BusinessMirror February 07, 2022

‘Close borders, cut Omicron exposure risk’

By Cai U. Ordinario @caiordinario

C

LOSING the country’s borders is one of the most immediate courses of action the government must take to prevent the latest Covid-19 variant, Omicron, from reaching Philippine shores, according to local economists.

T he new var iant is a threat, e s p e c i a l l y w it h t he hol id ay s coming up and more foreigners being a llowed to travel to the Philippines, De La Sa lle Universit y economist Mar ia Ella Oplas told BusinessMirror.

The holidays usually bring in Overseas Filipino Workers (OFWs) who are eager to spend Christmas

with their loved ones, while foreigners living in temperate regions usually want to relax in tropical countries like the Philippines. This year’s influx of OFWs is expected to be heavier since many of them were unable to come home for the holidays in December 2020.

“My recommendation is to protect the borders. Do not allow people with a history of travel to countries with positive cases to enter,” Oplas said.

“We should be more restrictive. [We have to be] more protective in terms of our measures.”

Oplas said that while this will be a setback to some industries, this is a fair measure considering that this could help prevent placing the country in another strict lockdown,

which, she said, the economy can no longer afford.

“It is better that we do protective preventive measures than get exposed again. We have a lot to lose,” Oplas said. “We should do it now so that we can open just before Christmas. If it gets contained, we can open it again.”

Ateneo Center for Economic Research and Development (ACERD) Associate Director Ser Percival K. Peña-Reyes said closing the country’s borders would be effective but should still adhere to the standards set by the World Health Organization (WHO).

What is needed, Peña-Reyes told this newspaper, is for travel restrictions to be put in place swiftly and

for government to be proactive in imposing them.

Previous instances when the country had the opportunity to impose travel restrictions did not prevent the spread of Covid-19. That was mainly because the decision was not made immediately, he said.

“Kung papatay patay [If we’re slow] and we get caught flat-footed, [that’s risky] We were too reactive instead of proactive before.

We should learn from that,” PeñaReyes said. “It’s a delicate balancing act. We need to push testing and tracing to be properly informed of our decisions. Blanket/shotgun approaches could have dire consequences on the economy.”

See “Omicron,” A2

‘2022GOVT GROWTH TO MISS NATL BORROWINGS FOR 10 MOS DIP TO P2.75T GOVT EXPECTATIONS’ w w

Monday, February29, 7, 2021 2022 Vol. Vol.17 17 No.52 No. 122 Monday, November

n n

P25.00 P25.00 nationwide nationwide || 22 sections sections 20 20 pages pages ||

Bianca Cuaresma

By By Bernadette D. Nicolas

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Omicron risk GDP nearing spurs revival prepandemic of quarantine level, NAP4 rules in PHL scorecard up

@BcuaresmaBM @BNicolasBM

HE HE national economy government’s is set to gross continue borrowings as of recovering this end-October shrank year, but not as by almost 6 percent high as the pace year-on-year to of the government’s P2.75 trillion.

By Samuel P. Medenilla

IT

target range, a private economist Latest data from the Bureau of the said, Omicron Treasury as showed that the government’s gross borrowings during the and fiscal woes will 10-month period fell by 5.99 percent from P2.92weigh trillion a year likely in ago. on With only two months left for output. this year, the latest figure is already

equivalent to 89.6 percent of its P3.07-trillion borrowing program.

In a recent analysis of the PhilipBroken down, gross domestic borpine economy, ING Bank economist rowings Mapa from January to October Nicholas said the country will settledpost at P2.23 trillion, by likely a growth of 5.3down percent 5.08 percent from P2.35 trillion in 2022, falling short of the governin 2020. ment’s 7 to 9 percent target growth Theforbulk of the amount was range the year. sourced from Fixed Rate Treasury “Philippine economic manBonds (P1.19 trillion), followed by agers remain optimistic about short-term borrowings from Bangeconomic prospects in 2022. The ko Sentralforecast ng Pilipinas BSP (P540 official for or2022 GDP billion), Retail Bonds/Prewas pegged atTreasury 7 to 9 percent with myo Bonds (P463.3tobillion), growth expected get a Retail boost Onshore Dollar Bonds bilfrom national elections(P80.84 scheduled lion).

In the same period, there was in May. And although recent histoalso a netus redemption of Treasury ry shows that election-related Bills amounting to P43.94 billion. spending tends to bolster growth Net debt redemption means momentum, we highlight certain there were morethat debts repaid comdevelopments could force us pared the amount borrowed to tonetodown expectations for durthis ing theMapa period. year,” said.

Meanwhile, gross borMapa said that earlyforeign on this year, rowings in the same period also the surge of the Omicron variant contracted by 9.7 percent to P518.7 has already dented the recovery billion from last year’s P574.4 billion. momentum of the economy.

This was raised through global “And although early data points bonds billion), program to a less(P146.17 burdensome impact on the loans (P139.98 billion), euro-dehealthcare sector, the disruption nominated bonds (P121.97 caused by restrictions willbillion), likely a project loan (P86.41 billion), and reverse positive trends in consumer yen-denominated samurai bonds and business sentiment.

(P24.19 billion).

See “Growth,” A2

PEOPLE walk past the mural of Gat Andres Bonifacio at Manila City Hall Underpass.

The country will celebrate the 158th birth anniversary of Filipino revolutionary hero Gat Andres Bonifacio on Tuesday, November 30. ROY DOMINGO

OVER 3-M FARMERS LISTED FOR P75-B COCO LEVY FUND EAST, SE ASIA LEAD PAPERLESS TRADE–U.N. REPORT

A GROUP of people with visual impairment are seen singing for donations as they make their way through a busy street in Parañaque City at the weekend. NONIE REYES

By Jasper Emmanuel Y. Arcalas @jearcalas

M S

ORE than 3 million coconut farmers and

By Tyrone Jasper C. Piad workers are now regis@Tyronepiad tered with the government’s registry,OUTHEAST which serves as East the basis and Asia for the number of people to be are leading the world when covered by the to utilization of the it comes cross-border P75-billion coconut levythat fund. paperless trade, a move has Philippine Coconut Authority reduced time and costs for move(PCA)of Deputy ment goodsAdministrator in the region,Roel acM. Rosales about 3.11 million cording to asaid recent report by the coconutNations farmers and farm workUnited Economic and Social Commission for Asia ers have been registered withand the government since it started up-

See “Borrowings,” A2

PESO EXCHANGE EXCHANGE RATES RATES nn US US 50.4600 51.0410 PESO

dating its registry following the enactment of the Coconut Farmers and Industry Trust Fund law.

Rosales explained that about 500,000 coconut farmers and the Pacific (Unescap). workers were added to the PCA’s In its Digital and Sustainable 2018 list that had about 2.5Report million Trade Facilitation: Global coconut farmers and farm workers.

2021 released this month, Unesnext step is to concapThe saidPCA’s the regions mentioned duct an exclusion-inclusion properformed better in cross-border cedure by exchange making theof updated electronic tradefarmers’documents, registry public, related such providas exing everyone the opportunity to change of certificate of origin and check the veracity of the list, Rosanitary and phytosanitary (SPS) sales added. certifications.

“The list will to be posted in public “This is due the continued spaces where people can easily see

them. This allows everyone to see who are listed in the registry and if farmer doesn’t see his name then he shall coordinate with the PCA immediately,” he explained at a recent efforts to develop the Asean Sindialogue with coconut farmers. gle Window (ASW), which enables the other electronic hand, if people the “On cross-border exwould see names the list and change of Customson declarations, they thinkof they areand notSPS coconut certificates origin cerfarmers or their details are tificates,” the report noted. incorrect, they report it to the PCA ASW iscan a regional initiative for immediate action,”clearance he added. that seeks to expedite PCA official that andThe promote further noted economic the completion of the initial list integration among Asean memof coconut farmers registry would bers. beUnescap just in time thethere expected notedfor that has rollout of coconut levy-funded

programs as President Duterte is expected to sign the industry development plan in early 2022.

Rosales said the PCA will not stop updating its list of coconut been progress made in crafting farmers and enjoined them to reglaws and regulations for crossister inpaperless order to reap thebut benefits border trade, the of the decades-long idled coconut level of implementation remains levy fund.

“Wesome will not stop at 3.1 “very low” for regions. million.

We hope that more indiAccording to the report, over viduals will register our coconut 70 percent of theincountries farmers registry,” he said. surveyed have taken steps to The updating of the coconut establish legal and regulatofarmers registry is mandated ry frameworks for electronicby Republic Act (RA) 11524 or the transactions.

Coconut Industry See “East,”Trust A2 Fund Act. See “3-M farmers,” A2

@sam_medenilla

By Cai U. Ordinario @caiordinario

NTER NATIONA L concerns over possible spread the HEthe Philippines’s GDPoflast more infectious Omicron Coyear already represents 99.4 vid-19percent variantofprompted the pregovthe country’s ernment to reimpose mandatory pandemic figure, which explains facility-based quarantine for all the improvement in the country’s arriving passengers the country.

National Action Planin(NAP) Phase Acting Presidential 4 Scorecard, according spokesperto the Nason Karlo B. Nograles announced tional Economic and Development on Sunday that the Inter-Agency Authority (Neda).

Task the Management In aForce recentforpresentation, Neda of Emerging Infectious Diseases Undersecretary for Planning and (IATF)Rosemarie suspendedG. theEdillon implemenPolicy said tation of its Resolution No. 150the NAP4 scorecard showed that A (s.2021), imposing the country’s effectively score has further imstrictertoprotocols inbound proved 7.63 out offor 9 inallDecember travelers.

2021.

To note, IATF Resolution 150Data showed the country’s GDP A had allowed fully vaccinated reached P19.387 trillion as of Denon-visa travelers List cember 2021.

This isfrom onlyGreen P130.653 areas to enter the country withbillion shy of the P19.518 trillion out the in need for facility-based recorded 2019. quarantine as longwill as they “Some people ask,secure ‘can negative Reverse you eat GDP? It’s Transcriptiontrue that it’s Polymerase Chain Reaction just a number but this GDP (RThas PCR) test within 72 hours prior many implications. This means to their we havedeparture. produced this much “Except for and countries classified level of goods services.

That as ‘Red,’ the testing and quarantine means, we have generated this protocols allmany inbound internamany jobs,for and people can tional travelers in allEdillon ports of said, entry derive incomes,” shall comply with the testing and partly in Filipino. quarantine protocols ‘Yellow’ Based on the NAP4for scorecard, list countries,” Nograles said, citing the country’s infection managethe provision of IATF Resolution ment has improved to a score of No. 151-A. 2.74 in December 2021 compared He noted Hong Kong, which has to the 2.53 recorded in November confirmed a case of the Omicron 2021. variant, willof also fall under the YelIn terms vaccine rollout, the low list countries. scorecard showed the country’s The suspension for score also improvedoftothe 2.2rules in De“Green List” countries will be in cember last year from 2.02 in Noeffect from November 28, 2021 to vember 2021.

December 15, See 2021.

“GDP,” A2 Continued on A2

n JAPAN JAPAN 0.4374 0.4440 n n UK UK 67.2329 69.4311 n n HK HK 6.4722 6.5498 n n CHINA CHINA 7.9013 8.0140 nn SINGAPORE SINGAPORE 36.8968 37.9854 n n AUSTRALIA AUSTRALIA 36.2807 36.4433 n n EU EU 56.5758 58.4011 n n SAUDI SAUDI ARABIA ARABIA 13.4531 13.6051 Source: Source:BSP BSP(November (February 4, n 26,2021) 2021)

News

BusinessMirror

A2 Monday, February 7, 2022

DOF: PHL can’t afford losing recovery gains to Covid risks

T

By Cai U. Ordinario

@caiordinario

HE Department of Finance (DOF) said the Philippines cannot afford to lose its recovery momentum, especially with the risks posed by Covid-19 cases and new variants.

In an economic bulletin, DOF Chief Economist Gil Beltran said apart from the passage of key reforms, efforts to continue vaccination will help the country sustain its recent economic gains.

Some of these gains include the country’s external trade performance which showed total external merchandise trade increased 25.4 percent to $17.8 billion in December 2021.

“As the country continues to grapple with the risks posed by the Covid-19 virus and its variants, the

GDP...

country needs to continue to be vigilant and be ready to respond with the appropriate measures lest the recovery momentum be lost,” Beltran said.

“To this end, the sustained vaccination drive for Filipinos and a calibrated reopening of the economy will be key in helping the Philippines preserve the gains in containing the virus,” he added.

In 2021, Beltran noted, that Total merchandise trade for the whole year reached $192.4 billion, up by

Continued from A1

For economic recovery, given the 7.7-percent growth in the fourth quarter, the country’s score improved to 2.69 in December 2021 from 2.44 in November 2021.

“Our recovery has truly begun. But we need to accelerate the timeline for recovery because many sectors need to recover,” she added.

The NAP4 Scorecard was created by the Recovery Cluster of the National Task Force for Covid-19, which is under the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF-EID). This is consistent

with the goals of the NAP. Neda earlier said the NAP scorecard is a better gauge of the country’s performance as it includes factors such as infection management, vaccine rollout, and socioeconomic recovery that better tells the situation on the ground.

This is consistent with the NAP Phase IV Action Plan’s aim, which is to balance the economic and health needs of Filipinos through what it termed as a “safe reopening of the economy.”

Sustaining growth

PART of the efforts to sustain growth is to encourage competition. Socioeco-

24.1 percent versus the 2020 level.

This is also 5.4 percent larger than the total recorded in 2019.

The full year export value of $74.6 billion was also 5.2 percent higher than the 2019 level, while total import value for 2021 of $117.8 billion was 5.5 percent larger than the 2019 level.

The latest Manufacturing Purchasing Managers’ Index (PMI) for December available from IHS Markit was recorded at 51.8, indicating continued recovery in the manufacturing sector. The country’s manufacturing PMI (IHS Markit) has stayed above 50 since September.

“The recently approved amendments to the Retail Trade Liberalization Act, along with other economic liberalization initiatives such as the amendments to the Foreign Investment Act and the Public Service Act will support the continued recovery of trade and economic

activity in general,” Beltran added.

Based on the latest data from the National Covid-19 Vaccination Dashboard, a total of 128.058 million doses have already been administered. This is composed of 60.59 million first doses; 59.595 million complete doses; and 7.87 million booster doses.

As of February 3, there are 153,335 active Covid-19 cases nationwide. This is composed of 4,923 asymptomatic cases; 143,493 mild cases; 3,067 moderate cases; and 1,528 severe cases.

There were a total of 8,702 new cases recorded; 3.378 million recoveries; and 54,168 deaths. The country’s positivity rate is currently pegged at 25.5 percent.

Data showed that nationwide, intensive care unit beds are 44 percent utilized; isolation beds, 43 percent utilized; ward beds, 43 percent utilized; and ventilators are 24 percent utilized.

nomic Planning Secretary Karl Kendrick T. Chua said competition will not only help in the recovery efforts but also in the attainment of AmBisyon 2040.

Last year, the president also issued Administrative Order No. 44 which directs the adoption and implementation of the National Competition Policy across government agencies, supporting the Joint Memorandum Circular No. 1 of 2020 issued by Neda and the PCC on July 30, 2020.

“Competition policy plays a key role as we recover from the Covid-19 pandemic and pursue our long-term vision of eradicating extreme poverty and providing equal opportunities for all Filipinos by 2040,” Chua said.

“By fostering a business-friendly

environment and a level playing field that welcomes all players, we can promote more innovation, create more and better jobs, and accelerate our growth,” he added.

AO 44 allows the government to maintain market efficiency and protect consumer welfare through the creation of an enabling environment to support the most vulnerable sectors like Micro, Small, and Medium Enterprises.

The order also strengthens the enforcement of the Philippine Competition Act, which helps protect the public against cartels and anti-competitive agreements.

The policy also incentivizes government institutions to comply with the National Competition Policy as they will be assessed and rewarded for how their respective policies and regulations affect market competition.

“The successful implementation of the National Competition Policy relies on the strong col laboration among government offices and sector regulators, not only those with competitionrelated mandates,” Chua said.

Recent efforts, Chua said, contributed to the improvement of the country’s competitiveness ranking.

These include the enactment of the Ease of Doing Business and Efficient Government Service Delivery Act, the Philippine Innovation Act, the Rice Tariffication Law, and the implementation of the Build, Build, Build infrastructure program.

The country’s Chief Economist said these were followed up by the amendments to the Foreign Investment Act and the Public Service Act, which will open up telecommunication and transportation to foreign investments.

By relaxing restrictions, Chua said, the amendments will pave the way for the creation of decent jobs, the reduction in process, and improvement in services.

These will also maximize the benefits of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, which lowered the regular corporate income tax and made the grant of fiscal incentives more performance-based, targeted, time-bound, and transparent.

Salceda…

Continued from A12

“I am especially pleased by the food price deflation in NCR. Food and beverages actually got cheaper by 3 percent in the region, which of course means well for metro workers and working families, who can buy more food,” Salceda said.

“In fact, even when we had weather disturbances last month, we still saw good price stability. I attribute this to normalizing supply chains, especially as Omicron, even if infectious, was not as disruptive or lethal as the other variants,” Salceda added.

Salceda, however, said that prices outside of NCR “still need vigilance.”

“Prices outside NCR have settled between 3 to 4 percent which is not yet to a level I would feel completely at ease about. We need a little more breathing room in those areas, especially if we want to keep inflation rate low for the rest of the year,” Salceda said. Jovee Marie N. Dela Cruz

www.businessmirror.com.ph

East...

Continued from A1

But only 30 percent have “fully” put them in place.

The UN agency, with this, urged countries to ramp up efforts for cross-border paperless trade given the potential benefits due to digitalization of trade procedures, amounting to $600 billion in the Asia-Pacific.

“It is in the interest of all countries to work together and develop the regulatory framework and technical protocols needed for the seamless exchange of trade-related data and documents in electronic form along the international supply chain,” it noted.

The report said that paperless trade systems have aided the movement of goods across borders in the past two years as the pandemic restricted mobility.

The pandemic, in addition, has also accelerated the regional integration and use of Single Window initiatives in some regions to allow trade flows.

“The regional Single Windows create a mechanism that could handle trade-related regulatory requirements within a given region as well as provide additional levels of functionality for shared trade and customs procedures within a

region,” it noted.

Based on the UN global survey, over 50 percent of the countries have fully implemented an automated customs system; electronic submission of customs declarations; internet connection available to customs and other trade control agencies; and electronic payment of customs duties and fees.

“The implementation of electronic application and issuance of preferential certificate of origin as well as electronic application for customs refunds are still a challenge,” it added.

Unescap said that only 50 percent of the respondents can facilitate refunds digitally, noting it was still “common” practice to make such transactions with paper documents.

In 2019, the Philippines acceded to the Unescap Framework Agreement on Facilitation of Cross-border Paperless Trade in Asia and the Pacific. It is the first to do so in the Asean region.

The agreement is aimed at helping the participants better implement the World Trade Organization (WTO) Trade Facilitation Agreement (TFA) and to develop crossborder e-commerce.

Growth...

Continued from A1

The impact of Omicron also appears to have filtered through to the manufacturing sector with the latest manufacturing purchasing managers’ index (PMI) reading showing a stagnation in activity,” Mapa said.

“This highlights that growth momentum will likely take its queue from virus containment, and growth momentum could be hampered should the country experience additional Covid-19 waves in the coming months,” he added.

The economist also said the incoming administration may also be facing a “fiscal handicap.”

“The fiscal situation in the Philippines deteriorated substantially during the pandemic. The government was forced to roll out support measures during lockdowns while also dealing with a steep drop in revenue collection due to weaker economic output,” Mapa said.

“A new economic team will likely

struggle to hit the ground running, all the more so with the current fiscal state. We therefore expect a slowdown in government outlays by the second half of the year, which could weigh on the overall growth outlook,” he added.

The economist also said the expectation of a rate hike from the Bangko Sentral ng Pilipinas (BSP) —which will temper bank lending—may also contribute to the weaker than expected growth in 2022.

“Despite these speed bumps, we expect the Philippine economy to post a respectable expansion in 2022. The gradual economic reopening has helped revive household consumption which has resulted in a rekindling of business sentiment. Election-related spending may indeed support economic activity in the first half of the year as the campaign season peaks in April,” Mapa said.

Comelec...

Continued from A12

County), MECO Taipei (Hualien County, Yilan County, Taichung City and Miaoli County), Melbourne, Nagoya, Osaka, Singapore, Sydney, Tokyo,Wellington, Athens, Barcelona (Outside Barcelona, Spain except Madrid Regions of Aragon; Andorra; Comunidad, Valenciana, Calaluña, Balearic Islands), London, Madrid (Outside of Madrid except Barcelona; Canary Islands), Milan (Lombardia/Lombardy Region, Veneto; Trentino-Alto Adige; Friuli Venezia Giulia, Emilia-Romagna; Valle d’Aosta; Piemonte; and Liguria), Rome, Riyadh (Yemen), Agana, Calgary, Chicago, Honolulu, Houston, Los Angeles, New York, Ottawa, San Francisco, Toronto, Vancouver, and Washington D.C. Another 37 posts will be using postal voting but make use of manual counting of votes.

These are Beijing, Chongquing, Dhaka (Maldives, Sri Lanka), Guangzhou, Hanoi, Islamabad, Port Moresby, Xiamen (Jiangxi Province), Yangon, Ankara, Berlin, Berne, Brussels, Budapest, Copenhagen, Frankfurt, Geneva, Istanbul, Lisbon (Portugal, Sao Tome and Principe, Guinea-Bissau, Cabo Verde, Gibraltar), Moscow, Oslo, Paris, Prague, Stockholm, The Hague, Vienna, Warsaw, Abuja (Benin, Central African Republic, Gabon, Burkina Faso, Cameroon, Côte D’Ivoire, Equatorial Guinea, Ghana, Liberia, Sierra Leone, Gambia, and Togo), Cairo (Ethiopia, Djibouti, Sudan, and Eritrea),

Nairobi (Democratic Republic of Congo, Somalia, Burundi, Malawi, Rwanda, South Sudan, Republic of Congo, and Comoros), Pretoria, Rabat (Mauritania, Mali, Guinea, Senegal), Tehran (Uzbekistan and Turkmenistan), Brasilia, Buenos Aires (Bolivia, Paraguay, and Uruguay), Mexico, and Santiago.

Traditionally, most Philippine posts abroad conduct overseas voting via mail.

The following 22 posts will require voters to be personally present to cast their votes, which will be then counted via AES. These are Brunei, Hong Kong, Kuala Lumpur, Macau, MECO Kaohsiung (Kaoshiung City and Tainan City), MECO Taipei (Taipei City New Taipei City, Taoyuan City, Keelung City, Taoyuan County and Hsinchua County; and Hsinchu City), Seoul, Barcelona (Barcelona), Madrid (Madrid), Milan (Milan), Abu Dhabi, Amman, Beirut, Doha, Dubai, Jeddah, Kuwait, Manama, Muscat, Al Khobar, Riyadh, and Tel Aviv.

The 18 remaining will hold personal voting and then count their votes manually.

These are Dhaka (Bangladesh), Dili, Jakarta, Manado, New Delhi, Phnom Penh, Shanghai, Vientiane, Xiamen (Fujian Province), Lisbon (Angola), Vatican, Abuja (Nigeria), Cairo (Egypt), Damascus, Nairobi (Kenya, Seychelles, Uganda, and Tanzania), Rabat (Morocco), Tehran (Iran), and Buenos Aires (Argentina).

Economy BusinessMirror

www.businessmirror.com.ph

Editor: Vittorio V. Vitug • Monday, February 7, 2022 A3

Group: Game development will benefit fashion industry

By Tyrone Jasper C. Piad @TyronePiad

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ITH metaverse gaining more traction, an industry leader said the game development and fashion industries have more opportunities for collaboration that can showcase Filipino culture.

Game Developers Association of the Philippines (GDAP) President James Lo, in a meeting hosted by the Philippine Trade and Investment Center (PTIC) in Tokyo, said the growing metaverse, eSports and

cryptocurrency space allows the gaming sector to have more synergies with various industries.

“This of course includes the fashion industry as fashion has always been a core feature in games as it establishes the visual identities of its characters,” he explained. “I expect to see more and more Filipino fashion and culture in Filipino-made games and beyond.”

He said that technology has enabled non-gaming sector creatives to “not only bring their concepts and ideas to life in the digital space but to also profit from them.”

“The gates to digital opportunities are wide open. All we need to do now is step through it,” Lo said.

Philippine Fashion Coalition (PFC) Chairperson Carissa Cruz Evangelista, in the same meeting, agreed that Filipino creative talents need to maximize the opportunities in the digital space.

“As the world learns, transacts, communicates and evolves in the digital space, the Philippines must not be left behind,” she said. “We need to move forward in finding our niche in emerging markets, especially those that will

not only generate jobs and income but add to the prestige of our country.”

The PFC official also thanked the Japanese companies that showed interest in teaming up with them for projects in digital fashion and the creative economy.

The meeting was among the recent events organized by PTIC-Tokyo to help the Filipino fashion industry in capacity building and business development through partnerships with Japanese firms.

Dita Angara-Mathay, head officer at the Department of Trade and In-

dustry’s (DTI) field office in Japan, said that—apart from the metaverse and rise of new breed of fashion designers and game developers—the discussion also tackled “how technology will address the present day limits of fashion while preserving traditional techniques of garment construction and design.”

Established in 2020, PFC seeks to support the local fashion industry and its various segments, including textiles, arts and craft; design; and creative services. Its advocacies are hyperlocalization, sustainability and

technology advancement in the sector.

The coalition is currently exploring a project involving development of models for skins and accessories for avatars based on the work of local designers and brands, according to the DTI. PFC is also in talks for a tripartite collaboration with gaming and development stakeholders on the use of digital tools and software to optimize design, fit and fabric.

The local fashion industry, the DTI said, contributes 1.4 percent of the country’s export revenues.

AmCham Mindanao inducts new set of officers, members

By Manuel T. Cayon @awimailbox Mindanao Bureau Chief

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AVAO CITY—The American Chamber of Commerce of the Philippines Inc.—Mindanao (AmCham Mindanao) chapter has installed new set of officers and inducted one corporate and an individual to its roster of membership.

Through an online General Membership Meeting and Induction of the 2022 Board of Governors on January 21, inducting officer Ebb Hinchliffe, the executive director of AmCham Philippines said, “I am truly honored to be here with AmCham Mindanao to do the induction of the officers and directors for 2022.”

The local chapter’s new set of officers were: President-Ferdinand Maranon, president and chief executive officer of Sagrex Corp; 1st Vice President-Guillermo Torres Jr., chairman of the board of the University of Mindanao; 2nd VicePresident-Elpidio Paras, president and CEO of Parasat Cable TV Inc.; Corporate Secretary-Myra Quilatan, resident partner of ACCRALAW Offices Davao; Assistant Corporate Secretary-Benirando Claudio, president and CEO of Sarangani Land & Property Corp; Treasurer-Jocelyn Catampo, owner and general manager of Doc Joy Documentation and Consultancy Services; Assistant Treasurer-Bernadette Fernandez, chief financial officer of BF Industries Inc; Publications Officer-

Rossano Luga, individual member; Directors, Jose Rao’ul Balisalisa, partner, SGV & Co; Cherrylin Casuga, president of Blue Sapphire Group of Companies, and Geraldine Tiu-individual member.

Immediate past president Luis Bonguyan joined the board as the ex-officio officer.

Newly installed president, Ferdie Maranon inducted two new members, JB Suarez, representative of Eastern Communication Phil. in Mindanao, and Jocelyn Romero, an individual member.

“I’m certainly appreciative of outgoing president Luis Bonguyan.

Pres. Louie has done a great job and I appreciate all that he has done.

AmCham can do anything to help and support you [AmCham Mind-

anao,” Hinchliffe said.

In his outgoing speech, Bonguyan expressed his gratitude to fellow officers and members for allowing him to make AmCham Mindanao’s success as an institution. “Through everyone’s hard work, cooperation, and support, AmCham Mindanao was able to overcome the novel obstacles brought about by the lingering pandemic. Despite these extraordinary times, the American Chamber of Commerce rose to the challenge and remained resilient and unquestionably it took a lot of dedication, passion, integrity, discipline, and courage from all its officers and members to remain together and continue to own advocacy of contributing to the economic growth and personal development

of everyone.”

David “Chip” Gamble, Acting Deputy Chief of Mission at the US Embassy Manila, which AmCham Mindanao invited, talked on vaccine availability to the Philippines.

“The rapid spread of Omicron has made ensuring vaccine availability more important than ever. To date, the United States has facilitated the donation of more than 65 million vaccines through the Covax Facility including almost 25 million vaccines in direct US donations. I am especially proud to say that more than 100 million doses of US branded vaccines have been administered here in the Philippines and we’re looking forward to the delivery of another 50 million Pfizer vaccines for children in the

very near future.”

“The devastation of typhoon “Odette” (inter nat iona l code name Rai) has also added challenges to an already difficult situation. The US government has donated more than $20 million or P1 billion to help typhoon relief efforts,” said Gamble.

“We’re grateful that the US-Philippines alliance remains strong….

The bilateral relationship continues to be at the core of our economic policy overseas. During our most recent bilateral strategic dialogue in November last year, we committed to further deepening and expanding our relationship to address our common challenges on the pandemic and on regional issues.” Gamble said.

A4 Monday, February 7, 2022 • Editor: Vittorio V. Vitug

The Nation BusinessMirror

DOLE urged: Resolve issues on deployment ban to Saudi

By Jovee Marie N. Dela Cruz @joveemarie

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HE recruitment industry on Sunday appealed to the Department of Labor and Employment (DOLE) to resolve the temporary deployment ban to the Kingdom of Saudi Arabia, which is now affecting 10,000 overseas Filipino workers (OFWs).

The temporary deployment ban to Saudi Arabia—imposed over the unpaid wages to 9,000 workers that were promised to be paid by the Saudi government—is affecting 10,000 OFWs scheduled for travel to the kingdom, recruitment and migration expert Manny Geslani said in a statement at the weekend.

