Ang Malasakit Center ay para sa mga poor at indigent patients,” explained Go, who is the principal author and sponsor of the Malasakit Centers Act of 2019. There are now 159 Malasakit Centers nationwide that have helped more or less 10 million indigent patients, according to DOH. Moreover, the senator has been supporting the construction of Super Health Centers nationwide to provide communities in need with easier access to primary care services, medical consultations, and early disease detection. Through the collective efforts of the DOH, local government units, and fellow lawmakers, sufficient funds have been allocated under the DOH for the construction of 307 Super Health Centers in 2022 and 322 in 2023. Moreover, echoing President Ferdinand R. Marcos Jr.’s priority of bringing specialized medical services closer to other parts of the country, Go highlighted that he has principally sponsored and is one of the authors of the Regional Specialty Centers Act. The law mandates the establishment of Regional Specialty Centers within existing DOH regional hospitals. It stands as a testament to the commitment of the government to uplift the nation’s health infrastructure and bring actual medical services closer to the Filipino people.

RESIDENT Ferdinand R. Marcos Jr. has ordered national government agencies (NGA) to conduct an analysis on the operationalization of the full devolution initiative and come up with the list of functions that should be devolved to the local government units (LGU). In a meeting held at Malacañang last week, President Marcos cited the need to first define and determine the priority core functions and services that should be devolved to the LGUs. The funding and schedule of implementation of the functions and services (based on LGU capacity and in accordance with minimum standards set by NGAs) shall be determined after coming with the definition and after determining the functions and services of the LGUs. “Should the LGUs lack the funds to implement the functions and services, the national government [NG] should have a program to assist them,” said the minutes of the meeting held on December 21. President Marcos ordered the National Economic and Development Authority

(Neda) to conduct a sensitivity analysis on the most that the government can gain from its investments, which include the functions and services to be performed by the LGUs. The Neda is also tasked to recommend ways to better implement a phased-in devolution, including its timeline based on LGU capacity, which is in addition to the ongoing study on the determinants of functions and services that should performed by the NG and devolved to LGUs. President Marcos ordered the Neda to complete the study and submit it to the Office of the President by the end of February 2024. The President also ordered the Department of the Interior and Local Government (DILG), in collaboration with the Union of Local Authorities of the Philippines, to come up with a list of basic functions and services that the LGUs should be performing based on their Devolution Transition Plans, and of the NG. The DILG is given until January 2024 to present to the President the list by January 2024, or a month earlier than the analysis report of the Neda.

Philippine-based NGO readies push for global elimination of lead in paints

ITH the backing of the domestic paint industry, a Philippine-based nongovernment organization will be advocating for international control on the trade of lead chromates, the most common lead-based pigments, by listing lead chromates and paint products containing them under the Rotterdam Convention. The group will be working closely with the International Pollutants Elimination Network (IPEN) in this advocacy. This was disclosed by the EcoWaste Coalition, a non-profit environmental health organization, as the group lauded the Chemical Control Order (CCO) banning lead—a potent neurotoxin causing irreversible damage to children’s brain—in the production of paints as the groundbreaking regulation marked its 10th anniversary last Saturday. Issued by the Department of Environment and Natural Resources-Environmental Management Bureau (DENR-EMB) on December 23, the group described the broadly supported regulation as “a splendid Christmas gift to our children” upon its release 10 years ago. Also referred to as DENR Administrative Order No. 2013-24, the CCO provided for a three-year phase-out period for architectural, household, and decorative paints (2013-2016), and a longer six-year phase out for paints used in industrial applications (2013-2019). It also established a maximum of 90 parts per million (ppm) total limit for lead in all paints, the strictest regulatory standard for lead in paint. According to EcoWaste Coalition, the issuance of the CCO prompted paint makers to replace lead-based pigments, driers and anti-corrosive agents with non-lead alternatives thereby contributing to the decreased importation and consumption of lead chromates and other leaded raw materials. The DENR’s EMB has stopped issuing importation permits for such materials intended for use in paint manufacturing. A case study prepared with inputs from the government, industry, and civil society stakeholders for the Global Alliance to Eliminate Lead Paint (or the Lead Paint Alliance) identified several factors that contributed to the successful implementation of the CCO, including “data on lead in solvent-based paints generated by the civil society that provided evidence of a pressing problem requiring immediate and collective action, multi-faceted efforts to raise awareness about the issue, industry-wide shift that created the impetus for all companies to transition to lead-safe paint formulations, and the government’s commitment to a multi-stakeholders approach.” The Philippine Association of Paint Manufacturers (now called the Philippine Paint and Coatings Association or PPCA) has actively promoted the CCO to its member-companies, providing them with venues like workshops to understand in-depth the hazards of lead, the need to remove lead in paint formulations, and the availability of alternatives. As confirmed by PPCA, affiliated paint makers have all

transitioned to lead-free paint production. Aside from providing inputs to policy and technical deliberations, the EcoWaste Coalition took on the role of a watchdog group, conducting lead paint studies, tracking the sale of non-compliant products in the market, duly notifying regulatory bodies and companies, and creating media stories for greater public awareness and to encourage regulatory action. The group’s latest study in October 2023 still found lead-containing paints produced by non-PPCA-affiliated companies in the market, providing a strong justification to strengthen compliance monitoring and enforcement mechanisms to uphold the lead paint ban. According to the EcoWaste Coalition, the CCO protects the human rights of groups most vulnerable to the adverse effects of lead exposure, particularly children, women, and workers. The CCO protects children, including babies in the womb, from being exposed to lead in paints and other sources, which can negatively impact their right to good health and a better future, noting lead exposure can bring about reduced economic productivity and earning potential. For the workers, eliminating lead is essential to reduce occupational exposures and avoid health problems linked with chronic lead exposure, including increased risk of hypertension, heart disease, and reproductive health issues for women and men, the group said. The CCO also resulted in the issuance of related national and local policies, including Department of Education (DepEd) Order No. 4, s.2017, Department of the Interior and Local Government (DILG) Memorandum Circular No. 2018-26 and an unnumbered Department of Social Welfare and Development (DSWD) directive requiring the mandatory use of lead-safe paints by schools, local government units (LGUs), and residential and non-residential social welfare facilities, respectively. Last April, the DILG issued an advisory reiterating the use of lead-safe paints by LGUs. While third-party certification is not integrated into the CCO, the promulgation of the policy led to the birth of a voluntary Lead Safe Paint Certification program initiated by the International Pollutants Elimination Network (IPEN) with support from EcoWaste Coalition and the PPCA. This third-party certification program verifies and certifies that a paint brand has less than 90 ppm lead allowing it to use the Lead Safe Paint logo. This visual tool can assist consumers in making an informed choice when purchasing paints. To date, four local paint manufacturers have successfully passed the rigorous Lead Safe Paint verification procedures conducted by SCS Global Services, the US-based certification body, including Pacific Paints (Boysen) Philippines Inc., Davies Paints Philippines, Inc., Sycwin Coating and Wires Inc., and Asian Coatings Philippines Inc. Another company, Roosevelt Chemical Inc. (maker of Triton paints), is undergoing certification. Jonathan L. Mayuga

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.

Airline Designator Code

means the two or three letter or character code used to identify particular airline operators.

Authorised Agent

means a passenger sales agent who has been appointed by us to sell to passenger flight tickets and other services for and on our behalf.

Baggage

means your personal property accompanying you on your trip. Unless otherwise specified, it includes both your Cabin and Hold Baggage.

Baggage Receipt

means the receipt we issue for Hold Baggage that you have checked in for carriage.

Baggage Identification Tag

means a document issued solely for identification of Hold Baggage.

Banning Notice

means a written notice we have given to you informing you that you are banned from being carried on a flight or all flights in our route network.

Boarding Pass

means the paper or electronic document that we issue to you as evidence that you have checked-in for your flight.

Cabin Baggage

means any of your Baggage other than Hold Baggage including all items brought by you into the aircraft cabin.

Carrier

means an air carrier other than ourselves, whose Airline Designator Code appears on your Ticket or on a Conjunction Ticket.

Codeshare

means a flight where the Airline Designator Code in the flight number is not the Airline Designator Code of the Carrier operating the aircraft.

Conditions of Carriage

means these conditions of carriage or another carrier’s conditions of carriage as the case may be.

Conditions of Contract

means other rules, regulations, policies, notices and conditions contained in your Ticket or delivered with your Itinerary Receipt which incorporate by reference these Conditions of Carriage and other notices.

Connecting Flight

means a subsequent flight providing onward travel on the same Ticket, on a different ticket or on a Conjunction Ticket.

Conjunction Ticket

means a ticket issued to you with relation to another Ticket which together constitute a single contract of carriage.

Damage

Days

means death or wounding of a Passenger, or any other bodily injury suffered by a Passenger, caused by an accident on board the aircraft or during any of the operations of embarking or disembarking. It also means damage sustained in the event of the destruction or the total or partial loss of or damage to Baggage which occurs during carriage by air. Additionally, it means damage occasioned by delay in the carriage by air of Passengers or Baggage. means calendar days, including all seven days of the week; provided that, for the purpose of notification, the day upon which notice is dispatched shall not be counted; and provided further that for purposes of determining duration of validity the day upon which the Ticket is issued, or the flight commenced, shall not be counted.

Event Beyond Your Control

means an unusual and unforeseen circumstance which you cannot control and the consequences of which you could not have avoided.

Excess Baggage

means any Cabin Baggage or Hold Baggage in excess of the applicable allowance for Baggage on your Ticket.

Force Majeure

means unusual and unforeseeable circumstances beyond our control, the consequences of which could not have been avoided even if all due care had been exercised.

Hold Baggage Itinerary Receipt

Montreal Convention

means Baggage which has been checked-in and which we take sole custody and for which we have issued a Baggage Receipt. means a document or documents we issue to Passengers that contains the Passenger’s name, information on flight(s) and notices. means the Montreal Convention for the Unification of Certain Rules Relating to International Carriage by Air, signed at Montreal, 28 May 1999.

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 27, 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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Wednesday, December 27, 2023

TheWorld BusinessMirror

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

Biden orders strikes on Iranian-aligned militia group after 3 US troops injured in drone attack By Aamer Madhani & Zeke Miller

The Associated Press

ASHINGTON—President Joe Biden ordered the US military to carry out retaliatory strikes against Iranianbacked militia groups after three US servicemembers were injured in a drone attack in northern Iraq.

Nat iona l Secur it y Counci l spokeswoman Adrienne Watson said one of the US troops suffered critical injuries in the attack that occurred earlier Monday. The Iranian-backed militia Kataib Hezbollah and affiliated groups, under an umbrella of Iranian-backed militants, claimed credit for the attack that utilized a one-way attack drone. Biden, who is spending Christmas at the presidential retreat at Camp David, Maryland, was alerted about the attack by White House national security adviser Jake Sullivan shortly after it occurred on Monday and ordered the Pentagon and his top national security aides to prepare response options. Sullivan consulted with Defense Secretary Lloyd Austin. Biden’s deputy national security adviser, Jon Finer, was with the president at Camp David and convened top aides to review options, according to a US official, who was not authorized to comment publicly and requested anonymity. Within hours, Biden convened his national security team for a call in which Austin and Gen. CQ

PRESIDENT Joe Biden answers a reporter’s question as he walks from Marine One upon arrival on the South Lawn of the White House on December 20, 2023, in Washington. Biden ordered retaliatory strikes on Monday, December 25, against Iranian-backed militia groups after three US servicemembers were injured in a drone attack in northern Iraq. AP/ALEX BRANDON

Brown, the chairman of the Joint Chiefs of Staff, briefed Biden on the response options. Biden opted to target three locations used by Kataib Hezbollah and affiliated groups, the official said. The US strikes were carried out at about 4:45 a.m. on Tuesday in Iraq, less than 13 hours after the US personnel were attacked. “The President places no higher

priority than the protection of American personnel serving in harm’s way,” Watson said. “The United States will act at a time and in a manner of our choosing should these attacks continue.” The latest attack on US troops follows months of escalating threats and actions against American forces in the region since the October 7 Hamas attack on Israel

that sparked the devastating war in Gaza. The US has blamed Iran, which has funded and trained Hamas, for the rising violence by its network of proxy groups across the region, including attacks by Yemen’s Houthis against commercial and military vessels thorough a critical shipping choke point in the Red Sea. T he Biden ad m i n ist rat ion has sought to prevent the IsraelHamas war from spiraling into a wider regional conflict that either opens up new fronts of Israeli fighting or that draws the US in directly. The administration’s measured response—where not every attempt on American troops has been met with a counterattack—has drawn criticism from Republicans. The US has thousands of troops in Iraq training Iraqi forces and combating remnants of the Islamic State group, and hundreds in Syria, mostly on the counter-IS mission. They have come under dozens of attacks, though as yet none fatal, since the war began on October 7, with the US attributing responsibility to Iran-backed groups.

An Israeli airstrike in Syria kills a high-ranking Iranian general By Kareem Chehayeb The Associated Press

EIRUT—An Israeli airstrike Monday in a Damascus neighborhood killed a highranking Iranian general, Iranian state media said. Iranian officials and allied militant groups in the region vowed revenge for the killing but did not immediately launch any retaliatory strike. T he k i l l ing of Seyed R a zi Mousavi, a longtime adviser of the Iranian paramilitary Revolutionary Guard in Syria, comes amid ongoing fears of the IsraelHamas war sparking a regional spillover. Iran-backed groups in Yemen, Lebanon, Syria and Iraq have launched attacks on Israel and its allies in support of Hamas. Clashes along the LebanonIsrael border between Hezbollah and Israel have continued to in-

tensify, with daily exchanges of missiles, airstrikes and shelling across the frontier. In the Red Sea, attacks by Houthi rebels in Yemen against ships they believe to be connected to Israel have disrupted trade and prompted the launch of a US-led multinational naval operation to protect shipping routes. Iran-backed militias in Iraq operating under an umbrella group dubbed the Islamic Resistance in Iraq have also launched more than 100 attacks on bases housing US troops in Iraq and Syria, which they have said are in retaliation for Washington’s support of Israel. The group claimed an attack on a US base next to the commercial airport in Irbil in northern Iraq on Monday. A US military official, speaking on condition of anonymity in accordance with regulations, confirmed the attack and said it had caused inju-

ries but did not provide further details. Israeli strikes killed two other generals earlier this month in Syria. Israel on Monday struck the Sayida Zeinab neighborhood, located near a Shiite Muslim shrine, Iran’s official news agency IRNA and Britain-based opposition war monitor the Syrian Observatory for Human Rights said. IRNA described Mousavi as a close companion of Gen. Qassim Soleimani, the head of Iran’s elite Quds Force who was slain in a US drone strike in Iraq in January 2020. Neither the Israeli military nor Syrian state media immediately issued a statement about Monday’s attack. Israeli officials declined to comment. Iran’s President Ebrahim Raisi in a statement said that Mousavi was “martyred while serving as an adviser for the resistance front, defending holy shrines in Syria as well as safeguarding Islamic ideals.” He threatened that the “Israeli regime will definitely pay for this crime.” Hossein A kbari, Iran’s ambassador to Syria, condemned the killing, saying that Mousavi

was in Syria as a “formal military advisor.” “(Israel) will definitely get a response to this crime at the right time and the right situation,” Akbari said, speaking from Damascus. Though IRNA didn’t provide other details about the attack, the Syrian Observatory for Human Rights said the Israeli military targeted Mousavi after he entered a farm in the area, which allegedly was one of several offices for Hezbollah. The Lebanese militant group, alongside Iran and Russia, has played a key military role in keeping President Bashar Assad’s government in power throughout the Syrian conflict. Hezbollah in a statement called Mousavi “one of the best of brothers who worked to support the Islamic Resistance in Lebanon for decades of his honorable life.” Israel has carried out hundreds of strikes on targets inside government-controlled parts of war-torn Syria in recent years. It doesn’t usually acknowledge its airstrikes on Syria. But when it does, Israel says it’s targeting Iran-backed groups there that have backed Assad’s government.

Belarus leader says Russian nuclear weapons shipments completed, raising regional concern

ALLINN, Estonia—The president of Belarus said Monday that Russia has completed its shipments of tactical nuclear weapons to his country, an initiative that raised strong concerns in neighboring Poland and elsewhere in the region. President Alexander Lukashenko said at a meeting of a Moscow-led economic bloc in St. Petersburg that the shipments were completed in October, but he did not give details of how many weapons were sent or where they have been deployed. Tactical nuclear weapons, which are intended for use on the battlefield, have a short range and a low yield compared with much more powerful nuclear warheads fitted to long-range missiles. Russia said it would maintain control over those it sends to Belarus. Lukashenko has said that hosting Russian nuclear weapons in his country is meant to deter aggression by Poland, a NATO member. Poland is offering neighbor Ukraine military, humanitarian and political backing in its

BELARUSIAN President Alexander Lukashenko speaks during a meeting with foreign correspondents on July 6, 2023, in Minsk, Belarus. On Monday, December 25, Lukashenko said that Russia has completed its shipments of tactical nuclear weapons to his country, an initiative that raised strong concerns in neighboring Poland and elsewhere in the region. AP/ALEXANDER ZEMLIANICHENKO

struggle against Russia’s invasion and is taking part in international sanctions on Russia and Belarus. Russian troops based in Belarus invaded Ukraine from the north in the war’s opening days, but Belarusian forces are not known to have participated. AP

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Pope Francis denounces weapons industry as he makes a Christmas appeal for peace in the world By Nicole Winfield The Associated Press

OME—Pope Francis on Monday blasted the weapons industry and its “instruments of death” that fuel wars as he made a Christmas Day appeal for peace in the world and in particular between Israel and the Palestinians. Speaking from the loggia of St. Peter’s Basilica to the throngs of people below, Francis said he grieved the “abominable attack” of Hamas against southern Israel on October 7 and called for the release of hostages. And he begged for an end to Israel’s military campaign in Gaza and the “appalling harvest of innocent civilians” as he called for humanitarian aid to reach those in need. Francis devoted his Chr istmas Day blessing to a call for peace in the world, noting that the biblical story of the birth of Christ in Bethlehem sent a message of peace. But he said that Bethlehem “is a place of sorrow and silence” this year. Francis’ annual “Urbi et Orbi” (“To the City and the World”) speech typically offers a lament of all the misery facing the world, and this year’s edition was no different. From Armenia and Azerbaijan to Syria and Yemen, Ukraine to South Sudan and Congo and the Korean peninsula, Francis appealed for humanitarian initiatives, dialogue and security to prevail over violence and death. He called for governments and people of goodwill in the Americas in particular to address the “troubling phenomenon” of migration and its “unscrupulous traffickers” who take advantage of innocents just looking

for a better life. He took particular aim at the weapons industry, which he said was fueling the conflicts around the globe with scarcely anyone paying attention. “It should be talked about and written about, so as to bring to light the interests and the profits that move the puppet strings of war,” he said. “And how can we even speak of peace, when arms production, sales and trade are on the rise?” Francis has frequently blasted the weapons industry as “merchants of death” and has said that wars today, in Ukraine, in particular, are being used to try out new weapons or use up old stockpiles. He called for peace between Israel and Palestinians, and for the conflict to be resolved “through sincere and persevering dialogue between the parties, sustained by strong political will and the support of the international community.” Vatican officials said about 70,000 people filled St. Peter’s Square for Francis’ noonday speech and blessing. They included many people flying Palestinian flags, as well as some Ukrainian ones. Francis’ address from the loggia marked his main appearance for Christmas Day, though he is expected to deliver a blessing on Tuesday, the feast of St. Stephen, which is also a holiday in Italy. Rounding out the holiday, he is to celebrate a New Year’s Eve vigil in the basilica and Mass the following day. Despite his recent bout of bronchitis, the 87-year-old Francis appeared to hold up well Monday and during Christmas Eve Mass the previous night, though he occasionally coughed and seemed out of breath.

