BusinessMirror February 01, 2024 by BusinessMirror

Debt hits record-high P14.62T as of end-2023 B R J S. A @reine_alberto

T THE WORLD »A13

TAIWAN HOLDS MILITARY DRILLS TO DEFEND AGAINST THE THREAT OF CHINESE INVASION

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HE Philippines’s outstanding debt as of end-2023 rose to a record high of P14.62 trillion, higher by P1.2 trillion than the end-2022 level, as the new government borrowed more to fund the continued budget deficits and lower amount of government bonds maturities. The Bureau of the Treasury (BTr) on Wednesday reported that the national government’s (NG) debt increased by P107.54 billion in December from the P14.50-billion outstanding debt level in November.

The increase in debt, the Treasury said, is “due to net availments and exchange rate adjustments.” The Treasury said the end-2023 level falls below the 61.2 percent target and is “consistent with efforts to improve debt sustainability” as outlined in the mediumterm fiscal framework (MTFF). Domestic debt stood at 68.5 percent while external borrowings accounted for 31.5 percent of the total debt stock, the Treasury noted. The NG’s debt for the end-December level is at P10.02 trillion, indicating an increase of P809.54 billion or 8.79 percent from the end-2022 level.

The country’s latest debt figure was 8.92 percent higher than the P13.418 trillion recorded in December 2022. Data from the Treasury also noted the state’s end-December debt stood at P10.017 trillion, 8.79 percent over the P9.208 trillion recorded in the same month of last year. Meanwhile, the end-December debt amount was -0.06 percent lower than the P10.024-trillion domestic debt recorded in November. “Gross issuance of domestic debt in December 2023 totaled P29.69 billion while principal payments amounted to P36.08 billion, resulting in a net repayment of P6.39 bil-

lion,” the Treasury said. “The effect of local currency appreciation against the US dollar on debt stock valuation further trimmed P0.09 billion from the December total,” the Treasury added.

External debt

THE state’s external debt rose by P387.86 billion, higher by 9.21 percent than the December 2022 level. Compared to November 2023, the level is also P114.02 billion or 2.54 percent higher. The national government’s external debt was 9.21 percent higher S “D,” A

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PHL MISSES ’23 GROWTH GOAL; KEEPS ’24 TARGET www.businessmirror.com.ph

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Thursday, February 1, 2024 Vol. 19 No. 109

P.  |     | 7 DAYS A WEEK

SLIGHTLY UP, PHL STILL ON ‘MOST CORRUPT’ LIST IN INDEX

B C U. O

@caiordinario

HE economy performed poorly versus the government’s targets, but the National Economic and Development Authority (Neda) believes it is too early to throw in the towel when it comes to the country’s growth goals for 2024.

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On Wednesday, the Philippine Statistics Authority (PSA) announced that full-year GDP and fourth quarter GDP growth averaged 5.6 percent, lower than the 6 percent to 7 percent target of the government. (See: https://businessmirror. com.ph/2024/01/31/gdp-growth-in-q4falls-short-of-target-psa/).

Socioeconomic Planning Secretary Arsenio M. Balisacan said while the Development Budget Coordination Committee (DBCC) will meet soon given the latest data, he considered it “too defeatist” to give up on the 6.5 to 7.5 percent growth target for 2024. “We are sticking to the 6.5 to 7.5 percent for now; the DBCC will be meeting soon given this new data to assess, reassess its programs, S “PHL,” A

BUILDING ALLIANCES President Ferdinand Marcos Jr. and Vietnamese President Vo Van Thuong and their wives wave to the media before a meeting in Hanoi, Vietnam, Tuesday, January 30, 2024. The Philippines and Vietnam signed agreements to prevent incidents in the South China Sea and broaden cooperation between their coast guards in a growing alliance that will likely be frowned upon by China, which claims virtually the entire waters. HOANG THONG NHAT/VNA VIA AP

@maloutalosig

HE Philippines moved an inch higher in the 2023 Corruption Perceptions Index (CPI) of international nongovernmental organization Transparency International (TI), but still ranked among the perceived most corrupt worldwide. According to TI, the Philippines received a CPI score of 34, one point higher than its 2022 score. The lowest possible score is 0, which is very corrupt, and highest possible score is 100, which is very clean. A German-registered NGO, TI measures corruption index based on opinion surveys and expert assessments of “perceived levels of public sector corruption.” It is one of the leading global indicators of public sector corruption. Among 180 countries surveyed worldwide in 2023, the Philippines ranked 115th, a miniscule improvement from its 116th ranking in 2022. It is tied with five other countries—Indonesia, Turkey, Sri Lanka, Ecuador and Malawi. This puts the Philippines among the ranks of the perceived “most corrupt” bracket. TI said it collated nine sources from corruption indices which tracked down cases of bribery, diversion of public funds, officials using their public office for private gain without facing consequences, ability of governments to contain corruption in public sector, excessive red tape in the public sector which increases corruption opportunities, nepotism, access to information, and anti-corruption laws. In the Global Corruption Barometer-Asia, 86 percent of people surveyed believed corruption is a “big problem” in the Philippines, while 19 percent admitted to paying a bribe to public S “C,” A

ECCP: PHL TO POWER THROUGH ’24 DESPITE GLOBAL CONFLICTS B A E. S J

T SM CITY ILOILO CELEBRATES DINAGYANG

Dinagyang Ilomination streetdance competition had a grand opening January 26, at SM City Iloilo. The spectacular dance showdown featured seven tribes performing in their best illuminated props and costumes. The floats, parade of lights and other exciting performances added color to the event. SM SUPERMALLS

@andreasanjuan

HE European Chamber of Commerce of the Philippines (ECCP) said the Philippine economy would power through in 2024 despite ongoing geopolitical conflicts such as the attacks on ships in the Red Sea and the war in Eastern Europe. “I would say despite the macro economic global world’s turmoil as we know it, there are some impacts with regards to invasion of Ukraine by Russia, dispute in Palestine and Israel, then the dispute now in the Red Sea. Despite these, we remain positive with regard to the performance of the Philippine economy also for 2024; I think we have good elements,” ECCP President Paolo Duarte said at the launch of the Doing Business in the Philippines guidebook of

the chamber on Wednesday. According to Duarte, the chamber’s optimistic view towards the Philippine economy can be gleaned from the country’s assets such as having a median age of about 25 years old and a “growing middle class,” and the country’s “high proficiency” in English which he deemed “very advantageous” for business. He noted that the Philippines is “poised to have among the highest, if not the highest [gross domestic product] GDP in Asean with about 5.3 percent growth or so, and also strong macroeconomic fundamentals, not to mention the strong cash flows from [overseas Filipino workers] OFWs.” Another reason for such optimism, Duarte said, is the “prospect” of the EUPhilippines Free Trade Agreement (FTA). S “ECCP,” A

PESO EXCHANGE RATES US 56.3350 ■ JAPAN 0.3817 ■ UK 71.5511 ■ HK 7.2061 ■ SINGAPORE 42.0724 ■ AUSTRALIA 37.1867 ■ SAUDI ARABIA 15.0227 ■ EU 61.0897 ■ KOREA 0.0424 ■ CHINA 7.8473 Source: BSP (January 31, 2024)

News BusinessMirror

Thursday, February 1, 2024

Debt... C  A

than the P4.210 trillion recorded external debt in December 2022. The Treasury attributed this to the state’s “net availment of foreign debt amounting to P88.24 billion, including US$1.0 billion maiden issuance of Islamic bonds and disbursement of program loans from ADB amounting to US$300 million,” the Treasury said. “The impact of third-currency adjustments against the USD added P28.45 billion which was slightly offset by the P2.67 billion effect of peso appreciation against the USD,” the Treasury explained. Rizal Commercial Banking Corp.’s Chief Economist Michael L. Ricafort said the national government’s debt could still post new record highs given upcoming borrowings such as the peso-denominated Retail Treasury Bonds (RTBs) in the first quarter of the year. “Continued budget deficits, though narrower from year-ago levels, could still lead to additional borrowings/debt by the national government,” Ricafort said. The RCBC executive added that the national government’s outstanding debt may also be attributed to “higher interest rates that raised borrowing costs of the government, weaker peso exchange rate versus the US in recent years that increased the peso equivalent of the government’s foreign debts, continued increase in infrastructure spending.”

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US to fund semiconductor investments in PHL–envoy

“We picked only seven countries to work with, and we picked those countries on the basis of their potential to support semiconductors supply chains back home. The Philippines is one of them,” US State Undersecretary for Economic Growth, Energy and the Environment Jose Fernandez said. Some of the other countries eyed are Vietnam, Panama, Costa Rica, Puerto Rico and Mexico. The pandemic and trade war between China and the US have disrupted the global supply chain of semiconductors. The supply shortages have led to bottlenecks in the

production of smartphones, computers, cars, medical devices, educational aid and other technologies that rely on chips. Analysts estimate that the global semiconductor demand is expected to grow from roughly US$600 billion to US$1 trillion in six years, with the exponential growth of AI, surge in demand for electric vehicles and continuing trend of remote work setup. In 2022, the US Congress passed the CHIPS and Science Act that allocates US$280 billion to boost domestic research and manufacturing of semiconductors in the

US. The Biden administration is looking at engaging with allies and partners to support the US in expanding its global semiconductor ecosystem that is resilient from disruptions such as pandemics, cybersecurity threats and natural disasters. Fernandez said the Philippine semiconductor industry is “thriving,” the largest export-revenue generating sector in the Philippine economy. Around 60 percent of semiconductor investments in the Philippines come from the US like Texas Instruments, Onsemi, Analog Devices, Amkor and Teradyne. Their assembly and test operations directly support the US automotive industrial and consumer electronics manufacturing sectors. The semiconductor industry employs 2.5 million Filipinos directly and indirectly. “[For] US companies that want to invest in semiconductors, the one common complaint is that they can’t find enough qualified workers. Well, many of them are here,” the US State official said. “And so there’s great interest on

PHL...

featist,” Balisacan said. Balisacan said the growth in 2023 also reflected the tight monetary policy in the Philippines. The Bangko Sentral ng Pilipinas (BSP) raised key policy rates by 450 basis points since it started monetary tightening in 2022. He said the impact of the interest rates adjustments is not felt at once. “Its longer-term effects [are felt] a few quarters down the line.

That’s why this slowing down that we’re seeing is possibly the effects of several past increases in the interest rates since early last year, and in 2022,” Balisacan explained, partly in Filipino. “When investors delay their investment because they are waiting for the interest rates to go down that, the impact of that could happen [later]; there are lag effects, so that’s one,” he added.

B M T-B

@maloutalosig

HE United States has named the Philippines as one of the seven countries which will get funding from its program to strengthen and diversify its semiconductor supply chain, a visiting senior diplomat said.

C  A

and assumptions. But the way we see it, I don’t think that giving up your ambition this early, it’s only the first [quarter] of the year, [by saying] you want to reduce your [target], that’s too de-

Risks and opportunities

BALISACAN cited considerable risks on the horizon such as El Niño and external headwinds like geopolitical tensions that could have a negative impact on the country’s economic growth. However, Balisacan said the economy still has opportunities such as the agriculture sector, which, despite its challenges, still managed to post a growth of 1.2 percent in 2023. The country, he added, has not lost the manufacturing sector which remains a beacon of hope in terms of creating quality jobs. The sector has the ability to create 8am to 5pm jobs that ensure higher incomes and more permanent sources of livelihoods. “I don’t think that we have lost manufacturing. We just have to work harder to see what types of manufacturing we can still recover. We have challenges in the manufacturing sector, high cost of energy, for example,” Balisacan said. “[Energy is the] common complaint, a common issue that’s raised to us by investors, but we’re working hard to ensure that our energy is secure and affordable and also competitive for the manufacturing sector,” he added. Balisacan also said the services sector, particularly the Information Technology-Business Process Management (IT-BPM) remains a factor for economic success. Jobs in the IT-BPM sector are crucial, he said, because they are not similar to other kinds of employment in the services sector that offer very little productive value. “There are also highly informal and highly unproductive employment like peddling cigarettes on the streets; that’s not the kind of job we want for our people. So we [have to] reduce those kind of types of jobs and generate those more formal sectors that will generate higher earnings opportunities,” Balisacan said. The challenges can be addressed by “no less than massive investments” in the economy, be it in agriculture such as for warehousing, logistics, transport, and telecommunications. Balisacan said investments should also be made in “responsible mining” such as on green metals; as well as utility services like those in water, power, energy. Construction is another important area to invest in. In the briefing, National Statician Claire Dennis S. Mapa said public construction grew 14.7 percent in the fourth quarter and averaged 9.7 percent in 2023. Private construction, Mapa said, grew 7.5 percent in the fourth quarter and 8.6 percent in the full year of 2023. These investments, Balisacan said, should be made in every sector of the economy and must come from both public and private investments. “I think there’s a lot that we need to do. We have been lagging far behind...those of our neighbors but but there are other things that are working well with us, we’re an advanced service economy powered by digitalization and

the part of companies around the world, including US companies, to invest in the assembly, testing and packaging here,” he added. The Biden administration has allocated US$500 million under the International Technology, Security and Innovation (ITSI) Fund to implement the CHIPS Act in the Philippines and six other partner countries. The five-year program aims to promote the expansion of international assembly, testing and packaging capacity in those areas. The Organization for Economic Cooperation and Development (OECD) will soon release its recommendation on how the US can help the Philippines improve its semiconductor industry. During his Manila trip, he met with semiconductor companies, mining companies, the US Chamber of Commerce, officials from the Departments of Trade and Industry, Foreign Affairs, and Finance. Aside from semiconductors, American companies are also keen to invest in critical mineral and renewal energy priority infrastructure projects in the Philippines. the Internet, talking about IT-BPM that can be harnessed to power also our industry our services, our manufacturing, our agriculture,” Balisacan said. “We need to look at these issues in an intergovernmental, whole of government, whole of society approach.”

Economists’ take

RIZAL Commercial Banking Corp. economist Michael L. Ricafort said growth could “normalize” to 5.5 to 6 percent in 2024 and the next five to 10 years. This will reflect the country’s favorable demographics/demographic sweet spot/demographic dividend or one where majority of the population of more than 110 million is already at working age since 2015. Ricafort said the Philippines will retain its place among the fastest-growing economies in the Asean and in Asia. Before the pandemic, the Philippine economy posted an average growth of 6 percent between 2012 and 2019 due to its demographic dividend. Meanwhile, HSBC Asean Economist Aris Dacanay expects full-year growth to average 5.3 percent in 2024. He also flagged risks to this outlook such as a stronger labor market and easing inflation. Given the recent performance of the economy, Dacanay said it is possible that the BSP could tighten policy further if upside risks in inflation emerge. Nonetheless, he said the fourth quarter inflation “print was high enough to warrant a rate hike in the February rate-setting meeting. If inflation in first semester of 2024 continues to ease, the BSP would keep its monetary stance unchanged at 6.5 percent, Dacanay said. “We believe the BSP will only do its first rate cut at the same time as the Fed. Our baseline is for the Fed to begin its easing cycle in 2Q 2024.” Meanwhile, Metrobank Research is retaining its 2024 full-year average GDP forecast at 6 percent on the back of decelerating inflation and interest rate cuts. It noted that the liberalization reforms Balisacan cited, such as attracting more foreign investments and improving the quality of employment, would boost growth. “It should be noted that the Philippines appears relatively insulated from external shocks i.e., geopolitical risks, as the sources of growth continue to be largely from domestic consumption and services as well as the bright spots seen in the recovery of tourism, OFW remittances and BPO revenues,” Metrobank Research said. ANZ Research, meanwhile, said given the latest performance of the Philippine economy, it expects GDP growth to average 5.6 percent in 2024. This means growth will be unchanged from the 2023 data. Given this, the think tank expects the BSP to lower its policy rate by 50 basis points in the fourth quarter of 2024. ANZ Research said fiscal support is expected to moderate with the 2024 budget deficit projected to decline to 5.1 percent of GDP from an estimated 6.1 percent in 2023. Meanwhile, UK-based think tank Oxford Economics said the latest GDP numbders would prompt them to raise their 2024 growth forecast. This is despite the “impact of monetary tightening that has yet to be felt in its entirety,” as well as headwinds such as slow global growth that could again make the country’s trade performance lackluster this year.

Corrupt...

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services in the past 12 months.

Corruption, geopolitics, climate change

THE average CPI score in the Asia-Pacific region is 45 out of possible 100. Sixty-eight percent have a CPI score below 50. The top five least perceived corrupt in the region are: ■ New Zealand (CPI: 85) ■ Singapore (CPI: 83) ■ Australia (CPI:75) ■ Hong Kong (CPI: 75); and ■ Japan (CPI: 73). Meanwhile, the five countries at the bottom of the perceived corruption index from the region are: ■ North Korea (CPI: 17) ■ Myanmar (CPI: 20) ■ Cambodia (CPI: 22) ■ Bangladesh (CPI: 24) ■ Papua New Guinea (CPI: 29) TI notes that the Pacific continues to grapple with the impact of climate change as well as being caught in the geopolitical tensions between China and the West. “While there’s a steady influx of economic, military or financial incentives to support its development and climate goals, many Pacific countries have weak governance systems, which some donors overlook, exposing these substantial investments to high risk of corruption,” the TI said. TI also stressed that the Asia-Pacific region faces a big 2024 election year, referring to the presidential contests in Taiwan, Indonesia and Sri Lanka, as well as general elections in Bangladesh, India, Pakistan, and the Solomon Islands, and legislative polls in South Korea. “Transparency International’s Global Corruption Barometer revealed the prevalence of corruption around election processes in Asia and the Pacific. These findings show the serious implications for the ability of elections to bring in governments that can be trusted to effectively control and curb corruption,” it said. TI notes that “very few countries” show sustained turnarounds indicating significant changes in corruption levels. “These weak scores reflect the lack of delivery by elected officials on anti-corruption agendas, together with crackdowns on civil society and attacks on freedoms of press, assembly and association,” it said.

ECCP...

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“Of course, we do not wish to pre-empt any of these official discussions between the EU and the Philippines. From ECCP’s side, we do hope to see the official resumption of the EU-PH FTA negotiations,” the ECCP president said. Apart from these growth drivers, Duarte cited the government’s efforts in infrastructure development and digital transformation— both of which he called “crucial” in attracting investors and spurring economic development. The ECCP president also cited economic reforms such as the amendments to the Public Services Act, the Retail Trade Liberalization Act, and the Foreign Investment Act, the liberalization of Renewable Energy investment activities. These, he said, will enable the country to “become more competitive and more attractive” for investments. “We understand from the total pie of foreign investments in Asean, the Philippines only gets around 4 percent,” Duarte said. In his speech, the ECCP President said the Philippines is poised to “attract billions in foreign direct investments.” He cited the Board of Investments’ (BOI) “milestone” in 2023, as it surpassed the P1-trillion mark in investment approvals. However, as he gave updates on the Philippines’s free trade agreement with the European Free Trade Association (EFTA), a four-member trade bloc, Norway’s Ambassador to the Philippines Christian Lyster, encouraged the Philippines to use “existing knowledge to identify areas with high potential” to increase its exports to EFTA countries. EFTA is composed of Iceland, Liechtenstein, Norway and Switzerland. Lyster said there is an “underutilization” of the trade agreement because “it’s basically lack of knowledge and lack of knowledge on how to actually proceed using the agreement.” “So it’s talking about it and making sure that both the Philippines and other countries interact with industry and businesses to make sure that they know about it, how to use it, and that’s that’s how we get the numbers up. And I’m really hopeful that we can do it in the years to come,” Lyster added. According to Lyster, Philippine exports to the EFTA countries have been growing. In 2022, it surpassed €350 million while Philippine imports from EFTA countries posted the “highest ever” values, recording €433 million. The trade deal between EFTA and the Philippines was signed in 2016 and entered into force in 2018.

Thursday, February 1, 2024

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

84 locators ‘significantly’ affected by Red Sea crisis, PEZA poll shows By Andrea E. San Juan @andreasanjuan

T least 84 locators, or around 24 percent, of the Philippine Economic Zone Authority (PEZA), are “significantly” affected by the Red Sea crisis, according to the investment promotion agency. Based on PEZA’s records, there are 448 Registered Business Enterprises (RBE) engaged in exports to Europe and 523 RBEs engaged in imports from Europe. With this, the investment promotion agency told the BusinessMirror, “We proactively conducted a rapid survey across all 4,378 of our locators that could potentially be affected by the Red Sea crisis, considering both import and export activities, involving Europe, or lack thereof.” In addition, PEZA noted that it sought comments and feedback from shipping lines and freight forwarders. “Out of all the PEZA RBEs surveyed, only 347 responded,” PEZA said. “Among them, 24 percent [84 RBEs] confirmed significant effects on their operations due to the Red Sea crisis. Meanwhile, 73 percent [252 respondents] stated that they are not affected by the said crisis, and 3 percent [11 respondents] did not respond to the survey,” PEZA added. Illustrating the impact of the Red Sea crisis on its registered business enterprises, PEZA stressed that the delays in import shipments lead to reduced production capacity. “The effects on RBEs include delays in import shipments [7 to 20 days] and the rearrangement of vessels for materials coming from Europe, leading to longer lead times and potential reductions in production capacity,” the investment promotion agency said. Apart from this, it cited negative effects such as limited vessels, shortages of containers (especially during the Lunar New Year season), port congestion on the West Coast, and late confirmation of booking. On outbound cargoes, PEZA said 25 percent of RBEs exporting shipments reported delays of 7 days to 1 month due to vessels being rerouted via the Cape of Good Hope. “Challenges include shortages of containers, late confirmation of booking, limited vessels, and port

congestion in various locations,” PEZA said. T he investment promotion agency attached to the Department of Trade and Industry (DTI) explained that freight costs to Europe and the Middle East have surged by 100 to 400 percent, with RBEs resorting to using airfreight, which it said is “significantly more expensive than sea shipment.” The goods being sourced from and exported to by PEZA’s RBEs consist of electronics, semiconductors, automotive parts, printers and flexible printed circuits, coil transformers, aircraft galley parts, enterprise solid-state drives, optical coupled isolators, raw materials of insulation anvil, quick crimp, wire anvil, and radiation survey meters, among others. In a statement sent to reporters two weeks ago, PEZA Director General Tereso O. Panga said that while traders are “yet to feel the effects in the Philippines,” he emphasized that they are already “proactively working together with other concerned agencies to de-risk global supply chains that may affect our locators in particular and the whole economy in general.” He recognized that the effect of the closure of the Red Sea route to trade would be higher inflation in different parts of the world, as delay in production and deliveries of products and resources would increase cost of goods. (Full story here: https://businessmirror. com.ph/2024/01/20/peza-readies-locators-for-possible-disruption-amid-red-sea-attacks/) In a separate Viber message, Semiconductor and Electronics Industries in the Philippines Foundation, Inc. (SEIPI) President Danilo C. Lachica said that “for now,” he remains confident that the local semiconductor and electronics industry will not be affected by the attacks on ships sailing in Red Sea as it is “not evident” if there have been semiconductor and electronics shipments affected by the 42 percent decline in the trade volume in the Suez Canal, which the United Nations Conference on Trade and Development (UNCTAD) described as a “critical waterway” connecting the Mediterranean Sea to the Red Sea. (Related story: https://businessmirror.com. ph/2024/01/29/global-traded is r u pt ion s-prompt- ala r mfrom-unctad/)

What ‘special arrangement?’ Navy says no need to get China OK to go to WPS By Rex Anthony Naval

HILIPPINE ships and aircraft can proceed to Ayungin Shoal or any part of the West Philippine Sea (WPS) to fulfill their mission and mandate without seeking any permission from any foreign power. This was emphasized by Philippine Navy (PN) spokesperson for the WPS Commodore Roy Vincent Trinidad when asked to comment on reports that China has allowed the country to resupply its troops in Ayungin Shoal aboard the grounded BRP Sierra Madre (LT-57) as a “temporary special arrangement”. “Again BRP Sierra Madre is a commissioned vessel of the PN, it is in Ayungin Shoal or Second Thomas Shoal, which is a low tide elevation within our exclusive economic zone [EEZ] where we have sovereign rights and the waters adjacent to LT57. The PN, in particular, and the AFP [Armed Forces of the Philippines], in general, does not need to seek any permission from any power, any foreign power. We could sail and fly in

support of our constitutional mandate,” he added in a news conference Tuesday.

Former president Duterte picks ‘Mindanao card,’ bares independence movement plan By Manuel T. Cayon @awimailbox

AVAO CITY— Former president Rodrigo R. Duterte disclosed a plan to launch a so-called independence movement with politicians and “like-minded” political leaders in Mindanao. “There will be a regrouping of the political arena here in Davao. It’s still in the works. [Former House Speaker Pantaleon] Alvarez will take charge of it,” he said. Duterte added it would be a gathering yet to plan out the goal and strategy. “It would not be a party, maybe it would become a movement later,” he said. While he did not disclose of the exact motive, Duterte said it would likely revive the independence movement initiated in the 1970’s by the late Reuben Canoy of Cagayan de Oro City. It will be recalled Canoy formed t he Mind a nao Independence Movement during a period of unrest when the late strongman former president Ferdinand E. Marcos Sr. declared martial law. It was prior to martial law that Moros in Mindanao formed the Moro National Liberation Front, and in Luzon, the Communist Party of the Philippines and its armed

wing, the New People’s Army, were also established. Duterte said the new political grouping would not be waging a rebellion although it would seek an independent Mindanao. “We will follow the United Nations’ [UN] guidelines and protocols, like gathering the signature and filing a petition with the UN,” he said. Alvarez and Duterte said the concept would take its inspiration from Singapore when its renowned leader, the late President Lee Kuan Yew seceded the island state from Malaysia. “Look at Singapore now, which has no resources of its own. Good governance eventually led to Singapore as a First World nation. It would have remained a Third World country when it stayed with Malaysia.”

Drop PI, everything will be fine

DUTERTE also advised President Ferdinand R. Marcos Jr. to “just drop” any move to amend the Charter “and happy days are here again.” “You just stop,” Duterte said when asked about his tirades against President Marcos, First Lady Liza Araneta-Marcos and House Speaker Martin Romualdez, who Duterte said were the triumvirate in the controversial

People’s Initiative (PI), the first step to move for the amendment or revision of the 1987 Constitution. He said there should be no quarrel with the President, even among the Marcos siblings, “ because…the President is a good man, a man who could not even kill a fly.” However, he admonished the Marcoses to acknowledge, “They should feel blessed that God gave them a chance to be there in Malacañang, but only briefly, to redeem [the Marcos name].”

Drug use

DUTERTE also reacted to Marcos’ statement about his Fentanyl pain killer medication use, saying, “I’ve already stopped that eight or seven years ago immediately after I came out from surgery from a shoulder back pain.” “It was prescribed by my attending physicians and they also prescribed to stop it after surgery,” he told a news briefing he called on Tuesday night at a downtown hotel. Duterte said it was understandable for the Philippine Drug Enforcement Agency (PDEA) to deny about the illegal drug use of Marcos. “If you are the PDEA, would you show the derogatory record to

the President?” Duterte said the PDEA list containing Marcos’ name may have been set aside “but I know the military always keep a record of it for their protection also.” “It is just there. I will try to find it again because I did not accept it. When that will come to my hand, I will present it. Don’t worry, just wait,” Duterte said. He dismissed the threats hurled by persistent critic, former senator Antonio Trillanes IV, about the alleged interviews conducted in the country by investigators of the International Criminal Court. “Don’t mind him. No one listens to him, not even from the military.” “He [Trillanes] is what is called a simpleton. He is the typical of what the Tagalog say na ‘torpe,’” Duterte added. “Ask the military, he is like an expelled member because of what he did to Reyes [the late Defense Secretary Angelo Reyes] whom he shamed publicly [to a point] he committed suicide. Do you think that sits well with the PMAers?” Duterte continued: “He thought he was doing a heroic act. You lead a mutiny only to surrender to the police. I thought you were brave and ready to die there?”

Romualdez lauds Senate’s decision to proceed with hearings on RBH 6 By Jovee Marie N. Dela Cruz @joveemarie

PEAKER Ferdinand Martin Romualdez on Wednesday welcomed the decision of the Senate to now proceed with the hearings on Resolution of Both Houses (RBH) 6 filed by Senate President Juan Miguel “Migz” Zubiri, signaling a significant stride towards long-anticipated constitutional amendments. The Speaker said the lower chamber stands prepared to collaborate and contribute to this significant legislative endeavor, emphasizing a common goal to ensure that any amendments to the Constitution, serve the best interests of the Filipino people and establish a robust foundation for a more prosperous and equitable Philippines. “We are heartened by the news that the Senate, finally, will commence hearings on the Resolution of Both Houses 6 next week. This marks a significant step towards the much-awaited constitutional amendments,” said Romualdez. Expressing great anticipation for the outcomes of the Senate deliberations, the Speaker said that the prospect of amending

and potentially easing certain restrictive provisions in the 1987 Constitution goes beyond a mere legislative exercise. “As Speaker of the House of Representatives, I await with great anticipation the outcomes of these Senate deliberations. The prospect of amending and potentially easing certain restrictive provisions in the 1987 Constitution is more than a legislative exercise; it is a great stride towards realizing the aspirations of our people and unlocking the full potential of our nation,” he said. According to Romualdez, the “unity” demonstrated by Zubiri’s announcement reflects a shared commitment among legislators to address crucial changes that could shape the future of the country. “We welcome this latest development as the announcement of Senate President Juan Miguel Zubiri demonstrates a united legislative front in addressing crucial changes that have the potential to shape the future of our country,” he said. “As the Senate embarks on this momentous task, the House of Representatives stand ready to collaborate and contribute to this significant legislative endeavor. We share a

common goal: to ensure that any amendments to our Constitution serve the best interests of the Filipino people and lay a strong foundation for a more prosperous and equitable Philippines,” he said. The Speaker assured the senators that the House of Representatives stands united with them on this mission. Earlier, Romualdez and political parties in the lower chamber assured Zubiri that the House would endorse a Senate resolution aimed at amending the “restrictive” economic provisions of the 1987 Constitution.

‘Obstructive’

CAGAYAN de Oro City 2nd District Rep. Rufus Rodriguez, for his part, said records showed that the Senate has been “obstructive” towards Charter reform for the past three decades, spanning 12 Congresses, or 34 to 35 years, from the 8th Congress to the ongoing 19th Congress. He said the Senate’s obstinate opposition to constitutional amendment efforts from the House has prompted some House members to support people’s organizations in launching a people’s initiative, the mode in which the Constitution itself

Sen. Robin asserts PHL rights over Sabah anew

Nothing alarming

TRINIDAD also said there is nothing alarming with the sighting of the 15 to 25 Chinese warships and 10 to 15 China Coast Guard (CCG) vessels spotted in Mischief Reef, which is considered an “enclosed safe harbor.” “The presence of the PLA [People’s Liberation A r my] Nav y ships, the [CCG] vessels, and the maritime militia has been noted for the past, I mentioned five to eight years, it’s nothing alarming, it’s a normal deployment, we have our own deployment, our own forces from the Navy and the AFP,” he added. Trinidad also said the PN also has a sufficient number of ships in the area along with the Philippine Coast Guard to do their mandated missions. “Suffice it [to] say, given what we have we are good at it, given more we can perform even better,” he added.

By Butch Fernandez @butchfBM

MID efforts to firmly assert its rights over Philippine territory in the West Philippine Sea, Senator Robin Padilla stressed the Philippine officialdom must do the same for Sabah. Taking the floor at the Senate session Tuesday, Padilla reminded in his interpellation of the bill on the proposed Philippine Maritime Zones Act that Sabah has many natural resources that can be used by Filipi-

nos, especially those in Muslim Mindanao. “We must fight for our rights in Sabah. We are talking not of small islands but of a large land mass with oil and minerals that we Filipinos have rights to. If we can assert our rights in the West Philippine Sea, so must we do the same but in a peaceful manner,” the senator stressed. He noted the Philippines already has an existing law-Republic Act 5446, signed in August 1968-that regards Sabah as a territory over which the Philippines has acquired “dominion and sovereignty.”

In his first privilege speech in 2022, Padilla pushed for the Philippines to assert its rights over Sabah. Because of this, Padilla said he intends to propose an amendment on the definition of baselines under the Maritime Zones bill to include the Philippines’ position on Sabah, which was provided for under RA 5446. Sen. Francis Tolentino, who sponsored the bill for the proposed Philippine Maritime Zones Act, agreed to include a line that the Philippines is not abandoning its claim to Sabah, so long as it is phrased properly.

OCD and NEXT GEN forge tie up to boost disaster response

HE Office of Civil Defense (OCD) received a boost from the civilian sector in its disaster response initiatives with the signing of a memorandum of agreement on Tuesday. OCD will get assistance from Next Generation Advocate Foundation PH Inc. (NEXT GEN) in terms of relief goods for disaster and emergency victims as recommended by the agency. NEXT GEN, a nonprofit organi-

zation supporting Philippine communities through disaster relief and sustainable development initiatives in partnership with both the public and private sectors, will also assist in other projects and activities related to response efforts. Signatories of the agreement were OCD Administrator Undersecretary Ariel Nepomuceno and NEXT GEN treasurer and representative Princess Go. “We have to help the younger gen-

eration understand the importance of preparedness and the need for a reliable system in the event of major calamities,” Nepomuceno, who noted the positive impact of the agreement, particularly on the younger generation of Filipinos, said. Go added the partnership is “more than just an agreement on paper,” citing the spirit of “resilience, compassion, bayanihan, and a shared commitment to be there for our communities.”

provides for a direct popular proposition for charter change. “That process will bypass the Senate. I personally do not want that to happen, but I think the majority of us will support it out of frustration over the Senate’s obstructionism,” the Mindanao lawmaker, who chairs the House committee on constitutional amendments, added. He pointed out that senators have not acted even on House proposals to limit proposed amendments to the Constitution’s “restrictive economic provisions that hinder investments.” “They have held hostage reforms that could have accelerated our economic growth, generated more investments, and created more income and job opportunities for our people,” he stressed. Citing his committee’s data, Rodriguez said a total of 358 charter change measures had been filed with the House during the 8th Congress up to the current 19th Congress. Of these, 83 proposed amendments via a Constituent assembly (Con-ass), 105 through a constitutional convention (concon) and 98 by way of Congress holding separate sessions, he said. “If we can phrase it properly, I will not object to the amendment, so long as it will strengthen not just the bill but our resolve that what is rightfully ours should be ours,” he said. On interpellation by Minority Leader Aquilino Pimentel III on Wednesday, however, the main author of the maritime zones bill, Sen. Francis Tolentino, explained that “the maritime zones law [being contemplated] refers only to waters, not land, not territories...So the settlement of the same [Sabah claim] would involve another regime.” Tolentino said that if and when Sabah’s status is settled, “Sabah itself will have its own baseline, its own territorial sea.” “May this collaboration be a beacon of hope for those who need it most and may our collective effort pave the way for a safer, more resilient Philippines,” she said. Witnesses to the signing were Deputy Administrators of Civil Defense Assistant Secretary Bernardo Rafaelito Alejandro, Assistant Secretary Hernando Caraig Jr., Assistant Secretary Markus Lacanilao, and Director of Rehabilitation and Recovery Management Service Harold Cabreros. Rex Anthony Naval

Thursday, February 1, 2024

Economy

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

Greenhills lands on USTR’s list anew, lauds O PHL drive to end piracy, counterfeiting

ProPak event kicks off at World Trade Center

By Andrea E. San Juan

@andreasanjuan

REENHILLS Shopping Center, a popular shopping mall in the Philippines, has once again been cited in the United States Trade Representative (USTR) 2023 Notorious Markets for Counterfeiting and Piracy. While the shopping mall is still included in USTR’s annual report, which was published on Tuesday, the USTR recognized the efforts being done by the Philippines in its fight against counterfeiting and piracy. As described in the report of USTR, Greenhills Shopping Center

is a large mall with many storefronts selling counterfeit goods, including electronics, perfumes, watches, shoes, accessories, and fashion items. “ T he government, through the National Committee on Intellectual Property Rights, has worked with right holders and

the management at Greenhills Shopping Center on enforcement against counterfeit sellers, including product seizures and legal charges against counterfeit vendors,” the USTR report read. The office of the USTR recognized the “coordinated efforts” being done between right holders and mall management. These, it noted, included warning letters and suspension of business for repeat violators. “Mall management, with the support of city authorities, is reportedly in the process of converting Greenhills Shopping Center into a high-end mall with legitimate sellers,” the USTR noted. For the right holders, USTR s a id t he y ac k nowled ged t he strong partnership between various government agencies and the mall management, but said they will need to “wait and see the results.” The USTR report flagged 18 countries with physical markets that “continue to enable substantial trade in counterfeit and pirated goods.” Aside from the Philippines, the list includes China, Indonesia, Malaysia, Thailand, Vietnam, Cambodia, among others. The USTR said the 2023 Review

of Notorious Markets for Counterfeiting and Piracy (Notorious Markets List or NML) highlights “prominent” and illustrative examples of online and physical markets that reportedly “engage in, facilitate, turn a blind eye to, or benefit from substantial piracy or counterfeiting.” “A goal of the NML is to motivate appropriate action by the private sector and governments to reduce piracy and counterfeiting,” the report noted. The office of the USTR emphasized that this year’s notorious markets list includes several “previously” identified markets because “owners, operators, and governments failed to address the stated concerns.” USTR explained that other previously identified markets may not appear in the NML for a variety of reasons, such as the market has closed or its “popularity or significance” has diminished; enforcement or voluntary action has “significantly reduced the prevalence of IP-infringing goods or services”; market owners or operators are cooperating with right holders or government authorities to address infringement; or the market is no longer a noteworthy example of its kind.