“The order stopped the deployment of construction workers for new projects in Saudi Arabia and also thousands of skilled workers ordered

by Mega Recruitment Companies that farm out the workers to numerous offices, establishments, hotels, department stores and employers,” said Geslani.

In 2020, Geslani said Labor Secretary Silvestre Bello III instructed the Philippine Labor Attaches in Saudi Arabia to stop the verification of contracts submitted by construc-

tion companies and mega recruitment companies which resulted in the non-deployment of over 5,000 workers up to this date.

According to Geslani, Bello had repeatedly warned he will push for a deployment ban on Saudi Arabia if the government refuses to settle the billions of pesos worth of unpaid wages and benefits for repatriated Filipino workers (OFWs) in 2016.

Bello said the Middle Eastern country still has not paid the claims of thousands of OFWs repatriated in 2016 after their employers, mostly giant construction companies, folded up in 2014 due to the downfall of crude oil prices to $40 dollars a barrel. Subsequently, the Saudi economy went flat and the construction companies were not paid by the government.

On November 28, 2021, Geslani said Bello ordered anew the Labor Attaches in Saudi Arabia to stop the verification of new contracts for Household Service Workers for Saudi Arabia while a technical working group is crafting new verification rules for the deployment of HSWs, resulting in a de facto ban for domestic workers in the largest market for HSWs in the Middle East.

In separate messages, DOLE’s

Lacson poises more questions for ₧11-B Pharmally anomaly

S

EN. Panfilo Lacson vowed to dig deeper into the multibillion-peso Pharmally anomaly involving “a small firm granted a total of P11 billion in government contracts” for pandemic supplies amid doubts over its “financial capacity to guarantee the purchases.”

Lacson conveyed over the weekend his readiness to raise more questions when the Pharmallly inquiry committee report is brought up for plenary deliberation, amid uncertainty that “betrayal of public trust” can be applied to some of the personalities involved in the multibillion-peso Pharmally scandal, even as he affirmed “there is no doubt those found liable should be held accountable.”

Affirming strong reservations on the contents of the partial Senate Blue Ribbon Committee report on the Pharmally issue even as he signed off on its release, Sen. Lacson said he is ready to interpellate the report if or when it reaches the Senate plenary in May. For instance, Lacson said, the evidence gathered by the Blue Ribbon panel pointed mainly to the greed and lack of competence of officials of agencies like the Procurement Service of the Department of Budget and Management in dealing with Pharmally Pharmaceutical Corporation.

The senator explained that the phrase “betrayal of public trust”

contained in the report had to be “discussed at length because it could lead to the impeachment of a sitting President.”

Lacson recalled that “when I signed the report, I did so as vice chairman of the committee,” but quickly clarified: “I did so with reservations, so it doesn't mean I support all its contents.”

He added: “At least for now, unless I am presented with compelling evidence, there is no basis for me to believe that there is a betrayal of public trust.”

A former National Police chief during the Estrada administration, Lacson recalled in a recent radio interview he was asked where he stood on the Pharmally issue, saying: it should be treated the same way as other health care-related exposes he (Lacson) made in the past—“with relentless pursuit of the facts to make those involved accountable.”

For instance, Lacson recalled unveiling the abuse of Philippine Health Insurance Corp. (PhilHealth) funds through its Interim Reimbursement Mechanism that cost the government a whopping P14-billion.

He cited a recent radio interview where Lacson was asked what he should have done: “So, you’re asking me what should be done? Yes, we should pursue this issue like how we pursued the wasted money with PhilHealth, right? With Pharmally, you know, it should not be treated differently—it should be the same.” Butch Fernandez

International Labor Affairs Bureau (ILAB) Director Alice Visperas and Philippine Overseas Employment Administration (POEA) Administrator Bernard P. Olalia confirmed that there are still restrictions on the deployment of OFWs, including new hires among domestic workers to Saudi Arabia. ������������������������������� “The latest suspension of verification contracts for new Household service workers (HSW) for Saudi Arabia has impacted gravely on the business of industry players in the HSW sector since there is monthly deployment of 1,500 domestic workers to the Kingdom while related to the unpaid wages being collected by Secretary Bello,” Geslani added.

Geslani said the foreign recruitment agencies and employers in the Kingdom are now demanding refunds from the private recruitment agencies for the advances paid to the local agencies to the mobilization and maintenance of the workers, who have been idle, staying in accommodations provided by the agencies.

“So this is the grim situation for the recruitment industry now with Secretary Bello standing pat that the KSA government should pay first the

‘Poster meant to humiliate’

ACCORDING to Topacio, “The [FBI] poster was meant to humiliate, to embarrass the pastor….This is a despicable act. The pastor does not deserve this act.”

Meanwhile, Topacio said the timing of the poster was “suspect” just as the Philippines was starting its national campaignperiod.Hesaidtheindictment came out on November 10 and that a warrantofarrestwasissuedonthesame day. “Why did it wait for this time of the national campaign to issue that poster?”

He said Quiboloy was likely the target of a US conspiracy to discredit the administration of President Duterte by bringing down his close allies. Duterte has been a fierce critic of American foreign

Bar examinees disqualified for violations of Honor Code

By Joel R. San Juan @jrsanjuan1573

T

HE Supreme Court disclosed on Sunday that a number of examinees violated policies and the honor code that were put in place for the first-ever regionalized and digitalized Bar examinations held last February 4 and February 6.

Associate Justice Marvic Leonen, the chair person of the 2020/2021 Bar examinations, said his office has received reports of examinees who deliberately entered the local testing centers without disclosing that they had previously tested positive for Covid-19; who smuggled mobile phones inside the examination rooms; and who accessed social media during lunch break inside the premises.

The Bar Bulletin did not disclose how many examinees were disqualified as a result of the alleged violations of the policies and the honor code.

“For their infractions, I am exercising my prerogative as Bar Chairperson to disqualify these examinees from the 2020/21 Bar Examinations,” Leonen said.

“I take my constant message of honor to the examinees seriously. I owe it not only to those who risked their lives just to make the 2020/21 Bar Examinations happen despite all odds, but most especially to those examinees who could have taken the Bar Examinations were it not for

their positive Covid-19 test results,” he added.

Leonen noted that the disqualification applies only for the 2020/2021 Bar exams. ����������������������������������� His advice for the disqualified examinees: “For now, reflect on what you have done, but know that you can still change your narrative. You will not end up as the examinee who lost your honor forever in your desperation to pass an examination. Learn from your mistake, and earn your honor back.”

Aside from those disqualified, there were also 219 Bar examinees who were unable to take the tests after having tested positive for Covid-19.

A total of 11,378 out of the 11,790 law graduates who paid their registration fees actually took the tests last February 4.

The SC has yet to release the total number of examinees who managed to finish the two-day examinations.

In previous Bar examinations, the number of examinees who took the tests during the first day dwindled as some opted to back out for various reasons.

Sunday was the last day of the 2020-2021 Bar exams which cover “The Law Pertaining to Private Personal and Commercial Relations” (formerly Civil Law and Commercial Law) in the morning, and “Procedure and Professional Ethics” (formerly Remedial Law, Legal Ethics, and Practical Exercises) in the afternoon.

Support for rare diseases should not be rare–experts S OLUTIONS and commitments to address the six-year delay in the implementation and funding requirements of the Rare Disease Law amid the disruption of the Covid-19 pandemic were defined during an online virtual round table discussion (vRTD) of government, health experts, and multi-sectoral stakeholders recently.

The online event, “No One Should Be Left Behind Amid the Continuing Pandemic—Facilitating the Implementation of the Rare Disease Law for 2022,” organized by the Stratbase ADR Institute in partnership with UHC Watch and Philippine Society for Orphan Disorders, cited the need to institutionalize government's support to RD patients. This can be done primarily through annual allocations in the General Appropriations Act and progressive execution of assistance and treatment programs.

Professor Dindo Manhit, president of Stratbase ADRi, said stakeholders can collaborate proactively to achieve better health outcomes with a greater sense of accountability in healthcare delivery.

“The pressures on the Philippine health system consequent to the ongoing pandemic have caused life-endangering disruptions to non-Covid 19 patients and punctuates the urgency to expand our healthcare coverage with adequate and well managed resources to respond to the rising medical needs

Easy to get indictment in the US, FBI poster unfair–Quiboloy camp continued from a12 He said the US DOJ may also request the Philippine DOJ to place Quiboloy under a provisional arrest pending the formal filing of an extradition request.

But, Ortha said, the justice department would have to conduct an evaluation of the request first before referring the matter to any law enforcement agency which is then tasked to go to the court and secure an order for the subject’s provisional arrest.

“The problem with provisional arrest is once it is issued by the court and received by the DOJ, the US is given only 60 days to formally file the request [for extradition] because if they failed to do so the person subject of the provisional arrest would have to be released,” Ortha said.

unpaid wages before he lifts the temporary deployment ban on domestic and construction workers,” he added.

According to Geslani, Bello has attended the Abu Dhabi Dialogue, a forum for talks and cooperation between Asian Countries of labor origin and destination.

Before the dialogue, Geslani said Bello was invited by Al-Rajhi for a private meeting where the KSA labor executive appealed for the lifting of the suspension on Arab mega recruitment agencies which were responsible for the deployment of OFWs whose salaries and benefits remained unpaid.

“Bello said he assured Al-Rajhi the Philippines would lift the deployment ban in exchange for the payment of salaries of the OFWs,” added Geslani.

“Repatriated by the government in 2016, the unpaid OFWs, through the help of state lawyers, won the case over their unsettled pay in KSA,” he said.

“Bello was optimistic that by December of 2021, the unpaid claims of $4.6 billion, which has ballooned to $5 billion, [would be paid], however up to this day there is no sign that the Saudi government will push through the payments,” said Geslani.

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policy, promoting friendlier and open relation with China and Russia.

Quiboloy is a close ally and financial supporter of Duterte.

Citing “historical trend” of US intervention in other sovereign countries like the Philippines, “the US wants to undermine the candidacy of Sara Duterte, or even BBM [Ferdinand “Bongbong” Marcos].”Topacio said any move to bring the pastor to face a US court would follow a long and meticulous “customary international laws and extradition process”, from a US State Department request to the Philippine Department of Foreign Affairs to a DFA request to the Philippine Department of Justice and for the latter to request the concerned court to ascertain that requirements were all met. Manuel T. Cayon, Joel R. San Juan

of the public,” he said.

Alvin Manalansan, co-convenor of the advocacy group Universal Health Care Watch (UHC Watch), said the sustained institutionalization of this line item in the national budget is key to obtaining tangible, measurable results.

“We should expand the coverage of the law so that more types of diseases can be covered, and so that more patients will get the chance to access needed services like diagnosis, treatment or maintenance,” he added.

A law long passed

RD are those that are characterized by a broad diversity of disorders and symptoms that vary not only from disease to disease, but also from patient-to-patient.

Examples of such diseases are Pompe Disease, Gaucher Disease, Maple Syrup Urine Disease, Fabry Disease.

Approximately 6,500 patients or one in every 20,000 Filipinos are afflicted with RD based on previous data from the University of the Philippines-National Institutes of Health (UP-NIH). Most belong to the lower socioeconomic group that rely on heavy support from the government or external stakeholders.

To help address the needs of persons with rare diseases through early intervention and increase their rate of survival, the Rare Disease

Act of the Philippines (Republic Act No.10747), was approved in March 2016; the Implementing Rules and Regulations was released in November of the following year.

However, it was only this year (2022) that an actual budget was allocated in the GAA in the amount of P104.9 million as an item in the UP-NIH budget.

Experts weigh in

Dr. Carmencita Padilla, Chancellor of the University of the PhilippinesManila, said it is important to diagnose early so that those with rare diseases can still enjoy quality life and even have their own families in the future.

But to be able to help, we first have to know whom to help, so a rare disease registry is needed.

“We also have to help the medical population, the doctors and nurses, and all the health professionals with what is needed to help the patients.

No single agency can make this happen,” she said.

Eva Maria C. Cutiongco-dela Paz, Executive Director of the UPNIH, said that “one of the objectives of the Law was to improve the access of patients with RDs to comprehensive medical care (drugs, healthcare products), as well as timely health information.”

A multisectoral strategic plan on the integrated rare disease management program for 2022-2026 is be-

ing developed, where the priority list of RDs will be provided based on consultations with medical societies, according to her.

Dr. Cherylle Gavino, OIC Director III of the DOH’s Technical Integration, Disease Prevention and Control Bureau, said this plan will be the basis or reference of the Bureau in investing and providing funds for the next five years.

Daisy Cembrano, Director for Healthcare Policy of the Pharmaceutical and Healthcare Association of the Philippines, explained that over the past two years most resources were reallocated to the pandemic response, thus it is worth looking at some innovative financing models implemented by other countries for the treatment of RDs. Mr. Anand Jha, Founder and Managing Director of Singaporebased consultancy firm Ansea Consultants Pte Ltd., acknowledged the role that all stakeholders have to play to ensure the smooth and robust implementation of the Rare Diseases Act. He appealed for the government, societies, academicians, researchers, industries, NGOs, and patient groups to work together for the smooth and robust implementation of the law.

“The [Philippines] is much further ahead than other countries in setting an example of what is achievable,” Jha said. Now is the time to put the funding behind the law to achieve its aims, he added.

Chocolate treats await 5 to 11-year-old vaccinees in Makati City–Mayor Abby

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HILDREN 5 to 11 years old will receive chocolate candy bars from the Makati city government after getting their Covid-19 vaccine shot, Mayor Abby Binay said on Friday.

The mayor said the city would hand out premium chocolate products to each child after getting vaccinated.

“The sweet treat is meant to reward them and, at the same time, make them happy,” Mayor Abby said.

The mayor said the city would soon start the vaccination rollout for the said age group at SM Makati and Nemesio I. Yabut Elementary School (NIYES). These venues will serve as

the exclusive vaccination sites for 5 to 11-year-olds.

The “no walk-in” policy will be strictly implemented, she added.

The mayor urged parents of children in the said age group to have them vaccinated against Covid-19.

“They are among the vulnerable sectors that can suffer serious complications if they get infected,” she said.

The mayor said parents can register their children online and wait for notification on their schedule before going to the vaccination site. This is to avoid unnecessary travel for their children, she said.

To register, go to covid19vaccine. safemakati.com, then register chil-

dren under the Makati resident, non-voter category, or non-Makati resident category.

Mayor Abby also encouraged everyone to take their booster shots for the Covid-19 vaccine to ensure optimal protection against the new variants of the virus.

“The city has opened the booster registration for everyone who wishes to get vaccinated in the city. All they have to do is register in our portal then go to the nearest vaccination site,” she said.

As of January 21, 2022, some 488,858 Makatizens are already fully vaccinated, while the city has already administered 123,696 booster shots.

News BusinessMirror

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Monday, February 7, 2022 A5

Vaxxed tourists exempt from Naia arrivals cap

By Ma. Stella F. Arnaldo

F

@akosistellaBM Special to the BusinessMirror

ULLY vaccinated foreign tourists are exempt from the arrivals cap currently being implemented at the Philippines’s premier gateway.

This as the Civil Aeronautics Board (CAB) informed the foreign and local carriers that “international inbound arrivals at Manila’s Ninoy Aquino International Airport (Naia) shall be increased to a maximum of 5,000 passengers per day beginning 4 February 2022.”

The advisory was signed by CAB Executive Director Carmelo Arcilla on February 2, 2022, a copy of which was sent to the BusinessMirror.

Arcilla added, “All airlines are also reminded to ensure strict compliance with the applicable entry requirements and proto-

cols for all its international arriving passengers under relevant IATF resolutions and/or policies.

We hereby reiterate the need to comply with the registration to the One Health Pass (OHP) as a requirement prior to boarding the flight. In this regard, airlines are directed to screen and board only those passengers who are compliant with the applicable requirements and protocols for international arriving passengers.”

The Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF), in its

Resolution 160-B dated February 3, 2022, said however, “Fully vaccinated foreign nationals shall not be included in the arrival quota set by the Department of Transportation (DOTr) and its One-Stop-Shop (OSS).” The OSS oversees the processing of arrivals at the Naia.

BOQ limitations dictate quota

AVIATION and government sources continue to rail against the arrivals quota, despite its increase from the earlier 3,000. “Pre-pandemic, there were about 30,000 arrivals per day,” said one source.

Sources point to the limitations on the part of Bureau of Quarantine (BOQ) as the reason for the cap: “BOQ’s testing capacity is only 5,000 per day.”

BOQ officials have been very vocal since last December of their need for more staff to boost their operations. The issue came up when complaints were raised about the delays in pulling out Covid-

positive arrivals from quarantine hotels for transfer to government isolation facilities.

Tourism Secretary Bernadette Romulo Puyat has also pushed for the increase in the number of OSS-accredited labs to test arriving passengers. She said, she noticed last November, after coming from London where she attended the World Travel Market, “There were only two accredited labs to test arriving passengers: Padlabs (Philippine Airport Diagnostic Laboratory) and Detoxicare.”

All international carriers have to share in the arrivals quota, which sources say, impinge on their profitability as they are unable to fly more passengers into the country.

It has also given rise to issues with countries like Dubai, which now limits the number of passengers that can be boarded on carriers bound for Manila. This has forced flag carriers like Philippine Airlines and Cebu Pacific to reroute their flights to Manila via Clark, Cebu,

or Davao. (See, “CAB keeps mum on PHL, Dubai row on arrivals cap,” in the BusinessMirror, December 13, 2021.)

Travel insurance required

THE IATF has allowed the entry of fully vaccinated leisure tourists from 157 countries and two Chinese special territories (Hong Kong and Macau) into the Philippines starting February 10, 2022, without quarantining in a hotel.

“The new IATF guidelines indicate, while the country has opened its borders to fully vaccinated business and leisure visitors, it is doing so with utmost care and with full regard for the health and safety of both visitors and the general public,” said Romulo Puyat in a news statement. (See, “PHL reopens to vaxxed tourists from visa-free countries,” in the BusinessMirror, January 28, 2022.)

She stressed that foreign tourists must have travel insurance from reputable insurers with a

minimum coverage of US$35,000 for the duration of their stay in the country, to cover for any possible Covid-19 treatment in case they fall ill. Other requirements may be found in https:// bit.ly/3rvcsvO She also reiterated only fully vaccinated foreign visitors will be allowed entry to the country. “Children below 12 years old will be exempted if they are traveling with fully vaccinated foreign parents.”

Parents of unvaccinated minors between 12 and 17 years old must accompany their children during their facility-based quarantine for five days.

“The opening of our borders to eligible foreign visitors and the rebound of the tourism industry can only mean the restoration of the livelihood of millions of Filipinos working in tourism-related establishments and businesses who have been displaced by the pandemic. It will contribute greatly to the eventual revival of the Philippine economy,” said Romulo Puyat.

Partido Federal: Kalye Survey results show BBM could win by 27-M votes

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ARTIDO Federal ng Pilipinas standard-bearer Ferdinand “Bongbong” Marcos Jr. could be the runaway winner in the May 9 national and local elections, with a margin of more than 27 million votes.

This was based on Pulso ng Pilipino, a compilation and

summation of all Kalye Survey results produced by information and statistical data provider Splat Communications, working jointly with consulting firm Simplified Strategic Solutions (SSS).

Allowing for a voter turnout of 82 percent of the total 67-million registered voters, or 54.94-million voters, Marcos will get 33,128,820

votes. Leni Robredo, a very far second, will get 5,637,638 votes.

This figure indicates a lead of 27,491,182 votes for Marcos.

Isko Moreno will place third with 4,603,972 votes, while Manny Pacquiao and Panfilo Lacson will garner 3,483,196 and 1,395,476 votes, respectively.

Splat Communications

explained that they decided to do an estimation to give a clear picture of the statistical data obtained.

Based on the January 1 to 31 results, Marcos got a total of 8,170 or 60.30 percent; Robredo got 1,323 or 9.77 percent.

Moreno got 1,135 or 8.38 percent; Pacquiao, 859 or 6.34 percent; and

Lacson, 344 or 2.54 percent.

There were 113,548 respondents for the said period, 12.67 percent of which were undecided.

“With a little over three months left before the elections, please be observant and extra-vigilant.

Expect all the worst imaginable drama, intrigues, downright lies,

smear campaigns, and threats against the frontrunner BBM,” Splat said.

“All of his opponents will become desperate as Election Day draws near. Now the disparity is as clear as day.

This lead is insurmountable at this stage,” Splat added in the voiceover.

A6

The World BusinessMirror

Monday, February 7, 2022

Officials: Russia reaches 70% of Ukraine military buildup

W

ASHINGTON—Russia has assembled at least 70 percent of the military firepower it likely intends to have in place by midmonth to give President Vladimir Putin the option of launching a full-scale invasion of Ukraine, US officials say.

The officials, who discussed internal assessments of the Russian buildup on condition they not be identified, sketched out a series of indicators suggesting Putin intends an invasion in coming weeks, although the size and scale are unclear. They stressed that a diplomatic solution appears to remain possible.

Among those military indicators: an exercise of Russia’s strategic nuclear forces that usually is held each fall was rescheduled for midFebruary to March. That coincides with what US officials see as the most likely window for invasion. The officials made no suggestion that a prospective conflict would involve the use of nuclear weapons, but the Russian exercise—likely involving the test-launching of unarmed long-range missiles on Russian territory—could be used as a message aimed at deterring the West from intervening in Ukraine.

US officials have said in recent weeks that a Russian invasion could overwhelm Ukraine’s military relatively quickly, although Moscow might find it difficult to sustain an occupation and cope with a potential insurgency.

The ongoing Russian buildup comes as the Biden administration

has been disclosing intelligence in hopes of preemptively countering Russian disinformation and blocking Putin’s plans for creating a pretext for an invasion. But it has come under criticism for not providing evidence to back up many of its claims.

On Saturday, The New York Times and The Washington Post said officials were warning that a full Russian invasion could lead to the quick capture of Kyiv and potentially result in as many as 50,000 casualties. A US official confirmed that estimate to The Associated Press. But it’s not clear how US agencies determined those numbers, and any predictions about how an invasion would proceed and the human cost it would inflict are inherently uncertain given the vagaries of war.

President Joe Biden has said he will not send US troops to Ukraine to fight a war. He has, however, ordered additional forces, including headquarters personnel and combat troops, to Poland and Romania to reassure those NATO allies that Washington would fulfill its treaty commitment to respond to Russian aggression against NATO territory.

Ukraine is not a NATO member but receives US and allied military support and training.

Army officials on Saturday announced that Maj. Gen. Christopher Donahue, the commanding general of the 82nd Airborne Division, arrived in Poland. About other 1,700 soldiers from the 82nd Airborne are deploying to Poland from Fort Bragg, North Carolina, and 300 soldiers are deploying from Bragg to Germany.

In addition, 1,000 Germany-based soldiers are shifting to Romania.

With growing nervousness in Eastern Europe over Russia’s buildup, much attention is focused on its placement of thousands of troops in Belarus, which shares a border not only with Ukraine but also with three NATO nations—Poland, Lithuania and Latvia. The Biden administration may soon shift some more troops within Europe to allied nations on NATO’s eastern flank, a US official said Saturday without specifying which nations.

Defense Secretary Lloyd Austin said last week that Putin could use any portion of the force he has assembled along Ukraine’s borders to seize Ukrainian cities and “significant territories” or to carry out “coercive acts or provocative political acts” like the recognition of breakaway territories inside Ukraine.

More recently, other US officials provided a more detailed breakdown of Russia’s continuing force buildup, of US assessments of prospects for war, and of the US view of Putin’s approach to the crisis.

The officials reiterated what other Biden administration officials have been saying for weeks—that they don’t believe Putin has made a final decision to invade Ukraine. But it appears possible that the Russian leader set his intentions and is waiting until the last moment to give the go-ahead for an invasion.

Officials sketched out the disposi-

tion of Russian forces that have been deployed toward Ukraine’s borders over the past several months, creating what Western officials see as the threat of a full-scale invasion despite repeated assertions by senior Russian officials that they do not intend to attack unprovoked.

As of Friday, the officials said, the Russian army has put in place near Ukraine a total of 83 “battalion tactical groups,” each of which is roughly equivalent in size to an American battalion of between 750 and 1,000 soldiers. That is an increase from 60 battalion tactical groups in position just two weeks ago, they said.

Another 14 battalion tactical groups are on their way to the border area from other parts of Russia, the officials said. Two officials said the US assesses that Russia would want a total of between 110 and 130 battalion tactical groups for use in a fullscale invasion, but Putin could decide on a more limited incursion. Including support units, Russia might be aiming to have 150,000 troops in place for a full-scale invasion, one official said, adding that the ongoing buildup could reach that level in the next couple of weeks.

Depending on Putin’s ultimate objective, the Russian forces could attack Kyiv directly by moving south from current positions in southern Belarus. He might also send forces across the Russian border into eastern and southern Ukraine if his intent is to fracture and destroy a large portion of the Ukrainian army, the officials said.

On the lower end of the scale of military action, Putin might order sabotage, cyberattacks and other destabilizing actions inside Ukraine with the goal of removing the current government in Kyiv, officials have said. AP

Massive swarm of dead fish in Atlantic prompts inquiry

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ARIS—France and the European Union are investigating why a massive swarm of dead fish was released by a huge trawler in the Atlantic Ocean off France, after an environmental group released dramatic video and photos of the incident.

The images by the group Sea Shepherd show a blanket of dead blue whiting fish floating on the surface of the Bay of Biscay, off the coast of southwest France. The group estimates it held some 100,000 dead fish.

Struck by the “shocking” images, French Maritime Minister Annick Girardin tweeted Friday that she ordered the National Center for Fishing Surveillance to investigate what happened.

The European commissioner for the environment, oceans and fisheries, Virginijus Sinkevičius, announced an inquiry into “national authorities of the fishing area and

In this photo provided by Sea Shepherd on Saturday Feb. 5, 2022, dead fish float in the Bay of Biscay, off La Rochelle, western France on Thursday Feb.3, 2022. France’s maritime minister has ordered an investigation after environmental group Sea Shepherd released video and photos of a massive dump of fish in the Atlantic. The images show swarms of fish in the Bay of Biscay off the southwest France.

The reason for the dump is unclear.Sea Shepherd via AP

presumed flag state of the vessel, to get exhaustive information and evidence about the case.”

The Pelagic Freezer-Trawler Association, which represents the Lithuania-registered trawler Margiris, which caught the fish, said in a statement that the fish were “involuntarily released into the sea” on Thursday because of a tear in the trawler’s net.

“Such an accident is a rare occurrence, and in this case was caused by the unexpectedly large size of the fish caught,” it said. It said the trawler has adapted its practices to deal with “the exceptional size of the fish currently in the area concerned.”

Sea Shepherd, however, questioned whether it was an accident or instead an intentional dump of unwanted fish. The group is calling for more policing of the seas—and especially of massive industrial trawlers—to protect sea life and oceans. AP

UN experts: North Korea seeks to produce material for nukes

U

NITED NATIONS—North Korea has continued to develop its nuclear and ballistic missile programs including its capability to produce nuclear fissile materials in violation of UN Security Council resolutions, UN experts said in a new report.

The panel of experts said in the executive summary of the report obtained Saturday night by The Associated Press that there was “a marked acceleration” of Pyongyang’s testing and demonstration of new shortrange and possibly medium-range missiles through January, “incorporating both ballistic and guidance technologies and using both solid and liquid propellants.”

“New technologies tested included a possible hypersonic guiding warhead and a maneuverable re-entry vehicle,” the panel said. North Korea also demonstrated “increased capabilities for rapid deployment, wide mobility (including at sea), and improved resilience of its missile forces.”

The experts said North Korea “continued to seek material, technology and know-how for these programs overseas, including through cyber means and joint scientific research.”

A year ago, the panel said North Korea had modernized its nuclear weapons and ballistic missiles by flaunting United Nations sanctions, using cyberattacks to help finance its programs and continuing to seek material and technology overseas for its arsenal including in Iran.

“Cyberattacks, particularly on cryptocurrency assets, remain an important revenue source” for Kim Jong Un’s government, the experts monitoring the implementation of sanctions against the North said in the new report.

In recent months, North Korea has launched a variety of weapons systems and threatened to lift the four-year moratorium on more serious weapons tests such as nuclear explosions and ICBM launches. January saw a record nine missile launches,

and other weapons it recently tested include a developmental hypersonic missile and a submarine-launched missile.

The Security Council initially imposed sanctions on North Korea after its first nuclear test explosion in 2006 and made them tougher in response to further nuclear tests and the country’s increasingly sophisticated nuclear and ballistic missile programs.

The panel of experts said North Korea’s blockade aimed at preventing Covid-19 resulted in “historically low levels” of people and goods entering and leaving the country. Legal and illegal trade including in luxury goods “has largely ceased” though crossborder rail traffic resumed in early January, it said.

The panel has previously made clear that North Korea remains able to evade sanctions and to illicitly import refined petroleum, access international banking channels and carry out “malicious cyber activities.”

UN sanctions ban North Korean

coal exports and the experts said in the new report that although coal exports by sea increased in the second half of 2021, “they were still at relatively low levels.”

“The quantity of illicit imports of refined petroleum increased sharply in the same period, but at a much lower level than in previous years,” the panel said, adding that direct deliveries by non-North Korea tankers has ceased and only tankers from the North delivered oil, “a marked change of methodology” probably in response to Covid-19 measures.

The experts said North Korea also continues to evade maritime sanctions “ by deliberately obfuscated financial and ownership networks.”

While the humanitarian situation in the country continues to worsen, the panel said the almost complete lack of information from the country makes it difficult to determine the “unintended humanitarian consequences of UN sanctions affecting the civilian population.” AP

Editor: Angel R. Calso

Tensions simmer in Canada as violence erupts at protests

Trucks attempting to drive down University Avenue between Bloor Street and Queen’s Park are blocked by a police cruiser during a demonstration in support of a trucker convoy in Ottawa protesting Covid-19 restrictions, in Toronto on Saturday, Feb. 5, 2022. Nathan Denette/The Canadian Press via AP

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ensions boi led over at protests against vaccine mandates in two Canadian cities Saturday as a smoke bomb was deployed in Toronto and four men were injured in a hit-and-run incident in Winnipeg.