Ukraine says it shot down Russian fighter jets, drones as country officially marks Christmas By Alex Babenko The Associated Press

YIV, Ukraine—Ukrainian President Volodymyr Zelenskyy on Monday hailed the shooting down of two Russian fighter jets on Christmas Eve and said “this Christmas sets the right mood for the entire year ahead.” In a Christmas message marking the first time the country has officially observed the holiday on December 25 rather than January 7, Zelenskyy also referred to Ukraine’s claim to have destroyed a further three Russian fighter planes on Friday. “The stronger our air defense, the fewer Russian devils will be in our skies and on our land,” Zelenskyy said, praising Ukraine’s “capabilities in negotiations with partners, capabilities in bolstering our sky shield, capabilities in defending our homeland from Russian terrorists. “ His upbeat assessment comes amid growing concern about battlefield disappointments and about the future of Western aid for Ukraine’s war effort. Despite high hopes for a summer counteroffensive, the front line has barely moved and political disputes in allied countries leave billions of dollars of aid in doubt. Russia on Monday claimed a battlefield advance. Defense Minister Sergei Shoigu said Moscow’s forces had taken control of Marinka, a now-deserted strategic town about 20 kilometers (12 miles) west of Donetsk, the largest city in Russian-held territory. “This allows us today to more effectively protect Donetsk from attacks,” Shoigu said at a meeting with Russian President Vladimir Putin. Ukrainian officials didn’t comment on the possible seizure of the town. Ukraine said that along with the two Russian planes that were shot down during the night, its air defense forces intercepted 28 Russian drones. The air force said 31 drones were launched in all, but no details were given about what the three that weren’t intercepted may have struck. A summary from the Ukrainian presidential office said that one civilian was killed and at least four wounded in Russian attacks over the previous 24 hours. The death occurred in the town

of Chornobaivka in the Kherson region, which is under Ukrainian control and experiences frequent attacks. Zelenskyy signed legislation in July to move the date for the Christmas public holiday. Ukraine is predominantly Orthodox Christian, but the faith is divided between two churches, one of which had long affiliation with the Russian Orthodox Church. The Orthodox Church of Ukraine, which didn’t recognize the authority of the Russian church and had been regarded as schismatic, was granted full recognition in 2019 by the Ecumenical Patriarch of Constantinople, Orthodoxy’s top authority. The Ukrainian Orthodox Church, which was a branch of the Russian church, announced in 2022 after the start of the Russia-Ukraine war that it was breaking ties with Moscow and considered itself autonomous. However, its parishes continue to follow the same liturgical calendar as the Russian church and will observe Christmas on January 7. Many Ukrainians embraced the change with enthusiasm, viewing it as a positive step that will further strengthen their cultural separation from Russia. “It’s historical justice,” said Yevhen Konyk, a 44-year-old serviceman who, along with his family, participated in traditional celebrations at the openair museum in Kyiv. “We need to move forward not only with the world but also with the traditions of our country and overcome the imperial remnants we had.” Konyk, who serves in Kyiv, said he is hopeful of victory next year but noted the dire situation on the frontline. “This year, everyone expected major achievements on the front, but it turned out that the predictions were too optimistic. The enemy was also preparing,” he said. Oksana Poviakel, the director of the Pyrohiv Museum of Folk Architecture and Life of Ukraine, where the celebrations of Christmas took place, said that celebrating on December 25 is “another important factor of self-identification.” “We are separating ourselves from the neighbor who is currently trying to destroy our state, who is killing our people, destroying our homes, and burning our land,” she said.

Wednesday, December 27, 2023

A8 Wednesday, December 27, 2023 • Editor: Angel R. Calso

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Seizing the opportunity to seek rice alternatives

hite corn is widely consumed in parts of the Visayas, where it is considered a staple. It is sometimes mixed with rice or consumed on its own. The grain is considered a suitable substitute for those who are looking for a healthier alternative to white rice, which most Filipinos prefer.

The high cost of producing rice, the impact of climate change and recent geopolitical developments have prompted policymakers in rice-eating nations to look at feasible initiatives that would shield their countries from volatility in commodity prices. For one, fertilizer remains expensive due to the conflict in Eastern Europe, which has been raging for nearly two years. Also, countries that used to be known as reliable sources of food items such as rice have limited shipments as they prioritize the food needs of their citizens. Our policymakers have long known the difficulties of meeting all the rice requirements of the country. Yet, despite the problems that have piled up and have gone unresolved, and the rise of new challenges that exacerbated these problems, they continued to insist on encouraging the consumption of white rice. They did so by their lackadaisical promotion of alternatives, such as brown rice despite its health benefits, and their seeming refusal to push for the production of other crops such as vegetables. There were also half-hearted attempts to promote the rice-corn or RiCor a few years back, which some experts and scientists hailed as a possible way of significantly reducing rice imports. However, despite the possibilities it offered, RiCor had been relegated to the backburner and was almost forgotten. This may be due to the rice trade liberalization law, which initially resulted in lower rice prices as more imports entered the Philippines for as long as traders could shoulder the tariffs and the shipping costs. This low price regime, however, did not last, and Filipinos once again had to pay more for their rice. Various factors, including the war in Ukraine and the export ban imposed by New Delhi, had conspired to make rice less affordable during the lean months. The threat of El Niño could further cause international prices to accelerate. (See, “Rice prices scale fresh 15-year high as supply risks linger,” BusinessMirror, December 25, 2023). It would be difficult for the government to wean Filipinos from rice at this time, given the fact that it remains as the cheapest source of protein. However, the earnest search for and promotion of viable alternatives to it must begin now. Filipinos must be encouraged to consume these alternatives by making them more affordable and filling at the same time. As it is, everything is becoming more expensive because more and more people are now competing for shrinking natural resources, such as freshwater. Exporting countries have also shown time and again that they will not hesitate imposing restrictions and upending global food trade to secure their own food supply. Food-importing nations like the Philippines must take decisive steps that will enable them to cope with the disruptions that will surely become more frequent. Since 2005

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verybody seems upbeat in this joyous season. We’ve had a good noche buena or midnight feast, and meaningful bonding with our close kin on Christmas. We’re bullish for the coming New Year—the best way to welcome 2024. We count our blessings and thank the Lord for giving us the opportunity to share our love with our friends and neighbors and help the less fortunate ones. We weathered the challenges that confronted us this year, knowing that next year would be a better one. The arrival of the New Year next week, or the Year of the Wood Dragon to our Chinese friends, also gives Filipinos hope. The Philippine economy is faring better than expected. It is not wanting despite rising inflation at the start of 2023. The optimist in me says that the economy will be more robust in 2024, notwithstanding the headwinds that may come. Year-end economic data indicate that the economy is faring strong. The gross international reserves (GIR) level increased to $102.7 billion as of end-November 2023 from

$101.0 billion in October. This latest figure represents a more than adequate external liquidity buffer that is equivalent to 7.6 months’ worth of imports of goods and payments of services and primary income. The healthy reserves levels will mirror the strength of our currency, which is good news for the nation’s importers. Vehicle sales in the Philippines rose nearly 24 percent in the first 11 months to 390,654 units from a year ago, per data released last week by the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association (TMA). Automotive sales are a key economic barometer. They reflect the confidence of consumers to invest in big-ticket items, such as property and condominium units. Remittances from our overseas

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Filipino workers keep coming. Money sent home by Filipinos working overseas grew 3 percent in October to $3 billion from $2.91 billion in the same month last year. The October figure, per the data of the Bangko Sentral ng Pilipinas, brought the total personal remittances to $30.57 billion in the first 10 months, up 2.9 percent from $29.72 billion in the same period last year. Remittances are another key economic indicator. They help boost our international reserves and account for about a tenth of the gross national income. They help various sectors, such as banking, real estate, transportation, retail, education and healthcare. The Philippines is the fourth largest recipient country of remittances in the world, next to India, Mexico and China.

T is normal to see in our organizations a preoccupation with outcomes and results. Eyes on the prize, as they say. We have monthly goals, sales targets, objectives, and so on—which are all good, of course. The former president of Czechoslovakia, Vaclav Havel, offered an alternative perspective on this. In his exploration of hopelessness, he invites us to see that liberation may, indeed, come from being unshackled from desired outcomes. In other words, when we let go of the pursuit of specific results, we may become free from the fear that goes with it. And that fear may manifest as fear of failure, fear of not reaching the target, fear of losing something of value, and so on.

As we look back on the things that happened in 2023 and start to plan for the coming year, we might consider adopting these perspectives to a certain degree. It would be practical to have objectives, but there is also value in appreciating the journey for what it is. Our experiences and relationships can transform our lives. And if we ever find ourselves in hopeless situations—something that is bound to happen to the best of us—then know that hopelessness may offer the gift of liberation.

His unique perspective resonates with Buddhist teachings, which suggest that hopelessness, divorced from fear, can be a source of liberation, clarity, and energy. These concepts can be readily applied to both personal and professional situations. Another important figure, the Catholic mystic Thomas Merton, provided a similar point of view. According to him, instead of focusing

plan for the coming year, we might consider adopting these perspectives to a certain degree. It would be practical to have objectives, but there is also value in appreciating the journey for what it is. Our experiences and relationships can transform our lives. And if we ever find ourselves in hopeless situations—something that is bound to happen to the best of us—then know that hopelessness may offer the gift of liberation.

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The arrival of the New Year next week, or the Year of the Wood Dragon to our Chinese friends, also gives Filipinos hope. The Philippine economy is faring better than expected. It is not wanting despite rising inflation at the start of 2023. The optimist in me says that the economy will be more robust in 2024, notwithstanding the headwinds that may come.

Freedom and the power of hopelessness

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Positivity pervades

RISING SUN

on the result, it would be better to look at the value, the truth, and the rightness of the work itself. When we stop worrying about whether our work has worth or not, or whether it will lead to the desired results or failure, then we may be able to feel lighter, unburdened by expectations and the weight of unrealistic targets. As we look back on the things that happened in 2023 and start to

All these positive economic numbers give further confidence to businessmen and small entrepreneurs. In fact, business sentiment remained upbeat in the fourth quarter as the overall confidence index (CI), per the latest survey of the BSP, improved to 35.9 percent from 35.8 percent in the third quarter. “This is reflective of the increase in the percentage of optimists, which was barely offset by the increase in the percentage of pessimists,” the central bank said. The BSP attributed the higher index to expectations of companies for an increase in demand for goods and services during the Christmas season, sustained economic recovery to pre-pandemic levels, business expansions in the utilities, trade, financial and hotels and restaurant sub-sectors, and development and launch of new products and services. Brisker consumer spending on the back of higher remittances and inbound holiday travelers contributed to the rising confidence. More businessmen are optimistic despite concerns over the negative economic impact of the ongoing conflicts in Gaza and Ukraine, elevated inflation and higher interest rates. Multilateral financial institutions like the International Monetary Fund (IMF) appears to be impressed with the latest economic See “Villar,” A9

We can continue to move forward despite all this. And there is something to be said about moving forward together with commitment and going on a collective journey where the emphasis is on unity and shared resilience, not necessarily on the destination. The connection between hopelessness and relationships becomes apparent in moments of grief and despair, challenges and uncertainties. As we lean on one another for support, a web of collaborative strength emerges. The solace and strength derived from facing challenges together demonstrate that the essence of our experience lies not in specific outcomes but in our interconnectedness and collaborations. This strength also becomes the source of our enduring resilience. We can now relax and stop wishing that all of our goals will be realized within our lifetime, and that is okay. Let us be thankful for the experiences and lessons that 2023 gave us. As far as 2024 is concerned, let us simply enjoy the ride with the people in our lives. Wishing you all a blessed Christmas and a happy and prosperous New Year.

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Tax highlights in 2023 Atty. Mabel L. Buted

Execution bond in Magna Carta for Filipino Seafarers discriminates against seafarers

Tax Law for Business

appy Holidays! As the year 2023 is coming to an end, let us take a look back on the significant tax updates for the whole year.

On January 1, 2023, individual taxpayers started to enjoy lower tax rates on their income. Those who were previously taxed at 20 percent to 32 percent are now subject to 15 percent to 30 percent, depending on their income brackets. While this is the case for these individuals, starting July 1, 2023, corporate taxpayers and the others who pay the other percentage tax were back to being subjected to the 2 percent Minimum Corporate Income Tax and 3 percent OPT, after enjoying the lower 1 percent MCIT and 1 percent OPT from July 1, 2020 until June 30, 2023. Another important update is the extension of the period of availment of the Estate Tax Amnesty. RA 11956, which lapsed into law on August 5, 2023, extended the deadline to avail of the tax amnesty for another two years, until June 14, 2025. The said law also expanded the coverage of the program to include the estate of decedents who died on or before May 31, 2022, with or without assessments, whose estate taxes have remained unpaid or have accrued as of May 31, 2022, and introduced payment by installment within two years from statutory date of payment without civil penalty and interest. The payment of the amnesty tax shall be made, either electronically or manually, at the time the return is filed. RA 11956 also limited the documentary requirements to apply for the estate tax amnesty. In 2023, our tax authorities also issued revenue regulations and circulars to promote ease of doing business in the country. One of which is RR 3-2023, which amended a previous rule in the availment of VAT incentives of business enterprises registered with our Investment Promotion Agencies. Under the said revenue regulation, prior application for the VAT zero-rating or the prior approval from the BIR before the qualified business enterprises can avail of 0 percent VAT on their local purchases is no longer required. Another one is RR 12-2023, which exempts the agricultural producers from issuing principal and supplementary receipts or invoices on their sale of agricultural food products, provided that their gross sales/receipts for the year do not exceed P1,000,000. The Certificate of Income Payment Not Subject to Withholding Tax (BIR Form 2304) or Certificate of Creditable Tax Withheld as Source (BIR Form No. 2307) issued by the buyers will be treated as the substituted official receipts/sales invoices of the agricultural producers, which will serve to substantiate the purchases made by such buyers from them. In tax-free reorganizations or exchanges, the Certificate Authorizing Registration of the properties transferred is now processed at the BIR Revenue District Office or Large Taxpayers Office having jurisdiction over the place where the transferee/ surviving corporation is registered, regardless of the number of real properties and/or shares of stocks involved in a transaction, and whether or not those properties are situated in various locations covered by different RDOs/LT Offices (RMC No. 65-2023). Before this rule, the CAR may be processed with different BIR offices having jurisdiction over the place where the property is located, or where the issuing or transferee corporation is registered, depending on the number and type of the properties involved (real property or personal property). RMC No. 71-2023 and RMO No. 23-2023 are other welcome developments. They relaxed the requirements and procedures in processing VAT refund claims. In basic, most

documents or data that can be culled from the records of the BIR are no longer required to be submitted. Examples of these are copies of the income tax and VAT returns, the General Information Sheet, and the BIR Form No. 1600 (Withholding VAT Return) in case there are input taxes arising from services rendered by non-residents. The contents of the Taxpayer’s Attestation, attesting to the company’s profile, books, and accounting records, and to the completeness and authenticity of the documents submitted, are simplified. Softcopies of the sales invoices, airway bills, official receipts, and billing statements/Statements of Accounts/Service Contracts are no longer required under the new rules and only the original hard copies of these documents are submitted. Some of the previous requirements like the Delinquency Verification Certificate from the BIR Collection Division and Schedule of Property, Plant, and Equipment are also dispensed with. For sale of services to a non-resident foreign corporation, in the absence of the other documents proving its registration, the printed screenshots from the website of the corporate regulatory body of the entity in the country where it is domiciled, may be accepted, to prove that the said entity is not doing business in the Philippines. On another note, at present, taxpayers are required to prepare and file VAT returns only on a quarterly basis. The monthly filing and payment of VAT became optional (RMC No. 52-2023). There are also revenue circulars issued by the BIR, clarifying its previous interpretation of our laws as well as certain policies. In RMC No. 15-2023 and RMC No. 24-2023, it was clarified that ELSE companies (Ecozone Logistics Service Enterprises) are considered export enterprises entitled to VAT-zero rating on local purchases, provided that they must be engaged in both the (a) establishment of a warehouse storage facility; and (b) importation or procurement from local sources and/or from other registered enterprises of goods for resale, or for packing/covering (including marking, labeling), cutting or altering to customers’ specification, mounting and/or packaging into kits or marketable lots for subsequent sale, transfer or disposition for export. In RMC No. 20-2023, it was also explained that the excise tax due on automobiles will be computed based on the total cost of importation and expenses divided by 90% only in cases where the net importer’s selling price is lower than the cost of importation and expenses. Finally, in RMC No. 43-2023, the BIR prescribed additional procedural requirement in filings of appeal against a Final Decision on Disputed Assessment. The taxpayer must furnish a copy of the appeal to the Chief of the Assessment Division for regional cases, or the concerned Head Revenue Executive Assistant in the case of taxpayers under the jurisdiction of the LT Service or investigated by the National Investigation Division under the Enforcement and Advocacy Service, within five days from the date of filing with the Office of the Commissioner of Internal Revenue or the Court of Tax Appeals. The author is a junior partner of Du-Baladad and Associates Law Offices (BDB Law), a memberfirm of WTS Global. The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at mabel.buted@ bdblaw.com.ph or call 8403-2001 local 160.

Wednesday, December 27, 2023 A9

Dennis Gorecho

Pinoy Marino Rights

he Magna Carta for Filipino Seafarers might turn out to be prejudicial to and discriminatory against disabled and sick seafarers instead of protecting them due to the execution bond.

The Senate and the House of Representatives recently approved and ratified the bicameral conference committee version of the Magna Carta. Senator Raffy Tulfo, Chairperson of the Senate Committee on Migrant Workers, highlighted a “win-win” solution in the bill for shipping companies and seafarers seeking disability claims through the execution bond. Tulfo said that in the bicam version, the said bond would be posted only for the disputed portion of the award. And if the seafarer ultimately prevails in the case, he will be reimbursed with the cost of putting up the bond. Sweepingly linked with ambulance chasing, proponents stressed that such move is necessary to ensure the restitution of monetary awards in case the appropriate appellate court annuls or partially or totally reverses the monetary judgment award. Headed by Tulfo, the Senate panel also includes Senate Majority Floor Leader Joel Villanueva, Chiz Escudero, Risa Hontiveros, and Imee Marcos. On the other hand, the House panel was led by the House Chairperson on Migrant Workers Kabayan

Partylist Rep. Ron Salo. He was joined by OFW Partylist Rep. Marissa Magsino, MARINO Partylist Rep. Sandro Gonzalez, Zamboanga 1st District Rep. Khymer Adan Olaso, and Pangasinan 6th District Rep. Marlyn Primicias-Agabas. The debate on disability claims centered on the proposed provision that aimed to amend the Labor Code will have adverse significant impact on the “immediately final and executory” nature of decisions issued by the National Labor Relations Commission (NLRC) and the National Conciliation and Mediation Board (NCMB). The contested amounts shall remain in escrow until such time the finality of the decision issued by the appropriate appellate court is obtained. The seafarer may move for the execution of the monetary award pending appeal upon posting of a bond. The Senate approved the measure on second and third reading on September 27, 2023 without the escrow/ execution bond provision. The bill was approved with 14 votes, no negative vote, and no abstention. The House of Representatives approved on March 6, 2023 its version

of the Magna Carta (House Bill 7325) that contains the escrow/ execution bond provision. The bicameral conference committee met to reconcile the provisions of the two versions and to come up with the common bill and presented to both houses for final reading and vote. The escrow portion was omitted but the execution bond was retained. Following the ratification, the proposed bill will be transmitted to the Office of the President for his approval and signature. Under the Labor Code, the posting of bond is imposed only on the side of employer. Labor is required to pay only a minimal appeal fee. The proponents of the execution bond erroneously presumed that the seafarer is in the same economic footing as the employer. A seafarer seeks payment of monetary benefits because of the fact that he is in financial distress due to his medical condition. Many are jobless, sick, disabled and infirm who incur huge debts to sustain their medication while others die before the decision by the Supreme Court is released. Instead of saving his earnings for his medication, he will be forced to redirect them to the execution bond, jeopardizing further his economic well-being.

The Bureau of Customs and BIR need to monitor vape products LITO GAGNI

he Bureau of Customs and the Bureau of Internal Revenue (BIR) need to get their act together to pursue cases of smuggling that deprive the government of funds for its social services. This is especially true for sin products, which are being taxed at higher rates to raise money to fund hospitals and other agencies.

On October 26, the Bureau of Customs raided a warehouse in the Bagong Filipino Industrial compound along M. Gregorio St. in Barangay Canumay West on a tip that it stored voluminous illegally imported e-cigarettes or vape products without the proper payment of duties and taxes. In short, the products were smuggled into the country, depriving the government of revenues.

One notable area of concern where the revenue agencies need to train their sights on is the e-cigarettes or vape products that have literally taken the millennials by storm. It is not unusual to see many individuals surreptitiously puffing vape products conspicuously tied from lanyards during social events such as Christmas parties. The need to further look into the case of smuggled vape products had been raised by no less than House Ways and Committee Chairman Albay Congressman Joey Sarte Salceda, who initiated a committee hearing following the raid on a warehouse in Valenzuela City that uncovered smuggled vape products with the label Flava. On October 26, the Bureau of Customs raided a warehouse in the Bagong Filipino Industrial compound along M. Gregorio St. in Barangay Canumay West on a tip that it stored voluminous illegally imported

e-cigarettes or vape products without the proper payment of duties and taxes. In short, the products were smuggled into the country, depriving the government of revenues. Reports revealed that the raid, made on a Letter of Authority from Customs Commissioner Bienvenido Rubio that was implemented by Verne Enciso of the Customs Intelligence and Investigation Service, led to the confiscation of an estimated P1.428 billion worth of suspected smuggled electronic cigarettes. In the second House committee hearing a fortnight ago, it was established that the confiscated goods may have also been mislabeled, which means that the correct payment of duties and taxes were not made. Congressman Salceda cited that the smuggling of vape products deprived the government of more than P700 million in taxes that would have gone to the social service

projects of the government. He said that “80 percent of revenues from vape sin taxes are spent towards universal health care and government hospitals.” Salceda also raised the issue that “aside from the health impacts of smoking vape, tax evasion in this product is stealing from our hospitals and our sick.” For him, the evaded excise taxes for P728 million from the raided and confiscated e-cigarettes could have covered a significant part of the P10 billion budget cut for the Department of Health (DOH) for 2024. What were deprived were reduced funding for National Laboratories for the Lung Center of the Philippines, National Kidney and Transplant Institute, Philippine Children’s Medical Center, Philippine Heart Center, existing rural health units, and the construction of new superhealth centers and rural health units.

Villar . . .