Last year, the Intel lectua l Property Office of the Philippines (IPOPHL), as acting chair of the 15-member National Committee on IP Rights (NCIPR), said it proposed a work plan to tackle “long standing” counterfeit activities at the Greenhills Shopping Center as the shopping mall in San Juan City has once again been cited in the United States Trade Representative 2022 Notorious Markets for Counterfeiting and Piracy. The proposed work plan, IPOPHL noted, includes major strateg ies, such as streng thening the NCIPR’s collaboration with Greenhills with hopes of compelling the shopping center to implement “stricter” monitoring of their stalls and impose “heftier” penalties against sellers of counterfeit products. Moreover, under the work plan, the NCIPR will coordinate with brand owners to “actively” submit Affidavits of Complaints to Greenhills to indicate their expression of filing a legal complaint and as notice to the mall’s management of potential violators. (Full story here: https://businessmirror.com.ph /2023/02/02/ ipophl-draf ts-work-plan-toend-counterfeit-activities-atgreenhills/)

Marina and UC-METC accord aims to ‘elevate’ PHL maritime research By Lorenz S. Marasigan @lorenzmarasigan

HE Maritime Industry Authority (Marina) and the University of Cebu-Maritime Education and Training Center (UC-METC) have signed an agreement that aims to “elevate” maritime research in the Philippines. The pact aims to spearhead innovative research

initiatives, specifically targeting the analysis and classification of seawater typologies across various Philippine regions, Marina Administrator Sonia B. Malaluan said. This initiative will encompass comprehensive biophysical surveys and oceanographic sampling efforts in areas, including Batanes, Samar, Palawan, Iloilo, Romblon, Cebu, Surigao, and Zamboanga del Norte, marking a comprehensive effort to map and understand the maritime environment of the Philippines more effectively. Malaluan emphasized that the partnership’s goal is to produce a manual that will not only categorize seawater typologies across the Philippines but also offer guidance on hull geometry and design to mitigate maritime accidents and enhance safety nationwide. She said this collaboration ref lects Marina’s strategic vision to leverage the expertise of academic institutions and industry stakeholders to drive innovation and safety in the Philippine maritime sector, promising a future where maritime research and development play a central role in the industry’s growth and sustainability. The agreement was signed at UC-METC’s Maritime Campus on January 27.

VER 200 local and international companies, which translates to over 10,000 attendees, are expected to flock to the 4th International Processing and Packaging Trade Event for the Philippines (ProPak) from January 31 to February 2 at the World Trade Center Metro Manila in Pasay City. The international processing and packaging trade event will zero in on providing small enterprises with knowledge about the latest technology in packaging. According to ProPak, this year’s edition is “set to exceed the scale” of the trade show in 2020, which it said happened just a few weeks before the Covid-19 pandemic happened. ProPak said this year’s edition remains as an “industry-focused” event as it aims to bridge international suppliers with local and regional buyers who are “exploring and discovering the latest innovative and sustainable solutions covering food and beverage, manufacturing, retail, and other related industries.” Rungphech “Rose” Chitanuwat, Country General Manager of Informa Markets in the Philippines, the organizer of ProPak Philippines highlighted that “the 4th ProPak Philippines edition will focus on providing micro, small and medium-sized enterprises [MSME] with exposure and knowledge about the latest technology and innovations in packaging.” Chitanuwat explained MSMEs need to know the importance of effective packaging in delivering goods to the market. “Retail businesses require good packaging designs for display and inventory. Consumers on the other hand, have become more discerning when considering products and have become more aware about how packaging can help reduce waste along the process of production, logistics, and retail,” she said. Aside from the exhibition of technology, innovations, and products during the three-day trade show, Propak Philippines 2024 said it is also “keeping its tradition” of imparting knowledge among attendees, particularly MSMEs and even big corporations by simultaneously organizing and facilitating more than 40 workshops, seminars, and conferences at designated areas in the venue. ProPak said among the anticipated learning sessions are Sustainability and Circular Packaging, Trends and Challenges in Packaging 2024, Packaging for Micro and Small Enterprises, Trends and Innovations in Printing on Packaging, Embracing Sustainable Packaging, Hygiene and Sanitation in Food Industry, Packaging Alternatives in PHL, Packaging for the Export Market, and PHL National Standards for Packaging. Andrea E. San Juan

News

BusinessMirror

Editor: Vittorio V. Vitug

February 1, 2024

Senators tackle bills on Bulacan ecozone and freeport amid concern on fiscal risks By Butch Fernandez

@butchfBM

OUTING it as possible the next major economic hub, senators on Wednesday moved bills establishing the Bulacan Airport City Special Economic Zone and Freeport, in a legislative bid to revive a measure earlier vetoed in 2022 over fiscal risks and possible conflict among agencies over their mandates. S e n ato r Grace Po e , presiding at the Committee on Economic Affairs’ public hearing, asked government agencies, communities and other stakeholders for recommendations to address concerns about the proposal. Poe, who also chairs the Senate Committee on Public Services, described the proposed Bulacan ecozone and freeport as the “next major economic and business hub” outside of Metro Manila that could attract foreign investments and spur development in the country. At the hearing, Majority Leader Joel Villanueva, described proposals to establish the Bulacan Airport City Special Economic Zone and Freeport as a measure that would usher in more development in the province and Central Luzon, and provide jobs to thousands, if not millions, of Filipinos, particularly Bulakeños. The senator is from Bulacan. Villanueva explained that when they were deliberating on the proposed ecozone during the previous Congress, it was estimated that aside from complementing the construction of the New Manila International Airport, the Bulacan Ecozone could bring in as much as $200 billion in annual export revenues. “The measure that we filed, in particular, is a recalibration of the bill filed in the 18th Congress and introduces new provisions and safeguards to ensure that the creation and operation of the proposed Bulacan ecozone is within the framework of national development plans, policies, and goals and subject to existing laws, rules, and regulations,” the

Majority Leader said, “We hope that with the eventual passage of this measure, this vision will soon become a reality.” For his part, Sen. Win Gatchalian raised the need to thoroughly study the veto message of President Ferdinand R. Marcos Jr. on House Bill (HB) 7575, which sought the establishment of the Bulacan Airport City Special Economic Zone and Freeport Authority (BACSEZFA). This review will ensure that the proposed measure seeking to establish the BACSEZFA will not suffer the same fate, he said. “We have to make sure that we address all the concerns that are in the veto message so that we will come up with a very effective proposed measure that will be acceptable not only for us in the legislature but also on the Executive side,” Gatchalian affirmed during the hearing. Senate President Juan Miguel “Migz” F. Zubiri, for his part, also weighed in in favor of setting up the Bulacan Special Economic Zone, which he said would spur economic growth and infrastructure development in the area. “It remains a crucial catalyst in attracting investments, creating development and jobs in the area. Once we open it to investments, I think we will achieve seven to eight percent Gross Domestic Product growth rate and bring down unemployment [rate] to 1 percent,” Zubiri said at the hearing. Sen. Joseph Victor “JV” Ejercito also supported the establishment of the ecozone and freeport. Ejercito said the airport is not just a mode of transportation but also a hub of economic activity. “This has been my advocacy— infrastructure development— because it will spread out the development, decongest Metro Manila, create opportunities in the countryside, and stimulate economic growth,” Ejercito said. San Miguel Corporation is currently building a new airport in Bulakan, Bulacan. The new airport will cover 2,500 hectares and will accommodate six runways, with a total capacity of 100 million passengers annually.

‘Growth benefits trickling down to poor takes time’ Continued from A16 “Of course, this takes time, but the ultimate deadline is the completion of a demographic transition which comes from human capital investments and results in a situation where the majority of the population is at their working ages. These will allow us to benefit from demographic dividends which comes only once in a country’s history,” he explained. Meanwhile, De La Salle University economist Maria Ella Oplas told BusinessMirror there is no “fast route” to attaining inclusive growth. In order to lift millions from poverty, structural changes are crucial. Oplas said these changes cannot be made only at the national level. Local governments must also do their part because that will help bring in investments. These investments, Oplas said, will bring secure and high income employment oppor tunities needed by Filipinos to move up the income ladder. “Employment lifts people from the unfreedom of poverty.

It empowers us to have high self esteem and freedom to make decisions that will make us feel the growth,” she said. For his part, University of Asia and the Pacific economist Victor A. Abola said “inclusive growth cannot be measured on a year to year basis.” As such, faster economic growth that can reduce inequality is never easy. Abola said the government has been doing this, given its focus on inland growth versus earlier coastal areas, urban centers. He also stressed that foreign exchange will also play a crucial role. “Create jobs by having a competitive foreign exchange rate. I estimate [the Philippine] peso to be overvalued by 30 percent. [Removing] even half that [overvalue] over three years will be good,” Abola told BusinessMirror. Earlier, ADMU Department of Economics Chairperson Alvin P. Ang said if the government is keen on making the economy more inclusive to allow a greater number of Pinoys to take part in the country’s growth story, it must be willing to temporarily sacrifice fast GDP growth.

BusinessMirror

Thursday, February 1, 2024

ESTABLISHMENT / ADDRESS No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE

7 PRIME TECH, INC. 10/f Ewestpod, Eton Westend Square, Yakal St. Cor. Don Chino Roces Ave., San Antonio, City Of Makati INDRA Indonesian Speaking Customer Service Officer 1.

Brief Job Description: Manage large amount of calls, and handle customers concerns. MUHAMMAD SOFYAN Indonesian Speaking Customer Service Officer

Brief Job Description: Manage large amount of calls, and handle customers concerns. SETIA BUDI DARMAWAN Indonesian Speaking Customer Service Officer

Brief Job Description: Manage large amount of calls, and handle customers concerns. VERONICA Indonesian Speaking Customer Service Officer

Brief Job Description: Manage large amount of calls, and handle customers concerns.

Basic Qualification: Foreign language speaking. Salary Range: Php 30,000 - Php 59,999

No.

LIANG, MEIXING Chinese Customer Service Representative 20.

21.

22.

10.

11.

12.

13.

14.

15.

16.

17.

18.

Brief Job Description: Enforcing business strategies. DENG, BINBIN Mandarin Operations Specialist Brief Job Description: Maintain accurate sales record. DU, XIAOTONG Mandarin Operations Specialist Brief Job Description: Maintain accurate sales record. HU, JINCHAO Mandarin Operations Specialist Brief Job Description: Maintain accurate sales record. JIANG, FANGYUAN Mandarin Operations Specialist Brief Job Description: Maintain accurate sales record. LI, YANHUI Mandarin Operations Specialist Brief Job Description: Maintain accurate sales record. QIN, YOUCAI Mandarin Operations Specialist Brief Job Description: Maintain accurate sales record. WANG, JIANGYANG Mandarin Operations Specialist Brief Job Description: Maintain accurate sales record. YANG, SHENG Mandarin Operations Specialist Brief Job Description: Maintain accurate sales record. YU, ANHUA Mandarin Operations Specialist Brief Job Description: Maintain accurate sales record. ZHANG, YAN Mandarin Operations Specialist Brief Job Description: Maintain accurate sales record. ZHANG, YANG Mandarin Operations Specialist Brief Job Description: Maintain accurate sales record. MENSAH, NANETTHE TRACY Mandarin Specialist Brief Job Description: Maintain accurate sales record. YANG, FEI Mandarin Specialist Brief Job Description: Maintain accurate sales record.

Basic Qualification: Can speak in Mandarin language.

Brief Job Description: Managing incoming calls and customer service inquiries. TRAN, MINH TRUONG Vietnamese Customer Service Representative

23.

AB LEISURE EXPONENT, INC. 5/f Sm Megamall Bldg. D, J Vargas, Wack-wack Greenhills, City Of Mandaluyong QIAN, SONG Mandarin Director

Brief Job Description: Managing incoming calls and customer service inquiries. NGUYEN VAN ANH Vietnamese Customer Service Representative

Basic Qualification: Foreign language speaking. Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Managing incoming calls and customer service inquiries. NGUYEN THI KIM ANH Vietnamese Customer Service Representative

Basic Qualification: Foreign language speaking. Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Managing incoming calls and customer service inquiries.

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

XU, SHAOQUN Dynamic Functional Consultant 24.

Basic Qualification: Can speak in Mandarin language.

Brief Job Description: Are key to finding the right business solution for an organization. Helps an organization implement a new business solution or tweak the existing solution.

XU, SHUXIAN Dynamic Functional Consultant 25.

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

Brief Job Description: Are key to finding the right business solution for an organization. Helps an organization implement a new business solution or tweak the existing solution.

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

ZENG, SUQING Dynamic Functional Consultant 26.

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

Brief Job Description: Are key to finding the right business solution for an organization. Helps an organization implement a new business solution or tweak the existing solution.

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

CHEN, DAFA Monogram General Operator 27.

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

Brief Job Description: A person who partakes for the design conceptualization up to the actual implementation of the designs to various garments using simple to latest and critical sewing machinery.

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

CHEN, XIUJU Monogram General Operator 28.

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

Brief Job Description: A person who partakes for the design conceptualization up to the actual implementation of the designs to various garments using simple to latest and critical sewing machinery.

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

HONG, CHAOSEN Monogram General Operator 29.

Salary Range: Php 150,000 - Php 499,999 Basic Qualification: Can speak in Mandarin language. Salary Range: Php 60,000 - Php 89,999 Basic Qualification: Can speak in Mandarin language. Salary Range: Php 90,000 - Php 149,999

Brief Job Description: A person who partakes for the design conceptualization up to the actual implementation of the designs to various garments using simple to latest and critical sewing machinery.

19.

Brief Job Description: Take appropriate action to identify and help minimize the risk posed by fraud patterns and trends.

Basic Qualification: Proficient in speaking and writing the Mandarin language. Salary Range: Php 30,000 - Php 59,999

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

30.

Brief Job Description: Study company profile, and conduct market research.

31.

LYU, XIANBIN Marketing Consultant Brief Job Description: Study company profile, and conduct market research.

Brief Job Description: Study company profile, and conduct market research.

YONG, CHEN Marketing Consultant Brief Job Description: Study company profile, and conduct market research.

Basic Qualification: College graduate, fluent in Mandarin and English languages, preferably 6 mos. to 1 year customer service experience. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate, fluent in Mandarin and English languages, preferably 6 mos. to 1 year customer service experience. Salary Range: Php 30,000 - Php 59,999

TOEI, MASAHIDE General Manager

Basic Qualification: College graduate. Well experienced in handling construction projects.

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

34.

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

BLOOMBERRY RESORTS AND HOTELS INC. Solaire Resort And Casino, 1 Asean Avenue, Entertainment City, Tambo, City Of Parañaque

Basic Qualification: Should have analytical skills, communication skills, and creativeness. Experience in related field is an edge. Must have any Bachelor’s Degree like Business Management or Computer Science.

35.

TOULCANON, JEAN JOSUE CHARLES Technical And Service Manager 36.

Basic Qualification: College degree holder. With 3-5 years relevant experience in Gaming Industry. Excellent verbal and written communication skills in both English, Chinese and Korean languages. Salary Range: Php 90,000 - Php 149,999

Brief Job Description: Installation and testing commissioning of the company’s equipment for critical projects. Training and support to technical teams of the company’s distributors.

Basic Qualification: College graduate. With at least 3 years of work experience in system integration. Salary Range: Php 150,000 - Php 499,999

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

CHEN, TIANGONG Booth Fabrication Specialist Consultant 37.

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

Basic Qualification: Can coordinate and interface between fabrication/installation and pre-fabrication activities. Able to speak and communicate using Mandarin language is an advantage. Must be willing to work on field. Salary Range: Php 30,000 - Php 59,999

SHI, YANGXIONG Booth Fabrication Specialist Consultant 38.

WU, AIXI Booth Fabrication Specialist Consultant 39.

Basic Qualification: Experience as monogram general operator is an edge. Solid knowledge of image editing and digital sketching software, like Photoshop, In design and Adobe Illustrator. Ability to collaborate and meet deadlines.

ZHENG, QINGBO Booth Fabrication Specialist Consultant 40.

Basic Qualification: College graduate, fluent in Mandarin and English languages, preferably 6 mos. to 1 year customer service experience.

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

Brief Job Description: To ensure hosts provide high standard of customer service that exceeds customer’s expectation through anticipating, attentiveness and responding to customer’s needs and problems with urgency and at the same time displaying friendliness and courtesy.

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

BTICINO PHILIPPINES, INC. G/f All Season Bldg., 112 Aguirre St., San Lorenzo, City Of Makati

Basic Qualification: College graduate, fluent in Mandarin and English languages, preferably 6 mos. to 1 year customer service experience.

Brief Job Description: Responsible for the development of business channel and sales/marketing.

LIM SENG YIK Shift Manager, Premium Services

ASPIRE STANDARD SOLUTION SERVICES INC. 208 B 2/f Mtf Bldg., Dr. A. Santos Avenue, San Isidro, City Of Parañaque

LI, YONGHENG Marketing Consultant

YANG, YOUTU Marketing Consultant

QUALIFICATION AND SALARY RANGE

BEST MANILA CONSTRUCTION CORPORATION Unit M-viia The Gallery Bldg., Amorsolo St., Pio Del Pilar, City Of Makati

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

AMAZON OPERATION SERVICES PHILIPPINES, INC. B21 Three E-com Moa Complex, Harbour Drive Cor. Bay Shore, Brgy. 076, Pasay City ONG NAM THIAN AHS Specialist - CN

33.

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

Basic Qualification: Can speak in Mandarin language.

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

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

Basic Qualification: Can speak in Mandarin language.

32.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

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

Basic Qualification: Can speak in Mandarin language.

No.

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

Basic Qualification: Can speak in Mandarin language.

Basic Qualification: Able to speak, read, and write in Chinese language.

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

Salary Range: Php 150,000 - Php 499,999 Basic Qualification: Can speak in Mandarin language.

QUALIFICATION AND SALARY RANGE

ARISE AND GAIN MERCHANDISE CORP. 65, Road 20, Bahay Toro, Quezon City

Salary Range: Php 150,000 - Php 499,999 Basic Qualification: Can speak in Mandarin language.

ESTABLISHMENT / ADDRESS

ANOC99 CORPORATION 5/f To 10/f Ayala Malls Manila Bay Building D., Macapagal Blvd. Cor. Aseana Street, Tambo, City Of Parañaque

Basic Qualification: Foreign language speaking. Salary Range: Php 30,000 - Php 59,999

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

www.businessmirror.com.ph

GAO, BISAI General Trade Marketing Specialist Consultant 41.

Brief Job Description: Responsible for developing and executing commercial strategies.

Basic Qualification: Can work as an independent consultant to provide marketing expertise to clients, and can research industries, markets, demographics, trends, sales results, and other data related to the client’s products or services. Salary Range: Php 30,000 - Php 59,999

BusinessMirror

www.businessmirror.com.ph

ESTABLISHMENT / ADDRESS No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

LING, JIANWU General Trade Marketing Specialist Consultant 42.

Brief Job Description: Responsible for developing and executing commercial strategies.

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: Can work as an independent consultant to provide marketing expertise to clients and can research industries, markets, demographics, trends, sales results, and other data related to the client’s products or services. Salary Range: Php 30,000 - Php 59,999

CHINA COMMUNICATIONS SERVICES PHILIPPINES CORPORATION 21st Floor Menarco Tower, 32nd Street, Bonifacio Global City, Fort Bonifacio, City Of Taguig BAO, KUN Chinese Speaking Cabling Infrastructure Technician 43.

Brief Job Description: Monitor network performance and troubleshoots problem areas as required.

No.

DANG, THI THU HA Chinese Speaking Data Entry Clerk 55.

56.

WU, LIANGHUI Commercial Manager 44.

Brief Job Description: Managing budgets, expenses, pricing and commercial arrange.

57.

WEI, JUNCAI Construction Supervisor 45.

Brief Job Description: Overseeing and coordinating various aspects of a construction project.

FAN XIANGZHEN Finance Manager 46.

Brief Job Description: Collecting, interpreting, and reviewing financial information.

CHEN, KAIHONG Material Supervisor 47.

Brief Job Description: Monitoring and directing the production line, warehouse, and material distribution. LIN, WENCONG Operation Supervisor

48.

Brief Job Description: Supervising & training employees. Monitoring compliance with operational policies. HUANG WEIZHONG Quantity Surveyor

49.

Brief Job Description: Analyzing existing budgets and making improvements, negotiating with contractors & vendors.

Basic Qualification: Bachelor’s degree in Business, Engineering, or related field.

50.

Brief Job Description: Performing design, development and execution of integration plans, using Automatic tests, manual tests and regression testing.

59.

60.

61.

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

62.

NCHINGA EBENGOU, ROSALIN STEVIN Advisor I, Technical Support

51.

Brief Job Description: Solve problems that are generally unstructured and require extensive use of conceptual thinking skills. Assist external users of the client’s technical products or services, identify, investigate, research and provide resolution to user questions and problems.

THIAM, PAPA PATHE Advisor I, Technical Support

63.

52.

Brief Job Description: Assist external users of the clients’ technical products or services. Identify, investigate, research and provide resolution to user questions and problems.

64.

KUNDU, TAMAL KUMAR Chinese Speaking Business Development Associate 53.

Brief Job Description: Identify and maintain new business opportunities and existing partners.

DANG THI LE Chinese Speaking Data Entry Clerk 54.

Brief Job Description: Gathering invoices, statements, reports, personal details, documents and information from employees, other departments and clients.

Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

65.

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

Brief Job Description: Liaising with clients to determine their requirements, timescale and budget.

TRAN, VAN DUC Chinese Speaking Graphic Designer 66.

Brief Job Description: Planning concepts by studying relevant information and materials. BUI, TRUNG DUC Chinese Speaking Program Designer

67.

Brief Job Description: Communicate overall design and approach to a team of programmers and create flowcharts, diagrams, other models, and programming instructions to guide programming team. CAO, NGOC BINH Chinese Speaking Program Designer

68.

69.

Brief Job Description: Collaborate with other IT specialists, and technicians to deliver software solutions. NGUYEN THI NGOC DIEP Chinese Speaking Program Designer

70.

71.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

Brief Job Description: Liaising with clients to determine their requirements, timescale and budget.

NGUYEN THI PHUONG THAO Chinese Speaking Graphic Designer

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

CRONYX INC. 6-12, 15-19/f Royal Peak Tower A, 485 Quirino Avenue, Tambo, City Of Parañaque

Brief Job Description: Planning concepts by studying relevant information and materials.

MOHSIN, MD REZWAN IBNEE Chinese Speaking Graphic Designer

Salary Range: Php 90,000 - Php 149,999 Basic Qualification: Relevant technical expertise related to program (i.e. hardware, software, networking, data storage, troubleshooting, repair).

Brief Job Description: Liaising with clients to determine their requirements, timescale and budget.

DANG THI HIEN Chinese Speaking Graphic Designer

CONCENTRIX CVG PHILIPPINES, INC. 25/f Ayala North Exchange, Tower 2, 6796, Ayala Ave. Cor. Salcedo & Amorsolo Streets, City Of Makati Basic Qualification: Relevant technical expertise related to program (i.e. hardware, software, networking, data storage, troubleshooting, repair). Courteous with strong customer service orientation. Can read, write, and speak in French language.

Brief Job Description: Liaising with clients to determine their requirements, timescale and budget.

DAM THI THU TRANG Chinese Speaking Graphic Designer

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

Basic Qualification: Healthcare business domain knowledge in Humana enrollment, care management and utilization management. Having 3 plus years of experience in healthcare. Business Domain knowledge in Pharmacy, Clinical, Medicare and Medicaid based applications.

Brief Job Description: Gathering invoices, statements, reports, personal details, documents and information from employees, other departments and clients. CHAN JI PING Chinese Speaking Graphic Designer

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Bachelor’s degree in Quantity Surveying, Engineering, Management or similar.

Brief Job Description: Gathering invoices, statements, reports, personal details, documents and information from employees, other departments and clients. XU, BIN Chinese Speaking Data Entry Clerk

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Bachelor’s Degree in Operations Management, Business Management or related field.

Brief Job Description: Correcting errors and organizing the information in a manner that will optimize swift and accurate capturing. VANG SEO NHA Chinese Speaking Data Entry Clerk

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

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

SARAVANAMUTHU, SARATHAPREETHA Associate

58.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Bachelor’s degree in Business Finance, Administration, Construction Finance or Accounting.

Brief Job Description: Gathering invoices, statements, reports, personal details, documents and information from employees, other departments and clients. SHEE KAH HEE Chinese Speaking Data Entry Clerk

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Bachelor’s degree in Business, and with construction management experience, or related field.

Brief Job Description: Correcting errors and organizing the information in a manner that will optimize swift and accurate capturing. MAHANTA, SATYA NARAYAN Chinese Speaking Data Entry Clerk

CHINA INTERNATIONAL WATER AND ELECTRIC CORP. (BRANCH OFFICE) 5/f, Two E-com Mall Of Asia Complex Bldg., Harbor Drive St., District 1, Barangay 76, Pasay City Basic Qualification: Bachelor’s degree in Business, and with construction management experience, or related field.

Brief Job Description: Correcting errors and organizing the information in a manner that will optimize swift and accurate capturing.

LAM, HOANG YEN Chinese Speaking Data Entry Clerk

Basic Qualification: Bachelor’s Degree in any related field and 1-2 years of work experience. Salary Range: Php 30,000 - Php 59,999

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

72.

Brief Job Description: Communicate overall design and approach to a team of programmers and create flowcharts, diagrams, other models, and programming instructions to guide programming team.

Thursday, February 1, 2024

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: Excellent written and verbal communication skills. With strong organization and project management skills.

No.

SAECHERNG, WITTAWAT Chinese Speaking Program Designer 73.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Excellent written and verbal communication skills. With strong organization and project management skills.

74.

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

75.

76.

Brief Job Description: Document all aspects of software for ongoing maintenance and revisions.

HUANG, YANG Marketing And Sales Agent 77.

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

SHI, WEINAN Marketing And Sales Agent 78.

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

TENG, MINGTAO Marketing And Sales Agent 79.

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

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

TSAI, ZHENG-QI Marketing And Sales Agent 80.

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

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written. Salary Range: Php 30,000 - Php 59,999

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

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

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

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

Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

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

Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

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

Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

QUALIFICATION AND SALARY RANGE

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

Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written. Salary Range: Php 30,000 - Php 59,999

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Excellent written and verbal communication skills. With strong organization and project management skills.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

XU, CHUANGMING Marketing And Sales Agent 81.

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

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

Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

GAMMA INTERACTIVE INC. 21/f Alphaland Makati Place, 7232 Ayala Ave. Cor. Malugay St., Bel-air, City Of Makati

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

82.

Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

NGUYEN MINH QUANG Customer Service Vietnamese Speaking

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

83.

Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written. Salary Range: Php 30,000 - Php 59,999

MELITA MULYADI Indonesian Account Specialist Brief Job Description: Accounting hardware and software installations. CUNAWAN Indonesian Retention Specialist

84.

Brief Job Description: Developing retention strategies based on customer feedback.

Basic Qualification: Exceptional ability to provide technical support and resolve queries. Salary Range: Php 60,000 - Php 89,999 Basic Qualification: Exceptional ability to provide technical support and resolve queries. Salary Range: Php 60,000 - Php 89,999

GLARION TECHNOLOGIES CORPORATION 4th-11th Flr. Nexgen Tower, C4 Rd. Edsa Ext., Barangay 76, Pasay City

85.

86.

Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written. Salary Range: Php 30,000 - Php 59,999

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

GIGA INFORMATION TECHNOLOGY AND SOFTWARE DEVELOPMENT INC. 31/f Pbcom Tower 6795 Ayala Ave., Cor. V.a. Rufino St., Bel-air, City Of Makati

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

Brief Job Description: Employee shall perform the duties such as reports on a daily operation.

Basic Qualification: With customer service experience.

87.

88.

CHEN, JINDE Call Center Agent Brief Job Description: Customer service.

GAO, ZHIQIANG Call Center Agent Brief Job Description: Customer service.

HOANG, THI DIEU LINH Call Center Agent Brief Job Description: Customer service.

JIA, QIANRU Call Center Agent Brief Job Description: Customer service.

A6 A8

BusinessMirror

Thursday, February 1, 2024

ESTABLISHMENT / ADDRESS No.

89.

90.

91.

92.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION LY VINH DAT Call Center Agent Brief Job Description: Customer service.

LY, VAN HANH Call Center Agent Brief Job Description: Customer service.

NGUYEN DUC THUAN Call Center Agent Brief Job Description: Customer service.

NGUYEN, THI THAM Call Center Agent Brief Job Description: Customer service.

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: College graduate/level and fluent in Mandarin/basic English language. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate/level and fluent in Mandarin/basic English language. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate/level and fluent in Mandarin/basic English language.

Basic Qualification: College graduate/level and fluent in Mandarin/basic English language. Salary Range: Php 30,000 - Php 59,999

93.

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

94.

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

95.

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

96.

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

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

97.

Brief Job Description: The Mandarin Electrical Foreman Specialist will be a strategist and a leader able to steer the company to the most profitable direction while also implementing its vision, mission and long-term goals. QIN, CHUANWAN Mandarin Financial Officer

98.

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

LIU, XIAO Customer Service Representative 105.

106.

107.

99.

Brief Job Description: The Product Head is responsible for both product planning and product marketing. This includes managing the product throughout the Product Lifecycle, gathering and prioritizing product and customer requirements, defining the product vision, and working closely with engineering, to deliver winning products.

ZHONG, SHAOBO Product Head

100.

Basic Qualification: Experience in delivering finely tuned product marketing strategies. Strong experience in a dynamic product management role. Proven success in overseeing all elements of the product development lifecycle. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Experience in delivering finely tuned product marketing strategies. Strong experience in a dynamic product management role. Proven success in overseeing all elements of the product development lifecycle.

SAM SHYH HAUR Chinese Speaking Graphic Designer 101.

Brief Job Description: Planning concepts by studying relevant information and materials.

Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

CHONG KAM LUN Malaysian Customer Service Representative 108.

102.

Brief Job Description: Responsible for steering and managing Retail Hub Operations globally.

Brief Job Description: Provide product/services, information, answer questions and resolve emerging problem.

SOH NING MENG Malaysian Customer Service Representative 109.

Brief Job Description: Provide product/services, information, answer questions, and resolve emerging problem.

TAN KHAI SHENG Malaysian Customer Service Representative 110.

Basic Qualification: At least 20 years of experience in Director roles. Knowledgeable on business definitions and efficiencies. Salary Range: Php 500,000 and above

Brief Job Description: Provide product/services, information, answer questions, and resolve emerging problem.

HA THU HUYEN Chinese Speaking Admin Associate 111.

Brief Job Description: Responsible for providing overall administrative support to the team.

HOANG VAN CAO Chinese Speaking Admin Associate 112.

Brief Job Description: Responsible for providing overall administrative support to the team.

NGUYEN THI MAI LY Chinese Speaking Admin Associate 113.

Brief Job Description: Responsible for providing overall administrative support to the team.

TRIEU THI THAM Chinese Speaking Admin Associate 114.

Brief Job Description: Responsible for providing overall administrative support to the team.

WANG, YANGYANG Chinese Speaking Admin Associate 115.

Brief Job Description: Responsible for providing overall administrative support to the team.

DU, NAN Chinese Speaking Business Development Associate 116.

117.

Brief Job Description: Identify and maintain new business opportunities and existing partners.

LE THI LAN Chinese Speaking Business Development Associate Brief Job Description: Collating and maintaining client information.

INTERNATIONAL SOS (PHILS.), INC. Unit 1201-a, 12/f One Corporate Centre, Doña Julia Vargas Cor. Meralco Ave., Ortigas Ctr., San Antonio, City Of Pasig

WONG SZU SZU (HUANG SISI) Senior Operations Manager | Commercial Maritime

103.

Brief Job Description: Accountable for the overall quality and output of the Commercial Maritime. Provide assistance in casework, case-direction, case-management and service delivery for all Maritime clients, both Future Care and MedSea, delivered in Johannesburg, Manila and Beijing.

Basic Qualification: College graduate. With proven leadership success in crisis management background. Have previously supervised and managed submission of direct reports. Fluent in English language. Salary Range: Php 90,000 - Php 149,999

KOMATSU LTD- MANILA REPRESENTATIVE OFFICE Ground Floor Maxima Bldg., 908 Quezon Ave. Cor. Dr. Garcia, Paligsahan, Quezon City

120.

121.

Salary Range: Php 30,000 - Php 59,999 122.

123.

124.

LI, DONGHUI Chinese Speaking Business Development Associate 118.

Brief Job Description: Identify and maintain new business opportunities and existing partners.

LU, HONGSHENG Chinese Speaking Business Development Associate 119.

Brief Job Description: Identify and maintain new business opportunities and existing partners.

125.

126.

127.

128.

129.

130.

131.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Excellent written and verbal communication skills. Strong organization and project management skills.

132.

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

Brief Job Description: Correcting errors and organizing the information in a manner that will optimize swift and accurate capturing. DINH, THUY PHUONG Chinese Speaking Data Entry Clerk

133.

Brief Job Description: Correcting errors and organizing the information in a manner that will optimize swift and accurate capturing. DONG, WEI Chinese Speaking Data Entry Clerk

134.

Brief Job Description: Entering and updating information into relevant databases.

KAR LETT Chinese Speaking Data Entry Clerk 135.

Brief Job Description: Correcting errors and organizing the information in a manner that will optimize swift and accurate capturing.

LAE LAE WIN Chinese Speaking Data Entry Clerk 136.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Ability to concentrate for lengthy period. Good in verbal and written communication.

Brief Job Description: Correcting errors and organizing the information in a manner that will optimize swift and accurate capturing. DINH CONG TUAN Chinese Speaking Data Entry Clerk

Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

Brief Job Description: Correcting errors and organizing the information in a manner that will optimize swift and accurate capturing. DIEP MY LINH Chinese Speaking Data Entry Clerk

Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

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

Brief Job Description: Entering and updating information into relevant databases. DAO THI HUONG Chinese Speaking Data Entry Clerk

Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

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

Brief Job Description: Identify and maintain new business opportunities and existing partners.

CHEN, ZHILE Chinese Speaking Data Entry Clerk

Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

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

Brief Job Description: End to end partner management from opening to closing sales.

ZHANG, ZHOUPING Chinese Speaking Business Development Associate

Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

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

Brief Job Description: Identify and maintain new business opportunities and existing partners.

WANG, MINGZHONG Chinese Speaking Business Development Associate

Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

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

Brief Job Description: Assist with drafting business plans, sales pitches, presentations, reference material, and other documents as required

WANG, JIANDONG Chinese Speaking Business Development Associate

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

Brief Job Description: End to end partner management from opening to closing sales.

TRIEU THI HUE Chinese Speaking Business Development Associate

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Graduate of a 4 years Bachelor’s Degree with critical thinking and problem-solving skills.

Brief Job Description: Identify and maintain new business opportunities and existing partners.

TRAN THANH CONG Chinese Speaking Business Development Associate

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Graduate of a 4 years Bachelor’s Degree with critical thinking and problem-solving skills.

Brief Job Description: End to end partner management from opening to closing sales.

TAN CHEE WEI Chinese Speaking Business Development Associate

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

Basic Qualification: Graduate of a 4 years Bachelor’s Degree with critical thinking and problem-solving skills.

Brief Job Description: End to end partner management from opening to closing sales.

SUN, CHONGJUN Chinese Speaking Business Development Associate

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

Basic Qualification: A graduate of any Bachelor’s Degree. Fluent in Korean language (verbal and written). Background in using Ariba and SAP system as Buyer is preferred.

Brief Job Description: Assist with drafting business plans, sales pitches, presentations, reference material, and other documents as required.

PHAM, VU QUYNH HUONG Chinese Speaking Business Development Associate

Basic Qualification: Know how to speak Chinese/Mandarin language fluently.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION NGUYEN THI THOA Chinese Speaking Business Development Associate

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

NEO INCORPORATED North Tower Centrum Bldg., Aseana Avenue, Entertainment City, Baclaran, City Of Parañaque

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

ING HUBS B.V. PHILIPPINE BRANCH 18/f - 29/f One Ayala East Tower, Ayala Ave., Ayala Center, San Lorenzo, City Of Makati

DOLENGA, MARKUS Capability Hub Lead For Retail Operation

Brief Job Description: As a Procurement Associate - Korean Speaker, you are responsible to support the shared services center in the day-to-day process p2p process for indirect spending within a specific category or regional area(s).

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

INFOVINE INC. 9/f Y Tower, Moa Complex, Coral Way Drive Cor. Macapagal, Barangay 76, Pasay City

Basic Qualification: Must have at least a Bachelor’s Degree, background in Engineering & heavy equipment industry would be preferred.

No.

MPOTECH DIGITAL SYSTEM INC. 2/f 331 Bldg., Sen. Gil Puyat Ave., Bel-air, City Of Makati

HISENSE PHILIPPINES INC. Unit 1004 & 1005 Exquadra Tower, Exchange Road Cor. Jade Drive Ortigas Center, San Antonio, City Of Pasig HU, XIMING Product Head

Brief Job Description: Provide outstanding and exceptional customer service.

LIM, HEALEA Procurement Associate - Korean Speaker

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

QUALIFICATION AND SALARY RANGE

MERCK BUSINESS SOLUTIONS ASIA INC. 36th To 39th Floor, The Finance Centre Condominium, 26th Street Corner 9th Avenue, Bonifacio Global City, City Of Taguig

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

Basic Qualification: Proven experience as Mandarin Financial Officer, excellent communication, interpersonal and presentation skills.