Toronto police arrested a 22-year-old man on the North side of Queen’s Park after he set off a smoke bomb, officials said in a Twitter post. In Winnipeg, police arrested a 42-year-old man who drove through a group of protesters downtown. Three men suffered minor injuries and a fourth was treated in a hospital and released.

The incidents come as protests against vaccine mandates and Covid restrictions expanded across Canada this weekend, snarling traffic in places from Vancouver to Quebec City. Hundreds of truckers and other protesters have been occupying the nation’s capital for a week in opposition to vaccine mandates, and pent-up frustration has resulted in ballooning support in cities across the country.

“This is an extremely polarizing situation,” said Winnipeg Police Constable Rob Carver. “ T he re a re v e r y d i v e r ge nt views, not just here but across the country.”

The protests started in reaction to Canadian and US laws that went into effect in January, requiring truckers crossing the border to be fully vaccinated.

They have since morphed into a

rally against Covid restrictions more broadly, and Canada’s “Freedom Convoy” has since been championed by the likes of Fox News and by podcaster Joe Rogan, Tesla billionaire Elon Musk and former President Donald Trump. US demonstrators are planning to continue the Canadian protests with a convoy to Washington, D.C. Hundreds of big rigs descended in Ottawa last weekend, and demonstrators in the capital and elsewhere say they plan to stay put until Canada lifts vaccine mandates.

The Winnipeg hit-and-run “was not specifically about the mandates” and the individual who drove into the crowd “wasn’t really for or against either of the general views that are f loating around this country,” Carver said Saturday in a conference call with reporters.

Police are in contact with protest organizers and don’t plan to bolster police presence, as demonstrators have been cooperative, he said.

Counter protesters attempted to impede the movement of vehicle convoys Saturday by blocking intersections, Vancouver police said in a Twitter post. Hundreds of vehicles from the protest convoy entered the downtown core, causing significant congestion.

On Friday, Mayor Kennedy Stewart said in a statement “Vancouver doesn’t want you here. Make your point and then go home.”

Bloomberg News

Iran welcomes US sanctions relief but says it’s insufficient

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EH R A N , I r a n — I r a n’s foreign minister on Saturday welcomed US sanctions relief intended to entice Iran back to the 2015 nuclear deal, but called it insufficient.

On Friday, the Biden administration restored some sanctions relief to Iran’s atomic program as world powers and the Islamic Republic continue talks aimed at salvaging the languishing agreement.

“Lifting some sanctions in a real and objective manner could be interpreted as the good will that Americans talk about,” Foreign Minister Hossein Amirabdollahian told reporters.

However, he said the move “is not sufficient.”

Secretary of State Antony Blinken signed several sanctions waivers related to Iran’s civilian nuclear activities. The move reverses the Trump administration’s decision to rescind them. It comes as US negotiators return to Vienna for what could be a make-or-break session.

The waivers are ultimately intended to attract Iran back to the 2015 deal that it has been violating since former President Donald Trump withdrew from

the agreement in 2018 and reimposed US sanctions.

In the short term, the waivers will exempt foreign countries and companies that work in Iran’s civilian nuclear sector from American penalties. The Trump administration rescinded them in May 2020.

Iran has gradually distanced itself from the terms of the nuclear deal with world powers after the US pulled out of it. Iran has demanded the restoration of all sanctions relief it was promised under the deal before it returns to compliance.

“Good will, in our viewpoint, means that something tangible happens on the ground,” Amirabdollahian said.

Foreign Ministry spokesman Saeed Khatibzadeh on Saturday also called the US sanctions relief insufficient, saying Tehran expects the lifting of sanctions outlined under nuclear deal.

“Everyone knows that is not sufficient,” Khatibzadeh was quoted as saying by the Iranian Jamaran news website. “Indeed, the Islamic Republic of Iran is waiting for the US to implement its duties and commitments according to the nuclear deal dimensions.” AP

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Xi says China and Egypt hold ‘similar visions and strategies’

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EIJING—China and Egypt “share similar visions and strategies in defending their own interests,” Chinese leader Xi Jinping said Saturday in a meeting with Egypt’s authoritarian President Abdel Fattah el-Sissi.

The Egyptian leader was one of a half-dozen heads of state that met with Xi after attending the opening of the Beijing Winter Olympics, seeking closer ties with China while shunning Western criticism of their heavy-handed rule.

Xi “hailed enhanced political trust” between the countries, citing cooperation in fighting the pandemic. Their comprehensive strategic partnership is a model of “China-Arab, China-Africa and China-developing world solidarity,” Xi said, according to CGTN, the international arm of state broadcaster CCTV. “China and Egypt share similar visions and strategies in defending their own interests, pursuing common development, enhancing their people’s wellbeing and promoting fairness and justice in the world, as the world is undergoing changes unseen in a century,” Xi said.

The sides will “continue to support each other on issues related to core interests and major concerns,” he said.

Since taking power, el-Sissi has overseen a widespread crackdown on dissent and opposition, jailing tens of thousands and drawing international criticism.

In 2017, the government arrested dozens of Uyghur students studying at Cairo’s Al-Azhar University and deported them to China amid Beijing’s ruthless crackdown targeting Muslim minorities in the far western Xinjiang region.

Egypt was the recipient of several free shipments of Chinese-made Sinopharm coronavirus vaccines and China says it helped set up Africa’s first vaccine production in the country.

El-Sissi is one of more than 30 world leaders and heads of major international organizations that flew to Beijing for Friday’s opening of the Winter Olympic Games.

Not having left China since 2019 amid the pandemic, Xi is holding a series of meetings on the sidelines of the Games with leaders whose mostly undemocratic countries are anxious to strengthen relations with the rising superpower and increasingly identify with its political model of strict, one-party rule.

Also Saturday, Xi met with the heads of Kazakhstan, Turkmenistan, Serbia, Ecuador and Qatar. The leaders of Argentina and Poland are also among those in town.

Xi met also with United Nations Secretary-General Antonio Guterres, who expressed hopes for closer cooperation on “peace and security, sustainable development, including climate change and biodiversity, and human rights,” according to UN deputy spokesman Farhan Haq. Guterres also said he hopes that China will allow UN High Commissioner for Human Rights Michelle Bachelet to make a “credible visit” to China, including Xinjiang, where a million or more Uyghurs have been detained in political re-education camps. China describes the facilities as centers for job training and de-radicalization and says all are now closed.

Beijing carefully controls access to

the region, and says that while Bachelet has a standing invitation to visit, her trip must be “a friendly one” and should not start with “presumed guilt.”

An official Chinese readout of the meeting made no mention of either Xinjiang or human rights, but quoted Xi, who is also leader of the ruling Communist Party, as saying “promoting democracy” should be a priority, in a reference to China’s claims that its own system is just as valid or even superior to the Western multi-party model.

“President Xi pointed out that no system should be regarded as the only model to follow, nor is there a single development model that fits all. Every country has the right to choose a path that suits its national realities and meets its people’s needs,” the statement said.

The meetings follow a mini-summit between Xi and Russian President Vladimir Putin on Friday that underscored the growing alignment of their authoritarian countries’ positions as they push back against the liberal world order dominated by the US. The two leaders oversaw the signing of more than 20 agreements covering trade, energy and other fields and issued a joint statement in which China backed Russia in opposing NATO’s expansion, a move seen as signifying Xi’s growing perception of himself as a global leader.

“President Putin emphasized that the strategic significance of Russia-China relations is unprecedented,” Chinese Vice Foreign Minister Le Yucheng said in a commentary on the meeting posted to the ministry’s web site.

“Russia firmly supports China’s legitimate position of safeguarding its core interests,” Le said. “During the talks, the two heads of state reiterated that any attempt to harm the interests of China and Russia and divide ChinaRussia relations is doomed to failure.”

While China formally eschews all military alliances, the sides have held a series of joint war games, including naval drills and patrols by long-range bombers over the Sea of Japan and the East China Sea. In August, Russian troops for the first time deployed to Chinese territory for joint maneuvers.

Putin has also noted that Russia has been sharing highly sensitive military technologies with China that helped significantly bolster its defense capability.

All the leaders of the five former Soviet republics of Central Asia came to Beijing, highlighting the region’s increasingly close ties to its eastern neighbor.

Trade has been booming between China and the region, a key source of gas and other resources for the Chinese economy.

In his meeting Saturday with Kazakh President Kassym-Jomart Tokayev, Xi said China is “unswerving in its support for Kazakhstan’s safeguarding of its own independence, sovereignty and territorial integrity.”

China issued strong backing for Tokayev’s government during deadly street protests last month, though unlike Russia, it did not send troops to

Peru’s latest PM resigns amid past domestic violence reports

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IMA, Peru — Peru’s newly named prime minister resigned Saturday a day after President Pedro Castillo announced that he will renew his Cabinet yet again amid the biggest crisis since his administration began.

Hector Valer, the third prime minister in the six months of Castillo’s government, said he was “machine-gunned by the newspapers” that created an image of him as “abusive and violent.”

Local media released police complaints from 2016 against Valer for domestic violence in which his wife and daughter accused him of physical aggression, including kicking, punching and pulling hair.

Valer denied having assaulted them.

His wife passed away in 2021.

He is Peru’s shortest-serving prime

minister in the last 42 years at just three days on the job. Castillo will name a new prime minister, his fourth, and has promised the new Cabinet will be broad-based and open to all political parties.

Castillo’s government remains mired in crisis. For the first time people who voted for him in the 2021 election are protesting, criticizing his lack of care in choosing ministers.

Former conservative candidate Keiko Fujimori, who lost to Castillo, said earlier that Peru’s president must resign.

“He does not know how to summon people; he does not feel the responsibility of the position,” she said.

Castillo, a former rural schoolteacher, began his administration on July 28, 2021. AP

help restore order.

“China is ready to deepen security cooperation with Kazakhstan,” Xi said, according to CGTN. Tokayev “thanked China for supporting Kazakhstan’s efforts to reject external interference and maintain its own security and stability,” CGTN said.

Xi’s meetings with Turkmen President Gurbanguly Berdymukhamedov and Serbian President Aleksandar Vucic were equally

upbeat, according to the official Xinhua News Agency.

In his meeting with Vucic, who has been criticized for his increasingly authoritarian rule, Xi hailed the “ironclad friendship” between China and Serbia, saying the countries enjoy “high-level political mutual trust.”

The US and several other Western democracies declined to send dignitaries to Beijing under a diplomatic boycott to protest China’s human rights record and policies in Xinjiang.

Others have stayed away due to Covid-19 restrictions, making for a very different guest list from that of the 2008 Beijing Summer Games, when most major world leaders were in attendance.

“With some exceptions, the high-level attendees at this year’s Games make up a rogue’s gallery of authoritarian leaders and those in thrall to Chinese cash,” said Michael Mazza, a China specialist with the American Enterprise Institute. AP

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Biden sees economic growth accelerating amid pandemic

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ASHINGTON—That bleak jobs report the White House had been bracing for never arrived Friday.

Instead, President Joe Biden got the pleasant surprise that the US economy had powered through the Omicron wave of the coronavirus and posted 467,000 new jobs in Januar y—along with strong revisions to job gains in the two prior months. It showed just how much the pandemic’s grip on the economy has faded, though the nation is still grappling with high inf lation.

“Our country is taking everything that Covid has to throw at us, and we’ve come back stronger,” Biden declared at the White House.

The jobs report suggested the United States has entered a new phase in its recovery from the pandemic. And it capped something of a comeback week for the president.

Also on Friday, the House passed

a bill to jumpstart computer chip production and development, a key step for reconciling differences with an earlier measure approved by the Senate. And a day earlier, outside the economy, the administration announced that US forces had raided the home of the Islamic State leader, leading Abu Ibrahim al-Hashimi al-Qurayshi to blow himself up.

Harvard University economist Jason Furman, a former adviser in the Obama White House, said the jobs report showed that employers and workers had gotten over the havoc caused by the pandemic.

The virus “is now one factor among many and no longer the dominant factor it was,” said Furman. He pointed to broad strength across the report and the addition

of 151,000 jobs in the leisure and hospitality sector—restaurants, hotels, entertainment and more in an area of the economy most prone to disruption from the pandemic.

Yet as the economy strengthens, a question for Biden personally—and his presidency—is whether he can stitch together the positives in a convincing way to revive his support that has declined in polls in the past year.

Who—and what—gets credit?

T he infect ions caused by Omicron had caused millions of Americans to miss work, leading to expectations that the economy lost jobs in January. Yet when the figures showed the virus had little impact, Republicans were quick to offer an alternative narrative— that the job gains reflected the expiration of unemployment benefits added with a push by Biden and his Democrats months earlier.

“Now that there is no longer a barrier to work in the form of Democrats’ unemployment bonuses and monthly stimulus checks, Americans are finally coming off the sidelines,” said Texas Rep.

Kevin Brady, the ranking Republican on the House Ways and Means Committee.

And, jobs aside, Biden acknowledged things aren’t entirely rosy. Inflation remains a major challenge, with consumer prices increasing at 7% over the past year.

The strong jobs report, however, may give the Federal Reserve reason to raise interest rates and pull back on its support for the economy to reduce inflation. Average hourly earnings rose 5.7% in January from a year ago, suggesting that the demand for workers is leading to higher incomes and possibly more sources of inflation.

Joe Brusuelas, chief economist at the consultancy RSM, said the solid labor market should make it easier for the Fed to hike rates without disrupting growth very much. It’s possible that workers will come out of the pandemic more productive than before, making it easier for growth to occur even as interest rates rise.

President Joe Biden speaks about the January jobs report at the White House in Washington on Friday, February 4, 2022. AP Photo/Carolyn Kaster

“Given the fact that corporate profits continued to rise at a strong clip even as wages qu ic k ly increased tends to imply that the American commercial sector and economy is in the midst of a productivity boom,” Brusuelas said.

“That strongly implies that the economy will be able to absorb coming rate hikes in a better fashion than is currently acknowledged.”

Biden on Friday tried to make a play for the record books—touting the gains that have occurred under his stewardship. At 4% unemployment

and 6.6 million jobs added during his first full year, he’s making his case that his $1.9 t r i l l ion coron av i r u s re l ie f package was a wise choice and that lawmakers should now support the rest of his agenda to prolong the growth.

“Histor y has been made here,” Biden declared “It comes alongside the largest drop in unemployment rate in a single year on record, the largest reduction in childhood poverty ever recorded in a single year.

And the strongest economic growth this country has seen in nearly 40 years.” AP

Bombers fly over Belarus as Ukraine tensions rise M

OSCOW—Russia on Saturday sent a pair of long-range nuclearcapable bombers on patrol over its ally Belarus amid spiraling tensions over Ukraine.

The Russian Defense Ministry said the two Tu-22M3 bombers practiced interacting with the Belarusian air force and air defense during a four-hour mission. The f light followed several similar patrols over Belarus, which borders Ukraine to the north.

The mission came as the Kremlin has moved troops from Siberia and the Far East to Belarus for sweeping joint drills.

The deployment added to the Russian military buildup near Ukraine, fueling Western fears of a possible invasion.

Russia has denied any plans of attacking Ukraine, but urged the US and its allies to provide a binding pledge that they won’t accept Ukraine into NATO, won’t deploy offensive weapons, and will roll back NATO deployments to Eastern Europe. Washington and NATO have rejected the demands.

The West has called on Russia to pull back an estimated 10 0,0 0 0 troops f rom areas near Ukraine, but the Kremlin has responded by saying it will station troops wherever it needs to on Russian territory.

As the tensions over Ukraine soared, the Russian military has launched a series of war games spreading from the Arctic to the Black Sea. The Russian troop deployment to Belarus raised concerns in the West that Moscow could stage an attack on Ukraine from the north. The Ukrainian capital of Kyiv is just 75 kilometers (50 miles) from the Belarus border.

In recent months, Russia has conducted a series of joint drills with Belarus and repeatedly sent its nuclear-capable long-range bombers to patrol over Belarus, which borders NATO members Poland, Lithuania and Latvia.

Belarus’ authoritarian leader A lexander Lukashenko, who has increasingly relied on the Kremlin’s political and financial support amid bruising Western sanctions triggered by his crack-

down on domestic protests, has called for closer defense ties with Moscow and recently offered to host Russian nuclear weapons.

In an interview with a Russian state TV host aired Saturday, Lukashenko charged that the Russian-led security alliance demonstrated its quick deployment capability when its members briefly sent forces last month to Kazakhstan to help stabilize the situation after deadly riots. “ While they (NATO) will be still getting prepared to send some troops here, we will already stand at the English Channel, and they know it,” he said in a reference to Western allies.

The Belarusian leader downplayed the threat of war, but added that if it still erupts “it will last for three or four days at most.”

“There is no one there to fight us,” he said about Ukraine.

On Saturday, the German newspaper Bild published a report alleging that Russia is poised to attack Ukraine from several directions, capture major cities and install a puppet government. Russian Foreign Ministry spokeswoman Maria Zakharova angrily dismissed the allegations.

As war fears mounted, Ukrainian authorities launched a series of civil defense drills for residents.

“I am here to learn how to defend myself, defend my relatives and also understand how to act in the situation,” Kyiv resident Ilya Goncharov said after taking part in drills on the outskirts of the Ukrainian capital. “I am happy that I came here to learn the basics of self defense and first aid.”

In Kharkiv, Ukraine’s secondlargest city just 25 kilometers (15 miles) south of the Russian border, thousands of people took to the streets Saturday carrying giant yellow-and-blue banners in the colors of the national flag in a show of determination to protect the city.

“We want to show that there are people in Kharkiv who are ready to defend it and fight back,” said marcher Svitlana Galashko.

A m id t he st a ndof f over Ukraine, US President Joe Biden has ordered 2,000 US-based

troops to Poland and Germany and shifted 1,000 more from Germany to Romania in a show of the US commitment to NATO’s eastern flank.

Earlier this week, Russian President Vladimir Putin has signaled Moscow’s readiness for more talks with Washington and its NATO allies. As part of high-level diplomacy to ease the tensions, French President Emmanuel Macron is set to head to Moscow and Kyiv on Monday and Tuesday, while German Chancellor Olaf Scholz will travel to Kyiv and Moscow on Feb. 14-15.

On Saturday, British Prime Minister Boris Johnson had a call with Macron and “they agreed that finding a diplomatic solution to the current tensions must remain the overriding priority.”

Johnson’s of f ice sa id he and the French president “also stressed that NATO must be united in the face of Russian aggression” and “agreed to continue to work together to develop a package of sanctions which would come into force immediately should Russia further invade Ukraine.”

Ukrainian President Volodymyr Zelenskyy also spoke Saturday with European Council President Charles Michel, saying on Twitter that the tensions around Ukraine’s situation must be de-esclated.

In 2014, Russia annexed Ukraine’s Crimean Peninsula after Ukraine’s Moscow-friendly leader fled the country. Russia also threw its weight behind a separatist insurgency in eastern Ukraine, where over 14,000 have been killed in fighting.

Amid the tensions with the West, Putin on Friday attended the opening of the Winter Olympics in Beijing and met with China’s leader Xi Jinping to strengthen the two countries’ alliance. In a joint statement, Putin and Xi declared their opposition to any expansion of NATO while affirming that the island of Taiwan is a part of China.

Putin and Xi announced that the relations between Moscow and Beijing are “superior to political and military alliances of the Cold War era” and their friendship “has no limits.” AP

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Editor: Jennifer A. Ng • Monday, February 7, 2022 A9

PHL imports 247,362 MT of rice in January

By Jasper Emmanuel Y. Arcalas

ry: https://businessmirror.com. ph/2022/01/06/bpi-data-phlrice-imports-jump-32-percentto-2-771-mmt-in-2021/).

BPI data showed that total rice imports last year rose by 672,000 MT from the 2.099 MMT recorded in 2020.

Historical government data showed the 2021 figure is the secondhighest rice import volume posted by the Philippines.

According to BPI, Vietnam remained as the country’s top supplier of rice last year as it accounted

for 85 percent of the total import volume or about 2.36 MMT. The country’s rice imports from Vietnam rose by 29 percent from 1.828 MMT in 2020.

The Philippines produced 19.96 million metric tons (MMT) of unmilled rice last year. The figure is nearly 3.5 percent higher than the 19.29 MMT produced in 2020.

The Department of Agriculture said palay production registered an increase despite the damage caused by Typhoon Odette to the rice sector.

DA, local agro firms want to accelerate pig repopulation

BFAR completes construction of hatcheries, aquaculture facilities

@jearcalas

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LIGIBLE millers, traders and companies imported more than 240,000 metric tons (MT) of rice in January, the latest Bureau of Plant Industry (BPI) data showed.

BPI d at a i nd i c at e d t h at 247,362.437 MT of rice entered the country from January 1 to 27. The volume is covered by 362 sanitary and phytosanitary import clearances (SPS-ICs) issued to 54 importers.

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HE Department of Agriculture (DA) said it has partnered with the private sector for the construction of a state-of-the-art sow breeder nucleus farm that will help accelerate the country’s pig repopulation efforts.

The DA said Agriculture Secretary William D. Dar led the groundbreaking of a 5,000-sow level breeder nucleus farm of JG Agroventures Inc. and Pig Improvement Company (PIC) in Brgy. Sta. Rita, Quezon, Nueva Ecija.

“Once operational, the state-ofthe-art facility will be stocked with PIC great grandparent (GGP) breeders, whose offsprings or grandparent (GP) piglets will be sold and distributed to commercial and clustered backyard swine raisers in Nueva Ecija and the rest of Luzon,” it added.

To complement the nucleus farm, the DA said it will commit at least P80 million to “speed up” the country’s hog repopulation efforts under its Integrated National Swine Production Initiatives for Recovery and Expansion (INSPIRE) program.

The DA said the National Livestock Program (NLP) is already drafting a memorandum of agreement to formalize the partnership between the government and the two private entities. The DA disclosed that JG

Figures from the attached agency of the Department of Agriculture showed that Vietnam accounted for almost 83 percent of the total rice imports during the period. The Philippines purchased 205,192.302 MT of rice from Vietnam.

Rice imports from Myanmar reached 21,320 MT while purchases from Thailand and China reached 12,765 MT and 2,355.135 MT, respectively, according to BPI data.

Mutya Ricemill led the 54 rice importers during the period with a total volume of 18,841 MT fol-

applied for a P2.5-billion loan from the Land Bank of the Philippines to bankroll the nucleus farm.

“We envision JG Agroventures to supply the DA initially with 1,000 GP quality breeders for every farrowing, which we will distribute to commercial and clustered backyard swine raisers, and farmers’ cooperatives and associations (FCAs) participating in our INSPIRE program,” Dar said in a statement.

Vino Borromeo of PIC said the partnership between the private sector and government would not only provide livelihood to Filipinos but also improve the country’s economy.

“Together, let us turn the pig industry into a globally competitive sector, by increasing production and quality.”

The DA said several major agribusiness firms have partnered with the agency to revive the swine industry, such as Univet Nutrition and Animal Healthcare Co. and Charoen Pokphand Foods Philippines Corp.

“The latter has invested in a P500-million swine breeder farm in Isabela, and has committed to produce an additional 600,000 fatteners this year. It also plans to buy at least 300,000 metric tons of yellow corn from farmers for its feedmill business,” it said.

For this year, the DA said it has

lowed by Bestow Industries Inc. with 17,415 MT. The Philippines is projected to remain as the world’s second-biggest buyer of rice this year. Import volume is expected to reach 2.5 million metric tons (MMT), according to the United States Department of Agriculture (USDA).

In its monthly global grain report, the USDA revised upward its rice import forecast for the Philippines for 2021 and 2022.

For this year, the USDA hiked its rice import forecast to 2.5 MMT

from its previous estimate of 2.4 MMT due to “expected strong buying from Vietnam.”

Despite the 300,000 MT year-onyear decline in expected rice imports this year, the Philippines will remain as the world’s second-largest buyer of the staple for the third straight year, based on USDA data.

The BusinessMirror broke the story that the country’s rice imports last year expanded by 32 percent year-on-year to 2.771 MMT, the second-largest import volume by the Philippines in history. (Related sto-

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THREE-MONTH-OLD pigs stand in a pen in this file photo. DANIEL ACKER/BLOOMBERG

allotted P4.1 billion to implement its “Bantay ASF sa Barangay” and hog repopulation program. The establishment of swine breeder and mul-

tiplier farms is part of the program.

By 2023, the DA targets to produce 440,563 breeders and 10.5 million finishers under the INSPIRE program,

in partnership with commercial and clustered backyard hog raisers, local government units and state universities and colleges. Jasper Emmanuel Y. Arcalas

‘Research center will allow US soybeans are in high demand as Brazil’s crop falls short PHL to maintain status as S top banana exporter’

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HE UniTeam has assured residents of Davao del Norte that among its top priorities is the creation of Banana Research and Development Center to maintain the country’s top position in the global trade and also wipe out banana fungus known as Panama disease or fusarium wilt that has been a problem in the province for several years now.

In a recent dialogue with local officials of Davao del Norte headed

by Gov. Roy Catalan, Vice Gov. Oyo Uy, and Rep. Antonio Lagdameo of Davao del Norte 2nd District, presidential aspirant Ferdinand ‘Bongbong’ Marcos Jr. was asked by local officials how can he help the banana industry in the province.

“We will push for Banana Research Institute. Dapat maglagay ng pondo for research para sa management at pagpapataas ng ani ng mga nagtatanim ng saging,” Marcos said adding that the research is not only to combat fusarium wilt but shall also study other varieties of banana to increase production. “’Yung mga variety masyado ng behind time. Lahat ng crops natin behind na tayo because of the climate change. Ibang-iba na talaga ’yung weather. Kaya importante ang mga research institute,” he added.

Marcos said the research center will also help maintain the country’s top position in global trade as it can develop new varieties that are resistant to pests and diseases.

Based on research, some P500 million will be needed to establish a research institute that is essential in providing scientific, technical, and environment-friendly technologies

and processes to promote the development of the industry from preproduction to post-harvest and from farm-to-market.

The local officials told Marcos that they have been looking forward for the creation of the research institute, saying the banana disease is seriously affecting the industry in their province. “Banana industry is a billion dollar industry.

Problema is more than half is wiped out dahil sa sakit. Ang market natin kinakain ng Vietnam, Sri Lanka and other regions,” Catalan said.

Currently, the country is getting seedlings from Taiwan and conducting shared information and practices from the said nation, which has its own research institute. “’Yung sa research and development talaga it should have government involvement and dapat with partnership sa agricultural college o UPLB. Sila naman ang premier agricultural college natin and of course ’yung private sector,” Marcos noted.

He also assured the local officials that the UniTeam will focus its government platform on agriculture.

“I don’t understand kung bakit napabayaan ang agriculture. It’s the foundation of the economy. Base sa pagkakaalam ko walang bansa na makakapag-industrialize kung hindi nakapag-land reform,” he explained.

“Pangalawa, walang intensive agriculture. Dapat highly mechanized tapos kumpleto ang ating post-harvest (facilities). Kumpleto ang ating processing. All of those things alam nating lahat ’yun e. Hindi lang natin nagagawa. For whatever reason, hindi natin naging priority,” he stressed.

OYBEAN buyers stung by a smaller and slower harvest than expected in Brazil are turning to the United States for supply, driving up prices and threatening to worsen food inflation.

What was expected to be a record crop in Brazil is now looking far smaller, with lower yields and harvest delays due to adverse weather catching traders and end-users shorthanded.

The uncertainty has driven buyers into the US market. More than 110 ships have been chartered on a preliminary basis to load crops at ports in the Pacific Northwest, according to Bill Tierney, chief economist for AgResource Co. in Chicago.

The rush by physical traders and financial players has driven up futures in Chicago by 30 percent since early November to an eight-month high, with the premium for July contracts over November surging eight-fold. Demand for immediate delivery has pushed cash prices at elevators in the US Midwest to unusually high premiums to futures.

Sales for export jumped to almost 2 million tons last week, exceeding the highest analyst estimate.

The impact of higher soybean costs is set to ripple through the food supply chain at a time when global prices are near a record. It will be more expensive to feed animals, as beans are crushed into meal for livestock, chicken and pigs. It also threatens to drive up the cost of cooking oil, already boosted by record palm and canola oil.

“South America’s soybean losses put a great responsibility on the US, where plantings and yields will need to increase to avoid” persistent high prices, Etore Baroni, an analyst at StoneX in Brazil, said Thursday at a webinar.

SOYBEANS are transferred from a tanker to a truck during a harvest at a farm in Ita, Sao Paulo state, Brazil, on February 24, 2021. PATRICIA MONTEIRO/BLOOMBERG

It wasn’t supposed to be like this.

Chinese firms and other buyers typically look to South America for supply in the first quarter of the year, as the harvest typically begins in early January, with new-crop beans reaching ports weeks later. And a few months ago, all signs were for a bumper crop—some 145 million tons in Brazil, 50 million from Argentina and 10 million in Paraguay.

Planting went well within the ideal window. But then La Niña—bringing high temperatures and drought to key growing regions of southern Brazil and Argentina—has damaged the crop, and dry periods are likely to be still ahead of us, according to the weather forecaster Maxar.

Brazil, Argentina and Paraguay will export some 20 million tons less than what was projected in December, according to analysts. Strong processing margins will keep demand for soybeans heated in Brazil, with local industries competing with foreign buyers, Baroni said.

The signs of urgent demand are

clear in the rising levels of so-called basis differentials and physical prices in market hubs of Santos and New Orleans. Farmers in Brazil are being offered record prices, and ships are lining up outside the main export terminals as traders vie to secure any beans they can to fill vessels bound for China and other markets.

