BusinessMirror February 14, 2022 by BusinessMirror

‘Close borders, cut Omicron exposure risk’ ‘Track oil prices despite easing inflation’ By Cai U. Ordinario By Tyrone Jasper C. Piadwith their loved ones, while for-

which, will she said, the economy can no lead to more expensive basic eigners living in temperate regions longer afford. goods that can adversely impact usually want to relax in tropical “It isconsumers, better thatespecially we do protective those from LOSING the country’s borders countries like the Philippines. This preventive measures than get exESPITE the easing of the vulnerable sectors. is one of the most immediate year’s posed again. have lotgovernment to lose,” inflation in January, a influx of OFWs is expected to “WeWe call on athe courses of action the governbe on heavier since many of them were Oplas said. “We should do itdespite now so the consumer group called to remain vigilant ment must take to prevent the latunable to come home for the holidays that we can open just before Christthe government to keep a close lower inflation in January and est Covid-19 variant, from in December 2020. mas. If it gets contained, we can open watch Omicron, on oil price movements implement measures such as reaching Philippine shores, accord“My recommendation is to protect it again.” and to put in place measures to temporary reduction of taxes on ing to local economists. the borders. Do not allow people with Ateneo for and Economic Re-contemper their inflationary impact fuelCenter products approve T he new var iant is a threat, a history of travel to countries with search and Development (ACERD) on commodities. tracts to mitigate the impact of “Power generation costs are set to e s p e c i a l l y w itThe h t he hol id ay s according positive cases to as enter,” Oplassummer. said. This is Associate Director Serof Percival government, consumer prices higher fuel increase we approach coming up and more Konsyumer foreigners Inc. (LKI) “We shouldnot beonly more [Webut alsoK. Peña-Reyes closing the to Laban and powersaid prices in the coming due restrictive. to higher fuel costs being a llowed to travel to the Mario have more protective in terms borders would be effecPresident Victorio A. to be]due months,” Dimagiba said. to the precarious supply situation.” country’s Philippines, Dimagiba, De La Sa lle Univerour measures.” still adhere the needs to “remainof vigiLast year, the LKItoofficial —Victorio Mario Dimagiba, LKI presidenttive but should sit y economist Mar ia Ella Oplas Oplas said that while this will be standards set by the World Health lant” even after inflation slowed noted that the net increase for a setback to He some industries, JUST in time for the Love Month, SM Supermalls offers enhanced malling and romantic dining dealstold at SMBusinessMirror. Malls down to 3 percent in January, explained thatthis high fuelOrganization gasoline(WHO). was P17.65 per liter (L); The holidays usually bring in is a fair measure considering that What is needed, told from 3.7 percent year-on-year prices can put pressure on the diesel, P14.30Peña-Reyes per L; and kerosene all month long. They urged people not to miss out “on these exciting deals, activities, and surprises while Overseas Filipino Workers (OFWs) this could help prevent placing the this newspaper, is for travel restricand 3.2 percent the month before. consumer price index, which P11.45 per liter. The hikes so far #SafeMallingAtSM with your loved ones.” CONTRIBUTED PHOTO who are eager to spend Christmas country in another strict lockdown, tions to be put in place swiftly and @caiordinario @Tyronepiad

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Monday, February29, 14,2021 2022Vol.Vol.1717No.52 No. 129 Monday, November

for for government to be proactive in the current year are P5.70, imposing them. P7.95 and P7.20 per L, respecPrevious instances when the tively, he added. country had the opportunity to imHe said that fuel prices are poseexpected travel restrictions not preto increase did further this ventyear the as spread ofcrude—benchmark Covid-19. That was Dubai mainly because the for fuel prices indecision Asia—iswas seennot to made immediately, he said. rise by 6.5 percent. “Kung papatay patay [Ifare we’re “Diesel and kerosene soslow] and we get caught flat-footcially sensitive products and ed, naturally [that’s risky] Wepocket were too rehurt the of poor active instead of proactive before. consumers,” Dimagiba stressed. We should learn from that,” PeñaAs such, Dimagiba suggested Reyes “It’s a delicate balancing thesaid. reinstatement of the oil staact.bilization We needfund to push testing and and regulation of tracing to be properly informed the oil industry, in addition to of our thedecisions. promotionBlanket/shotgun of shift or use of approaches could have direothers. conseelectric vehicles, among quences onSee the“Oil economy.” prices,” A2 See “Omicron,” A2