Brief Job Description: Provide outstanding and exceptional customer service. TANG, XUANPING Customer Service Representative

Basic Qualification: Graduate of a Bachelor’s Degree.

Basic Qualification: Proven experience as Mandarin Electrical Foreman Specialist, excellent communication, interpersonal and presentation skills.

Brief Job Description: Supervise the company’s local team to provide technical service-related support to its various projects.

ESTABLISHMENT / ADDRESS

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

Basic Qualification: Graduate of a Bachelor’s Degree.

GUANGXI HYDRO ELECTRIC CONSTRUCTION BUREAU (GHCB PHILIPPINES CORPORATION) #58, Road 1, Project 6, Quezon City QIN, DAJIE Mandarin Electrical Foreman Specialist

104.

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

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION YAMASHITA, SHOJI Technical Advisor

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

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

No.

www.businessmirror.com.ph

Brief Job Description: Correcting errors and organizing the information in a manner that will optimize swift and accurate capturing.

LAI, YONGSHENG Chinese Speaking Data Entry Clerk 137.

Brief Job Description: Correcting errors and organizing the information in a manner that will optimize swift and accurate capturing.

QUALIFICATION AND SALARY RANGE Basic Qualification: Excellent written and verbal communication skills. Strong organization and project management skills. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Ability to concentrate for lengthy period. Good in verbal and written communication. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Ability to concentrate for lengthy period. Good in verbal and written communication. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Excellent written and verbal communication skills. Strong organization and project management skills. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Ability to concentrate for lengthy period. Good in verbal and written communication. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Excellent written and verbal communication skills. Strong organization and project management skills. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Ability to concentrate for lengthy period. Good in verbal and written communication. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Ability to concentrate for lengthy period. Good in verbal and written communication. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Ability to concentrate for lengthy period. Good in verbal and written communication. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With experience in computer aided design. Good in verbal and written communication. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Ability to concentrate for lengthy periods. With good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With experience in computer aided design. Good in verbal and written communication. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Ability to concentrate for lengthy periods. With good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999

BusinessMirror

www.businessmirror.com.ph

ESTABLISHMENT / ADDRESS No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION LENG, YONGSONG Chinese Speaking Data Entry Clerk

138.

Brief Job Description: Correcting errors and organizing the information in a manner that will optimize swift and accurate capturing. LI, SHIYUAN Chinese Speaking Data Entry Clerk

139.

Brief Job Description: Correcting errors and organizing the information in a manner that will optimize swift and accurate capturing. LIU, XIAOQIANG Chinese Speaking Data Entry Clerk

140.

Brief Job Description: Correcting errors and organizing the information in a manner that will optimize swift and accurate capturing. LYU, ZHEN Chinese Speaking Data Entry Clerk

141.

Brief Job Description: Entering and updating information into relevant databases.

MARIP NAW AUNG Chinese Speaking Data Entry Clerk 142.

Brief Job Description: Entering and updating information into relevant databases. MONG THI THUONG Chinese Speaking Data Entry Clerk

143.

Brief Job Description: Correcting errors and organizing the information in a manner that will optimize swift and accurate capturing. NGUYEN HUY HOANG Chinese Speaking Data Entry Clerk

144.

Brief Job Description: Correcting errors and organizing the information in a manner that will optimize swift and accurate capturing. NGUYEN VAN BAC Chinese Speaking Data Entry Clerk

145.

Brief Job Description: Correcting errors and organizing the information in a manner that will optimize swift and accurate capturing. NGUYEN, LY THANH NGUYEN Chinese Speaking Data Entry Clerk

146.

Brief Job Description: Correcting errors and organizing the information in a manner that will optimize swift and accurate capturing. NGUYEN, THI MY Chinese Speaking Data Entry Clerk

147.

Brief Job Description: Correcting errors and organizing the information in a manner that will optimize swift and accurate capturing. PEI HAO Chinese Speaking Data Entry Clerk

148.

Brief Job Description: Correcting errors and organizing the information in a manner that will optimize swift and accurate capturing. THIDAR WIN Chinese Speaking Data Entry Clerk

149.

Brief Job Description: Correcting errors and organizing the information in a manner that will optimize swift and accurate capturing. TRAN DANG TU Chinese Speaking Data Entry Clerk

150.

Brief Job Description: Entering and updating information into relevant databases.

TRAN HA LAM Chinese Speaking Data Entry Clerk 151.

Brief Job Description: Correcting errors and organizing the information in a manner that will optimize swift and accurate capturing.

VU VIET ANH Chinese Speaking Data Entry Clerk 152.

Brief Job Description: Correcting errors and organizing the information in a manner that will optimize swift and accurate capturing.

VU, ANH THUY Chinese Speaking Data Entry Clerk 153.

Brief Job Description: Correcting errors and organizing the information in a manner that will optimize swift and accurate capturing.

WEI, BINBIAO Chinese Speaking Data Entry Clerk 154.

Brief Job Description: Correcting errors and organizing the information in a manner that will optimize swift and accurate capturing.

XIE, LIHUAN Chinese Speaking Data Entry Clerk 155.

Brief Job Description: Scanning through information to identify pertinent information.

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: Ability to concentrate for lengthy periods. With good verbal and written communication skills.

No.

YANG, FALAN Chinese Speaking Data Entry Clerk 156.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

157.

158.

159.

160.

161.

162.

163.

164.

165.

166.

167.

168.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

169.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written. Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Document all aspects of software for ongoing maintenance and revisions.

ZHU, PANGLONG Chinese Speaking Program Designer 170.

Brief Job Description: Document all aspects of software, for ongoing maintenance and revisions.

GIRARDELLI MEYER DE PAULA PHILBERT, PHILLIP Vice President - HR Head 171.

Brief Job Description: Responsible for contributing to the execution of the business plan through the creation and implementation of the People Strategies that attract, develop and retain employees.

QUALIFICATION AND SALARY RANGE Basic Qualification: Ability to concentrate for lengthy periods. Good in verbal and written communication.

No.

174.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

175.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proven graphic designing experience. Good in verbal and written communication. Salary Range: Php 30,000 - Php 59,999

176.

Basic Qualification: With experience in computer aided design. Good in verbal and written communication. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

177.

178.

179.

180.

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

181.

Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

172.

Brief Job Description: Managing incoming calls and customer service inquiries. CHEN, TAI-YU Call Center Agent

173.

Brief Job Description: Managing incoming calls and customer service inquiries.

MELIANA Call Center Agent Brief Job Description: Customer service.

Brief Job Description: Managing incoming calls and customer service inquiries. YAN MAY SHWAN Call Center Agent

182.

Brief Job Description: Managing incoming calls and customer service inquiries.

LORIMER OLSSON, LARS ARVID ARCHER Head Of Music And Performing Arts

183.

Brief Job Description: Responsible for overseeing and managing all aspects of the music and performing arts programs within the organization. This role requires a dynamic leader with a strong logistical mindset to ensure seamless operations, efficient coordination, and the successful execution of artistic events.

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

Basic Qualification: College graduate. With wide HR experience across several areas (HRBP, HR Operations, Rewards, Talent). Salary Range: Php 150,000 - Php 499,999

Basic Qualification: College graduate/level and fluent in Mandarin/basic English language.

184.

185.

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

Basic Qualification: College graduate/level and fluent in Mandarin/basic English language. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate/level and fluent in Mandarin/basic English language. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate/level and fluent in Mandarin/basic English language. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate/level and fluent in Mandarin/basic English language. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate/level and fluent in Mandarin/basic English language. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate/level and fluent in Mandarin/basic English language. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate/level and fluent in Mandarin/basic English language. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate/level and fluent in Mandarin/basic English language. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: 5-10 years of experience in working for British curriculum schools, post-graduate certificate of education (PGCE) or similar accreditation, excellent computer skills and experience with computer-based training software and current e-learning tools.

JONG SIAW CHUNG Mandarin Operations Specialist Brief Job Description: Maintain accurate sales record. ZHU, QIANG Mandarin Operations Specialist Brief Job Description: Maintain accurate sales record.

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

ORACLE (PHILIPPINES) CORPORATION Units 1-4 33/f Zuellig Bldg., Makati Ave. Cor. Paseo De Roxas, Urdaneta, City Of Makati

186.

HAQ, SAMAD UL Customer Success Services (CSS) Technical Lead Consultant Brief Job Description: Lead as the Consultant authority for formulating and leading presales customer technical happiness.

Basic Qualification: Must have experience of five or more of the following technologies: RDBMS 12/19, RAC, Data Guard, GoldenGate, Enterprise Manager (aka Oracle Cloud Control), Exadata, SuperCluster, Cloud at Customer, Oracle Cloud Infrastructure “DbaaS” Cloud Services, Linux Operating System, Virtual Machines or Networking. Salary Range: Php 150,000 - Php 499,999

PHILIPPINE FULL DEGREE COMMUNICATIONS CORP. 18/f Yuchengco Tower 1, Rcbc Plaza, 6819 Ayala Ave., Bel-air, City Of Makati

187.

188.

189.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate/level and fluent in Mandarin/basic English language.

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

OCEANIC SYMPHONY SERVICES INC. 17/f Alphaland Corporate Tower, 7232 Ayala Ave. Extn., Cor Malugay St., Bel-air, City Of Makati

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Ability to concentrate for lengthy periods. Good in verbal and written communication.

Basic Qualification: College graduate/level and fluent in Mandarin/basic English language.

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

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

QUALIFICATION AND SALARY RANGE

NORD ANGLIA INTERNATIONAL SCHOOL MANILA INC. Neo Chinatown Bradco Ave., Aseana, Tambo, City Of Parañaque

Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written. Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Managing incoming calls and customer service inquiries.

VUONG VAN TRUONG Call Center Agent

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With experience in computer aided design. Good in verbal and written communication.

Brief Job Description: Managing incoming calls and customer service inquiries. LIN, YUN-CHEN a.k.a. LIN, I-PIN Call Center Agent

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

Brief Job Description: Managing incoming calls and customer service inquiries. LEE, SHU-CHING Call Center Agent

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With experience in computer aided design. Good in verbal and written communication.

Brief Job Description: Managing incoming calls and customer service inquiries. JANG, TAE HO Call Center Agent

Basic Qualification: Ability to concentrate for lengthy periods. With good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Managing incoming calls and customer service inquiries. JA HTOI LU Call Center Agent

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proven graphic designing experience. Good in verbal and written communication.

Brief Job Description: Managing incoming calls and customer service inquiries. JA AUNG Call Center Agent

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION CHU, VIET TOAN Call Center Agent

NOCMAKATI, INC. 8,9,10,11,12,14,15,16,17,18 & 19 Floors, Century Diamond Center, Poblacion, City Of Makati CHANG, WAN-SHEN Call Center Agent

ESTABLISHMENT / ADDRESS

NESTLE PHILIPPINES, INC. Rockwell Center 31, Plaza Drive, Poblacion, City Of Makati

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

Brief Job Description: Document all aspects of software, for ongoing maintenance and revisions.

VANG KHANH LY Chinese Speaking Program Designer

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

Brief Job Description: Document all aspects of software, for ongoing maintenance and revisions.

TCHANG, QUE ANH Chinese Speaking Program Designer

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Ability to concentrate for lengthy periods. Good in verbal and written communication.

Brief Job Description: Document all aspects of software, for ongoing maintenance and revisions.

NIU, XUEYU Chinese Speaking Program Designer

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

Brief Job Description: Document all aspects of software, for ongoing maintenance and revisions.

NGUYEN MINH HOA Chinese Speaking Program Designer

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Ability to concentrate for lengthy periods. Good in verbal and written communication.

Brief Job Description: Document all aspects of software, for ongoing maintenance and revisions.

LI, QIAN Chinese Speaking Program Designer

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Ability to concentrate for lengthy periods. Good in verbal and written communication.

Brief Job Description: Document all aspects of software, for ongoing maintenance and revisions.

HONG DUC HOA Chinese Speaking Program Designer

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Ability to concentrate for lengthy periods. Good in verbal and written communication.

Brief Job Description: Document all aspects of software, for ongoing maintenance and revisions.

FU, KAIFENG Chinese Speaking Program Designer

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Ability to concentrate for lengthy periods. Good in verbal and written communication.

Brief Job Description: Managing HR records including resume, applicant logs and employee forms.

FANIWIDYA Chinese Speaking Program Designer

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Ability to concentrate for lengthy periods. With good verbal and written communication skills.

Brief Job Description: Liaising with clients to determine their requirements, timescale and budget.

ZHU, XUBO Chinese Speaking HR Associate

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

Brief Job Description: Liaising with clients to determine their requirements, timescale and budget.

YANG, LIN Chinese Speaking Graphic Designer

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

Brief Job Description: Correcting errors and organizing the information in a manner that will optimize swift and accurate capturing. CHEN, SONG Chinese Speaking Graphic Designer

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With experience in computer aided design. Good in verbal and written communication.

Brief Job Description: Correcting errors and organizing the information in a manner that will optimize swift and accurate capturing. ZHOU, ZHOU Chinese Speaking Data Entry Clerk

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With experience in computer aided design. Good in verbal and written communication.

Brief Job Description: Correcting errors and organizing the information in a manner that will optimize swift and accurate capturing. YIN, LICHUAN Chinese Speaking Data Entry Clerk

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Ability to concentrate for lengthy periods. With good verbal and written communication skills.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

Thursday, February 1, 2024

190.

QIU, LINGLING Mandarin Operations Specialist Brief Job Description: Maintain accurate sales record.

TAN, GUIBIN Mandarin Operations Specialist Brief Job Description: Maintain accurate sales record.

TU, MINGHAO Mandarin Operations Specialist Brief Job Description: Maintain accurate sales record.

XIONG, YAQIN Mandarin Operations Specialist Brief Job Description: Maintain accurate sales record.

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

BusinessMirror

A10 A6 Thursday, February 1, 2024

ESTABLISHMENT / ADDRESS No.

191.

ESTABLISHMENT / ADDRESS

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION ZHANG, LEI Mandarin Operations Specialist Brief Job Description: Maintain accurate sales record.

QUALIFICATION AND SALARY RANGE

No.

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

209.

PHOENIXFIELD, INC. 7/f Iacademy Plaza, 324 Sen. Gil Puyat Ave, Bel-air, City Of Makati SILVIA MARTHA Indonesian Language - Support Officer 192.

193.

Brief Job Description: Assist in the planning & administration of the organization’s daily operation.

ARIANI RICHTER Indonesian Language - Marketing Officer Brief Job Description: Create specific promotions for affiliates.

ANDREW LOTHAR MATTHEWS Indonesian Language - Support Officer 194.

Brief Job Description: Assist in the planning & administration of the organization’s daily operation. HENNY Indonesian Language - Support Officer

195.

Brief Job Description: Assist in the planning & administration of the organization’s daily operation. Providing information, assistance & support to customers. Assist with the preparation of reports. Escalating complex issues to management. KATHARINE NOVEBRIANI Indonesian Language - Support Officer

196.

Brief Job Description: Assist in the planning & administration of the organization’s daily operation. Providing information, assistance & support to customers. Assist with the preparation of reports. Escalating complex issues to management. ADITYA KRISTIANTO Indonesian Language-support Officer

197.

Brief Job Description: Assist in the planning of the organization’s daily operation. EVALINE TANIA Indonesian Language-support Officer

198.

Brief Job Description: Assist in the planning of the organization’s daily operation. REISA MOLLYA PRAKARSA Indonesian Language-support Officer

199.

Brief Job Description: Assist in the planning of the organization’s daily operation. YENNY THAMIDA Indonesian Language-support Officer

200.

Brief Job Description: Assist in the planning of the organization’s daily operation. NOBEL MARTIN Indonesian Language-support Supervisor

201.

Brief Job Description: Assist in the planning of the organization’s daily operation. YU, HAODONG Mandarin Language - Support Officer

202.

203.

204.

Brief Job Description: Assist in the planning of the organization’s daily operation. JUENGSA-NGASOM, THANYAKORN Thai Language - Support Officer

205.

206.

207.

LE VAN PHUOC EM Vietnamese Language - Marketing Officer Brief Job Description: Create specific promotions for affiliates.

TRAN MAI YEN VY Vietnamese Language - Marketing Officer Brief Job Description: Create specific promotions for affiliates.

HOANG KHANH DUY Vietnamese Language - Support Officer 208.

Brief Job Description: Assist in the planning & administration of the organization’s daily operation.

Basic Qualification: Must fluently speak and write in Indonesian language to cater foreign markets. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Must fluently speak and write in Indonesian language to cater foreign markets.

211.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Bachelor’s Degree holder. Must fluently speak and write in Bahasa Indonesian language. Can work under pressure.

212.

Brief Job Description: Assist in the planning of the organization’s daily operation. TRAN CHI KHUAN Vietnamese Language-support Officer

213.

Brief Job Description: Assist in the planning of the organization’s daily operation. TU BOI LINH Vietnamese Language-support Officer

214.

Brief Job Description: Assist in the planning of the organization’s daily operation.

QUALIFICATION AND SALARY RANGE Basic Qualification: Bachelor’s Degree holder. Must fluently speak and write in Bahasa Indonesian language. Can work under pressure. Salary Range: Php 30,000 - Php 59,999

215.

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

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

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

XIU, JUNJIE Customer Service Representative Brief Job Description: Customer relation service provider.

ZHANG, DIANXU Customer Service Representative

Basic Qualification: Fluent in multiple languages both verbal and written.

217.

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

Basic Qualification: Must fluently speak and write in Bahasa Indonesian language.

JULIANTO Indonesian-language Customer Support Staff 218.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Bachelor’s Degree holder. Must fluently speak and write in Bahasa Indonesian language. Can work under pressure.

Brief Job Description: Serves as primary contact for problem resolution and information gathering regarding customer complaints and work assignment.

PARK, SE YOUNG SCM Coordinator Under The IT & Mobile Team 219.

Brief Job Description: Support in preparing materials in order to manage initial ramp-up and launch at each model and efficiently locate and manage resources considering PLC (Product Life Cycle).

220.

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

Brief Job Description: Overseeing daily business operations, developing and implementing growth strategies and training low-level managers and staff.

Basic Qualification: Must fluently speak and write in Mandarin language. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Bachelor’s Degree holder. Must fluently speak and write in Thai language. Can work under pressure.

221.

NI, JUN Mandarin Team Leader 222.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Must fluently speak and write in Vietnamese language to cater foreign markets.

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

Brief Job Description: Develop a strategy. Participate in projects, duties and other tasks assigned by the management.

SUMRA, VINIT DANJI Country Head

223.

Brief Job Description: Work closely with the senior management to develop and implement the company’s business strategy in the country, aligning it with the company’s overall vision and mission. Responsible for managing the day-to-day operations of the company, including the smooth delivery of services, meeting service-level agreements (SLAs) and maintaining operational efficiency.

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

MEHDI, MOHAMMAD ARSHAD Head Of Programmes, Sales Finance And Cards 226.

Brief Job Description: Execute and communicate a clear lending products strategy that aligns with Unobanks overall goals and objective.

Basic Qualification: 10 plus years of experience in lending products management within the financial industry, with a focus on consumer or commercial lending. Salary Range: Php 150,000 - Php 499,999

VEHICLE MASTER SERVICE CORP. #27, T. Santiago St., Canumay West, City Of Valenzuela

HANG, CHENGLI Chinese Marketing And Sales Consultant 227.

Brief Job Description: Identify effective marketing campaigns that will reach targeted audiences effectively and efficiently.

LUO, JINWEN Chinese Marketing And Sales Consultant 228.

Brief Job Description: Identify effective marketing campaigns that will reach targeted audiences effectively and efficiently.

Basic Qualification: A native speaker of Indonesian language and fluent in English language (spoken and written).

Basic Qualification: Strong knowledge of sales and persuasion techniques coupled with excellent knowledge of the products. Knowledge of data analysis and market research. Intuition about customer desires and practical needs.

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

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: A native speaker of Indonesian language and fluent in English language (spoken and written).

ZHANG, MIN Chinese Marketing And Sales Consultant 229.

Brief Job Description: Identify effective marketing campaigns that will reach targeted audiences effectively and efficiently.

Basic Qualification: College graduate.

CAI, WENYI Service And Parts Director 230.

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

Basic Qualification: College graduate. With proven ability to motivate and develop employees, proven ability to develop and achieve financial goals, and with excellent communications, collaboration and delegation skills.

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

231.

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

Brief Job Description: Provide cost estimates for body damage and internal repairs. Create and maintain a process to effectively manage warranty, customers paid, and internal repair orders.

LAI, YANQING Service And Parts Director 232.

Brief Job Description: Provide cost estimates for body damage and internal repairs. Create and maintain a process to effectively manage warranty, customers paid, and internal repair orders.

WANG, HAIBIN Service And Parts Director 233.

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

Basic Qualification: MBA holder. With strong negotiation and business development skills, and with proven track record of successfully closing deals and expanding market share.

Brief Job Description: Provide cost estimates for body damage and internal repairs. Create and maintain a process to effectively manage warranty, customers paid, and internal repair orders.

CINDY SUTEJA Service And Parts Director

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

SRKAY CONSULTING GROUP CORPORATION 7/f Armstrong Corporate Center, 134 H.v. Dela Costa Street, Salcedo Village, Bel-air, City Of Makati

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

Basic Qualification: Must fluently speak and write in Vietnamese language.

Brief Job Description: Employee orientation, development and training logistics and recordkeeping.

Brief Job Description: Debug different computer programs.

UNOBANK INC. (UNODIGITAL, UNOBANK, UNO DIGITAL BANK, UNO DIGIBANK, UNOBANKPH AND UNODIGITALBANKPH) Unit 2001 The Finance Centre 26th Street Cor. 9th Avenue, Bonifacio Global City, Fort Bonifacio, City Of Taguig

SEAGULL-WORLD INC. 24/f Philamlife Tower, 8767 Paseo De Roxas, Bel-air, City Of Makati

THANDAR OO Mandarin Speaking Human Resource Officer

Basic Qualification: Fluent in Mandarin/English language with 2 years of work experience related to the position.

PENG, JUNLIN Mandarin I.T. Technical Support

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

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

Basic Qualification: Must fluently speak and write in Vietnamese language to cater foreign markets.

225.

SAMSUNG HOSPITALITY PHILIPPINES INC. 8/f Science Hub Tower, 4 Campus Ave. Mckinley Hill, Pinagsama, City Of Taguig

YOO, SUNG JONG General Manager

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

TOPKING TECHNOLOGY INC. 5/f Phinma Plaza 39 Plaza Drive, Rockwell Center, Poblacion, City Of Makati

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

Salary Range: Php 60,000 - Php 89,999 Basic Qualification: Bachelor’s Degree holder. Must fluently speak and write in Mandarin language. Can work under pressure.

Brief Job Description: Serves as primary contact for problem resolution and information gathering regarding customer complaints and work assignment.

Brief Job Description: Developing company quality procedures, standards and specifications. Matching processes with standards. Coordinating activity required to meet quality standards.

Basic Qualification: Fluent in multiple languages both verbal and written.

RUNNINGMAN CORPORATION 8/f Techzone Bldg., 213 Sen. Gil Puyat Ave., San Antonio, City Of Makati

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

224.

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

ANDY Indonesian-language Customer Support Staff

Basic Qualification: College graduate. With excellent knowledge of quality control procedures and professional standards.

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

216.

Brief Job Description: Customer relation service provider.

QUALIFICATION AND SALARY RANGE

AWAN, JAVED IQBAL QA/QC Manager

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

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

TAISEI CORPORATION - PHILIPPINE BRANCH OFFICE U-902 9f Bdo Equitable Tower, 8751 Paseo De Roxas, Bel-air, City Of Makati

Basic Qualification: Must fluently speak and write in Vietnamese language.

Basic Qualification: Must fluently speak and write in Bahasa Indonesian language.

No.

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

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Must fluently speak and write in Bahasa Indonesian language.

Brief Job Description: Assist in the planning of the organization’s daily operation. HUYNH THI NGOC TRAN Vietnamese Language-support Officer

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Bachelor’s Degree holder. Must fluently speak and write in Bahasa Indonesian language. Can work under pressure.

Brief Job Description: Assist in the planning & administration of the organization’s daily operation. BUI NHAM PHAT Vietnamese Language-support Officer

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Must fluently speak and write in Indonesian language to cater foreign markets.

Brief Job Description: Assist in the planning & administration of the organization’s daily operation. Providing information, assistance & support to customers. Assist with the preparation of reports. Escalating complex issues to management. VO QUANG PHUOC Vietnamese Language - Support Officer

210.

ESTABLISHMENT / ADDRESS

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION PHAN HOANG THANH TUYEN Vietnamese Language - Support Officer

Basic Qualification: Can speak in Mandarin language.

www.businessmirror.com.ph

Brief Job Description: Provide cost estimates for body damage and internal repairs. Create and maintain a process to effectively manage warranty, customers paid, and internal repair orders.

ZHUO, KAIYONG Service And Parts Director 234.

Brief Job Description: Provide cost estimates for body damage and internal repairs. Create and maintain a process to effectively manage warranty, customers paid, and internal repair orders.

Basic Qualification: Bachelor’s degree in Business or related field of study. Excellent communication skills. Proven to possess integrity and probity. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Bachelor’s degree in Business or related field of study. Excellent communication skills. Proven to possess integrity and probity. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Bachelor’s degree in Business or related field of study. Excellent communication skills. Proven to possess integrity and probity. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Bachelor’s degree in Business or related field of study. Excellent communication skills. Proven to possess integrity and probity. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Bachelor’s degree in Business or related field of study. Excellent communication skills. Proven to possess integrity and probity. Salary Range: Php 30,000 - Php 59,999

*Date Generated: Jan 31, 2024 Any person in the Philippines who is competent, able and willing to perform the services for which the foreign national is desired may file an objection at DOLE National Capital Region located at DOLE-NCR Building, 967 Maligaya St., Malate Manila, within 30 days after this publication. Please inform DOLE National Capital Region if you have any information on criminal offense committed by the foreign nationals.

Thursday, February 1, 2024 A11

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

PHL output of staple crops up in 2023–PSA

OCAL planters managed to increase their output of rice and corn—the country’s staple crops—despite higher input costs, according to data from the Philippine Statistics Authority (PSA).

Figures released by the PSA showed that palay or unmilled rice production in 2023 reached a record 20.06 million metric tons (MMT). Output last year was 1.56 percent higher than the 19.756 MMT recorded in 2022. Data from the statistics agency showed that rice output in 2023

was boosted by irrigated farmlands which produced 15.279 MMT, 2.2 percent higher than the 2022 volume of 14.938 MMT. In contrast, the output of rainfed farms fell to 4.779 MMT from the previous year’s 4.817 MMT. The Philippines also produced more corn last year, according to

FARMERS in Cauayan City, Isabela thresh their corn harvest to take advantage of the good weather in this BusinessMirror file photo.

PSA data. The combined output of yellow and white corn reached 8.405 MMT, higher by nearly 2 percent than the 8.255 MT recorded in 2022.

Output of yellow corn, which is used for animal feeds, rose by nearly 5 percent to 6.367 MMT, from the 2022 volume of 6.088 MMT.

However, white corn production last year fell by almost 6 percent to 2.037 MMT, from 2.166 MMT recorded a year ago. Rice and corn bolstered the performance of the crops subsector last year, based on data from the PSA. Crop production amounted to P1 trillion in 2023 and P290 billion in the fourth quarter of 2023. It posted a growth of 0.7 percent in 2023 and 0.1 percent in the last quarter of last year. The crops subsector managed to eke out gains despite elevated fertilizer and oil prices last year. The government had given out subsidies to planters to help them cope with the spike in the prices of inputs. Data from the PSA also showed

that livestock ’s output was valued at P263.374 billion last year and P72.1 billion in the fourth quarter of 2023. It grew 2.47 percent in 2023 and 2.7 percent in the October to December period. For poultry, the value of production at constant 2018 prices reached P262.028 billion last year and P67.65 billion in the fourth quarter of 2023. PSA data showed crops accounted for 58.7 percent of the total value of production in agriculture and fisheries; livestock, 14.6 percent; poultry, 13.7 percent; and fisheries, 13 percent. The value of agriculture and fisheries production amounted to P1.763 trillion in 2023 and P493.72 billion in the fourth quarter of last year.

Govt told to step up efforts Council plans to spend ₧100M for bamboo work program to expand local fish stocks T By Jovee Marie N. Dela Cruz @joveemarie

practices and protecting the interests of our local fisherfolk.”

@jonlmayuga

Galunggong supply

& Jonathan L. Mayuga

H E government should strictly implement laws that seek to combat overfishing to increase the country’s fish stocks, according to a lawmaker. AGRI Party-list Rep. Wilbert T. Lee said the government should tighten the implementation of laws to safeguard against overfishing. While acknowledging President Marcos’ stance on not imposing a fishing ban last year, Lee stressed the importance of fully implementing regulations designed to safeguard marine resources. “While President Marcos said last year that he was not imposing a fishing ban, the government should fully implement existing fishery laws and regulations that would deter illegal fishing activities and the encroachment of commercial fishing vessels into municipal waters.” His call for stricter enforcement of the law follows the release of a Philippine Statistics Authority (PSA) report revealing a 5.2 percent decline in fisheries produc tion during the fourth quarter of 2023 compared to the previous year. “We are pleased that our year-on-year agricultural output increased somewhat in Q4. However, it is equally alarming to witness a decline in our fisheries production. We must intensify efforts to monitor overfishing and illegal fishing, as these are major contributors to the depletion of our fish stocks.” Lee said the decline in fisheries production “is certainly very concerning considering that we are an archipelagic country with one of the longest coastlines in the world.” “We are declared the world’s center of marine biodiversity, yet our fisheries output has been consistently declining,” he said. Highlighting the significance of a vibrant fish supply in promoting food security, Lee said there is a need for “proactive measures” to address the challenges faced by local fishermen. “We believe that this administration has the necessary political will to enforce laws protecting the livelihoods of our small-scale fisher folk and alleviate their concerns about providing for their families, especially during times of illness.” Lee specifically mentioned the implementation of the Fisheries Code, advocating for the installation of the vessel monitoring system (VMS) and electronic reporting system (ERS) on commercial fishing vessels flying the national flag. “The Bureau of Fisheries and Aquatic Resources [BFAR] has already mandated the installation of VMS and ERS on all commercial fishing vessels. This move is crucial in ensuring sustainable fishing

B FA R , an attached agenc y of the Department of Agriculture (DA), said it anticipates an increase in the supply of local galunggong as Palawan, a major source of round scad in Luzon, ended its closed fishing season on January 31. Amid the low supply of round scad, the Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas (Pamalakaya) warned the DA against allowing another round of fish importation. Pamalakaya, a national alliance of organizations of small fishermen and fisherfolk, said the low supply of galunggong due to the closed fishing season in major fishing grounds may prompt the DA to issue import permit for around scad. “Importation is not the solution to the problem of local supply and high prices. Instead, it will impact local fishermen because it will further bring down the price of their product once cheaper fish, although low quality, imported fish start to come in,” Fernando Hicap, national chairman of Pamalakaya said in a statement. Hicap said flooding the market with imported fish will not guarantee lower prices because fish traders allegedly control the farmgate and retail price. He blamed this on the supposed failure of the government to buy fish from local producers at a reasonable price and bring them to the market, again at a reasonable price. “Instead of importing fish, small fishermen should close rank to end the closed fishing season and maintain their exclusive right over the 15-kilometer fishing waters. The reason for the depletion of the fish stock is the entry of big fishing vessels inside the municipal waters that usually cause destruction and use unsustainable fishing methods.”

Bangus prices

BFAR assured that the retail prices of other fish species like bangus and tilapia remain stable in the National Capital Region. While the general price situation of bangus and tilapia is stable, Bfar said “minor price differences” are possible due to several factors, including varying sizes of unloaded supplies in wet markets as well as the type of the market. “Large-sized bangus, for example, commands a higher price of P200-P240 p e r k i l o. I n a d d i t i o n , s e c o n d a r y markets—which source their supply f ro m p r i m a r y m a r ke t s — m ay s e l l fisheries products at marked-up prices,” it said in a statement. “Rest assured that price and supply monitoring efforts are continuously overseen by Bfar and other concerned agencies to ensure that fish commodities are affordable and sufficient for the consumers in Metro Manila.”

HE Philippines will carry out this year a P100.05-million bamboo work program which includes trade and marketing in global venues to promote Filipino innovations in bamboo architecture and other products. The Philippine Bamboo Indust r y Development Counc i l (PBIDC) is sustaining inter-agency programs for Filipino bamboo products despite prevailing budgetary constraints. As the council is composed of several government agencies led by the Department of Trade and Industry (DTI), PBIDC is consolidating budgets to implement the 2024 program, according to Agriculture Undersecretary and PBIDC Vice Chairman Deogracias Victor B. Savellano. “Bamboo is an industry where we have huge potential to earn from export. This is why PBIDC is putting up with our present budgetary lack to promote our products that are really world class,” he said in a statement. Foremost among the trade ex-

hibitions is the First Philippine Bamboo Conference and Exhibition on Architecture, Interior Design and Construction. Some P8 million is being allocated for this, of which P5 million may be sourced from the Department of Science and Technology. DTI Undersecretary Blesila A. Lantayona said the other venues for bamboo’s promotion are the Philippine International Furniture Show (PIFW) and Manila FAME, Asia’s trade show for home, furnishings, and lifestyle. PIFW and Manila FAME will be allocated P1 million each. The country’s biggest construction show, Philconstruct Expo, and the National Trade Fair will also have bamboo exhibitions. As bamboo is seen as a sunshine industry, P24 million is being allocated by PBIDC for nationwide nursery establishment and management this year. To support the identification of existing bamboo plantations, PBIDC is allocating P5 million budget for the Bamboo Inventory

and Technology-Enabled Mapping (BRITEMAP). Inventory mapping of bamboo plantations will be critical now that many private companies have started investing in bamboo product manufacturing, according to PBIDC Executive Director Rene Butch Madarang. PBIDC is looking at expanding the BRITEMAP program to as many regions of the Philippines. This will facilitate supply for bamboo raw materials of investors that are now putting up manufacturing plants all over the country, said Madarang. Engineered bamboo is now being manufactured by the Philippines and is seen to potentially substitute P400 billion worth of wood imports. PBIDC said it is supporting this vision with its program for Value Chain Analysis for Bamboo as an Architectural and Construction Material. For 2024, P5.5 million is allocated for this study. While seeking for the passage of the Kawayan Act in Congress

Weed sales boom in dry January as people drink less

NCREASINGLY popular alcohol breaks like Dry January are buoying the emerging US cannabis market as more drinkers— especially younger ones—see marijuana as a healthier alternative. Emboldened by widening legalization in the United States, cannabis sellers now actively market to January abstainers with new products and targeted advertisement, while research shows about a third of Americans under the age of 25 doing the start-of-year detox use the drug. Weed sales also grow more in January in some legalized states than other months. Conversely, alcohol sales fall in January, and tend to drop in places that legalize cannabis. Observed sales hit a post-pandemic low this month at three of the largest US liquor chains, according to data from Bloomberg Second Measure, which tracked a subset of US credit and debit card transactions for LiquorBarn Co., Total Wine & More and BevMo! Inc. “Anecdotally, we have a lot of people coming into our dispensaries that are saying they are not drinking for January and therefore they’re now upping their cannabis purchases,” said Matt Darin, chief executive officer of Curaleaf Holdings Inc., the most valuable publicly listed marijuana company. Web searches for Dry January reached an all time high in the first week of the year, doubling from more than a year ago, according to Google Trends data.

Interest has grown yearly since 2016 alongside a growing aversion to alcohol among younger Americans. About half of 18- to 25-year-olds responding to a national survey said they drank in the past month, down from 60 percent in 2015. Proponents of drinking breaks claim health benefits ranging from better sleep and clearer skin to improved heart and liver function. It may spell tough times ahead for the liquor industry, especially as more US states look to legalize recreational cannabis. Currently 24 states and Washington D.C. allow it, and at least Florida and Hawaii could see votes this year. “There’s a lot of cannabis consumers who needed the government to tell them it was OK to use cannabis,” Blair MacNeil, Tilray Brands Inc.’s president of Canadian operations, said in an interview.