IMF, is expected to bottom out in 2023. It sees real gross domestic product growth to bounce back in the second half of 2023 and reach 6.0 percent in 2024, backed by acceleration in public investment and improved external demand for Philippines’ exports. With everything upbeat, I can safely say that our economic future

is more solid than before. It is also on this note that I like to thank my readers for their patience in reading my entrepreneurial insights through this column. I am concluding my essays that started years ago here in this respected paper, BusinessMirror, with more optimism. The future is bright and I have confidence that the next

continued from A8

figures coming out from nation’s regulators. The IMF expects the Philippine economy to grow 5.3 percent in 2023, 6.0 percent in 2024 and 6.1 percent in 2025. Our economic growth, per the

Like the escrow, the requirement for an execution bond violates the constitutional guarantee on equal protection, which means that all persons or things similarly situated should be treated alike, both as to rights conferred and responsibilities imposed. It will partake of the nature of class legislation because it singles out seafarer claims from other labor claims, both local and overseas. It is discriminatory against seafarers, as there lies no substantial distinction between the claims of a seafarer and any other laborer. It undermines the Constitutional mandate to protect the rights of OFWs and to promote their welfare when it deprives seafarers an avenue to receive the fruits of their legal battle. In the end, the “balance of scale” will tilt more to capital as this will protect the business interest of the manning agencies and their principal rather than the seafarers themselves. Employers are throwing off-balance the already imbalanced legal battle on seafarers’ claims as every labor dispute is a David and Goliath situation. Without any leverage in prosecuting his monetary claims, chances are, the seafarer bows to the demand of his employer to either drop his claim or accept a small settlement. Seafarers will be “penalized” that will downplay their rights guaranteed by the constitution instead of protecting their rights and promoting their welfare. 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 09175025808 or 09088665786.

Thus, it is important for the BIR and BoC to monitor the entry of vape products to ensure that they pay the correct duties and taxes. This is what Salceda stressed since he asked the Department of Finance and the BIR to come up with strategies to curb illicit trade in electronic cigarettes. For one, any misdeclaration of vape items lead to the incorrect assessment of taxes. In the November and December hearings of the House Ways and Means Committee, it was found out that there was a mislabeling in the declaration for the items that were confiscated. The confiscated items were apparently declared as freebase nicotine and not nicotine salt, which has a higher tax assessment as the number of puffs per 10ml is increased with the latter. It is thus important for the government to monitor the entry of vape products especially with the take-up by millennials of this sin product that poses health challenges to the puffers. Actually, the BIR and the BoC can ask other government agencies to be their partners in curbing smuggling or illicit trades. Both revenue generating agencies can ask DTI to inspect retail outlets for vape to determine the labels made and prevent its sale to minors, for instance, and the Securities and Exchange Commission for a perusal of the filed reports from companies. Even the LGUs can be incorporated in the effort to further help the government in its anti-smuggling campaign. generation will do better than mine. My son, Senator Mark Aguilar Villar, will take my column space starting on January 2, 2024. To all my readers, HAPPY NEW YEAR! For comments, send e-mail to mbv_secretariat@vistaland.com.ph or visit www.mannyvillar. com.ph

A10 Wednesday, December 27, 2023

NFA can’t meet procurement ARRIVALS ON BORACAY BACK TO PREPANDEMIC LEVELS, goal, loses to private traders BUT BUSINESS STILL ANEMIC

By Jasper Emmanuel Y. Arcalas @jearcalas

HE National Food Authority (NFA) bought more palay from Filipino farmers in October, but still failed to meet its procurement target despite higher buying price as the state rice agency continued to lose against private traders. The latest NFA accomplishment report showed that it procured some 679,024 units of 50-kilogram bags or about 33,951.2 metric tons (MT) of palay in October, only about

15 percent of its 4.403 million 50-kilogram bag (220,172.5 MT) procurement target for the month. The NFA’s procurement level during the reference month was

also nearly 35 percent lower than the 1.042 million 50-kilogram bags (52,134.25 MT) it bought in October of last year. Nonetheless, the NFA’s palay procurement in October was higher by 376.88 percent than the 142,388 50-kilogram bags (7,119.4 MT) it bought in September. The NFA attributed its higher purchases of palay from local Filipino farmers to its better buying price; such was able to compete somehow with the price being offered by private traders nationwide. “Increase in procurement this month can be attributed to the additional Buffer Stock Incentive (BSI) approved by the NFA Council and with the continuous effort of the agency to provide the best service to farmers and farmers’ organization, to sell their harvest to NFA,” the state-owned rice agency said. In September, the NFA Council, chaired then by President Marcos Jr., hiked the NFA’s palay buying price to as much as P23 per kilogram, depending on the moisture content of the grain through its BSI. (Related story: https://businessmir-

ror .com.ph /2023/09/19/ pbbm-led-nfa-sets-new-buying-price-range-for-palayto-help-local-farmers/)

Target never met

THE NFA has never met its procurement target for any given month this year so far, as its buying price cannot compete with the quotations offered by private traders to local farmers. In October alone, industry players disclosed that the farmgate prices of palay have breached the P25 per kilogram mark, well above the NFA’s P23 per kilogram upper limit buying price. The NFAC increased the NFA’s palay buying price to be able to compete with private traders during the harvest season and beef up its buffer stock. The NFA’s October report showed that its end-October rice inventory stood at 1.204 million 50-kilogram bags or about 60,228 MT. “It should be noted that NFA’s inventory is only intended for relief operations and calamity response and only part of the national rice inventory of the entire country,” it said.

By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

NE of the world’s top resort islands, Boracay, has been visited by more than 2 million tourists as of December 15 this year, returning to its prepandemic arrivals. Data released by the Municipal Tourism Office of Malay, Aklan, where the popular island is located, showed 2.012 million visitor arrivals from January to December 15, 2023. Of these figures, local residents or domestic visitors accounted for nearly 79 percent of the total arrivals for the period, or 1.58 million. Foreign tourists accounted for some 19.7 percent of total, or 396,548, while overseas Filipinos or overseas Filipino workers accounted for the rest at 37,608. In a Viber message to the Busin e s sM i r ror , Tou r i s m P romo tions Board (TPB) Maria Margarita Montemayor Nogales said, “We are happy to know that our domestic tourism has yielded positive results for tourist arrivals in Boracay. As connectivity is strengthened with more f lights coming back to Kalibo, we look forward to a stronger 2024

where more international tourists are able to f ly direct to this awardwinning destination.” She added, “We at the TPB will continue to promote our beautiful award-winning destinations as a key pillar in our tourism promotions strategy. We are looking forward to promoting Boracay as a MICE (Meetings Incentives Conventions Exhibitions) Destination too.” For his part, Boracay Foundation Inc. chairman Dindo Salazar said, “It’s fantastic that we’ve achieved the 2-million milestone, and we deeply appreciate the support, particularly from the domestic market.” He added, “However, to increase our revenue, we still need to tap into the foreign market, despite reaching this milestone. We are actively working with the local government units and the province of Aklan to strategize on quickly regaining our foothold in the international market.” In 2019, tourist arrivals on Boracay Island reached 2 million, but more than half were accounted for by foreign tourists. This earned some P50 billion in visitor receipts for local businesses. Continued on A4

Companies BusinessMirror

Editor: Jennifer A. Ng

Wednesday, December 27, 2023

Telcos’ challenge in ‘24: Push drive for better ‘SIM reg’ law enforcement

By Lorenz S. Marasigan

@lorenzmarasigan

HE Philippines is a country where mobile technology is deeply embedded into daily life—from booking a ride to or from work, ordering food delivery via digital platforms, communicating with one another, to paying bills.

As the use of mobile phones has become an integral part of the lifestyle of Filipinos, bad actors have become persistent in using mobilebased schemes to scam people. This forced the government to pass in December 2022 the SIM Registration Act, a measure that aims to enhance security and accountability in the telecommunications sector by mandating the registration of SIM cards to specific individuals. However, as scams continue to evolve, it’s crucial for the sector to examine the major challenges faced in implementing the act and the strategies employed to combat these fraudulent activities.

Identification conundrum

A YEAR has passed since the law was enacted and the sector has yet to fully refine the processes. In fact, one of the primary challenges in implementing the SIM Registration Act has been the effective verification of identification submitted by subscribers. Without a uniform and reliable government database for cross-referencing the submitted information and identification documents, validation becomes a daunting task. The law, designed to facilitate maximum inclusivity by allowing a wide range of government-issued identification cards for SIM registration, has unintentionally complicated the validation process, opening the door for unscrupulous individuals to exploit the system. National Telecommunications Commission (NTC) Deputy Commissioner Jon Paulo Salvahan and Department of Information and Communications Technology (DICT) Assistant Secretary Renato Paraiso Jr. acknowledged this is-

sue, admitting that “inadequate verification” is one of the “major challenges” in implementing the law. “Without a uniform and reliable government database with which to cross-reference the submitted information and identification documents by the subscribers, validation of these data proves to be a very challenging endeavor. The long and non-exclusive list of government-issued identification cards allowed for SIM registration, which is really designed to facilitate and maximize registration, spawned an unintended consequence of making the validation process more challenging. The relatively easy process of registering SIMs aimed at maximum inclusivity, is being taken advantage of by unscrupulous individuals,” Salvahan said. Paraiso also lamented that while substantial endeavors have been undertaken to uphold consumer protection, telecommunications companies perceive the mandate for government-issued identification in the course of ongoing SIM registration as a formidable challenge. In fact, numerous instances have arisen wherein system vulnerabilities facilitated the successful registration of fraudulent or counterfeit ID cards. The Presidential Anti-Organized Crime Commission (PAOCC) successfully completed a SIM card registration using an ID featuring cartoon character Bart Simpson as the depicted individual. The National Bureau of Investigation (NBI) also presented evidence to a recent hearing led by the Senate Public Services Committee, illustrating the registration of a SIM card with an ID displaying an image of a monkey.

SEC’s Aquino named outstanding professional of the year by PRC

ECURITIES and Exchange Commission chairman Emilio B. Aquino received the Outstanding Professional of the Year Award from the Professional Regulation Commission, in recognition of his contributions in the field of accountancy. The PRC hands the award to professionals who have demonstrated exceptional achievements, service, and contributions in their respective fields of specialty. Aquino was also recognized as one of the top five Nominees for the Eric Nubla Excellence Award, an honor given to professionals who surpassed the qualification standards based on the criteria set forth to be an outstanding professional. “This award is an affirmation of the hard work that we have put

in in 2023, letting us at the SEC know that we are headed toward the right direction in achieving the SuperVision that we have crafted for the SEC when I took over in 2018,” Aquino said. “I humbly thank the PRC for this award, and also recognize the efforts of the hardworking men and women of the SEC for their commitment to pursuing the commission’s mandate as business and investor champion,” he said. Aquino is the first CPA-lawyer to be named chairperson of the SEC, following his appointment in 2018. He is a home-grown talent of the SEC, having made his start through an entry-level lawyer position and rising to the ranks, from director to commissioner until he was appointed to the top post. VG Cabuag

Paraiso added that the use of barangay-issued IDs is more susceptible to fraudulent activities. “It is common knowledge that, with the right amount of persuasion, some barangay officials are quick to issue identification or residency certificates. Additionally, if any of the government-issued IDs is presented, should it be taken at its face value and therefore considered fully compliant with the identification requirement?” he asked. Other issues on the implementation of the law include the use of pre-registered SIM cards for scams as well as the proliferation of mules, or individuals who proactively sold their identification or registered SIM cards to bad actors. “This has been one of the major concerns for law enforcement agencies since there are reports of organized crime groups/syndicates that possess multiple pre-registered SIM cards for scamming subscribers,” Paraiso lamented.

Evolving scams

THE implementation of the SIM Registration Act had a notable impact on the landscape of mobile scams in the Philippines. According to data from the Consumer Welfare and Protection Division (CWPD) of the NTC, during the SIM Registration period from January to July 2023, a total of 21,955 text scam complaints were received. However, from August to November 2023, after the registration period ended, the NTC received only 8,184 complaints, representing a 63-percent decline. Despite the decline in complaints after registration, the figures suggest that scams remain a

persistent issue. In fact, Cybercrime Investigation and Coordinating Center (CICC) Director Alvin Navarro noted that bad actors have now changed their tactics from SMSbased scams to more digital means. “True to the nature of the scammers, they tried to be a step ahead of the law and the law enforcers. What they did was to automate and use AI to register and mask numbers,” he said. Scammers, he said, would grab an image from the internet and then through AI, they would change the body parts—the hair, ears, eyes, eyebrows, nose—and make it appear that that image is the image of another person altogether. Navarro calls these as “burner identities,” that “once they’re done with it they can dispose of it. “ These bad actors have also turned to over-the-top (OTT) platforms such as WhatsApp, Telegram, Viber, and Messenger to implement their new scams. They even use foreign numbers to send scam messages to victims. This reporter recently received phishing messages from foreign numbers, some offering “ jobs” while others messaging about fake parcel deliveries. “We don’t have jurisdiction over those OTTs,” Navarro admitted. “In fact, for the law enforcement’s part, that’s one area that we intend to talk to the messaging platform providers and operators. We are on that track to plug that hole or address that gap.”

Addressing fraud

TO combat fraudulent registrations and exploitation of the law, the NTC issued an order directing public telecommunication entities (PTEs) to employ advanced technologies like live selfies and prohibited the use of stock photos during SIM registration. According to Salvahan, these measures aim to enhance the verification process and deter individuals from using fake or misleading identification. “Furthermore, the Commission is closely coordinating with law enforcement agencies in order to report and possibly prosecute the perpetrators of alleged fraudulent registrations,” he said. Paraiso noted that the DICT has also implemented several ini-

tiatives to support the industry’s strategies in combating fraud, including regular audits and evaluations on prevailing procedures and mounting public awareness campaigns. It has also “instituted training programs and initiatives for stakeholders engaged in the registration process.” “These efforts are designed to equip participants with the requisite knowledge and skills necessary to discern and thwart fraudulent activities effectively,” he said. Furthermore, the NTC has established its own reporting mechanism to facilitate reporting of text scams through the NTC Hotline 1682, a 24/7 facility. The said hotline is in addition to the previously existing mechanism of NTC through email and website reporting. Telcos such as Globe Telecom Inc. and Smart Communications Inc. have also set up their own reporting mechanisms, as part of the law’s requirements. But for Salvahan, “public participation is key to reducing the incidents of text scams and other fraudulent activities.” “Aside from inculcating awareness, the mobile numbers associated with illegal activities are slowly being weeded out of the PTEs’ respective SIM Registers. Coupled with reforms in the SIM Registration process, the NTC is confident that subscriber data in the SIM Registers will ultimately become more and more credible and dependable,” he said.

Close collaboration to combat cons

COLLABORATION between the NTC and telecommunication companies is vital to ensure compliance with regulations and enhance the effectiveness of scam prevention measures. According to Paraiso, to address the concern of fraudulent identity use, the government convened a Technical Working Group (TWG) to deliberate on the post-registration validation mechanism. This mechanism had already been discussed and agreed upon during the drafting of the IRR. “We have provided regulators suggestions and inputs for issuances to further improve the implementation of SIM registration

and provided information required by law enforcement agencies in accordance with the procedures prescribed by law,” Globe Telecom Inc. Chief Information and Security Officer Anton Bonifacio noted. Smart Communications Inc. VP and Head of Regulatory Affairs Roy Ibay added that Smart is in talks with the DICT for the integration of its eKYC platform to help Smart validate the identity of registrants. “With these measures, scammers won’t be able to mass register SIMs and use fake identities and documents for scamming, spamming, etc. thereby reducing the risk of fraudulent activities and ensuring that telecommunication services are used responsibly,” he said. Paraiso explained that the this service entails a “rapid and secure digital procedure enabling organizations to remotely authenticate a customer’s identity, obviating the need for physical documentation or in-person engagement.” However, the DICT is also “considering the potential adoption of Estonia’s advanced identification card system.” “This sophisticated system affords digital accessibility to all of Estonia’s secure electronic services and serves as a validated proof of identity within electronic environments. The possible integration of such a system into the national framework holds the promise of fortifying the Philippines’ SIM card registration processes while concurrently enhancing the overall security and verification of individual identities therein,” he said. Aside from beefing up the registration process and the post-registration verification, both Globe and Smart are investing heavily in cybersecurity measures to combat fraud, employing “new technologies” to arrest scams more effectively. “Globe is currently trying out new technologies to enhance its SIM Registration platform to improve its capability to validate photo ID submissions,” Bonifacio said. Ibay explained that Smart is in the process of building/developing the technical solutions needed to implement the improvements in the SIM registration processes including enhanced verification mechanisms. Continued on B2

Cisco’s AI Asst for Security to reframe orgs’ view of cybersecurity outcomes

ISCO said on Tuesday its new solution called AI Assistant for Security will “reframe” how organizations view cybersecurity outcomes, “tipping the scale” in favor of defenders. Introduced recently, AI Assistant for Security integrates AI with cybersecurity. It aims to empower users with the ability to make informed decisions, enhance tool capabilities, and automate complex security tasks. According to Cisco EVP and General Manager of Security and Collaboration Jeetu Patel, the new solution is a component of the Cisco Security Cloud, an AI-driven, crossdomain security platform.

“To be an AI-first company, you must be a data-first company. With our extensive native telemetry, Cisco is uniquely positioned to deliver cybersecurity solutions that allow businesses to confidently operate at machine scale, augmenting what humans can do alone,” Patel said, He noted that cybercrime is an ever-evolving problem for organizations. Hence, it requires an ever-adapting suite of cyber defenses too. Ransomware and extortion attacks have surged, constituting 20 percent of Cisco Talos Incident Response engagements this year. Moreover, the rise of sophisticat-

ed attacks by state-sponsored actors necessitates robust machine scale defenses. Patel explained that Cisco’s AI Assistant is trained on one of the largest security-focused datasets globally, analyzing over 550 billion security events daily across various platforms. This extensive dataset allows the AI Assistant to understand event triage, impact, root cause analysis, and policy design, bridging the gap between cybersecurity intent and outcomes. Patel cited two features introduced alongside the AI Assistant: the AI Assistant for Firewall Policy and the AI-powered Encrypted

Visibility Engine. The former allows administrators to utilize natural language to discover policies and receive rule recommendations, simplifying policy management and troubleshooting. Meanwhile, the latter addresses the challenge of inspecting encrypted traffic without decryption, leveraging AI to detect malware and identify the source of traffic without compromising privacy or compliance. “This advancement will help tip the scales in favor of defenders, empowering customers with AI built pervasively throughout the Cisco Security Cloud,” Patel said. Lorenz S. Marasigan

Wednesday, December 27, 2023

Companies BusinessMirror

After operating Okada Manila 7 yrs, Tiger Resort is in expansion mode

By VG Cabuag

@villygc

IGER Resort Leisure and Entertainment Inc., the operator of Okada Manila, said it is on the lookout for its expansion opportunities in the country after seven years of operating the integrated resort and casino in Entertainment City. Kenji Sugiyama, Okada Manila chief managing director, said the company has just started its deal with Dennis Uy’s PH Travel and Leisure Holdings Corp. for the acquisition of a majority stake of the operating entities of the Mactan project. The acquisition will give Tiger Resort the opportunity to take over development of the Emerald Bay Resort. “We’ve been operating this property [Okada Manila] since 2016. So we’ve been looking for another opportunity to expand our project. So that project [Emerald Bay] could be fitting into

our next step [of expansion],” Sugiyama said. Sugiyama, however, declined to commit on the company’s timetable for the acquisition plans, saying he is not the person directly involved with doing the due diligence on the project. Tiger Resort earlier said that it will be completing the partiallydeveloped Emerald Bay Resort in Cebu, after entering into an exclusive partnership with Lapulapu Leisure Inc. and Lapulapu Land Corp., the operating subsidiaries of PH Resorts. “This new venture is aligned

with our strategy to increase our footprint in the Philippines, given our remarkable success with Okada Manila,” Byron Yip, president and COO of Tiger Resort, said. “We are excited to bring our signature level of hospitality and service excellence to a new and discerning market,” he said. The resort project on Mactan Island is planned to be an integrated resort with a five-star hotel adjacent to 300 meters of beachfront, with two 15 storey towers accom-

modating 642 rooms, four pools, 18 food and beverage outlets, retail spaces, conference and exhibition facilities and a large-scale gaming floor with more than 700 electronic gaming machines and more than 140 tables. “The conditions [for Tiger Resort’s takeover] include among others, the execution of a definitive agreement and the approval from the relevant governmental authorities, if any,” the companies said.

MUTUAL FUNDS

December 22, 2023

NAV

One Year Three Year

Continued from B1

“We are committed to deliver said enhancements on December 18 pursuant to NTC’s memo,” he said. Both telcos are implementing “proactive blocking” of peer-topeer SMS messages that contain links or those that try to access malicious domains. They have also launched their own education campaign and are working with law enforcement to complement antifraud initiatives.

Not a domestic concern

SALVAHAN noted that mobilebased scams is “not a domestic concern.” “Scamming and commission of fraud through the use of mobile services is not only a domestic concern. The NTC is currently and consistently participating in international dialogues and conventions which aim to combat and eradicate mobile scams,” he said. These initiatives seek to establish cross-border guidelines and regulations to prevent, detect, and capture scam perpetrators. Learning from the experiences of other countries, the NTC is focusing on streamlining its resources and capacitating its personnel to anticipate and counter evolving scam tactics, Salvahan added. Navarro added that the CICC participated in the first-ever AntiScam Summit Asia (ASAS) in Taiwan to strengthen international cooperation.