NATL GOVT BORROWINGS ‘COMPREHENSIVE’ PHL, FOR MOS DIP TO P2.75T UAE10 IPPA ACCORD DONE n n

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

By D. Nicolas ByBernadette Tyrone Jasper C. Piad

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Omicron risk BIR collects spurs revival ₧1.2B from of quarantine POGOs in rules in PHL Oct-Dec ’21

@BNicolasBM @Tyronepiad

HEPhilippines national HE and United Arab government’s Emirates gross (UAE) have concluded borrowings astalks of on their investment end-October shrank promotion and by almostagreement 6 percent protection year-on-year to (IPPA) after earlier P2.75 trillion. expressing an intent to pursue a potential trade Latestdeal. data from the Bureau of the Treasury showed that the government’s gross borrowings during the Trade Secretary Ramon Lopez 10-month period fell by 5.99 percent told the BusinessMirror that from P2.92 trillion year ago. the both parties havea finalized With only two months left for agreement, but the actual signing this year, the latest figure is already is yet to be scheduled. equivalent of its He hopestoto89.6 signpercent the IPPA by P3.07-trillion borrowing program. March. During the Expo 2020 Broken down, grossNational domestic borDubai: Philippine Day rowings from January to October Celebration Official Ceremony last settledLopez at P2.23 trillion,the down by week, highlighted impor5.08 percent from P2.35 trillion tance of IPPA as both countries seek in develop 2020. deeper economic ties. to Thenoted bulkthat of the the “very amount was He compresourced from Fixed Rate Treasury hensive” agreement includes the Bonds (P1.19 trillion), followed by national treatment, most favored short-term borrowings from Bangnation treatment, freedom from exko Sentral ngtransfers Pilipinas and or BSP (P540 propriation, access to billion), Retail Treasury investor-state dispute Bonds/Presettlement myo Bonds (P463.3 mechanism, among billion), others. Retail Onshore Dollar Bonds (P80.84time bil“It is even a more opportune lion). In the same period, there was now for UAE investors to invest in alsoPhilippines a net redemption ofeconomic Treasury the as recent Bills amounting to P43.94 billion. and regulatory reforms are now set Net debt redemption means in place, such as the liberalization there wereservices more debts comof public act, repaid retail trade pared toforeign the amount borrowed and the investment actdurand ing the period.in the tax and incenimprovement Meanwhile, foreign bortives regime ofgross the Philippines,” rowings in the same period also Lopez said. contracted by 9.7 percent to P518.7 The IPPA seeks to boost UAE billion from last year’s P574.4 billion. investors’ engagement in the PhilThis was raised throughenergy global ippines in agribusiness, bonds (P146.17 billion), program efficiency technologies and reloans (P139.98 euro-denewable energy,billion), infrastructure, nominated bonds (P121.97 billion), information technology-business a project loan (P86.41 billion), process management, oil and and gas yen-denominated samurai bonds and tourism. (P24.19 Seebillion). “Comprehensive,” A2

By Samuel P. Medenilla

@sam_medenilla By Bernadette D. Nicolas

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

ESSENTIALS such as household and food items make their way into flower arrangements as sellers at the Dangwa Flower Market in Sampaloc, Manila, get creative with their offerings for Valentine’s Day. ROY DOMINGO By Jasper Emmanuel Y. Arcalas