The basis, or premium buyers will pay above futures for beans—in Santos is up 35 percent already so far this year and in New Orleans it’s $1.34 a bushel, compared with 84.5 cents a year ago.

‘Game-changer’

BRAZIL’S soybean exports could reach 9.9 million tons in February, according to the National Association of Cereal Exporters. While that’s a record for the month and almost double from last year, when the oilseed harvest was delayed by late planting, the monthly export capacity is around 16 million, which shows that supplies are slow getting to the ports. Bloomberg News

HE Bureau of Fisheries and Aquatic Resources (BFAR) said it has completed the construction of nine legislated multispecies hatcheries and aquaculture facilities nationwide.

The number of completed hatcheries by BFAR is only about 25 percent of the 37 hatcheries and facilities that it is mandated to build under 22 Republic Acts passed by the 16th, 17th and 18th Congresses.

BFAR said, however, that 21 hatcheries and facilities are now under construction and will be completed within the first half.

The agency said 37 hatcheries will be completed by the end of the year.

It said it allocated P635 million for the construction of the hatcheries.

“Agriculture Secretary William Dollente Dar has ensured that the construction of all these hatcheries, being among the priority thrusts of the government on food security, were provided with complete funding,” the bureau said in a statement over the weekend.

BFAR, an attached bureau of the Department of Agriculture, said the legislated hatcheries program seeks to boost domestic fish production.

It also aims to reduce the country’s dependence on imported fry.

“Further, it aims to increase the variety of cultivable species in the country, promote species diversification, and provide venues for fisheries extension services.”

BFAR said the completed hatcheries are in Perez, Quezon; Baras, Viga, Panganiban, Bagamanoc, San Andres, Caramoran, and Pandan in Catanduanes; and in Sultan Naga Dimaporo in Lanao del Norte.

The 21 legislated hatcheries that are under construction include three mangrove crab seed banks, nurseries and grow-out production in Catanduanes, nine multi-species marine hatcheries in Quezon and nine multispecies marine hatcheries in Quezon.

“Aside from hatcheries and a nursery, there are also seven Provincial Fisheries and Aquatic Resources Training, Development and Product Centers currently in construction in provinces in Eastern Visayas,” the BFAR said.

“Among the partners in the implementation of the Program is the Southeast Asian Fisheries Development Center/Aquaculture Department who helped prepare the feasibility studies, provided assistance in identifying suitable sites, helped in designing the hatcheries, and lent their expertise in developing hatchery models at its Tigbauan Station.”

BFAR said it will manage the hatchery and aquaculture facilities during the first two years of operation of the legislated establishments. During that time, the BFAR added that it will provide technical training to local government units that will eventually take full responsibility of the facilities.

“The Legislated Hatcheries Program is parallel with one of the key strategies under Secretary Dar’s ‘OneDA Reform Agenda,’ which seeks to modernize the agri-fisheries sector through infrastructure investments,” it said. Jasper Emmanuel Y. Arcalas

A10 Monday, February 7, 2022 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Wealth tax the rich?

C

orrado Gini was an Italian statistician, demographer and sociologist who developed the Gini coefficient, a measure of the income/ wealth inequality. The Gini coefficient is perhaps the most important tool to measure the disparity of the “haves” and the “have-nots”.

A Gini coefficient of zero expresses perfect equality, where for example everyone has the same income. A Gini coefficient of one conveys maximal inequality among values. In a nation of a large population where only one person has all the money, the Gini coefficient will be one.

It is not a perfect measure as pre-tax income can produce a high “Gini” that decreases “after-tax” and is reduced further after social assistance is taken into account. “Wealth” inequality may seem more stable but is actually more difficult to measure.

Nonetheless, wealth disparity between countries and citizens is the greatest economic, social, and political problem that the world faces. From the World Health Organization: “The global failure to share vaccines equitably is taking its toll on some of the world’s poorest and most vulnerable people.” While probably true at least to some extent, the emotional response to that idea is enormous.

At our core for the vast majority of people, injustice is not tolerable especially if we think that it is the result of someone else being “greedy” and if we think it is an easily-solved problem. However, does this majority “hate the fact that there are poor people” or simply “hate seeing that there are poor people?”

There is no question that it is bad Public Relations when a corporate CEO is being paid 350 times as much as typical workers. It is also bad for a nation’s economy. Further, what can we think when the world’s richest 1 percent, those with more than $1 million, own 45.8 percent of the world’s wealth?

Yet, income/wealth inequality is as old as civilization. The Gini for Byzantium circa 1000 was 40. China in 1880 posted a 25 Gini, while Chile was at 65. In the 2018 book Ten Thousand Years of Inequality, around 10,000 BC, societies began to farm the land and economic disparity edged up. Farming enabled families to collect and pass on wealth. Interestingly, the more technologically advanced a society was, the less equal it tended to be.

Note that in the US, from the end of World War II into the 1970s, there was substantial economic growth and broadly shared prosperity.

Beginning in the 1970s, the income gap widened. Income growth for households in the middle and lower parts of the distribution slowed sharply, while incomes at the top continued to grow strongly. The share of income from wealth held by the top 1 percent was 33 percent in 1981 increasing to 54 percent in 2010. It is probably a coincidence that the IBM Personal Computer (PC) was introduced in 1981.

Wealth disparity is a dastardly social problem that has repeatedly led to revolutions and wars. Yet there has not been found a comprehensive solution. The easy “Eat the Rich” answer is a “wealth tax” based on the market value of assets owned by a taxpayer.

Back in 1990, around a dozen European countries had a wealth tax, but most have been abolished. In 1984, France reinstated a wealth tax—1.5 percent—that stayed in place until 2017. More than 60,000 millionaires left France between 2000 and 2016. French economist Eric Pichet estimated that the wealth tax ended up costing France almost twice as much revenue as it generated.

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A leader like PNoy Atty. Jose Ferdinand M. Rojas II

RISING SUN

T

oday we remember the birth anniversary of our former President Benigno “Noynoy” Aquino III. To remember PNoy, as he was fondly called by his kababayans, is to remember his stellar leadership and the country’s economic prominence as Asia’s Rising Star during his term.

PNoy worked hard to honor his parents’ legacy and to respect their memory with everything he did.

Born to such popular parents, there was too much at stake, so he strived to avoid doing anything that could tarnish their good name. Needless to say, the expectations from him as a national leader were great.

To say that he delivered would be an understatement. Today, he is remembered as a hardworking, downto-earth, and practical public servant who always strived for excellence and worked hard to extend genuine public service to the people. As a human being, PNoy was so simple, humble,

and kind. And like his parents, he had integrity and real concern for the Filipinos.

Under his leadership, the country achieved an average GDP growth of 6.2 percent for six years, the highest in four decades. He fought for our sovereignty over the West Philippine Sea, achieved record-high tax collection without imposing new taxes, which funded numerous government programs including infrastructure projects, the expansion of the conditional cash transfer program and the government’s health-care program, among many other projects.

At this point in our national his-

At this point in our national history, the Philippines needs a leader like PNoy. With the elections coming up, may we look upon this great leader’s outstanding attributes as we decide on our candidate to see if the next one can serve us as splendidly as President Noynoy had served us. tory, the Philippines needs a leader like PNoy. With the elections coming up, may we look upon this great leader’s outstanding attributes as we decide on our candidate to see if the next one can serve us as splendidly as President Noynoy had served us. nnn

February is National Arts Month (NAM) and the National Commission for Culture and the Arts (NCCA) is leading the nationwide celebrations. The theme for 2022 is “Sining ng Pag-asa,” which aims to recognize the arts as a source and expression of hope.

NAM is celebrated every year under Proclamation 683, which declares February as a time for celebrating artistic excellence and for paying tribute to the Filipinos’

unique and diverse heritage and culture. NAM 2022 has a long list of flagship projects under the seven national committees: Architecture and Allied Arts, Cinema, Dance, Literary Arts, Music, Dramatic Arts, and Visual Arts.

The National Committee on Cinema will feature “Cinema Rehiyon,” the National Committee on Architecture and Allied Arts will have “Saan Ka Lulugar 2022, Creative as a Catalyst for Recovery,” the National Committee on Dance has “Sayaw Pinoy,” the National Committee on Dramatic Arts presents “Tanghal, a National Community and Theater Based Festival,” the National Committee on Literary Arts will feature “Himaya, Panitikan ng Pagbabanyuhay,” the National Committee on Music features “Musikapuluan,” and the National Committee on Visual Arts will showcase “Bagong Biswal.” The NAM 2022 celebrations will be fully online to grant access not just to enthusiasts living in the Philippines, but also to Filipinos and other audiences around the world.

For more information on NAM 2022, you may visit the web site of NCCA (ncca.gov.ph).

Goodbye easy money as hawkish central banks speed up rate hikes

By Simon Kennedy | Bloomber Opinion

T

he end of easy money is upon us.

Two years after the pandemic sent the global economy into a deep but short recession, central bankers are withdrawing their emergency support—and they’re moving faster than they or most investors had foreseen.

The US Federal Reserve is preparing to raise interest rates in March, and last Friday’s jobs report fueled speculation it may need to move aggressively. The Bank of England just delivered back-to-back hikes, and some of its officials wanted to act even more forcefully. The Bank of Canada is set for liftoff next month.

Even the European Central Bank may get in on the action later this year.

Rates are rising because policy makers judge that the global inflation shock now poses a bigger threat than further damage to growth from Covid-19. Some say it took them far too long to reach that conclusion.

Others worry that the hawkish turn could slow recoveries without offering much relief from high prices, given that some of the surge is related to supply problems beyond the reach of monetary policy.

There are a couple of outliers among the biggest economies.

The People’s Bank of China appears headed in the opposite direc-

tion. It’s likely to make credit cheaper as new virus outbreaks and a property slump cloud prospects for the world’s second-largest economy. And the Bank of Japan is expected to keep policy unchanged this year, though traders are starting to wonder if it can hold the line.

In the emerging markets, many central banks started raising rates last year—and they’re not done yet.

Just last week, Brazil delivered a third consecutive 150-point hike, while the Czech Republic lifted its benchmark to the highest in the European Union. Mexico and Peru are expected to extend tightening campaigns this week, though some think the Latin American cycle may be peaking.

Economists at JPMorgan Chase & Co. estimate that, by April, rates will have gone up in countries that together produce about half of the world’s gross domestic product, versus 5 percent now. They expect a global average interest rate of about

Rates are rising because policy makers judge that the global inflation shock now poses a bigger threat than further damage to growth from Covid-19. Some say it took them far too long to reach that conclusion. Others worry that the hawkish turn could slow recoveries without offering much relief from high prices, given that some of the surge is related to supply problems beyond the reach of monetary policy.

2 percent at the end of this year— roughly the pre-pandemic level.

All of this suggests the biggest tightening of monetary policy since the 1990s. And the shift isn’t confined to rates. Central banks are also dialing back the bond-buying programs they’ve used to restrain long-term borrowing costs. Bloomberg Economics calculates the combined balance sheet of the Group of Seven nations will peak by mid-year.

“The tables have turned,” Bank of America Corp. economist Aditya Bhave wrote in a report on Friday.

“The surge in global inflation has pulled forward central bank hiking cycles and balance sheet shrinkage across the board.”

In the process, the pivot may end up having ended a pandemic boom in financial markets that was amplified by loose money.

The MSCI World Index of stocks is down about 5 percent this year.

Bonds have plunged all over the world, sending yields higher.

What has forced the centralbank rethink is a wave of inflation.

It’s driven by a disconnect between surging demand in post-lockdown economies and shortages in the supply of some key commodities, materials and goods—as well as workers.

This week, the US is expected to report a 7.3 percent inflation rate for January, the highest since the early 1980s. Euro-area inflation just hit a record.

As recently as a few months ago, most officials didn’t anticipate the situation they’re now in. They spent much of 2021 arguing that price pressures would prove “transitory.”

They welcomed the rapid rebound in employment and dismissed the inflation alarms that some commentators were already sounding.

Now, policy makers have decided that inflation has staying power— and that tolerating it risks setting off an upward spiral of prices and wages, which could prove impossible to halt without provoking a recession.

See “Goodbye,” A11

Opinion BusinessMirror

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Game-changing initiative ‘G’ legacy in the accounting profession Siegfred Bueno Mison, Esq.

THE PATRIOT

Joel L. Tan-Torres

DEBIT CREDIT Part two

T

he Board of Accountancy Resolution 03-2016 (on compilation services) was supposed to be an initiative that would enhance the state of the preparation of financial statements and disclosures by responsible Certified Public Accountants (CPA).

Therefore, I was surprised at the attempt of the Department of Finance in March 2017 to derail the implementation of this noteworthy measure. As mentioned in my column last week, the DOF secretary crossed inter-department autonomy and jurisdiction (since the BOA is reporting to the separate Department of Labor and Employment) when he called and demanded that the Professional Regulatory Commission (PRC) chairman order me and the BOA to withdraw the BOA Resolution 03-2016. I immediately knew then that I was facing a challenge that was attempting to withdraw a well-meaning measure and, if permitted to prosper, would prejudice the image and authority of the BOA as an independent regulator doing its mandate.

In responding to this unprecedented DOF provocation, I highlighted to the PRC chairman and the BOA members on the independent authority of the BOA to act on regulatory matters germane to its mandate as the regulator of the accountancy profession as prescribed in the laws.

The legal basis, and reasons for requiring the compilation services measures were clearly stipulated in the BOA Resolution 03-2016.

Furthermore, in the more than one-year implementation of this regulatory rule, there were over 5,700 CPAs who complied with the BOA accreditation requirements as per the BOA list as of October 3, 2017.

This clearly indicated the positive acceptance and cooperation of the CPAs in the compilations services measure. On this matter, when I was the BOA chairman, I have received numerous feedback from CPA practitioners of their shifting the thrust of their practice from that of audit that of compilation services due to the opportunities arising from the issuance of BOA Resolution 03-2016.

Another positive outcome was the increased number of Continuing Professional Development (CPD) training conducted by the service providers for CPAs in commerce and industry who were compelled, if not encouraged by the need to update and upgrade their accountancy learnings to better do their work.

I noted then that the arguments of the DOF, as pronounced by DOF were misplaced and without basis. In a press release dated March 3, 2017, the DOF indicated that “submitting these ITR compilation reports have proven to be tedious and costly for small- and medium-sized enterprises (SMEs) and could hamper the BIR’s tax collection.” The DOF further stated that “the BOA’s insis-

Goodbye. . .

continued from A10

By acting now to cool things off a bit, they hope to deliver a fabled “soft landing,” instead of a crash.

There are risks in both directions.

Inflation will likely continue to be fanned by declining unemployment and renewed demand for services as economies prove resilient to the Omicron variant, according to JPMorgan economists led by Bruce Kasman. “It is hard for us to accept a juxtaposition of sustained low inflation with limited central bank action,” they also said in a report.

Some big-name economists and investors warn that central banks are still “behind the curve” and not fully grasping the scale of measures they’ll have to take.

But rapid hikes now could be counterproductive if inflation does start fading as supply chains heal and commodity markets cool. That could leave policy settings suddenly looking too tight—something that happened to the ECB a decade ago.

And if inflation does stick around,

In responding to this unprecedented DOF provocation, I highlighted to the PRC chairman and the BOA members on the independent authority of the BOA to act on regulatory matters germane to its mandate as the regulator of the accountancy profession as prescribed in the laws. The legal basis, and reasons for requiring the compilation services measures were clearly stipulated in the BOA Resolution 03-2016. tence on requiring the submission of the compilation reports is additional red tape and could impede the BIR’s ability to collect taxes, especially now that the Bureau is streamlining and simplifying processes in time for the submission of income tax returns and with many tax filers trying to beat this year’s deadline on April 15.” (https://www.dof.gov.ph/ accountancy-board-undermining-antired-tape-campaign/).

My response to these DOF representations are discussed in the continuation of my column next week.

To be continued.

Joel L. Tan-Torres is the Dean of the University of the Philippines Virata School of Business. Previously, he was the Commissioner of the Bureau of Internal Revenue, the chairman of the Professional Regulatory Board of Accountancy and partner of Reyes Tacandong & Co. and the SyCip Gorres and Velayo & Co. He is a Certified Public Accountant who garnered No. 1 in the CPA Board Examination of May 1979.

This column accepts articles for potential publication from the business and academic community.

Articles not exceeding 600 words can be e-mailed to jltantorres@up.edu.ph.

it might not be the kind that can be managed with monetary policy.

Strategists at BlackRock Inc. argue that prices are rising faster because of supply problems, and central bankers should learn to live with that. Bloomberg Economics calculates that if the BOE did want to bring inflation down to its 2 percent target this year, it would have to raise rates by enough to throw 1.2 million people out of work.

For now, the only way is up for global rates—but beyond that, the details are cloudy.

Forecasts diverge widely on how many Fed hikes are coming this year.

While Barclays Plc reckons just on three increases, for example, Bank of America expects seven. Also unclear is how big the moves will be, when they’ll be executed and where the benchmark rate will eventually end up.

Central bankers prefer it when their intentions are widely understood. Having made an abrupt policy shift, they need to figure out how to communicate their new plans to investors. Otherwise, markets could be in for a rough ride.

M

Y father Salvador ended his 36 years in the service of the Armed Forces of the Philippines as the Vice Chief of Staff.

Similarly, my brother Salvador Jr. completed his 39 years in the AFP as the Vice Chief of Staff. Both of them are three-star generals; both bequeathed a legacy of unblemished integrity, stern discipline, and an unparalleled work ethic in the military. Despite high expectations, Salvador and Salvador Jr., however, did not reach the highest military rank of a four-star general or the position of Chief of Staff, yet both of them left the uniformed service with much grace.

Grace, as a trait, stands for a pleasing appearance or charm. As much as my father and brother equally stepped out of the service with full military honors, they exuded grace and composure when they finally wore the military uniform for one last time. Testimonial parades and tributes abounded, they both had the grace to make sure they left their respective offices a little better than they found them. But grace also means unmerited favor or an undeserved privilege or some kind of spontaneous blessing from above!

For some, grace is the opposite of karma (getting what you deserve).

Gilbert Sta. Maria was the erstwhile president of Philippine Airlines (PAL). In 2019, Gilbert or “G”, as he is fondly called, was handpicked to lead PAL under a tumultuous atmosphere, which caused an exodus of leaders, myself included, to leave Asia’s first airline, voluntarily or otherwise.

Unperturbed by such events, G infused his own firebrand leadership to motivate PAL personnel to work harder than ever! He applied a management style, aptly called Management by Divine Intervention (MDI) to help the debt-ridden company out of bankruptcy in record time, in the middle of a challenging pandemic to boot! During trying times and close to exhaustion, G and his team would

eventually rely on God’s Grace (GG) to help PAL solve its liquidity issues.

With MDI in full display, G will be best remembered in PAL as the leader who rolled with the punches while keeping GG in his heart. He left PAL with much grace realizing what he and his team did was a phenomenal feat on its own.

Leaving or retiring from a company is an end, but, at the same time, it signifies a commencement. “New beginnings are often disguised as painful endings,” as Chinese philosopher Lao Tzu puts it. In his second career, this time as a bureaucrat, my father was practically forced out of the Bureau of Customs (BOC) a few months before the presidential elections in 1992. I suffered the same fate in the Bureau of Immigration before the presidential elections in 2016. Yet, I believe we both departed from said agencies after four years of faithful service with much grace and dignity. As if history was repeating itself, my father joined Fortune Tobacco Inc. while I joined PAL (both entities are part of the Lucio Tan or LT group) a few months after our unceremonious exit from public service in 1992 and 2016, respectively. Such painful endings were truly disguised as new beginnings or better yet undeserved blessings!

Monday, February 7, 2022 A11

Through God’s grace, my father’s third career, this time as a corporate executive, ended after 30 years of dedicated service to the company just a month ago! And, by way of a grace-full bonus, in all three careers, the Army, the BOC, and the LT group, my father’s alma mater, PMA, bestowed upon him the Cavalier Awards, the highest award given to any graduate of that world-renowned institution. Only former President Fidel Ramos has more Cavalier awards than him.

Pastor and best-selling author Rick Warren once said that faithful servants can retire from a career, but they will never retire from serving God. Indeed, we will all retire or resign or stop running a business altogether—leaving all opportunities to learn and to earn, to perform and be waited on. Yet this ending never really brings to a halt our eternal ministry to make one’s life better, by God’s Grace. A Wharton (University of Pennsylvania) research showed that those who feel rewarded in retirement are likely to subsequently volunteer for some significant purpose or encore career. Such encore blends personal meaning, continued income and some element of social impact. Notes Stewart Friedman, a professor at Wharton: “The most successful people in retirement look to use their talents and passions to make a contribution.” He adds, “People at this stage are focused on their legacy.” For believers, we need not look far for the best ever legacy was left by Jesus Christ. He spent His whole life serving His Father by attending to His “flock”—healing the sick, encouraging the oppressed, feeding the hungry, sharing the message of grace, giving grace and becoming grace by dying on the cross for us.

His physical presence on earth may have long passed, but we remember Him most because His earthly life was spent “doing the things that are pleasing to God,” as John 8:29 of the Bible reveals.

Friedman further asks: “You need to actively inquire of yourself: What

do I want to leave behind?” Retiree or otherwise, believers aim to leave a legacy of following Jesus Christ, doing that which is pleasing to our Heavenly Creator, “Not by the way of eye-service, as people-pleasers, but as servants of Christ, doing the will of God from the heart.” (Ephesians 6:6). Postretirement, we pursue or continue to pursue God’s will in thoughts, words and actuations that are aligned with His virtues as exemplified by Jesus.

Such an encore career of serving God is worth doing until the final chapter of our existence.

The “G” or generals in the Mison family have entered a new chapter in their lives to allow them to complete their legacy, full of GG. Knowing what to do next after an ending need not be the tricky part so long as we are aware of GG. Meantime, my friend and former PAL President Gilbert or “G” is poised to be another leader in other companies, applying his MDI while acknowledging GG —God’s Grace or Goodness of God. His temporary work stoppage in PAL has allowed G to enjoy the novelty of experiences, which may have been denied from him. He may be feeling melancholy as an offshoot of a sudden change in schedule.

But if G and others like him, who are starting a new career or launching an encore career, are to engulf themselves in pleasing God, they can quench their thirst for leaving a legacy of significance.

After all, we really never retire... we re-fire, with God’s Grace! We aim, not to be successful, but to be faithful to our Almighty God! A former infantry and intelligence officer in the Army, Siegfred Mison showcased his servant leadership philosophy in organizations such as the Integrated Bar of the Philippines, Malcolm Law Offices, Infogix Inc., University of the East, Bureau of Immigration, and Philippine Airlines. He is a graduate of West Point in New York, Ateneo Law School, and University of Southern California. A corporate lawyer by profession, he is an inspirational teacher and a Spirit-filled writer with a mission.

For questions and comments, please e-mail me at sbmison@gmail.com.

Johnson’s brave face can’t hide his fading grip on power

By Joe Mayes, Emily Ashton & Alex Morales Bloomberg Opinion

H

ours after one of Boris Johnson’s longest-standing allies quit—with a stinging rebuke of his judgment—the UK prime minister gathered shell-shocked staff in Downing Street to tell them “change is good.”

But while Johnson has tried to put his trademark optimistic spin on yet another week of turmoil, the ebullient persona that carried him to the top is now jarring with the reality of a desperate battle to cling to power.

He started the week with a plan to reinvigorate his premiership, marked by key announcements to flesh out his key electoral promise to “level up” forgotten communities, make the most of Brexit and tackle a cost-of-living crisis.

Instead, he has been dragged to the brink after a senior civil servant criticized leadership failures over parties, which the police are still investigating, held in his office during the pandemic. The Daily Mirror reported on Friday that the police have a photograph of Johnson holding a can of beer at his birthday party during lockdown in June 2020.

In the fallout, three other senior aides also left government and more Conservative MPs called on Johnson to resign.

Most ominously, key ministers suddenly appear less willing to give Johnson their full backing. Both Chancellor of the Exchequer Rishi Sunak and Health Secretary Sajid Javid declined to defend the prime minister after he invoked infamous child-sex abuser, Jimmy Savile, during a heated exchange in Parliament over the party allegations with opposition leader Keir Starmer.

According to a front page report in Saturday’s edition of the Times, Johnson’s cabinet is in “civil war.”

Still, Johnson ally Nadine Dor-

ries was out with a defense on Saturday. The UK culture secretary said in a series of media appearances that Javid was “absolutely 100%” behind Johnson and that most Conservative MPs back their leader.

“Regicide runs in the veins of my party,” Dorries said on Times Radio.

“But what I would say is, there are 367 MPs, this is a small group.”

‘Shambolic’ handling

“It’s very hard to see how Boris Johnson can re-establish the dominant position in politics that he had a few months ago,” David Lidington, who served as former Prime Minister Theresa May’s de-facto deputy, said in an interview Friday. “They’ve been shambolic in how they’ve handled this, and I don’t see any sign that this is likely to improve.”

Johnson’s decision to falsely accuse Starmer, a former director of public prosecutions, of allowing Savile to evade justice before his death in 2011 backfired spectacularly, and bolstered the sense that the crisis engulfing the premier is largely of his own making.

It also robbed Johnson of the chance to brand the departure of senior aides on Thursday as a reset of his Downing Street operation. His office said the resignations of his chief of staff, communications director and principal private secretary were pre-planned and mutually agreed.

Yet the exit of Munira Mirza, the head of his policy unit and a close aide who has been at his side since he was Mayor of London in 2008, blindsided Johnson. In a further

Johnson’s decision to falsely accuse Starmer, a former director of public prosecutions, of allowing Savile to evade justice before his death in 2011 backfired spectacularly, and bolstered the sense that the crisis engulfing the premier is largely of his own making. It also robbed Johnson of the chance to brand the departure of senior aides on Thursday as a reset of his Downing Street operation. His office said the resignations of his chief of staff, communications director and principal private secretary were pre-planned and mutually agreed. blow, she blamed his “scurrilous” attack on Starmer.

Isolated leader

One minister in Johnson’s government, who asked not to be identified, said the departure of senior aides had left Johnson looking abandoned and without direction—even if some moves had been planned.

Among Conservative MPs, the focus is increasingly on potential challengers to Johnson. Sunak raised eyebrows when he declared during a televised press conference that he “wouldn’t have said” Johnson’s Savile comment. On Friday, Javid pointedly defended Starmer’s record when asked about the remark.

The question for the Tories—and Johnson—is whether those they regard as having their eye on the top job, including Foreign Secretary Liz Truss, will continue to wait, or decide that delaying risks damaging their chances.

Johnson would face a vote on his leadership if 15 percent of his backbenchers —54 MPs— submit letters calling for his resignation. At

least 14 have so far publicly called on him to resign or said they’ve lost confidence in him, while the tally of letters is kept secret.

But as many Tory MPs have said they will wait for the police to finish their probe into the so-called partygate scandal or to see if Johnson delivers on a pledge to change his ways, some think it may take a senior figure making a move for the threshold to be reached.

One person familiar with the matter said some MPs are waiting to submit a letter until they are sure Johnson will lose a no-confidence vote.

Timing uncertain

A public denouncement of Johnson carries risks for challengers.

It would be seen as a betrayal by grassroots Conservative Party members—who ultimately elect the leader and many of whom have a strong affection for the current prime minister.

In the meantime, Johnson is battling on. He installed former Sky Plc executive and backbench MP Andrew Griffith as his new policy chief, and promised rank-and-file Tory lawmakers more influence. Several MPs elected in 2019 told Bloomberg they are glad to see him taking action.

Yet the chaos is growing just as Johnson faces looming real-world problems beyond Westminster, including tensions with Russia over Ukraine.

The looming squeeze on living standards alone would be too much for a government to survive, even without the partygate fallout, according to Bronwen Maddox, director of the Institute for Government think tank.

“He’s done all this other stuff on top, self-inflicted mistakes which have got people really furious,” she said. “It’s very, very hard to come back from this.”

A12 Monday, February 7, 2022

PHL officials in urgent talks with EU on seafarer issues

W

By Malou Talosig-Bartolome

ITH barely a month to meet a deadline for complying with seasafety standards, officials of the Maritime Industry Authority (Marina) and the Commission on Higher Education (CHED) flew to Belgium Sunday for meetings with the European Commission.

Their mission: salvage the jobs of thousands of Filipino seafarers employed in European-flagged ships and vessels, maritime industry and diplomatic sources told BusinessMirror.

Marina estimates 50,000 Filipinos are working in EU-memberflagged ships, mostly from Malta, Greece, Norway and Germany. According to the EU, one out of five foreign crew members in the EUflagged ships are Filipinos.

The seven-man delegation, led by Marina chief Vice Admiral Robert Empedrad, will have an audience with the EC to seek clarification on the “serious deficiencies” identified in the 2020 audit by the European Maritime

Safety Agency (EMSA).

Two days before their mission, the Department of Foreign Affairs issued a statement urging the Marina to “comply” with the international standards on maritime safety, being the lead government agency in ensuring the country’s commitments to the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers (STCW) are implemented.

The DFA said the EMSA has already identified the flaws on the Philippine compliance to STCW since the 2006 audit and had given the Philippine government 16 years to correct them.

“MARINA is responsible for

the implementation of the STCW Convention. The EU has now given MARINA until March 10, 2022 to address deficiencies identified by EU since 2006. We strongly urge MARINA to comply. The livelihoods of thousands of our seafarers are at stake,” the DFA said.

A senior diplomatic official who refused to be named explained that the statement came out apparently to dissuade the maritime industry from an undue expectation from the DFA that this can be resolved in the diplomatic front.

“Getting the EC nod on STCW will not go through diplomacy. A charm offensive won’t work. We are not talking to a state. We have to comply with the standards set by the global maritime industry. They have been holding this for 16 years,” the official told BusinessMirror.