“The United Nations Office on Drugs and Crime is sponsoring a negotiation for a comprehensive convention pertaining to combating cybercrimes or criminal use of ICT. We have been participating in that negotiation and this is actually an improvement on the Budapest Convention on Cybercrime of the European Union. This time, led by UN ODC, the number of countries taking part is much bigger,” he said. The CICC director added that the Philippines has initiated bilateral talks with “about 100” different countries “so that if there are specific concerns, with regard to bilateral cooperation, we can easily reach out to them.”

Is it effective?

THE effectiveness of the SIM Registration Act in curbing cybercrime, especially scams and smishing, has been a topic of debate. Some groups have alleged that the measure only makes it easier for the government to infringe on the right of individuals to privacy. But for Navarro, the measure is fundamental. “Many alleged that it can be a failure. We are confident that this is needed. Of course there are instances that the measure may not be perfect. But this is a fundamental need. If there are gaps, through issuances, that can be filled,” he said. And while it is helpful for law enforcers, the law has to be complemented with the “strengthening of cyber defenses.” Navarro added that there is need for more legislation that will complement the SIM Registration Law in combating fraud. He said President Marcos should seriously look into the proposed Cybersecurity Act, AntiMule Act, and Online Site Blocking Law, as these initiatives aim to enhance cybersecurity and deter cybercriminals.

Y-T-D Return

Stock Funds ALFM Growth Fund, Inc. -a

2.09%

-2.69%

-3.69%

-0.36%

1.5%

ATRAM Alpha Opportunity Fund, Inc. -a 1.4433

211.64

9.18%

2.48%

0.18%

1.69%

7.37%

ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.9636

2.47%

-2.34%

-5.56%

-2.17%

Climbs Share Capital Equity Investment Fund Corp. -a 0.692

1.26%

-5.32%

-5.18% n.a

First Metro Consumer Fund, Inc. -a

-6.71%

-5.71% n.a

-4.35%

-2.6%

-2.71%

-0.45%

0.6204

-3.42%

First Metro Save and Learn Equity Fund, Inc. -a 4.62910.41%

Telcos’ challenge in ’24: Push drive for better ‘SIM reg’ law enforcement

Five Year

per share Return*

-0.28%

First Metro Save and Learn Philippine Index Fund, Inc. -a 0.6915-0.76% -3.55% n.a n.a MBG Equity Investment Fund, Inc. -a

83.83

11.88%

-6.46%

-6.98% n.a

PAMI Equity Index Fund, Inc. -a 43.0304

0.32%

-3.18%

-2.91% n.a

-0.37%

449.62

1.72%

-3.1%

-2.88%

-0.26%

1.18%

Philequity Dividend Yield Fund, Inc. -a

1.1944

3.88%

0.39%

-1.2% n.a

1.64%

Philequity Fund, Inc. -a

1.95%

-1.31%

-1.87%

1.52%

Philequity MSCI Philippine Index Fund, Inc. -a 0.87023.26%

-1.96% n.a n.a

4.5239

1.31%

-2.3%

-2.08%

1.32%

0.63%

Philippine Stock Index Fund Corp. -a

752.46

1.17%

-2.48%

-2.16%

1.34%

0.47%

Soldivo Strategic Growth Fund, Inc. -a 0.6869

2.83%

-2.09%

-4.6% n.a

1.9%

Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.3691

0.68%

-2.85%

-3.89%

-0.4%

Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8533 0.84%

-2.79%

-2.47% n.a

United Fund, Inc. -a

0.64%

0.06%

0.68%

-2.65%

-2.63%

-1.37%

1.28%

Philequity PSE Index Fund, Inc. -a

3.0958

-1.04%

11.31%

Philam Strategic Growth Fund, Inc. -a 33.7233

1.67%

2.52%

-0.12% 0.16%

Primarily invested in Peso securities (units) COL Equity Index Unitized Mutual Fund, Inc. -a 1.05850.89% n.a n.a n.a

0.22%

COL Strategic Growth Equity Unitized Mutual Fund, Inc. -a,2 1.0076 n.a n.a n.a n.a n.a Philequity Alpha One Fund, Inc. -a

1.0067

-2.77%

-2.92% n.a n.a

-3.79%

Philippine Stock Index Fund Corp. -a

913.41

1.13% n.a n.a n.a

0.43%

Exchange Traded Fund (shares) First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c102.18831.78% -2.08%

-1.85%

2.03%

1.06%

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

-6.21%

-12.63%

-2.55%

-1.77%

Sun Life Prosperity World Voyager Fund, Inc. -a $1.6478

$0.7983

16.26%

-0.45%

7.73% n.a

-6.3% 15.72%

Balanced Funds Primarily invested in Peso securities (shares) ATRAM Dynamic Allocation Fund, Inc. -a 1.5163

3.86%

-3.34%

-1.83%

-1.4%

2.13%

ATRAM Philippine Balanced Fund, Inc. -a 2.2212

6.25%

-1.19%

0.04%

0.54%

5.51%

First Metro Save and Learn Balanced Fund, Inc. -a 2.4969

0.16%

-1.94%

-0.43%

-0.75%

First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.1894

-0.73%

-1.8% n.a n.a

-0.34%

-2.12% NCM Mutual Fund of the Phils., Inc. -a

1.9362

-0.28%

-0.64%

0.88%

1.65%

PAMI Horizon Fund, Inc. -a

3.5672

3.76%

-2.17%

0.06%

0.87%

3.7%

Philam Fund, Inc. -a

15.6095

2.83%

-2.85%

-0.5%

0.5%

3.1%

Solidaritas Fund, Inc. -a

2.033

2.59%

-1.18%

-0.52%

1.21%

2.34%

Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.4091

2.65%

-1.8%

-1.51%

0.05%

Sun Life Prosperity Dynamic Fund, Inc. -a 0.9038

0.19%

-0.58% n.a

2.83%

3.33%

2.61%

2.39%

Primarily invested in Peso securities (units) Sun Life Prosperity Achiever Fund 2028, Inc. -a 0.94043.05%

-2.87% n.a n.a

2.75%

Sun Life Prosperity Achiever Fund 2038, Inc. -a 0.8482.17%

-4.03% n.a n.a

1.48%

Sun Life Prosperity Achiever Fund 2048, Inc. -a 0.82661.26%

-4.31% n.a n.a

0.5%

Primarily invested in foreign currency securities (shares) Cocolife Dollar Fund Builder, Inc. -a $0.03326

2.53%

-5.23%

-1.12%

0.22%

PAMI Asia Balanced Fund, Inc. -b$0.896

-7.87%

-0.83%

-1.03%

6.67%

Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.2602

10.7%

-1.86%

4.74%

Sun Life Prosperity Dollar Wellspring Fund, Inc. -a $1.0347

5.97%

-3.9%

1.37% n.a

0.53%

2.65% 3.03%

10.77% 6.49%

Bond Funds Primarily invested in Peso securities (shares) ALFM Peso Bond Fund, Inc. -a 390.21

3.38%

1.71%

2.6%

2.22%

ATRAM Corporate Bond Fund, Inc. -a

1.908

1.55%

0.15%

0.54%

3.23% 0.01%

1.77%

Cocolife Fixed Income Fund, Inc. -a

3.3261

3.12%

1.17%

2.31%

3.78%

3.65%

Ekklesia Mutual Fund, Inc. -a 2.2822

4.81%

-0.18%

1.39%

4.43%

First Metro Save and Learn Fixed Income Fund, Inc. -a 2.4583

2.61%

0.11%

2.17%

Philam Bond Fund, Inc. -a

1.91%

0.88%

4.3057

2.99%

-2.37%

1.21%

Philam Managed Income Fund, Inc. -a

1.372

3.76%

1.31%

3.05%

1.76%

3.98%

Philequity Peso Bond Fund, Inc. -a

4.0343

4.08%

0.36%

2.88%

1.62%

4.28%

2.9%

0.34%

3.31% n.a

3.24%

Soldivo Bond Fund, Inc. -a

1.0495

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

3.3103

4.83%

1.22%

3.68%

2.16%

Sun Life Prosperity GS Fund, Inc. -a

4.07%

0.38%

2.82%

1.5%

4.26%

1.7679

2.81%

5.23%

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

1.006 n.a n.a n.a n.a n.a

Primarily invested in foreign currency securities (shares) ALFM Dollar Bond Fund, Inc. -a $494.63

3.06%

0.75%

2.54%

3.02%

ALFM Euro Bond Fund, Inc. -a Є213.84

1.93%

-0.82%

0.11%

0.84%

1.99%

ATRAM Total Return Dollar Bond Fund, Inc. -b$1.04012.78% -6.58%

-1.55%

0.15%

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

-2.44%

-0.16% n.a

PAMI Global Bond Fund, Inc. -b$0.8554

-1.46%

-3.73%

-3.09%

-4.96%

Philam Dollar Bond Fund, Inc. -a

$2.3103

5.91%

-3%

1.26%

1.98%

5.98%

1.55%

-0.79%

1.34%

1.6%

2.02%

-4.36%

-0.31%

0.66%

Philequity Dollar Income Fund, Inc. -a $0.0609054

-7.82%

Sun Life Prosperity Dollar Abundance Fund, Inc. -a $2.8237

3.04% 4.22%

3.76%

Money Market Funds Primarily invested in Peso securities (shares) ALFM Money Market Fund, Inc. -a 136.76

2.74%

1.77%

2.52%

2.04%

2.63%

First Metro Save and Learn Money Market Fund, Inc. -a 1.1075 3.23%

1.87% n.a n.a

Sun Life Prosperity Peso Starter Fund, Inc. -a 1.37472.78%

2.46%

1.98%

2.01%

3.16%

2.71%

Primarily invested in Peso securities (units) ALFM Money Market Fund, Inc. -a 104.46

4.09% n.a n.a n.a

3.97%

Primarily invested in foreign currency securities (shares) Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0962

2.5%

1.37%

1.54% n.a

2.53%

Feeder Funds Primarily invested in Peso securities (units) ALFM Global Multi-Asset Income Fund, Inc. -a 43.2294 1.4% n.a n.a n.a Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a 1.4628

20.96%

1.29%

9.26% n.a n.a

18.72% Sun Life Prosperity World Income Fund, Inc. -a,1

0.9973 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 $0.802 0.63%

-6.46% n.a n.a

1.52%

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.

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.”

www.businessmirror.com.ph

PSE STOCK QUOTATIONS

December 22, 2023

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

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

1,299,250 67,625,137 7,538 88,662,050 383,165 583,003 34,154,914.50 44,772 707,550 2,298 298,225 12,012,778.50 16,313,950 1,410 840,380 14,300 29,400 104,500 18,250 40,250 81,300

166,600 9,145,788 -9,489,119 -222,435 403,096 -7,502,175 861 -167,076 -278,875 -4,232,760.50 -592,680 -29,400 104,500 0 5,250 81,300

INDUSTRIAL ACEN CORP 4.12 4.15 3.76 4.15 3.46 4.15 110,875,000 425,664,060 ALSONS CONS 0.54 0.56 0.53 0.56 0.53 0.54 185,000 98,310 ALTERNERGY HLDG 0.7 0.73 0.73 0.73 0.7 0.73 501,000 356,690 ABOITIZ POWER 37.15 37.4 37.05 37.5 36.95 37.15 166,500 6,193,580 RASLAG 1.15 1.2 1.16 1.2 1.13 1.2 328,000 378,720 BASIC ENERGY 0.176 0.179 0.177 0.179 0.176 0.176 100,000 17,790 FIRST GEN 17.26 17.44 17.2 17.54 17.02 17.26 256,900 4,440,922 FIRST PHIL HLDG 62.8 63.5 62.95 63.5 62.95 63.5 10,080 638,921 JOLLIVILLE HLDG 3.15 6.28 5.79 5.83 5.79 5.83 20,000 116,180 MERALCO 386.8 388 385 390 384.2 388 103,260 40,051,286 MANILA WATER 18.4 18.46 18.2 18.46 18.2 18.4 617,200 11,349,982 PETRON 3.46 3.48 3.5 3.5 3.44 3.48 524,000 1,821,000 PETROENERGY 4.38 4.6 4.59 4.59 4.59 4.59 1,000 4,590 PHX PETROLEUM 4.72 4.9 4.9 4.9 4.9 4.9 4,000 19,600 REPOWER ENERGY 6.96 6.99 6.99 6.99 6.98 6.99 22,400 156,565 SYNERGY GRID 6.52 6.6 6.61 6.61 6.46 6.6 339,900 2,218,907 SHELL PILIPINAS 10.92 11 11 11 10.92 11 16,600 182,448 SPC POWER 6.91 7 6.89 7 6.88 7 67,700 468,185 SP NEW ENERGY 1.1 1.12 1.1 1.14 1.08 1.12 19,584,000 21,848,330 AGRINURTURE 0.65 0.66 0.7 0.7 0.64 0.65 8,387,000 5,495,630 AXELUM 2.34 2.35 2.41 2.41 2.35 2.35 63,000 150,310 CENTURY FOOD 30.6 31 30.55 31.2 30.45 31 707,000 21,780,860 DEL MONTE 6.48 6.5 6.59 6.59 6.5 6.5 39,700 258,059 DNL INDUS 6.2 6.22 6.15 6.24 6.1 6.22 1,235,300 7,608,713 EMPERADOR 20.75 20.8 20.65 20.8 20.65 20.75 458,100 9,492,825 SMC FOODANDBEV 50.4 50.5 50.4 50.5 50.1 50.5 10,380 523,164 FIGARO COFFEE 0.6 0.61 0.6 0.61 0.59 0.6 2,148,000 1,278,590 ALLIANCE SELECT 0.42 0.47 0.47 0.47 0.47 0.47 170,000 79,900 FRUITAS HLDG 0.95 0.97 0.98 0.98 0.95 0.95 2,613,000 2,503,370 GINEBRA 166 169 169.9 169.9 169 169 44,180 7,506,146 JOLLIBEE 244 250 242 250 240.2 250 456,170 112,989,060 KEEPERS HLDG 1.51 1.52 1.5 1.52 1.5 1.51 2,297,000 3,470,720 LIBERTY FLOUR 12.02 15.98 15.98 15.98 15.98 15.98 100 1,598 MACAY HLDG 5.56 6.35 5.6 6.35 5.6 6.35 9,700 54,395 MAXS GROUP 3.17 3.3 3.2 3.3 3.2 3.3 25,000 80,390 MONDE NISSIN 8.28 8.37 8.14 8.37 7.99 8.37 5,218,600 42,888,763 SHAKEYS PIZZA 9.69 9.7 9.55 9.7 9.55 9.7 1,566,300 14,958,995 ROXAS AND CO 0.46 0.485 0.47 0.485 0.46 0.485 290,000 138,550 RFM CORP 2.98 2.99 2.99 3 2.98 2.98 1,973,000 5,898,930 ROXAS HLDG 0.51 0.6 0.6 0.6 0.6 0.6 4,000 2,400 UNIV ROBINA 114.9 115 115 115 114.3 115 897,140 103,129,847 VITARICH 0.49 0.51 0.5 0.51 0.49 0.49 328,000 161,100 CEMEX HLDG 0.91 0.98 0.93 0.98 0.9 0.98 897,000 868,180 EC VULCAN CORP 0.61 0.65 0.6 0.63 0.6 0.63 200,000 121,080 EEI CORP 5.58 5.7 5.69 5.8 5.51 5.58 382,700 2,154,266 MEGAWIDE 3.05 3.09 3.03 3.09 3.03 3.09 804,000 2,453,300 PHINMA 19.9 20.1 20 20.1 20 20.1 10,200 205,000 CROWN ASIA 1.53 1.57 1.57 1.58 1.57 1.57 22,000 34,700 EUROMED 0.71 0.74 0.7 0.75 0.7 0.75 72,000 50,460 MABUHAY VINYL 5.96 5.99 5.98 5.99 5.98 5.99 3,300 19,757 PRYCE CORP 5.2 5.31 5.35 5.36 5.3 5.31 5,000 26,684 CONCEPCION 13.58 14.44 14.42 14.44 14.42 14.44 10,400 149,976 GREENERGY 0.222 0.224 0.23 0.23 0.205 0.224 27,370,000 5,993,160 INTEGRATED MICR 3.03 3.04 3.03 3.05 3.02 3.03 340,000 1,030,360 IONICS 0.98 0.99 0.99 1.01 0.95 0.99 1,266,000 1,228,120 PANASONIC 4.6 5.4 5.46 5.46 5.03 5.45 4,000 20,970 SFA SEMICON 1.99 2.05 2.04 2.05 2.04 2.05 484,000 990,640 CIRTEK HLDG 1.51 1.52 1.5 1.54 1.49 1.52 271,000 407,730

-74,193,840 -14,000 -2,153,665 -228,534 638,921 12,921,408 3,975,548 -80,040 -19,600 2,796 -13,443 -48,400 -1,375 5,523,450 -317,320 401,890 197,497 -7,858,305 -76,936.50 -52,130 79,900 8,550 6,780,709 17,384,516 264,000 -57,860 -929,512 106,745 92,150 -525,900 -64,026,019 772,750 11,949 476,180 18,706.00 -144,200 -12,960 -833,390 17,550 -57,400.00 3,080

ABACORE CAPITAL AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL ANSCOR COSCO CAPITAL DMCI HLDG FILINVEST DEV GT CAPITAL JG SUMMIT KEPPEL HLDG A LODESTAR LT GROUP PACIFICA HLDG PRIME MEDIA SOLID GROUP SM INVESTMENTS SAN MIGUEL CORP TOP FRONTIER

-18,782,760 -1,949,315 6,546,194 -6,816 -413,170 218,607.00 -12,669,440 -2,543,480 2,895,823 9,400 73,699,990 3,089,436 -

HOLDING & FRIMS

34 130 6.91 103.4 30 8.27 50.75 8.5 18.4 85.05 21.1 71.65 49.7 1.39 2.52 2.72 3.6 1,100 0.36 172.8 2,710

0.83 711.5 50.15 9.75 11.1 4.8 9.39 5.3 577 40.7 4.2 0.4 8.9 1.15 2.72 0.93 904.5 110.5 96.6

34.3 130.2 7.23 104.1 30.05 8.34 50.8 8.61 18.42 114.9 21.5 72.1 49.9 1.4 2.66 2.87 5.8 1,130 0.375 175 2,720

0.84 714.5 50.3 9.8 11.62 4.88 9.4 5.32 580 41 0.435 8.94 1.28 2.85 0.94 908 111 102.7

34 130 6.81 104.5 30.05 8 50.9 8.61 18.3 114.9 21.5 71.5 48.5 1.41 2.66 2.86 4.2 1,100 0.365 175 2,710

0.85 708 49.1 9.66 11.36 4.74 9.37 5.3 584 41 4.3 0.4 8.86 1.16 2.72 0.94 902.5 111 102.7

34.9 130.7 7.28 104.5 30.5 8.35 50.9 8.61 18.4 114.9 21.5 72.9 49.9 1.41 2.66 2.86 4.2 1,100 0.365 175 2,710

0.88 717 50.3 9.8 11.64 4.81 9.42 5.3 586.5 41 4.3 0.44 8.97 1.16 2.72 0.94 915 111 102.7

34 129.2 6.81 102.4 30.05 8 50.7 8.61 18.3 114.9 21.1 71.5 47.2 1.41 2.5 2.86 4.2 1,100 0.365 175 2,710

0.83 708 49.1 9.66 11.36 4.59 9.37 5.3 571.5 40.6 4.3 0.4 8.86 1.15 2.72 0.94 901 110.1 102.7

34 130 7.28 104.1 30.05 8.34 50.8 8.61 18.4 114.9 21.1 71.65 49.9 1.41 2.52 2.86 4.2 1,100 0.365 175 2,710

0.84 714.5 50.15 9.75 11.64 4.8 9.4 5.3 580 40.7 4.3 0.44 8.94 1.15 2.72 0.94 904.5 111 102.7

38,200 520,440 1,100 858,600 12,700 70,300 672,390 5,200 38,500 20 14,100 167,550 337,000 1,000 335,000 5,000 7,000 95 50,000 230 30

524,000 128,880 1,165,800 5,092,000 2,700 324,000 806,700 200 161,050 272,100 6,000 60,000 835,400 5,000 7,000 10,000 212,770 57,900 50

440,110 91,854,880 58,345,395 49,591,033 30,980 1,528,910 7,586,306 1,060 93,359,230 11,085,225 25,800 24,400 7,446,893 5,770 19,040 9,400 192,981,300 6,396,615 5,135