dating its registry following the enactment of the Coconut Farmers and Industry Trust Fund law. Rosales explained that about 500,000 coconut farmers and workers were to the PCA’s Mirror from added the PSA showed 2018 list that had about 2.5 million that 17.428 million women were coconut farmers farm not in the laborand force asworkers. of DeThe PCA’s next step is to concember 2021. This accounted for ductpercent an exclusion-inclusion pro65.9 of the total number cedure by who making updated of Filipinos chosethe to stay out farmers’ registry public, providof the country’s pool of workers. ingThe everyone the opportunity to country’s labor force is check the veracity of the list, Roonly composed of persons aged sales added. 15 years old and over who are ei“The list willorbeunemployed, posted in public ther employed in 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 dialogue with coconut farmers. accordance with the definitions “On the other hand, if people described below. would see names on the and “(Persons not in the list labor they think they are not coconut force) refer to persons 15 years farmers their details incorold and or over who are are neither rect, they can report it to the PCA employed nor unemployed. Also for immediate action,” added. included are persons whoheare not The PCA official noted that available and are not looking for the completion of the initial list work,” the PSA explained. ofThe coconut registry would datafarmers showed a total of be just in time for the expected 26.577 million Filipinos were not 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 farmers andlabor enjoined regpart of the forcethem as oftoDeister in order to reap the benefits cember. Apart from the women, of the decades-long coconut the number includesidled 9.148 millevy fund. “We will not stop at 3.1 lion men who are also not workmillion. We hope that more indiing, looking for work, or available viduals will register in our coconut for work. farmers he said. A totalregistry,” of 12,730 men and The who updating of part the coconut women are not of the farmers is mandated labor forceregistry are between the agesby Actyears (RA)old. 11524 or the ofRepublic 15 and 24 Coconut TrustA2Fund Act. SeeIndustry “17-m pinays,”

WHAT’S KEEPING 17-M PINAYS OUT OF LABOR FORCE? @jearcalas

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ORE than 3 million coconut farmers and workers are now regisBy Cai U. Ordinario tered with the government’s reg@caiordinario istry, which serves as the basis for the number ofdomestic people todube CHOOLING, covered by the utilization of the ties, and retirement and P75-billion coconut fund. disability were levy among the Philippine Authority reasons that Coconut kept millions of (PCA) Deputy Administrator Roel Filipinas out of the labor force, M. Rosalesto said about 3.11 million according data from the Philcoconut farmers and farm workippine Statistics Authority (PSA). ersData have obtained been registered with the by Businessgovernment since it started up-

See “Borrowings,” A2

PESO EXCHANGE EXCHANGE RATES RATES nn US US 50.4600 51.2670 PESO

See “3-M farmers,” A2

@BNicolasBM

NTER NATIONA L concerns over possible spread ofRevthe HEthe Bureau of Internal more infectious Omicron Coenue (BIR) collected P1.22 vid-19billion variant govin prompted taxes fromthe Philipernment to reimpose mandatory pine Offshore Gaming Operations facility-based for up all (POGOs) since quarantine the law setting country. aarriving clearer passengers tax regime in forthe the sector Acting spokespertook effectPresidential in October last year. sonDespite Karlo B. Nograles announced the pandemic, the BIR on Sunday that the Inter-Agency said that from October 9 to DecemTask Force for the Management ber 31, 2021 it was able to collect of Emerging Infectious the amount from OffshoreDiseases Gaming (IATF) suspended the implemenLicensees, their Service Providers, tation of employees. its Resolution No. 150and their A Moving (s.2021),forward, effectively the imposing BIR also stricter protocols forthat allmore inbound expressed confidence revtravelers. enues will be collected from POGOs To note, Resolution following theIATF enactment of the150law. A “As had we allowed fully vaccinated already have rules and non-visa travelers Green List regulations in placefrom for the POGO areas to enter the country withindustry, we expect POGO operaout the need for tions to continue andfacility-based we foresee an quarantine as long asarising they secure increase in revenues from negative Reverse Transcriptionsaid activities,” the BIR said in a draft Polymerase Chain Reaction (RTdocument shared with reporters. PCR) test within 72 hours prior Broken down, BIR data showed to their the bulk departure. of the amount collected “Except countries during thefor period was classified sourced as ‘Red,’ the testing and quarantine from withholding taxes amounting protocols all inbound internato P709.39for million. This was foltional by travelers all ports of entry lowed tax oningaming revenues shall comply with the testing and at P409.94 million. quarantine protocols ‘Yellow’ The rest of the amountfor came from list countries,” Nograles said, citing income tax (P89.67 million), valuethe provision of IATF added tax/percentage tax Resolution (P5.33 milNo. 151-A. lion), other taxes (P4.97 million), and He noted Hong Kong, whichmilhas documentary stamps tax (P3.34 confirmed a case of the Omicron lion). Under Republic Act No. 11590 or variant, will also fallsigned underby the Yelthe law taxing POGOs Presilow list countries. dent Duterte, offshore gaming licensof the rules for ees The shallsuspension be slapped with a 5-percent “Green List” countries will be in gaming tax and a 25-percent income effect from November 28, 2021 tax on their non-gaming revenues. to December 15, See 2021. “BIR,” A2 Continued on A2