Lighting up

REVENUES at Curaleaf, Green Thumb Industries Inc., Verano Holdings Corp., Tilray and Canopy Growth Corp. are set to grow about 6 percent on average in the first quarter. At the state level, Oregon’s cannabis sales have jumped 19 percent on average in January since 2018 versus 12 percent on average in other months. In Colorado, cannabis sales grow the fastest in January on average. Meanwhile, beer volumes have fallen about 2.6 percent annually since Canada legalized recreational use in 2018, according

to a report by Vivien Azer, TD Cowen’s former managing director of cannabis. In North America, beer sales are expected to have fallen in the last quarter of 2023 for the first time since the pandemic forced bars and restaurants to close. The drop of 1.7 percent across Molson Coors Beverage Co., Constellation Brands Inc.’s beer segment, Boston Beer Company and AnheuserBusch Inbev SA’s North America business would cut about $150 million in revenue. Still, US alcohol sales aren’t likely to face the same pressure as Canada’s anytime soon as federal legalization of cannabis remains elusive. The drug is currently on par with heroin in US law, though health officials have recommended loosening its restrictions, which some see as a meaningful step toward national legalization. T hat reclassification could come as soon as April if Democrats seek to appeal to younger “pro-cannabis” voters ahead of the 2024 presidential election, Curaleaf Chairman Boris Jordan said in a Bloomberg Radio interview. “Cannabis has a hundred years of stigma that I think is crumbling as we speak,” Curaleaf CEO Darin said. E d ible produc t s — sa les of which spike in January—are seen by the industry as a the best way to tackle that stigma. Tilray’s edible sales jump in January, MacNeil said. They’re similarly growing in both dollar terms and unit sales

which will harmonize all activities of different government agencies on bamboo, PBIDC is already embarking on master planning. The Philippine Bamboo Roadmap updating is budgeted with P5.55 million. The Kawayan Act, authored by Senator Mark A. Villar, who is also the Senate Committee Chairman on Trade, Commerce, and Entrepreneuship, is looking at an initial P100 million budget for its implementation. However, this budget is apparently just for administration and organization of the envisioned bamboo center. Meanwhile, the Philippines’s neighbors are investing heavily in their bamboo industries. Thailand is reportedly infusing $10 billion for its “Bamboo Villages” development. The Bamboo Global Report Market 2023 placed bamboo revenue at $66.22 billion in 2022 and $71.63 billion in 2023. This is seen to further grow to $92.62 billion in 2027.

at Verano, President Darren Weiss said in an interview. “It’s the one category where we see the greatest overlap between folks who are moving away from alcohol or supplanting cannabis use for alcohol consumption,” Weiss said. The growing perception of cannabis as less harmful than alcohol among younger generations stems in part from marijuana’s more than 30-year-old medical usage in the US to treat disorders including chronic pain, anxiety and anorexia. Issues with addiction and mental disorders like psychosis remain, especially from overuse of high potency products. For people wary of those risks, or just wanting a drug-free January, non-alcoholic spirits are also growing in popularity. “January is kind of like the World Cup for us,” Marcus Sakey, co-founder of Ritual Zero Proof, said in an interview. “Every January we see tends to be our biggest month ever...and that’s what we are expecting this year as well.” The brand is selling about three bottles of its zero-proof spirits per minute this month, double what it did last January, and expects to be in about 1,000 Walmart Inc. stores later this year. Diageo Plc., the world’s largest alcohol producer by market value, bought a minority stake in 2020. White Claw-maker Mark Anthony Brewing is the latest liquor giant to make a zero-alcohol version of its drink, following competitors like Corona-owner Constellation Brands and Heineken NV. Bloomberg News

A12 Thursday, February 1, 2024

TheWorld BusinessMirror

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

Soldiers dressed as women, medics kill 3 militants in West Bank hospital By Aref Tufaha, Melanie Lidman & Wafaa Shurafa The Associated Press

ENIN, West Bank—Israeli forces disguised as civilian women and medics stormed a hospital Tuesday in the occupied West Bank, killing three Palestinian militants in a dramatic raid that underscored how deadly violence has spilled into the territory from the war in Gaza. Prime Minister Benjamin Netanyahu, meanwhile, ruled out a military withdrawal from Gaza and the release of thousands of jailed militants—Hamas’ main two demands for any cease-fire— casting doubt on the latest efforts to end a war that has destabilized the broader Middle East. The Palestinian Health Ministry said Israeli forces opened fire inside the Ibn Sina Hospital in the West Bank town of Jenin. A hospital spokesperson said there was no exchange of fire, indicating it was a targeted killing. Israel’s military said the militants were using the hospital as a hideout, without providing evidence. It alleged that one of those targeted had transferred weapons and ammunition to others for a planned attack, purportedly inspired by Hamas’ October 7 assault on southern Israel that triggered the war in Gaza. Security camera footage from the hospital shows about a dozen undercover forces, most of them armed, wearing Muslim headscarves, hospital scrubs or white doctor’s coats. One carried a rifle

in one arm and a folded wheelchair in the other.

Netanyahu rejects Hamas’ key demands

NETANYAHU, speaking at an event elsewhere in the West Bank, denied reports of a possible ceasefire deal to end the war in Gaza and repeated his vow to keep fighting until “absolute victory” over Hamas. “We will not end this war without achieving all of our goals,” said Netanyahu, who is under mounting pressure from families of the hostages and the wider public to reach a deal. “We will not withdraw the Israeli military from the Gaza Strip and we will not release thousands of terrorists,” he said. On Tuesday, Hamas’ top political leader Ismail Haniyeh said the group was studying the latest terms for a deal, but that the priority was the “full withdrawal” of Israeli forces from Gaza and that any agreement should lead to a long-term cease-fire. He said Hamas’ leadership had been invited to Cairo to continue talks. The militant group, which

IN this image taken from surveillance video provided by the Palestinian Health Ministry, Israeli forces disguised as civilians and medical workers hold weapons in a hallway at the Ibn Sina Hospital in the West Bank town of Jenin on Tuesday, January 30, 2024, in the occupied West Bank, killing three Palestinian militants in a dramatic raid that underscored how deadly violence has spilled into the territory from the war in Gaza. PALESTINIAN HEALTH MINISTRY VIA AP

has reached lopsided exchange deals with Israel in the past, is expected to demand the release of thousands of Palestinian prisoners—including high-profile militants—in exchange for the remaining hostages. Qatar and Egypt, which mediate with Hamas, have held talks with Israel and the United States in recent days. US officials said negotiators had made progress toward a deal, including the phased release of the remaining hostages over a two-month period and the entry of more humanitarian aid into Gaza. The war in Gaza began when hundreds of Hamas-led militants stormed into southern Israel, killing about 1,200 people, mostly civilians, and abducting about 250 others. Over 100 were released during a weeklong ceasefire in November in exchange for 240 Palestinians imprisoned by Israel. Israel ’s offensive has killed

more t h a n 26,70 0 people i n Gaza, according to the Health Ministry in the Hamas-run territory. The ministry count does not distinguish between fighters and civilians, but it says about two-thirds of the dead are women and minors. A strike Tuesday on a residential building in the central town of Deir al-Balah killed 11 people, including four children, according to Associated Press reporters who saw the bodies at a hospital. The war has leveled vast swaths of the tiny coastal enclave, displaced 85 percent of its population, and pushed a quarter of residents to starvation.

Hospitals have become battlegrounds

ISR AEL has come under heavy criticism for its raids on hospitals in Gaza, which have treated tens of thousands of Palestinians wounded in the war and provided critical shelter for displaced people.

Gaza’s health care system, which was already feeble before the war, is on the verge of collapse, buckling under the scores of patients as well as a lack of fuel and medical necessities because of Israeli restrictions and fighting in and near the facilities. Israel says militants use hospitals as cover. The military says it has found underground tunnels in the vicinity of hospitals and located weapons and vehicles used in the October 7 attack on hospital grounds. The Palestinian Red Crescent said Israeli forces raided the AlAmal Hospital on Tuesday in the southern Gaza city of Khan Younis, where about 7,000 displaced people were sheltering. The rescue service said Israeli tanks lined up outside the hospital were firing live ammunition and smoke grenades at the people inside. Raed al-Nims, a spokesperson for the aid group, said everyone was ordered to evacuate. The Israeli military said without elaborating that its forces were operating in the area of the hospital but not inside it.

West Bank crackdown

VIOLENCE in the West Bank has surged since October 7, with Israel cracking down on suspected militants and killing more than 380 Palestinians, according to the Palestinian Health Ministry. Most were killed in confrontations with Israeli forces during arrest raids or violent protests. T he m i l it a r y sa id t h at i n Tuesday’s hospital raid, forces k il led Mohammed Ja lamneh, 27, who it said was planning an imminent attack. The two other men killed, brothers Basel and Mohammed Ghazawi, were hiding inside the hospital and

were involved in attacks, the militar y said. The army statement said Jalamneh was armed with a pistol but made no mention of an exchange of fire. Hamas condemned the killings and identified Jalamneh as one of its fighters. The smaller Islamic Jihad militant group said the Ghazawi brothers were members of its armed wing. Hospital spokesperson Tawfiq al-Shobaki said there was no exchange of fire, and that Basel Ghazawi had been a patient since October, with partial paralysis. “What happened is a precedent,” he said. “There was never an assassination inside a hospital. There were arrests and assaults, but not an assassination.” Tuesday’s raid took place in the West Bank town of Jenin, long a bastion of armed struggle against Israel and the frequent target of Israeli raids, even before the war began. I s r a e l c a p t u re d t he We s t Bank, along with the Gaza Strip and east Jerusalem, in the 1967 Mideast war. Israel withdrew troops and settlers from Gaza in 2005, but imposed a stifling blockade on the territory, along with Egypt, when Hamas came to power in a violent takeover in 2007. It maintains an open-ended occupation of the West Bank, where more than half a million Israelis now live in settlements. The Palestinians claim these territories as part of their future independent state, hopes for which have increasingly dimmed since the war began. Lidman reported from Jerusalem and Shurafa from Deir al-Balah, Gaza Strip. Associated Press writer Bassem Mroue contributed reporting from Beirut.

threatens to ‘decisively respond’ to any US Biden says he has decided on response to killing Iran attack as Biden weighs response to Jordan assault of 3 US troops, plans to attend dignified transfer By Jon Gambrell

By Aamer Madhani & Zeke Miller The Associated Press

ASHINGTON—President Joe Biden on Tuesday indicated he had decided how to respond after the killing of three American service members Sunday in a drone attack in Jordan that his administration has pinned on Iran-backed militia groups, saying he does not want to expand the war in the Middle East but demurring on specifics. US officials said they are still determining which of several Iranbacked groups was responsible for the first killing of American troops in a wave of attacks against US forces in the region since the October 7 Hamas assault on Israel. Biden plans to attend the dignified transfer to mark the fallen troops’ return to American soil on Friday and answered in the affirmative when asked by reporters if he’d decided on a response, as he indicated he was aiming to prevent further escalation. “I don’t think we need a wider war in the Middle East,” Biden said at the White House before departing for a fundraising trip to Florida. “That’s not what I’m looking for.” It was not immediately clear whether Biden meant he had decided on a specific retaliatory plan. A US official told The Associated

Press that the Pentagon is still assessing options to respond to the attack in Jordan. Nationa l Secur it y Counci l spokesman John Kirby told reporters traveling with Biden aboard Air Force One that he would not preview the US response, but indicated it would come in phases. “It’s very possible that what you’ll see is a tiered approach here, not just a single action, but potentially multiple actions over a period of time,” he said. Meanwhile, the Iranian-backed Iraqi militia Kataib Hezbollah, one of several groups eyed by US officials, announced Tuesday in a statement “the suspension of military and security operations against the occupation forces in order to prevent embarrassment to the Iraqi government.” The attacks on US forces by Iraqi militias over the past four months have placed the government of Iraqi Prime Minister Mohammed Shia al-Sudani in an awkward position. Sudani was brought to power by Iranian-allied factions but has also attempted to stay in Washington’s good graces and has condemned the attacks on US forces serving in Iraq as part of an international commission to fight the Islamic State. Iraqi and US officials on Saturday opened talks aimed at winding down the commission’s presence.

Kirby said that Biden spoke with the soldiers’ families Tuesday morning and extended his condolences, pledging full assistance to the families as they grieve. In separate calls with the families, Biden also gauged their feelings about his attendance at Friday’s dignified transfer of the fallen service members’ remains at Dover Air Force Base in Delaware on Friday, and “all of them supported his presence there,” Kirby said. “He was grateful for their time. He expressed to them how proud we all are of their service,” Kirby said of Biden’s calls with the families. “How we mourn and feel sorrow over their loss.” Kirby added: “The president will be going to the dignified transfer on Friday.” The solemn ceremony marks the return of fallen service members to American soil as they journey to their final resting place, with silent honor guards carrying flag-draped transfer cases holding the remains from transport aircraft to military vehicles. The Pentagon identified those killed in the attack as Sgt. William Jerome Rivers, 46, of Carrollton, Georgia; Spc. Kennedy Ladon Sanders, 24, of Waycross, Georgia; and Spc. Breonna Alexsondria Moffett, 23, of Savannah, Georgia. The Army Reserve announced on Tuesday that it had posthumously

promoted Sanders and Moffett to the rank of sergeant. There have been a total of 166 attacks on US military installations since October 18, including 67 in Iraq, 98 in Syria and now one in Jordan, a US military official said. On Tuesday, Al-Asad Air Base in Western Iraq was targeted again by a single rocket, but there was no damage and no injuries in that attack, a US military official said. The three soldiers killed in the Jordan strike were the first US military fatalities in the Middle East since the war between Israel and Hamas broke out. One contractor has also died as the result of a heart attack after a strike on Al-Asad in December. In 2021, Biden attended the dignified transfer of the remains of 13 troops killed in a suicide attack during the US withdrawal from Afghanistan. Separately, Landstuhl Regional Medical Center in Germany said it expected to receive three US service members who were injured in the drone attack, including one listed in critical, but stable, condition. The Pentagon has said at least 40 troops were injured alongside the three killed in action.

Madhani reported from Jupiter, Fla. AP writers Lolita C. Baldor and Tara Copp in Washington and Abby Sewell in Beirut contributed.

The Associated Press

ERUSALEM—Iran threatened Wednesday to “decisively respond” to any US attack on the Islamic Republic following President Joe Biden’s linking of Tehran to the killing of three US soldiers at a military base in Jordan. The US has signaled it is preparing for retaliatory strikes in the Mideast in the wake of the Sunday drone attack that also injured at least 40 troops at Tower 22, a secretive base in northeastern Jordan that’s been crucial to the American presence in neighboring Syria. However, concerns remain that any additional American strikes could further inflame a region already roiled by Israel’s ongoing war on Hamas in the Gaza Strip and the ongoing attacks by Yemen’s Houthi rebels on shipping in the Red Sea. A US Navy destroyer in the waterway shot down an anti-ship cruise missile launched by the Houthis late Tuesday, the latest attack targeting American forces patrolling the key maritime trade route, officials said. The Iranian warnings first came from Amir Saeid Iravani, Iran’s ambassador to the United Nations in New York. He gave a briefing to Iranian journalists late Tuesday, according to the state-run IRNA news agency. “The Islamic Republic would decisively respond to any attack on the country, its interests and nationals under any pretexts,” IRNA quoted Iravani as saying. He described any possible Iranian retaliation as a “strong response,” without elaborating. The Iranian mission to the UN did not respond to requests for comment or elaboration Wednesday on Iravani’s remarks. Iravani also denied that Iran and the US had exchanged any messages over the last

few days, either through intermediaries or directly. The pan-Arab satellite channel Al Jazeera, which is based in and funded by Qatar, reported earlier that messages were exchanged between the countries. Qatar often serves as an intermediary between Washington and Tehran. “Such messages have not been exchanged,” Iravani said. But Iran’s government has taken note of the US threats of retaliation for the attack on the base in Jordan. “Sometime, our enemies raise the threat and nowadays we hear some threats in between words by American officials,” Revolutionary Guard commander Gen. Hossein Salami, who answers only to Supreme Leader Ayatollah Ali Khamenei, said at an event Wednesday. “We tell them that you have experienced us and we know each other. We do not leave any threat without an answer.” “We are not after war, but we have no fear of war,” he added, according to IRNA. On Saturday, a general in charge of Iran’s air defenses described them as being at their “highest defensive readiness.” That raises concerns for commercial aviation traveling through and over Iran as well. After a US drone strike killed a top general in 2020, Iranian air defenses mistakenly shot down a Ukrainian passenger plane, killing all 176 people on board. Meanwhile, attacks by the Iranian-backed Houthi rebels continue in the Red Sea, most recently targeting a US warship. The missile launched Tuesday night targeted the USS Gravely, an Arleigh Burke-class guided missile destroyer, the US military’s Central Command said in a statement. “There were no injuries or damage reported,” the statement said.

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Court’s order to liquidate China Evergrande is just one step in fixing China’s debt crisis By Elaine Kurtenbach & Zen Soo AP Business Writers

ANGKOK—A Hong Kong cour t’s order to liquidate China Evergrande, the world’s most heavily indebted real estate developer, is only a tentative step toward resolving a debt crisis that is haunting financial markets and dragging on the Chinese economy. Evergrande owes $340 billion to its creditors. Experts say it’s unclear if Monday’s order will be enforced in mainland China, where the company and 90 percent of its assets are based. Lenders inside of China already have claims on most of those “onshore” assets, and Beijing is likely to favor them. The order by the Hong Kong High Court also is not a remedy for the crisis of confidence haunting China’s financial markets. The liquidators acting on behalf of the creditors in the Hong Kong case “will have a relatively straightforward path to trying to claim offshore assets,” said Brock Silvers, managing director of Kaiyuan Capital. “But the company has very few offshore assets. Almost everything is onshore, and onshore the liquidators’ authority simply isn’t recognized.” Officials have made it clear their priority is to satisfy claims on prepaid housing that developers haven’t delivered, Silvers said. “And even after that would be the onshore creditors. So once you get to that stage, there’s nothing left that would flow to the offshore creditors,” he said. Such worries appeared to resurface a day after the court’s liquidation order, which followed Evergrande’s failure to reach an agreement with its creditors. Markets in both Hong Kong and Shanghai have fallen this week, as share prices of many property developers sank. Hong Kong’s benchmark Hang Seng dropped 1.1 percent as of early Wednesday. The Shanghai Composite index fell 0.4 percent. Country Garden, one of the biggest property companies to have defaulted on its debts, dropped 4.5 percent. Sunac China Holdings shed 0.8 percent after falling 7.1 percent on Tuesday. Guangzhou R&F Properties gave up 2.9 percent. In the past year, the Hang Seng has lost almost 30 percent of its value. The Shanghai Composite has fallen more than 13 percent. Ripple effects from the property crisis, coupled with lingering damage from the coronavirus pandemic, have plagued China’s economic recovery and are expected to take growth below 5 percent this year. Wh i l e Eve rg ra n d e’s c a s h c r u n c h represented a big chunk of the liabilities d e v e l o p e r s d e f a u l t e d o n , C h i n a’s financial woes are not confined to the property sector. Many Chinese financial institutions and local governments also are in a pickle. Overall, outstanding property debt was estimated at 60 trillion yuan ($8.9

trillion), or nearly 50 percent of China’s GDP in 2022, Swiss Re Institute, a private research company, said in a recent report. So far, such risks have only rattled financial markets without causing huge upheavals. State-owned Chinese banks and other domestic entities own most of the debt owed by Chinese property developers. Some developers already have worked out arrangements with their creditors, both in and outside China, bringing overall property debt to 30 percent of GDP by last year, the Swiss Re report said. David Goodman, direc tor of the University of Sydney’s China Studies Center, said he thinks China’s property debt burdens are unlikely to precipitate a major financial crisis. “The fact of the matter is that the Chinese financial system is not as open or as marketized (as in the United States),” he said. Mortgage foreclosures are less of a risk in China than in the US. Although foreclosures have risen, Chinese homebuyers generally must make down payments that cover most of the costs of their purchases. Property sales fell nearly 20 percent in 2023 from a year earlier, while house prices dropped 6 percent. The government has gradually rolled out measures to relieve pressure on the real estate market, freeing up more money for financing while limiting use of such loans for new property investments. It also ordered banks to better manage the risks that led to a 2020 crackdown on excessive borrowing that helped bring on the crisis. The latest polic y initiatives were expected to free up about 1 trillion yuan ($140 billion) in funding—only a small fraction of the total owed—to help developers cover their operating costs and pay down debt. The question is whether banks will choose to lend to developers and how property companies will balance debt payments with the need to finish the projects they have underway. The backlog of unfinished apartments is estimated at about 20 million units. At least another 65 million units are reportedly unoccupied. Meanwhile, the government has boosted spending on affordable housing and urban renewal. While China’s banks are generally in good shape, with ample reserves and low levels of loans gone sour, the wider financial system is in a more precarious state. Local governments, with an estimated 100 trillion yuan ($13.8 trillion) in total debt, have lost a key source of revenue with the downturn in sales of land-use rights—one of the biggest risks within the system. And many non-bank financial institutions, including so-called shadow banks that operate as lenders but are not subject to the same oversight as banks, are heavily exposed to property loans and have been declared insolvent. Zen Soo reported from Singapore.

France govt announces new measures to calm farmers’ protests, as barricades squeeze Paris By Sylvie Corbet & Oleg Cetinic The Associated Press

OSSIGNY, France—France’s new prime minister showered promises of help on angry farmers Tuesday, from emergency cash aid to controls on imported food, in hopes that cools a protest movement that has seen tractors shut down highways across France and inspired similar actions around Europe. Farmers seeking better pay, fewer constraints and lower costs are camped out on hay-strewn highways and encircling Paris, posing the biggest challenge to Prime Minister Gabriel Attal since his appointment less than a month ago. He sought to assuage their concerns in a sweeping policy speech Tuesday at the National Assembly. “We need to listen to the farmers, who are working and are worried about their future and their livelihood,” Attal said. “The goal is clear: guaranteeing fair competition, especially so that regulations that are being applied to (French) farmers are also respected by foreign products,’’

he said. Protection against cheap imports is one of the protesters’ main demands. Attal promised emergenc y aid to struggling wine producers and quick payments of EU subsidies to others. He also said food retailers who don’t comply with a law meant to ensure a fair share of revenues for farmers will be fined, starting immediately. After several days of escalating protests, French farmers spent the night at barricades Monday to Tuesday, to press their case that growing and rearing food has become too difficult and not sufficiently lucrative. Protesters rejected pro-agriculture measures that Attal announced last week as insufficient. They have threatened to move in on the capital, host of the Summer Olympics in six months, if their demands aren’t met. Protesters came prepared for an extended battle, with tents and reserves of food and water. The government announced a deployment of 15,000 police officers, mostly in the Paris region, to stop any effort by the protesters to enter the capital. Officers and armored vehicles also were stationed at the Parisian hub for fresh food supplies,

Thursday, February 1, 2024 A13

Taiwan holds military drills to defend against the threat of Chinese invasion By Christopher Bodeen

The Associated Press

AOHSIUNG, Taiwan—Almost every day, Chinese warships sail in waters around Taiwan and warplanes fly toward the island before turning back. What if they suddenly attacked? Taiwan’s military concluded a two-day drill at sea and in the air on Wednesday to practice defending against such a surprise attack. Journalists observed the training from fast boats that escorted a mine-laying ship. “Any unilateral irrational action could very easily escalate tensions and sabotage stability in the Taiwan Strait region,” Maj. Gen. Sun Li-fang, a defense ministry spokesperson, told reporters at Tsuoying Naval Base in southern Taiwan. China claims the self-governing island of 23 million people as

its own territory and says it must come under Beijing’s control. The long-running divide is a flashpoint in US-China relations. As relations between the rivals have deteriorated in recent years, fears have grown that America could get pulled into a war if hostilities break out. Taiwan’s defense ministry, in a daily report, said that seven Chinese warplanes and four naval vessels were detected around the island in the 24-hour period ending at 6 a.m. on Wednesday. It also reported a Chinese balloon off its northern coast.

MEMBERS of the Taiwanese Marines stand guard on the assault craft at Zouying Navy Base in Kaohsiung, Southern Taiwan on Wednesday, January 31, 2024. Taiwan is holding spring military drills following its recent presidential election and amid threats from China, which claims the island as its own territory that it is determined to annex, possibly by force. AP/CHRISTOPHER BODEEN

The two-day annual drills, which started Tuesday, come less than three weeks after voters elected Lai Ching-te as their next president, giving a third straight four-year term to the independence-leaning Demo cratic Progressive Party, which is opposed by China. The drills are aimed in part at

N. Korea says it tested long-range cruise missiles to sharpen attack capabilities By Kim Tong-Hyung The Associated Press

EOUL, South Korea—North Korea said Wednesday it conducted a test-firing of long-range cruise missiles with an aim to sharpen its counterattack and strategic strike capabilities, in its latest display of weapons threatening South Korea and Japan. The report by North Korean state media came a day after South Korea’s military detected the North firing multiple cruise missiles into waters off its western coast, the third launch of such weapons this month. The event extended a provocative streak in weapons testing as North Korea continues to raise pressure on the United States and its Asian allies amid a prolonged freeze in diplomacy. North Korea’s official Korean Central News Agency said that the weapon tested on Tuesday was the Hwasal-2 and that the launch did not affect the security of neighbors. The report didn’t specify the exact numbers of missiles fired or the specifics of their flight performance. The North has previously described the Hwasal-2 as nuclear-capable and that the Rungis market. Farmers who slept on a highway near the Disneyland theme park east of Paris were skeptical that the government would do enough to help. They grilled sausages, set up a television to watch the prime minister’s speech and hung an effigy of a dying farmer from a bridge. Stéphane Chopin, an organic Charolais beef farmer from near Château-Thierry, northeast of Paris, described the cost and bureaucratic burden of trying to maintain organic methods while competing with food from other countries with lower labor and living costs. “We have been trying to make an effort for local produce, for the environment, for 20 years. We are trying, we are trying ... now we say stop,” he said. In neighboring Belgium, a delegation from the Belgian Young Farmers association is blocking the main highway between Paris and Brussels just outside the Belgian capital for a third day in a row. Like their fellow farmers from across the European Union, they demand less bureaucracy and more money for their produce. John Leicester in Paris, Helena Alves in Jossigny, Raf Casert in Halle, Belgium, and Gianfranco Stara in Orte, Italy in contributed to this report.

THIS photo provided by the North Korean government shows what it says a test firing of a cruise missile, Hwasal-2 in North Korea on Tuesday, January 30, 2024. Independent journalists were not given access to cover the event depicted in this image distributed by the North Korean government. The content of this image is as provided and cannot be independently verified. Korean language watermark on image as provided by source reads: “KCNA” which is the abbreviation for Korean Central News Agency. KOREAN CENTRAL NEWS AGENCY/KOREA NEWS SERVICE VIA AP

their range is up to 2,000 kilometers (1,242 miles), a distance that would include US military bases in Japan. North Korea in recent years has been expanding its lineup of cruise missiles, which are designed to be fired from both

land and naval assets. These weapons supplement the country’s huge lineup of ballistic missiles, including short-range solid-fuel missiles aimed at overwhelming missile defenses in South Korea and intercontinental ballistic missiles designed

boosting public confidence in the island’s ability to defend itself. While its military is dwarfed by China’s, Taiwan has been buying high-tech weaponr y from the United States, revitalized its domestic arms industry and extended the length of mandatory military service from four months to one year. to reach the US mainland. Since 2021, North Korea has conducted at least 11 rounds of tests of what it described as long-range cruise missiles fired from both land and sea. The North’s two previous tests of cruise missiles on January 24 and January 28 were of a new weapon called Pulhwasal-3-31, which is designed to be fired from submarines. Following that weapon’s second launch on Sunday, North Korean leader Kim Jong Un reiterated his goal of building a nuclear-armed navy to counter what he described as growing external threats. The North on January 14 also tested a new solid-fuel intermediate-range missile, which underscored its efforts to advance its weapons that could target US assets in the Pacific, including the military hub of Guam. Tensions on the Korean Peninsula are at their highest point in years, after Kim accelerated his weapons development to an unprecedented pace while issuing provocative nuclear threats against the United States, South Korea and Japan. The United States and its Asian allies in response have strengthened their combined military exercises and updated their deterrence strategies. There are concerns that Kim, emboldened by the steady advancement of his nuclear arsenal and strengthened ties with Russia, would further ramp up pressure against his rivals in an election year in the United States and South Korea.

Former Pakistani Prime Minister Imran Khan gets 14-year prison sentence in 3rd conviction By Munir Ahmed

The Associated Press

SLAMABAD—Former Pakistani Prime Minister Imran Khan and his wife were sentenced on Wednesday to 14 years in prison for corruption, his lawyer and prison officials said, a day after another special court convicted Khan of leaking state secrets and gave him a 10-year prison sentence. The latest conviction and sentencing were Khan’s third since 2022, when he was ousted from power, and came ahead of Pakistan’s February 8 parliamentary elections. The sentences are concurrent. Khan and his wife were accused in the most recent graft case of retaining and selling state gifts when he was in power. The court also disqualified Khan for 10 years from holding any public office. His lawyer Babar Awan said the former premier was convicted and sentenced in such a hurry that the judge did not wait for the arrival of his legal team. He said Khan’s basic human and fundamental rights had been violated,

and that the latest legal setbacks would be challenged in higher courts. “It seems the judge was in a hurry to announce the verdict,” he said. Zulfiqar Bukhari, the chief spokesperson for Khan’s Pakistan Tehreek-e-Insaf party, or PTI, also confirmed the conviction and sentencing. In a statement, Bukhari said Khan’s conviction and sentencing was “another sad day in our judicial system history which is being dismantled.” Khan and his wife, Bushra Bibi, were indicted three weeks ago on graft charges for retaining state gifts including jewelry and watches from Saudi Arabia’s government, authorities said. They pleaded not guilty. Bibi was absent when the judge announced the verdict but later went to the court to avoid being arrested. She will be handed over to prison officials to serve her sentence. Khan briefly attended Wednesday’s hearing but left the courtroom when the judge was about to read the verdict. He

said he could not remain there without his lawyer and asked the judge to wait. His request was denied. Awan, his lawyer, told The Associated Press that the former premier was being sidelined ahead of the vote next week, but noted that his party remains popular. Analysts say Khan enjoys a strong grassroots following. Awan also said Khan’s trial was conducted against international and domestic laws. Khan was ousted from power in a noconfidence vote in Parliament in April 2022. Despite his convictions and sentencing, he remains popular and is serving time on a corruption conviction and has multiple other legal cases hanging over him. Pakistan has a history of arresting former prime ministers or sidelining them ahead of elections if they are deemed to pose a challenge to the security establishment. In 2018, three-time premier and Khan’s rival Nawaz Sharif was hobbled by legal cases and prison sentences. Khan’s party won the polls and formed a coalition government.

A14 Thursday, February 1, 2024 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

Urgent investments needed to boost food production

ompanies all over the world, especially big ones, allot funds for their capital spending. These firms make investments in various areas to improve their services, increase output and prop up their bottom line. They put money into technology, spend it on the recruitment and training of more people, invest in research and development or establish more branches.

Manufacturers are well aware of the importance of expanding their facilities if they want to increase their output. An exponential increase in demand for their products cannot be delivered by simply raising the workload of each worker. At some point, these companies would have to set aside the necessary funds that will allow them to build a bigger factory where they can process more orders. This also applies to increasing the country’s food production. Many in government, especially those who came from the private sector, are cognizant of the need to put in place not only the necessary policies but also the money to bankroll initiatives for beefing up food output. In fact, the current chief of the Agriculture department estimated that some P1.3 trillion is required to improve farm production and reduce food waste. (See, “Government should invest P1.3T to hike food output,” in the BusinessMirror, January 17, 2024). The amount would be used to fund irrigation projects, postharvest facilities and cold storage facilities. Irrigating the remaining 1.2 million farmlands alone would cost P1.2 trillion, according to the country’s Agriculture chief. This estimate does not yet take into account irrigation facilities damaged by storms or those that should be fortified. As for postharvest facilities, producers are badly in need of the latest technology that would allow them to significantly reduce losses. A 10-percent reduction in postharvest losses, for instance, would practically eliminate imports and allow local planters to increase their incomes. Additional cold storage facilities would also make it more cost-efficient to store food and enable planters to preserve produce. However, these initiatives would require substantial investments, which the state failed to make in the last two decades. Other neighboring Southeast Asian states have been able to capitalize on their farm sector and are now reaping the fruits of the focus they accorded to their agrifood sector. Thailand and Vietnam are earning millions of dollars from their food exports, while the Philippines remains as a net food importer. The price tag of P1.3 trillion may be staggering to some quarters but it is a small amount to pay for ensuring the nation’s food security. The investments made in the agriculture sector will not only benefit consumers, but also the manufacturing sector, particularly food exporters. The agrifood sector can significantly contribute to the aspiration of the Marcos administration to turn the Philippines into an export powerhouse. As for agencies and entities that would be entrusted with these funds, they should ensure that the money is used judiciously and see to it that it is channeled to programs and initiatives that will truly benefit the sector. They should work with the President towards the creation of a “New Philippines,” where food is affordable and planters no longer have to borrow heavily just to feed their families and the nation. Since 2005

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What is a traffic czar? Thomas M. Orbos

STREET TALK

N the news at the moment is the call of the Management Association of the Philippines on the national government to appoint a “traffic czar” that will be in charge of solving the worsening traffic in the country, in particular, here in Metro Manila. But what is a traffic czar? What can this particular individual do and will this be indeed the needed solution to our problems? Before we answer this, we need to realize that there is actually not one singular cause of traffic but rather a “basketful of causes” that have grown exponentially because of years of neglect, malpractice, bad habits and wrong decisions. These would include: poor enforcement, lack of coordination among government agencies and local governments, the need for adequate equipment and training, shortsighted city planning, corruption, etc. Just as there is a basketful of causes, there arises an equal necessity for a “basketful of solutions.” That’s what the traffic czar must have in mind. And for that person to do so, he must have the ability to play several roles to fulfill his mandate. First, a traffic czar needs to have

a clear understanding of what needs to be done: Solve Traffic Now! Not tomorrow or several years in the future, but now. We don’t want to hear all the plans and projects that will alleviate traffic in the future. We know that already, and that will not help our present need of moving from point A to point B. Liken it to a life and death situation of a patient in an emergency room. The doctor’s priority lies in ensuring the patient’s survival during the challenging journey of long-term recovery. That is the task at hand of the traffic czar. Make things move now, not tomorrow. Second, the traffic czar needs to know what’s in his arsenal and what are his limitations. In reality, our current legal framework does not include the position of a traffic

The traffic czar needs to ask the hard questions and must be able to provide the hard answers, no matter who gets in the way. And it is needed that the traffic czar must be incorruptible. Yes, traffic breeds corruption, and for everyone to follow, the head must set the example. czar. Instead, different government agencies have been granted the authority and responsibility to oversee and manage traffic-related matters. We also have sufficient laws to manage traffic. No need for emergency measures, but rather, just work in an emergency environment. What we need are quick infrastructure modifications like opening up villages, basketball courts for parking spaces, and forcing schools to utilize their premises, etc. Lastly, the position of traffic czar is temporary in nature, not a permanent one. What attributes should the traffic czar possess to enhance his or her efficiency and effectiveness? The traffic czar wields the authority bestowed upon him/her by the Office of the President. This will ensure that all agencies will cooperate with him/her to resolve traffic. And this is probably the reason why the MAP is calling for the President to name a traffic czar. As far as everyone is

concerned, the traffic czar serves as the President’s alter-ego, tasked with addressing the current traffic issue we are facing. Third, the traffic czar needs to be a man of many personas. A manager, a coordinator, an enforcer, a communicator, innovator, a politician, a listener, preacher and even a friend or a foe when need be. He or she needs to know, at the very least, the basics of traffic engineering, transport laws, urban planning, logistics and supply chain management. The traffic czar also needs to be a doer, an action-oriented person, just like a doctor that won’t delay anything for the patient to survive. The traffic czar must also be fearless to do what is right—right now. It does not matter whether he/she needs to be castigating government officials or entering private villages, military camps or taking out private barriers, just to make things move. The traffic czar should prioritize fulfilling these responsibilities consistently, regardless of the presence of cameras for TikTok or YouTube content. The traffic czar needs to ask the hard questions and must be able to provide the hard answers, no matter who gets in the way. And it is needed that the traffic czar must be incorruptible. Yes, traffic breeds corruption, and for everyone to follow, the head must set the example. See “Orbos,” A15

China shifts key airline route East in fresh challenge to Taiwan By Cindy Wang

aiwan protested China’s unilateral decision to move a commercial flight path closer to the median line in the Taiwan Strait, the latest sign of Beijing’s attempts to ramp up pressure on the democratically ruled island following elections this month.

The Civil Aviation Administration of China announced Tuesday that it will remove what it called an “offset measure” for a southbound flight route that runs parallel to and west of the median line in the waterway separating Taiwan from China. The new route will come within 4.2 nautical miles (7.8 kilometers) of the median line at its closest point. The move—which takes effect February 1—essentially normalizes the flight of Chinese civilian aircraft closer to Taiwan, which Beijing views as its territory. Taipei sees the shift as part of a pattern of Beijing downgrading the importance of the median line, which has served as an unofficial dividing line between Taiwan and China since the 1950s. Beijing’s move “purposely masks its improper political and even mili-

tary intentions against Taiwan with the package of civil aviation routes,” the island’s Mainland Affairs Council, which helps manage affairs with China, said in a statement Tuesday. Beijing has increasingly challenged the validity of the median line by sending sorties of warplanes into sensitive zones, pushing through the median line or flying right along its edge. The sorties wear down Taiwan’s much smaller military and cut the time that it has to react to any attack. China has also regularly floated weather balloons over the island, drawing protests from Taipei. China’s latest decision comes after Taiwan elected the ruling Democratic Progressive Party’s Lai Ching-te as its next leader this month, defying warnings from Beijing. China has also continued to lure Taiwan’s re-

Beijing has increasingly challenged the validity of the median line by sending sorties of warplanes into sensitive zones, pushing through the median line or flying right along its edge. The sorties wear down Taiwan’s much smaller military and cut the time that it has to react to any attack. China has also regularly floated weather balloons over the island, drawing protests from Taipei. maining diplomatic allies away from it: the government of Nauru severed relations with the island this month, switching its alliance to China. Taiwan’s ties with another Pacific ally, Tuvalu, have been cast into doubt after an election there. China said the latest move was needed to ease pressure on increasingly busy flight routes, ensure airline safety and reduce travel delays. And an official took aim at the concerns of Taiwan. Chen Binhua, spokesman for Taiwan Affairs Of-

fice, said “there’s no such thing as a median line in the Taiwan Strait.” Taiwan lodged a “strong protest” over China’s decision and asked it to immediately stop its “irresponsible” aviation operations, according to the Mainland Affairs Council. In addition to the latest flight route change, China said it also plans to start two new civil aviation routes that will come near the median line. Taiwan’s Civil Aviation Administration said Tuesday that China’s decision “clearly contradicts a consensus reached by the two sides in 2015.” That was the year China agreed to move the flight route six nautical miles to the west of its original path after negotiations with Taiwan, according to a report by Central News Agency. The last time China announced similar measures without consulting Taiwan was in 2018. Such moves represent deliberate attempts to cause unrest, Taiwan’s MAC said. “If China insists on doing this, it must bear any serious consequences affecting cross-strait ties,” Taiwan’s MAC said in its statement. Bloomberg

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Foreign investments at risk as Thai PM and central bank battle over rates By Eduard Gismatullin & Thomas Kutty Abraham

he escalating tug-of-war between Thai politicians and central bankers over interest-rate levels is clouding the outlook for local banks, setting the stage for a further exodus by foreign investors.