PROPERTY ARTHALAND CORP 0.415 0.43 0.435 0.435 0.435 0.435 80,000 34,800 ANCHOR LAND 3.6 5.1 5 5.1 5 5.1 200 1,010 AYALA LAND 34.05 34.1 33.5 34.3 33.5 34.1 7,494,500 255,222,945 AYALA LAND LOG 1.67 1.7 1.67 1.7 1.66 1.7 359,000 607,730 ALTUS PROP 8.94 9.36 8.95 8.95 8.94 8.94 41,500 371,114 ARANETA PROP 1.01 1.03 1.05 1.06 1.01 1.03 5,218,000 5,356,890 AREIT RT 33.15 33.25 33.5 33.5 33.1 33.25 309,600 10,337,145 A BROWN 0.64 0.65 0.65 0.65 0.65 0.65 9,000 5,850 CITYLAND DEVT 0.69 0.7 0.7 0.7 0.66 0.7 82,000 55,730 CROWN EQUITIES 0.06 0.067 0.059 0.067 0.059 0.067 70,000 4,260 CEB LANDMASTERS 2.54 2.55 2.48 2.55 2.47 2.55 202,000 503,470 CENTURY PROP 0.28 0.285 0.275 0.28 0.275 0.28 1,110,000 307,400 CITICORE RT 2.56 2.57 2.58 2.58 2.55 2.56 1,738,000 4,453,590 DOUBLEDRAGON 7.45 7.72 7.41 7.72 7.41 7.72 131,300 996,475 DDMP RT 1.18 1.19 1.19 1.2 1.16 1.19 3,523,000 4,142,720 DM WENCESLAO 5.01 5.5 5.95 5.95 5.5 5.5 209,000 1,191,250 EMPIRE EAST 0.124 0.128 0.128 0.129 0.128 0.129 70,000 8,970 EVER GOTESCO 0.275 0.285 0.285 0.29 0.28 0.285 760,000 215,650 FILINVEST RT 2.59 2.6 2.62 2.67 2.58 2.6 2,375,000 6,165,890 FILINVEST LAND 0.57 0.58 0.56 0.57 0.55 0.57 2,597,000 1,468,540 GLOBAL ESTATE 0.74 0.8 0.74 0.74 0.74 0.74 2,000 1,480 8990 HLDG 8.7 9.02 9.03 9.05 8.62 9.04 94,700 852,618 GOLDEN MV 827 845 820 845 820 845 1,250 1,046,570 CITY AND LAND 0.73 0.75 0.75 0.75 0.73 0.73 16,000 11,720 MEGAWORLD 1.95 1.97 1.95 1.97 1.94 1.97 4,441,000 8,680,580 MRC ALLIED 1.37 1.4 1.36 1.42 1.35 1.4 54,000 74,470 MREIT RT 12.4 12.48 12.14 12.5 12.1 12.48 642,900 7,945,082 PHIL ESTATES 0.31 0.32 0.32 0.32 0.32 0.32 10,000 3,200 PREMIERE RT 1.52 1.54 1.52 1.54 1.52 1.54 337,000 515,740 RL COMM RT 4.85 4.86 4.8 4.85 4.77 4.85 8,248,000 39,759,620 ROBINSONS LAND 15.68 15.74 15.7 15.76 15.64 15.74 1,198,200 18,814,386 ROCKWELL 1.36 1.4 1.34 1.4 1.34 1.36 45,000 62,010 SHANG PROP 3.66 3.68 3.65 3.66 3.65 3.66 67,000 244,580 STA LUCIA LAND 3.01 3.4 3.4 3.4 3.4 3.4 6,000 20,400 SM PRIME HLDG 33.1 33.2 33.05 33.3 32.95 33.1 4,672,100 154,687,065 VISTAMALLS 2.26 2.41 2.41 2.41 2.26 2.26 6,000 13,710 SUNTRUST RESORT 0.8 0.85 0.85 0.85 0.8 0.8 34,000 27,250 PTFC REDEV CORP 49 59.95 49 49 49 49 100 4,900 VISTA LAND 1.58 1.59 1.57 1.59 1.57 1.58 838,000 1,320,470 VISTAREIT RT 1.67 1.68 1.69 1.69 1.67 1.67 594,000 994,770 SERVICES ABS CBN 4.42 4.45 4.3 4.5 4.3 4.45 160,000 710,860 GMA NETWORK 8.31 8.32 8.32 8.33 8.29 8.32 210,400 1,749,852 GLOBE TELECOM 1,713 1,720 1,718 1,739 1,711 1,713 10,800 18,556,475 PLDT 1,270 1,280 1,291 1,295 1,270 1,270 61,230 78,430,310 APOLLO GLOBAL 0.013 0.014 0.012 0.014 0.012 0.013 187,300,000 2,371,800 CONVERGE 8.26 8.27 8 8.26 7.95 8.26 3,414,900 27,815,850 DFNN INC 3.07 3.16 3.15 3.15 3.1 3.1 34,000 106,180 DITO CME HLDG 2.4 2.44 2.38 2.47 2.34 2.44 2,687,000 6,464,040 NOW CORP 1.1 1.11 1.06 1.1 1.06 1.1 435,000 468,670 TRANSPACIFIC BR 0.133 0.139 0.139 0.145 0.135 0.136 410,000 57,600 ASIAN TERMINALS 15.5 15.7 15.7 15.7 15.5 15.5 9,400 145,780 CHELSEA 1.48 1.51 1.46 1.51 1.45 1.51 145,000 214,860 CEBU AIR 32.2 32.5 32.2 32.5 32 32.5 74,400 2,403,545 INTL CONTAINER 239.8 240 240.2 245 239.8 240 507,710 122,525,544 LBC EXPRESS 16.98 18.26 18.26 18.26 18.26 18.26 500 9,130 MACROASIA 3.93 3.94 3.9 3.93 3.9 3.93 180,000 706,000 PAL HLDG 5.1 5.33 5.06 5.1 5.06 5.06 6,000 30,444 HARBOR STAR 0.76 0.79 0.75 0.79 0.75 0.79 181,000 135,840 BOULEVARD HLDG 0.063 0.065 0.062 0.065 0.062 0.065 4,480,000 286,220 DISCOVERY WORLD 1.06 1.24 1.05 1.05 1.05 1.05 2,000 2,100 CENTRO ESCOLAR 8.02 8.48 8.48 8.48 8.48 8.48 800 6,784 FAR EASTERN U 568 598.5 598.5 598.5 598.5 598.5 20 11,970 IPEOPLE 7.3 7.37 7.35 7.37 7.35 7.37 2,400 17,686 STI HLDG 0.485 0.49 0.48 0.495 0.48 0.49 6,260,000 3,071,450 BELLE CORP 1.17 1.18 1.18 1.18 1.16 1.18 22,000 25,900 BLOOMBERRY 9.76 9.8 9.79 9.89 9.74 9.8 1,197,100 11,708,460 PACIFIC ONLINE 4.8 4.85 4.31 4.9 4.31 4.85 860,000 4,078,130 PH RESORTS GRP 0.89 0.9 0.88 0.92 0.85 0.89 3,315,000 2,981,150 PREMIUM LEISURE 0.59 0.6 0.61 0.61 0.59 0.59 7,865,000 4,695,440 DIGIPLUS 7.27 7.29 7.09 7.36 7.09 7.27 6,103,500 44,505,331 PHILWEB 1.68 1.71 1.65 1.71 1.65 1.71 114,000 189,710 ALLDAY 0.156 0.16 0.155 0.16 0.155 0.156 1,000,000 155,480 ALLHOME 1.14 1.15 1.15 1.16 1.11 1.15 3,002,000 3,394,240 METRO RETAIL 1.24 1.26 1.27 1.27 1.24 1.25 60,000 74,770 PUREGOLD 27.8 27.85 27.25 27.85 27 27.85 1,431,400 39,373,220 ROBINSONS RTL 39.3 39.45 38.8 39.8 38.8 39.45 183,600 7,236,790 PHIL SEVEN CORP 75.5 76 76.25 76.25 76.25 76.25 530 40,412.50 SSI GROUP 2.37 2.4 2.48 2.51 2.3 2.4 2,925,000 6,978,910 UPSON INTL CORP 1.57 1.69 1.65 1.69 1.57 1.69 8,000 13,220 WILCON DEPOT 21.25 21.5 21.2 21.5 21 21.5 246,300 5,257,770 MEDILINES 0.31 0.33 0.325 0.33 0.31 0.31 170,000 53,050 PRMIERE HORIZON 0.164 0.166 0.168 0.168 0.164 0.164 190,000 31,200 MINING & OIL ATOK 4.9 4.94 5.5 5.5 4.56 4.94 109,300 514,778 APEX MINING 2.98 3 2.98 3.01 2.97 2.98 5,027,000 15,038,490 ATLAS MINING 3.42 3.46 3.35 3.42 3.35 3.42 167,000 567,550 BENGUET A 4.71 4.79 4.79 4.79 4.71 4.75 88,000 414,720 BENGUET B 4.7 4.88 4.71 4.88 4.7 4.7 33,000 156,200 CENTURY PEAK 3.47 3.54 3.5 3.54 3.47 3.54 1,515,000 5,349,470 DIZON MINES 2.71 3.09 3.1 3.1 3 3 10,000 30,500 FERRONICKEL 2 2.05 2.03 2.06 2 2.05 429,000 872,380 GEOGRACE 0.028 0.03 0.028 0.028 0.028 0.028 500,000 14,000 LEPANTO A 0.081 0.082 0.081 0.082 0.081 0.082 1,470,000 120,140 LEPANTO B 0.079 0.082 0.078 0.078 0.078 0.078 30,000 2,340 MANILA MINING A 0.0045 0.0047 0.0047 0.0047 0.0047 0.0047 2,000,000 9,400 MARCVENTURES 1.05 1.06 1.05 1.05 1.05 1.05 107,000 112,350 NICKEL ASIA 5.05 5.07 5.05 5.09 5 5.05 8,622,300 43,343,628 ORNTL PENINSULA 0.63 0.66 0.63 0.67 0.62 0.67 21,000 13,170 PX MINING 3.15 3.16 3.12 3.2 3.12 3.16 538,000 1,711,120 SEMIRARA MINING 28.25 28.35 28.5 28.5 28.15 28.35 1,135,800 32,135,935 UNITED PARAGON 0.0038 0.0044 0.0039 0.0039 0.0039 0.0039 1,000,000 3,900 ENEX ENERGY 4.5 4.69 4.6 4.82 4.55 4.55 11,000 50,570 PHILODRILL 0.0075 0.0082 0.0082 0.0082 0.0082 0.0082 1,000,000 8,200 PXP ENERGY 3.63 3.7 3.63 3.72 3.63 3.63 131,000 478,050 PREFFERED ACEN PREF B 1,070 1,080 1,052 1,070 1,052 1,070 1,100 1,159,000 AC PREF AR 2,470 2,502 2,472 2,472 2,470 2,470 60 148,240 CEB PREF 32 32.45 32.1 32.45 32.1 32.45 18,700 605,615 DD PREF 93.75 94.5 94 94.5 94 94.45 18,420 1,733,510 EEI PREF B 95.3 96.8 96.95 96.95 96.95 96.95 50 4,847.50 JFC PREF B 910 944 920 945 920 945 520 485,250 MWIDE PREF 4 90.05 92 91.25 92 91.25 92 460 41,982.50 MWIDE PREF 5 101.3 101.4 101.3 101.4 101.3 101.4 1,190 120,660 PNX PREF 3B 23.2 24.85 23.2 24.95 23.2 24.95 2,700 62,815 PCOR PREF 3B 970.5 980 980 980 980 980 10 9,800 PCOR PREF 4C 965 1,000 1,000 1,000 1,000 1,000 10 10,000 SMC PREF 2F 72.3 72.9 72.5 72.5 72.5 72.5 1,000 72,500 SMC PREF 2K 65.15 67.95 65.1 65.35 65.1 65.15 39,940 2,601,705 SMC PREF 2O 77.35 77.5 77.5 77.5 77.35 77.35 3,600 278,750

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

WARRANTS

TECH WARRANT

4.15 4.25 4.17 4.3 4.17 4.3 2,000 8.29 8.34 8.36 8.36 8.25 8.34 144,600

0.295

0.33

SMALL, MEDIUM & EMERGING

BALAI FRUITAS CTS GLOBAL HAUS TALK ITALPINAS KEPWEALTH MERRYMART XURPAS

0.38 0.75 0.97 0.68 1.53 1.01 0.19

0.395 0.76 0.99 0.69 1.77 1.02 0.2

EXHANGE TRADE FUNDS FIRST METRO ETF

102

102.5

0.3

0.34

0.3

0.34

260,000

19,207,465 -1,690 -2,221,925 167,400 41,000 319,307 -1,109,900 -270,700 -145,400 13,000 890,400 -490,270 404,968 -4,620 -32,215,200 4,287,648 -7,330 -20,400 4,151,535 -199,350 -28,550 -11,009,600 -2,890,210 70,000 5,770,728 -215,890 -32,800 6,280 611,525 16,368,210 19,500 14,168.00 735 9,800 -8,200 -3,224,530.00 -24,100 1,538,590 -1,220 7,388,369 -1,570 239,250.00 18,647,670 -2,956,685.00 -21,350 -2,635,090 1,690 1,496,745 23,250 960,750 130,650 4,071,000 -109,440 14,000 2,777,927 143,850 -1,696,395 -13,650 110,300 49,440 599,195 -

8,470 1,200,558

-4,300 946,424.00

78,700

0.395 0.41 0.39 0.395 310,000 122,450 15,650 0.76 0.76 0.76 0.76 5,000 3,800 0.98 1 0.97 1 745,000 726,740 0.67 0.69 0.65 0.69 114,000 76,370 -9,380 1.53 1.53 1.53 1.53 1,000 1,530 1 1.02 1 1.01 982,000 991,730 -20,200 0.2 0.2 0.2 0.2 40,000 8,000 102 102.5 101.8 102.5 21,300 2,174,540

www.news.businessmirror@gmail.com

Milestones Finex free enterprise George S. Chua

N the road, milestones mark a specific distance or location from some starting point to a particular landmark or population center. Certainly a helpful guide telling you where you are, how far you have gone and how much more you need to go. You can think of your life like a road that has milestones and once it a while, it would be good to know how you are doing. Typically, a good time to make this evaluation is on your birthday, anniversary and of course the start of the new year! Different people have different ambitions in life, different goals, different priorities and different destinies. How do these differences come about? It would only be logical to think that this is due to differences in education, family background, economic opportunities, physical attributes, friends, profession and many others. Even among siblings, classmates and colleagues, the milestones achieved can be quite varied. We should set our own destinations and keep track of the milestones we have achieved. Hopefully, this destination is not towards the dark side. However, the sad truth is that people sometimes delude themselves into thinking that they are heading towards something good and positive until they reach the gates of hell. By then it is too late, but that is another story for another column. There are different types of milestones covering the progress you have made in family life, professional career, financial success, awards, recognition, position, physical condition, sports and even hobbies. The most important milestones are the ones that make you feel good about your accomplishments and about yourself. No one can tell you what that is except yourself. In life, the same milestone have different meanings for everyone. As an example, in a professional career, being promoted to manager by the time you are 25 years old may seem like an excellent milestone achievement. For someone who never even made manager by the time they retired, this may certainly be the case. On the other hand, to someone aspiring to be president by the time they reach 40, this means they are just on schedule. Of course, to someone else who has a different goal in life, like being a successful entrepreneur, titles are not as important as making money from your business. Even among entrepreneurs, the same milestone may have different significance. Reaching a million-peso net income milestone is a champagne event to an entrepreneur who never made a million pesos in his life. To another seasoned successful entrepreneur, this may not even be considered a milestone, nothing but a pebble on the road. Life is like golf, where we are all given our own handicap index, for someone at my skill level, breaking 80 would indeed be a joyous milestone event. To a much better golfer, breaking 70 would be his milestone event. Now, to a golf professional, breaking 60 would be the milestone event. I guess this tells us that we all march to the beat of a different drummer. Hopefully, we all march in the same direction towards the light, but there will always be people marching straight into the jaws of hell! May you all reach the good milestones you work and aspire for. Wishing all of you a Merry Christmas and a Happy New Year! The views and comments of Dr. George S. Chua are his own and not of the newspaper or FINEX. The author was 2016 FINEX President, 2010 to 2020 FPI President and currently an active Entrepreneur with investments in fintech, broadcast, media, telecommunications, properties and is a regular member of the National Press Club. Dr. Chua is also a Professorial Lecturer at the University of the Philippines Diliman and BGC Campus. Comments may be sent to georgechuaph@yahoo.com

Banking&Finance BusinessMirror

Editor: Dennis D. Estopace • Wednesday, December 27, 2023

Unitized sub-funds for 4 key pillars eyed in bid to ‘double’ Maharlika By Jasper Emmanuel Y. Arcalas

@jearcalas

AHARLIKA means royalty. And it could also mean free, or free men.But for the Philippines, the definition of Maharlika is taking on a new phase. Is it a sovereign wealth fund? Investment fund? Development fund? Regardless, it all boils down to one: a fund. The Marcos Jr. administration pushed for the establishment of the nation’s first-ever sovereign wealth fund in its bid to expand the state’s revenue sources. The administration’s plan was met with tremendous opposition as it came at a time when the state is suffering from a budget deficit amid ballooning outstanding debt obligations. The economic managers, led by Finance Secretary Benjamin E. Diokno, remained adamant, however: the creation of a sovereign fund would help the country meet its infrastructure goals and generate additional income for the state. And so, on July 18, it became a reality. Marcos signed into law Republic Act 11954, creating the Maharlika Investment Fund (MIF), just seven months since the idea of such was floated by the administration.

Searching for Employee No. 1

A LITTLE over a month later, the implementing rules and regulations (IRR) of the MIF came to light. It all signalled the search for Employee Number 1: the President and Chief Executive Officer (PCEO) of the Maharlika Investment Corp. (MIC), the state entity that would oversee the MIF. Months later, the administration faced a hiccup in hiring Employee Number 1. There was a “flaw” in the IRR. This flaw, pundits noted, was fundamental in the sense that it involved the appointing powers of the President in picking the very first MIC PCEO. “Hindi nakita ni Presidente sa listahan ang pangalan na gusto niya makita. Natrigger iyong suspension ng IRR dahil wala sa listahan ang gusto ni [President]. Iyon lang iyon,” Albay Rep. Joey Sarte Salceda, one of the principal authors of MIF, earlier explained. “The key issue is simple: the IRR

appears to have limited the President’s options [in appointing the MIC officials] only to those who have submitted applications,” he added. The MIF’s IRR was suspended in mid-October. The technical working group (TWG) involved in drafting the IRR went back to the drawing board. The IRR was revised and subsequently approved by Marcos in November. The changes? The revised rules now allow the President to reject shortlisted candidates submitted to him. More so, the requirement of holding an advanced degree for key MIC officials, including the PCEO, was removed. The updated rules also included changes in the composition of the audit committee, removing the sitting MIC directors as members of the same committee to prevent conflicts of interest. The revised MIF IRR was published on November 12. A day after, the firstever PCEO of the MIC was revealed.

Mr. Employee No. 1

IT was Rafael D. Consing Jr. And as Consing, himself, revealed, he indeed applied for the job. In fact, he learned about his appointment through the news. Prior to his landmark appointment, Consing joined the Marcos Jr. administration at the start of this year as the Executive Director of the Office of the Presidential Adviser on Investment and Economic Affairs. It was the first time that Consing held a government post after being in the private sector for over three decades. And it is this private sector experience, which Consing notes as “three decades of preparation,” as his competitive edge against the others who applied for the PCEO position. “That is probably where the dif-

ference was compared to what others would have done. Perhaps, those who got [advanced degree] diplomas or MBAs...I don’t think they would have achieved the same thing,” he said in a recent interview with CNN Philippines. “Look at my experience. I think first and foremost they will see that I have added significant value to the companies I have worked for. And I intend to do the same for Maharlika [Investment Corp.],” Consing, who doesn’t hold any Master’s degree, added. Prior to joining the government, Consing worked for nearly 16 years at the International Container Terminal Services Inc. where he became a Senior Vice President and Chief Financial Officer. He worked for eight years as Managing Director of the AP Financing Solutions Group at HSBC and four years as Vice President for Corporate Finance of Bankers Trust Company.

He also served as Vice President and Treasurer of Aboitiz & Co. Inc for two years and as Vice President for Fixed Income and Capital Markets for Multinational Investment Bancorporation for four years. Consing points out that experience weighs more than earning an advanced degree. “It’s time to give back. The country has been very good to us, to my family. So I would want to do it when I still have the energy. I can really add value at a time where I think my career is at the peak and I feel that now is the right time,” he responded when asked why he applied for the MIC PCEO job. Consing is MIC’s employee number one. The state agency is still looking for the subsequent employees, with them being the sitting board members of the MIC Board of Directors.

MIC does not even have an office yet. But Consing has been vocal about one thing so far: the four pillars he envisions that the MIC would embrace once it operationalizes before the end of the year or early next year.

The four pillars

CONSING identified four critical pillars for the MIF to make a difference in the country’s growth and development: tourism infrastructure, agroforestry industrial urbanism, digital infrastructure, and energy security. “This suggests that the MIF will make investment decisions that are not only financially sound, but also beneficial to the environment and society as a whole,” Consing explained. For one, Consing revealed that the MIC plans to oversee idle lands owned by the government and redevelop them to create what he calls “mega economic zones.” These mega eco-zones would then be pitched to foreign investors where farming and processing can rise together. These mega eco-zones, Consing argued, would help lift farmers out of poverty and “strengthen” the middle class. “All parts of the ecosystem will be together to make it more efficient, to reduce costs of logistics. Alongside of which we will engage in restorative forestry, and once you have that, you not only improve climate but also generate carbon credits that you can sell and create more capital to further develop the ecozone,” he said. These mega eco-zones would also aid in decongesting urban centers as townships would be created inside it with Filipinos being able to lease land at affordable rates and create their own houses, Consing adds. “We really want to reduce the costs of living for them. There is no need for them to acquire the land. They can use whatever money they have to build their own homes. They can enter into long-term leases with the government for the land,” he says.