The Marina-CHED delegation is expected to also present to the EC the reforms they have instituted to address the flaws in the maritime training of seafarers. The EU Delegation to Manila summed up these deficiencies as: “Inconsistencies” in relation to competences covered by the education and training programs leading to the issuing of officers’ certificates, “inconsistencies” in several approved programs

regarding teaching and examination methods; “inconsistencies” in monitoring of inspections and evaluations of the schools; and “concerning findings” on simulators and on-board training.

After a dialogue with EC auditors in Brussels, Marina and CHED have until March 10, 2022 to show compliance measures have been operationalized.

EC is expected to release its findings within the year.

If the Philippines does not pass the wringer, SCTW certificates issued by Marina retroactive to the date set this year will no longer be recognized by any EU-member ships. That means if a Filipino seafarer employed in a EU ship still has a valid SCTW certificate in 2 years, his employment will not be affected for the next 2 years.

Philippine Ambassador to the European Union Eduardo Jose de Vega said they are still hoping the EC would give the Philippines a passing mark.

“We hope we will be able to convince the Europeans. In case they vote against us, it doesn’t mean we will lose all the jobs of our seafarers. We’re counting on Marina on what needs to be done,” De Vega told BusinessMirror.

COMELEC TO PUSH INTERNET SYSTEM FOR VOTERS ABROAD

By Jovee Marie N. dela Cruz @joveemarie

T

O increase the turnout of voters abroad during elections, the Commission on Elections said it is now finalizing a report recommending to Congress a proposed law on Internet voting system for overseas voters.

In a recent media forum, Comelec Spokesman James Jimenez said with Internet voting, there will be an increase in voter turnouts in the country’s future elections.

“We have a project on internet voting. We had a demo from various providers and we are now finalizing the report to be submitted to Congress. Hopefully, we can submit it so that in future elections, [Congress] can consider allowing Internet voting. It will be a big help if we can have internet voting,” he added.

Earlier, the poll body said it is now eyeing to launch online overseas voting during the 2025 polls. There are about 1.4 million registered overseas absentee voters, who may benefit from the new mode of voting currently being studied by Comelec.

“We are pushing for it because we believe Internet voting will allow us to have an increase in voter turnout,” he added.

Easy to get indictment in the US, FBI poster unfair–Quiboloy camp

T

HE US and Filipino counsel of beleaguered Pastor Apollo Quiboloy said the “wanted” poster put up for his arrest by the US Federal Bureau of Investigation was unnecessary, with a US counsel saying that the pastor was a victim of the US grand jury system where, he said, it is “easy to get an indictment.”

Lawyers Michael Jay Green in the US and Ferdinand Topacio in Manila said the FBI poster was suspicious, coming from an indictment move by a federal grand jury which Green described as “hearing from only one side of the story” and with no “adversarial” testimony from the side of the defense.

“This is just drama. Everyone knows the FBI does not issue a warrant, but its effect is big for the public,” Green said. “For what is worth for this piece of paper is that this is a legal document of the US and we at the defense panel would do everything to remove the tarnished image of the pastor,” Green said.

The FBI poster was titled “Wanted by the FBI” and placed Quiboloy’s name across it. Below his name was the accusation “conspiracy to engage in sex trafficking by force, fraud and coercion and sex trafficking of children; sex trafficking by force, fraud and coercion; conspiracy; bulk cash smuggling.”

“If you have any information concerning this person, please contact your local FBI office or the nearest American embassy or consulate,” the poster said.

To be clear about this, Topacio said, an indictment is not a guilty verdict. “There is still a course to be taken before a person is officially declared wanted.” He said a poster would mean that a person is not in the area of jurisdiction of the US agency “but the pastor is in the Philippines and everyone knows where he is, that he is not hiding in any rock that no one knows.”

Besides, Topacio said, “everyone knows that everything has to fol-

low the extradition process [and] the FBI would breach protocols if it communicates with us directly.”

In Manila, the Department of Justice (DOJ) on Sunday said it would perform its obligations under the RP-US Extradition Treaty should the United States government seek the extradition of Quiboloy, and despite the latter’s association with President Duterte as spiritual adviser.

In an interview over DZMM Te le r a d y o, D OJ C h ie f St at e Counsel George Ortha II reiterated that the US DOJ has yet to formally communicate with the Philippine DOJ in connection with the criminal charges against Quiboloy. Quiboloy was indicted last year by a US federal grand jury with sex trafficking along with two codefendants.

“We have not received [any communication]. In fact, last year whenever we had meetings with the US Embassy on other matters, we were already asking about their plans but they said they were still waiting for advice, primarily from the US-DOJ,” Ortha said.

He said Quiboloy’s closeness with Duterte would not in any way influence the DOJ’s action on the case.

“I cannot second guess on what would be the outcome of this case, but on our part [in the DOJ], we will perform our duties based on existing laws and processes once we receive the request [for extradition] regardless of the personalities involved,” Ortha said.

“We will just follow the law and follow the process,” the Chief State Counsel added.

He also pointed out that the current DOJ Secretary Menardo Guevarra is very objective and that is why he has a high trust rating.

Ortha also said an immigration lookout bulletin may be issued against Quiboloy, although it won’t likely serve any purpose except to just monitor his movements.

Continued on A4

“People find it difficult to go to embassy or consulate because they don’t live near the embassy or consulate. You’re looking at situations like in Australia where you have to cross the continent just to get to the embassy.

In Europe, you actually have to go to another country just to be able to vote in the embassy.

So it is very challenging for our kababayans,” he said.

“Since the start of overseas voting, that has been our perennial problem, low voter turnout,” Jimenez added.

Amid the ongoing pandemic, the Comelec said majority of overseas voters in the 2022 polls will still be casting their votes via mail.

The poll body has said it expects a lower turnout of voters abroad, who will be sending their ballots via mail in the 2022 polls due to postage costs.

Out of the 92 posts, the Comelec 29 will make use of postal voting and use an automated election system (AES) for counting votes.

These are Bangkok, Canberra, Manila Economic and Cultural Office (MECO) Kaohsiung (Nantou County, Changhua County, Yunlin County, Chiayi County, Pintung County, Taitung County, Penghu County, Kinmen See “Comelec,” A2

Salceda seeks grant to agri of perks from CREATE law

T

O achieve stable food prices for the rest of the year, the chairman of the House Committee on Ways and Means said the Congress is now working with the Department of Agriculture to include the agricultural sectors for investment incentives under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law.

Albay Rep. Joey Sarte Salceda made a statement after the lower inflation rate recorded in January—at 3 percent—shows that the Philippines is “well on the road to economic recovery,” but also cautioned that “we need to sustain momentum, especially on the supply side, by investing in basic sectors such as agriculture.”

Salceda said he is working with Agriculture Secretary William Dar to ensure that investments in agriculture sectors will be eligible for investment incentives.

“Food prices drive overall prices.

Agriculture output drives food prices.

So, if we want to keep overall prices in control, we need to invest heavily in agriculture. That means both public and private investments,” Salceda said.

Earlier, Salceda also asked the Department of Trade and Industry (DTI) to ensure that the production of fertilizers is an incentivized activity under the Strategic Investment Priorities Plan (SIPP).

SIPP is the list of sectors qualified for tax perks under the CREATE law.

Moreover, Salceda added that “ultimately, agriculture in the Philippines is a public-private partnership.”

“That’s why I am working with Secretary Dar to come up with a list of agriculture sectors that will be eligible for tax incentives under the CREATE Law. We will discuss the list in a committee hearing on Monday [today],” Salceda said.

Once included under CREATE, export-oriented agricultural enterprises will be entitled to up to 17 years of incentives, with 4 to 7 years of income tax holiday (ITH) and 10 years of special corporate income tax (SCIT).

Domestic-market agri-enterprises may qualify for up to 12 years of incentives, with 4-7 years of ITH and 5 years of SCIT for enterprises with investment capital not less than P500 million, and 5 years of enhanced deductions otherwise.

See “Salceda,” A2

Companies

Editor: Jennifer A. Ng

Monday, February 7, 2022

B1

‘Workers want to join firms offering retirement benefits’

By Tyrone Jasper C. Piad

M

@TyronePiad

ore Filipino employees want to work for companies that can provide them with a good retirement plan, but only one in five local companies can do so, according to a recent survey by Mercer.

In its latest Retirement Survey Report, Mercer said employers are seeing the lack of pre-retirement support as a growing concern as “more employees prefer to work for organizations that also take care of their financial wellbeing.”

It is deemed a concern because the survey revealed that “only one in five companies in the Philippines prepares their employees well for retirement.”

In addition, one in four companies also have never held activities that educate the employees about

retirement benefits despite the majority of them saying such is crucial.

About 31 percent of the local firms also do not provide formal retirement plans. They only offer workers the statutory minimum benefit.

“While it is primarily the individual’s responsibility to ensure their own retirement readiness, employers can lead by providing essential tools, training and technology to engage employees in their long-term financial wellbeing,” said Harold Tan, Mercer’s wealth

business leader in the Philippines.

“This includes offering a more flexible set of benefits so employees can fully maximize them and reduce their out-of-pocket expenses, which can improve savings.”

He also urged employers to “increase personal financial planning awareness during bonus seasons to build a culture for preparing and risk-proofing the future.”

Meanwhile, Mercer noted the “slow shift” to defined contribution (DC) plans from defined benefit (DB) pension plans amid the increasing costs and the proposed Capital Market Development Act, which cites reforms on said funds.

The former allows employees more control and portability over their retirement benefits.

Citing the Bangko Sentral ng Pilipinas, Mercer noted that more Filipinos made voluntary contributions last year to their Personal Equity and Retirement Accounts (PERA).

The value of PERA contributions grew by 62 percent to P237

million in September 2021 from P144 million a year ago. A total of 4,001 individuals made the contribution during the same period, the majority or 70 percent of which were full-time employees.

“While it is encouraging that workers have more investment product choices to grow their own savings for retirement, pension schemes now play an integral role in their decision of whether to stay with their current company or move on,” Mercer said.

Still, about 8 out of 10 respondents said they have not moved to a DC plan or are unsure about making the shift. Some 25 percent of the companies said they are still on DB plans, where employees are in charge of saving and investing.

“Employers should assess the impact of new pension reforms and decide which approach works best for their existing plans and workforce profile. Although pension funds are not required by law, forward-thinking companies know that investing in employee retirement planning pays off,” Tan added.

SPNEC, AEC ink power supply deal

By Lenie Lectura @llectura

S

olar Philippines Nueva Ecija Corp. (SPNEC) has bagged the power contract to supply Angeles Electric Corp. (AEC), the third largest distribution utility in Luzon, for 10 years.

Under the signed Renewable Power Supply Agreement (PSA), SPNEC will provide approximately 97.8 megawatt hour (MWh) per day to AEC from 6 a.m. to 6 p.m.

The power will be sourced from SPNEC’s Nueva Ecija solar farm.

This will provide SPNEC a base of contracted revenues, while being able to sell the rest of its energy to the spot market or other off-takers.

The PSA was concluded via a Competitive Selection Process (CSP) in support of Department of Energy’s (DOE) Renewable Portfolio Standard program, with SPNEC emerging as the most competitive among five bidders.

“We wish to thank Angeles Elec-

tric for conducting a very professional CSP that will benefit the consumers of Angeles City. We’re grateful for this opportunity to work with Angeles Electric, a pioneer of the solar industry in the Philippines,” Solar Philippines founder Leandro Leviste said.

“The contracting of the first phase of our solar farm shows that renewable energy in the Philippines is a supply-constrained market.

This reinforces our drive to expand SPNEC’s capacity to meet the coun-

try’s great demand for renewable energy,” he added. The supply deal comes as SPNEC is finalizing plans for an asset-for-share swap with its parent, Solar Philippines, which may enable SPNEC to acquire over 20 solar project companies, including over 10 gigawatts (GW) of developments, according to DOE figures. These aim to support the DOE’s target to source 35 percent of the country’s energy from renewables by 2030, which would translate to demand for over 20 GW of solar power.

‘PLDT has Monde Nissin, Emperador in PSE index best 5G networks’ N

By VG Cabuag @villygc

By Lorenz S. Marasigan @lorenzmarasigan

P

LDT Inc. claimed to have had the best fixed line broadband and 5G mobile networks in the second half of 2021, citing data from mobile and broadband intelligence firm Ookla.

Alfredo S. Panlilio, the president of both PLDT and subsidiary Smart Communications Inc., said PLDT had the fastest broadband speed in the second half of 2021, after posting a speed score of 77.24 in Ookla’s report.

The group’s broadband top download speed reached 203.97 Mbps, while top upload speeds were at 217.07 Mbps.

Smart, meanwhile, had a speed score of 201.95 for 5G during the said period. Its median download speed for 5G was at 218.82 Mbps, while median upload speed was at 22.46 Mbps.

“These citations prove that our continued fixed and 5G rollout and network improvement efforts across the country are bearing fruit,” Panlilio said.

Smart claims to have the widest 5G coverage in the Philippines with roughly 7,200 5G base stations deployed across the archipelago. PLDT, meanwhile, claims to have the most extensive fiber infrastructure in the country with a network spanning 743,700 kilometers.

ew ly-l i sted Monde Nissin Corp. and Andrew Tan’s Emperador Inc. will be included in the benchmark Philippine Stock Exchange Index starting February 14.

The said firms will replace Enrique K. Razon Jr.’s integrated resorts and gambling arm, Bloomberry Resorts Corp. and the Gokongwei’s Robinsons Retail Holdings Inc. The revamp is part of the PSE’s regular stock performance review from January to December 2021.

A listed company should be among the top companies in terms of liquidity and market capitalization to qualify for inclusion in the PSEi. It should also have a free float level of at least 15 percent of its outstanding shares. Relevant financial criteria as well as eligibility for early inclusion are also considered by the PSE in the index review.

“The index review allows us to maintain a roster of companies that best represents the entire market. The last two reviews saw the entry of newly listed companies in the PSEi as large issuances readily meet our criteria and are deemed qualified for inclusion by other index providers,” PSE President and CEO Ramon S. Monzon said.

Except for the Financials index, all other sector indices will have changes in their composition.

EEI Corp. and Monde will be added while Alsons Consolidated Resources Inc. and SFA Semicon

Philippines Corp. will be removed from the Industrial index.

Three sectors will see the removal of constituents: the A and B shares of ATN Holdings Inc. for the Holding Firms index, the A and B shares of Metro Alliance Holdings and Equities Corp. for the Services index and Oriental Peninsula Resources Group Inc. for the Mining and Oil Index.

AREIT Inc., Philippine Estates Corp. and Primex Corp. will now become part of the Property index while A Brown Company Inc. will be kicked out of the index.

Meanwhile, cash dividends paid out by publicly listed firms to common shareholders last year rose 17 percent to P402.18 billion from the previous P342.88 billion, according to data collected by the PSE. For PSEi companies, the cash dividends paid by 28 of the 30 main index members amounted to P157.58 billion, giving common shareholders a mere 1.72-percent dividend yield, flat from the previous year.

In 2020, 29 PSEi constituents distributed P157.05 billion in cash dividends, a dividend yield of 1.76 percent.

Among the six sectors in the PSE, Financials had the largest

dividend payout at P187.55 billion.

“The gradual reopening of the local economy allowed companies to generate better income, which resulted in bigger dividends for shareholders. We hope that earnings growth among PLCs continues to improve to ensure steady dividend income for stock market investors,” Monzon said.

Among the listed firms that paid dividends were the real estate investment trusts (REITs)— AREIT Inc., DDMP REIT Inc., Filinvest REIT Corp., RL Commercial REIT Inc. and MREIT Inc. They had an aggregate cash dividend payout of P5.77 billion, resulting in a 2.16-percent dividend yield, even as three of the five REITs were only listed for an average of four months.

“REITs have become a preferred asset class among investors because of its dividend mandate. With more REITs expected to list this year, including non-property REITs, investors will have a wider selection of companies that can provide passive income,” Monzon said.

In 2021, 108 of 276 listed firms gave out cash dividends compared with 105 of 271 in the previous year.

“With around 40 percent of [listed firms] giving out dividends to their common shareholders, we deemed it necessary to showcase companies that provide high dividend income to investors by coming up with a Dividend Yield Index. This thematic index will be one of the new indices that we will be introducing within the semester,” Monzon said.

Aboitiz firm completes Batangas power project

L

ima EnerZone Corp., the power distribution firm of Aboitiz Power Corp., has recently completed the energization of the Batangas-LIMA 69kV Line 2, effectively increasing its reliability and doubling capacity to 100 megawatts (MW).

“The Batangas-LIMA 69kV Line 2 is a key piece of infrastructure that will cater to existing locators’ increasing power needs as well as the anticipated growth in demand from LIMA Estate’s industrial and commercial expansion.

We are happy to have completed this project with our affiliates, Lima EnerZone and Aboitiz Construction, fully showcasing #OneAboitiz at work,” said Rafael

Fernandez de Mesa, LIMA Land Inc. president and head of Aboitiz InfraCapital’s Economic Estates.

The 27-kilometer sub-transmission line extends from the National Grid Corporation of the Philippines (NGCP) Batangas at Brgy. Mahabang Parang in Batangas City to Lima Estate in LipaMalvar, passing through JP Laurel Highway. It currently serves as the primary power supply line of LIMA Estate.

“As we welcome new locators to LIMA Estate, we also look forward to the continuous transformation of the Estate through the introduction of new product lines, sustainability initiatives, and smart city features,” de Mesa said. Lenie Lectura

STOCK-MARKET OUTLOOK Last week

Share prices gained last week as the number of Covid-19 cases continued to drop, with the main index reaching the 7,400-point level, the highest in two years.

The benchmark Philippine Stock Exchange index (PSEi) gained 204.38 points to close at 7,456.35 points during the four-day trading week.

The main index already gained at the start of the week before the Chinese New Year holiday on Tuesday, and then gained almost the same amount on Wednesday before giving up some points the day after.

Average trading value for the week improved at P7.35 billion, while foreign investors made up 32 percent of the total trades and were net buyers at P1.28 billion.

All other sub-indices ended in the green, led by the broader All Shares index that rose 77.86 points to 3,933.04 points, the Financials index gained 42.23 to 1,737.12, the Industrial index added 208.86 to 10,825.84, the Holding Firms index surged 172.69 to 7,235.76, the Property index soared 201.05 to 3,327.05, the Services index was up 9.06 to 1,962.02 and the Mining and Oil index climbed 363.73 to 10,552.75.

For the week, gainers edged losers 130 to 89 and 33 shares were unchanged.

Top gainers were Grand Plaza Hotel Corp., Leisure and Resorts World Corp., ACE Enexor Inc., Double Dragon Corp., Union Bank of the Philippines, Seafront Resources Corp. and Macro Asia Corp.

Top losers were PTFC Redevelopment Corp., MJC Investments Corp., iPeople Inc., Apollo Global Capital Inc., PH Resorts Group Holdings Inc., Coal Asia Holdings Inc. and Converge Information and Communications Technology Solutions Inc.

This week

The rally of share prices is expected to continue this week. The index--which will have two new entrants--is expected to remain in the 7,400-point level.

“The market could be able to hold its position above the said level buoyed by improving economic prospects as restrictions in the National Capital Region and other selected areas in the country have been downgraded,” Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., said.

“Sustaining the downtrend in our Covid-19 cases may also help the market trade higher next week since it could lead to the further easing of restrictions in the country.”

Inflation concerns may challenge the market, however, as global oil prices continue to rally with the benchmark Brent crude already surpassing $90 per barrel, he said.

“Investors may also watch out for the upcoming labor force survey and foreign direct investments data for further clues on the local economy.”

The market’s trading range is seen from 7,300 to 7,500.

Broker 2TradeAsia said the main index reshuffle on Friday will skew the turnover in favor of the new entrants, Monde Nissin Corp. and Emperador Inc. “As the PSEi’s medium-term technical resistance inches closer to 7,800, brace for sentiment gyrations between macro and micro headlines such as the Monetary Board meetings and the fourth quarter of 2021 earnings report,” the broker said.

Stock picks

Broker Regina Capital Development Corp. advised to buy when its support price holds on the stock of Bank of the Philippine Islands (BPI) after its stock price is correcting after it Wednesday’s surge.

“Likewise, buying pressure decreased while selling pressure was down. Note that BPI is trading above historical moving averages and is now back to pre-pandemic levels,” it said.

It placed a support price on the stock at P93.50 and resistance at P102.

BPI shares closed last week at P100 apiece.

Meanwhile, the broker recommended to sell on rallies on the stock of Security Bank Corp. as it is on a winning streak for the fifth consecutive session.

“Following the large volume, it has been increasingly highlighting the upward trend. Buyers are currently catching up while the selling pressure declines. In the near-term, pullbacks might occur on the stock as the momentum tapers down.”

Security Bank shares closed Friday at P114.70 apiece. VG Cabuag

B2

Companies BusinessMirror

Monday, February 7, 2022

Figaro to open more stores as PHL economy recovers

H

By VG Cabuag

@villygc

omegrown firm Figaro Coffee Group Inc. said it is continuing its planned expansion for 2022 as it is optimistic that the country’s economic recovery will gain traction this year.

The company plans to open 29 Angel’s Pizza outlets, six Figaro Group Express multi-brand outlets, five Figaro Coffee shops and one Tien Ma’s Taiwanese restaurant this year.

“Yes, we are optimistic that the economy will further improve this year with the Alert Levels coming down and vaccination drives by the government continuing with strength. We look forward to people going about their daily lives outside

gradually and in a safe manner,” Justin Liu, the company’s chairman, said.

For the first quarter, Figaro is set to open five Angel’s Pizza stores located in Lipa, Batangas; Hanston Building in Ortigas Center; Cebu City; Calamba, Laguna; and in Avida Towers Cityflex, in Bonifacio Global City in Taguig.

“The opening of outlets in BGC and Ortigas business district is part

of our optimism that offices and the economy will come back. Furthermore, we see continued growth and strength outside Metro Manila, hence our new stores in Lipa, Cebu and Laguna. We will continue to grow our outlets to reach our beloved customers and meet them where they are,” Liu said.

As of January 21, Figaro Coffee Group operates a total of 109 stores.

This includes 56 Figaro coffee shops, 39 Angel’s Pizza outlets, six Tien Ma’s Taiwanese cuisine restaurants, seven TFG Express outlets and one Café Portofino outlet.

Meanwhile, Figaro will start to offer Keto-friendly food in its coffee shops, initially in Metro Manila, such as pastries, as these products are still not widely offered in the metro by mainstream restaurants and chains.

“In line with our focus on providing high-quality products at valuefor-money prices, we also want to

ensure our selection of pastries has something for everyone, even people who want to minimize carbohydrates or those who are diabetic.

With proper focus on key ingredients and taste, it is very possible to offer healthy as well as delicious products,” Liu said.

Figaro Coffee’s chef Loren Lazar said stores will offer two Keto products—the keto coconut tiramisu and sugar-free keto brownies.

“In creating these products, we ensured that we strictly followed the three main tenets of a Keto diet: One, using ingredients that are high in healthy fats. Two, the ingredients must have an adequate amount of protein. Three, sweetness must be minimal and using natural sweeteners like monk fruit, stevia and erythritol to make desserts tasty and guilt-free,” Lazar said.

The said products will become a mainstay on its menu, the company said.

Cirtek debt offering secures PRS A rating

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ag u n a- b a s e d C i r t e k Holdings Philippines Corp.’s (CHPC) P2-billion commercial paper issuance secured an above average rating from local credit rating firm Philippine Rating Services Corp.

The company said the local ratings firm gave its offering a credit rating of PRS A (corp), with a stable outlook.

This means that the company has an above average capacity to meet its financial commitments relative to that of other Philippine corporates, but it is somewhat more susceptible to adverse

changes in circumstances and economic conditions than higherrated corporates. A stable outlook means that the said rating may not change in the next 12 months.

The ratings firm said it gave t he g rade on t he compa ny ’s “improving leverage levels, the group’s established track record in the industry, supported by a strong and experienced management team that has navigated the group through economic cycles, crises and industry challenges and its strong customer base of well-established global companies.” VG Cabuag

mutual funds

February 4, 2022

NAV

One Year Three Year

Five Year

per share Return*

Y-T-D

235

7.64%

ATRAM Alpha Opportunity Fund, Inc. -a

1.6222

25.54% 7.99%

ATRAM Philippine Equity Opportunity Fund, Inc. -a 3.2558

-4.71%

Climbs Share Capital Equity Investment Fund Corp. -a 0.7617 -1.08%

-1.37%

0.82%

1.77%

3.13%

-2.52%

-8.24%

-4.17%

0.56%

-7.64% n.a.

0.69%

First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.764

7.83%

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

9.67%

-2.67%

0.37%

0.68%

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

0.7882

11.39%

-4.44%

-2.99%

MBG Equity Investment Fund, Inc. -a

92.65

-3.96%

-9.1% n.a.

-1.88%

PAMI Equity Index Fund, Inc. -a

48.371

7.59%

-3.31%

0.2%

0.51%

Philam Strategic Growth Fund, Inc. -a

504.73

7.42%

-3.14%

-0.36%

0.81%

Philequity Dividend Yield Fund, Inc. -a

1.3945

22.82%

1.22%

2.83%

2.82%

Philequity Fund, Inc. -a

36.8849

9.9%

-2.27%

1.21%

0.79%

Philequity MSCI Philippine Index Fund, Inc. -a

0.9543

9.09%

-3.53% n.a.

1.37%

Philequity PSE Index Fund Inc. -a

4.9885

8.48%

-2.64%

0.56%

Philippine Stock Index Fund Corp. -a

833.26

8.28%

-2.64%

0.83%

0.57%

Soldivo Strategic Growth Fund, Inc. -a

0.7563

8.87%

-6.4%

-2.29%

0.49%

Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.7977

8.75%

-4.61%

-0.63%

0.59%

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

0.9494

7.83%

-2.97%

0.59%

7.33%

-2.87%

1.09%

0.29%

United Fund, Inc. -a

5.2179

3.4473

-5% n.a.

0.86%

-0.9% 0.63%

0.52%

Primarily invested in Peso securities (units) Philequity Alpha One Fund, Inc. -a

1.1784

Philippine Stock Index Fund Corp. - a

1023.7 n.a. n.a. n.a. n.a.

11.54% n.a. n.a.

1.35%

Exchange Traded Fund (shares) First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c

112.1558

8.6%

-2.43%

1.32%

0.61%

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

$1.1161

-14.97%

3.75%

4.58%

-0.92%

Sun Life Prosperity World Voyager Fund, Inc. -a $1.749

1.42%

13.12%

10.37%

-5.28%

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

1.6851

2.74%

-1.16%

-0.43%

-0.41%

ATRAM Philippine Balanced Fund, Inc. -a

2.3018

3.07%

-0.32%

0.21%

0.89%

5.52%

0.17%

1.58%

0.53%

First Metro Save and Learn Balanced Fund Inc. -a 2.7052

First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.212 NCM Mutual Fund of the Phils., Inc. -a

2.0242

9.5% n.a. n.a.

4.38%

1.65%

2.06%

0.37% 0.46%

PAMI Horizon Fund, Inc. -a

3.7826

2.17%

1.02%

0.85%

Philam Fund, Inc. -a

16.9286

2.22%

0.6%

0.83%

0.49%

Solidaritas Fund, Inc. -a

2.1276

3.87%

-0.7%

0.68%

0.29%

Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.6568 4.59%

-1.79%

0.2%

0.27%

Sun Life Prosperity Dynamic Fund, Inc. -a

-0.41%

0.77%

1.17%

0.9654

11.45%

1.44%

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

0.9856

-1.69% n.a. n.a.

Sun Life Prosperity Achiever Fund 2038, Inc. -a

0.9483

3.26% n.a. n.a.

0.4%

Sun Life Prosperity Achiever Fund 2048, Inc. -a

0.9374

4.11% n.a. n.a.

0.37%

-0.42%

Primarily invested in foreign currency securities (shares) Cocolife Dollar Fund Builder, Inc. -a $0.03681

-5.49%

1.05%

0.92%

-2.98%

-13.35%

2.58%

2.83%

-1.55%

Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.6186 0.23%

9.34%

7.68%

-3.82%

Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,2 $1.166 -2.04%

4.73%

3.86%

-2.72%

PAMI Asia Balanced Fund, Inc. -b

$1.0506

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

374.61

0.81%

2.79%

2.5%

0.08%

ATRAM Corporate Bond Fund, Inc. -a

1.8867

-0.91%

0.28%

0.03%

0.11%

Cocolife Fixed Income Fund, Inc. -a

3.2485

0.92%

2.87%

3.82%

0.14%

Ekklesia Mutual Fund Inc. -a

2.25

-0.07%

-2.11%

1.59%

1.38%

First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4293 -0.86%

2.84%

1.84%

0.14%

Philam Bond Fund, Inc. -a

0.04%

4.3973

-5.3%

3.96%

1.39%

Philam Managed Income Fund, Inc. -a

1.3208

-0.19%

3.69%

2.86%

0.13%

Philequity Peso Bond Fund, Inc. -a

3.9882

0.04%

3.69%

2.7%

0.56%

Soldivo Bond Fund, Inc. -a

1.0299

-0.93%

4.2%

1.97%

0.17%

Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.189

-0.49%

4.09%

3.15%

0.05%

-1.1%

3.23%

2.5%

0.03%

Sun Life Prosperity GS Fund, Inc. -a

1.7312

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

$488.57

0.78%

2.75%

2.41%

-0.2%

ALFM Euro Bond Fund, Inc. -a

Є219.18

-0.07%

0.82%

1.04%

-0.38%

$1.182

-7.29%

-1.82%

ATRAM Total Return Dollar Bond Fund, Inc. -b

1.17%

1.34%

First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0257 -2.65%

0.92%

0.72%

-1.15%

PAMI Global Bond Fund, Inc -b

-1.77%

-1.21%

-2.98%

Philam Dollar Bond Fund, Inc. -a Philequity Dollar Income Fund Inc. -a

$0.9923

-8.99%

$2.4359

-3.65%

3.23%

2.24%

-2.79%

$0.0619556

-0.87%

2.64%

1.83%

-0.54%

-4%

1.97%

1.06%

-3.57%

Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.0822

Money Market Funds Primarily invested in Peso securities (shares) 131.32

1.02%

2.64%

2.55%

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

ALFM Money Market Fund, Inc. -a

1.059

0.96%

1.92% n.a.