Prime Minister Srettha Thavisin and his top aides are ramping up pressure on the Bank of Thailand to cut rates to help jump-start an economy the premier says is in a “crisis.” The central bank has signaled it’s in no hurry to unwind a tightening cycle of eight straight quarter-point hikes to the highest level since 2013. The clash is hitting the equity prices of lenders such as Krung Thai Bank Pcl, Kasikornbank Pcl and Bangkok Bank Pcl, whose bottom lines are already being hit by rising non-performing loans. Politicians say banks are using the excuse of high rates to sting customers. Pichai Naripthaphan, an adviser to Srettha, this week urged the BOT to prevent lenders from raking in “record profits amid an economic slowdown,” echoing Deputy Finance Minister Julapun Amornvivat, who said bankers were profiting at the expense of “people who are shouldering high borrowing costs.” The central bank is reluctant to lower rates, citing the need for a buffer against potential global shocks. Commercial lenders say they’ve already trimmed their margins in the current cycle by shelling out more for deposits, a claim supported by Kasikorn Securities Pcl., which expects earnings growth in the sector of 8 percent this year, barely half the pace in 2023. The SET Banking Index has tumbled more than 6 percent this year, almost double the loss for the broader market. Krung Thai, Kasikornbank and Bangkok Bank— among the three largest asset holders—lead the industry’s decline. On Wednesday, Krung Thai fell as much as 1.9 percent, Kasikornbank declined as much as 1.7 percent and Bangkok Bank retreated as much as 1.1 percent. “Foreign investors prefer the technocrats at the central bank to be allowed to do their job without interference from politicians who tend to take a shorter view to gain public approval,” said Alan Richardson, a fund manager at Samsung Asset Management. Southeast Asia’s second-largest economy isn’t the only place politicians are questioning the conduct of financial institutions amid a socalled cost-of-living crisis. Government leaders in South Korea, Australia and UK have previously sought to take banks to task for either charging high rates or offering low rates to depositors. Pressure on the Bank of Thailand to cut rates will bring “negative sentiment to investment in the banking sector for a while,” Korakot Sawetkruttamat, an analyst at Kasikorn Securities, said in an e-mail. Every 25-basis-point cut in the benchmark rate implies a 5 percent to 7 percent downside risk to the brokerage’s earnings forecast for the sector, he said. The BOT’s tightening cycle, com-

Orbos . . .

continued from A14

Lastly, the traffic czar must know how it is to be a motorist, commuter, the public transport driver, pedestrian, biker—in his/her heart and mind. He/she must know how the public truly feels, how they react and what they yearn for. He/she needs to listen, and learn as well from constituents. This is probably the most important persona that the traffic czar needs to have. And for all of us who are affected by the traffic, we need to realize that the traffic czar cannot do this alone. He/she is not an on-off, end-all solu-

Politicians say banks are using the excuse of high rates to sting customers. Pichai Naripthaphan, an adviser to Srettha, this week urged the BOT to prevent lenders from raking in “record profits amid an economic slowdown,” echoing Deputy Finance Minister Julapun Amornvivat, who said bankers were profiting at the expense of “people who are shouldering high borrowing costs.” prising a 200-basis-points hike in 13 months to 2.5 percent, has been especially hard on the country’s small- and medium-size enterprises and low-income groups, according to Srettha, who became prime minister in August. The Thai economy grew 1.8 percent last year, missing most forecasts. Meanwhile household debt has remained above 90 percent of gross domestic product and public debt has ballooned by half since 2019, to about 62 percent. “The sustained elevated interest rates might pose some risks to Thailand’s financial sector given the pre-existing structural weakness in SMEs and debt-laden households,” said Rena Kwok, a credit research analyst at Bloomberg Intelligence. That could put more pressure on banks to reduce their interest margins, she said. The simmering tension between the government and the central bank has also weighed on the baht—Asia’s worst-performing currency after Japan’s yen this year—with foreign investors continuing to pull money from Thai stocks and bonds. Baht swaps are now pricing the benchmark rate to fall by almost 50 basis points over the next 12 months, or almost double the expected cut at the end of December.

Limited upside

Asia Plus Securities expects a rate cut in the second half of this year, which would hit bank profits in 2025, according to a report by Senior Analyst Therdsak Thaveeteeratham. The brokerage is neutral about the industry’s outlook and expects it to post profit in line with the nation’s GDP growth this year. “Thailand’s economic growth has limited upside,” Therdsak wrote, adding he expects lenders to manage return on equity by raising their dividend payout ratios. “We favor bank plays with high dividend yields.” Aside from lobbying for lower rates, Srettha has also continued to push for a signature program unveiled during the election campaign —a cash handout to almost every Thai adult. However, the program’s price tag of 500 billion baht ($14 billion), to be funded through borrowing, has drawn criticism from opposition parties and pushback from BOT Governor Sethaput Suthiwartnarueput. Bloomberg tion. We are all guilty of contributing to traffic. The mere fact that we are in Metro Manila makes us part of the problem. Similarly, the solution resides within each and every one of us. The traffic czar is just our conductor, who, just like in a symphony orchestra, is the one that brings the effort together with each and every participant knowing what to do to move together as one. If the traffic czar can effectively help us recognize this, then we have already resolved half of our enormous traffic problem. As what we have said before: Trapiko, Trapikmo. The author may be reached at thomas_orbos@ sloan.mit.edu

Opinion BusinessMirror

Thursday, February 1, 2024 A15

Russia is wearing down Ukraine’s defenses with aid from US and EU stalled By Natalia Drozdiak, Milda Seputyte & Peter Martin

kraine is running short of artillery shells and air-defense missiles to protect its cities from Russian attacks, with vital assistance from Europe and the US tied up in the approval process as Kyiv goes on the defensive.

Publicly, Ukrainian officials say they will keep up the fight against Russia’s invasion forces even if allied support doesn’t come through. But reports from the front show the situation there increasingly dire, with Kyiv’s forces struggling at times to hold back Moscow’s troops, according to western officials familiar with the discussions who asked for anonymity to comment on confidential matters. Recent waves of Russian missile attacks killed dozens in Kyiv and other cities as Ukraine’s air defenses, which rely heavily on expensive interceptors provided by the allies, weren’t able to destroy as many of the incoming weapons as in the past, according to a European diplomat. As Russia’s invasion grinds into a third year, the fighting has settled into trench warfare with drones leaving little chance for either side to surprise the other along the front. But to sustain this “active defense,” as the approach is known, Ukraine will need steady supplies of artillery shells and other munitions that allies are struggling to provide. “We all know what is needed on the ground,” Estonian Defense Minister Hanno Pevkur said in an interview Tuesday. “Now the question is what we can send and what we can give.” European allies will fall far short of the 1 million rounds they had promised to deliver by March 1, diplomats said, providing only about 600,000 by that deadline amid persistent production delays and concerns about depleting stocks. Defense ministers meeting in Brussels this week may seek to count other supplies to boost the total, but still won’t reach the 1 million goal, which was set last year, the diplomats said.

If Ukraine’s troops don’t have the shells to keep the pressure on, “Russia can continue firing artillery as their infantry attacks Ukrainian positions,” said Ann Marie Dailey, a researcher at Rand Corp. and an officer in the US Army Reserve. “That’s not a fair fight for the Ukrainian defenders.” The challenges come as Ukraine’s commanders are finalizing plans to hold the 600-mile front line this year, probing for weaknesses in Russian defenses but not attempting a major breakthrough after last year’s counteroffensive yielded disappointing gains. Tensions have grown between President Volodymyr Zelenskyy and his military chief, Valeriy Zaluzhnyi, as the front lines have stagnated, according to western diplomats. Moscow’s forces, meanwhile, are too battered to make significant advances unless Ukraine’s defenses collapse, according to western officials. Even then, the Kremlin would likely need to mobilize more troops to cement gains, something it’s so far been reluctant to do. In Washington, the White House’s $60 billion assistance package has been stalled for months amid opposition from hardline Republicans. While the administration is still telling Kyiv and the other allies that it expects to win approval ultimately, doubts are growing as the presidential campaign picks up. “Without it, simply put, everything that Ukrainians achieved and that we’ve helped them achieve will be in jeopardy,” Secretary of State Antony Blinken told a news conference Monday alongside NATO Secretary-General Jens Stoltenberg, who’s visiting Washington this week

to help rally support for Ukraine. European Union leaders meet February 1 for an emergency summit to try to overcome the opposition from Hungary’s Moscow-friendly government to releasing the €50 billion ($54 billion) in aid. If that effort fails— as it did in December—the bloc will have to find a way to fund the support without Budapest. Either way, the EU aims to approve the aid by the end of February, a European official said. Even if EU aid does come through, the lack of US support would be felt by Ukrainian forces on the battlefield by late spring, according to western diplomats. “The next few months will be decisive,” French President Emmanuel Macron said Tuesday. “Even if we’ve been lucky enough and are still lucky enough to have strong American support, it’s first and foremost our problem.” The US has been pushing Kyiv to spell out its war plan for this year more clearly given the constraints on support. Officials expect a combination of continued pressure along the front lines with more covert operations and longrange strikes deep behind Russian lines. Ukraine has used homegrown weapons for some of those attacks, which have hit Moscow’s supply lines and bases and shaken its control over the Black Sea. Allied officials point out that the defensive tactics, while they don’t deliver the kinds of dramatic breakthroughs that helped win Ukraine international support in the first year of the war, will ultimately wear down Russia’s ability to keep fighting. Kyiv has also built up some reserves of key allied munitions in recent months to help ensure its troops are supplied, according to a western official. But that’s not enough to offset the shortage of artillery shells. Ukrainian troops are firing on average only about a third as many rounds that the Russians do, according to Pevkur, the Estonian

defense minister. Moscow is on track to get about 4.5 million shells from its own production and supplies from North Korea, according to Estonian estimates. And while Ukraine’s more advanced howitzers and targeting equipment mean its forces don’t need as many shells as Russia does to do the same level of damage, the quantity disadvantage can’t be overcome completely. “Ukraine inevitably is on the strategic defensive,” said Ben Barry, a land-warfare specialist at the International Institute for Strategic Studies. With enough modern, high-tech equipment from the allies, he added “it might well be able to inflict significant damage on the Russians.” Though Vladimir Putin has shifted Russia’s economy almost fully to a war footing, it will take years for it to rebuild the thousands of tanks and other weapons lost so far in the fighting, according to western officials. And Russia has lost more than 315,000 soldiers killed and wounded, according to US estimates. Lately, its troops have also been succumbing to outbreaks of hantavirus, a debilitating illness spread by mice in its trenches, according to Ukrainian officials. The Kremlin has sought to signal through intermediaries that it might be willing to consider talks with the US about ending the war, though American officials have said they’re skeptical about any such offers. Moscow is likely to delay any serious attempt at negotiations until after the US presidential election in November, hoping for a second term for Donald Trump, who has said he would make a quick deal to end the war, according to people familiar with Russian thinking. Ukraine, meanwhile, is struggling to replenish the ranks of its troops, with President Zelenskiy criticizing the military’s call for as many as 500,000 new conscripts. With assistance from Alberto Nardelli, Jorge Valero, Ellen Milligan and Ania Nussbaum / Bloomberg

Sunak’s aim for ‘Global Britain’ trade deals fading after Brexit By Lucy White

ishi Sunak’s hopes for a string of high-value deals that would cement Britain’s position as trading nation are fading fast, four years after the UK officially left the European Union.

The prime minister had hoped for Free Trade Agreements the US, India and others to lift a stuttering UK economy. But those have stalled over issues ranging from migration to meat imports. Discussions with Canada came to an abrupt halt last week. It’s left the Britain relying on progress from a dwindling club of smaller countries including South Korea to Persian Gulf nations. That’s a setback for Sunak’s ambition to pump up growth and his sagging poll ratings ahead of the next election. “Since the Brexit referendum, the global trading landscape has changed significantly,” said Raoul Ruparel, senior director at Boston Consulting Group’s Centre for Growth. “Focus is now much less on FTAs and more on industrial strategy and protecting supply chains. This means that many FTAs the UK hoped to have landed by now are taking much longer or are unlikely to happen at all.” Trade—both imports and exports—is a crucial engine of the UK economy, and the UK lags the Group of Seven average in term of how much trade delivers for the economy. Yet the UK is stumbling on all fronts. New border restrictions that come into place Wednesday add to frictions with what is Britain’s main trading partner, the EU. Trade has fallen since the UK left the bloc four years ago, yet Britain’s reliance on the EU for imports and exports has risen. So far, the UK has only agreed two bilateral deals since Brexit, with Aus-

tralia and New Zealand. Those have angered British farmers by dropping limits on imports in sensitive sectors including beef, lamb and dairy products. A deal with the US appears to be off the table, with President Joe Biden’s administration and Congress both reluctant to move. Here’s where Britain stands on trade talks:

India

India, the world’s most populous country, could present lucrative opportunities for British businesses from Scotch whisky producers to financial services providers. Issues such as tariffs on electric vehicles and post-study visas for students coming to Britain have held up a deal. Other UK industries could lose out. These include British rice millers, who fear a reduction in UK tariffs on milled rice imports could kill off their trade. Medics say the UK’s intellectual property demands are a threat to India’s exports of cheap life-saving drugs.

South Korea

The UK and South Korea currently have £18 billion ($22.8 billion) of trade and are seeking to broaden an existing FTA on goods to cover services. They’re also looking for digital ways to make it easier for small businesses in each country to access the other’s market. Also on the table is an updated framework for rules-of-origin paperwork covering manufactured goods. British carmakers along with food

and drink makers export heavily to South Korea and need the wording in place to maintain their business.

Gulf Cooperation Council

Talks with the Gulf Cooperation Council—Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates—are heading into their sixth round. The countries deliver £61.5 billion of trade, equivalent to the UK’s seventh-largest export market. The UK says a comprehensive FTA could add £1.6 billion a year to the economy. British food, auto and machinery exporters could benefit. But Gulf states may seek a mechanism to settle disputes between investors and governments, allowing lawsuits for actions that affect investment. That complicates the talks. “Do we want Gulf oil companies taking cases against the UK’s actions to do with net zero, for example?” said David Henig, director at the European Centre for International Political Economy.

Canada

Britain did £19 billion of trade with Canada in 2020 and had hoped to extend an update an existing FTA to reflect the UK’s position outside the EU. But all of that is now in doubt after the UK “paused” talks last week. British manufactures need updated rules-of-origin provisions due to expire in April, and the UK wants to reduce frictions for small and medium-sized exporters and digitize trade. Canada is playing hardball on behalf of its hefty agricultural sector, seeking access for hormone-treated beef that the UK doesn’t allow. And the rest.... Last month the UK and Switzerland signed a pact that will reduce frictions in financial services trade. This bodes well for a broader FTA,

with round-four talks due to begin in spring. Henig thinks discussions could drag on, with the Swiss more focused on deepening EU ties. After Biden shelved work on a US trade deal, the UK is working on sector-specific agreements and memorandums of understanding with individual states. It’s already managed seven. They’re not legally binding and may do little more than draw attention to trading possibilities. Talks with Turkey are kicking off in earnest this month. The current FTA only covers goods, and the UK wants to broaden it to services. UK farmers could get improved access to the Turkish market, but British flour millers worry that deeper links could bring more low-quality Russian flour to the UK, shipped through Turkey to avoid sanctions. The UK formally launched negotiations with Israel in 2022, with the aim of boosting digital services exports. But those have been on the back burner since the war against Hamas. Discussions with Mexico have run for almost two years, again with the aim of expanding the current deal into services. One hurdle to overcome is the Mexican administration’s perceived interference in business—it recently sent its armed forces to work on a privately-run railroad and is suing American gun manufacturers. Greenland and the UK are discussing lower tariffs on seafood, with a potential benefit of £10 million benefit for fish imports. But even that may be a stretch since it would involve digging into fishing quotas. “My working assumption is that [talks are] going nowhere because it involves negotiating over fish,” said Sam Lowe, partner at consultancy Flint Global. With assistance from Andrew Atkinson /Bloomberg

A16 Thursday, February 1, 2024

PBBM: BICAM VOTING MAY END IMPASSE OVER CHACHA

RESIDENT Ferdinand R. Marcos, Jr. said the government is now studying “bicameral voting” to resolve the ongoing “conflict” between two chambers of Congress on the issue of amending the 1987 Constitution. In an interview with reporters during his concluded state visit in Vietnam, the chief executive said they are now studying the “simple solution” to break the ongoing impasse between the House of Representatives (HOR) and the Senate on the process for amendment. “Now there’s advice that we are getting: the best analysis and interpretation that we have is that the legislature is of a bicameral nature and therefore that implies that they will vote separately,” Marcos said. He noted he is now consulting Executive Secretary and former Chief Justice Lucas P. Bersamin, former Senate president and Presidential Chief Legal Counsel Juan Ponce Enrile, and other constitutionalists to determine how to execute those amendments. “So the details have not yet been decided upon. That is precisely what we will be working on,” Marcos said. Marcos earlier said he supports the ongoing move in Congress to change some economic provisions of the Constitution, which will allow more foreign ownership in the country. However, the Senate rejected the proposed “joint voting” by the HOR since the votes of the 24 senators will be overwhelmed by the 316 votes from HOR members under the said scheme.

Signature sheets custody

WHILE the matter remains unresolved, the People’s Initiative (PI) led by the People’s Initiative for Reform Modernization Action (Pirma) to initiate the amendment continues. This even after the Commission on Elections announced it is suspending indefinitely acceptance of the signature sheets from Pirma as it reviews its guidelines for initiative on the Constitution and referendum on national and local legislation. Comelec Chairman George M. Garcia urged Pirma on Wednesday to withdraw the signature sheets from the concerned city/ municipal Offices of the Election Officers (OEOs). “If I were the proponent, it would be better if they get the [signature sheets] received by Comelec since they may be able to take better care and protect the documents. Because Comelec offices are small, therefore it might go missing or get wet [there],” Garcia said in Filipino in an interview with reporters. However, he said the poll body will do its best to properly preserve the signatures, while it is within its jurisdiction. Comelec can only initiate the validation of the signatures once PIRMA gets the necessary number of signatures of the total number of registered voters from all legislative districts and files the needed petition for it. As of Monday, it already received the signatures for the PI from 1,129 cities and municipalities, which comprise 210 legislative districts.

Much ‘can be done’ without Cha-cha–EU envoy to PHL

By Andrea E. San Juan @andreasanjuan

MID ongoing talks to amend the Philippine Constitution to further liberalize the economy, EU Ambassador to the Philippines Luc Véron emphasized that “a lot can be done without touching the Constitution.” “Most of the things that we are discussing, including on the ease of doing business and so on, do not ...have no...the Constitution has no impact. It’s mostly legislation or rules and regulation,” Véron said at a briefing organized by the European Chamber of Commerce of the Philippines (ECCP) on Wednesday in Makati City. While he emphasized that “a lot can be done without touching the Constitution,” he said, “We will of course look at the results of these

political debates.” Should the Philippines push t hrough w it h const it ut iona l reform, the ambassador noted that, “We will look at the impact it may have on foreign investment and ease of doing business.” Various business groups, both foreign and local, have different takes on the proposed amendments to the Constitution, particularly on the economic provisions of the law. A few weeks ago, Management

ALMENDRAS

Association of the Philippines (MAP) President Rene D. Almendras said that while the business group is willing to work with proponents of Charter change, the elephant in the room is the education crisis in the country, particularly ensuring that the country has ample workforceready Filipino graduates. “I think the bigger issue for us really is we really worry about the situation of the economy relative to the realities that we have today. We worry about what’s going to happen five years from now, are we still gonna have students? Or

can the graduates at that time be competitive to...what about the regulatory environment or structures?” Almendras said in a televised interview. Other foreign chambers such as the American Chamber of Commerce of the Philippines, Inc. (AmCham) and the British Chamber of Commerce of the Philippines (BCCP) also expressed support for the removal of foreign equity restrictions from the Constitution. “AmCham has and will continue to support the removal of foreign equity restrictions in its Constitution,” noting that the Philippines is “one of very few countries that have placed investment restrictions in its Constitution,” said AmCham Executive Director Ebb Hinchliffe. For BCCP Executive Director Chris Nelson, “Overall, I think you could do it piecemeal.But of course the charter change would bring in a much quicker response.” “And in that context I would say we are always advocating companies to come do business in the Philippines. It’s an attractive market and it’s also a gateway to Southeast Asia, and anything that can move and further liberate the economy will be supported,” Nelson said in a televised interview in early January of this year.

Samuel P. Medenilla

‘Growth benefits trickling down to poor takes time’ By Cai U. Ordinario @caiordinario

IFTING the poor from poverty takes time and has been complicated by the pandemic which cost the economy three year’s worth of growth, according to the National Economic and Development Authority (Neda). In a briefing on Wednesday, Socioeconomic Planning Secretary Arsenio M. Balisacan said it has taken the economy 1.5 years to get back to its 2019 growth level. In 2019, the economy amounted to P19.38 trillion, but it was only in 2022 when it got back to this level at P19.94 trillion. This made 2023 as the first year after the pandemic when the country really grew its GDP, which averaged P21.05 trillion. “The growth we’re seeing in the last one and a half years, [that’s just to] recover . . . what we lost, we practically lost three years of economic growth,” Balisacan said. “It will take time because if your income is only P10,000 a month that will increase 4 percent, 5 percent; could you buy now? And your traffic and your motorcycle? Of course not. At the very least, you can improve by a little more of your basic needs,” he stressed. Based on the data, per capita GDP reached P186,496 in 2023, higher than the P180,661 per capita GDP posted in 2019. Per capita GDP growth in 2023 was at 4.3 percent and was slower than the 6.2 percent posted in 2022. Balisacan said only steady growth can improve the lives of more poor Filipinos. He said the Philippine Development Plan 2023-2028 aims to bring down the country’s 16 percent poverty rate

to 9 percent. But even then, this means there will still be poor people by 2028, the year the President leaves office. Using the latest estimate of 109.2 million Filipinos as of 2020, this means there will still be close to 10 million Filipinos living below the poverty line. “[We must] sustain the growth over the next several years and more importantly, we have to make sure that that growth is also inclusive. That it’s happening across sections of our society and not just among the privileged few and that’s why and how the PDP is is designed; it is an inclusive growth paradigm,” Balisacan said. Local economists agreed with Balisacan, saying the path to a more inclusive economy is a long and hard one. One way to ensure that growth treads this direction is investing in human capital. Ateneo de Manila University economist Leonardo Lanzona told BusinessMirror that investing, especially in poor Filipinos, will ensure a more inclusive economy and society. This means giving them the necessary education, training, health, housing, mobility, and nutrition. Investing in poor households, Lanzona said, requires a comprehensive plan and cannot be done piecemeal or through certain sectors only, with expectations that it will lead to maximum returns in the long run. “By developing a comprehensive human capital formation strategy, we can achieve an efficient and dynamic workforce which can attract physical capital and thus achieve inclusive growth,” Lanzona told this newspaper on Wednesday. Continued on A5

STICKY TRADITION In Binondo, Manila’s historic Chinatown, recognized as the oldest of its kind globally, a tikoy vendor eagerly anticipates customers amid the Chinese New Year festivities. Tikoy, a traditional delicacy, holds symbolic significance, representing unity, prosperity, and the sweetness of life. Throughout the Chinese New Year celebrations, families and communities engage in the tradition of exchanging or gifting tikoy as a heartfelt gesture, conveying goodwill and wishes for a year filled with prosperity. NONIE REYES

Comelec: Voter’s list now fully clean By Samuel P. Medenilla @sam_medenilla

HE Commission on Elections said it was able to “practically cleanse” the existing voter’s list from multiple registrants and is now bracing for the resumption of voter registration this month. In a television interview, Comelec spokesperson John Rex C. Laudiangco said they continued removing multiple registrants from

the voter’s list last year. He noted they were able to delete 500,000 multiple registrants prior to the 2023 Barangay and Sangguniang Kabataan elections (BSKE). “Our previous list is now practically cleansed already,” the poll official said. Comelec assured it will apply the same thorough screening process for new registrants. “Now that voter registration will resume on February 12, you

can expect that for every applicant and application form—new [registration], transfer, correction—will go through cleansing to ensure there will not be double or multiple registrants,” Laudiangco said. He made the pronouncement after House Assistant Majority Leader 4th District Rep. Richard Gomez filed a resolution calling on Comelec to update its certified list of voters. The poll body expects another

3 million people to register to vote for the 2025 elections. The next registration period will last from February 12 to September 30, 2024. This was shorter compared to the previous voter registration which lasted from December 12, 2022 to January 31, 2023. Laudiangco urged first time voters or those who will be transferring or correcting their voter records to avail of the almost seven months’ registration period.

Companies BusinessMirror

Editor: Jennifer A. Ng

Thursday, February 1, 2024

PLDT purchases minority ‘Govt must junk PIPPA petitions’ stake in Radius Telecoms

By Lorenz S. Marasigan

@lorenzmarasigan

LDT Inc. has acquired a minority stake in Radius Telecoms Inc. for P2.116 billion, a move that is seen to yield cost efficiencies through infrastructure sharing and co-building in key areas. According to a disclosure to the stock exchange, PLDT is set to subscribe to 2.491 million shares of common stock in Radius at a price of P849.28 per share, bringing the total investment to about P2.116 billion. “By leveraging on the existing infrastructure and co-building in key

areas, both PLDT and Radius stand to gain cost efficiencies. This potential partnership will strengthen the market presence of PLDT and Radius and unlock synergies in solution capabilities and network coverage to better serve and improve quality of service to PLDT and Radius

customers across the country,” the disclosure read. The closing of this transaction is contingent upon several factors, including the successful completion of a due diligence review, procurement of necessary internal corporate and regulatory approvals, and the finalization of definitive agreements. Radius Telecoms, known for its 100-percent fiber optic network, provides coverage across the Philippines, encompassing 150 enterprise buildings, over 200 residential units, and more than 200 villages. A subsidiary of Paragon Vertical Corp., itself a part of the Manila Electric Co. (Meralco), Radius holds a congressional telecommunications franchise. PLDT has a substantial presence in both home and enterprise

sectors. As of end-September 2023, PLDT has a total fiber footprint exceeding 1.1 million cable kilometers. This includes over 0.2 million cable kilometers of international fiber and approximately 0.9 million cable kilometers of domestic fiber. The reach of PLDT’s high-speed internet has extended to more than 17.3 million homes in 69 percent of the country’s municipalities and towns. Moreover, PLDT now boasts a total of 6.15 million fiber ports, covering over 18,000 barangays nationwide. PLDT saw profits inch up by 1 percent to P27.88 billion in January to September 2023 from P27.50 billion, while telco core income reached P26.1 billion, a 2-percent increase from P25.6 billion.

CIC earnings nearly triple in Q4 By VG Cabuag @villygc

oncepcion Industrial Corp. (CIC), a company known for its refrigerators and air conditioners, said it had almost tripled its income to P177.9 million in the fourth quarter of 2023 due to better margins and “solid sales performance.” The company said it delivered consistent quarterly growth, with net sales for the fourth quarter reaching P3.8 billion, a 9-percent increase from the previous year, on growth in the commercial segment.

Prime Infra waste unit unveils MRF

Including its associate Concepcion Midea Inc., the group posted P4.7 billion in net sales, increasing its sales growth rate to 14 percent. The company said it had P667.3 million in consolidated earnings for the entire year, an 86-percent growth from P358.06 million in the previous year. Net sales, meanwhile, reached P14.7 bi l l ion, an 11 percent growth from the previous year’s P13.17 billion. Including Concepcion-Midea, the group’s net sales expanded by 15 percent to P18.2 billion. “As we reflect on our achievements in 2023, we look ahead

with optimism, ready to welcome opportunities and face the challenges of 2024,” Raul Joseph Concepcion, the company’s chairman and president, said. He said the company is well positioned to capitalize on emerging opportunities. “Our commitment to innovation, customer satisfaction and operational excellence remains firm. We continue to embark on a promising journey, confident in our ability to drive growth and deliver value to our stakeholders.” The commercial business generated P1.4 billion in net sales during the quarter, a 33 percent

growth compared to last year. The increase was attributable to HVAC equipment sales driven by distribution expansion efforts as well as the timely arrival of elevator equipment and significant progress in both air conditioning and elevator projects. The company’s consumer business contributed P2.4 billion in net sales, a slight decline of 1 percent from the previous year. The decrease was due to lower demand for window room air conditioners and direct cool refrigerators. This was mitigated by growth in no frost refrigerators and laundry products.

‘ICTSI investment to transform Iloilo port’

@llectura

nergy consumer advocacy group Power for People Coalition (P4P) urged the Energy Regulatory Commission (ERC) to deny the petitions filed by the Philippine Independent Power Producers Association (PIPPA) which sought the removal of penalties imposed against power firms. PIPPA has asked the ERC to relax the reliability benchmark rule, which sets a limit on allowable outages for power plants. It also asked for the removal of current price caps on spot markets, which serve to protect consumers from excessive cost of electricity during times of low power supply and high demand. The petitions “in essence, demand the removal of penalties their member companies may incur for power plant outages, and of price caps meant to cushion consumers from the burden of fluctuating power prices,” said P4P. The ERC is rolling out online public consultations on the petitions in Luzon, Visayas, and Mindanao. “Affordable and reliable electricity is a basic right of power consumers. PIPPA’s petitions scorn this by refusing accountability should they fail to provide service they owe, and by ensuring maximum profits at the expense of consumers. These petitions are irreconcilable to public interest, especially as the country enters the El Niño season and availability of power becomes all the more crucial,” P4P said. The letter was signed by P4P groups including Sanlakas, Eco-Convergence & CBCP National Laudato Si’ Program, Caritas Philippines, and

the Freedom from Debt Coalition. “We jointly write this letter to the Commission urging you to stand by consumers at this time. We recall the still unresolved investigation from 2021 on the potential of a ‘pricing play’ in the spot market, and the petitions at hand are concerning, to say the least. We also raise concern over the accessibility and transparency of upcoming public consultations on the subject of the petitions, which will be conducted only via online meeting rooms and require registration beforehand for stakeholders to be admitted,” P4P added. When sought for comment, PIPPA President Anne Estorco Montelibano said the group’s petitions on both the secondary price cap and reliability standards are meant to address the need for the energy sector to adapt to the changing times. Also, she added, these are outdated and do not reflect the current situation, especially on fuel prices. “We are cognizant of the mandate of our government for more investments, and these petitions are for the consideration of the ERC which will in the long run produce reliable, stable, and cost efficient energy. Through our proposal, we encourage all our stakeholders to understand the business of power generation and the requirements our generators face to maintain our plants to ensure reliable power,” Montelibano said via SMS. PIPPA is a group of 28 generator members with 18,132-megawatt grid installed capacity. It has been pushing for the removal of significant barriers to entry for power generators to make electricity rates more competitive in the country, added Montelibano.

8990, Megawide top off Cubao building

rime Integrated Waste Solutions Inc. (PWS) inaugurated early this week its automated Materials Recovery Facility (MRF) in Cebu that uses state-of-the-art equipment for waste segregation and storage. PWS, a wholly owned subsidiary of Razon-led Prime Infra, said the “stateof-the-art MRF embodies innovation, and our commitment to building a regenerative future.” Company chairman Katrina Razon said equipment was procured from Europe and Asia, such as the vibrating sieves, baler systems, magnetic separators, as well as air density separator to maximize resource recovery leading to landfill avoidance, thus preventing over 15,000 tons of methane emissions per annum. Also present during the inauguration were Cebu City Mayor Mike Rama, Consolacion Mayor Teresa Alegado, Cebu City Councilors, and Department of Environment and Natural Resources Undersecretary Juan Miguel Cuna. “Our goal is to further enhance our process flow and to essentially go back to our original objective of turning waste into sustainable fuels to further reduce methane emissions and for our country to be able to provide sustainable fuels to the global market,” said Chief Administrative Officer Minerva Matibag and Market Sector Lead for Waste Cara Peralta. PWS is also expanding its operations by developing other facilities across the country. Lenie Lectura

By Lenie Lectura

Artist’s rendition of the International Container Terminal Services Inc.'s vision for the Visayas Container Terminal. Photo from www.ictsi.com

he significant investment that the International Container Terminal Services Inc. (ICTSI) is poised to inject for the development and management of the Iloilo Commercial Port Complex (ICPC) will establish Iloilo as an international gateway, according to former Senate President Franklin M. Drilon. This move, according to Drilon, will see about P1.1 billion in investment within the first two years and more is expected as cargo volume increases. Drilon is a strong advocate of the privatization of the Iloilo port. “With the substantial investment that ICTSI is poised to inject, we are now on the path to realizing our shared aspiration of restoring Iloilo to its former stature as an international gateway, as it was at

the turn of the 20th Century when Iloilo was dubbed as the ‘Queen City of the South,’” he said in a statement released by ICTSI. “I am glad that ICTSI has finally been awarded the 25-year concession as the port operator. Ricky Razon and ICTSI deserve special recognition for their significant investment and unwavering confidence in Iloilo. ICTSI is a true partner in moving Iloilo forward.” Drilon, who has played a pivotal role in the development and growth of Iloilo, said the condition of the port had been a significant impediment to progress, and this partnership with ICTSI could be “a game-changer.” “The condition of our ports has been a stumbling block for our development. Iloilo had endured

neglect during the past administration, resulting in a lack of capacity and inefficient operations that deterred shipping companies from using Iloilo as a port of call,” he said. “ICTSI has the experience and financial capability and resources to operate the port efficiently, which will result in job creation and better investment environment. An efficient port operation is the critical missing piece to spur Iloilo’s growth.” He said the rehabilitation and modernization of the Visayas Container Terminal (VCT), the future name of the facility after handover to ICTSI—will boost the local economy and position Iloilo as a key player in domestic and international trade. “After all, as they say, ‘Port Makes a City,’” he added.

roperty developer 8990 Holdings Inc. and Megawide Construction Corp. recently held a structural topping off ceremony for the 47-story Urban Deca Cubao. Urban Deca Cubao is a high rise mixed-use development, and is the latest project built by Megawide for 8990. The topping off ceremony signals the completion of the structure or when the last beam, or its equivalent, is placed atop a structure. “Our commitment to 8990 Holdings is to consistently utilize Megawide’s innovative engineering solutions to meet their standards,” said Megawide’s COO for Construction Frederick Tan. Megawide’s precast technology allows for environmentally-friendlier processes, lower overall costs, less labor requirements and faster turnaround time than conventional methods. “We used precast in the interior and exterior walls, toilet units and stairs. These units are cast offsite then installed on the project site for faster delivery,” Tan said. “Advanced form-works systems, rather than the conventional formworks, also ensure a higher level of standardization in the structural process and only requires less rectification of details for finishing touches.” The partnership of the two companies began in 2014. Other projects completed by Megawide for 8990 are Urban Deca EDSA (2017), as well as Urban Deca Mall and Urban Deca

Photo from www.urbandecahomes.com.ph

Homes Manila (2022). Urban Deca Homes Ortigas is currently in progress. Combined, these four projects reach close to 900,000 square meters of gross floor area built by Megawide for the developer. Megawide also has its own construction equipment, logistics and services unit that helped deliver more seamless operations, given the project site’s location and proximity to a major thoroughfare and residential areas. The company employed tower cranes, passenger hoists, high-capacity trucks, and in-loaders for the transport of precast elements and other materials. “Our goal is to continue elevating the engineering standards in the industry and we will work with developers in making low-cost housing more accessible to Filipinos. Our partnership with 8990 Holdings strengthens our vision of making the Philippines first world,” Tan said. VG Cabuag

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Thursday, February 1, 2024

Ovialand may put on hold initial public offering–exec

By VG Cabuag

@villygc

roperty developer Ovialand Inc. said it may defer its initial public offering (IPO) due to “choppy market conditions.” Pammy Olivares-Vital, the company’s president and CEO, noted that the company is forming a joint venture with listed Tokyo-based real estate firm Takara Leben for its succeeding projects. “Now, I want to be a good partner to Takara Leben. So for us to be paralleling the IPO, while we are opening the projects with them, it might not be [a good] time. So right now, our focus is to be a good partner [of] Takara Leben.”

Vital said Ovialand’s investment bank, SB Capital Investment Corp., has advised the company to wait for the IPOs of top firms, such as the SM group’s real estate investment trust and billionaire Enrique K. Razon’s Prime Infrastructure Inc. “Once those are successful, then that’s the signal that foreign investors are back. And we’ll have a better chance of having a good IPO,” she said.