Doubling the fund

CONSING has also unveiled his goal to double the MIF to P250 billion in the next two or three years. At present, the current fund stands at P75 billion, which would eventually increase to P125 billion once further government contributions come in. Consing says he aims to do this by attracting both offshore and onshore investments to the fund. Consing explained that he has identified two approaches to double the MIF: sectoral and tactical. He lik-

ens the idea to the Unit Investment Trust Fund (UITF) of banks wherein the MIC would create “unitized” subfunds targeted to the identified four pillars. “Think of [UITF] except it is in sectoral. Hence, we can create an MIF for infrastructure, an MIF for energy,” he said. These unitized sub-funds would then be offered to both institutional and retail investors, he added. Diokno has pointed out that doubling the MIF would be “very doable.” The MIC can do this, Diokno argued, by enticing foreign and domestic investors to the fund. The economic managers have been including the MIF in their various economic briefings and roadshows both locally and abroad to entice investors to the fund. Consing has also disclosed that the MIC would conduct an investor roadshow next year. “The MIC and the MIF aim to execute and sustain high-impact infrastructure and development projects, ease fiscal constraints, and maximize expected returns for our country’s investments,” the economic managers earlier said. “By providing an alternative source to public infrastructure spending, there would be a bigger budgetary allowance for other priority expenditures,” they added. But what is it again? If Consing is to be asked, the MIF at its current state is a national development fund. It shall stay that way in the next five to seven years. It means that the MIC would focus on investing the MIF domestically in the medium-term while hiking the fund altogether. Once the fund generates excess income, then it would venture to investing offshore, becoming what others are “accustomed to” as a sovereign wealth fund, Consing explains. Only time will tell if this “new definition” of Maharlika would also mean “royalty” and “free” men. “Maharlika is here. We cannot change that. You cannot change me. You need to give it a chance. This will be a paradigm shift in terms of the urban and agricultural landscape. It will allow us to deliver energy security to the country and change rural areas with digital infrastructure. We [will] enhance our tourism potential by infrastructure investments,” Consing says. “I say: give it a chance. One day you will see how great a decision it is,” Consing adds.

What would it take to make first year 4Ps enrollees to enjoy electricity of MIF successful? A visionary board bill discounts in January 2024 By Cai U. Ordinario @caiordinario

O be successful, the first year of the Maharlika Investment Fund (MIF) will have to be spent on forming a “visionary board,” according to former Socioeconomic Planning Secretary Romulo L. Neri. Neri told BusinessMirror that this would have to be done while ensuring “strong financial rigor” and “intellectual discipline” to make good judgments on where to invest. Part of these efforts, Neri said, is to form a “dedicated professional staff” that will include the best financial minds in the Philippines. However, the challenges faced by the country’s first sovereign wealth fund are not only focused on tapping the best minds but also securing financial resources. To Neri, the P75 billion worth of capital from the Development Bank of the Philippines (DBP) and LandBank of the Philippines (LBP) is insufficient

to make an impact. “The P75 billion from DBP and Land Bank is too small for MIF to make any significant impact. It should aim for at least P1 trillion,” Neri said in an email to this newspaper. To raise this capital, Neri recommended the sale of government assets such as the 350-hectare Bilibid property in Muntinlupa and the 650-hectare land on which the Ninoy Aquino International Airport sits. When the jail becomes vacant, the facilities can be transferred and the land can be sold, Neri said, while “the 650- hectare NAIA land” is estimated to be worth P1.5 trillion. Once the additional funds have been secured, the government can invest in projects leading to high financial and socioeconomic returns. Some of these projects include the Cavite to Bataan expressway, the NLEX East to connect San Jose del Monte to Nueva Ecija, and the Laguna lakeshore highway with some reclamation components.

Neri said the investments could also include the development of Laguna Lake water to supply the needs of fast-growing areas like Cavite and Laguna and the Sangley airport, which could free up NAIA. Freeing up NAIA land, Neri said, could allow the national government to unlock immense value. The former Chief Economist of the country also recommended the development of a “new” Baguio in Mount Irid on the border of Rizal and Quezon provinces. This will lead to the development of the Eastern Luzon corridor towards the Pacific Ocean. Neri also cited as potential investments the development of upland areas with the Armed Forces of the Philippines (AFP) engineering brigades to create new agroforestry areas and help finance military retirement needs. “Of course, (these) should be subject to proper socioeconomic and financial analysis to ensure viability and returns,” Neri told BusinessMirror.

NROLEES in the Pantawid Pamilyang Pilipino Program (4Ps) were urged to register in the government’s lifeline electricity rate program to avail of discounts on their electricity bills. “Pamaskong handog ito para sa mga kababayan nating sadyang hirap sa buhay. Palalawigin pa ng gobyerno ang subsidiya sa kuryente pagdating ng Enero 2024. [This is a Christmas gift for our poor countrymen. This electricity subsidy will be extended this January],” said Senator Win Gatchalian, principal author of Republic Act 11552 or an Act Extending and Enhancing the Implementation of the Lifeline Rate. Gatchalian noted that the tripartite body composed of the Department of Social Welfare and Development (DSWD), Department of Energy (DOE), and Energy Regulatory Commission (ERC) had earlier delayed implementation of the new lifeline rate program from September this year to January 2024 in a bid to allow the enlistment of more 4Ps beneficiaries. To access the subsidy, Gatchalian said beneficiaries need to consume not more than 100 kilowatt-hours of electricity per month. The program covers households unable to pay their bills, including beneficiaries of 4Ps, or customers considered

to be living below the poverty threshold set by the Philippine Statistics Authority (PSA). “We pushed for this measure because we wanted more people to benefit from the subsidy program,” the senator said. He noted that for those living within the franchise area of the Manila Electric Company (Meralco), the subsidy could range between 20 and 100 percent depending on how much electricity they consume. The power reduction rate varies depending on the prevailing rates of the distribution utilities or electric cooperatives. Gatchalian said that the tripartite body must also ensure the enrollment is not too cumbersome for the 4Ps beneficiaries. “The government must step up efforts to get deserving households on the list of beneficiaries and ensure that the enrollment procedure is both convenient and expeditious. There should also be an intensified information and dissemination campaign to reach as many beneficiaries as possible,” Gatchalian said. According to him, the subsidy is meant to assist electricity consumers adversely affected by the volatility of fuel prices and high cost of basic commodities. Butch Fernandez

Wednesday, December 27, 2023 • Editor: Gerard S. Ramos

Show BusinessMirror

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George Clooney gives Hollywood treatment to rowing during Olympic year CALLUM TURNER, (from left), George Clooney and Joel Edgerton pose for a portrait to promote the film The Boys in the Boat. AP

BY EDDIE PELLS The Associated Press

OLORADO SPRINGS, Colorado—The journey from nowhere to an Olympic gold medal is a tale as old as time. Just as well-worn, but far less explored, are the stories about great athletes who realize they can’t make it anywhere unless they have a way to bankroll the trip. The Boys in the Boat is Hollywood and director George Clooney’s way of stringing those plot lines together. That it opens Christmas Day, a mere seven months before the start of the Paris Olympics, is good fortune for the people who oversee rowing in the US and know the general public mostly either a) doesn’t think about that sport or b) sees it as the exclusive playground for East Coast and Ivy League elites. USRowing worked with producers of the movie to sponsor dozens of screenings across the country with two purposes: raising funds for an organization that received about $3.5 million of its $15 million budget in 2023 from charitable donations, and building awareness across racial and socioeconomic lines. One jarring stat: In 2021, a study found that only 2 percent of women who competed in NCAA rowing were Black. (Men’s rowing isn’t sanctioned by the NCAA, and so, wasn’t part of the study.) “What we’re trying to do here, and what so many clubs are doing around the country, is trying to create programs and opportunities” for people to row, said USRowing CEO Amanda Kraus. TBITB is about a group of poor students at the University of Washington who try out for the junior varsity crew team. It’s 1936, and far from seeking Olympic glory, these guys are simply trying to find a way to make a buck. “All you gotta do is make the team,” one of them says. “How hard can that be?” Plenty hard, it turns out, and what ensues is the Miracle on Ice, except on water—and with one other notable difference: Most of those hockey kids always knew where their next meal was coming from. Certainly there are others out there in a country of 330 million looking for a fresh start, a taste of the great outdoors and a chance to try something new. Kraus believes her sport might be that thing—and that all those potential rowers don’t have to be daughters and sons of millionaires.

BEA ALONZO

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Timothee Chalamet, 28; Hayley Williams, 35; Gerard Depardieu, 75; John Amos, 84. HAPPY BIRTHDAY: Look at what you’ve got to work with, then adjust to fit your schedule, circumstances and resources. A practical, honest approach to running your personal life and an innovative approach to financial and lifestyle management will help you gain respect and encouragement from those who matter most to you. Don’t let negative influences infiltrate your territory. Distance yourself from liars, cheaters and bullies. Your numbers are 2, 13, 24, 29, 36, 43, 48.

ARIES (March 21-April 19): Taking care of unfinished business will ease stress and clear a passage that leads to fun and games. Reaching out to someone who challenges you intellectually will spark your imagination and get you thinking about what you want to achieve next. ★★

TAURUS (April 20-May 20): Focus on getting things done, preparing for the new year and setting financial, physical and mental guidelines that help you be and do your best. If you discuss plans and goals with loved ones, something good will transpire. ★★★★

GEMINI (May 21-June 20): Put energy into positive change, not pontificating. Anyone can complain or make a fuss, but those who make the world better feel good about their achievements. Trust your inner voice and follow your gut. ★★★

The movie hopes to inspire more people into rowing. “In rowing, you move forward by looking in the opposite direction,” is a quote from Arshay Cooper on his website that describes his worldview. Cooper was a member of the first all-Black high school rowing team at Manley High School in Chicago. “I learned that it’s OK to look back, as long as you keep pushing forward.” So much about rowing is a steep climb. Kraus says it costs around $50,000 a year to support a Team USA rower. USRowing has around 74,000 members (by comparison, the US Tennis Association has 680,000) and, like all niche sports, the Olympics are its time to shine. That makes a rowing movie a Christmas present for this sport. The high point in the film—based on the 2013 book of the same name by Daniel James Brown that’s considered rowing’s bible—takes place during a particularly fraught time. At the 1936 Berlin Games, Nazi flags get better placement than the Olympic rings and Adolf Hitler is a constantly glowering presence. Nobody, however, poses a bigger threat to the boys from Washington than the leader of America’s Olympic committee, who appears unbothered as he

tells their coach that, even though they won their era’s version of the Olympic trials, a team with a better pedigree and more money will take their place in Berlin unless they raise $5,000 in a week. It’s an absurd and unfair insult, and one that, sadly, isn’t that far removed from today’s realities: Politics rule. And even in a billon-dollar Olympics industry, so many athletes have to scratch for pennies, especially in America, where the government doesn’t pay for anything. They make it—getting over the hump with a bit of unexpected help—and soon find themselves rubbing elbows at the opening ceremony with Jesse Owens. The great sprinter assures the rowers he’s not there to prove anything to Hitler, but rather to his own country, which still treats Blacks like secondclass citizens. We know how the Owens story ends. Now, we know how the rowers’ story ends, too. It’s a quintessential underdog sports drama, all the way to the short epilogue that’s intended to give moviegoers the feels about the mysticism of a sport very few understand. If only a few of them put down the popcorn and navigate to an online donations page—or maybe even a local crew club—then the small rowing community in the US will have a hit on its hands. ■

‘LOVE BEFORE SUNRISE’ GIVES VIEWERS PAINFUL YET BEAUTIFUL ENDING THIS DECEMBER 29

DENNIS TRILLO

TODAY’S HOROSCOPE

“THE love that we cannot have is the one that lasts the longest, hurts the deepest, and feels the strongest.” GMA Network’s prime-time series Love Before Sunrise is nearly closing its chapter, leaving viewers with the difficult question: When does forbidden love become worth fighting for? Top-billed by the mutiawarded Dennis Trillo, Bea Alonzo, Andrea Torres and award-winning actor Sid Lucero, Love Before Sunrise promises a heartbreaking yet touching finale on December 29. Now that everyone knows about the secret affair of Stella (Bea) and

Atom (Dennis), Czarina (Andrea) does everything to ruin their love once more. Meanwhile, Roald (Sid) is ready to forget about the infidelity of Stella and start anew together. Atom gets threatened by Czarina that he will never see their daughter again if he chooses Stella. Faced with a huge dilemma, Atom asks Stella to wait for him until he settles the custody of Sky. This leaves Stella shattered to pieces after realizing that Atom cannot yet end his relationship with Czarina. Stella then decides that she no longer wants to be a mistress. Will Stella and Atom just return to

their miserable marriages? Or will they stand for each other and fight for their true love? Don’t miss the finale week of Love Before Sunrise—under the helm of Mark Sicat dela Cruz—weeknights at 8:50 pm on GMA. Global Pinoys can also catch the program via GMA Pinoy TV. Love Before Sunrise is also available for streaming on Viu Philippines. The Viu app is available on the App Store, Google Play, select Smart TVs, and on the web at www.viu.com. More information is available at www.gmanetwork.com.

CANCER (June 21-July 22): A change of plans will benefit you. Let situations unfold naturally; you’ll find it easier to connect with people who share your sentiments. A joint venture looks promising, but verify the information you receive before you commit to participating. ★★★

LEO (July 23-Aug. 22): Challenge yourself mentally, and you’ll discover something fascinating to help you navigate conversations with people who don’t share your beliefs. Put all differences aside and appeal to the human aspect of life, and common ground will develop. ★★★

VIRGO (Aug. 23-Sept. 22): Stand by like-minded people and get things done. Changing your surroundings or the activities you participate in will help you see situations differently. Don’t argue with someone who doesn’t play fair. Go about your business and do your own thing. ★★★★

LIBRA (Sept. 23-Oct. 22): Emotions will trigger reactions. Look at every aspect of a situation and choose your words wisely. There is no point in upsetting someone to make yourself look good. Put ego aside and pay attention to what you do and the ones you love. ★★

SCORPIO (Oct. 23-Nov. 21): Move about, visit, entertain and converse. Listen, observe and be open to suggestions. Your mindset will make a difference, so put a smile on your face and keep temptation at a distance. Protect your money, possessions and reputation, and don’t believe everything you hear. ★★★★★

SAGITTARIUS (Nov. 22-Dec. 21): Gettogethers will be intense. Lighten up and keep the conversation humorous and playful. Let kindness and consideration lead the way. Offering help to those in need is your way of showing how much you care. Do your best to promote peace, not trouble. ★★★

CAPRICORN (Dec. 22-Jan. 19): Play like a champion. Hold your head high and strut your stuff, and you’ll dazzle those you encounter with confidence, warmth and insight. Spread some joy, and you’ll open doors that support your efforts and offer connections that will make your life easier. ★★★

AQUARIUS (Jan. 20-Feb. 18): Reminisce with loved ones. Rehashing events gone by will help you clue into the changes you wish to make next year. Let your actions set the stage for what’s to come. Don’t stand in someone else’s way. ★★★

PISCES (Feb. 19-March 20): Keep an open mind, but don’t put yourself in a vulnerable position. Travel can be costly and pose health risks if you don’t take precautions. Leave nothing to chance. Get the facts and spread truth, love and happiness. ★★★★★ BIRTHDAY BABY: You are unique, powerful and persuasive. You are ambitious and steadfast.

‘disappearing act’ BY JEFF STILLMAN

The Universal Crossword • Edited by David Steinberg/Anna Gundlach/Jared Goudsmit/Andrian Johnson ACROSS 1 B in chemistry 6 Requirement 10 Travel on the ocean 14 Out of dreamland 15 Command + Z 16 Native Nebraskan 17 Speak extemporaneously at the altar? (Russo) 20 Building block that’s a snap to use? 21 Workshop gripper 22 Mythical king known for his touch 23 Has debts 25 Got 100 percent on 26 What a longtime partner may have? (Arthur) 31 Russian ruler until 1917 34 Lucky charm 35 Ruination 37 Royal Rumble org. 38 Roadside lodging 39 It’s boring! 40 Female friend, in Spain 42 Brita competitor 43 College official 45 Over the moon

46 Like bachelor parties 48 Track inventory at the Seiko factory? (de Armas) 50 Brood 52 Arches National Park’s state 53 Deal or No Deal host Mandel 55 Roomy bag 57 Emmy nominee Rae 61 1938 Hitchcock classic that the starred clues’ actresses are auditioning for a remake of? 64 Deadlocked 65 Dentist’s order 66 Painter’s coat? 67 Cooking vessels 68 Instrument shaped like a disk 69 Barn sounds DOWN 1 Weep loudly 2 Toddler’s boo-boo 3 Summoned the butler 4 Summons for a virtual assistant 5 Just out 6 Philosophy of having nothing to hide? 7 Brings to a close

8 Emmy winner Falco 9 Put on 10 Russian citizen until 1991 11 Not on the same page as 12 Neighbor of Nebraska 13 To a smaller degree 18 New Year’s Eve party, for one 19 Yukon maker 24 Brandish 25 Big fuss 26 Cloverleaf parts 27 “No more for me” 28 Low-calorie coffee additive 29 Picking out of a lineup, briefly 30 “Hardly!” 32 “Man, that’s a bummer” 33 Goes through line by line 36 Island near Sicily 39 Fluffy Chinese bun 41 Trait of most of the Expendables cast 44 Rocky Mountain ___ (state animal of 52-Across) 45 Already had a meal 47 Medieval unions 49 Hip-hop’s ___ Clan 51 Name hidden in “double agent”

53 URL starter 54 State where the first traffic light was installed 55 Printed mistake 56 Baker’s appliance 58 “Begone!” 59 Breakaway group 60 Seeks answers 62 Follow closely 63 Sort of: Suffix Solution to today’s puzzle:

Image BusinessMirror

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Editor: Gerard S. Ramos • Wednesday, December 27, 2023

Begin again PHOTO BY PRISCILLA DU PREEZ ON UNSPLASH

Chrisma-politan by bar expert Gioseppe Racelis

Christmas-inspired cosmopolitan cocktail for the holidays A mainstay served in bars the world over, the Cosmopolitan has cemented itself as a classic cocktail. It has further gained huge popularity in the 1990s due to the long-running HBO show Sex and the City. It has now become the go-to pink drink for enthusiasts. For the holidays, a twist on the classic cosmo comes in the form of Chrisma-politan by bar expert Gioseppe Racelis. This timeless mix of vodka, cranberry juice and the premium orange Cointreau, served with a dash of vanilla and a hint of spice, makes for an exciting addition to any gathering. Racelis, equipped with over 13 years of experience in the industry, a Level 2 Certification in Wine & Spirit Education Trust (WSET), and is the former Assistant Food and Beverage Manager of Discovery Suites Manila, recommends topping it with a decadent creamy layer of sweetened foam. To complete this yuletide treat, “garnish it with red peppercorns for a pop of color and flavor,” the De La Salle-College of Saint Benilde educator advises. “The Chrisma-politan is perfect to enjoy with your loved ones,” he beams.