n n UK UK 67.2329 69.5078 n n HK HK 6.4722 6.5770 n n CHINA CHINA 7.9013 8.0702 n n SINGAPORE SINGAPORE 36.8968 38.1337 n n AUSTRALIA AUSTRALIA 36.2807 36.7328 n Source:BSP BSP(November (February 11, n JAPAN JAPAN 0.4420 0.4374 n n EU EU 58.5879 56.5758 n n SAUDI SAUDI ARABIA ARABIA 13.6654 13.4531 Source: 26,2021) 2021)

News

BusinessMirror

A2 Monday, February 14, 2022

Amid talk of war, Filipinos in Ukraine say life’s normal

By Malou Talosig-Bartolome

ILIPINO workers in Kyiv are wondering what the fuss is about as talk continues of an imminent war between Russia and the United States in Ukraine.

“Normal naman kami dito sa [Our life is normal here in] Kyiv,” 35-year-old Richard Bonaagua told BusinessMirror. “My families and friends are the ones calling me across the globe; [they’re] the ones panicking, asking about our situation here.” “Nakakagala pa naman kami ng alaga ko sa mall [My ward and I can still go to the mall],” Joy Tolentino, a domestic helper, commented. “Kahit madaling araw nakakapag-

lakad pa ko. Wala ring [I can walk the streets even at dawn; there’s no] panic buying.” There are around 380 Filipinos in Ukraine, most of them living in capital Kyiv. There is no Philippine Embassy or consulate in Kyiv, but there is an honorary consulate general led by a Ukrainian representative. The Philippine Embassy in Poland has consular jurisdiction over Ukraine. The Department of Foreign

Comprehensive...

Continued from A1

“The Agreement is an important pillar for realizing investments from UAE, especially those that will utilize their Sovereign fund,” he told this newspaper. Meanwhile, Lopez said that the Philippines and UAE have signed the launch of their comprehensive economic partnership agreement (CEPA). The Department of Trade and Industry (DTI) first mentioned in December last year that both parties agreed to start scoping

discussions for a potential trade deal. This, after Lopez met with UAE’s State Minister Ahmed bin Ali Al Sayegh and Foreign Trade Minister Thani bin Ahmed Al Zeyoudi in the same month at the sidelines of the Global Business Forum Asean during the Expo 2020 Dubai. The DTI official said that the CEPA will “strengthen trade, enhance investment flows, remove unnecessary barriers to trade and

Affairs said there is no mandatory evacuation yet imposed on Filipinos in Ukraine but the Embassy is “closely [monitoring]” the situation. Bonaagua, an English, Math and Science teacher in a private school, said the Embassy has been trying to persuade them to leave Ukraine. But when he consulted his Ukrainian colleagues at school, he was told that if there is any imminent invasion, Ukrainian President Volodymyr Zelensky would have declared martial law and reactivated the reserve force. In 2018, the Ukrainian president declared martial law after Russia captured three Ukrainian naval vessels and 24 sailors at Kerch Strait. Ukrainian troops were also placed on combat readi-

ness and reservists were called up. Media reports said the US Embassy in Kyiv has evacuated most of its staff and advised American nationals in Ukraine to leave immediately as a diplomatic impasse continues between Moscow and Washington DC. Other foreign embassies have also relocated from Kyiv to Lviv, near the border with Poland, a NATO ally. Russia denies plans to invade Ukraine, but Washington said over 100,000 Russian troops are at the Ukrainian border. “[Filipinos] are encouraged to contact the Embassy, report any untoward incident they might observe in their respective areas, and continue monitoring their Filipino friends through social media,” the DFA said.

create new business opportunities.” “We are also looking into a focused investment promotion that will make impact and with the facilitation mechanism feature of the agreement, we can assist them in setting up their operations,” he added.

invest and explore business opportunities” in the country. Total trade between the Philippines and UAE increased by 34.7 percent to P951 million last year from $705 million in 2020. Lopez said this shows that both economies are inching towards recovery from the pandemic. “Among the Philippines’s trading partners in 2021, the UAE is our biggest export partner in the Middle East,” he said. “Abu Dhabi, in particular, serves as a transit hub for the Philippines’s export products, many of which enter duty-free to other countries in the Middle East.” Mea nwh i le, UA E ’s i nvestment in the Philippines reached $13.24 million in 2019. It also hosts known Philippine franchise brands and over a thousand Filipino-owned businesses from different sectors, including food and beverage, trading and logistics, consultancy and other creative services, education and training and hospitality services.