“When we had to defer our IPO, we put all our efforts in growing the company. So we recorded growth in 2023. We expect substantial growth again for 2024. But in the meantime, we’re focusing on delivering the houses to our homebuyers.” In March 2023, Ovialand filed for its IPO with the Philippine Stock Exchange. It had hoped to raise as much as P2.21 billion. In its registration statement, Ovialand said it plans to offer 336 million primary common shares, up to 24 million in secondary common shares and an over-allotment option of up to 36 million secondary common shares. The offer could reach up to P5.60 per share. Ovialand plans to use the net proceeds from the offering for land banking initiatives in Laguna and in Bulacan, development of pipeline real estate projects in Laguna,

Batangas, Quezon and Bulacan and for other general corporate purposes. In June last year, the company announced that it would defer its plan citing volatility in local and global markets. Ovialand’s first project with the Japan firm will be Savana South, which will complement Ovialand’s market presence in Laguna. Savana South will be a 6.5-hectare development for 657 homes that will generate P1.97 billion in sales over four years. Under the agreement, Ovialand and Takara Leben will seek to open other projects together. Their locations will be strategically determined in accordance with Ovialand’s goal to have a nationwide presence by 2030. This year, the company is eyeing two projects with its new Japanese partner.

Novo Nordisk smashes past $500-B value

ovo Nordisk A/S became the second-ever European company to pass $500 billion in market value, bolstered by an upbeat outlook for its blockbuster obesity drug. Novo crossed the milestone on Wednesday as its shares gained as much as 4.1 percent, reaching a level only attained by Dior owner LVMH. The Danish pharma company has roared past the luxury-goods giant, vaulting into the limelight as Wegovy for obesity and a sister medicine for

diabetes, Ozempic, proved they could help people shed unwanted weight by curbing their appetite. The company’s earnings sparked fresh optimism as the drugmaker said revenue could grow by as much as 26 percent this year and operating profit by up to 29 percent at constant exchange rates. The guidance looks conservative, according to Bloomberg Intelligence analyst Michael Shah. The drugmaker has struggled to keep up with demand for both Wegovy and Ozempic, which share the same active ingredient. On Wednesday, it said it has more than doubled the number of Wegovy starter doses it’s shipping to the US, enabling more people to get on the treatment. T he compa ny a n nounced $8.7 billion in investments last year to beef up its manufacturing capacity. Bloomberg News

MUTUAL FUNDS

January 31, 2024

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds Primarily invested in Peso securities (shares) ALFM Growth Fund, Inc. -a 215.66 -1.59% -0.4% -4.15% -0.35% 2.33% ATRAM Alpha Opportunity Fund, Inc. -a 1.4773 2.85% 5.75% -0.31% 1.9% 0.31% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.9885 -3.46% -0.28% -6.24% -2.18% 1.46% Climbs Share Capital Equity Investment Fund Corp. -a 0.7047 -0.25% -2.86% -5.8% n.a 0.86% First Metro Consumer Fund, Inc. -a 0.6336 -8.66% -3.43% -6.23% n.a 1.28% First Metro Save and Learn Equity Fund, Inc. -a 4.7106-4.01% -0.3% -3.18% -0.16% 1.74% First Metro Save and Learn Philippine Index Fund, Inc. -a 0.7081-4.49% -0.64% n.a n.a 2.25% MBG Equity Investment Fund, Inc. -a 84.6 6.59% -4.25% -6.95% n.a -0.46% PAMI Equity Index Fund, Inc. -a 44.0042 -3.94% -0.68% -3.46% n.a 2.54% Philam Strategic Growth Fund, Inc. -a 457.7 -1.9% -0.86% -3.42% -0.32% 2.31% Philequity Dividend Yield Fund, Inc. -a 1.2095 -0.34% 2.38% -1.71% n.a 0.35% Philequity Fund, Inc. -a 34.3436 -2.06% 0.94% -2.39% 1.49% 2.11% Philequity MSCI Philippine Index Fund, Inc. -a 0.883 -2.32% 0.3% -3.29% n.a 1.86% Philequity PSE Index Fund, Inc. -a 4.6237 -2.98% 0.21% -2.68% 1.34% 2.51% Philippine Stock Index Fund Corp. -a 769.39 -3.13% 0.02% -2.76% 1.32% 2.51% 0.96% Soldivo Strategic Growth Fund, Inc. -a 0.6923 -3.82% -0.04% -5.27% n.a Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.4468 -3.48% -0.41% -4.27% -0.23% 2.45% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8726-3.37% -0.28% -3.05% n.a 2.54% United Fund, Inc. -a 3.1745 -2.29% -0.32% -2.88% 0.64% 2.69% Primarily invested in Peso securities (units) COL Equity Index Unitized Mutual Fund, Inc. -a 1.0815-3.31% n.a n.a n.a 2.45% COL Strategic Growth Equity Unitized Mutual Fund, Inc. -a,2 1.0129 n.a n.a n.a n.a 0.82% Philequity Alpha One Fund, Inc. -a 1.0202 -7.87% -0.93% n.a n.a 0.12% Philippine Stock Index Fund Corp. -a 934.05 -3.12% n.a n.a n.a 2.52% Exchange Traded Fund (shares) First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 104.5539-2.56% 0.44% -2.44% 2.02% 2.57% Primarily invested in foreign currency securities (shares) ATRAM AsiaPlus Equity Fund, Inc. -b $0.7817 -17.72% -15.35% -4.31% -1.6% -4.9% Sun Life Prosperity World Voyager Fund, Inc. -a $1.6937 11.97% -0.06% 7.4% n.a 1.92% Balanced Funds Primarily invested in Peso securities (shares) ATRAM Philippine Balanced Fund, Inc. -a 2.2129 3.57% -0.23% -0.76% 0.47% -0.04% ATRAM Unicapital Diversified Growth Fund, Inc. -a,41.527 2.14% -2.36% -2.41% -1.33% 1.09% First Metro Save and Learn Balanced Fund, Inc. -a 2.5215 -3.21% -0.53% -0.95% -0.68% 0.99% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.1919 -0.26% n.a n.a -5.09% 0.79% NCM Mutual Fund of the Phils., Inc. -a 1.9593 -2.65% 0.35% 0.53% 1.56% 1.36% PAMI Horizon Fund, Inc. -a 3.5967 0.32% -0.99% -0.13% 0.7% 1.15% Philam Fund, Inc. -a 15.7556 0.06% -1.66% -0.81% 0.39% 1.24% Solidaritas Fund, Inc. -a 2.0531 -0.11% 0.09% -0.92% 1.26% 1.24% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.4439 -0.78% -0.47% -1.98% 0.2% 1.06% Sun Life Prosperity Dynamic Fund, Inc. -a 0.9123 -1.35% 1.87% -1.03% n.a 0.88% Primarily invested in Peso securities (units) Sun Life Prosperity Achiever Fund 2028, Inc. -a 0.94560.03% -1.97% n.a n.a 0.56% Sun Life Prosperity Achiever Fund 2038, Inc. -a 0.861-2.95% -2.12% n.a n.a 1.64% Sun Life Prosperity Achiever Fund 2048, Inc. -a 0.8414-3.59% -2.21% n.a n.a 1.91% Primarily invested in foreign currency securities (shares) Cocolife Dollar Fund Builder, Inc. -a $0.03275 -0.73% -5.7% -1.58% 0.12% -1.39% PAMI Asia Balanced Fund, Inc. -b $0.8787 -10.98% -10.17% -1.81% -0.92% -3.98% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.3285 7.17% -1.78% 4.43% 3.15% 0.85% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a $1.0376 2.54% -3.94% 0.95% n.a -0.33% Bond Funds Primarily invested in Peso securities (shares) ALFM Peso Bond Fund, Inc. -a 391.45 3.13% 1.77% 2.57% 2.32% 0.24% ATRAM Corporate Bond Fund, Inc. -a 1.915 1.29% 0.21% 0.47% 0.11% 0.32% Cocolife Fixed Income Fund, Inc. -a 3.3354 2.33% 1.2% 2.26% 3.75% 0.3% Ekklesia Mutual Fund, Inc. -a 2.2827 2.74% -0.22% 1.27% 1.52% -0.15% First Metro Save and Learn Fixed Income Fund, Inc. -a 2.4529 1.44% 0.03% 1.97% 1.25% -0.18% Philam Bond Fund, Inc. -a 4.3063 1.93% -2.5% 2.04% 1.08% 0.2% Philam Managed Income Fund, Inc. -a 1.3828 3.91% 1.51% 3.16% 1.85% 0.7% Philequity Peso Bond Fund, Inc. -a 4.036 2.46% 0.42% 2.52% 1.75% 0.04% Soldivo Bond Fund, Inc. -a 1.0517 2.39% 0.43% 2.96% n.a 0.19% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.305 3.12% 1.06% 3.26% 2.3% -0.24% Sun Life Prosperity GS Fund, Inc. -a 1.7648 2.38% 0.3% 2.43% 1.65% -0.26% Corporate Debt Vehicle (units) ATRAM Unitized Corporate Debt Vehicle, Inc. -a,3 1.0136 n.a n.a n.a n.a 0.6% Primarily invested in foreign currency securities (shares) ALFM Dollar Bond Fund, Inc. -a $496.42 2.74% 0.79% 1.98% 2.53% 0.24% ALFM Euro Bond Fund, Inc. -a Є214.44 1.67% -0.75% 0.08% 0.82% 0.21% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.0334-0.88% -7.02% -1.93% 0.09% -0.9% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0249 3.32% -1.93% 0% n.a 0% PAMI Global Bond Fund, Inc. -b $0.8528 -2.4% -7.93% -3.92% -3.14% -0.54% Philam Dollar Bond Fund, Inc. -a $2.2937 2.65% -3.27% 0.85% 1.84% -1.13% Philequity Dollar Income Fund, Inc. -a $0.0611276 1.39% -0.71% 1.34% 1.6% 0.35% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $2.7615 -1.22% -5.01% -0.98% 0.43% -2.55% Money Market Funds Primarily invested in Peso securities (shares) ALFM Money Market Fund, Inc. -a 137.2 2.83% 1.82% 2.47% 2.06% 0.24% First Metro Save and Learn Money Market Fund, Inc. -a 1.1117 3.32% 1.96% n.a n.a 0.3% Sun Life Prosperity Peso Starter Fund, Inc. -a 1.37932.86% 2.04% 2.43% 2.05% 0.26% Primarily invested in Peso securities (units) ALFM Money Market Fund, Inc. -a 104.98 4.2% n.a n.a n.a 0.38% Primarily invested in foreign currency securities (shares) 2.73% 1.5% 1.59% n.a 0.35% Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.1013 Feeder Funds Primarily invested in Peso securities (units) ALFM Global Multi-Asset Income Fund, Inc. -a 43.9139 0.6% n.a n.a n.a 1.86% Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a 1.5073 16.42% 9.5% n.a n.a 2.59% Sun Life Prosperity World Income Fund, Inc. -a,1 1.0167 n.a n.a n.a n.a 1.7% Primarily invested in foreign currency securities (Units) ALFM Global Multi-Asset Income Fund, Inc. -a $0.8028-2.62% -6.43% n.a n.a 0.01% a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. 1 - Launch date is August 22, 2023. 2 - Launch date is October 6, 2023. 3 - Launch date is May 25, 2023. 4 - Renaming was approved by the SEC last May 21, 2020 (formerly, ATRAM Dynamic Allocation Fund, Inc.) “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

January 31, 2024

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

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

84,000 616,913,987 115,800 236,900,739 2,444,785 256,172 81,731,308.50 17,500 1,788 2,438,940 74,705 70,075 20,886,324.50 9,265,895 733,690 254,990 159,690 9,100 4,200 22,690 739,500

93,359,420 19,844,222 632,000 10,264,767 -27,875 -6,118,968 -3,028,450 714,000

INDUSTRIAL ACEN CORP 4.25 4.26 4.3 4.33 4.23 4.25 8,523,000 36,327,560 0.53 0.54 0.54 0.54 0.54 0.54 1,000 540 ALSONS CONS ALTERNERGY HLDG 0.74 0.75 0.74 0.75 0.74 0.75 586,000 434,770 37.9 38 37.85 38.05 37.85 38 549,900 20,876,185 ABOITIZ POWER RASLAG 1.17 1.22 1.22 1.22 1.22 1.22 1,000 1,220 0.23 0.231 0.215 0.247 0.215 0.23 45,580,000 10,693,450 BASIC ENERGY 18.2 18.22 18.4 18.5 18.14 18.22 346,200 6,303,496 FIRST GEN FIRST PHIL HLDG 64.7 64.75 64.75 64.75 64.6 64.7 87,200 5,641,531.50 362 365 368 374.8 362 362 321,730 117,574,160 MERALCO 17.9 17.98 17.8 18 17.56 17.98 1,189,500 21,263,288 MANILA WATER PETRON 3.31 3.38 3.31 3.38 3.3 3.38 213,000 714,050 4.32 4.4 4.4 4.4 4.4 4.4 15,000 66,000 PETROENERGY PHX PETROLEUM 4.32 4.55 4.26 4.69 4.26 4.32 16,000 70,870 7.18 7.4 7.4 7.4 7.18 7.4 38,100 279,593 REPOWER ENERGY 31 31.8 31.85 31.9 31 31 1,447,800 45,196,775 SEMIRARA MINING SYNERGY GRID 7.61 7.65 7.7 7.74 7.61 7.65 311,000 2,382,420 10.76 10.78 10.8 10.8 10.78 10.78 115,100 1,240,788 SHELL PILIPINAS SPC POWER 6.98 7 7 7 6.98 7 6,700 46,878 0.62 0.63 0.67 0.67 0.6 0.63 22,191,000 14,056,910 AGRINURTURE 2.31 2.32 2.3 2.31 2.3 2.31 474,000 1,090,890 AXELUM CNTRL AZUCARERA 12.32 12.34 11.94 13.9 11.94 13.2 48,600 653,220 32.3 32.95 32.3 33 32.15 32.95 1,604,800 52,702,595 CENTURY FOOD DEL MONTE 6.05 6.1 6.1 6.3 6.05 6.05 35,200 217,815 DNL INDUS 6.36 6.38 6.46 6.53 6.36 6.36 3,474,100 22,294,384 20.5 20.55 20.45 20.6 20.3 20.55 809,600 16,567,190 EMPERADOR SMC FOODANDBEV 49.15 49.4 49 49.5 48.8 49.4 6,800 334,330 0.66 0.67 0.67 0.68 0.66 0.66 7,131,000 4,769,040 FIGARO COFFEE 0.86 0.87 0.85 0.87 0.85 0.87 3,941,000 3,351,740 FRUITAS HLDG GINEBRA 161 164.4 164 164.4 160 164.4 11,750 1,888,762 254 255 259 262.8 254 254 1,031,650 264,498,574 JOLLIBEE KEEPERS HLDG 1.45 1.46 1.45 1.46 1.45 1.45 1,272,000 1,844,470 MAXS GROUP 3.3 3.31 3.36 3.36 3.3 3.3 49,000 162,550 0.095 0.098 0.096 0.098 0.093 0.098 540,000 51,830 MG HLDG MONDE NISSIN 8.81 8.84 8.7 8.87 8.62 8.81 7,628,800 67,138,848 10.4 10.56 10.58 10.58 10.58 10.58 200 2,116 SHAKEYS PIZZA ROXAS AND CO 0.42 0.44 0.43 0.45 0.42 0.42 1,500,000 647,200 2.91 2.99 2.9 2.92 2.9 2.91 4,393,000 12,750,520 RFM CORP 0.7 0.74 0.68 0.75 0.68 0.75 41,000 28,750 ROXAS HLDG SWIFT FOODS 0.061 0.062 0.062 0.062 0.062 0.062 10,000 620 111.4 111.5 113.8 113.8 111.5 111.5 2,772,000 310,317,939 UNIV ROBINA 0.52 0.53 0.54 0.54 0.53 0.53 27,000 14,430 VITARICH VICTORIAS 2.67 2.7 2.67 2.7 2.67 2.7 4,000 10,740 40.15 50 50 50 50 50 250 12,500 CONCRETE A CONCRETE B 44.25 54 54.6 54.6 54.6 54.6 40 2,184 0.89 0.92 0.92 0.92 0.88 0.92 201,000 181,130 CEMEX HLDG 0.63 0.64 0.65 0.65 0.63 0.64 703,000 449,510 EC VULCAN CORP EEI CORP 5.92 5.95 5.99 6 5.88 5.95 547,700 3,233,536 3.31 3.32 3.33 3.34 3.31 3.32 224,000 742,830 MEGAWIDE TKC METALS 0.37 0.39 0.375 0.39 0.36 0.39 200,000 76,650 1.75 1.77 1.77 1.79 1.7 1.77 111,000 194,570 CROWN ASIA 0.73 0.79 0.73 0.79 0.72 0.79 25,000 18,440 EUROMED LMG CORP 2.3 3.37 3.38 3.38 3.38 3.38 1,000 3,380 5.22 5.29 5.29 5.29 5.29 5.29 200 1,058 PRYCE CORP CONCEPCION 12.66 13.54 13.58 13.58 12.66 12.66 1,900 25,518 0.229 0.233 0.233 0.235 0.229 0.233 9,970,000 2,303,320 GREENERGY 2.42 2.49 2.46 2.49 2.41 2.49 51,000 125,450 INTEGRATED MICR IONICS 1.19 1.2 1.25 1.25 1.16 1.2 5,628,000 6,734,970 2.44 2.5 2.49 2.5 2.45 2.5 521,000 1,294,420 SFA SEMICON 1.9 1.91 1.88 1.92 1.88 1.9 501,000 955,240 CIRTEK HLDG

-11,272,140 25,500 2,676,215 -23,220 -1,252,996.00 6,470 -9,856,492 -4,687,836 -145,000 -12,664,600 -539,141 -1,232,154 523,590 -1,794,900 7,035 -12,289,163 -6,296,000 -29,440 1,356,540 596,920 17,831 -100,057,188 1,450 -29,800 5,160 8,407,337.00 -3,322,020 -156,187,003 10,740 -40,970 -14,770 6,640 56,670 -1,495,110 -14,580 6,000 95,000

HOLDING & FRIMS

ABACORE CAPITAL AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL ANSCOR ANGLO PHIL HLDG ATN HLDG A COSCO CAPITAL DMCI HLDG FILINVEST DEV GT CAPITAL HOUSE OF INV JG SUMMIT LOPEZ HLDG LT GROUP MABUHAY HLDG PRIME MEDIA SOLID GROUP SM INVESTMENTS SAN MIGUEL CORP TOP FRONTIER

33.6 144.3 6.56 110.6 31.6 8.7 56.9 8.75 14.16 18.6 55.75 22.4 71 44.7 1.06 2.49 2.68 0.45 0.405 188 2,550

1.06 679 48.5 11.34 11.8 0.4 0.38 5 10.7 5.5 665 3.37 38.3 4.3 9.48 0.127 2.62 0.97 900 108 97.05

34.8 145 6.8 112 31.65 8.75 57.15 8.8 17.74 18.64 55.8 22.95 71.2 44.75 1.1 2.5 2.7 0.49 0.46 189 2,600

1.07 680 48.7 11.36 11.98 0.43 0.385 5.02 10.74 5.59 665.5 3.85 38.45 4.38 9.5 0.144 2.64 0.98 915 108.9 99

33.6 143.4 6.8 110.6 31.55 8.74 56.5 8.75 17.88 18.82 55.75 22.2 72 44.9 1.18 2.51 2.7 0.455 0.42 189 2,550

1.09 661 48 11.4 12 0.4 0.38 5.03 10.7 5.5 656 3.75 39 4.38 9.5 0.127 2.65 0.97 923.5 108 96.15

33.6 146.4 6.8 114.4 31.6 8.81 57.35 8.75 17.88 18.82 55.75 23 72 45 1.18 2.51 2.74 0.455 0.42 190 2,550

1.1 683.5 48.85 11.4 12 0.4 0.38 5.03 10.76 5.59 667.5 3.97 39.55 4.38 9.55 0.127 2.7 0.98 935 110 96.15

33.6 142.6 6.5 110.6 31.5 8.74 56.2 8.75 17.88 18.6 55.75 22.2 71 44.4 1.07 2.49 2.69 0.455 0.42 189 2,550

1.05 661 48 11.28 11.7 0.4 0.38 5 10.68 5.5 656 3.75 38.3 4.38 9.45 0.127 2.62 0.97 900 107.5 96.15

33.6 145 6.7 110.6 31.6 8.75 57.1 8.75 17.88 18.64 55.75 22.95 71 44.7 1.1 2.5 2.7 0.455 0.42 189 2,550

1.07 679 48.5 11.34 12 0.4 0.38 5.02 10.74 5.59 665.5 3.85 38.3 4.38 9.5 0.127 2.62 0.98 900 108 96.15

2,500 4,255,240 17,400 2,109,130 77,400 29,300 1,432,180 2,000 100 130,700 1,340 3,100 293,560 206,700 673,000 102,000 59,000 20,000 10,000 120 290

1,596,000 389,530 2,092,000 3,261,700 3,700 10,000 420,000 412,400 5,006,000 12,900 247,430 70,000 2,303,000 2,000 2,442,000 10,000 47,000 41,000 751,960 145,810 2,720

1,697,220 264,440,035 101,349,955 36,995,186 44,040 4,000 159,600 2,065,879 53,675,096 71,004 164,472,825 274,620 89,601,280 8,760 23,210,183 1,270 123,390 39,780 688,113,775 15,783,410 261,528

PROPERTY ARTHALAND CORP 0.42 0.45 0.45 0.45 0.45 0.45 500,000 225,000 5.05 5.5 5.5 5.5 5.5 5.5 9,000 49,500 ANCHOR LAND AYALA LAND 34 34.1 33 34.15 32.95 34.1 14,421,500 489,724,815 1.71 1.74 1.73 1.73 1.7 1.71 260,000 445,210 AYALA LAND LOG ALTUS PROP 8.91 9.1 8.91 8.91 8.91 8.91 10,500 93,555 1.13 1.15 1.18 1.2 1.13 1.15 4,131,000 4,815,680 ARANETA PROP 32.55 32.6 32.8 32.8 32.45 32.55 1,115,700 36,385,800 AREIT RT A BROWN 0.64 0.65 0.64 0.67 0.64 0.64 279,000 180,660 0.69 0.71 0.71 0.71 0.71 0.71 3,000 2,130 CITYLAND DEVT 2.63 2.64 2.62 2.64 2.62 2.64 37,000 97,440 CEB LANDMASTERS CENTURY PROP 0.265 0.275 0.275 0.275 0.265 0.275 1,620,000 432,600 2.66 2.67 2.66 2.68 2.66 2.66 1,751,000 4,667,970 CITICORE RT DOUBLEDRAGON 7.7 7.8 7.8 7.9 7.7 7.8 27,900 218,990 1.21 1.23 1.23 1.23 1.21 1.23 833,000 1,014,880 DDMP RT 5.7 5.8 5.9 5.9 5.8 5.8 17,300 101,140 DM WENCESLAO EMPIRE EAST 0.126 0.128 0.129 0.129 0.127 0.127 920,000 117,140 0.27 0.29 0.285 0.29 0.285 0.29 240,000 68,450 EVER GOTESCO FILINVEST RT 3.1 3.11 3.11 3.13 3.1 3.11 1,079,000 3,352,080 FILINVEST LAND 0.68 0.69 0.69 0.69 0.68 0.69 945,000 644,800 0.82 0.84 0.84 0.84 0.82 0.82 12,000 9,860 GLOBAL ESTATE 8990 HLDG 8.75 8.9 8.94 8.94 8.94 8.94 100 894 867 890 879.5 890 879.5 890 800 705,325 GOLDEN MV PHIL INFRADEV 0.49 0.5 0.5 0.51 0.49 0.5 112,000 55,290 CITY AND LAND 0.77 0.78 0.79 0.79 0.78 0.78 97,000 75,770 1.96 1.97 1.97 1.98 1.96 1.96 7,551,000 14,839,970 MEGAWORLD MRC ALLIED 1.32 1.33 1.3 1.35 1.3 1.33 285,000 377,270 13.74 13.8 13.74 13.8 13.74 13.8 164,100 2,262,460 MREIT RT 1.53 1.54 1.53 1.55 1.53 1.54 148,000 226,600 PREMIERE RT RL COMM RT 5.35 5.39 5.29 5.39 5.29 5.39 437,300 2,351,699 16 16.04 15.9 16.1 15.9 16 4,261,300 68,204,084 ROBINSONS LAND ROCKWELL 1.38 1.44 1.44 1.44 1.44 1.44 1,000 1,440 SHANG PROP 3.94 3.95 3.91 3.95 3.9 3.95 89,000 348,830 3.4 3.48 3.49 3.5 3.49 3.5 16,000 55,900 STA LUCIA LAND SM PRIME HLDG 34.25 34.4 33.8 34.8 33.75 34.25 14,840,000 510,584,185 0.82 0.85 0.82 0.85 0.81 0.85 109,000 88,950 SUNTRUST RESORT VISTA LAND 1.76 1.77 1.75 1.78 1.75 1.76 880,000 1,551,210 VISTAREIT RT 1.72 1.73 1.74 1.74 1.73 1.73 237,000 410,570 SERVICES ABS CBN 4.55 4.59 4.7 4.7 4.5 4.5 423,000 1,925,820 8.88 8.9 8.9 8.9 8.88 8.9 106,800 950,163 GMA NETWORK GLOBE TELECOM 1,730 1,738 1,728 1,739 1,713 1,738 30,415 52,765,070 1,272 1,280 1,280 1,288 1,272 1,272 49,975 63,817,045 PLDT APOLLO GLOBAL 0.013 0.014 0.013 0.014 0.012 0.014 92,700,000 1,202,100 9.25 9.27 9.25 9.35 9.13 9.27 3,562,600 33,091,178 CONVERGE 2.99 3.06 3 3 2.99 2.99 35,000 104,670 DFNN INC DITO CME HLDG 2.39 2.46 2.39 2.46 2.37 2.46 2,027,000 4,888,630 0.75 1.11 0.75 0.75 0.75 0.75 10,000 7,500 JACKSTONES 1.12 1.13 1.12 1.15 1.12 1.12 283,000 319,700 NOW CORP TRANSPACIFIC BR 0.128 0.13 0.126 0.13 0.122 0.13 3,590,000 451,600 16.52 16.94 16.94 16.98 16.94 16.98 9,000 152,704 ASIAN TERMINALS CHELSEA 1.47 1.5 1.47 1.5 1.46 1.5 173,000 254,470 32.7 32.8 33 33.2 32.65 32.7 245,600 8,073,735 CEBU AIR 243 244 240.8 244.8 240.4 243 4,066,900 988,632,368 INTL CONTAINER MACROASIA 3.94 3.95 3.94 3.97 3.92 3.95 172,000 678,880 0.435 0.44 0.44 0.44 0.44 0.44 110,000 48,400 METROALLIANCE A ACESITE HOTEL 1.81 1.86 1.82 1.86 1.8 1.86 61,000 110,540 0.06 0.062 0.06 0.063 0.06 0.063 250,000 15,060 BOULEVARD HLDG 0.4 0.42 0.41 0.41 0.4 0.4 460,000 184,500 WATERFRONT CENTRO ESCOLAR 8.45 8.74 8.74 8.74 8.73 8.73 15,800 138,048 566.5 570 566 570 566 570 200 113,920 FAR EASTERN U STI HLDG 0.54 0.55 0.54 0.56 0.54 0.54 742,000 405,510 BELLE CORP 1.15 1.18 1.18 1.18 1.15 1.18 158,000 181,760 11 11.18 10.74 11.18 10.7 11.18 6,548,100 72,649,178 BLOOMBERRY PACIFIC ONLINE 4.25 4.29 4.38 4.48 4.2 4.29 568,000 2,450,210 0.83 0.85 0.83 0.85 0.83 0.83 331,000 274,850 PH RESORTS GRP 0.69 0.7 0.71 0.71 0.69 0.7 7,437,000 5,204,660 PREMIUM LEISURE DIGIPLUS 8.08 8.09 8 8.15 7.95 8.08 30,579,400 244,725,393 4.86 6.7 6.7 7 6.7 7 1,100 7,400 PHIL RACING PHILWEB 1.78 1.81 1.82 1.83 1.75 1.78 264,000 469,070 0.155 0.156 0.156 0.157 0.155 0.156 4,600,000 714,930 ALLDAY 7.45 7.84 7.84 7.84 7.84 7.84 200 1,568 BERJAYA ALLHOME 1.12 1.14 1.13 1.15 1.12 1.14 792,000 895,090 1.29 1.3 1.3 1.3 1.3 1.3 6,000 7,800 METRO RETAIL PUREGOLD 27.8 27.85 28.4 28.45 27.75 27.8 2,162,800 60,714,990 ROBINSONS RTL 35.25 35.6 36.95 36.95 35.25 35.25 1,013,300 36,172,690 77 79.9 79.9 79.9 79.9 79.9 190 15,181 PHIL SEVEN CORP SSI GROUP 2.65 2.68 2.65 2.69 2.64 2.65 230,000 608,800 21.75 21.9 21.95 22 21.65 21.9 1,799,800 39,255,405 WILCON DEPOT 0.31 0.33 0.31 0.33 0.305 0.33 2,580,000 809,650 MEDILINES PRMIERE HORIZON 0.163 0.164 0.164 0.165 0.161 0.164 1,660,000 271,890 MINING & OIL APEX MINING 2.88 2.9 2.91 2.95 2.88 2.9 2,193,000 6,401,340 ATLAS MINING 3.35 3.47 3.38 3.5 3.35 3.35 286,000 966,710 4.56 4.58 4.6 4.68 4.57 4.68 284,000 1,304,550 BENGUET A COAL ASIA HLDG 0.135 0.157 0.135 0.135 0.135 0.135 40,000 5,400 3.06 3.2 3.05 3.2 3.05 3.2 10,000 30,950 CENTURY PEAK 1.99 2.02 2.05 2.05 2.03 2.03 15,000 30,510 FERRONICKEL GEOGRACE 0.037 0.039 0.037 0.037 0.037 0.037 200,000 7,400 0.073 0.075 0.072 0.076 0.072 0.076 60,000 4,520 LEPANTO A 0.074 0.075 0.074 0.075 0.074 0.074 3,850,000 285,900 LEPANTO B MANILA MINING A 0.0044 0.0046 0.0044 0.0044 0.0044 0.0044 9,000,000 39,600 0.81 0.84 0.86 0.86 0.81 0.84 797,000 656,190 MARCVENTURES NICKEL ASIA 4.83 4.84 4.83 4.87 4.78 4.84 1,052,000 5,089,570 0.64 0.65 0.68 0.68 0.64 0.65 64,000 41,790 ORNTL PENINSULA 3.1 3.11 3.07 3.14 3.07 3.11 745,000 2,311,910 PX MINING UNITED PARAGON 0.0039 0.0044 0.0043 0.0044 0.0043 0.0044 2,000,000 8,700 4.8 5.15 5.19 5.19 4.8 5.18 8,200 39,437 ENEX ENERGY ORNTL PETROL A 0.0079 0.008 0.0079 0.0079 0.0079 0.0079 2,000,000 15,800 3.73 3.79 3.76 3.76 3.73 3.76 31,000 116,410 PXP ENERGY PREFFERED AC PREF AR 2,488 2,506 2,486 2,490 2,486 2,490 45 111,970 495 498 495 495 495 495 550 272,250 AC PREF B2R BRN PREF A 97 97.4 97 97.4 97 97.4 3,100 300,820 34 34.9 34 34 34 34 400 13,600 CEB PREF DD PREF 94.6 94.95 95 95 94.8 94.95 13,640 1,294,464 96.6 98 96.5 98 96.5 96.6 600 57,924 EEI PREF B 960 999.5 960 960 960 960 580 556,800 JFC PREF A JFC PREF B 925 946 925 925 925 925 4,730 4,375,250 93.3 93.5 93.5 93.5 93.5 93.5 670 62,645 MWIDE PREF 4 100.5 100.9 100.5 100.5 100.5 100.5 3,900 391,950 MWIDE PREF 5 PNX PREF 3B 28 34.95 35 35.95 35 35.55 600 21,150 215 229 220 230 218 230 160 35,030 PNX PREF 4 PCOR PREF 3A 980.5 994.5 990 990 980.5 980.5 3,000 2,956,905 996 999 997 999 997 999 290 289,530 PCOR PREF 3B 72.45 72.8 72.4 72.8 72.4 72.8 910 65,928 SMC PREF 2F SMC PREF 2I 70.6 72.45 70.5 72.45 70.4 70.6 25,350 1,798,974 70.15 71 71 71 71 71 13,340 947,140 SMC PREF 2J SMC PREF 2K 70.55 71 70.65 71 70.65 71 320,540 22,758,165 78 78.5 78 78 78 78 140 10,920 SMC PREF 2L 77.9 78.1 78 78.1 78 78.1 2,310 180,251 SMC PREF 2N SMC PREF 2O 78.85 79.6 79.6 79.6 79.6 79.6 5,650 449,740 48 48.5 48.5 48.5 48.5 48.5 2,500 121,250 TECH PREF B2D

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 4.4 4.5 4.5 4.5 4.5 4.5 2,000 9,000 8.51 8.9 8.88 8.95 8.88 8.95 11,100 98,949 GMA HLDG PDR WARRANTS

TECH WARRANT

0.265

0.28

168,080 58,487,365 -18,130,890 -20,758,184 166,718 -9,815,342 81,512,710 -27,860,985 -8,760 -4,206,015 -28,664,535 -4,030,091 -4,500 96,446,640 -60,000 -4,182,100.00 39,040 -1,530,270 3,900 -81,180 247,870 108,500.00 -264,000 1,000 -1,724,340 1,022,260 -739,732 -7,419,680 -1,440 79,000 157,266,360.00 -253,320 30,393,200 -30,116,845 -9,084,541 6,000 1,559,000 152,704 -1,176,000 5,078,496 -90,900 -138,048 -60,250 18,254,784 -4,900.00 -464,614 9,360 -65,110 -19,167,160 -19,955,040 -60,700 -1,176,435 16,100 419,110 21,350 -4,060.00 2,460 5,190 311,000 -29,220 -180,251 53,591 -

SMALL, MEDIUM & EMERGING

0.425 0.425 0.425 0.425 20,000 8,500 0.73 0.75 0.73 0.75 33,000 24,110 0.99 1 0.99 1 360,000 357,590 0.67 0.67 0.62 0.64 65,000 41,390 1.58 1.58 1.58 1.58 6,000 9,480 1 1.02 1 1.01 869,000 877,780 33,230 0.26 0.26 0.25 0.25 350,000 88,800 -

EXHANGE TRADE FUNDS

104.7 106.2 104.7 105.7 33,340 3,520,328 74,946

BALAI FRUITAS CTS GLOBAL HAUS TALK ITALPINAS KEPWEALTH MERRYMART XURPAS

FIRST METRO ETF

0.41 0.73 0.98 0.63 1.53 1 0.246 105.5

0.42 0.75 1 0.66 1.58 1.01 0.25

105.7

www.news.businessmirror@gmail.com

Banking&Finance

DOF to tackle inflation, boost private spending By Reine Juvierre S. Alberto

HE Department of Finance (DOF) is looking to reduce the emerging inflation in the country to boost private spending in its bid to drive economic growth. Finance Secretary Ralph G. Recto said the government will continue to push forward strategies such as reducing high prices of goods to ensure economic growth and for the Philippines to remain “on track” with its medium- to long-term goals. “Ensuring that prices of goods remain stable and affordable is crucial to further grow the economy, consequently enabling us to boost revenue collection,” Recto was quoted in a statement that the DOF issued last Wednesday. He pointed to an initiative called “Reduce Emerging Inflation Now,” or “Rein,” which, Recto added, is the Finance department’s “first order of business,” aimed at lowering food and non-food products. According to the statement, the Inter-Agency Committee on Inflation and Market Outlook (IAC-IMO), which is co-chaired by the Secretaries of Finance and the National Economic and Development Authority (NEDA), will gather on February 16, to discuss and coordinate efforts on the implementation of direct measures in curbing inflation. Meanwhile, Recto noted he is targeting to achieve his goal in 2024 of reaching P4.3 trillion in revenue collection. According to the DOF, this could be achieved by making tax administration more effective and by pushing for the passage of the DOF’s refined priority tax measures, which will promote fiscal sustainability without impeding economic growth and aggravating inflation. “Increasing revenues will mean reducing the deficit and our dependence

on debt. We will grow the economy by boosting investments. This will broaden the tax base and improve tax collections,” the Finance chief said. Recto said he would act “swiftly” on investments through the timely and efficient implementation of the Corporate Recovery and Tax Incentives for Enterprises law; amendments to the Public Service Act, the Retail Trade Liberalization Act and the Foreign Investments Act (FIA); and, the revised implementing rules and regulations (IRR) of the Renewable Energy Act. He added that to attract more investments and further improve the employment conditions in the country, the Philippines will make use of the vote of confidence of multilateral organizations and credit rating agencies, the macroeconomic fundamentals, and fiscal policies. “The decelerating inflation, robust and young labor market, implementation of creative reforms to boost revenue collections, improvements in the ease of doing business, sound external conditions, and strong financial sector should prepare the red carpet for the influx of new investments and business that will provide highquality jobs and increase household income to protect the purchasing power of every Filipino,” Recto said. In addition, the DOF said the government will execute its budget for 2024 by ensuring that projects are implemented on schedule in order to prevent government underspending and maintain its commitment to delivering highyielding projects. Accompanying this goal, the DOF added, is “through partnering with local government units and improved governance, specifically on regulatory quality, voice and accountability, and control of corruption.”