Sun Life Prosperity Peso Starter Fund, Inc. -a,1 1.3175

1.48%

2.51%

2.52%

0.1% 0.12%

0.14%

Primarily invested in foreign currency securities (shares) Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0611

0.72%

1.39% n.a.

0.05%

Feeder Funds Primarily invested in Peso securities (units) ALFM Global Multi-Asset Income Fund Inc. -a

46.7117 n.a. n.a. n.a. n.a.

Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a 1.3437

16.09% n.a. n.a.

-2.83%

Primarily invested in foreign currency securities (units) ALFM Global Multi-Asset Income Fund Inc. -a

$0.9474

-4.3% n.a. n.a.

a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago.

c - Listed in the PSE.

PSE STOCK QUOTATIONS

February 4, 2022

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

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

116,590 268,475,074 497,212,423 2,149,290 8,494 2,650,914 96,320,781 47,152 1,314,220 2,885 949,085 275,061,067 29,948,967 311,310 548,370 19,460 13,400 70,000 104,836 14,040 266,520

18,100 595,388 31,018,756.50 -510,000 -1,217,006 4,320,275.50 -52,280 2,658,603 2,233,631 3,350 -

INDUSTRIAL AC ENERGY 9.48 9.5 9.51 9.51 9.43 9.5 15,256,700 144,309,098 1.03 1.06 1.01 1.06 1.01 1.06 333,000 346,800 ALSONS CONS ABOITIZ POWER 35.8 36 34.5 36.1 34.3 36 5,304,100 188,603,825 BASIC ENERGY 0.51 0.52 0.52 0.52 0.5 0.52 10,504,000 5,378,260 27.85 27.95 27.8 28.1 27.8 27.95 36,300 1,013,725 FIRST GEN FIRST PHIL HLDG 70.3 70.5 70.6 70.6 70.3 70.3 3,960 278,947.50 MERALCO 345 346 336.8 365 335.2 345 845,250 296,704,442 24.55 24.8 25.4 25.5 24.5 24.55 516,400 12,850,895 MANILA WATER PETRON 3.3 3.31 3.33 3.35 3.3 3.3 881,000 2,925,110 PETROENERGY 4.23 4.33 4.16 4.34 4.16 4.34 9,000 38,770 10.02 10.8 10.78 10.8 10.78 10.8 6,000 64,734 PHX PETROLEUM SYNERGY GRID 12.76 12.78 12.8 12.8 12.74 12.78 2,125,400 27,097,348 PILIPINAS SHELL 18.96 19 19 19 18.96 19 254,000 4,825,898 14.32 14.34 14.3 14.36 14.3 14.34 83,400 1,196,158 SPC POWER 2.05 2.06 2.2 2.25 1.99 2.06 453,471,000 952,773,140 SOLAR PH VIVANT 14.5 16 15.5 15.9 15.5 15.9 1,400 21,940 4.74 4.84 4.85 4.85 4.68 4.84 46,000 221,160 AGRINURTURE 2.83 2.89 2.84 2.89 2.83 2.89 108,000 309,230 AXELUM BOGO MEDELLIN 68.8 69 68.8 68.8 68.8 68.8 70 4,816 12.2 13 12.1 12.1 12.1 12.1 100 1,210 CNTRL AZUCARERA 26.35 26.55 27.4 27.45 26.1 26.35 2,710,100 72,642,275 CENTURY FOOD DEL MONTE 14.98 15.1 15.16 15.16 14.96 15.1 113,900 1,709,836 8.42 8.43 8.38 8.56 8.38 8.42 946,100 7,980,897 DNL INDUS 24.25 24.3 23.95 24.6 23.6 24.3 8,804,400 213,238,835 EMPERADOR SMC FOODANDBEV 68.85 68.9 69 69 68.85 68.9 123,190 8,491,775 0.85 0.86 0.9 0.93 0.85 0.85 135,869,000 119,162,320 FIGARO COFFEE 1.22 1.25 1.22 1.26 1.21 1.26 12,019,000 14,825,900 FRUITAS HLDG GINEBRA 113 114 115.3 117.1 113 114 129,850 14,923,818 JOLLIBEE 237 237.6 235.4 237.6 230.6 237.6 421,830 99,122,638 1.47 1.48 1.49 1.5 1.46 1.47 9,132,000 13,437,900 KEEPERS HLDG MAXS GROUP 6.56 6.65 6.56 6.7 6.56 6.56 50,400 332,638 0.137 0.138 0.138 0.138 0.137 0.137 780,000 107,060 MG HLDG 15.98 16.06 16 16.08 15.64 16.06 18,802,900 298,591,782 MONDE NISSIN SHAKEYS PIZZA 9.1 9.19 9.68 9.68 9.1 9.1 735,000 6,825,627 ROXAS AND CO 0.65 0.66 0.65 0.66 0.65 0.65 400,000 263,500 4.47 4.6 4.6 4.6 4.6 4.6 1,000 4,600 RFM CORP ROXAS HLDG 1.03 1.08 1.08 1.08 1.08 1.08 9,000 9,720 0.105 0.106 0.108 0.108 0.106 0.106 910,000 96,750 SWIFT FOODS 125 125.3 126.7 126.7 125 125 1,805,170 226,496,000 UNIV ROBINA VITARICH 0.67 0.68 0.65 0.68 0.65 0.66 338,000 226,090 1.07 1.08 1.07 1.08 1.06 1.07 1,930,000 2,057,170 CEMEX HLDG 13.82 14 14.14 14.14 13.8 13.82 213,800 2,983,190 EAGLE CEMENT 6.25 6.34 6.33 6.34 6.21 6.34 20,800 131,070 EEI CORP HOLCIM 5.95 5.98 5.85 5.99 5.85 5.99 130,600 774,803 4.75 4.79 4.79 4.8 4.73 4.75 795,000 3,787,450 MEGAWIDE 20.8 20.9 20.8 20.95 20.8 20.9 105,800 2,201,010 PHINMA TKC METALS 0.77 0.79 0.79 0.79 0.77 0.77 20,000 15,640 0.82 0.83 0.82 0.85 0.82 0.83 679,000 561,030 VULCAN INDL 1.7 1.73 1.73 1.75 1.73 1.74 92,000 160,260 CROWN ASIA EUROMED 1.36 1.4 1.4 1.4 1.36 1.36 65,000 88,990 4.1 4.47 4.47 4.47 4.47 4.47 2,000 8,940 MABUHAY VINYL 5.75 5.8 5.78 5.8 5.78 5.8 54,600 316,323 PRYCE CORP GREENERGY 1.89 1.9 1.92 1.93 1.88 1.9 5,386,000 10,244,190 10.32 10.38 10.54 10.6 10.22 10.38 951,900 9,875,494 INTEGRATED MICR 0.71 0.72 0.72 0.73 0.72 0.72 140,000 100,860 IONICS SFA SEMICON 1.09 1.1 1.08 1.11 1.08 1.1 122,000 133,980 3.99 4 4 4.06 3.93 4 1,096,000 4,396,560 CIRTEK HLDG

84,220,637 19,852,885 -357,855 92,714 12,625,906 -181,430 -198,210 -8,016,812 -3,226,200 2,868 -24,296,280 -111,540 -14,258,575 -225,678 -182,686 35,022,800 650,289 -2,492,230 -1,518,601 -44,009,698 -8,920 -15,070 17,418,022 -2,269,746 -85,800 4,600 -111,430,204 -982,550 42,240 -1,515,690 2,900 2,524,930 2,917,172 -168,750

HOLDING & FRIMS

ABACORE CAPITAL ASIABEST GROUP AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL ANSCOR ANGLO PHIL HLDG ATN HLDG A ATN HLDG B COSCO CAPITAL DMCI HLDG GT CAPITAL HOUSE OF INV JG SUMMIT LODESTAR LOPEZ HLDG LT GROUP METRO PAC INV PACIFICA HLDG PRIME MEDIA SOLID GROUP SM INVESTMENTS SAN MIGUEL CORP SEAFRONT RES TOP FRONTIER ZEUS HLDG

44 136.5 99.95 25.5 6.84 9.31 59.45 8.72 20.65 56.5 21.1 114.6 109.9 1.86 3.97 2.76 0.29 991 209.6 2,800 0.76

0.9 5.25 871 61.2 12.78 7.9 0.88 0.8 0.8 5.1 8.29 580 3.7 60.6 0.6 2.94 9.8 3.81 2.77 1.12 1.1 956.5 110.3 2.4 122 0.17

44.95 136.7 100 25.6 8.49 9.32 59.6 8.8 20.7 57.65 21.2 114.7 110 1.9 3.99 2.78 0.335 1,000 210 2,810 0.88

0.91 5.8 872 62 12.8 8.1 0.9 0.81 0.84 5.22 8.3 583 3.71 61.7 0.61 3.09 9.81 3.9 2.99 1.19 1.16 976.5 110.4 2.77 124.7 0.174

45 139 99.8 25.4 8.49 9.36 59.45 8.8 20.9 57.7 20.95 111.4 107.9 1.84 3.99 2.78 0.335 1,000 210 2,808 0.79

0.91 5.3 875 60.35 12.64 7.82 0.9 0.9 0.9 5.21 8.4 570 3.71 60.9 0.6 2.94 9.94 3.85 2.76 1.13 1.16 956 110 2.4 121.8 0.174

45 139 100.5 25.6 8.5 9.5 59.85 8.8 20.9 57.7 21.25 114.9 111 1.9 4.05 2.78 0.335 1,000 210 2,808 0.79

0.91 5.3 880 62 12.86 8.1 0.9 0.94 0.93 5.22 8.41 585 3.71 61.7 0.63 2.94 9.94 3.91 2.99 1.19 1.16 976.5 111 2.4 121.8 0.174

44 135.1 99.6 25.4 8.49 9.27 59.45 8.72 20.55 57.7 20.95 111.4 107.9 1.84 3.99 2.78 0.335 1,000 209.6 2,808 0.76

0.89 5.25 867 60.35 12.64 7.82 0.9 0.8 0.8 5.1 8.26 570 3.71 60 0.6 2.94 9.7 3.81 2.76 1.13 1.15 951 110 2.4 121.6 0.17

44 136.5 100 25.5 8.49 9.32 59.45 8.72 20.7 57.7 21.2 114.7 110 1.9 3.99 2.78 0.335 1,000 209.6 2,808 0.76

0.91 5.25 872 62 12.78 8.1 0.9 0.8 0.8 5.1 8.3 583 3.71 61.7 0.6 2.94 9.81 3.81 2.99 1.19 1.15 976.5 110.4 2.4 121.6 0.17

2,600 1,964,020 4,975,060 84,400 1,000 284,700 1,614,950 5,400 63,500 50 44,800 2,408,380 272,780 165,000 137,000 7,000 40,000 70 500 5 345,000

1,295,000 10,300 271,680 531,920 1,631,100 78,000 1,000 65,108,000 15,446,000 770,600 3,670,000 114,880 1,000 577,630 1,923,000 5,000 4,005,000 23,650,000 7,000 431,000 2,000 123,040 82,800 10,000 3,280 110,000

1,165,410 54,434 237,057,960 32,915,595.50 20,750,364 628,872 900 55,352,550 13,681,130 3,987,470 30,463,966 66,724,970 3,710 35,388,977 1,167,670 14,700 39,140,989 90,580,580 20,700 488,560 2,310 119,088,385 9,134,303 24,000 399,268 18,740

PROPERTY

Return

Stock Funds ALFM Growth Fund, Inc. -a

www.businessmirror.com.ph

-2.33%

d - in Net Asset Value per Unit (NAVPU).

1 - Renaming was approved by the SEC last July 8, 2021 (formerly, Sun Life Prosperity Money Market Fund, Inc.).

2 - Adjusted due to stock dividend issuance last November 25, 2021.

"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."

ARTHALAND CORP 0.61 0.62 0.6 0.61 0.6 0.61 65,000 39,110 37 37.1 36.6 37.1 36.1 37.1 4,446,800 164,162,500 AYALA LAND AYALA LAND LOG 5.45 5.48 5.77 5.78 5.43 5.45 13,727,300 76,006,754 ARANETA PROP 0.95 0.96 0.97 0.97 0.95 0.96 74,000 71,090 50.5 51 51.1 51.1 50.35 51 670,850 33,973,587 AREIT RT A BROWN 0.73 0.76 0.75 0.77 0.72 0.76 322,000 234,650 0.73 0.74 0.73 0.74 0.73 0.74 58,000 42,850 CITYLAND DEVT 0.101 0.103 0.101 0.104 0.101 0.104 1,080,000 109,140 CROWN EQUITIES CEB LANDMASTERS 2.92 2.93 2.94 2.94 2.92 2.93 230,000 672,730 CENTURY PROP 0.41 0.42 0.41 0.42 0.405 0.42 8,920,000 3,666,900 8.06 8.07 7.5 8.06 7.5 8.06 2,675,000 20,949,255 DOUBLEDRAGON DDMP RT 1.79 1.8 1.78 1.8 1.78 1.8 6,864,000 12,291,210 DM WENCESLAO 6.83 6.85 6.71 6.83 6.71 6.83 3,300,900 22,545,123 0.255 0.26 0.26 0.26 0.26 0.26 550,000 143,000 EMPIRE EAST 0.32 0.325 0.32 0.335 0.32 0.325 23,550,000 7,661,200 EVER GOTESCO FILINVEST RT 7.51 7.59 7.5 7.6 7.5 7.51 3,272,300 24,729,114 1.08 1.09 1.09 1.09 1.08 1.08 4,957,000 5,363,080 FILINVEST LAND 0.94 0.96 0.95 0.95 0.95 0.95 43,000 40,850 GLOBAL ESTATE 8990 HLDG 11.48 11.88 11.4 11.88 11.3 11.88 343,600 3,980,824 530 540 521.5 540 521.5 540 270 144,200 GOLDEN MV 1.05 1.07 1.06 1.06 1.05 1.05 219,000 231,340 PHIL INFRADEV CITY AND LAND 0.85 0.89 0.84 0.85 0.84 0.85 37,000 31,430 3.22 3.23 3.2 3.25 3.17 3.23 16,167,000 52,010,400 MEGAWORLD 0.27 0.275 0.255 0.28 0.25 0.27 35,200,000 9,515,500 MRC ALLIED MREIT RT 21.2 21.25 22 22.05 21.1 21.25 4,574,900 98,970,975 0.47 0.475 0.47 0.475 0.47 0.47 2,450,000 1,155,700 PHIL ESTATES 2.1 2.12 2.13 2.17 2.05 2.12 821,000 1,727,820 PRIMEX CORP RL COMM RT 8.14 8.22 8.29 8.4 8.06 8.14 4,897,200 40,197,764 ROBINSONS LAND 18.98 19.1 19 19.1 18.84 19.1 2,371,000 45,120,896 0.191 0.201 0.201 0.201 0.201 0.201 30,000 6,030 PHIL REALTY ROCKWELL 1.48 1.5 1.46 1.48 1.46 1.48 33,000 48,380 2.56 2.6 2.56 2.6 2.56 2.6 16,000 41,000 SHANG PROP 2.71 2.8 2.72 2.72 2.72 2.72 10,000 27,200 STA LUCIA LAND SM PRIME HLDG 36.05 36.15 35.6 36.15 35.2 36.15 6,105,100 219,208,035 SOC RESOURCES 0.59 0.6 0.58 0.58 0.58 0.58 29,000 16,820 3.6 3.65 3.6 3.69 3.6 3.6 89,000 321,280 VISTAMALLS SUNTRUST HOME 1.08 1.1 1.07 1.1 1.06 1.1 421,000 449,870 3.46 3.5 3.5 3.51 3.45 3.46 615,000 2,132,290 VISTA LAND

SERVICES ABS CBN 12.6 12.66 12.58 12.68 12.44 12.66 203,600 2,556,868 15.32 15.34 15.1 15.38 15 15.32 2,456,600 37,501,202 GMA NETWORK MANILA BULLETIN 0.415 0.42 0.415 0.42 0.415 0.42 140,000 58,300 9.11 10.12 9.99 10 9.99 10 1,600 15,993 MLA BRDCASTING 3,180 3,182 3,156 3,200 3,144 3,180 65,475 208,251,600 GLOBE TELECOM PLDT 1,880 1,889 1,870 1,940 1,870 1,880 179,835 342,500,940 APOLLO GLOBAL 0.064 0.065 0.066 0.067 0.06 0.065 348,030,000 21,980,010 28 28.05 29.75 29.75 28 28 22,618,300 646,075,825 CONVERGE DFNN INC 2.27 2.28 2.27 2.29 2.27 2.29 143,000 325,110 5.28 5.29 5.1 5.28 5.04 5.28 22,352,000 115,777,900 DITO CME HLDG 1.61 1.73 1.65 1.65 1.6 1.65 19,000 30,650 JACKSTONES NOW CORP 1.33 1.36 1.28 1.36 1.28 1.36 1,664,000 2,219,000 TRANSPACIFIC BR 0.405 0.41 0.415 0.435 0.405 0.405 61,860,000 25,867,850 7.34 7.5 7.5 7.5 7.34 7.5 22,500 166,860 2GO GROUP 13.5 14 14 14 13.42 13.42 6,900 92,810 ASIAN TERMINALS CHELSEA 1.55 1.56 1.59 1.6 1.52 1.56 827,000 1,297,470 45.95 46 46.15 46.25 45.2 46 121,500 5,575,700 CEBU AIR 202 205 205 220 202 202 2,320,950 486,329,232 INTL CONTAINER LBC EXPRESS 23.1 23.75 23.75 23.75 23.75 23.75 100 2,375 0.9 0.93 0.9 0.9 0.9 0.9 30,000 27,000 LORENZO SHIPPNG 5.61 5.65 5.7 5.78 5.58 5.65 1,257,000 7,140,000 MACROASIA METROALLIANCE A 1.04 1.08 1.1 1.1 1.03 1.03 5,000 5,290 0.83 0.86 0.83 0.85 0.82 0.85 87,000 72,840 HARBOR STAR 1.5 1.59 1.58 1.59 1.58 1.59 27,000 42,680 ACESITE HOTEL GRAND PLAZA 10.4 19 14.34 19 14.34 19 4,300 67,372 6.8 7.13 6.79 6.79 6.78 6.79 1,600 10,861 IPEOPLE 0.34 0.345 0.345 0.345 0.335 0.34 90,000 30,900 STI HLDG BELLE CORP 1.36 1.37 1.33 1.37 1.33 1.36 69,997,000 93,213,240 BLOOMBERRY 6.06 6.1 6.16 6.3 6.05 6.06 3,699,000 22,637,378 1.6 1.62 1.59 1.68 1.59 1.62 4,174,000 6,806,500 LEISURE AND RES PH RESORTS GRP 0.72 0.73 0.72 0.74 0.72 0.72 684,000 495,060 PREMIUM LEISURE 0.45 0.455 0.455 0.455 0.45 0.455 660,000 299,800 5.2 5.99 5.25 5.25 5.25 5.25 54,000 283,500 PHIL RACING PHILWEB 1.93 1.95 1.93 1.96 1.92 1.95 148,000 288,260 ALLDAY 0.58 0.59 0.59 0.59 0.57 0.58 28,345,000 16,427,560 5.63 5.73 5.73 5.74 5.63 5.63 6,400 36,695 BERJAYA ALLHOME 8.55 8.58 8.7 8.7 8.55 8.57 884,400 7,580,129 METRO RETAIL 1.39 1.4 1.39 1.41 1.39 1.4 94,000 131,100 36.9 36.95 36.85 37.3 36.55 36.95 2,030,300 74,929,570 PUREGOLD ROBINSONS RTL 57.95 58 57.5 58.5 57.5 58 765,430 44,416,994.50 SSI GROUP 1.14 1.15 1.11 1.15 1.1 1.14 1,870,000 2,120,330 29 29.1 29.55 29.6 29.05 29.1 3,256,200 95,515,360 WILCON DEPOT 0.231 0.246 0.238 0.249 0.228 0.246 1,890,000 459,340 APC GROUP IPM HLDG 6.7 7 6.85 7 6.8 7 2,300 15,670 1.02 1.04 1.02 1.05 1.01 1.02 3,339,000 3,435,870 MEDILINES 0.52 0.53 0.54 0.54 0.5 0.53 19,639,000 10,079,440 PRMIERE HORIZON

MINING & OIL ATOK 5.84 5.96 5.84 5.97 5.84 5.85 12,500 73,135 APEX MINING 1.62 1.64 1.62 1.65 1.62 1.62 4,053,000 6,610,470 ATLAS MINING 6.06 6.1 6.11 6.14 6.06 6.1 247,100 1,509,648 5.11 5.34 5.06 5.11 5.06 5.11 17,200 87,472 BENGUET A BENGUET B 4.79 4.94 4.82 4.82 4.82 4.82 20,000 96,400 0.26 0.28 0.26 0.26 0.26 0.26 40,000 10,400 COAL ASIA HLDG 2.8 2.9 2.62 2.8 2.62 2.8 250,000 679,860 CENTURY PEAK DIZON MINES 5.04 5.42 5.4 5.42 5.01 5.42 2,700 14,303 2.28 2.29 2.27 2.3 2.24 2.29 3,935,000 8,929,350 FERRONICKEL 0.192 0.2 0.191 0.2 0.191 0.2 90,000 17,640 GEOGRACE LEPANTO A 0.139 0.141 0.139 0.141 0.139 0.141 2,250,000 314,880 0.137 0.14 0.137 0.137 0.137 0.137 10,000 1,370 LEPANTO B 0.0096 0.0097 0.0099 0.0099 0.0097 0.0097 24,000,000 237,400 MANILA MINING A 0.0095 0.011 0.0099 0.0099 0.0099 0.0099 2,000,000 19,800 MANILA MINING B MARCVENTURES 1.47 1.48 1.42 1.48 1.42 1.47 1,418,000 2,069,150 0.95 0.98 0.98 0.98 0.98 0.98 10,000 9,800 NIHAO 6.34 6.35 6 6.35 5.99 6.34 43,098,300 267,296,013 NICKEL ASIA ORNTL PENINSULA 0.82 0.83 0.82 0.83 0.81 0.83 255,000 208,230 5.27 5.3 5.25 5.35 5.2 5.27 669,400 3,518,035 PX MINING 24.75 24.8 24.7 25 24.7 24.8 854,400 21,218,870 SEMIRARA MINING UNITED PARAGON 0.0069 0.0071 0.0069 0.0071 0.0069 0.0071 7,000,000 49,300 36.7 36.8 35.5 37 35.5 36.8 1,241,900 45,274,595 ACE ENEXOR 0.012 0.013 0.012 0.013 0.012 0.013 22,900,000 279,400 ORNTL PETROL A ORNTL PETROL B 0.012 0.013 0.012 0.012 0.012 0.012 2,200,000 26,400 0.0091 0.0093 0.0091 0.0091 0.009 0.0091 10,000,000 90,900 PHILODRILL 5.86 5.9 5.8 5.98 5.8 5.86 148,700 871,685 PXP ENERGY

PREFFERED HOUSE PREF A 100.9 101.2 100.8 100.8 100.8 100.8 42,100 4,243,680 512 522 515 515 515 515 100 51,500 ALCO PREF D AC PREF B2R 511 520 513 513 511 511 570 291,690 106 107 104.8 106 104.8 106 22,030 2,330,250 BRN PREF A 45.05 45.45 45.9 45.9 45.05 45.45 21,800 982,580 CEB PREF DD PREF 100.2 100.4 100.5 100.5 100.5 100.5 11,250 1,130,625 110 110.5 108.5 110.5 108.5 110 129,350 14,217,875 EEI PREF B 1,006 1,015 1,006 1,006 1,006 1,006 13,805 13,887,830 JFC PREF B MWIDE PREF 2B 99.05 100.5 100.5 100.5 100.5 100.5 1,070 107,535 100.5 100.6 100.5 100.5 100.4 100.5 20,060 2,015,930 MWIDE PREF 4 103 103.1 103 103 103 103 150 15,450 PNX PREF 3B PNX PREF 4 995 999 996 1,000 995 995 7,960 7,921,500 1,042 1,060 1,060 1,060 1,060 1,060 10 10,600 PCOR PREF 3A 1,076 1,077 1,080 1,089 1,075 1,076 1,485 1,600,180 PCOR PREF 3B 79.3 79.7 79.3 79.3 79.3 79.3 65,000 5,154,500 SMC PREF 2F SMC PREF 2I 79.5 79.6 79.4 79.4 79.4 79.4 9,180 728,892 76.4 77 76.6 76.6 76.4 76.4 306,600 23,480,322.50 SMC PREF 2J 76 76.4 76 76.05 76 76.05 276,840 21,039,899.50 SMC PREF 2K TECH PREF B2D 53 53.5 53.65 53.65 53.65 53.65 930 49,894.50

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 11.9 11.94 11.94 11.94 11.94 11.94 138,600 1,654,884 14.32 14.44 14.28 14.5 14.18 14.32 59,800 859,224 GMA HLDG PDR

WARRANTS TECH WARRANT 0.96 0.98 0.95 1 0.94 0.98 3,036,000 2,971,640

188,900 -80,046,330 10,551,963.50 -3,358,454 -8,475,030 2,347,134 -16,498,740 -10,148,355 -10,741,731.50 -2,940 -11,421,496 -10,694,790 34,485,730 97,089 2,400 29,814,220 -212,471.00 -1,690,126 -73,300 -6,885,804 191,020 -26,000 1,911,000 528,701 -4,299,910 128,260 -52,400 -3,572,930 -14,550,190 10,610 14,133,937.00 12,991,844 61,844,680 -36,000 -346,790 64,137,080 40,780,385 -253,600 -201,018,715 6,410,040.00 -69,240 5,834,300 -74,244 2,800 9,300 -246,655 -43,924,256 -1,939,209 6,850.00 12,240 -13,565,945 135,090 84,030 -18,200 -19,500 -436,700 353,540 -9,800 -36,666,340 -126,621.50 -98,830 84,637,320 12,140 -174,420 21,200 1,224 616,980 1,330,590 -10,000 47,767,180 3,320 560,414 2,978,970 374,930.00 224,040 -209,600 -410,120 -10,600 18,252 9,552 167,870

SMALL & MEDIUM ENTERPRISES

ALTUS PROP HAUS TALK ITALPINAS KEPWEALTH MERRYMART XURPAS

17.82 1.22 1.03 2.8 1.94 0.45

18.38 1.23 1.05 2.9 1.95 0.465

EXHANGE TRADE FUNDS

FIRST METRO ETF

113.8

114

17.84 1.32 1.06 2.82 1.75 0.44

17.84 1.33 1.07 2.82 1.94 0.47

17.8 1.21 1.02 2.82 1.74 0.44

17.8 1.22 1.05 2.82 1.94 0.45

34,200 10,121,000 366,000 39,000 11,860,000 2,910,000

609,864 12,775,740 381,280 109,980 21,932,130 1,336,750

5,800 5,250 2,388,390 91,500

114.5 114.5 112.5 113.8 11,980 1,355,416 -176,496

www.businessmirror.com.ph

SEC warns vs 2 more firms with get-rich offer

By Manuel T. Cayon

@awimailbox Mindanao Bureau Chief

D

AVAO CITY—The Securities and Exchange Commission here issued another public warning against another batch of two business operations that it said prey on Filipinos to invest in their get-rich-quick offer but on suspicious terms.

The SEC Enforcement and Investor Protection Department issued the advisory against the Wellcons Unlimited Systems Inc. (Wellcons) and the Astrazion group of businesses which is composed of the Astrazion International, Astrazion Noble Tasks Community Foundation and Astrazion Global Holdings Inc. The SEC said the two entities have operations within the SECDavao area and includes the Soccsksargen region, Cotabato City and Maguindanao Province. It said the two entities were soliciting investments from the public without the necessary licenses.

“Both corporations, although registered with the SEC, have no secondary license to solicit, accept or take investments/placements from the public nor to issue investment contracts and other forms of securities defined under Section 3 of the Securities Regulation Code [SRC] since it has not secured prior registration and/or license from the Commission as prescribed under Sections 8 and 28 of the Securities Regulation Code [SRC],” the SEC said.

The Wellcons has registered its principal office at P15A National Highway, Bagontaas, City of Valencia, Bukidnon. This is headed by one Merari Pailagao.

The SEC said the Wellcons “is enticing prospective individuals to join the company through the “binary system” and “pangkabuhayan system”.

The SEC said the “pangkabuhayan system is actually the double-yourmoney scheme of the company, where the package availed of by the member will earn P3,000, P5,000 and P10,000 for bronze (worth P1,500), silver (worth P2,500) and gold (worth P10,000), respectively.” However, the guaranteed income would be earned within six months.

The scheme of Astrazion, on the other hand, “is a hybrid of a pyramiding and a ponzi scheme.” “It lures the public to invest their hard-earned money by promising them lucrative earnings of 3 percent daily depending on the amount of the AZNT token package availed of for a period of 100 days.

The Astrazion Global Holdings has a registered head office at Iloilo Gateway, National Highway Mali-ao, Pavia, Iloilo and the Astrazion Astrazion Noble Tasks Community Foundation has a separate office at Barangay Poblacion (Centro), Municipality of Lauan, Antique.

The operation of Astrazion has reached the Davao and Cotabato regions, the SEC said.

“The public is reminded that any offer or promise of ridiculous rates of return with little or no risk similar to the scheme of Astrazion is an indication of a possible Ponzi scheme, which is defined as an investment fraud that involves the payment of purported returns to existing investors from funds contributed by the new investors,” the SEC said.

The Commission “also highly encourages our LGUs [local government units] to double check in approving the permits of these businesses and their owners.”