Strong interest

LOPEZ reported that the Philippines can expect $580.5 million worth of investments that can generate 3,920 job opportunities from UAE companies. This, after inking several letters of intents and memoranda of understanding with said firms, which he said “signified strong interest to

Oil prices... Continued from A1

The excise tax on fuel products must be suspended, he said, adding that the government should provide a discount to drivers and operators consuming 50 L per week. He also called for the imposition of temporary price freeze on basic commodities and suspension of application of fare hikes to protect the consumers. Dimagiba said diesel and gasoline should be part of the list of basic commodities as well so they can be subject to price freeze when needed. This, as he seeks to “review and repeal the weekly oil price formula that results in an identical amount of price adjustments among oil companies and retailers.” The consumer group also cited the need for a special tax audit of oil companies, traders and fuel importers to determine if they paid the correct amount of tax amid the fuel price increases last year.

Precarious supply

MEANWHILE, “power generation costs are set to increase as we approach summer. This is not only due to higher fuel costs but also due to the precarious supply situation,” he said. “ T he reg u l ators have issued warnings of red and yellow alerts and when these alerts occur, it will trigger higher spot market prices and higher generation costs from distribution utilities and electric cooperatives,” he added. The LKI official stressed that the increase in fuel and power costs have an indirect impact on the cost of transportation and production of basic goods and services. He thinks “the government should also reconsider the buyback or renationalization of Petron, and buy back the majority shares of Malampaya to ensure cheaper electricity.” “Some of these concrete and reasonable proposals from consumers are doable and can be done, if only the regulators have the political will to protect consumers from these unabated oil price hikes,” Dimagiba concluded.

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17-M Pinays...

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This is composed of 6.979 million women and 5.75 million men. The second top age group that is not part of the labor force are the 65 years old and over. A total of 4.141 million Filipinos belonging in this age group are not in the labor force and this is composed of 2.576 million women and 1.566 men. “(The) number of persons who were in the labor force were highest in the age group 25 to 34 years old and 35 to 44 years old at 28.1 percent and 22.9 percent, respectively. Males in the labor force comprised 58.6 percent,” PSA said. “Majority (47.9 percent) of the persons not in the labor force belonged to the age group 15 to 24 years old. Females who were not in the labor force comprised 62.9 percent, while males at 34.4 percent,” it added. The PSA data showed schooling as the top reason cited for why men and women were not in the labor force. Schooling was cited by 11.412 million Filipinos on why they were not part of the workforce. This was followed by Household family duties, with 8.12 million citing this as their reason; while being too young and too old or retired, or having a permanent disability was another top reason cited by 4.988 million Filipinos. Per the data, 718,000 said they exited the labor force due to temporary illness or disability; 406,000 cited the lockdown or Covid-19 as reasons; 164,000 said they are tired and believe there is no work available; and 112,000 are awaiting results of previous job applications. Some 533,000 Filipinos gave other reasons for not being part of the labor force. However, only three Filipinos cited bad weather as their primary reason for opting out of the labor force, while 35 said they were waiting for rehire or job recalls.

Labor exits

IN a recent Asian Development Blog, experts from the Asian Development Bank (ADB) Social Sector Specialist (ICT) in the Southeast Asia Department Sameer Khatiwada and Economist and Labor Market Information Specialist Souleima El Achkar Hilal said “labor exits” were more common among women. Based on their research, Khatiwada and Hilal said the disproportionate impact of the pandemic on women is most evident in job losses. At the height of the Covid-19 impact on labor markets in the second quarter of 2020, women represented 91 percent of manufacturing job losses and 58 percent of overall job losses in Thailand. However, beyond job losses, the ADB experts said labor exits among women were observed in various countries in their research as well as across almost all ages. Men, they said, were most likely to be unemployed.