Drugs for mental illness in list of VAT exemption

EVERAL medicines for cancer, diabetes, hypertension, kidney disease, mental illness and tuberculosis are now exempted from value-added tax (VAT), according to the Bureau of Internal Revenue (BIR). The Bureau issued on Wednesday the Revenue Memorandum Circular 17-2024 adding 16 medicines for various diseases to the list of medications exempted from the 12 percent VAT. “Updating the list of VAT-exempt medicines is part of Taxpayer Service. We will update taxpayers as soon as possible of exemptions given to them by existing laws,” said Commissioner Romeo D. Lumagui, Jr. in a statement. Republic Act (RA) 11534 or the “Corporate Recovery and Tax Incentives for Enterprises (Create) Act” provides VAT exemption to certain health products and medical devices where the Food and Drug Administration is directed to identify the products and transmit the list to the BIR. The circular is also pursuant to RA 10963 or the “Tax Reform for Acceleration and Inclusion” law. According to the circular, medications for cancer such as Panitumumab and Fulvestrant were added to the VAT-exempt list. Diabetes medicines that were also VAT-exempt are Teneligliptin (as hydrobromide hydrate), Sitagliptin (as

phosphate monohydrate) + Metformin Hydrochloride, Sitagliptin, and Metformin Hydrochloride. Meanwhile, high cholesterol medications Atorvastatin Calcium and Atorvastatin + Fenofibrate were also included in the list. Hypertension drugs such as Clonidine hydrochloride and Lisinopril (as dehydrate) were also added. Medications for kidney diseases include Mannitol, Tolvaptan, and Alpha Ketoanalogues + Essential Amino Acids to the VAT-exempt list. Desvenlafaxine (as succinate monohydrate), a medication for mental illness, and tuberculosis drugs such as Bedaquiline (as Fumarate) and Isoniazid + Pyridoxine Hydrochloride were also exempted from VAT. Macitentan film-coated tablets, a drug used to treat pulmonary arterial hypertension, were removed by the BIR from the list of VAT-exempt medications as per the recommendation of the Department of Health. The circular applies to the sale or importation of drugs prescribed for cancer, mental illness, tuberculosis, and kidney diseases by manufacturers, distributors, wholesalers and retailers. The drugs shall be exempt from VAT pursuant to RA 8424 or the “National Internal Revenue Code” as amended by the Create law, since January 2019. Reine Juvierre S. Alberto

BusinessMirror

Editor: Dennis D. Estopace • Thursday, February 1, 2024

Inflation settles within govt target in Jan; BSP still wary

By Cai U. Ordinario

@caiordinario

HEAPER vegetables and sugar may have led to an inflation rate in January that is well within the government’s targets, according to the Bangko Sentral ng Pilipinas (BSP). In its month-ahead inflation forecast, BSP said inflation could settle at 2.8 percent to 3.6 percent. BSP Governor Eli M. Remolona Jr. earlier told reporters inflation in January is expected to be slower due to base effects. It may be noted that in 2023, inflation in January was at 8.7 percent, the highest in 15 years or since November 2008 when inflation clocked in at 9.1 percent (https:// businessmirror.com.ph/2023/02/07/ inflation-surges-to-8-7-in-jan-highestsince-nov-2008-psa/). “Lower prices of vegetables and sugar could contribute to downward price pressures. Going forward, the

BSP will continue to monitor developments affecting the outlook for inflation and growth in line with its data-dependent approach to monetary policy decision-making,” BSP said. However, the BSP said there are risks that could raise inflation. These include higher prices of certain agricultural items such as rice, meat, fruits and fish. Data from the Philippine Statistics Authority (PSA) showed the average food inflation rate was 8 percent in 2023, higher than the recorded annual average food inflation rate of 6.1 percent in 2022. It averaged 5.5 percent in December 2023.

Rice prices were also elevated and posted an increase of 19.6 percent in December 2023. Other commodities such as “meat and other parts of slaughtered land animals” saw an inflation of 0.2 percent in December 2023. Prices of fruits and nuts were also higher by double digits (12.2 percent) while fish and other seafood posted an inflation of 4.8 percent. All these commodity groups saw increases on a monthly basis. “(Upside risks include) increased petroleum prices, electricity and water rates, annual adjustment in sin taxes and the depreciation of the peso are the primary sources of upward price pressures for the month,” BSP said.

Non-monetary measures

EARLIER, in an open letter to President Ferdinand R. Marcos Jr., Remolona stressed the importance of non-monetary measures to address inflation this year. He said the BSP’s risk-adjusted forecasts indicated that inflation may settle above the target at 4.2 percent in 2024 before slowing to about 3.4 percent in 2025. However, risks remain skewed to

the upside this year and next year. These upside risks include higher transport charges, increased electricity rates and higher oil and domestic food prices. Investments in agriculture and infrastructure are potent non-monetary measures that can help bring down inflation, according to Monetary Board members. Monetary Board Member Bruce J. Tolentino told the BusinessMirror on Monday that efforts to boost spending for agriculture, infrastructure, power, trade and government operation will greatly contribute to bringing down inflation. Based on the Consumer Price Index (CPI) for All Income Households, these have a significant impact on inflation. Food has the highest weight of 34.78 percent while the housing, water, electricity, gas and other fuels segment has a weight of 21.379 percent. Investments “in crucial sectors such as infrastructure and agriculture” are lacking, Tolentino told this newspaper. It is, he stressed, “crucial to ensure that the expenditures are those that truly increase productivity.”

Govt chief economist eyes taxes on idle assets, pollution

AX administration won’t cut it. So said the government’s chief economist who mused that taxes on idle assets and pollution should be explored to raise additional revenues, which are needed for productivity-enhancing measures. In a briefing last Wednesday, Socioeconomic Planning Secretary Arsenio M. Balisacan said the latter are just among the measures being implemented by “more mature economies” that allow them to improve government services and grow their economies. Balisacan said that while better tax administration is necessary for the Philippines and can help shore up muchneeded revenues, it may not be enough to address the country’s financial requirements. “If you ask for more services, more infrastructure, more health services, hospitals, education, more ayuda, we need to raise revenues. One way of course is improving the administration of taxes but [this] can only go so far,” Balisacan said. Introducing new taxes, Balisacan stressed, should be progressive such

that those who can afford to pay taxes should do so. He stressed that poor Filipinos should not be “overburdened” by these new revenue measures.

Ledac discussions

THESE proposals, Balisacan said, are among those being discussed in the Legislative Executive Development Advisory Council (Ledac), which is composed of the House and Executive leadership. “Taxing idle assets or idle property, or those assets or goods that are pollutants, so there are many, many measures or forms of taxes that can be implemented and are used prominently in many more mature economies that we can also deploy,” Balisacan stressed. These new measures can also help boost government spending. Based on data from the Philippine Statistics Authority, “Government Final Consumption Expenditure” contracted 1.8 percent in the fourth quarter and was flat at 0.4 percent in 2023. Balisacan said to prevent this from being repeated this year is to “improve the coordination among planning, budgeting and implementation segments

of the government cycle and across agencies.” However, he said, the availability of government resources depends on the ability of the national government to generate revenues. “I think that our ability to use fiscal measures to pump prime the economy depends so much also on our tax measures, our ability to generate revenues,” Balisacan said. “That’s why we also emphasize the tax administration and our efforts to work with Congress toward coming up with new measures that are pro-growth and pro-inclusivity,” he added.

Hurting growth

EARLIER, local economists said there can be no doubt about the capability of efficient tax collection in raising revenues but in the Philippines, this could mean growth-hurting austerity measures and mounting debts while the government tries to make tax collection more efficient. Former National Economic and Development Authority (Neda) Secretary Dante B. Canlas told BusinessMirror

that tax collection efficiency needs to be enhanced and that can help shore up revenues. Canlas said attaining a deficit-toGDP ratio of 3 percent and a public debt-to-GDP ratio of below 60 percent by 2028 would require slower government spending. He said the Executive may also need to work with Congress on a “mediumterm budget” to improve the government’s chances of protecting its fiscal health. Ateneo de Manila University Economist Luis F. Dumlao told the BusinessMirror that improving tax efficiency can raise revenues but not trim the country’s deficit-to-GDP ratio to 3 percent. Dumlao said raising taxes too soon may be too much as households could scrimp, leading to too much austerity. De La Salle University Economist Maria Ella C. Oplas said new taxes could be an additional burden to consumers, especially amid rising inflation. Given this, Dumlao and Oplas want raising taxes postponed to the next administration in order to give consumers a reprieve. Cai U. Ordinario

Dovish rate policy seen with recast inflation target By Rizal Raoul S. Reyes @brownindio

NALYSTS from the Manulife Investment Management and Trust (MIMT) Corp. believe monetary authorities could ease key policy rates with the re-setting of inflation targets. MIMT Head of Equities Mark Canizares said the Bangko Sentral ng Pilipinas’s (BSP) target of 2 percent-4 percent inflation opens up the possibility of easing rates policy and boosting economic growth this 2024. Canizares explained that a lower inflation environment would be supportive of sustained consumer confidence. However, he warned that key risks remain with food supply shocks to

be bourne by El Niño, the geopolitical risks and overall global economic slowdown. “Lastly, we need to have a close look at the developments on artificial intelligence (AI) as it could have a significant impact on our Business Process Outsourcing (BPO) Industry,” he said. According to Canizares, MIMT believes there is a strong likelihood that inflation will fall within the BSP’s 2-percent to 4-percent target this year, especially with the high base effect in 2023. “In addition, a global economic slowdown due to the high interest rate environment could bring commodity prices lower, further easing our local inflation figures this year. Lower prices of soft commodities

such as rice, wheat, cooking oil, etc would help bring out inflation in 2024 as food items account for a large component of our consumer basket,” he said. MIMT Head of Fixed Income Jean Olivia de Castro pointed out that elevated interest rates and inflation has forced the country to reduce its 2024 growth forecast from 6.5 percent-8 percent to 6.5 percent-7.5 percent, reflecting downside risks to growth. “Should inflation continue to moderate, growth in household consumption might improve given the recent increase in minimum wage and decline in unemployment rate,” de Castro said. She said MIMT expects household and government spending to be the main drivers for growth, with growth

in household spending heavily dependent on the trend of inflation. “However, while the BSP seems to be done with tightening, Governor Eli Remolona continues to temper expectations of rate cuts and to warn about upside risks to inflation,” she said. Just like in 2023, de Castro said elevated inflation and interest rates remain as the dominant risks for growth. She noted that growth in household consumption has been declining over the past year as high inflation erodes households’ purchasing power. “Similarly, high interest rates also discouraged the private sector from borrowing, which has been dampening private investment, “ de Castro said.

BIR exempts small-scale online merchants from creditable withholding tax

HE Bureau of Internal Revenue Commissioner (BIR) announced last Wednesday that small-scale online sellers are exempted from the creditable withholding tax (CWT) under Revenue Regulation (RR) 16-2023 and Revenue Memorandum Circular (RMC) 8-2024. This is in relation to the CWT of one percent on one-half of the gross

remittances by e-marketplace operators and digital financial services providers to sellers/merchants for the goods or services sold/paid through their platform/facility, a statement by the BIR read. “The BIR is sympathetic to small businesses in its approach to taxing online sellers/merchants,” Commissioner Romeo D. Lumagui Jr. was quoted in

the statement as saying. According to the BIR, it exempts an online seller/merchant if the annual total gross remittances for the past taxable year has not exceeded P0.5 million. The exemption may also apply if the cumulative gross remittances to an online seller/merchant in a taxable year has not yet exceeded P0.5 million.

If the seller/merchant is duly exempt from or subject to a lower income tax rate pursuant to any existing law or treaty, the exemption also applies. The BIR explained that gross remittances of P0.5 million “shall consist of the total amount of remittances received by the seller/merchant for sale of goods and services from all e-marketplace operators and digital

financial services providers.” “For those who are above the threshold of P500,000 annual gross remittance, it is only fair that they will be subjected to withholding tax. We have to be fair to the retail sector and brick and mortar stores who are regularly paying their taxes. If you have a business, you have to register and pay your taxes. It doesn’t matter if

it’s an actual store or an online store. It is your responsibility to pay taxes like everyone else,” Lumagui said. RR 16-2023 and RMC 8-2024 are the regulations issued by the BIR that explain the withholding tax of online sellers. It covers the definitions, taxations, and the obligations of online sellers and online platforms as regard this withholding tax system.

Health&Fitness BusinessMirror

B4 Thursday, February 1, 2024

Editor: Anne Ruth Dela Cruz

rehab St. Luke’s Medical Center acquires latest, Cardiac is key to heart disease recovery state-of-the-art robotic surgery system By Anne Ruth Dela Cruz

fter six years of waiting, the eagle has finally landed in St. Luke’s Medical Center Global City. If everything goes as planned, another eagle is set to land in St. Luke’s Medical Center Quezon City very soon. The eagle being referred to is the da Vinci XI robotic surgical system, making St. Luke’s Medical Center the first in the country to acquire the latest robotic surgical system. This cutting-edge technology reaffirms the institution’s commitment to delivering exceptional medical services and solidifies its position as a leader in the healthcare industry. At the launch of the da Vinci XI, Dr. Dennis Serrano last January 29, 2024, President and CEO of St. Luke’s Medical Center, recalled that when St. Luke’s decided to buy the first robot, the da Vinci SI, back in 2010, there was no precondition of a return on investment (ROI) because “it was an investment in science, an investment in the care of patients.” “It was also a testament of the dedication of St. Luke’s to push cutting edge technology. We are the first hospital to recover our investment and now we are the first hospital to get the XI,” Dr. Serrano said. More importantly, Dr. Serrano said St. Luke’s has the best outcomes in robotic surgery, adding that it will

be the patients who will benefit from all of this. “As leaders in our field, the only way that we can advance is to push everything forward so that we can attain greater achievements,” he said.

Pre-pandemic decision According to Dr. Serrano, the hospital decided back in 2019 to purchase a new robot. However, the pandemic happened and the supplier was having difficulty meeting the demand for the robotic surgery platform when the situation started to normalize. “It was really a matter of availability. The entire world was getting the new machine and they could only produce so much and the demand in the Asia Pacific Region was the last to be addressed. So finally, after a long wait, it’s here,” he said. Dr. Ser ra no a l so a n nou nced that St. Luke’s had already made a downpayment on a second da Vinci XI which will be placed in St. Luke’s Quezon City. The move is meant to align both hospitals and bring the level of care in both hospitals to the same level. “St. Luke’s Quezon City is currently undergoing a big redevelopment. We are expecting the robot to arrive in March. The program is existing in this hospital and the expertise is there. A robot in Quezon City will mean that the patients who

need to undergo robotic surgery will no longer need to be transported to Global City,” he explained.

Features and benefits THE da Vinci XI robotic surgical system represents a remarkable leap forward in surgical precision and minimally invasive procedures. This state-of-the-art platform allows surgeons to perform complex operations with enhanced precision and control, ultimately leading to improved patient outcomes.

The system has the following key features and benefits:

Enhanced visualization. The system offers 3D high-definition visualization, providing surgeons with a crystal-clear view of the surgical site. This heightened visibility allows for precise maneuvering and greater accuracy during procedures. Minimally invasive approach. The robotic-assistant system facilitates smaller incisions, resulting in reduced scarring, less blood loss, and shorter recovery times for patients. It also minimizes trauma to surrounding tissues, leading to a faster return to normal activities. Expanded surgical capabilities. With its versatile design, the da Vinci XI offers a wide range of applications across various surgical specialties allows St. Luke’s to provide comprehensive care for a diverse set of

patient needs. Dr. Hermogenes Monroy, Head of St. Luke’s Institute of Surgery, said the da Vinci XI has been described by institutions abroad as a “game changer” as more patient procedures can be done faster and easier. Some of the general surgery procedures that can be performed through robotic surgery include rectal surgery, colorectal surgery, procedures from the upper gastrointestincal tract and hernia. “For the doctors it is really a matter of us being able to do complex surgeries in less time that will eventually translate to lower cost. That’s because part of the cost here is the cost of anesthetics. The longer we do our surgeries, the higher the cost involved,” he said. “The hidden advantage here is that the patient can go back to work earlier. There is a hidden cost that we cannot compute for our patients. If we are able send them back to work in two weeks’ time, the one and a half months the patient can save for their families is a huge advantage for them,” he added.

Many advantages DR. Marie Cruz-Jaiver, an Obstetrics-Gynecologist, related that she has “seen the advantages of doing robotic surgery for gynecological procedures.” “I see the difference in terms of

20th National Dental Health Month: Commemorating decades of putting healthy, bright smiles on Pinoys By Roderick L. Abad Contributor

ARKING the continued success of the combined efforts of the national government, dental communities and stakeholders in promoting good oral health in the country, Filipinos now have more reasons to smile as the entire nation observes the 20th National Dental Health Month (NDHM) this February with the theme “Celebrating Decades of Healthy Smiles.” NDHM started in 1951 as a National Dental Health Week. It became a month-long celebration under the Presidential Proclamation No. 559 series of 2004, giving much emphasis and attention to the importance of oral health. “This occasion not only marks a significant milestone since the Presidential Proclamation No. 559 in 2004, but also underscores the pivotal role that oral health plays in the overall well-being of our nation,” Department of Health (DOH) Secretary Dr. Teodoro J. Herbosa said in his recorded speech televised during their kick-off event held at the Mall of Asia Music Hall in Pasay City last January 28, 2024. “The NDHM Bente celebration also serves as a testament of our shared commitment in promoting good oral health practices and creating a nation with healthy smiles,” NDHM Bente Chairman Dr. Alvin M. Laxamana added.

By the numbers THE two most common oral health diseases in the Philippines are dental caries (tooth decay) and periodontal diseases (gum diseases). Based on the initial results of DOH’s 2018 National Survey on Oral Health, 73 percent of Filipinos suffer from dental caries, of which 83 percent come from the age of five to 12; as 43 percent of the population have gum diseases. Such figures for tooth decay and periodontal diseases, however, have gone down to 24 percent and 26 percent, respectively, compared to 2014. “These reflect not only the journey we have traveled for 20 years, but also the lasting impact we have made on the oral health of our fellow Filipinos,” Laxamana noted. “While it’s encouraging to see a reduction of dental disease prevalence, it is important to acknowledge that there is room for improvement.” One of the things to work on in so far as improving public oral health is concerned is the challenge that extends beyond affliction since accessibility to dental services remain an obstacle for four out of 10 Filipinos who do not have access to dental care, according to the DOH chief. “Oral diseases not only affect the quality of life, but also contribute to other health concerns. A healthy smile is not just an aesthetic consideration. It is a fundamental aspect of

overall health and well-being,” he explained.

Shared responsibilities BRINGING a healthy, beautiful smile on the face of every Filipino is everybody’s business. Recognizing the urgency of tackling oral health issues, the DOH, being the state’s arm that is responsible for ensuring access to basic public health services by all Filipinos, has implemented strategies to address this problem in the pursuit of Universal Health Care through the health sector’s 8-Point Action Agenda. “The oral health program is integrated in the general health services at all levels of care. The main direction of the program is towards improving access to dental treatment and preventive services, promoting oral health awareness, addressing the root causes of oral health problems in order to bridge the gaps, and making oral health becomes a reality for all,” Herbosa said. For its part, the Philippine Dental Association’s (PDA) Milyong Sipilyo, Angat Ngiting Pilipino program, which started in 1987, aims to collect a million toothbrushes to distribute in all public schools nationwide. Given this, each of the 120 chapters of this nonstock, nonprofit organization all over the country needs to raise at least 10,000 toothbrushes to fulfill their mission.

To help realize this project, Colgate Palmolive Philippines Inc. signed with the PDA during the launch of NDHM Bente a Memorandum of Agreement for their partnership to this initiative. “We are very lucky to have a lifetime partner. For the whole program, Colgate has pledged to donate 4.7 million toothbrushes. Initially, we will [soon] distribute 1.7 million toothbrushes,” PDA President Dr. Emmanuel T. Centeno bared. This cause forms part of the Bright Smiles, Bight Futures (BSBF) program of Colgate, the leading oral care brand in the country. The BSBF has touched the lives of more than a billion of children in over 80 countries around the world. In the Philippines, it has benefitted over 40 million school children in the past 25 years. Since 1997, the program has reached over 37,000 public schools, 700 daycare centers across 390 cities and municipalities. “With the help of our partners, the PDA, Colgate’s BSBF program pledges to improve the oral health of Filipinos and work towards eliminating cavities through instilling in children effective oral care habits at a critical time when they’re forming lifelong health habits,” Colgate Palmolive Philippines Inc. Director of Marketing Oral Care Nica Marquez Whang said. “Through the BSBF, children learn how to properly brush their teeth twice a day with

Financial health means better health, greater dividends By Rory Visco Contributor

N a learning session on financial literacy conducted by the Bangko Sentral ng Pilipinas–Economic and Financial Learning Office (BSP-EFLO) in Northern Mindanao last year so that people may understand and appreciate the value of financial health, Atty. Clarence Joseph Zosa said financial planning is for financial health. “If we need to take care of our physical health so we don’t get sick, we also need to take care of our financial health. Because if you plan your finances wisely, you will know where your money will go and how much you will spend. So, there will be no overspending,” he said. He also emphasized the value of saving so that they are prepared for any eventualities in life or unexpected events like calamities brought about by natural disasters, sickness,

accidents, health epidemics such as Covid-19, and more importantly, death. In this regard, people can also invest in financial instruments that would allow them to prepare for any of life’s many consequences, particularly for health and other future needs. One such instrument is through pre-need plans.

The need to prepare PRE-need plans that are offered by pre-need companies are meant to address specific financial needs such as coming up with a retirement fund, educational plans to get a child’s education needs on track, cash benefits upon an individual’s death, mortuary needs, fund to cover hospitalization expenses, and many more. Based on Insurance Commission data, the number of pre-need plans sold during the first six months of 2023 amounted to 419,044, or a 27.66-percent spike from the

same period in 2022. This may mean that many more Filipinos are becoming more aware of the need to invest and save for future needs. However, the majority, or about 99.89 percent, of the pre-need plans sold during the first six years of 2023 were memorial plans, 429 were pension plans and education plans with 10.

Greater dividends FOR Ronald Bautista, Chief Sales and Marketing Officer of pre-need solutions provider PhilPlans, his advice to Filipinos is to be healthy and remain healthy for it will reap greater dividends for them. “It’s already a cliché that ‘health is wealth.’ But we also need to remember that by being and keeping ourselves healthy, it will mean more benefits to us,” Bautista said the during the recent launch of its new slogan for this year, “Tomorrow Starts Today,” an en-

hancement of the company’s previous mantra “Think Ahead” that has served the brand for many years, which also invites the public to act for a better tomorrow without delay. The launch also served as the venue where PhilPlans announced aggressive marketing efforts ahead of its celebration of its 35th anniversary on April 19, 2024, among which are the launch of a customer portal on the second quarter of this year for better real-time plan management, convenience in providing updates, and achieve a level of control to meet the demands of today’s digital-savvy consumer.

Generate awareness BAUTISTA also said that part of the company’s initiatives is to generate more awareness about the importance of pre-need planning or more importantly, preparing for the future especially health concerns, and not to treat investing in pre-need plans as nothing

ease of surgery, ease of dissection, preciseness specially with myomectomy [surgery to remove uterine fibroids] which is very cumbersome. We can see the advantage of using robotic surgery on patients with higher BMI [Body Mass Index] and that was using the old robot. We are excited to do multiple procedures during one procedure, the ease of moving and excising. We are looking forward to shorter recovery period,” she said. For their part, Dr. Josefino Castillo, Head of the Institute of Urology, said robotic surgery is the gold standard when it comes to prostatectomies. “The robotic surgery platform has revolutionized the management of prostate cancer. We have already performed more than 2,000 radical prostatectomies. The surgeons have the expertise and we are supported by very dedicated nurses and allied staff,” Dr. Castillo said. Dr. Serrano reiterated that while St. Luke’s will be pushing for a return on investment on the da Vinci XI, the patients will always come first. “We have robotic surgery packages and we have decided that the packages will not be changed even if the machine is new. The price of the packages should be close, if not only a big higher mainly because of inflationary reasons. The pledge is that the patients will get the same surgery with the new robot,” he said.

a fluoride toothpaste like Colgate Maximum Cavity Protection, and they also get free access to dental services that would otherwise have been out of mind and our of reach. For example, proper and regular application of fluoride varnish and the regular dental checkups,” she added.

Pipelined activities FOR this month-long occasion, the PDA, alongside its partners and stakeholders, will host a series of initiatives and educational awareness about oral health. “That’s fostering growth and collaboration with dental health professionals’ community and stakeholders,” Centeno noted. “We are always ready to choose the most valuable program that will contribute to a better oral health of our community.” NDHM Bente’s calendar of events, dubbed “Isang Bisig sa Kasalusugang Pang-ngiti,” will feature a townhall meeting, focused on promoting oral health awareness across all ages in different identified regions in the country. In the execution of the recent MOA signing for PDA’s partnership with Colgate, the first leg of Isang Milyong Sipilyo toothbrushing drill will be held at the Timoteo Paez Elementary School in Pasay City on February 5. This will be followed by similar activities in Iloilo on February 26 and Davao on March 24. “We have a long way to go in instilling good oral health as among the top priorities of life. But this constant effort of our association through our chapters, affiliates, society, and integrated organizations, we will bring that much-needed focus on every Filipino,” he said. but an expense. “We need to emphasize that the community should be aware of the beauty and the wisdom of savings especially for the rainy days like in terms of our health and wellbeing. This was highlighted during the time of Covid-19, which served as an eye-opener where more people became aware that they will have to have money in the future in times that they may lose their jobs or become ill. There remains the possibility that you can lose your job, be hospitalized, and yet you have no HMO to cover expenses, and that’s a scary fact,” Bautista explained. He added that the beauty about PhilPlans’ products, especially the pension plans, is that they are flexible and serves as funding mechanisms for anything that people will need in the future, particularly those already at age 65 and up where their health situation may become vulnerable. “With our plans being flexible, people can save money that they can use for any expenses for any emergency situation in the future as long as they are able to complete

By Claudeth Mocon-Ciriaco

he Department of Health has been constantly reminding Filipinos to take care of their hearts as heart diseases remain to be the biggest threat to Filipinos’ health. According to the World Health Organization (WHO) mortality database, cardiovascular diseases (ischemic heart disease, stroke) are one of the top global causes of death. Despite these findings, hope is not lost as there is one procedure that can help Filipinos recover from or improve their health after heart disease: Cardiovascular Rehabilitation. Cardiovascular rehabilitation, or cardiac rehab, is a medicallysupervised, individually designed program that includes exercise, counseling, and education. Patients who may need cardiovascular rehabilitation include those who have recently suffered a heart attack, those with chest pain or stable angina, and those with chronic heart failure and peripheral artery disease. A chance to recover at Manila Doctors Hospital Cardiovascular Rehabilitation is one of the hospital’s most recent services to open under the Cardiovascular Center. The Preventive Cardiovascular Rehabilitation (PCARE) Unit highlights its active, collaborative method of addressing a cardiovascular patient’s needs to ensure that they recover effectively in a safe and comfortable setting. Rehab is also recommended for people who have had surgeries such as coronary artery bypass, valve replacement or repair, and those who have had procedures done like percutaneous coronary intervention and pacemaker insertion. It requires a multi-disciplinary approach in implementing each of the rehab phases. This means that a patient will receive care, information, and guidance from a team of healthcare professionals coming from different specialties. The rehab process will usually involve the patient’s attending physician and a cardiologist specializing in cardiovascular rehabilitation. Est abl ished i n 2014, t he PCARE Unit began with rehabilitation services for coronary artery disease and heart failure patients, such as those who have had procedures like coronary artery bypass graft and percutaneous coronary intervention. Its new office at the 8th floor of the Norberto Ty Medical Tower inside the MDH complex allowed the unit to expand its services and cater to patients recovering from peripheral arterial disease.

payments for five years.”

Availment of benefits THIS was particularly true during the time of Covid-19 where many people were hospitalized but fortunately, the PhilPlans planholders were able to get money to pay for their hospitalization expenses through their pension plans since many do not have health maintenance organization (HMO) packages. Bautista also reaffirmed the company’s commitment in helping Filipinos secure a better tomorrow, especially for the modern generation of Filipinos through digitalization, proactive planning, and “stepping into a future where tomorrow starts immediately.” “We don’t just sell pre-need plans. We also serve as partners in the planning for a secure and peaceful tomorrow. Our digital transformation, product innovation, and brand evolution are all fueled by this core purpose. We are excited to embark on this journey with our clients, hand-in-hand, as we build a future where tomorrow starts today,” Bautista concluded.

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Editor: Gerard S. Ramos • Thursday, February 1, 2024

Healing from child sexual abuse is often difficult but not impossible

By Maria Khan West Virginia University

involves talking through their trauma in a safe and healthy way, and learning safety skills such as healthy boundaries and assertive responses to threatening situations.

MAYOR, a karate instructor, a former cop, an award-winning journalist and a pastor. All five of these individuals in positions of authority or trust made headlines within the past year in connection with childhood sexual abuse. Beyond the headlines and whatever punishments are meted out, each heinous case is alleged to involve a child who endured unjustifiable suffering and is left with the burden of carrying the weight of this trauma. As a child clinical psychologist who regularly provides therapy for survivors of childhood sexual abuse, I can attest that traveling the uphill path to healing from such experiences is arduous—but it is possible.

ARE NORMAL LIVES POSSIBLE?

CHILD sexual abuse can have far-reaching and lifelong consequences. Children who endure sexual abuse demonstrate more difficulty understanding and managing their emotions, and experience more anxiety, depression and behavioral problems. Adults who were sexually abused as children are at greater risk for worse physical health, such as gastrointesinal, sexual health, neurological and respiratory problems, as well as chronic pain. They are also at greater risk for worse psychological health, including post-traumatic stress disorder, anxiety and depression, among other disorders. Further, they are at greater risk for substance abuse, marital problems and suicide. These things notwithstanding, many children are quite resilient. They can and do recover from such experiences, especially with abuse disclosure, caregiver support and treatment. Therapy and support from caregivers contribute greatly to healing and protection against future physical and psychological consequences. One of the core tenets of trauma-focused therapy is for an individual to regain control over their life, experiences and trauma. With the support of loved ones and specialized, professional help, children and adults who have endured child sexual abuse can be resilient and successful in all domains of life. THE CONVERSATION

HOW MANY CHILDREN ENDURE SEXUAL ABUSE?

CHILD sexual abuse is sadly a common occurrence. About 1 in 4 girls and 1 in 20 boys in the United States are subjected to child sexual abuse—maltreatment of a child involving molestation, rape, prostitution, pornography and any sexual contact without consent. According to the most recent federal data, approximately 60,000 children were confirmed victims of sexual abuse in 2021. However, true rates of child sexual abuse are unknown, as only 10 percent of cases are reported to law enforcement. An estimated 60 percent to 70 percent of adults who were sexually abused as children kept it a secret throughout their childhood.

WHO ARE THE PERPETRATORS?

THE majority of child sexual abuse perpetrators—93 percent—are someone the child knows. Thirty-four percent of perpetrators are family members, and only 7 percent are strangers. Father figures and male family members are the abusers in more than a quarter of child sexual abuse cases. Evidence points to younger children being more likely to be abused sexually by a family member than by an acquantance. Around 49 percent of sexual abuse cases against children under 5 were committed by a relative, versus about 24 percent for children aged 12 to 17. In such cases, children are particularly vulnerable to coercion and secrecy. This can lead to greater likelihood of the child sexual abuse going unreported due to fear, guilt or shame, and concern about getting into trouble.

HOW HAVE THE INTERNET AND SOCIAL MEDIA CHANGED THINGS?

AS more children have access to various online platforms, they may become even more susceptible to unwanted sexual conversation, grooming and online sexual abuse. Teenagers, rather than younger children, are at greatest risk for encountering a sexual perpetrator online. A recent study found that 1 in 15 teens are exposed to unwanted sexual material online, while 1 in 9 are exposed to sexual conversation by adults or peers. Approximately 8.5 percent of adults who were sexually abused during childhood reported meeting a perpetrator online, via social media or other online apps.

Since the dangers that youth face online mirror dangers in real world settings, teaching internet safety skills in the context of sexual abuse and bullying education is encouraged by researchers.

WHAT’S DIFFERENT FOR EXTREMELY YOUNG VICTIMS?

RESEARCH suggests that about 30 percent of child sexual abuse cases involve children age four to seven. Preschool-age children who were sexually abused reported more depressive symptoms than preschoolage children who were not abused. Moreover, younger age of abuse predicts worse future mental health problems, including anxiety, depression and behavioral difficulties. Due to their limited understanding and knowledge, young children are at a significant risk for being “groomed,” especially by those in positions of trust, and may be less likely to disclose abuse. Developmental problems are also a cause for concern if abuse occurs during the zero to 5 age range—the most pivotal time for brain development. Compared to adolescents, younger children are more likely to display physical trauma-related symptoms, such as sexualized behaviors, wetting accidents and other developmental delays, following abuse. Despite their age, younger children benefit from learning about sexual behaviors, boundaries and private parts. They make the most progress in trauma

FROM left: San Miguel Foods culinary services manager Llena Tan-Arcenas; Great Food Solutions AVP, sales and marketing manager Leah Golez; and THE chefs of San Miguel Foods Culinary Center event host Paolo Abrera

therapy with caregiver participation.

WHAT DOES IT TAKE FOR CHILDREN TO RECOVER?

THE most important aspects for recovery after trauma are abuse disclosure, consistent support from safe adult caregivers, and therapy. Children who are exposed to any inappropriate sexual activity or abuse are strongly encouraged to report the abuse to a trusting adult. The sooner children report being a victim of sexual abuse, the fewer future psychological difficulties they experience. Additionally, caregiver support strongly predicts resilience in children who were sexually abused. Regrettably, the most common reasons cited for not disclosing child sexual abuse were: shame, believing the incident was not serious enough, lack of proof, self-blame, fear of negative reactions from others, and fear of not being taken seriously. So, if a child decides or agrees to report the abuse to law enforcement authorities, caregivers and professionals are urged to be supportive to lessen the negative impact of disclosure. Children who have endured sexual abuse may benefit greatly from trauma-focused therapy. Goals of trauma-focused therapy often include learning skills to help deal with difficult thoughts, feelings and behaviors following the abuse. The therapy also

SMFCC’s Food Forward provided media a preview of the possible upcoming food and beverage trends for 2024 and beyond.

Culinary center takes on 2024 food trends TO start the new year on a flavorful note, San Miguel Foods Culinary Center (SMFCC), the food creative arm of San Miguel Foods, in partnership with Ginebra San Miguel Inc. (GSMI) and San Miguel Brewery Inc. (SMBI), recently staged Food Forward, which provided media a preview of possible upcoming food and beverage trends for 2024 and beyond. Organized by SMFCC every three years, the event was held at the vibrant culture hub, The Astbury, in Makati City and featured a communal dining concept, reflecting how technology has influenced and transformed culinary experiences in the past couple of years. “San Miguel Food and Beverage is a key player

in the food and beverage industry, and as such we continuously strive to stay ahead of the trends,” said Llena Tan-Arcenas, San Miguel Foods Culinary services manager. “In recent years, technology, including social media, has played a significant role in connecting people from all over the world. With this, culinary interests have expanded, and many of us have become food enthusiasts in search of diverse flavors. Through this event, we want to further encourage connections through food,” added Arcenas. The event served not only as a peak into food trends, but also showcased San Miguel’s wide array of food and beverage products and their versatility.

While many of its brands have long been household staples and Filipino favorites enjoyed on their own, San Miguel Foods’ own culinary experts showed how these can be incorporated even in trend-setting cuisines. “While we focused on five specific upcoming trends, what is common and timeless to all is an emphasis on quality and the ability of food and beverages to give delight—which are all hallmarks of San Miguel products,” Arcenas said. Beyond sampling the latest food trends, guests also enjoyed on-trend drinks and gained valuable beverage insights from SMBI brew master Antonieto Alan Sienes and GSMI master mixologist Nino Cruz.

Dance play on bullying fueled by students A FULL-LENGTH play exploring the issues of teenage bullying, the value of self-empowerment, and resilience through the enchanting presence of mythical Philippine folklore creatures, Ada, Lundag sa Hiwaga will be staged beginning February 1, 2024. Inspired by the fantasy novel Alice in Wonderland by distinguished English author and poet Lewis Carroll, the dance performance follows the story of high-school student Ada, who faces day-to-day intimidation from her once close friend Maggie after an incident during a seemingly innocent game. Her life takes a positive turn after she stumbles upon a magical realm called Hiwaga, which is inhabited by mythological beings, such as bakunawa (serpent-like dragon), diwata (fairies), duwende (dwarfs) and kapre (tree demon). The 90-minute production features the talent and skills of the De La Salle-College of Saint Benilde Dance Program students, in collaboration with Creative Industries Management, CultureBased Arts, Music Production, Production Design, and Theater Arts Programs undergrads. It was written by Jay “BJ” Crisostomo IV, a Don Carlos Palanca Memorial awardee and artistic associate of staging company Langgam Performance Troupe. Direction is by Dance Program educators and industry experts Madonna Tinoy and Mycs Villoso. The show is produced by Nina Anonas, Benilde dance chairman and accredited examiner of the training school Australian Conservatoire of Ballet (ACB). Choreography is by Tinoy, Villoso and Anonas. It is co-choreographed by Monica Gana, dance alumna and soloist of the first resident group of the Cultural Center of the Philippines (CCP) Ballet Philippines. Ada, Lundag sa Hiwaga will be on view from February 1 to February 3, 2024, with stagings at 1 pm and 6 pm at 5th Floor, Theater of the Benilde Design+Arts Campus, 950 Pablo Ocampo Street, Malate, Manila. Tickets are available at P600. More information is available at www.facebook. com/benildearts.