Banking&Finance BusinessMirror

Editor: Dennis D. Estopace • Monday, February 7, 2022

Regulators see financial protection bill boosting fight vs cyber crimes

R

By Butch Fernandez

@butchfBM

EGULATORS, banking and financial institutions and consumer groups are pinning high hopes on the Financial Consumer Protection Act, a certified bill that was among those rushed for approval by the Senate before it adjourned last Thursday.

Senator Grace Poe, Senate Banks Committee chair, said no less than Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno had strongly pushed for the measure when he addressed senators as re-

source person a few weeks ago, and vowed effective implementation once it is enacted.

The second and third reading approval of Senate Bill 2488 now moves it nearer to enactment, as the House

of Representatives had earlier approved its own version.

According to Sen. Poe, the central bank’s strong push for the measure—coming amid the rash of cyber crimes victimizing bank depositors, clients of electronic wallets and other consumer of financial instruments—arises from its having been at the receiving end of over 40,000 complaints in the past two years of the pandemic. Lockdowns forced by the Covid-19 health crisis had spurred a surge in electronic transactions among bank clients, consumers paying bills and online shoppers.

The phenomenal rise in online banking and payments, however, also came with an increase in illegal activities.

According to Poe, the measure is meant to ensure that the hardearned money of the public will not be lost to cybercrime like the hack-

56 percent of total complaints filed with BSP in 2020 resolved–BSP chief

By Joann Villanueva Philippines News Agency

F

IFTY-SIX percent of the 23,275 total complaints logged with the Bangko Sentral ng Pilipinas (BSP) in 2020 have been resolved in favor of the financial consumers, BSP Governor Benjamin Diokno said.

In a recent virtual briefing, Diokno said the favorable resolution of the complaints include reversal of the disputed transactions back to the consumers’ accounts and agreement of BSP-supervised financial institutions (BSFIs) to the requests of their clients.

“Thirty five percent of these complaints were deemed acted upon by the concerned BSFIs although case resolutions were not shared with the BSP,” he said.

Last year, the central bank received a total of 9,181 financial consumer complaints but Diokno said these are still being assessed.

DIOKNO

“The complaints resolution process is constrained by the BSP’s limited legal authority to adjudicate,” he said.

Diokno said this is the reason why monetary authorities support the passage of the proposed Financial Consumer Protection Act, which the Senate approved on third and final reading on Wednesday.

Related story at top of page, main story.

“The Financial Consumer Protection Act will ensure that the BSP has the legal authority to conduct hearings or claims for payments or requiring reimbursement to consumers,” he said.

Diokno said the BSP is mandated

by Republic Act 11211, otherwise known as the New Central Bank Act, to promote a broad and convenient access to high quality financial services and to consider the interest of the public.

Thus, the issuance of, among others, the Financial Consumer Protection (FCP) Framework in 2019 mandating BSFIs to make consumer protection an integral part of corporate governance, risk management, and culture.

“The FCP Framework requires BSFIs to do no harm” and protect consumer rights by observing customer-centric standards of business conduct,” he added.

De Venecia-led NGO used fake names, took fake debt notes–RCBC counsel

T

HE Inang Nag-aaruga sa Anak Foundation, founded and led by former Cong.

Georgina de Venecia, and other related individuals used fake names when they invested in debt instruments that were also fake, according to a lawyer of RCBC, which the group has been hounding for a return of its money.

The group, said the lawyer, dealt with only one person, Liza Arzaga—in cash—for years until Arzaga, then a branch business center manager of RCBC, ran away with their funds.

The de Venecia group wants RCBC to return their money, nad has gone to the Court of Appeals after failing to get a favorable action from the central bank.

In a press release at the weekend, RCBC general counsel George dela Cuesta said the funds that were used to buy the fake debt

notes did not enter the bank’s system and therefore cannot be refunded.

He added that RCBC will fight the case filed by the de Venecia group all the way. He reacted to a column

by Val Villanueva (February 4, 2021), on the pending case of the de Venecia NGO vs RCBC. The de Venecia group said in their media statements that they thought it was legal to use fake names. They made no mention of the fake debt instruments, the RCBC noted.

According to dela Cuesta, when the bank found out about the transactions in 2018, it immediately suspended Arzaga and eventually fired her following adverse findings from an internal investigation. She now faces criminal cases.

But while Arzaga was suspended, the de Venecia group still transacted with her, again using fake

names and cold cash in exchange for fake promissory notes, dela Cuesta said.

The de Venecia group had gone to the Bangko Sentral ng Pilipinas which found their case without basis. They then went to the Court of Appeals where it pends.

They also launched a media campaign and recently sought the support of the House of Representatives.

Dela Cuesta said the bank stands on solid legal ground and is ready to protect its interest in any venue and forum.

He said the de Venecia group, which has politically exposed persons as members, will have to explain where their cash came from, why they used fake names, why they accepted fake debt instruments, and why they, when Arzaga was already suspended, still dealt with her.

ing of bank accounts. It also aims to speed up the resolution of complaints of victims, a perennial issue raised by consumers.

Poe noted the BSP report that from 2020 until 2021, it received 42,456 complaints from financial consumers, with the combined losses being pursued by victims hitting a whopping P540 million.

The most common complaint reported to regulators was account takeover or identity theft. This was followed by phishing and social engineering schemes and the card-notpresent fraud, whereby one’s credit card can be used by criminals even though the rightful owner has possession of the card.

The Senate approved on third and final reading the measure, meant to protect people against cybercrimes, as well as financial consumers like bank depositors and those with on-

line financial transactions.

As crafted, the measure vests government financial regulators with adjudicatory powers or the authority to resolve the complaints of financial consumers.

These agencies to be so vested with such powers are the BSP, the Securities and Exchange Commission, Insurance Commission and the Cooperative Development Authority.

With such powers, these agencies may direct financial institutions to immediately reimburse victims of financial fraud or cybercrime. They can also file cases in court on behalf of the victims. All financial service providers will also be required to set up an effective cyber-security mechanism. At the same time, the agencies granted with the powers under this measure may also prohibit imposition of unreasonable or exorbitant charges on financial transactions.

Perspectives Sustaining a culture of continuous transformation in family business

I

N the current environment, when people hear the words ‘business transformation,’ the context is often one of a corporate/technology, process/systems change. But business transformation and digital transformation are not synonymous, and that is particularly the case among family businesses. The adoption of new technologies and the transformation of a company’s digital capabilities enable broader transformation efforts, and they may be good places to start, but they are only one piece of a larger end game.

Among family businesses, for example, the transformation agenda typically includes issues and opportunities that are important to all their stakeholders—from customers to suppliers, employees and the communities where the family lives and operates. They have a very different mindset about ‘change’ and a unique concept of ‘transformation’ that sets them apart from other types of businesses.

In a typical corporate setting, roles and responsibilities are narrowly defined and who is accountable for what is more prescribed. As an employee, you have a title, a role description and you work within the scope of that role. Other team members do the same.

With a more flexible structure compared to corporate enterprises, family businesses are also often known to change and evolve with the entry of next-gen family members who bring new skills and expertise to the table. However, some family business leaders are concerned that if a family is running the business and owning it, they are essentially reporting to themselves, which could lead to potential problems If they aren’t answerable to someone who has an objective perspective and holds them to account by asking the right questions.

The importance of a culture of continuous transformation combined with shared accountability is the bedrock of many family busi-

ness discussions, and it evolves over time and across generations.

In a typical corporate setting, roles and responsibilities are narrowly defined and who is accountable for what is more prescribed. As an employee, you have a title, a role description and you work within the scope of that role. Other team members do the same. In family businesses that are more fluid, family members might take on multiple roles and they’ll often lend an extra helping hand wherever and whenever it’s needed.

In the early days of the pandemic, those involved in this line of business had to undertake quick fixes to make sure they could continue to operate in a hybrid or remote working environment. The focus leaned toward digital transformation of back-office operations. The focus then turned to the front office—the route to market and channel to the customer—where massive changes were often necessary for companies to be able to continue to meet their customers’ needs. Competitors that already had a good online presence were a step ahead. They gained market share, and suddenly online became the way to trade.

Competitive threats drove family businesses to consider how to digitize their front-end strategy as one aspect of the transformation of their business, and digital transformation took the spotlight again. In what is now considered to be the pandemic recovery phase, it appears that back-office operations are becoming a priority again.

The excerpt was taken from the KPMG Thought Leadership publication Pushing boundaries-Why family businesses are the drivers of change (kpmg.com) © 2022 R.G. Manabat & Co., a Philippine partnership and a member-firm of the KPMG global organization of independent member-firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

For more information on KPMG in the Philippines, you may send a message via social media or visit www.home.kpmg/ph.

Bond bears brace for challenges from consumer prices, auctions; Fed to be ‘nimble’

B

ears in the United States Treasury market are on a roll, with yields across the curve at 2022 highs after a hot US jobs report and long-term market rates in Europe above zero for the first time in years.

Whether those yields are justified will be tested next week. They

B3

reflect increased expectations for Federal Reserve rate hikes to keep high inflation from becoming entrenched as the economy recovers.

Consumer price data for January, expected to show further acceleration to the highest level since the 1980s, could alter those expecta-

tions in either direction.

Meanwhile, auctions of 10-year and 30-year Treasury debt will gauge investor appetite for yields that were swept higher in part by European bond markets. Hawkish turns by the Bank of England and the European Central Bank in the past week lifted

the United Kingdom 10-year yield by 17 basis points and German 10-year yield—negative since mid-2019— by 25 basis points to just over zero percent. The US 10-year yield rose nearly 10 basis points Friday, capping a 16-basis-point weekly increase.

“Unless you think inf lation

comes down rapidly due to other factors that are not related to tighter policy, then the Fed is miles behind the curve,” said Alan Ruskin, chief international strategist at Deutsche Bank. “It is remarkable how little additional tightening is being priced for next year.”

Fed Chair Jerome Powell, after the central bank’s last policy meeting on Jan. 26, said it would be “nimble” in responding to economic data. Bond traders understood that to mean that the number of rate hikes, and even their size, might exceed historical precedents. Bloomberg News

Explainer BusinessMirror

B4 Monday, February 7, 2022

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The metaverse is money and crypto is king—why you’ll be on a blockchain when you’re virtual-world hopping

By Rabindra Ratan & Dar Meshi | Michigan State University

Y

The Conversation

OU may think the metaverse will be a bunch of interconnected virtual spaces—the world wide web but accessed through virtual reality.

This is largely correct, but there is also a fundamental but slightly more cryptic side to the metaverse that will set it apart from today’s Internet: the blockchain.

In the beginning, Web 1.0 was the information superhighway of connected computers and servers that you could search, explore and inhabit, usually through a centralized company’s platform—for example, AOL, Yahoo, Microsoft and Google. Around the turn of the millennium, Web 2.0 came to be characterized by social networking sites, blogging and the monetization of user data for advertising by the centralized gatekeepers to “free” social-media platforms, including Facebook, SnapChat, Twitter and TikTok. Web 3.0 will be the foundation for the metaverse. It will consist of blockchain-enabled decentralized applications that support an economy of user-owned crypto assets and data.

Blockchain? Decentra lized?

Crypto-assets? As researchers who study social media and media tech-

nology, we can explain the technology that will make the metaverse possible.

Owning bits

Blockchain is a technology that permanently records transactions, typically in a decentralized and public database called a ledger.

Bitcoin is the most well-known blockchain-based cryptocurrency.

Every time you buy some bitcoin, for example, that transaction gets recorded to the Bitcoin blockchain, which means the record is distributed to thousands of individual computers around the world.

This decentralized recording system is very difficult to fool or control. Public blockchains, like Bitcoin and Ethereum, are also transparent—all transactions are available for anyone on the Internet to see, in contrast to traditional banking books.

Ethereum is a blockchain like Bitcoin, but Ethereum is also programmable through smart contracts, which are essentially blockchain-based software routines that run automatically when some condition is met. For example, you could use a smart contract on the blockchain to establish your ownership of a digital object, such as a piece of art or music, to which no one else can claim ownership on the blockchain—even if they save a copy to their computer. Digital objects that can be owned—currencies, securities, artwork—are crypto assets.

Items like artwork and music on a blockchain are nonfungible tokens (NFTs). Nonfungible means they are unique and not replaceable, the opposite of fungible items like currency—any dollar is worth the same as, and can be swapped with, any other dollar.

Importantly, you could use a smart contract that says you are willing to sell your piece of digital art for US$1 million in ether, the currency of the Ethereum blockchain. When I click “agree,” the artwork and the ether automatically transfer ownership between us on the blockchain. There is no need for a bank or third-party escrow, and if either of us were to dispute this transaction—for example, if you claimed that I only paid $999,000—the other could easily point to the public record in the distributed ledger.

What does this blockchain crypto-asset stuff have to do with the metaverse? Everything! To start, the blockchain allows you to own digital goods in a virtual world. You

won’t just own that NFT in the real world, you’ll own it in the virtual world, too.

In addition, the metaverse isn’t being built by any one group or company. Different groups will build different virtual worlds, and in the future these worlds will be interoperable—forming the metaverse. As people move between virtual worlds—say from Decentraland’s virtual environments to Microsoft’s—they’ll want to bring their stuff with them. If two virtual worlds are interoperable, the blockchain will authenticate proof of ownership of your digital goods in both virtual worlds. Essentially, as long as you are able to access your crypto wallet within a virtual world, you will be able to access your crypto stuff.

Don’t forget your wallet

So what will you keep in your crypto wallet? You will obviously want to carry cryptocurrencies in the metaverse. Your crypto wallet will also hold your metaverse-only digital goods, such as your avatars, avatar clothing, avatar animations, virtual decorations and weapons.

What will people do with their cr y pto wa l lets? A mong ot her things, shop. Just as you likely do on the web now, you will be able to purchase traditional digital goods like music, movies, games and apps.

You’ll also be able to buy physicalworld items in the metaverse, and you’ll be able to view and “hold” 3D models of what you are shopping for, which could help you make more informed decisions.

Also, just like you can use ye old leather wallet to carry your ID,

crypto wallets will be linkable to real-world identities, which could help facilitate transactions that require legal verification, such as buying a real-world car or home.

Because your ID will be linked to your wallet, you won’t need to remember login information for all the websites and virtual worlds that you visit—just connect your wallet with a click and you are logged in.

ID-associated wallets will also be useful for controlling access to agerestricted areas in the metaverse.

Your crypto wallet could also be linked to your contacts list, which would allow you to bring your social network information from one virtual world to another. “Join me for a pool party in FILL IN THE BLANK-world!”

At some point in the future, wallets could also be associated with reputation scores that determine the permissions you have to broadcast in public places and interact with people outside of your social network. If you act like a toxic misinformation-spreading troll, you may damage your reputation and potentially have your sphere of influence reduced by the system.

This could create an incentive for people to behave well in the metaverse, but platform developers will have to prioritize these systems.

Big business

Lastly, if the metaverse is money, then companies will certainly want to play too. The decentralized nature of blockchain will potentially reduce the need for gatekeepers in financial transactions, but companies will still have many opportunities to generate revenue, possibly

even more than in current economies. Companies like Meta will provide large platforms where people will work, play and congregate.

Major brands are also getting into the NFT mix, including Dolce & Gabbana, Coca-Cola, Adidas and Nike. In the future, when you buy a physical world item from a company, you might also gain ownership of a linked NFT in the metaverse.

For example, when you buy that coveted name-brand outfit to wear to the real-world dance club, you might also become the owner of the crypto version of the outfit that your avatar can wear to the virtual Ariana Grande concert. And just as you could sell the physical outfit secondhand, you could also sell the NFT version for someone else’s avatar to wear.

These are a few of the many ways that metaverse business models will likely overlap with the physical world. Such examples will get more complex as augmented reality technologies increasingly come into play, further merging aspects of the metaverse and physical world.

Although the metaverse proper isn’t here yet, technological foundations like blockchain and crypto assets are steadily being developed, setting the stage for a seemingly ubiquitous virtual future that is coming soon to a ’verse near you.

This article is republished from The Conversation under a Creative Commons license. Read the original article here: https://theconversation.com/the-metaverse-is-money-and-crypto-is-king-why-youllbe-on-a-blockchain-when-yourevirtual-world-hopping-171659.

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Editor: Gerard S. Ramos

• Monday, February 7, 2022

Beauty is having a moment again, thanks to TikTok EVEN Mark Zuckerberg has admitted that more people are spending time on TikTok than on Facebook. What does this mean?

I can’t speak for the world in general but for a beauty enthusiast like myself, it means a rekindled love for skin care and makeup products. Like most everyone in this pandemic, I’ve struggled with a lot of things and one of those is that I seem to have lost my makeup mojo. I still do my skin care, of course, but applying anything more than eyebrow gel and lip balm is no longer fun.

Thanks to TikTok, I finally got to look at and touch my stash again. I was stuck with three lipsticks and my trusted Benefit Cosmetics 24-Hour Brow Setter. The rest of my makeup were in containers, boxes and pouches, these covered in towels so they wouldn’t get too dusty, most of them unopened.

Anyway, I’ve been trying them on recently. I’ve even worn makeup outside the house but I still haven’t applied foundation for the longest time. Anyway, here are some of the makeup I have that TikTok made me try again: n CHARLOTTE TILBURY BEAUTY LIGHT WAND IN PINKGASM, GOLDGASM AND PEACHGASM. I always thought of the Beauty Light Wands as highlighters and didn’t imagine they were liquid blush as they are used now. My favorite is Goldgasm but it is Pinkgasm that’s TikTok famous and sold-out everywhere. Pinkgasm and Peachgasm are too cooltoned for me when worn alone so I usually apply them under a warmer-toned powder highlighter. Would I purchase again?

Not in the current situation but perhaps in the not-so-near future when we can wear makeup again. I love the Charlotte Tilbury brand, as my first luxury makeup products were the lipsticks in Bond Girl, Carina’s Love and Runway Red. n DIOR ADDICT LIP GLOW COLOR AWAKENING BALM. This a product that never worked on me. It made my lips peel.

But I’m in the minority because so many people on TikTok love this. This is a sheer lip balm that adapts to the color of your lips. It’s probably one of Dior’s best-selling beauty products. Would I repurchase? Probably not. What I would repurchase are Dior’s lipsticks. n LIP GLOSSES. Thanks to TikTok, lip glosses are mainstream again. People who wore makeup used to hate lipstick because of the tacky feel and how hair clung to their lips when they wore it. Well, lip gloss is cool again but it’s not the lip gloss back in the day. Today’s lip gloss is usually a gloss-oil hybrid so it’s more nourishing. It’s shiny but not overly so as to distract from the rest of your face. I have, in fact, purchased a couple of lip glosses from clean beauty brand Kosas. n ISSY & CO. Issy & Co. is a Filipino brand that’s famous for its excellent formulations of face bases, lip glosses and skin-care products. Their Active Skin Tints and Hydragloss are TikTok-famous, along with the Active Concealer and Weightless Loose Powder. All are very good products at affordable price points. I love how, as a brand, they respect Filipino consumers with products that really work. Would I repurchase Issy & Co. products? Yes, I certainly would. n COLOURETTE COSMETICS SHIMMERTINT. Colourette, as a brand, really shone during the pandemic. Their products are easy to use and affordable. They’re very reflective of today’s less-is-more beauty sensibility. The Shimmertint in Tiger’s Eye is a golden liquid highlighter that I’ve repurchased.

I usually mix this with a liquid or clean blush or with another highlighter. I love highlighters and this is one that I’d repurchase over and over. n CLINIQUE ALMOST LIPSTICK IN BLACK HONEY. I currently do not own this lipstick but I did in the past until it became TikTok famous. Sadly, it’s now unavailable almost everywhere. Black Honey is more of a colored balm than a lipstick. It’s a universal My Lips But Better shade. If you find one anywhere, better buy it. I heard that it will be available in the Philippines sometime this year, so I will watch out for that. I remember wearing Black Honey in the 1990s when my daughter was a baby as it was very easy to apply and a balm was the only makeup I had time for.

A fresh take on French chic W

ITH summer not too far off on the horizon, global apparel retailer Uniqlo has unveiled its latest collaboration collection with Ines de la Fressange, lifestyle icon and symbol of French chic.

The Uniqlo/Ines de la Fressange 2022 Spring/Summer collection presents LifeWear that reflects Ines’ belief in bringing “effortless French style” to the world. This is a collection focused on the pursuit of true beauty and comfort, continually offering a timeless, essential wardrobe. The collection hits Uniqlo stores and www. uniqlo.com/ph on February 25.

Ines has updated her signature French chic style for spring 2022 to embody the active spirit of today. This season’s collection is centered on sporty items in the French flag tricolor, while also drawing inspiration from the Moroccan city of Marrakech, a favorite exotic destination among French people.

The glaring sun and striking primary colors of Marrakech have thrilled Ines ever since her first visit to the city at the age of 13. She describes the city as “a place where you can clear your mind and relax, and feel at ease.” The collection expresses a positive mood of refreshment for the mind and body, welcoming a new season.

The collection offers a variety of items in the blue, white and red colors of the French flag. Knits with hoods and collars are youthful and sporty, while a navy jacket-and-pants set creates a masculine female image characteristic of Ines.

The shirts and jackets in washed-out cotton and linen—reminiscent of a trip to Marrakech—have been prewashed for exceptionally soft comfort. Items in small floral patterns and checks also enhance the cheerful feeling. Lovely shirts and dresses provide an accent for stylings. n

Hannah Arnold: TELAmbassadress

HANNAH CONSENCINO ARNOLD, 25, representing Masbate, won the top title of Binibining Pilipinas International 2021 on the strength of her science and technology resume. She has a degree of Bachelor of Applied Science in Forensic Studies from the University of Canberra, Australia in 2017.

The Department of Science and Technology-Philippine Council for Industry Energy and Emerging Technology Research and Development (DOST-PCIEERD) was naturally ecstatic, releasing a statement: “Thank you, Ms. Hannah Arnold for proudly raising the S&T flag, and for encouraging young generations to pursue a career in science.”

Only one other beauty queen has similarly impressive credentials: Miss Earth 2017 Karen Ibasco, who has a master’s degree in applied physics with a major in medical physics (both cum laude) at the University of Santo Tomas.

So, at a virtual presscon after the crowning, my submitted question to Hannah was: “As a forensics science graduate, what projects of the DOST [which commended you for your science and technology speech] will you be willing to support and work with?”

“One of the programs that they do every year is the Invent School Program, where they ask students to come up with ideas and inventions, and they go through a workshop with [the DOST] to encourage [the students] to keep on going to prevent future issues and disasters. So maybe during my reign, I can visit these students and see what they are making,” the Fil-Australian beauty replied.

I don’t know if Hannah eventually visited the students since her win in July 2021. But she made a courtesy call to DOST-PCIEERD executive director Enrico Paringit.

“For the past few months, I have been ever so lucky to have been given a platform with DOST-PCIEERD to advocate for science and technology through their online forums, and last Thursday [January 27] I was invited to deliver my third message during their Disaster Risk Management Forum. Let us continue to support and listen to our Filipino scientists for our Filipino people,” she posted on her Facebook page.

Hannah was also a special guest in the launch of the “2022 TELA Conference Exhibition” held recently at the DOST-PTRI TELA Gallery Textile Design and Innovation Hub in Taguig City. TELA stands for Textiles Empowering Lives Anew, a campaign led by the DOST-PTRI. The exhibit features a collection of wearable pieces made from Philippine Tropical Fabrics (PTF) from weaving communities-partners in Batangas, Aklan and Misamis Oriental. The outfits are made for all occasions—gala or formalwear, work (using high natural fiber fabrics such as pineapple lyocell), casual (using bandala textile yarns), and home leisure (using fabric enzyme finishing technology).

The installation proves the potential and applicability of our local fabrics to be at par with the best in the world. The showcased clothes were designed and produced by brands Bayo, Unica Hija, and Philippine Fashion Coalition memberdesigners Ann Casas, Pablo Cabahug, Regina Aquino and Niño Angeles.

“When we say Philippine textiles, people usually say Filipiniana and barong [Tagalog]. But look at the fashionable yet easy-to-wear pieces [at the exhibit],” Hannah said as she conducted a virtual tour posted on the DOST-PTRI and TELA Pilipinas social-media pages. “The fabrics and raw materials were all sourced and converted here. These were enabled by DOST-PTRI’s technologies, services and facilities. We can make use of our own natural textile fibers to create our own high-value products.”

At her visit, Hannah wore a modern Filipiniana in 100 percent Philippine silk made for her by the DOST-PTRI, using silk yarns from silkworms reared by partner cocoon producers in Misamis Oriental. Local brand Bayo then created the powder blue dress from the silk fabric handloom-woven by the Dela Cruz House of Piña in Aklan.

“You know our goal is really to have more of us wear more of the products that are made in the Philippines. So we want to see 110 million Filipinos, though I’m happy to start

BINIBINING Pilipinas 2021 Hannah Consencino Arnold: “I hope that one day soon this map behind me will be filled with textiles proudly produced in every province.” OUTFIT BY BAYO; MAKEUP/HAIR @MAKEUPBYJESSIEMAGHUYOP; STYLIST @STYLEDBYPATRICKHENRY

with 10 percent, but I’m also very happy to start with 1.9 million government employees,” DOST-PTRI director Celia B. Elumba said during the 2022 TELA Conference in January, the Philippine Tropical Fabrics Month. “We would like to see more Filipinos wearing more Philippine-made products, and they come straight from the ground up. So we are excited to see the fruits of this [endeavor] and we would love to see more collaborations.”

More information about the Philippine Tropical Fabrics and DOST-PTRI’s programs and services can be found on DOST-PTRI social-media accounts, like Facebook, Instagram and YouTube, plus www.ptri.dost.gov.ph.

B5

B6 Monday, February 7, 2022

Sun Life and Joe D’ Mango bring back ‘Lovenotes’

Spectrum, Ajinomoto tie up to advance sustainability goals with a solar project

SPECTRUM President and CEO Ferdinand O. Geluz (right) and Ajinomoto Philippines Corporation (APC) President Tsutomu Nara (left) formalize the two companies’ partnership that will involve a pilot solar project at APC’s plant in Bulacan.

S

PECTRUM, a wholly owned subsidiary of Manila Electric Company (Meralco), has partnered with Ajinomoto Philippines Corporation (APC) Group to help the latter reduce its carbon footprint through a pilot solar project in Bulacan province.

Under the partnership, Spectrum will install a solar photovoltaic (PV) system with a total capacity of 1,015.56 kilowatt-peak (kWp) at APC’s plant in the municipality of Guiguinto.

This will allow APC Group to generate approximately 1,331,500 kilowatt-hours of energy per annum, which translates to an estimated annual savings amounting to Php 700,000.

On February 3, Spectrum and APC Group held a ceremonial contract signing for this sustainability initiative that is expected to help APC Group achieve its goal to reduce its environmental impact by 50 perent while improving

its business operations.

Speaking during the ceremonial signing, APC President Tsutomu Nara said: “APC Group considers this venture as a good investment in establishing a WIN-WIN solution as both our company and the Filipino society would benefit greatly from this endeavor. This is only the beginning of more developments in this area as we continue to expand our sustainability efforts.”

This project enables APC Group to contribute to parent company Ajinomoto Company Inc.’s sustainability targets by utilizing solar power.

Once Spectrum completes the installation, APC will be able to reduce its carbon footprint by an estimated 865 metric tons, which is equivalent to planting 1,950,523 trees or reducing 2,352,456 miles in vehicle travel per year.

Spectrum President and CEO Ferdinand Geluz, for his part, said: “We

are proud and excited to partner with Ajinomoto in their first solar project here in the Philippines. This project is a symbol of our shared focus on sustainability, and one of our goals of reducing our reliance to non-renewable energy sources to ensure a more sustainable and brighter future.”

Spectrum is a renewable energy solutions provider offering tailor-fit solutions for industrial, commercial, and residential customers through an in-depth understanding of energy consumption behaviors and strategic partnerships with world-class technology partners.

APC Group, on the other hand, markets Ajinomoto products in the Philippines.

The local unit of Japanese multinational firm Ajinomoto Co., Inc. aims to bring happiness to every Filipino through their products and services that contribute to food and wellness, and to better lives for the future.

Security Bank Foundation commits to improving reading competencies through Ready, Set, Read!

GRADE 5 students watching a video on compound words as part of the Ready, Set, Read! Program

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ECURITY Bank’s Corporate Social Responsibility (CSR) arm Security Bank Foundation, Inc. (SBFI) successfully rolled out its Ready, Set, Read! video series for elementary students in partnership with the Knowledge Channel Foundation, Inc. (KCFI) and Ateneo De Manila University (ADMU). This is part of its advocacy to improve the quality of education and reading competencies of Filipino learners.

The program involved the production of English Reading educational videos and training of teachers on new strategies to help enhance students’ reading skills relevant to distance-learning delivery.

The videos were distributed through the Knowledge Channel, and accessible online through Facebook, YouTube, and partners’ websites. The materials are also available offline through KCFI portable

media libraries donated to thousands of schools nationwide.

“The challenges of 21st century education and this pandemic have encouraged us to partner with the Knowledge Channel and Ateneo de Manila University to produce videos on English Reading competencies aligned with the Department of Education curriculum. We focused on English Reading to address the findings of global student assessments that Filipino learners lag in reading comprehension versus their international peers,” explained Melissa Aquino, SBFI Trustee and Corporate Secretary.

To gauge the effectiveness of the program, an impact assessment was administered in the form of student examination facilitated by the trained teachers. Out of a sample size of approximately 3,000 students, 90

percent exhibited the minimum required proficiency level in English Reading.

During the pilot implementation in school year 2020-2021, the Ready, Set, Read! Program rolled out twenty videos that focused on four competency areas that students need to develop based on surveys conducted by SBFI and focus group discussions among teachers.

These competencies include predicting possible ending of stories for Grade 1; making inferences and drawing conclusions as well as interpreting graphs, tables, and pictographs for Grade 3; and inferring the meaning of unfamiliar words in stories for Grade 5.