Chrisma-politan by Gioseppe Racelis Ingredients: 45 ml vanilla vodka 45 ml cranberry juice 30 ml Cointreau Sweetened milk foam Red peppercorn Procedure: In a shaker, pour in the vanilla vodka, Cointreau, and cranberry juice. Shake vigorously with ice. Strain and pour in a rock glass with ice. Top with sweetened milk foam. Garnish with red peppercorn on top.

ransitions happen throughout our lives—be it looking for new work, recovering from a failed project, or accepting that a chapter in our life is over. Whatever the reason, there will be times in our lives when we will feel the need to reset, move forward, and begin again. It is important to understand that transitions are necessary if we are to grow and develop into the person we are meant to be. Some transitions, like looking for work or getting sick, are necessary because they help us discover our ultimate goal, and understand what truly matters in our lives. Sometimes, these transitions happen because we have lost our sense of purpose and realized that we are not living intentionally. During these life-changing transitions, what can we do to keep going and begin again? The first thing you need to do is to ensure you really need and want to change. One way to be sure is to change your environment. Change requires new ways of looking at things and it will be difficult to change it if you are still surrounded by the things that are keeping you from discovering your full potential. Take a vacation or ask to be assigned to a project that requires you to interact with a new group. Putting yourself away from your current situation will give you a new perspective on what you truly enjoy doing and help you properly evaluate where you are right now. After assessing yourself, you need to decide where you want to be. Having a clear and achievable goal helps you become intentional in your decisionmaking and filters out those that do not help you in achieving your goals. Having a purposeful goal also limits distractions from achieving your goal and helps you focus on what you need to do to achieve it. For some people, having a life goal keeps them grounded on where they want to be, and all their actions and decisions lead in the general direction of their goal. This helps them become more resilient in what they do because they know exactly where they want to be. Now would also be a good time to forgive yourself and start trusting in your capability. Some people do not want to change out of fear that they will never be as good or as happy as they are right now. You need to trust in what you have learned so far and use them as stepping stones to gain more achievements and develop your other skills. You need to accept that there are circumstances beyond our control, but you can always remind yourself to trust that your skills and capabilities have taken you this far, and they will take you even further. It would also be a good time to list down your options. Writing your options helps you clearly create a roadmap so that you can visualize the series of

decisions you would have to make to arrive at your intended goal. Transitions often carry with them uncertainty into whatever you need to change and to help limit that doubt. Writing down your options can help reduce the feeling that you are not in control. Once you have a roadmap toward your goal, stick to it and use it to motivate and remind yourself whenever you feel like giving up. If the change was borne out of a negative experience, focus on what you have learned and stop dwelling on what could have been. Abrupt transitions usually leave you no choice but to accept what has happened and to direct your energies on what you can do. Dragging your feet will only delay what is inevitable and will prolong your agony. Accepting what has happened and focusing on what you can do will help you restart faster and enable you to enjoy all of the new and good things that will come your way. Once you have an appreciation of how past events in your life have shaped you into the person you are now, it becomes easier to accept that even negative experiences have their place in developing our character. When you are given the luxury of time to transition, start anyway even if the changes are gradual and especially when the changes are difficult. There are changes that naturally take time but if you have the foresight to plan properly and set clear milestones, you will navigate the transition seamlessly and prepare for whatever curveball you

might encounter. I used to have a classmate who wanted to become a lawyer but was forced by his parents to first become a doctor. We asked him if he thought going through medical school was a waste of time, but he told us that it helped develop his study habits and opened an opportunity where he can specialize his practice. He knew that he had to go through medical school because it was his parents’ non-negotiable. He took full advantage of the experience and worked around something he could not change. Which brings me to another point: Keep going. I have heard it said that life is like riding a bicycle because if you want to keep your balance, you have to keep moving. That is why you need to have a plan so that when there is confusion, you can always go back to your roadmap. Understand also that there will be days when you will make great progress, but there will also be some days when you will feel that you hardly made a dent. Whatever happens, you need to keep moving and power through until you have achieved your goals. The past year has taught us so many things that will help us build the best version of ourselves. This coming year, I hope you find the confidence to let go of what you cannot change, the courage to do what you need to do, and the acceptance that there are things beyond our control. Some people wish for a reset button in their life. What they do not realize is they already have exactly just that. It is called every day. n

King Charles III’s Christmas message reflects coronation theme and calls for planet’s protection LONDON—King Charles III reflected his coronation theme of public service Monday in a Christmas message that he connected to the health of the planet and wars that are raging. In a prerecorded video shot with him standing beside a Christmas tree in Buckingham Palace, the king spoke of the message of Jesus’ life in serving those less fortunate as he honored the “selfless army” that forms the “backbone of our society” helping others. “My heart has been warmed by countless examples of the imaginative ways in which people are caring for one another, going the extra mile to help those around them simply because they know it is the right thing to do,” he said. It was the king’s second Christmas speech since he ascended the throne after his mother, Queen Elizabeth II, died in September 2022, but the first since his coronation in May when he was officially crowned in a medieval ceremony rich in pageantry and pomp. Charles, who has long campaigned for environmental causes and recently told foreign leaders at the COP28 Climate Meeting that achieving climate goals remain “dreadfully far off track,” said he was encouraged to see awareness growing

of the need to protect the earth. “To care for this creation is the responsibility owned by people of all faiths and of none,” he said. “We care for the earth for the sake of our children’s children.” In his own gesture towards sustainability, the evergreen next to him

was bedecked in natural decorations made from wood, dried oranges, pinecones and paper. The tree, the first live one at the palace, was to be replanted after the holidays. As Charles spoke, video showed highlights from his past year, including helping plant a tree during a trip to Kenya—his first state visit as monarch with Queen Camilla to a Commonwealth country. It also featured footage from the coronation in which he declared, “I come not to be served but to serve.” Another clip showed his eldest son, Prince William, heir to the throne, along with his wife, Kate, the princess of Wales, and their three children carrying out that mission by helping to rebuild a Scout hut during a day of service that followed the coronation. His estranged son, Prince Harry, who left the ranks of the senior royals when he moved to the US in 2020 with this wife, Meghan, wasn’t shown in the video. Harry, who showed up alone at the coronation and was seated in the third row, inflamed tensions with his bestselling memoir, Spare, published early in the year that accused his brother of beating him up. AP

FROM left: Converge trade marketing supervisor John Edward Solema, GM of Chris Graphics Design Leni Panagan, Sunlife sales team manager Marinneth Ngo, FitBar Team leader Jeff Surel, Protech Malaysia branding marketing Lee Yan Sheng, Protech Malaysia chairman Ronnie Chong, business development manager KM Chong, PBAD Technical official Judith Brosula, Protech Philippines president Ric Dizon, Protech Philippines vice president for finance Ronnie Valdez, Protech Philippines vice president for admin Lesli Pareno

Protech 2023 Open Badminton Tournament wraps up with success THE Protech 2023 Open Badminton Tournament concluded recently at the Winner Badminton Court in Laguna, Philippines, leaving a trail of memorable moments and impressive performances. Athletes from diverse backgrounds showcased their exceptional skills, making the tournament a true testament to the spirit of competition and sportsmanship. The event, spanning three days, brought together badminton enthusiasts and supporters, creating an atmosphere of camaraderie and excitement.

Winners in each category were honored during the closing ceremony, receiving well-deserved accolades for their outstanding achievements. “I am very impressed with the way the tournament was handled—very organized and the set-up was amazing,” said Ronnie Chong, chairman of Protech Malaysia. “I want to express my gratitude to the organizers of the Protech 2023 Open Badminton Tournament for putting together such a well-run event. The attention to detail and the smooth organization allowed us, as players, to focus

solely on our game and deliver our best performance,” Rabie Obaob, Mens Open Singles Gold Medalist said. “The games ran seamlessly, upholding the highest standards and schedule precision, creating an international-level experience for players,” said Bianca Carlos-Dalisay, Womens Doubles Open Gold Medalist and National Team coach. The success of the Protech 2023 Open Badminton Tournament wouldn’t have been possible without the support of participants, sponsors, volunteers, and the badminton community at large.

Wednesday, December 27, 2023

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MPIC COMPANY INVESTS IN COCONUT INDUSTRY THROUGH P5.3 BILLION STRATEGIC PARTNERSHIP

MANUEL V. PANGILINAN, Chairman, President, and CEO of MPIC and Romeo I. Chan, Chairman and Chief Executive Officer of Axelum Resources Corp.

ETRO Pacif ic Investments Corporation’s (MPIC) wholly-owned subsidiary, Metro Pacific Agro Ventures, Inc. (MPAV), has sealed the deal with Axelum Resources Corp. (PSE: A X LM), the countr y’s leadi n g f u l ly - i nte g r ate d m a nu f ac t u re r, ex porter, and retailer of globally indemand food essentials, primarily bestin-class coconut products.

In a transaction valued at P5.3 billion, MPAV has secured a 34.76% equity stake in Axelum. Their objective is to enable each other to capitalize on opportunities in the coconut industry and enhance the capabilities and competitive edge of Philippine coconuts in the global market. Axelum caters to a top-tier clientele comprised of renowned multinational consumer brands across more than 30

high-growth export markets. They are producers of an extensive range of premium coconut products. Romeo I. Chan, Chairman and Chief Executive Officer of Axelum Resources Corp., states, “We proudly welcome the investment of MPAV into Axelum. This partnership is built on a shared vision and profound commitment to spearhead initiatives that will modernize our local coconut industry. We aim to achieve this by leveraging our joint expertise, network and resources.” Chan adds, “Most importantly, this will allow us to deepen our societal impact by providing sustainable livelihood to coconut farming communities, and thereby contributing to the continuous development of the country’s agriculture sector.” “This partnership embodies our commitment to sustainable investments,” said Manuel V. Pangilinan, Chairman, President, and CEO of MPIC. “Axelum’s expertise in the coconut industry, combined with MPAV’s ambition for Philippine agriculture, position us to make lasting contributions to the nation. We look forward to promoting sustainability and competitiveness in the country’s agricultural sector.”

MERALCO COMMISSIONS NEW BALAGTAS 115 kV-34.5 kV SUBSTATION. The Manila Electric Company (Meralco) recently commissioned the new Balagtas 115 kilovolts (kV)-34.5 kV Substation located along McArthur Highway in Bulacan, which improved the distribution system and power quality in the area. The project involved the construction of a 115 kV switchyard, installation of an 83 MVA power transformer bank, construction of a new 115 kV line with a total length of eight (8) kilometers, and three (3) 34.5 kV new distribution feeders. The Balagtas Substation addressed the critical loading of Sta. Maria and Saog substations, improved the reliability and flexibility of Meralco’s distribution system, and provides additional capacity to accommodate the increasing load demand in Balagtas and other adjacent areas including the initial power demand of the proposed new Bulacan airport and railway. The new substation will also help in the immediate restoration of electricity service in the areas of Balagtas, Sta. Maria, Bocaue, and Marilao in Bulacan during incidents of power outages. Meralco continuously invests and works for the improvement of its distribution system to ensure the delivery of safe, stable, and reliable electricity service to its customers as part of its commitment to #KeepingTheLightsOn and #PoweringABrighterTomorrow.

Experience the Wonders, Splendor of the Season at Richmonde Hotels

HIS year, celebrating the holidays in Manila brings countless choices for get-togethers, reunions, and feasts. Narrow down venue options to Eastwood Richmonde Hotel and Richmonde Hotel Ortigas which offer festive buffets, staycation packages, and year-end parties at best value and with the warmth, charm and cheer that’s distinctly Richmonde.

Holiday Homecomings and Splendid Staycations

FOR balikbayans reuniting with loved ones this Christmas and families looking for a hasslefree holiday break, Richmonde has the perfect address to easily connect with loved ones and conveniently access the best shopping and entertainment centers. What’s more, great discounts on room rates make it the best holiday home away from home. Richmonde Hotel Ortigas brings Holiday Wonders with room rates starting at P3,700nett (room only) and P4,500nett (with breakfast buffet for two) for bookings until January 14, 2024 (except December 31). On December 31st, spend the last day of the year with fun and enjoyment and book accommodations for as low as P5,500nett with breakfast buffet for two, P7,000nett with breakfast and New Year’s Eve countdown party tickets for two, P7,800nett with breakfast and New Year’s Eve dinner buffet for two, and P9,800nett for the works: breakfast, dinner buffet, and countdown party for two. As a special treat, guests can also enjoy 15 percent discount on dine-in orders at Richmonde Café and in-room orders from Room Service, plus on December weekends, complimentary hot cocoa at the lobby and refreshing drinks at the pool will be served. Wi-Fi access and use of the Health Club’s gym, heated indoor pool, and steam and sauna rooms are also included. For the

hotel’s Catholic guests, a mass is scheduled at the 3/F function room on January 1st at 10:30 am. For inquiries and room reservations, call Richmonde Hotel Ortigas at (632) 8638 7777 or (63) 917 8597914 on mobile or Viber, email stay@richmondeortigas.com, or log on to www. richmondehotelortigas.com.ph. Stay within vibrant Eastwood City from now until December 30, 2023 and delight in the many fun, family-friendly activities it offers to the fullest. Enjoy the Season’s Splendor at Eastwood Richmonde Hotel with room accommodations as low as P4,600nett for a night’s stay and P4,200nett per night for two nights or more. To include breakfast buffet for two persons, add P1,100 to the rates. On December 31st, greet 2024 in style with a celebration as you staycation. Book a room with two tickets to the hotel’s countdown party and brunch buffet for two for as low as P12,700nett. Rest and recuperate from the hustle and bustle of the season and enjoy an extended holiday from January 1 to 15, 2024 for as low as P5,500 nett with breakfast buffet for two. All room and package rates are inclusive of taxes, Wi-Fi access, complimentary use of the pool, and parking for one vehicle on a first come, first served basis. For inquiries and room reservations, call (632) 8570 7777 or (63) 917 531 6867 on mobile or Viber, email stay@eastwoodrichmonde.com, or log on to www.eastwoodrichmondehotel. com.ph.

Celebrations to Welcome 2024

GATHER the family to say goodbye to 2023 and usher in another exciting year with an all-night affair on December 31st at Richmonde Hotel Ortigas starting with a lavish New Year’s Eve Dinner Buffet from 6 pm to 10 pm at Richmonde Café

featuring an international spread of festive fare for just P1,980nett. After Media Noche, get ready to party and say hello to 2024 at the New Year’s Eve Countdown Bash which starts at 9pm at the hotel lobby. The event features exhilarating live music from Infinite Vibes, a bountiful cocktail buffet, and three rounds of drinks with choices ranging from cocktails and beer, to iced tea, soda and chilled juices, plus sparkling wine for toasting as the clock strikes 12 midnight. Tickets to the countdown party are P1,380nett each. Get big savings with the New Year’s Eve Dinner Buffet and Countdown Bundle priced at only P2,880nett per person. For inquiries, table reservations, and countdown party ticket purchases, call Richmonde Hotel Ortigas’s Food & Beverage Department at (63) 917 534 4352, email fbsup@richmondeortigas.com, or message the hotel’s official accounts on Facebook and Instagram. Eastwood Richmonde Hotel turns back the clock while moving forward to greet the new year with a Music Revival Party to Countdown to 2024 that starts at 9:30pm on December 31st with stand-up comic Jeremie to warm up the crowd with comedy bits, interactive games, and a raffle draw where guests can win hotel gift certificates. High Pitch Band lights up the stage with pop and dance music from the ‘70s, ‘80s and ‘90s. Groove to hit retro tunes, fill up on the appetizing cocktail buffet spread and free flowing beer, cocktails, and non-alcoholic drinks, and ring in the new year with fun and laughter for only PhP 1,999nett per ticket. Wake up to the first day of the year and recuperate after a night of partying with a hearty meal at Eastwood Richmonde’s New Year’s Day Brunch Buffet to be served at the Grand Ballroom on January 1st from 10am to 2pm for PhP 1,699nett. All buffet offers and countdown tickets are free for children 5 years old and below while children 6 to 12 years old get 50% discount on the full price. For inquiries and table reservations, call Eastwood Richmonde Hotel’s Food & Beverage Department at (63) 917 821 0333, email fb@ eastwoodrichmonde.com or send a message via Eastwood Richmonde Hotel’s official Facebook page.

MGen and OMF partnered to reach the underserved public school students in MGen’s host communities through Balik-Eskwela project

MGen sustains education campaign through OMF’s Balik-Eskwela project

EADING power generation company, Meralco PowerGen Corporation (MGen), and its subsidiaries continued its commitment to sustainably support quality education in its host communities through One Meralco Foundation, Inc.’s (OMF) Balik-Eskwela Project. Education as a strategic community development pillar has been a focus of the Company through various initiatives since 2021. Last September 2023, MGen employees, from its Global Business Power Corporation (GBP) subsidiaries, assembled and distributed more than 300 backpacks filled with essential school supplies and hygiene kits for kindergarten to Grade 3 students. The initiative reached Labne Elementary School in San Miguel, Bulacan; Sitio Malalim Elementary School in Baras, Rizal; E. Pesa Elementary School in Bongabon, Nueva Ecija; and Caridad Ibaba and Caridad Ilaya Elementary Schools in Atimonan, Quezon. Jaime T. Azurin, President and Chief Executive Officer of MGen, expressed the company’s commitment to sustainable community development, “Our company is dedicated to doing everything in our capacity to help the communities where we operate. As our business and operations grow, we will strive further to contribute to the overall development of these communities. We believe that helping children get quality education is essential, which is why this support is important. By supporting education,

we are planting the seeds for a brighter future.” This initiative reflects MGen’s dedication to corporate social responsibility and its cultural emphasis on community well-being. The impact of the Balik-Eskwela project was evident during the turnover ceremonies, where students joyfully received their school bags filled with notebooks, papers, pencils, and sanitation kits. Marivic Velasco, School Principal of Sitio Malalim Elementary School, emphasized the crucial role of partners like MGen, OMF, and Rex Bookstore in fulfilling their mission to guide students towards a brighter future. In addition to school supplies, MGen collaborated with Rex Bookstore, Inc., a renowned player in the educational publishing industry, to donate over 8,000 textbooks worth more than Php 1 million. This initiative is part of Rex Bookstore’s “Para sa Bata, Para sa Bayan” campaign, which aims to make books accessible to every learner. To instill a love for reading, Maria Luz Blanco-Uriarte, MGen GBP Vice President for Human Resource, Administration, and Learning and Development, led storytelling sessions. The Balik-Eskwela project not only contributes to the education of underprivileged children but also fosters a sense of community. As the initiative gains momentum, it is set to become a cornerstone of the company’s broader efforts to make a positive impact on the communities it serves.

Bright Healthy Radiance Thanksgiving Event: A Day of Beauty, Collaboration, Inspiration

ETAPHIL Bright Healthy Radiance joined forces with The Beauty Edit, the country’s premier beauty industry subscription website, for an unforgettable Thanksgiving event that brought together skincare experts, beauty influencers, and enthusiasts for a day of education, inspiration, and celebration. The morning session commenced with a thought-provoking brand talk by Cetaphil Bright Healthy Radiance Country Brand Manager, Tammy Au, highlighting the importance of safe and effective brightening practices. Tammy expressed gratitude for the support of partner dermatologists, acknowledging their crucial role in raising awareness in a saturated industry. “Brightening is a saturated industry, but consumers are not always aware of the safe and effective ways to achieve it. Thanks to your support for Cetaphil Bright Healthy Radiance, people are becoming more aware,” Au stated during her engaging presentation. Following Au’s talk, The Beauty Edit hosted a segment featuring Marj Maroket, where they discussed the significance of a good base in makeup application, shared valuable tips, and created a timeless holiday makeup look. Marj emphasized the synergy between skincare and makeup, stating, “Skincare and makeup go hand in hand. As dermatologists promote skin health, beauty enthusiasts enhance it. The skin is the canvas of your face, and beauty is not just about looking good but also expressing your confidence.” As the event transitioned to the afternoon, Tammy Au spoke about the initiative behind the brightening range, emphasizing the company’s commitment to educating consumers about choosing ingredients that promote radiant skin. The event’s highlight was the presence of Miss Universe 2018, Catriona Gray, who brought an element of excitement with “Pass the Crown with Catriona.” Guests participated in an interactive game where they could ask questions or win prizes from Cetaphil’s Bright Healthy Radiance

line by wearing a crown when the music stopped. Gray shared, “It’s always nice to have a routine that works for you. Our mornings are so busy sometimes, so you need a routine that works for you. To embody radiance, it’s about energy. I have to be very aware of myself and my mental health. I have to find ways to fill my cup. Having a positive outlook is essential to exuding energy that speaks volumes.” Gray also spoke about practicing gratitude through nightly prayers and the transformative impact of acknowledging blessings, overcoming negativity, and embracing self-love. The Cetaphil Bright Healthy Radiance Thanksgiving event concluded as a resounding success, leaving attendees inspired, informed, and ready to embrace the principles of radiance and beauty in their daily lives.

BusinessMirror

Editor: Tet Andolong

Wednesday, December 27, 2023 B7

Future proofing towards sustainability By Rizal Raoul S. Reyes

he real estate sector has an important role to play in addressing the challenge of climate change. JLL Philippines said the establishment of a more sustainable and resilient future requires the current buildings to undergo a significant transformation in their infrastructure and operations. According to JLL Philippines, there should be an overhaul in the design and construction of the buildings from the industrial complexes designed in decades past to glass-clad skyscrapers in central business districts. Further, it thinks a lot of the current buildings might be fit for purpose today but will not make the grade in the coming years as low-carbon, resilient spaces. According to JLL Philippines, the reasons why there’s a need to future proof their real estate are n Mounting costs from climate risks including heatwaves, f looding, storms and droughts, are increasingly impacting urban areas—with big implications for building owners. n R ising demand for sustainable

buildings and spaces that support corporations’ low carbon goals and meet employees’ r ising ex pectations w i l l change lease markets at scale. For every 3 square meters of demand, only 1 square meter of low carbon space is in the current pipeline. n More restrictive finance and tougher regulation are coming down the line. Companies face more stringent building performance standards and corporate disclosure mandates.