PHOTO BY KELLY SIKKEMA ON UNSPLASH

Thursday, February 1, 2024

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PPA, DA STRONG PARTNERS IN SUPPORTING FOOD SECURITY, LOWERING LOGISTICS COSTS

HE Philippine Ports Authority (PPA) remains committed to pursuing a policy of active partnerships with fellow government agencies like the Department of Agriculture (DA) in supporting the initiatives of President Ferdinand Marcos, Jr. to boost food production and modernize the country’s agriculture sector. PPA has been consistent over the years in investing in infrastructure developments and maintenance of ports to facilitate smooth and timely movements of agricultural goods. By fostering a partnership with the DA, the two agencies vowed to ensure coordinated efforts in addressing challenges related to the transportation and storage of agricultural products passing through PPA ports. According to PPA General Manager Jay Santiago, it is about time that the PPA and DA converge in implementing environmentally sustainable practices in port operations to minimize the ecologi-

cal impact and ensure long-term positive effects in agriculture and fisheries. “The key here is coming together for one goal of providing better services for the public-convergence of government agencies and convenience for all port users and the communities. It is about partnerships and creating the best port and agricultural infrastructure to develop efficient logistics and speed up the delivery and distribution of products through mechanization and modernization,” said Santiago. Earlier this month, Agriculture Secretary Francisco Tiu Laurel Jr. said that the DA is serious in its push to boost agricultural production, ensure accessibility to affordable food, and achieve food security in the country. “The new DA will work towards more production and less costs,” affirmed the secretary in a statement. Recently, the Department of Agriculture’s Bureau of Animal Industry as of January 2024 confirmed new cases of

VANTAGE Energy and Mekeni Food Corporation tie up to provide Villa Maria Integrated School students with supplies and equipment to enhance their learning experience.

Vantage Energy, Mekeni Food tie up to empower school in Porac, Pampanga

RIVEN by their shared commitment to give back to communities, retail electricity supplier Vantage Energy and food company Mekeni Food Corporation have joined hands to empower students and faculty members of a school in the rural mountains of Porac, Pampanga. The wholly owned RES subsidiary of Meralco

and Mekeni provided printers, books, school supplies, reusable water bottles, and disinfectants, benefiting some 500 kinder to high school students from Villa Maria Integrated School. Aside from the provision of learning aids and supplies, the food company also turned over wall fans to be installed in the classrooms, and prepared meals

YAMAZATO KAISEKI by Chef Keiichiro Fujino. Clockwise, the dishes are Iwai Hassun (Simmered fukumame, tree bud miso, datemaki, simmered shrimp, fishcakes, pickled lotus root, sweetened simmered cumquat, arrowhead, vinegared ginger root, black beans), Four kinds of seasonal sashimi, Dobin mushi clear mushroom soup served with sudachi, Roasted A4 Saga beef sirloin with sea urchin sauce, scallops, and crab claw accompanied by sake yeast sauce, Chicken mixed rice with Japanese pickles and miso soup, Seasonal fruits with wine gelee, kuromame and assorted chocolate truffles.

Hotel Okura Manila: Tatsudoshi 2024 and Koibumi: A Valentine’s Soireé

HE year 2024 marks the beginning of a new era, and Hotel Okura Manila is excited to welcome it. The hotel is thrilled to announce their exclusive Valentine’s Day and Lunar New Year offers, which are sure to make your celebrations unforgettable. For Valentine’s Day, Hotel Okura is offering a special multi-course kaisekis curated by

their Japanese chefs at Yamazato Japanese Fine Dining restaurant with a choice of either the Teppan Kaiseki by Chef Katsuji Kato (with a choice of steamed lobster and sea urchin, F1 beef sirloin, or Australian wagyu tenderloin for the main course) or the Yamazato Kaiseki by Chef Keiichiro Fujino. Both kaisekis offer a variety of luxurious ingredients such as A4 Saga

African Swine Fever (ASF) in three towns of Occidental Mindoro, prompting local government units to conduct thorough surveillance, immediately depopulate infected hogs, and implement preventive culling around affected areas. Since 2018, PPA has been a consistent partner of DA in preventing the spread of the African Swine Fever (ASF) outbreak after Santiago issued a memorandum to all Port Managers (PM) regarding the Technical Advisory of the Department of Agriculture (DA-Bureau of Animal Industry (BAI) on ASF. This instructed all the PPA ports to properly coordinate with the shipping lines at ports to properly dispose of catering wastes and leftovers, including swill, in compliance with the recommended standards. Focused on implementing projects to support food security and to reduce food logistics costs, PPA and DA vowed to work together for the common good of the agricultural communities and port users nationwide.

for all the students and school personnel. Enrollees of the beneficiary school are mostly from the Aeta community. To enhance the school community’s safety knowledge during disasters, Mekeni also conducted an emergency preparedness training to educate students and teachers on important procedures in case of fire and earthquake incidents. The collaboration falls under Vantage Energy ’s corporate social responsibilit y program which focuses on supporting Filipino e d u c at i o n a n d e m p owe r i n g t h e f u t u re leaders of the country. This aligns well with Mekeni’s own initiative to improve the lives of the communities of Pampanga, particularly assisting the indigenous residents. Mekeni Assistant Vice President for Human Resources and Exports Marilou Uy said, “This is our first time to collaborate with our RES for a CSR program and we appreciate everyone who joined us in doing something so meaningful for our fellow Kapampangans and Katutubo.” Vantage Energy launched its Back-to-School Donation Drive in 2020 in collaboration with Meralco’s social development arm, One Meralco Foundation. Since then, the project has reached 19 schools across the country, benefiting over 19,800 students. “We always look forward to partnerships that go beyond contractual obligation, providing an avenue for our partners to be a part of impactful initiatives in uplifting the Filipino nation,” said Vantage Energy President Ernesto Cabral. Wagyu Sirloin and lobster. If you prefer a fine-casual dining experience instead, the Yawaragi restaurant might just be perfect. The Washitsu-Tatami Private Dining Room of Yawaragi offers a seven-course dinner with an A5 Saga Wagyu Tenderloin as the centerpiece, which is sure to delight your taste buds. There is also a three-course dinner at the main dining of Yawaragi restaurant with unlimited appetizers and desserts at the buffet spread. Don’t forget to check out the Valentine’s themed signature pastries at the Yawaragi Pastry Boutique, which are as delicious as they are beautiful. Tatsudoshi (Year of the Dragon) or The Lunar New Year is also a time for celebration, and Hotel Okura Manila has some fantastic offers to help you ring in the Year of the Dragon in style. Yamazato is offering a Lunar Bento Kaiseki, which is sure to impress. For those who prefer Chinese cuisine, the Kisetsu Buffet at Yawaragi will also have a Lunar New Year Buffet spread with some of Hotel Okura Manila’s signature Japanese dishes on February 9 and 10. Yawaragi will also be offering a 2-for-1 promotion on the other days of the month for you to enjoy. And if you’re in the mood for something sweet, check out the Lunar New Year-inspired pastries at Yawaragi Pastry Boutique. Hotel Okura Manila is the perfect place to celebrate Valentine’s Day and Lunar New Year with your loved ones. With its luxurious amenities, world-class dining options, and impeccable service, you’re sure to have an unforgettable experience. Please note that terms and conditions apply to all offers and some ingredients may change depending on availability. For more information, please visit Hotel Okura Manila’s web site.

Newport World Resorts is Advocacy Marketing Company of the Year at PMA’s Agora Awards

EWPORT World Resorts has been named Advocacy Marketing Company of the Year by the Agora Awards for its commitment to sustainability through its “I LOVE Earth” Campaign. Presented by the Philippine Marketers Association (PMA), the Agora Awards honors outstanding individuals and organizations that utilize exceptional marketing practices to contribute to the growth and development of the industry in the country. As the country’s pioneering integrated resort, advocating for the planet’s preservation and sustainability runs deep for Newport World Resorts. Since the inception of the all encompassing and fully integrated I LOVE Earth (ILE) sustainability program, the multifaceted lifestyle and leisure destination has used its platforms to reach a wide range of audiences and inspire change from within. Backed by the corporate belief of making the most out

of life, Newport World Resorts President and CEO Kingson Sian shares the why behind the advocacy, “This [corporate belief] guides us in everything we do, from delivering thrills to every guest who walks in our doors, to doing our part to make sure that future generations will still have the opportunity to make the most out of their lives, too.” ILE is Newport World Resorts’ fully integrated sustainability initiative that harmonizes the programs of its hotels, entertainment, retail, dining, and leisure facilities to create greater impact and promote stronger support for its wider advocacy. Organized around the objectives of transforming business operations to be more sustainable, while raising awareness on sustainability, ILE has also earned Newport World Resorts an EartCheck SilverCertified Status, the first and only integrated resort in the country with the coveted distinction in the world of sustainable destinations and tourism.

LUXE Organix Philippines CEO Eugene T. Yap

Luxe Organix Philippines Celebrates Successful Green Week Fun Walk

UXE Organix Philippines, a leading beauty brand with a strong commitment to sustainability, recently wrapped up its highly anticipated Green Week Fun Walk. Held at Quezon City Circle on January 20, 2024, the event gathered beauty enthusiasts, influencers, and eco-conscious individuals, including renowned personality Sanya Lopez, all united in their goal of reducing plastic waste and fostering a greener future. The Green Week Fun Walk, a key part of Luxe Organix’s One Less Plastic A Day Campaign, aimed to raise awareness about the crucial need to decrease plastic and beauty waste that ends up in our landfills. The event was hosted by TikTok influencer and sports presenter, Tito Mikee Reyes, who kept the energy high and the participants engaged throughout the day. Luxe Organix Philippines CEO Eugene T. Yap shared a heartfelt message during the event, “Today, we gather as eco warriors, united by a shared commitment to sustainability. Luxe Organix’s journey toward a greener future begins with these simple yet powerful steps. The Green Week Fun Walk symbolizes our collective effort to reduce plastic and make a positive impact on our planet. We extend our heartfelt gratitude to everyone supporting us in this journey.” Participants of the Green Week Fun Walk took a collective step towards a more sustainable future by completing 10,000 steps and contributing to the collection of 10,000 pounds of beauty waste. This remarkable achievement is merely the beginning, as Luxe Organix Philippines aspires to reach a target of 10,000 tons of plastic waste reduction within the

next decade. The event was a resounding success, with attendees treated to an engaging program that included appearances by popular YouTube and TikTok influencers such as Anna Cay, Mj Perez, SkincarebyRuzz, John Rey, Pia Alonzo, Danielle Lee, Quel Palomo, and Oily&Young. These influencers shared their insights on sustainable beauty practices, inspiring the audience to make conscious choices in their daily routines. The Green Week Fun Walk also featured various games and giveaways, adding an element of excitement to the event. Attendees had the opportunity to explore and purchase their favorite beauty products at discounted prices from the booths that were set up at the venue. The initiative was supported by the Quezon City Local Government, Mayor Joy Belmonte, and the Climate Change and Environment Sustainability Department, underscoring the shared vision of creating a more sustainable future for the community. Luxe Organix Philippines extends its heartfelt gratitude to all participants, sponsors, and partners who contributed to the success of the Green Week Fun Walk. Their support and dedication to sustainability have made a significant impact in raising awareness and promoting positive change in our community. For more information about Luxe Organix Philippines and their commitment to sustainability, please check out their Instagram account Luxe Organix Philippines (@luxeorganixph) • Instagram photos and videos.

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Israel’s embassy and Education Dept. remember Holocaust victims, survivors

MAYOR Joy Belmonte (from left), Resident Coordinator-Humanitarian Coordinator Guztavo Gonzalez, Vice President-Education Secretary Sara Duterte, Ambassador Ilan Fluss, Assistant Secretary Mardomel Celo Melicor, and Jewish Community president Salito Malca ISRAELI EMBASSY

HE Embassy of Israel recently partnered with the Department of Education (DepEd) for the yearly local commemoration of International Holocaust Remembrance Day. T he partnership sought to honor those who perished and overcame the persecution with the theme: “Recognizing the Extraordinary Courage of Victims and Survivors of the Holocaust.” The United Nations General Assembly has designated January 27 as the

date for the yearly remembrance. The embassy considers the Holocaust as “the darkest day in history, when 6 million Jews were murdered, which was one-third of their entire population then.” Ambassador Ilan Fluss shared in his message that the Holocaust

was an unprecedented genocide, where Nazis planned to annihilate the entire Jewish people, just because they were Jewish. “Last year, I spoke at this very ceremony about the growing voices of denial of the Holocaust and increasing antisemitism. I ended my speech by saying that unfortunately, these forces of evil are not history, and that at this very day, we are witnessing them again,” Fluss said while recalling October 7, 2023, when more than 1,200 Israelis were murdered by Hamas terrorists. On that day, more than 240 were kidnapped by Hamas as hostages to Gaza and to date, 136 are still held in captivity. “We must teach, learn, educate, and say: ‘Never again!’ to Holo-

caust, to antisemitism, to racism, and to genocide,” the ambassador declared. The Israeli envoy thanked Vice President and Education Secretary Sara Duterte and her team for leading the Holocaust commemorative event and making January 27th a formal day of Holocaust remembrance in DepEd schools and facilities. Fluss expressed the importance of teaching the story of the Holocaust in the Philippines, especially former president Manuel L. Quezon’s “Open-Door Policy” which saved the lives of approximately 1,300 Jewish refugees fleeing the Nazi regime in 1939. Quezon saved not only those individuals, but also their future families. The remembrance event featured a photo exhibit and highlighted the lighting of six candles representing the 6 million Jews who perished during the Holocaust. They were lit by Duterte, Fluss, United Nations resident coordinator and humanitarian coordinator Guztavo Gonzalez, Assistant Secretary Mardomel Celo Melicor of the Department of Foreign Affairs’ Office of the Middle East and African Affairs, Mayor Josefina “Joy” Belmonte of Quezon City, and Jewish Community president Salito Malca. Kalantiaw Elementary School in Quezon City hosted the ceremony on January 24.

Canada allots ₧627-M for health, reforestation

MBASSADOR David Hartman of Canada said Ottawa is keen on further developing cooperation in the key minerals sector. “The sad reality is, we cannot have a green energy transition without critical minerals,” Hartman explained. “So, the candid reality is that the global community needs the Philippines.” The ambassador noted that Canada could help the Philippines extract its minerals “responsibly, ethically, and in an environment and sustainable” manner: “We’re also... conscious of the fact that the extractive industries have a storied past here; there’s...sensitivities among indigenous communities and other populations.” He believes that “we can provide capacity building to the government of the Philippines to help create the social license…[and] be able to capitalize on the mineral wealth that exists in this country.” Canada and the Philippines are set to mark 75 years of diplomatic relations in 2024 with more high-level exchanges—including President Ferdinand R. Marcos Jr.’s possible visit to the North American country toward the latter part. “We hope, by autumn when we have the President visit Canada, to be in a position to announce other projects and initiatives this year,” Hartman said. In 2023, Canada deployed its dark-vessel detector to the Philippines, which the country could use for free in the next five years.

SOCIOECONOMIC Planning Secretary Arsenio Balisacan and Minister Ahmed Hussen (right) CANADIAN EMBASSY/PNA

Both are also expected to finally sign the memorandum of understanding (MOU) on defense cooperation in 2024 after concluding its final language last year.

ODA augmented

MEANWHILE, Canada is augmenting its official development assistance (ODA) to the Philippines as it fully implements its Indo-Pacific Strategy. During his recent official visit to the Philippines, Minister of International Development Ahmed Hussen announced that Ottawa has earmarked CAD$15 million, or about P627 million in new investments, to improve climate adaptation and expand access to health services in the country. The approved funding, Hussen said, is expected to “get underway in 2024.” Of the total, Canada will provide

CAD$8 million over five years in grant financing to build vulnerable communities’ resilience by supporting nature-based solutions, such as reforestation and coastal wetlands restoration for climate adaptation. The project targets six regions in the country considered as key biodiversity or protected areas. On health services, Canada will provide CAD$7 million over six years in grant financing to help the country implement its Universal Health Care Act, while boosting local governments’ capacities. Such will target vulnerable populations, including women, girls, as well as indigenous people, in four geographically isolated and disaster-prone provinces. “Canadian [ODA] is meant to be deployed…in a manner that compliments, supplements, and supports… national priorities,” Hussen said. “As part of our Indo-Pacific strategy, [it is our way of focusing] in this region in

terms of diplomacy, trade and investment, and development. The Philippines is central to that strategy.” The former’s annual ODA to the Philippines is valued at CAD$24 million to CAD$25 million, and focuses on peace and security, inclusive economic growth, and health, among others. The minister said Ottawa also wants to sign a MOU with Manila to further align its assistance “more deliberately” with the country’s development priorities. Apart from health and climate adaptation, the concluded MOU will enhance Canadian support in areas of renewable energy and food security, among others. The signing of such would also ensure policy alignment and “complementarity” between the Philippines’s needs and the Canadian supply side. As development ties with Manila grow, Hussen highlighted the potential for more investments to come in from its private sector: “If we are talking about more resources, it is not just us [the Canadian government picking up our game and increasing such through the Indo-Pacific Strategy. We could leverage on some of those additional monies to also unlock private sector dollars from Canada and beyond to really deploy those] in the Philippines. So, I am quite excited about the opportunities.” During his visit, the Canadian minister met with Environment Secretary Maria Antonia YuloLoyzaga and Socioeconomic Planning Secretary Arsenio Balisacan. JoyceAnnL.Rocamora/PNA

Thursday, February 1, 2024

Japan confers high honors on Filipino entrepreneur

AMBASSADOR Kazuhiko Koshikawa (left) decorates business leader Egmidio Cesar Jose (center).

N behalf of the Emperor of Japan, Ambassador Kazuhiko Koshikawa conferred on January 24 the “Order of the Rising Sun, Gold Rays with Neck Ribbon” upon Egmidio Cesar Jose. The esteemed recognition served as a testament to Jose’s outstanding dedication and remarkable achievements in fostering economic cooperation and collaboration between Japan and the Philippines. Appointed as the chair of the Philippine-Japan Economic Cooperation or PHILJEC, the Filipino entrepreneur played a pivotal role in organizing and strengthening ties between both nations’ business communities. His commitment to their bilateral ties was displayed in multiple occasions throughout the

years, including his leadership of the “33rd Joint Meeting of the JapanPhilippines Economic Cooperation Committee” in Tokyo in 2015, contribution to the growth of the automotive sector in the Philippines, and active promotion of the stable operation of Japanese businesses, especially during the Covid-19 health crisis. In his congratulatory speech, Koshikawa lauded Jose for the latter’s relentless efforts in contributing to both countries’ stronger economic ties. The envoy also expressed his hope that the entrepreneur continues to inspire Filipino innovators who aim to “develop creative solutions to address pressing issues in our society and participate in nation-building.”

Jica, DPWH revisit flood-control efforts in M. Manila, Cagayan Valley By Malou Talosig-Bartolome

HE Philippines and Japan are reviewing their flood-control projects in Metro Manila and Cagayan Valley to boost their adaptability against the long-term effects of climate variabilities and instabilities. Master plans and pre-feasibility studies for flood control in two priority river basins—the PasigMarikina and Cagayan River—will be updated under the new technicalcooperation project between the two countries. “[Floods are becoming] more frequent and severe due to climate change,” the Japan International Cooperation Agency (Jica) said in a statement. “The updated masterplans…will be a guidepost toward [the achievement of a] 100-year flood safety even with climate change impact.” Chief Representative Sakamoto Takema of Japan’s aid agency as well as Department of Public Works and Highways (DPWH) chief Manuel M. Bonoan signed the minutes of their meeting on January 17. Both agencies plan to hold consultations among stakeholders in the two river basins to gather feedback and lessons learned in the past flood-control projects. Since the 1970s, JICA has been helping the Philippine government control flooding in the metropolis by building revetments and flood walls along riverbanks to prevent erosions, as well as placing movable weirs to

control the flow of water during high tides or storms. The aid agency cited a simulation study when Category-4 Typhoon “Ulysses” (international name Vamco) hit Metro Manila in 2020. It caused the worst flooding in the capital city since Typhoon “Ondoy” (international name Ketsana). Without the flood-control project, economic losses from flooding in Metro Manila would have been at $1.3 billion, as Jica claimed. The number of affected residents has also been reduced to 30,000, compared to the previously estimated 1 million people. “Ulysses” pummeled Cagayan Valley hardest, as 24 people lost their lives, and affected 5 million residents. Economic losses were at P5.8 billion in agriculture, infrastructure, and flood-control projects, according to the National Disaster Coordinating Council. Earlier estimates by the National Economic and Development Authority have assessed the flood suppression of the 500-kilometer Cagayan River at P130 billion for 30 years. Jica did not mention the improvements needed to make Pasig-Marikina and Cagayan River basins adaptable to withstand more destructive typhoons expected with the progression of climate change. “This cooperation is vital, especially in times of large-scale flood disasters and emergencies,” Sakamoto said. “It also proves coordination and planning are needed.”

Filipinos, Spaniards embrace Sinulog’s rhythm, colors as consulate showcases Phil. culture in Barcelona

HE City of Barcelona, the Philippine Consulate General in the Spanish city, and the Filipino community there celebrated the Sinulog 2024 festivities in a cultural event held at Plaza San Agustin and the historic San Agustin Church on January 24. Led by the Parroquia de la Inmaculada Concepción y San Lorenzo Ruiz where the San Agustin Church is located, this year’s event was

marked by a collaboration with various parishes in Barcelona’s Ciutat Vella district. A central feature of the celebration was the replica of the Santo Niño de Cebu statue—a donation from the National Historical Commission to the consulate, now displayed at the church. The event included performances by various Filipino religious and civic organizations,

which displayed the history and significance of the Santo Niño. The program began with a historical reenactment of the Santo Niño’s arrival in Limasawa in 1521 and featured dynamic Sinulog festival dances. Ciutat Vella district councilor and Barcelona’s third deputy mayor Albert Battle Bastardas appreciated the Filipino community’s contribution to the city’s cultural

diversity, as he particularly highlighted the Sinulog celebration. Consul General to Barcelona Maria Theresa S.M. Lazaro emphasized the consulate’s role in promoting Philippine culture and its shared history with Spain, especially the influence of Catholicism. She recalled the consulate's 2021 initiative of introducing Santo Niño statue replicas to Barcelona, culminating in a parade inside the

Basilica de la Sagrada Familia. The outdoor Sinulog celebration featured a community dance to the “Pit Senyor” theme, engaging Filipinos and locals in a vibrant display of cultural unity. The event concluded with a Eucharistic mass at San Agustin Church, led by Father Pere Carulla and was concelebrated by Filipino and Spanish priests. More events were scheduled for

January 28 at the Parish of San Pedro Nolasco and the Parish of Madre de Deu de Betlem, meant to showcase the Santo Niño de Pandacan and Santo Niño de Tondo statues, which are also on loan from the consulate. For more information and updates visit the consulate's official website or follow its Facebook, Instagram, and X accounts: @ PHinBarcelona.

SAN MIGUEL Corp. President and Chief Executive Officer Ramon S. Ang dedicates Executive of the Year award to Gilas Pilipinas.

ONGTIME sports patron Ramon S. Ang believes the country is geared to win more gold medals in the Paris Olympics as he paid tribute to all Filipino athletes particularly those who were honored during Monday’s San Miguel Corp.Philippine Sportswriters Association Awards Night. Ang, SMC President and Chief Executive Officer, received his second PSA Executive of the Year award and this time, he shared it with Metro Pacific Investments Corporation (MPIC) Chairman and President Manuel V. Pangilinan as their partnership paved the way for the men’s basketball gold medal at the Hangzhou Asian Games last October. He said the Paris Games will mark the 100th year of Philippine participation in the Olympics as the country aims to replicate the gold medal-winning feat of weightlifter Hidilyn Diaz in Tokyo 2020. “Everything is possible when all the country’s stakeholders work together. It was just three years ago when Hidilyn Diaz shone in Tokyo for our first gold in the Olympics,” Ang said. “And just last year, we grabbed the Asian Games gold in basketball that eluded us for 61 years. So I think another breakthrough is possible.” “That gold medal was the result of the hard work and effort of not just the players and coaching staff, but most especially, MVP himself,” he said. “The Gilas Pilipinas program is really his brainchild, and without his vision, commitment and patriotism to see the program through all these

Sports

RSA: Paris Olympics breakthrough possible years, we probably would not have a champion Gilas team.” “We are proud to have been given the opportunity to be part of it, and we thank MVP for lifting Philippine basketball to greater heights,” he added. At the invitation of Pangilinan, Ang supported the country’s successful co-hosting of the FIBA Basketball World Cup when Philippine team shared the spotlight with the world’s best teams. “I thank the PSA for the honor and dedicate it to the Gilas Pilipinas team who worked so hard to bring home the gold medal in the face of tough odds,” said Ang, who was conferred his first PSA Executive of the Year Award in 2017. He added: “I hope the amazing feat of Philippine basketball team will also inspire our athletes to go for more gold medals in Paris.” To honor the country’s Olympic medal winners in Tokyo, Ang provided P22 million in incentives—including P10 million to weightlifter Diaz. Boxers Carlo Paalam and Nesthy Petecio also got P5 million each for winning silver medals while Eumir Marcial earned P2 million for his bronze medal feat.

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KAMILA VALIEVA and her coach Eteri Tutberidze (left) sit on the sidelines during the Russian Figure Skating Grand Prix in Moscow last November. AP

Podziemski about Ionescu, who scored an almost-perfect 37 points in the WNBA’s 3-point contest last summer. That topped Curry’s NBA 3-point contest best of 31. “I think I’ve got to challenge her,” Curry told Podziemski. Ionescu responded on social media: “Let’s getttttt it!! See ya at the 3 pt line.” In fact, she technically initiated the challenge: Ionescu posed for a photo imitating Curry’s famous lights-out pose while holding her trophy at the WNBA All-Star event and raised the possibility of a matchup. The NBA was more than happy to make it happen. Curry will shoot from the NBA 3-point line with NBA basketballs, and Ionescu will shoot from the WNBA 3-point line with WNBA basketballs. At stake: bragging rights and a lot of cash for charity—Curry’s Eat. Learn.Play. nonprofit and Ionescu’s SI20 Foundation will receive a donation from the NBA and WNBA for participating. Every shot they make—$1,000 for regular 3s, $2,000 for moneyball 3s and $3,000 for deeper 3s from nearly 30 feet—will bring a donation from State Farm to the NBA Foundation “to support economic empowerment in the Black community,” the league said. Curry has four of the five highest single-season 3-point totals in NBA history, with his record of 402 coming in the 2015-16 season. Ionescu led the WNBA with 128 3s last season, while shooting nearly 45 percent from distance. “I’m envisioning a Bobby Riggs versus Billie Jean King from 1973, so maybe it’s the modern-day battle of the sexes,” Warriors coach Steve Kerr said. “I know those two are close.

TEPHEN CURRY is headed back to National Basketball Association (NBA) All-Star weekend. Sabrina Ionescu will be waiting for him. The shootout that both of them wanted is officially a reality, the NBA announced Tuesday. “Stephen vs. Sabrina” will happen as part of All-Star Saturday Night in Indianapolis on February 17. Curry, the NBA’s all-time three-point king, will take on the reigning Women’s NBA three-point shootout queen and single-season record holder Ionescu. “Stage is set! Let’s get it,” Curry posted on social media. Ionescu responded simply: “Let’s go!” This matchup was months in the making. Curry was wired with a microphone for Golden State’s game last Thursday night against Sacramento and had a discussion with Warriors teammate Brandin

point to the other teams below her. The proposal by the ISU is likely to provoke fresh legal action at the Court of Arbitration for Sport (CAS), which on Monday disqualified Valieva from the 2022 Olympics and other events, and banned her for four years until December 2025. Russian Olympic officials said Tuesday they will appeal to regain the Olympic title, arguing that ISU rules mean sanctions against Valieva “cannot be the basis for reviewing the results of the team event.” A second challenge at CAS could come from fourth-place Canada because the rest of the field did not have their points increased by the ISU following Valieva’s disqualification. “Skate Canada strongly disagrees with the ISU’s position on this matter and will consider all options to appeal this decision,” the country’s figure skating body said in a statement Tuesday. The final decision on awarding medals is for the International Olympic Committee (IOC), which the head of the United States Olympic and Paralympic (USOPC) body said Tuesday is “as eager as we are” to get the gold medals to the American skaters. “There is no scenario at this point in which Team USA is not the gold medal winners,” USOPC chief executive Sarah Hirshland told reporters on a call, “so we are focused on getting the gold medals awarded.” Skating’s world body is responsible for amending the Olympic event result and said Tuesday it had consulted with the IOC. “The ISU is in close contact with the International Olympic Committee and the relevant ISU member federations in regard to the implementation of this decision,” the governing body said Tuesday. AP

Malixi, five other PHL bets launch bid in As-Pac golf

IANNE MALIXI sets out in a highly anticipated showdown with world No. 4 Minsol Kim of South Korea and Queen Sirikit Cup titleholder Avani Prashanth of India in the Women’s Amateur Asia-Pacific Championship starting Thursday in Pattaya, Thailand. They slug it out at 8:03 a.m. at the backside of the par-72 layout in one of the top match-ups in the opener of the sixth edition of the 72-hole championship, which also features Thai defending champion Eila Galitsky, Japan’s Mamika Shinchi and Rin Yoshida, Korea’s Eunseo Choi, Aussies Caitlin Peirce and Justice Bosio. The International Container Terminal Services Inc.-backed Malixi tied for third in the 2022 edition of this event won by Taiwanese Ting-Hsuan Huang at the Siam Country Club’s Waterside course, which is again hosting this year’s championship. Galitsky kicks off her titleretention drive at 12:03 p.m. on No. 1 against Korean Soomin Oh and Hinano Muguruma of Japan, while Shinchi, winner of the recent Australian Amateur, seeks back-toback title romp against Taiwanese Huai-Chien Hsu and Bosio.

Other Filipina entries are Anya Cedo, Alethea Gaccion, Nicole Abelar, Junia Gabasa and Grace Quintanilla. Cedo drew an early tee-time at 7:41 a.m. on No. 1 with India’s Heena Kang and Thai Navaporn Soontreeyapas, while Gaccion, a grand finalist in the inaugural Junior Philippine Golf Tour last year, also tees off on the first hole in an 8:03 a.m. flight with Hong Kong’s Siuue Wu and Mannat Brar, also from India. Abelar clashes with Thai Suvichaya Vinijchaitham and Sania Wahyudi of Indonesia at 11:30 a.m. on No. 10; Gabasa also starts at the backside against Kiwi Mimi Guo and Singapore’s Xingtong Chen at 12:03 p.m.; while Quintanilla hopes to buck the odds in the 12:25 p.m. flight that includes Daniah Syed of Pakistan and Jillian Kuk of Singapore on No. 10. But all eyes will be on Malixi, who scored a breakthrough win in the Australian Master of the Amateurs Championship last month. The 16-year-old shotmaker also rallied to tie for eighth in the Australian Amateur. So much is at stake in the championship, which drew 90 players from 22 countries and territories, with the winner to receive

hursday, February 1, 2024 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

All-Star showdown: Stephen vs. Sabrina

Russians still get bronze despite DQed Valieva ENEVA—Despite the disqualification of Kamila Valieva in a doping case, the Russian figure skating team still stands to finish on the podium and get bronze medals from the 2022 Beijing Olympics behind the United States and Japan. The Americans moved into the gold medal position in the team event and Japan has been upgraded to silver from bronze. The demoted Russians drop into third place, one point ahead of Canada even after being stripped of the points the then-15-year-old Valieva earned on the ice. The International Skating Union (ISU) published an amended standings from the Beijing competition on Tuesday that removed Valieva’s maximum 10 points from each of her two events but did not add an extra

B8 | T

invitations to play in three major championships—the Women’s Open, the Evian Championship and the Chevron Championship. Also up for grabs are berths in elite championships such as the Hana Financial Group Championship, the ISPS Handa Women’s Australian Open, the 121st Women’s Amateur Championship and the Augusta National Women’s Amateur.

THE shootout that both Stephen Curry and Sabrina Ionescu want is officially a reality. AP

Citation for Standard Insurance-Centennial V sailing team

Veteran sailor Ernesto “Judes” Echauz (second from left) stands proud with part of his Standard Insurance-Centennial V crew as they receive a Citation during the San Miguel Corp.-Philippine Sportswriters Association Awards Night last Monday at the Diamond Hotel. Echauz steered Centennial V with an all Filipino crew to Line Honors in the Rolex China Sea Race that started from Victoria Harbour April last year—the first time in the race’s 61-year history that a Philippine sailing team won the event in dominant fashion. With Echauz are (from left) Richly Magsanay, Stephen Tan, Rubin Cruz, Ridgely Balladares, Alysa Belmonte, Joel Mejarito, Bernard Floren and Louie Perfectua. ROY DOMINGO

Sabrina being from the bay, we’ve seen her at our games before and everybody loves her and pulls for her. So it’ll be fun to see them shooting against each other.”

RISING STARS

NO surprise here: Victor Wembanyama is headed to his first All-Star weekend. The San Antonio rookie and No. 1 overall pick in last year’s NBA draft was one of 28 players picked for the Rising Stars games, to be held on the Friday of All-Star weekend, February 16. No. 2 pick Brandon Miller of Charlotte and No. 3 pick Scoot Henderson of Portland are joining Wembanyama among the rookies selected for the games—the format is a mini-tournament with the sevenplayer rosters, and a championship game after two semifinals. Henderson is in the event for a third time, after being picked twice when he played for the G League Ignite in 2022 and 2023. Also picked from the rookie class was Oklahoma City teammates Chet Holmgren and Cason Wallace, Washington’s Bilal Coulibaly, Utah’s Keyonte George, New Orleans’ Jordan Hawkins, Miami’s Jaime Jaquez Jr., Dallas’ Dereck Lively II and Golden State’s Podziemski. From the second-year class are Orlando’s Paolo Banchero, New Orleans’ Dyson Daniels, Detroit teammates Jalen Duren and Jaden Ivey, Utah’s Walker Kessler, Indiana’s Bennedict Mathurin, Sacramento’s Keegan Murray, Portland’s Shaedon Sharpe, Houston’s Jabari Smith Jr. and Oklahoma City’s Jalen Williams. Reigning slam dunk champion Mac McClung was one of seven G League players picked for the event, along with Izan Almansa, Matas Buzelis, Ron Holland, Tyler Smith, Oscar Tshiebwe and Alondes Williams. AP

Torrecampo shines in Valle Verde; Suarez M-Cup gets going in Biñan

ARISTELLA TORRECAMPO used her skills in offsetting her height disadvantage to upset top seed Ave Maria Policarpio, 6-0, 6-2, and bag the girls’ 14-and-under crown in the Valle Verde National Juniors Tennis Championships in Pasig City Monday. The straight-set win came after Torrecampo dispatched No. 2 Ayl Gonzaga, 6-2, 6-0, in the semifinals with the third-ranked rising star from Naga City in Camarines Sur sustaining her form to topple Policarpio, who reached the finals with a 6-2, 6-0 victory over Lilith Rufino. Torrecampo also dominated the 12-and-under play where she dropped only five games in four matches capped by a 6-0, 6-2 win over Ella Paglalunan in the final, making her the sole two-category winner of the Group 2 tournament presented by Dunlop at the Valle Verde Country Club courts. No. 5 Al Tristan Licayan, on the other hand, crushed Samuel Davila, 6-1, 6-1, to claim the boys’ 16-andunder title as the Geneneral Trias, Cavite bet shared most valuable player honors with Torrecampo in the event held under the Palawan Pawnshop junior program led by president and CEO Bobby Castro. The other winners in the weeklong tournament sanctioned by the

Philippine Tennis Association and the Universal Tennis Rating online platform were Ariel Cabaral and Mica Emana (18-and-undeer), Sandra Bautista, Alexander Coyiuto, Marcus Go and Raven Licayan. Darwin Cosca Jr. and Chloe Mercado, meanwhile, brace for spirited battle as the Fr. Fernando Suarez M-Cup National Juniors Tennis Championships kicks off Thursday in Biñan, Laguna. Presented by Rep. Len-Len Alonte-Naguiat and Dunlop, the Group 2 tournament features over 250 entries vying for top honors and ranking points, utilizing three courts at the South City Recreational Tennis Center, the Southville and the Filinvest courts. Cosca and Mercado gain the top seedings in the premier 18-and-under division with the boys’ roster also drawing such talents as Ariel Cabaral, siblings Frank and France Dilao, Al Tristan Licayan, Gerard Manigque, Lervin Cunanan and Nathan Andal. On the girls’ side, Mercado, looking for redemption after a recent finals defeat to Mica Emana in last week’s Valle Verde meet, leads the charge, alongside Sandra Bautista, Ronielle Oliveros and Erynne Ong, in the event dedicated to the late healing priest, who was a tennis enthusiast and supporter. MARISTELLA TORRECAMPO (second from right) poses with her trophy with (from left) Valle Verde Country Club president Ritchie Lozada, Al Tristan Licayan and Valle Verde Sports and Games manager Roger Silong.