Lower-quality jobs

“THIS means that in contrast to men, most women who had lost their jobs

were not searching for work and/or were not available to take up work,” Khatiwada and Hilal said. “A close look reveals that many women who re-entered the labor market did so into ‘lower quality’ jobs than they had prior to the crisis, often informal, ownaccount or contributing family work,” they added. The experts said job losses of women were largely related to the sectors they were employed in. With this, the pandemic highlighted the vulnerability of women workers. The pandemic has affected all industries but more so those in the services sector which often required proximity. Unfortunately, Khatiwada and Hilal said many of those working in these industries are women. The services sector, they said, accounted for a large share of women workers not only in the Philippines but in other parts of Southeast Asia. Women in this sector are in middleskilled sales and service occupations and low-skilled elementary occupations. “Conversely, with the exceptions of health care and education, female employment in higher skilled services and in the professional and associate professional occupational categories remains limited in the region,” the experts said. Given this, steps need to be taken to address gender-specific barriers to female labor force participation. The experts said these barriers are often rooted in social and cultural norms with respect to gender roles. “As schools closed and the health emergency was maintained, women exited the labor market en masse to take care of children and ill relatives. The ‘care burden’ fell more heavily on women, along with its associated trade-offs as women transitioned from paid work outside the home, to unpaid care work within their households,” they stressed. These steps need to include investing in family support services and improving legal and institutional frameworks to tackle social norms that discriminate against women. Khatiwada and Hilal said governments must also eliminate genderbased violence, protect women’s rights, and recognize, reduce and redistribute unpaid care and domestic work. They added that social protection must also be improved to limit the impacts of shocks and other life cyclerelated events. The experts said these constitute the elements of the SDG 5 on gender equality of the 17 Sustainable Development Goals (SDGs). Khatiwada and Hilal said women face disruptions to their working lives and thus, the social protection must cover life-cycle programs and policies including maternity benefits, unemployment insurance. The government should also consider climate change which affects men and women differently. By considering climate change, governments are able to take advantage of opportunities to further their postpandemic recovery, they said.

Mike Velarde...

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Rodriguez added: “We welcome everyone in this movement for national unity, even those who have different political leanings and beliefs, even our very critics, for only in the act of joining hands we may triumph over all challenges we face today and on the road ahead.”

Cavite, ‘Marcos country’

ON Friday afternoon, after declaring that Cavite is “Marcos country”, Gov. Jonvic Remulla formally endorsed Marcos Jr. during the UniTeam’s campaign sortie. Marcos was in Tanza, Gen. Trias, and Imus, Cavite Friday in a scheduled caravan and campaign sortie. Remulla claimed all the local officials in Cavite fully support the BBM-

BIR...

Sara UniTeam. “Mr. President (BBM) we promise that Cavite will stand for you. We promise 800,000 plus votes here in Cavite for you,” Remulla said, speaking in Filipino. “In the name of all the mayors here in Cavite, and also our Vice Governor, the Congressmen here, our support of 100 percent and the 800,000 plus votes of Cavite [are yours],” he added. According to the latest records of the Commission on Elections in 2019, Cavite has more than two million voters, second only to Cebu province, with the largest number of voters with more than three million voters. In the 2019 national and local midterm elections, only around 1.3 million of the two million registered voters actually voted in the province.

Continued from A1

Alien individuals who are employed and assigned in the Philippines by an offshore gaming licensee or its service provider, regardless of residency, term and class of working or employment permit or work visa, shall also be slapped with 25-percent final withholding tax on gross income subject to a minimum final withholding tax due of P12,500 per month. Of the gaming tax revenues collected from POGOs, 60 percent will be allocated to the Universal Health Care Law; 20 percent to the Health Facilities Enhancement Program (HFEP) of the Department of Health; and the remaining 20 percent to the achievement of

the Sustainable Development Goals. Finance Secretary Carlos G. Dominguez III said last year they project a total of P76.2 billion will be derived from the full implementation of the law taxing POGOs until 2023. However, the Philippine Amusement and Gaming Corporation (Pagcor) earlier said that more than half of the original 60 POGOs in the country have already left and most have transferred to other jurisdictions. Pagcor Assistant Vice President for Offshore Gaming Licensing Jose Tria earlier said stricter quarantine and tax rules further added pressure to the sector.