A forward-looking mindset The Campos family-led Greenfield Development Corp is quite aware that the company needs to have a forward-looking mindset in response to the demands of the changing workplace environment. It is a fact and reality that technology is changing the work landscape in the Philippines driven by the growing demand for state-of-the-art office buildings. Moreover, these next-generation work environments must seamlessly integrate advanced technologies, highspeed connectivity, and collaborative

Residential Market

Turnaround Year 2023: Better Than Expected

his year marked the recovery of the residential condominium market in the Philippines, notably in Metro Manila, which saw a record of 40,555 units sold. The sector had reached its peak performance two years before the onset of Covid-19 but faced challenges during the pandemic. The ensuing market decline prompted developers to offer buyer-friendly payment terms to stimulate demand. However, these measures also increased backout risk. In 2023, developers reassessed their sales strategies to balance between increasing sales and mitigating buyer attrition. The market exhibited significant growth, indicating a trajectory toward a more normalized real estate cycle: pre-sales grew by 14 percent, and new project launches surged by 66 percent compared to the previous year. The first quarter sustained an 8.3 percent increase in pre-sales carried over from 2022, likely stemming from the favorability of payment terms. As developers adjusted the terms, coupled with stricter buyer screening and requirements, the next three quarters showcased a more stabilized pre-sales landscape. On the supply side, there was a surge in launches during the first quarter of 2023, reflecting the attractive sales levels achieved. However, as increased backouts became evident, developers gradually restrained launches to manage inventory, resulting in a 30 percent quarter-on-quarter decline in 4Q2023 launches. Despite this trend, pre-sales remained strong, with 9,720 units sold. Demand drivers for the sector remain stable, supported by consistent factors such as Overseas Filipino Workers’ (OFW) remittances, projected to close at USD36.1 billion, marking a 2.5 percent increase from 2022. In the first

The Portal, an innovative replacement for the traditional Pavilion, becomes the focal point for culinary delights.

Greenfield Tower provides a distinctive setting where expansive open areas harmonize with cutting-edge connectivity.

nine months of 2023 alone, remittances increased by 2.8 percent to USD27.74 billion compared to the same period last year. Additionally, the IT-BPM sector continued its impressive growth, generating 130,000 new jobs, reaching a total of 1.7 million full-time employees by year-end. Despite looming geopolitical uncertainties, the Philippine economy showed signs of growth, achieving a 5.5 percent growth in GDP, surpassing the performance of neighboring Asian countries. Moreover, the country’s demographic advantage, with a median age of 25, translates to a large potential market for residential projects, further bolstering prospects for sustained growth in the sector. In addition to the robust demand for residential condominiums in Metro Manila, there’s a growing interest in residential units outside the capital region. Emerging townships, which are less congested and offer more spacious options, are witnessing increased demand due to lower acquisition costs. The market outlook for 2024 signals a shift toward a more inclusive growth. While residential projects within Metro Manila will continue to attract buyers, projects just outside the capital region, particularly in southern fringes, are expected to experience active demand levels. Infrastructure projects spanning the country are fostering enhanced connectivity among provinces, facilitating more widespread development across regions. Townships outside Metro Manila boast relatively lower capital values due to their locations. However, buyers can capitalize on this situation by taking advantage of the opportunities during the pre- selling stage, as property values tend to appreciate upon the completion of infrastructure developments.

spaces to foster innovation and efficiency. Furthermore, the demand for cutting-edge office spaces equipped with the latest technological infrastructure is rising.

Promoting open space and cutting-edge connectivity The Greenfield Tower, developed by Greenfield Development Corp., combines both a harmonious space with leadingedge connectivity complemented by its strategic location ensures convenience, accessibility, and safety for tenants and employees, benefiting from proximity to major transportation routes for private and public commuting. The location, easily accessible on Mayf lower Street, allows convenient transportation options, including jeepneys, private cars, MRT Shaw Station, bus routes along EDSA, and numerous taxis circulating nearby. “Greenfield Tower seeks to be the corporate headquarters of the business process outsourcing [BPOs] companies. To attract this group of locators, Green-

field will offer meticulously designed office spaces equipped with a reliable IT infrastructure,” the company said. Each f loor has a standard plate size of 2,000 square meters more or less, a generous f loor-to-f loor height of approximately 4.5 meters, and a variable refrigerant f low air-conditioning system. The tower is designed to support round-the-clock operations, thanks to its 100 percent backup power (+ 1 redundant) supplied by five 2000-kw capacity generator sets capable of 72 hours of continuous operations before fueling. Additionally, the building provides extensive parking facilities with five levels of basement parking, accommodating over 500 vehicles.

Innovation meets safety and sustainability Greenfield Tower is a beacon of innovation and adaptability, redefining the future of work for a diverse range of tenants. Further, the tower has become a melting pot of industries, BPO, hosting IT companies, remittance services,

engineering firms, government and nongovernmental organizations, insurance companies, and key players in the food industry. Its aesthetic landscaping and functional design into its property. Office units are f looded with natural light, and the extensive open spaces surrounding the building serve as a rejuvenating environment for employees during breaks. “Greenfield Tower showcases distinct advantages that cater to the evolving needs of businesses in the post-pandemic era. Nestled within the future-ready urban community of Greenfield District, the tower offers an advantageous location with wide-open spaces and stateof-the-art fiber-optic internet connectivity,” the company said. “The building’s eco-friendly design, incorporating natural light and functional aesthetics, adds a touch of sustainability to the modern workspace. It is also within strategic proximity to major thoroughfares and public transportation hubs, making it easily accessible to workers,” the company added.

Vista Land elevates condominium living for Filipinos nationwide through Vista Manors

ust by basing on the exponential increase of residential towers rising along the skyline, it can be said that the market for condominium properties has become highly competitive. Developments of various configurations and styles and featuring all manner of facilities and amenities continuously emerge in key locations across top cities nationwide. It is not hard to see the appeal of condominium living, as it presents a number of advantages. Not only do condominiums offer accessible payment terms and views from a higher vantage point, they are also safe and sensible. Properties provide features like round-the-clock security, well-attended reception areas, fire and sprinkler systems, and a property management group. Condominium units require little maintenance and have built-in provisions for utilities, cable, and internet which residents can opt to connect to. All matters aside, the primary function of a condominium within the real estate industry is convenience. They allow one to live in close proximity to places of work, transport hubs, schools, hospitals, recreation centers, or within central business districts. Condominiums also allow more residences to converge in one location, providing accessibility where spaces would have been restricted. The original market of “young couples” or “yuppies starting out in life” has also shifted into families and retirees looking for conveniences, entertainments, and security of living in fully-administered mid-rise towers. These customers have presence all over the country. Thus, Vista Manors is set to develop condominium communities across the islands, as far as the demand will carry them. As one of the trusted real estate brands in the Philippines, Vista Manors ups the ante in condominium demand with its resortthemed, mid-rise vertical villages in key cities nationwide. After an excellent track

Vista Manors allows the experience of graceful living in inspired vertical villages. record in house and lot developments, Vista Land is making a name in the sector with its back-to-back launches in cities such as Imus, Roxas, Butuan, Davao, Ozamiz, and provinces including Laguna, Palawan, Bohol, and Leyte. In 10 locations—and counting— buyers and investors only need to choose the condominium property that fits their lifestyle to experience serene, pine-tree covered properties that make everyday living a vacation.

Beyond being stunning Mid-Rise Homes, the Vista Manors are Sound Investments Apart from making condominiums a dwelling, a huge number of those who purchase do so as a long-term investment. Vista Manors has created real estate investment options not only for established investors but also to those who are making a start in their portfolio. Putting special focus on Filipinos overseas who would like to make smart moves on their finances, Vista Manors extends their property value by teaching them the advantages and possibilities real estate investing has to offer. With Vista Manors’ 10 condominium developments to date, one invests

in a forever home for one’s self or one’s family, while owning a valuable long-term asset that appreciates over time. Helmed by Vista Land, the largest integrated property developer in the Philippines, Vista Manors has the experience, expertise, and support of their holding company. With an already acquired and carefully studied knowledge of the Filipino buyer, as well as the global property investor market, Vista Manors has structured its building designs and services based on what the market needs at present. This affords the group ability to predict how those same markets will grow through time: suitably evolving the company, its towers, and services. Through the improvement of its designs, creation of its additional services, bolstering of modern conveniences, finding accessible locations, and jumping on global hot buttons especially green architecture, Vista Manors educates its markets what to ask for, while realizing that everything it does must also be directed towards meeting their residents’ dreams and making them real. Learn more about Vista Manors. Follow @vistamanorsofficial on Facebook.

Sports

Saudi Arabia shows Club World Cup fans, visitors intention to change for WC34

BusinessMirror

EDDAH, Saudi Arabia—In Saudi Arabia this week to work at the Club World Cup, seeing a woman driving a car on the busy roads of Jeddah was proving elusive. The kingdom’s ban on women drivers was lifted in 2018—a key modernizing reform in a long-time ultraconservative society—yet firsthand evidence was missing for nearly four full days at a soccer event that was an early milestone on the road to the men’s World Cup in 2034. Spending one hour each day in taxis is easily done in a city with almost no public transport for more than five million people. A ride was requested on Thursday evening on a Middle East booking app to pick up at the five-star hotel where FIFA stayed. The driver of the economy grade sedan that arrived was a woman in her 20s, wearing western clothes and her head uncovered. Her avatar on the Jeeny app was not a photograph but a purple and white image of a hijab head covering. The skeptical bubble of a western visitor was popped and the frequent claims by Saudi and soccer officials of transformational change in the kingdom rang more true. “We are living in an exciting journey,” Saudi Arabian Football Federation president Yasser al Misehal had told The Associated Press earlier Thursday. “We have great leadership, and the people—they want to change.” The leader driving that change, Crown Prince Mohammed bin Salman, has put sports like soccer, golf and boxing at the heart of lavish plans for a post-oil economy known as Vision 2030. Critics say it is also sportswashing to soften an image damaged by the kingdom’s human rights record. The crown prince has met so often with FIFA president Gianni Infantino starting in 2018 that Saudi Arabia’s emergence in October as the only candidate to host the 2034 World Cup was both a surprise and inevitable. The surprise was in how soon the 2034 hosting process was started and all-but won, yet inevitable due to the two men’s obvious shared goals over the years. The brief Club World Cup that ended on Friday was awarded to Saudi Arabia in February and was the first FIFA event played in the kingdom since the 1990s. It brought to Jeddah six continental champion teams, thousands of their fans, and hundreds of FIFA staffers and entourage. Also visiting were officials from about 150 of FIFA’s 211 member federations for a meeting of little business value beyond building ties with Saudi soccer that will only deepen in the next 11 years. Among them was Football Australia, which wanted to bid for 2034. It opted not to, facing certain defeat and public pressure by Infantino and the Asian Football Confederation to stay united and not take the Saudi candidacy to a contested vote next year. “I think that’s exciting,” Australian soccer CEO James Johnson told the AP about the Saudi spending spree this year on hiring players and coaches, plus sponsoring and bidding for international events. “When there’s content coming to the region, that’s good for all the AFC members and us being one of them.” AP

B8 | W

ednesday, December 27, 2023

mirror_sports@yahoo.com.ph Editor: Jun Lomibao

NIKOLA JOKIC goes 18-of-18 from free-throw line and draws ire of Steve Kerr. AP

Kerr subtle but still hits referees anyway D ENVER—Nikola Jokic’s frequent parade to the free-throw line was a sore subject for Steve Kerr. The Golden State coach doesn’t feel like defense gets rewarded consistently enough in today’s National Basketball Association (NBA). Jokic overcame an off day from the field by going 18 of 18 from the free-throw line and the Denver Nuggets extended their winning streak to five games by holding off the Warriors, 120-114, on Monday. Jokic finished with 26 points despite a 4-of-12 showing from the floor. He set a career-high with his 18 made free throws. In all, the Nuggets were 26 of 32 from the free-throw line. “I have no problem with the officials themselves,” Kerr said after the game. “I have a problem with the way we are legislating defense out of the game. That’s what we’re doing. The way we’re teaching officials, we’re just enabling players to [fool] their way to the foul line. If I was a fan, I wouldn’t have wanted to watch the second half of that game. It was disgusting. “It was just baiting refs into calls. But the refs have to make those calls because that’s how they’re taught.” The combination of Kevon Looney and rookie Trayce Jackson-Davis took turns trying to contain

Jokic, who didn’t have his customary touch around the basket. Jokic made up for it by being more aggressive and getting to the line. “He gets fouled a lot. He gets beat up down there,” explained Jamal Murray, who scored a gamehigh 28 points. “It’s hard to call every foul, I understand. They can only do so much.” Kerr said that players are “smart in this league. Over the last decade, they’ve gotten smarter and smarter. We have enabled the players and they’re taking full advantage and it’s a parade to the free-throw line. It’s disgusting to watch.” Stephen Curry weighed in on the topic, too. “When there’s physicality, it’s tough because it’s inconsistent at times on either side,” said Curry, who took a bit to warm up, not scoring until midway through the second quarter, but heated up to finish with 18 points. “A night like tonight, you feel like there’s physicality on one side and then kind of tickytack on the other and then they get into the bonus and it changes the [complexion] of the game. It’s not like we don’t foul. I’m not saying that. “It was tough tonight, slowed the whole game down. [Jokic] made every free throw and changed the momentum, played into their hands.”

SCOTTIE DELIVERS

Scottie Thompson delivers in the stretch as Barangay Ginebra San Miguel beats a Rondae HollisJefferson-less TNT Tropang Giga, 86-78, in the Philippine Basketball Association Season 48 Commissioner’s Cup Christmas Day game at the Smart Araneta Coliseum.

MANCHESTER City fans attend the trophy ceremony of the Soccer Club World Cup at the King Abdullah Sports City Stadium in Jeddah. AP

Second chances THE following is from Therese “Thea” Angeline C. Reyes, the daughter of my bosom buddy, Pablo “Bogie” Reyes IV. Thea was 17 when she submitted the piece to Harvard as a requirement for her admission to the world’s most prestigious university. Enjoy: “A few months before the death of Papa, my grandfather, I stumbled across a mysterious box in his house. Papa’s eyes glowed when he saw how engrossed I was on the worn-out wooden wonder, his old chessboard. “I was not the brightest kid, nothing compared to my grandfather who graduated from prestigious schools, earning multiple degrees. Nonetheless, he brought his wide-eyed, six-year-old granddaughter into the world of two monarchies battling to capture each other’s kings. “But, he never introduced “touch moves” to my vocabulary. I was allowed to change my maladroit mind multiple times in the middle of our matches, which helped me reflect on what I could have done better. “Papa let me feel victorious by giving me second chances.

“This idea of second chances followed me like I followed Papa until he passed away. It was hard for me to accept that my seemingly healthy Papa died so abruptly. But, coming to terms with the idea of “touch moves” was even harder. “No more Papa,” cried my grandma as I stared at my grandfather, soundly asleep, waiting for him to wake up. “But he didn’t move. Not even an inch. I started to ask myself questions: “Why can’t I change this part of the story? “Why am I on checkmate without a chance to redeem myself? “From then on, I realized that life doesn’t always give second chances: there are times when you aren’t presented with an “undo” button, not even to save a life. “I started to fear making mistakes and being under the threat of check. I became a prudent perfectionist. Wait, give me a chance to be a little blunt: I became an overly-cautious coward who would castle myself from anything close to failure. “The so-called perfection I created in my head became my motivation. It was a compulsion I couldn’t control; no matter how much it affected me mentally, I wanted more of it. I wanted to be perfect, which made me anxious when things didn’t go my way. I guess the only resort I could think

Jokic also had 14 rebounds and eight assists. Last Christmas, the Nuggets big man erupted for 41 points, 15 rebounds and 15 assists in an overtime win over Phoenix. All five Denver starters scored in double figures, with Michael Porter Jr. (19 points, 10 rebounds) and Aaron Gordon (16 points, 10 rebounds) both posting doubledoubles. It was a back-and-forth game that featured nine lead changes in the second half. Denver took the lead for good on Jokic’s left-handed hook shot with 5:16 remaining. “We closed the fourth and we had a lot of guys step up and make timely plays down the stretch of a close game,” Nuggets coach Michael Malone said. “Winning makes a world of difference.” Andrew Wiggins gave the Warriors a boost by scoring 22 points as he returned to the floor after missing two games with an illness. Golden State played on Christmas for an 11th straight year. The Warriors moved to 5-2 since the indefinite suspension of

Draymond Green after striking Phoenix center Jusuf Nurkic in the face. Kerr said before the game that Green has mostly stayed away during his suspension. Kerr added that he has been in contact with the training staff and the coaches. AP

Biles AP Female Athlete of the Year

HERE were jitters, of course. Considering all that happened, how could there not be? When Simone Biles walked onto the floor at a suburban Chicago arena in late July for her first gymnastics competition in two years, she knew plenty of people were wondering how it was going to go. “I thought that too, don’t worry,” Biles said with a laugh. By the end of one rotation, the most decorated gymnast of all time realized she was back in her safe space. By the end of August, she was a national champion. Again. By October, she was a world champion. Again. And by December, she was The Associated Press’ Female Athlete of the Year. Yes, again. Her triumphant return that included her record eighth US national championship and a sixth world all-around gold made Biles the sixth woman to claim the AP honor for a third time. The 26-year-old seven-time Olympic medalist was followed by Iowa basketball star Caitlin Clark and Ballon d’Or winner Aitana Bonmati of the World Cup champion Spanish soccer team in voting by a panel of sports media professionals. And to think, she wasn’t really sure what awaited her on that

summer night in front of a packed arena that supported her at every turn, a response she says she didn’t anticipate. Hard to blame her. The last time Biles had saluted the judges, she was earning a bronze medal on the balance beam at the end of the 2020 Tokyo Olympics, the end of a tumultuous two weeks where her decision to pull out of multiple finals due to “the twisties” (think mid-air vertigo) dragged the sometimes uncomfortable conversation about athletes and their mental health into the white-hot spotlight only the Games provide. Though she drew near-universal acclaim for her courage to put her safety first, a quick check of her mentions on social media showed not everyone agreed. She took a two-year hiatus in the aftermath, going into what she called a “protective shell.” She dove deeper into therapy while eyeing a return on her terms. Still, that didn’t stop self-doubt from creeping in. Only this time, instead of letting the anxiety gnaw at her confidence, she accepted

of was putting activities on hold because, like pawns, there is no turning back once you start moving; just pausing in the middle of the action to avoid getting captured. “Eventually, I got tired being a pawn, moving slowly, haltingly, when things got challenging. And then it hit me: pawns could be promoted if they just took a few more steps forward. I was not going to succumb to the challenges that the anti-touch-move word was throwing at me without knowing what it was like to be a queen. “Yes, the world faces us with inevitable touch moves. But what is there to live for if we don’t face them head-

Rising go-kart star Fuentes showcases skill in Asian Open

ESULTADO Racing’s Mikel Fuentes finished third place in the combined Formula 125 Senior Open and ROK GP Senior race of the recent Asian Karting Open Championship last leg at the Clark International Speedway in Pampanga. Ranged against an elite field, Fuentes overcame some early challenges in finishing a strong third, clocking 19 hours and 55.247 minutes behind Danzel Waytan (19:51.706) and Delwin Co. Jr (19:52.02), who finished first and second, respectively, over 25 laps. The 17-year-old driver overcame a bent steering column in the opening qualifying heat and remained in contention in finishing 11th overall in the heat. With tips from multi-titled champion and Resultado Racing head coach Milo Rivera and driver-coach Bern Corpino, Fuentes roared back in the second and third qualifying heats in setting the fastest times to place fourth in both of them. Buoyed by his improved performance, he set the secondfastest time during the warm-up session on Day 2, then expertly negotiated his way to fourth place in the pre-final, passing more experienced drivers like Miguel Quiñones, highlighted by the fastest lap time of a blistering 47.23 minutes. Fuentes once again showed his maturity in the finals where he was slapped early with a five-second penalty for a dropped bumper, relegating him to No. 6 in the grid at the start of the race. Shrugging off the early setback, the Resultado Racing go-karter patiently but steadily wove his way to the front of the field, zooming past Joshua Marquez, Quiñones, Gabriel Carag, and, finally, Kim Lagman, respectively, to achieve a well-earned podium finish. “Mikel’s hard work and patience have contributed significantly to this success,” said a delighted Resutaldo Racing team owner Theo Zaragoza. “He acknowledged that none of his achievements would have been possible without team support.” Zaragoza stressed that that the Asian Karting Open last leg was “a tremendous test of the team’s capabilities, bolstering overall team confidence in this debut race” of the team supported by Malayan Insurance and Resultado Gourmet Designs Co. “As the 2024 season approaches, Resultado Racing is confident that Mikel can lead his teammates as captain, promising a successful year ahead. Mikel has proven himself to be a rising star in the Philippine gokarting scene,” he added. AP its presence, took a deep breath, and put on the kind of show that is hers and hers alone. “I did a lot better than I thought I would do,” Biles said. Same as it ever was. Biles previously won the Associated Press honor in 2016 and 2019, times in her life she now barely recognizes. AP

SIMONE BILES receives the award for the third time. AP

on? Perfection is not attainable, and being imperfect is perfectly fine; it’s what makes us human. “So, I did it. “I moved my pawns closer to the other side, inching my way towards this newfound idea of perfection and saying farewell to the security of my side of the board. It was hard to stray away from it at first. But, sometimes, we just need to take a leap of faith to know how far our pawns can go. Finally, I put the inner critic on checkmate and started to live freely—trying new things, taking risks, and looking forward to the chances life has to offer. “Second chances are rare, and we will make many mistakes that we may regret. But, these should not stop us from becoming the perfectly-imperfect versions of ourselves. “I have chess to thank for these life lessons and, among the myriad of experiences embedded in my mind, I will forever treasure the chance I got to know my grandfather, Angelo Tomas Reyes, not as a four-star general, not as an academic achiever, but as the chess enthusiast who taught me, his granddaughter, about second chances.” THAT’S IT Happy holidays!!!