Since its roll-out in January 2021, a total of 9,125 teachers attended the trainings. The trainings conducted used digital learning tools such as Kahoot!, Mentimeter and Quizziz to inspire teachers to adapt to new teaching modalities in their classes.

Karen Kae Rota, a teacher in Catmon Elementary School in Ormoc City, shared how her students loved the videos. “I asked my students and they told me that the videos helped them better understand compound words and context clues. They also loved the interactive engagement of viewers through the questions and games in the videos,” said Rota.

As of December 2021, estimated 10.6 million Filipino students have watched the videos either through the Knowledge Channel or various platforms.

To know more, visit www. securitybank.com/sustainability or Security Bank’s Facebook page at www.facebook.com/SecurityBank

N

OSTALGIA is in the air as Sun Life Philippines and Joe D’ Mango bring back “Lovenotes,” the iconic radio program that reigned over the airwaves in the 80s and 90s.

Now streaming as a podcast on Spotify, “Lovenotes” will once again inspire listeners, new and long-timers alike, with more stories and pieces of advice to share.

Topics will range from relationships to money matters, which they can listen to and learn from. With Sun Life and Joe D’ Mango sharing the same advocacies such as valuing relationships and making a difference in the lives of Filipinos, they aim to help revive people’s passion for pursuing their goals and achieving a brighter future with their loved ones.

“After almost three decades of the program on radio and TV, those who grew up listening or watching Lovenotes have remained nostalgic about the show,” says DJ Joe D’ Mango. “I was very happy and excited to see how people responded when I announced that the program, which has been a part of their growing up years, will finally be back as a podcast.”

Meanwhile, Sun Life sees the program as an opportunity to bring hope and optimism to listeners, especially since the pandemic has necessitated isolation from friends and

family. The inspirational stories, engaging conversations, and pieces of advice that mark every episode of Lovenotes can serve as a reminder that having a partner that we can rely on during difficult times can make the journey brighter.

Joe D’ Mango’s Lovenotes will be available to listeners worldwide as it streams every Friday on Spotify, and soon syndicated exclusively on the Sun Life Radio podcast channel coming soon on Spotify.

To know more about Sun Life, visit https://www.sunlife.com.ph/en/about-us/.

Also check out http://www.dearjoe.tv for more information about Lovenotes.

AISL, CTAP come to agreement on return of empty containers

F

OREIGN shipping lines and truck operators have agreed on some steps to take to lessen the recurring problem of returning empty containers to depots, including adopting a policy to make zonal or regional the return of these empties.

This came out of the meeting between the Association of International Shipping Lines, Inc. (AISL) and the Confederation of Truckers Association of the Philippines (CTAP) held on January 21.

Both parties agreed to the drafting of guidelines to address the long-standing issue of returning empties to off-dock container yards (CYs).

They also agreed to a policy that will declare returns as zonal or regional. For example, if the truck will be delivering goods within the CALABARZON area, the shipping line is mandated to designate a CY within or nearest that delivery area for the return of empty containers.

New off-dock depots have been opened outside NCR to accept empty container returns, AISL assured.

However, AISL emphasized that truckers should return empties only to the accredited depots of shipping lines.

Returning them to non-accredited outside depots “shall be considered by

shipping lines as unreturned and will [be] subject [to] the same detention charges”, the association explained.

The trucker must return the empty container within 72 hours from issuance of the delivery order/container release order (DO/CRO) by the shipping line, with the reckoning time subject to further review based on factors affecting the withdrawal of containers from the terminal.

If the empty container is returned after 72 hours, the trucker should revalidate the DO/CRO. Furthermore, the waiting time of trucks before it can be serviced at the depot and other related items will be taken up by shipping lines in the guidelines to be prepared regarding the return of empty containers to off-dock depots.

CTAP also said the Web DO/CRO of the shipping lines should interface with the system of the off-dock depots for realtime monitoring of available space by the shipping lines.

Each shipping line should also provide a 24/7 open communication line, especially in the return of empties.

Off-dock operators should likewise be involved in drafting the empty return guidelines.

Kaspersky marks growth in MSP sales

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N the first three years of its MSP Foundation project, Kaspersky has achieved fourfold growth in sales among its managed service providers.

The MSP market is expected to double in the next few years, growing from $243.33 billion in 2021 to $557.10 billion in 2028. It is not only an increase in a client base that the majority of MSPs reported but also a focus on expanding their service portfolio, as a recent global survey of service providers revealed.

With data breaches, cloud adoption and other unsolved security challenges named by clients in the study, IT security services have been gaining weight and becoming the ‘must have’ in MSPs’ service portfolios.

Kaspersky’s focus on MSPs is in line with the global trend. Between 2019 – 2021, Kaspersky increased MSP sales to four times their starting point – with 75 percent year-onyear growth shown in 2021. As a part of this global initiative, many regions demonstrated significant growth, including France, Italy, Northern and Central Europe, North America, Russia, Africa, and Brazil.

Within the MSP Foundation project, Kaspersky developed tools that automate billing processes and facilitate business interactions between partners and vendors.

With a dedicated partner program and License Management Portal introduced in 2020, MSPs were given adaptive financial conditions with flexible daily billing. They can now quickly and easily manage licenses in a self-service portal and bring security services to the market faster with a cost-efficient approach. The new payas-you-go subscription plan allows MSPs to benefit from an OPEX model and to alter license conditions whenever their customers require, which means paying only for what they need at that moment.

Another area that ensured success of the MSP Foundation project was the development and adaptation of Kaspersky’s portfolio to service providers of various sizes, security

expertise levels and verticals they cover.

Kaspersky products allow MSPs to automatically safeguard customers’ endpoints and cloud workloads from threats. Moreover, products such as Kaspersky Endpoint Detection and Response Optimum, and Kaspersky Managed Detection and Response also arm MSPs’ internal security teams with detection and investigation tools along with analytical expert power, knowledge, and assistance in providing services. The portfolio also includes products which help MSPs to provide specialized security for embedded devices such as ATM and POS in finance and banking, along with protection of industrial control systems (ICS). MSPs can customize their services for clients using various tiers and products while operating from one console in the cloud.

Kaspersky will continue investing in MSP businesses following the success of the MSP Foundation three-year project. The company plans to introduce more products and services specifically for security service providers (MSSPs), as well as continue to support a cloud-first approach and automation of many routine operations and integrate more products into a unified MSP-ready single management platform.

“This is a very attractive model that allows us to serve small customers with reasonable, competitive prices. This has positive effects for everyone. The corresponding License Management Portal (LMP) has been around for almost a year and offers everything we need to manage our licenses, to book or cancel, scale up or down – everything can be done in such an easy and independent way. Self-service is very important here,” says Vincenzo Biasi, Managing Director, levigo systems.

“We’ve come a long way and our partners note this. Our efforts have been recognized with an MSP Innovation Award in the category of Best Managed Services Partner (MSP) Program,” says Veniamin Levtsov, VP Corporate Business at Kaspersky.

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Monday, February 7, 2022 B7

The PR practice and the Generation Z

in the time of Covid-19 T

PR Matters

By Ferdinand L. Bondoy

HE recent CommuniTalks webinar of the International Association of Public Relations (IPRA) Philippines featured Ms. Etsuko Tsugihara, the global president of Ipra and the Founder and President of Sunny Side Up Goup, Inc. of Japan.

In her speech, Ms. Tsugihara reiterated that the Covid-19 pandemic has brought many changes to our lives. People have started to change their views on humanity, sustainability, and the issue of inequality.

For her, one group that we should pay attention to is the Generation Z or those born between 1996 and 2010. As digital natives, Gen Zs were raised by and grew up with mobile phones, tablets and computers. As the population distribution of the younger generation is increasing year by year, Gen Zs are expected to have a big influence in the future.

Ms. Tsugihara noted that the Sustainable Development Goals (SDGs) have gained more attention among Gen Zs throughout the pandemic. SDGs are a collection of 17 interconnected global goals designed to be a “blueprint to achieve a better and more sustainable future for all.”

“They [Gen Z] are more interested in SDGs right now. Known as digital natives, they tend to search and research everything on their own and seek out what they really value and need. They consider environmental issues, discrimination issues, gender equality, what is right what is good for someone, and what is sustainable for the future rather than their own material wealth,” said Ms. Tsugihara.

To better communicate with the generation that will lead the world’s consumption and business in the future, Etsuko claimed that we need to develop consistent communication that starts with “good storymaking.” Stance, Story, and Speed are three points that we need to be aware of when creating a PR story. Stance is how the company and the brand deal with social issues, Story is how the company has evolved, and Speed is about providing information in the soonest and most appropriate time.

For me, indeed, the pandemic has caught everyone by surprise, our PR industry included. At first, I heard stories from colleagues about their companies cutting budget for communications, and even letting go of people. Agencies, in the Philippines and across the Southeast Asian region, also had clients shelving if not postponing projects and accounts.

Back in 2020, at the onset of the pandemic, everyone was in fear of the unknown,

Brand & Business: Save with Sony! Best deals and promos for your photography needs this February

MANILA, PHILIPPINES—Give your creativity needs what it’s been looking for this 2022! Explore new adventures as you feed your passions and check out Sony’s month-long Mirrorless Camera and Lens Deals from February 1 to 28.

Whether you’re a beginner who’s eager to learn or a zealous content creator, Sony’s extensive selection of units on sale will keep you up to speed.

Achieve high-quality photos and videos with the A7C full-frame camera— now at P105,999 only for the body and P104,999 for the silver kit lens! But with Sony’s promo bundle, you won’t only get the kit lens but a 64GB SD card, peak design strap, and a bellroy bag as well!

For content creators—Sony’s compact camera, the ZV-1, may just be your new bestfriend as it provides hassle-free set-up and makes vlogging so much easier. Best used for videos and livestreaming, the ZV-1 can now

in a panic on what to do. This pandemic, and its scale, is quite new to the world, or to this generation. The last that the planet experienced was way back in 1918, the Spanish flu.

But after a while, we were able to rationalize the value of PR at this most pressing time. PR is also a critical component of a company's business operations. This is the time where organizations need to talk to and manage different stakeholders that affect their growth, existence and even survival, and as what Ipra stands for this year, it’s also the time to CONNECT. Public Relations or Communications is also essential.

Hence, companies called on their communication teams and agencies, to go back to the table, check on what’s happening, carefully prepare strategic plans to help the company to survive and win in this new challenge, in the navigation of the big shift, and in the continuity of business and life in general Aside from PR, during the pre-pandemic

be yours at P39,999 for the unit only!

To make your purchase more worth it, you can get a 64GB SD card, limited edition windscreen, and pouch with Sony’s promo bundle.

Want to enter the world of cameras and see beauty from a new perspective? Sony also has the compact G Lens perfect for exploring your passion for photography. This line of lenses is best suited for beginners or entry-level photographers, as it provides stability and flexibility, not only making it uncomplicated but even more exciting for users to capture excellent and memorable photos. Taking on this passion will definitely let you take full advantage of the SEL24105G’s remarkable optical quality, which you can get only for P66,990 and 6 months with zero percent installment.

But wait—there’s more! Sony’s Mirrorless Cameras and Lens Promo also offers an outstanding option for macro lens, the SEL90M28G that lets you work with short focusing distances.

Now for only P45,000, this allows you to take sharp photos of even the tiniest subjects you can think of!

And if you are looking for camera accessories and gears to upgrade your devices, look no further as Sony also has them on sale! Pair your camera with Sony microphones suitable to your passions and content. For as low

as P1,700, you no longer need to worry about the clarity and quality of your audio in videos or livestreaming events.

Get your imagination rolling this 2022 with Sony’s wide array of reliable mirrorless cameras, lens, and accessories for all your creative needs. For full information on Sony’s Mirrorless Camera and Lens Deals until February 28, check out https://www.sony.com.ph/ microsite/CameraPromo/index.html or log onto Sony’s Facebook page.

Brand & Business: Food trip at LRT-1 stations? LRMC and StrEAT Market got you covered

MANILA, PHILIPPINES—Always on the go and no time to visit food parks to enjoy a wide variety of food choices?

Worry not! LRT-1 private operator Light Rail Manila Corp. (LRMC) brings a onestop shop to the stations for endless food possibilities as it partners with JS Pieces Prime Space Corp (StrEAT Market), the biggest Al Fresco Market operator in Manila.

With over 20 participating micro, small and medium-sized enterprises (MSMEs), the partnership of StrEAT Market and LRMC is certainly giving a whole new meaning to “food trip” as it will surely satisfy your cravings by just visiting LRT-1 stations to have something delicious to eat without leaving the Metro.

era, the use of digital is an advantage for every brand, for every agency. It makes you ahead of the game. But when the quarantine economy was set in place, it became a means of survival. It became the next normal of doing business—online events, immersive and augmented reality, video news release, e-commerce integration, website and mobile applications, social media, and emerging platforms, among many others.

Before, we saw virtual reality as something too futuristic, something “alien” to us, but now, virtual is our new reality.

And if your organization was not digitally ready then, unfortunately, the impact of Covid-19 was more unforgiving, hence the downsizing, the retrenchment, and worst, the closure.

The challenge brought out the best in us and exposed the worst in us, among individuals, in companies and organizations, and even governments. If technology, infrastructure, and systems were not in place at the onset of the pandemic, what could have cushioned the impact of the crisis? It

The partnership kicked off with a formal launch at LRT-1 Balintawak Station that coincided with the Chinese Lunar New Year, and the start of less strict quarantine status of Alert Level 2 in Metro Manila last February 1, 2022. It was attended by representatives from LRMC and StrEAT Market making it more festive with the traditional lion dance after the ribbon cutting ceremony. For its opening promo, StrEAT Market also offered a “Buy 1 Take1” treat from 2pm to 4pm.

What to expect at the StrEAT Market? There are several food selections that LRT-1 passengers can choose from —Pinoy grilled favorites for the whole barkada, Korean food you’ve been craving for lately, Japanese food to enjoy with officemates, Hong Kong style pan fried noodles perfect for lovers, and bread and pastry for breakfast or snack to help you start your day deliciously.

You can also relish every bite of shawarma after a busy day, skip the junk food and enjoy juicy burger, quench your thirst with fruit juices, and more.

Aside from enjoying delicious food, you can do some serious bargain shopping for clothes, shoes, accessories, and beauty items at the stations. StrEAT Market at LRT-1 is also here to help you find the gadgets you need for your lifestyle, and avail affordable parts and repair services of all major brands of

is great company culture, servant leadership and compassionate team. So, while it was a big challenge, some survived when as what globally renowned author and speaker Simon Sinek states, leaders choose to eat last and be the leaders they are expected to be.

So as PR practitioners, innovation should always be part of our staple. As communicators who are up to knowing trends ahead of everyone, we should also be the first to know on how to adapt to any changes.

But what has been consistent is the PR’s role in social change—may it be on health, environment, education and youth, among others. And our expertise on doing such has been largely sought even amid the pandemic. For companies, doing social good should not be a nice to have anymore as well. It should be a way of life because for a company to thrive, you must have consumers, stakeholders, who are equally healthy, happy, living in a sustainable environment and in a flourishing economy. We live in an interactive ecosystem where each one should do his or her part in the preservation and improvement of lives.

And with that, I also agree that the Generation Z comes in with so much potential.

It is fortunate that the boomers, the Gen X and millennials, have undergone this painful yet fulfilling journey and the learnings are there for them to grasp, take to heart and bring to the next level. Whatever we have learned in the pandemic, and even before this era, is something that will equip Gen Zs in moving forward. And, I hope, that we could also count on our GEN Z PR practitioners to carry on what IPRA and the rest of the PR practitioners across the globe have been doing for the industry and the society.

So in whatever form, traditional, digital, and whatever new platform may come, let’s continue to CONNECT and make a difference.

PR Matters is a roundtable column by members of the local chapter of the Unite Kingdom-based International Public Relations Association (Ipra), the world’s premiere association for senior communications professionals around the world. Ferdinand L. Bondoy is the regional integration and chief executive director, partner and co-founder of COMCO Southeast Asia Inc. PR Matters is devoting a special column each month to answer our readers’ questions about public relations. Please send your questions or comments to askipraphil@gmail.com.

mobile phones and laptops.

StrEAT Market kiosks are located at select LRT-1 stations: Baclaran, Blumentritt, and Balintawak. Kiosks will be at the LRT-1 from February 1 until April 30, 2022. They are open daily, from 7am to 7pm.

“We partnered with StrEAT Market for our passengers to have a complete commuting experience with convenience accessing their favorite food hubs and services. With all these various shops and available services open along the LRT-1 line, passengers can save a lot more time buying for what they need and what they want. This partnership also aims to further support MSMEs as they recover from the effects of the Covid-19 pandemic by bringing them to a bigger market of opportunities,” said John Kelly F. Tan, LRMC head of business development.

“StrEAT Market has been true to its promise of continuously providing assistance to its partner merchants to bring them to the mainstream market where more opportunity awaits,” said Rheybie C. Nipas, president of JS Pieces Prime Space Corp.

The partnership includes perks like startup-friendly rental rates, free use of kiosks, access to marketing assistance for brand exposure online, and mentorship on operations and marketing.

Sports

HIDILYN DIAZ winning the country’s first Olympic gold medal in Tokyo makes her the hands down choice as Athlete of the Year.

BusinessMirror

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| Monday, February 7, 2022 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

HIDILYN DIAZ: BEST OF 2021

I

T’S a no-brainer.

For giving joy to the country and providing its proudest moment in sports, weightlifter Hidilyn Diaz will be honored as the 2021 Athlete of the Year during the San Miguel Corp.Philippine Sportswriters Association (SMC-PSA) Annual Awards Night on March 14 at the grand ballroom of the Diamond Hotel.

Diaz ended the Philippines’s long search for Olympic glory that spanned for almost a century by bagging a historic breakthrough gold medal in the women’s 55 kgs event at the Tokyo Olympics.

The exploit eventually led to an

inspired campaign bid amid the Covid-19 pandemic as boxers Nesthy Petecio and Carlo Paalam clinched silver medals and Eumir Felix Marcial a bronze that capped the country’s most productive campaign ever in the Summer Games.

The 30-year-old Diaz leads the compact list of top achievers from last year who will be recognized during the affair that counts the Philippine Sports Commission, Philippine Olympic Committee and Cignal TV as major supporters.

“Hidilyn Diaz winning the country’s first ever Olympic gold medal was definitely the highpoint of what had been a truly memorable

year for Philippine sports,” PSA president Rey Lachica, sports editor of Tempo, said. “The PSA was unanimous in its choice of Hidilyn as our Athlete of the Year for 2021,” The event mounted annually by the country’s oldest media organization is presented by Milo, 1Pacman, Philippine Basketball Association, Rain or Shine, ICTSI, Chooks To Go, Smart, Philippine Racing Commission and the MVP Sports Foundation.

The feat was

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significance at this year’s Games, with pandemic restrictions severely limiting the number of spectators allowed at the venues. Enthusiasm for the contest — and national pride— remain undimmed.

“It’s a very exciting thing to see the Chinese national flag being raised again,” said Jolin Li. “It was a huge relief,” Wu said.

“Now we finally realized our dream on the first day.”

The results were delayed while the referee reviewed the race. Canada was penalized for pushing from behind and causing contact with Hungary late in the race.

That set the stage for China to build a big lead over Italy going into the latter stages of the race. But the Italians rallied, careening around the rink in hot pursuit of the home team.

Sighel nearly caught Wu in what would have been a huge upset.

Qu Chunyu, Fan Kexin and Ren Ziwei joined Wu for the victory.

“I never imagined today would be this tough,” Ren said.

China was the gold-medal favorite coming in, having led the World Cup standings this season. But the host nation wasn’t taking anything for granted.

“Even until this morning we had been working on the strategy, still training, still studying how to be better,” Fan said. AP

Vote Kaye Martinez I’M not the sort who is surprised when we see athletes succeed or do something extraordinary outside the sport of their specialty. Not every athlete is one-dimensional.

But there are those who will still surprise you because of their strength of conviction.

Former La Salle Lady Spiker setter Kaye Martinez is one such athlete who you should know about and even

Y just among the many honors Diaz, the pride of Zamboanga City, has brought to the country, but this one certainly topped them all.

Diaz did it in record style. She established a new Olympic mark with a lift of 127 kgs in clean and jerk, and another behind a total lift of 224 kgs in beating Chinese rival and record holder Liao Qiuyun in a dramatic finale for the gold.

She also went down in history as only the second Filipino athlete to win multiple Olympic medals after the late swimmer Teofilo Yldefonso (two bronze medals).

It will be the third Athlete of the Year honor for Diaz in the last six years. She first won the award in 2016 when she bagged a silver medal in the Rio De Janeiro Olympics, ending the country’s 20-year medal drought in the quadrennial showpiece.

Two years later, she shared the same honor with the golfing trio of Yuka Saso, Bianca Pagdanganan and Lois Kaye Go and skateboarder Margilyn Didal when they accounted for the four gold medals the Philippines won in the 2018 Asian Games in Indonesia.

By Josef Ramos

ANQING, China—Another day of full training routine on Sunday and Asa Miller knows he’s gotten accustomed to the Chinese snow.

“Today’s training was good,” said the 21-year-old Miller, now on his second consecutive Winter Games but is competing by his lonesome this time unlike in Pyeongchang four years ago with figure skater Michael Martinez.

Martinez has trained in five of the six days he’s been in Beijing since he arrived with his dad Kelly last Monday. With a 5-foot-8 body that’s grown bigger from four 2018, the demands of alpine skiing take toll on all athletes.

“No soreness and less pain this time,” said Miller whose dad constantly monitors his training at the National Alpine Skiing Centre on Xiaohaituo Mountain.

“His fifth day [training] was good.

He had a few good training runs,” said Kelly Miller after father and son descended from the glacier where the race start is located.

Beijing’s challenged by the lack

Tolentino amazed with Beijing’s closed loop anti-Covid-19 system

Cheering for China on cold, dark night as Wu wrests host country’s 1st gold EIJING—On a freezing, pitchblack night, as the shops were closing, a crowd of Beijingers gathered in front of a giant outdoor TV screen to watch the country’s elite speed skaters chase Olympic gold.

They would not be disappointed.

China may not have a strong winter sports tradition, but skating is one of the areas where its athletes have excelled. And residents of the capital are especially enthusiastic fans, since many take to the ice themselves on the city’s many lakes and canals as soon as the bitter winter renders them frozen.

So Saturday night’s short track speedskating mixed team relay final was bound to draw a massive audience.

It came with a heavy dose of drama, as Italy came within a hair’s breath of spoiling the party. But in the end China’s four men and women perfectly executed their carefully planned strategy. Wu Dajing edged Pietro Sighel by .016 seconds, the equivalent of half a skate blade.

Chanting “add oil,” the Chinese equivalent of “go go,” the crowd erupted in ecstatic cheers.

“It was thrilling,” said Beijing resident Cheng Hongwei, who was among the crowd of several dozen that gathered in the central Wangfujing shopping area. “I was very excited and was filled with all kinds of emotions.”

Such gatherings take on special

FOR ASA MILLER, IT’S TRAIN, WORKOUT, TRAIN, REPEAT

Y NORWAY’S Therese Johaug wins the first gold medal of the Beijing Olympics on Saturday, finishing first in the women’s 15-kilometer cross-country skiathlon.

The Norwegian fights wind and frigid temperatures to ski away from a chase group of four, winning in 44 minutes and 13.7 seconds.

Russian athlete Natalia Nepryaeva takes silver 30.2 seconds behind and Austrian Teresa Stadlober gets the bronze. AP

WU DAJING wins gold in speedskating’s mixed team relay by .016 seconds—or half a skate blade. AP

tell others so they will be inspired.

She was a walk-in to Ramil de Jesus’s volleyball machine. She didn’t even come from a heralded high school program in OB Montessori. She didn’t even make the University Athletic Association of the Philippines quad right away as she was slotted into Team B. And unlike most who take might courses, Kaye took up Civil Engineering. Her coach even made a bet that she will drop her course in favor of something lighter.

I wonder if Coach Ramil ever did get around to paying Kaye because not only did she graduate with a degree in Civil Engineering, but she also was the starting setter of her UAAP title team. The first starting six members to finish with such a degree and was a board passer as well.

Now, that isn’t even the most remarkable thing Kaye has done.

After briefly working for her father’s construction company, she took her masters in sustainability at Philadelphia University. She wasn’t planning to return to the Philippines as she was looking forward to building a new life there in the United States.

As she told me, she didn’t want to have her child grow up in an environment that will be severely affected by

ANQING, China— Philippine Olympic Committee (POC) President Rep. Abraham “Bambol” Tolentino compared Beijing’s and Tokyo’s countermeasures against Covid-19 and virtually described them as apples and oranges.

Tolentino’s been to the Tokyo Summer Olympics last July and at the Beijing

Winter Games and he can’t help but notice how both hosts are countering Covid-19 and preventing alarming cases of infections.

So which host is enforcing a sterner countermeasure?

“Beijing,” said Tolentino who

stayed a week in Beijing to oversee alpine skier Asa Millers preparation for the men’s giant slalom and slalom competitions that are due on February 13 and 16, respectively.

Beijing organizers are using a “closed loop” approach during the 17day Games, one Tolentino described as stricter than Tokyo’s “Playbook.”

“I’m really impressed with the closed loop system, it’s very effective,” said Tolentino, also the PhilCycling president, after observing how health and safety protocols are being implemented in the three clusters in Beijing, Yanqing and Zhangjiakou.

“You break the loop and you get penalized.”

Tokyo’s “Playbook” was a bubble setup but in Beijing, Tolentino said, the loop is a sort of a point-to-point system where athletes, officials and Games staff move around through a bus route system that’s practically impregnable from the outside and in.

“China is implementing a zerotolerance policy against Covid-19 and the implementation is very superb,” the congressman from Cavite’s Eighth District said.”

“When we were in Tokyo, we can go out [of the village or hotel] and buy a coffee at Starbucks. But here, you can’t do it,” he said. “Everything is in the hotel or inside the three Olympic Villages. You can buy it there.”

climate change. But she cannot think about the future too much. What matters more is the here and now.

So she came back to put into practice what she learned and believes in—teaching the people about what we can do to reduce the harmful effects of climate change.

She realized that teaching this in La Salle wasn’t going to make much of an impact as she came to the realization that if one wanted to effect change, he or she should do it within the realm of government as they were in a position to do so.

So she ran for a councilor’s seat in her hometown of Sta. Maria, Bulacan. She campaigned on the platform of sustainability, no doubt, not what most people want to hear. And Martinez won.

What was also significant about the win was she was the first independent candidate to win a seat. That raised plenty of eyebrows in her hometown.

However, if there is anything about Martinez is she isn’t your conventional sort. And when challenged, she will not just work to prove you wrong, but also to show that what she is campaigning for is the right thing for the people in her hometown.

Seeing the landscape in her locale, Kaye has decided to

of snow especially in the alpine skiing venue and organizers had to pump snow from snowmaking equipment. A wires story described the process as spraying atomized water into the air along with mechanically created nucleators— tiny ice crystals—that act as seeds for the manufactured snowflakes.

The Portland-based Asa Miller will compete in the men’s giant slalom starting at 10 a.m. on Sunday and will return three days later for the slalom also at 10 a.m..

Miller took the day’s off last Friday to rest his muscles and attend the opening ceremony in Beijing. But while at the Olympic Village here, he still conditions his muscles in the gym.

“I still train at the village, focusing mostly on my legs, core strength and stability,” said Miller, whose training, preparation and participation in Beijing are fully supported by the Philippine Sports Commission headed by chairman William “Butch” Ramirez.

Organizers moved the men’s training on Sunday to the afternoon session to give priority to the women athletes who whose event comes on Monday.

Thus, Sunday morning was sort of a rest day for the Economics major at Westminster College in Salt Lake City and chilled off by listening to his favorite pop alternative music.

Another challenge for the organizers were the winds that got stronger on a different course over the weekend, forcing them to move the men’s downhill competition to another day.

But Kelly Miller said their side of the mountain were not affected by the wind.

“It’s not windy where we are,” he said.

He added: “There’s no loophole, and there’s a big scanner in every entrance where your face will appear on a big screen and verify if you’re okay to get in.”

Around 27,000 volunteers were quartered in hotels for two months and weren’t allowed to go out. home.

The open loop, Tolentino said, is the people outside the closed loop and they are not allowed to go inside the Olympic perimeter area.

Stores, hospitals, recreational areas, banks and restaurants, among others, are inside the loop.

Chef de Mission Bones Floro said it is understandable why the Chinese authorities are very strict.

“We are still in a pandemic. And it is our responsibility to protect ourselves and others in the bubble as well as our gracious hosts in China,” he said.

The Winter Games involve around 60,000 individuals—athletes, officials, local workforce, volunteers and journalists. They are tested everyday for Covid-19.

The Beijing organizers reported that there were 353 positive tests so far since operations turned full bloom last January 23.

In the Tokyo Olympics, there 430 confirmed cases—32 of which were from the Olympic Village— from July 1 up to the closing ceremony on August 4, 2021. A total of 286 were Japanese residents and 144 are from overseas. The largest portion pegged at 236 were contract workers, followed by 109 Games participants and 29 athletes.

Josef Ramos

take it to a higher level…a congressional seat.

Now, this is the territory of the big boys and trapos.

Kaye isn’t there for whatever that drives them. She needs to do something on a higher level if she wants to give not only Sta. Maria, but also the country, a fighting chance against climate change.

This isn’t something simple as raising your hands in surrender and saying, “We’re wrong and we’ll stop.”

Mother Nature cannot be tamed.

Why is she pursuing this with every fiber in her body?

Because our country is and will continue to be one of the hardest hit by global warming. The effects have been devastating and yet, I wonder if our government even has a plan to deal with it.

If they aren’t willing to do it because they have their own agendas, then let the lady have a congressional seat.

You hear the saying “the youth are the future leaders of this country” and well, it is time for them to inherit the mess the oldies, misguided, thieves, and liars have left us.

It is time to give the Kaye Martinezes a chance to make a real difference. We hope you remember that on election day.