www.businessmirror.com.ph

The Nation BusinessMirror

BBM gets 60% voter’s preference score in latest Pulse Asia survey

RESIDENTIAL aspirant Ferdinand “Bongbong” Marcos Jr. widened his lead over his rivals, receiving a voter’s preference score of 60 percent in the latest Pulse Asia survey. The Pulse Asia results were announced on Sunday, as the Commission on Elections (Comelec) explained, to those seeking that it restrict the conduct of pre-election polls, that a Supreme Court ruling had barred the Comelec from prohibiting the release of surveys a few days before a scheduled national or local exercise. The Comelec said that since it cannot stop surveys being released a few days before elections, it will issue guidance for people to determine their credibility. Reacting to the Pulse Asia results, Marcos Jr.’s Spokesman Atty. Vic Rodriguez said Sunday these “confirm what we already know all this time, that the UniTeam standard-bearer is leading far ahead and by a very wide margin from the other presidentiables.” The Pulse Asia “Pulso ng Bayan” Pre-electoral Survey results, Rodriguez added, “reinforce the numbers of the other survey firms, the latest of which was the Laylo Research mega polls where Marcos received 64 percent voters’ preference rating.” He noted that “other survey firms like the Tangere, Social Weather Sta-

tion, OCTA Research Tugon ng Masa surveys, Publicus, Issues and Advocacies Center, among others, also came out with almost similar results.” Rodriguez noted that “even the informal DZRH, RMN and nationwide Kalye Surveys, bring forward similar data, underscoring the very positive reception” of people toward the former senator’s candidacy for president. “Numbers don’t lie, and it is really humbling to know that our message for national unity is resonating among the overwhelming majority of the Filipino people,” said Rodriguez. The latest Pulse Asia results show Marcos still leading in all geographic areas and across socioeconomic classes, with voters listing him as their choice if the next election were held when they were surveyed. In December, Marcos drew 53 percent support from registered voters in the Pulse survey, but in late January this was 60 percent. Vice President Leni Robredo’s voter preference score, meanwhile, went down to 16 percent for January, from the 20 percent in the Pulse Asia survey in December. Her top aides had noted in earlier interviews with CNN Philippines that in 2016, she held just 1 percent voter preference months before the elections, but ended up winner with a margin of 200,000 over nearest rival Marcos.

Editor: Vittorio V. Vitug • Monday, February 14, 2022 A3

AFP, PNP monitoring 46 poll ‘hotspots’; esp. in Mindanao By Rene Acosta @reneacostaBM

T least seven cities and 39 towns and municipalities across the country are being monitored by the military and the police after they have been marked as areas where threats or even violence relating to the upcoming elections may occur. The so-called “election hotspots” or “election watchlist areas” was initially drawn during the meeting of the Commission on Elections last week that was attended by the Philippine National Police (PNP) and the Armed Forces of the Philippines (AFP). The Comelec has deputized agencies of the government, especially the AFP and the PNP, for election du-

ties in the National and Local Elections in May, foremost of which is peace and security-related missions. According to military spokesman Col. Ramon Zagala, during a meeting last February 8, they identified seven cities and 39 towns and municipalities, “which we see, may have threats in relation to the elections.” “The Comelec is looking at the cases of violence that happened during the past elections (in these areas), and from there, it will declare together with the PNP and the AFP that these areas should be watched and monitored,” Zagala said last Sunday. As part of the election preparations, the PNP and AFP have already put up joint or individual checkpoints around the country in order to check

the movement of threat groups, including private armed groups and also enforce the Comelec-ordered gun ban. Zagala did not identify the cities and municipalities, but said they are scattered and most of them are located in Mindanao. “For the cities, the majority of them are in Mindanao and the rest are in Luzon and Visayas. It’s the same for the municipalities,” he said. The military spokesman identified the threat groups as private armed groups, lawless groups, criminal syndicates and the New People’s Army, with the latter having been the subject of President Duterte’s order for the military to end it before he leaves office next year.

Leni promises clean govt as supporters throng rally

‘Convergence’ works wonders for Boracay wetlands–Cimatu By Jonathan L. Mayuga

HE Boracay Wetland Conservation Park illustrates the value of multi-sectoral convergence in conservation work, Environment Secretary Roy A. Cimatu said, expressing hope that the lessons gained from the Boracay wetland rehabilitation will inspire business and government leaders to invest financial and political capital to save wetlands in various parts of the country. Cimatu said the wetlands of Boracay are now under different phases of rehabilitation and praised the private sector that adopted what was then considered a wasteland rather than wetland because of their degraded state. The top official of the Department of Environment And Natural Resources (DENR) was referring to the Energy Development Corp. (EDC), Aboitiz Equity Ventures Inc., Boracay Tubi System Inc., J.G. Summit Olefins Corp., and San Miguel Corp. who were among the first to respond to his call to help rehabilitate Boracay’s wetlands. In a video message during the celebration of World Wetlands Day 2022 last February 2, the DENR chief underscored the importance of wetlands. With the theme “Wetlands Action for People and Nature” the country’s celebration was highlighted by the turnover of the newly rehabilitated Boracay Wetland Conservation Park from its “adoptor” the Energy Development Corp. to the DENR. EDC, a pioneer in geothermal energy production, was among the first to respond to the DENR’s AdoptA-Wetland Program to recover and restore the island’s nine wetlands. This year’s theme focuses on the importance of concerted actions for the conservation and sustainable use of wetlands for the benefit of humanity, the environment,

and biodiversity. Cimatu said he personally witnessed the transformation of the Boracay Wetland Conservation Park or Wetland No. 2 “from a degraded wetland to what it is now—an arboretum of native trees, an ecotourism site and an educational center for conservation.” Cimatu is the chairman of the Boracay Inter-Agency Task Force for the rehabilitation of the island per Executive Order 53 issued by President Rodrigo Roa Duterte on May 18, 2018. BMB OIC Director Natividad Bernardino, who served as the general manager of the Boracay Inter-Agency Rehabilitation Management Group from 2019-2021, said that “the rehabilitation of the iconic island was first met with resistance but we were able to accomplish what needs to be done.” “Rehabilitation is no easy feat. It requires a balance of toughness and compassion. Law enforcement is tough, especially when people and livelihoods are involved but when environmental laws are properly enforced, we appreciate its gains in the long run, in a more sustainable manner for the common good,” Bernardino said. Wetlands are dubbed as “kidneys of the Earth” as they filter water through vegetation and substrates, help mitigate the effects of climate change, and provide healing through their recreational uses. World Wetlands Day is celebrated annually on February 2 to raise global awareness on the vital role of wetlands for people and our planet. The date also marks the anniversary of the Convention on Wetlands, which was adopted as an international treaty in 1971. Presidential Proclamation 74, Series of 1999, also declares February 2 of every year as National Wetlands Day in recognition of the immense importance of wetlands to the welfare of the Filipino people and the protection of global biodiversity.

INOCULATION OCCASION

Health Secretary Francisco T. Duque III led the vaccination drive called “Resbakuna sa Botika” at a branch of the Mercury Drug in Bonifacio Global City (BGC). Looking on are Taguig City Mayor Lino Edgardo S. Cayetano and Presidential Adviser for COVID-19 Response Vivencio B. Dizon during the vaccination. NONIE REYES

Lacson urges govt to act to cushion impact of Ukraine tiff on economy By Butch Fernandez

MPHASIZING there was “no time to lose,” Senator Panfilo M. Lacson prodded concerned Duterte administration officials last Sunday to start laying down adequate “safety nets” amid a looming economic fallout from a Russian invasion of Ukraine. The Senator stressed that government “should lose no time preparing safety nets to protect Filipinos from economic fallout caused by Russia’s imminent invasion of Ukraine.” Lacson, chairman of the Senate Committee on National Defense and Security, added that while Ukraine is far from the Philippines, “an invasion there may have adverse effects worldwide.” In statement over the weekend, Lacson alerted Duterte officials concerned to be on their toes, noting that “we might think that Ukraine is far away, and that there is no dan-

ger for the Philippines.” He, however reminded that “we are all living in a global village (and) an invasion of Ukraine may adversely affect the stock markets all over the world.” Anticipating that prices of basic commodities and fuel may also increase, the Senator stressed that “we need to be prepared for this, not to mention that we are still suffering from the pandemic and are far from economic recovery.” “We hope that there are contingency plans for increases in prices, disruptions in supply chains and possible repatriation of Filipinos not just in Ukraine but in neighboring countries,” Lacson added. The Senator cited earlier reports indicating the United States escalated its warnings “about a possible Russian invasion of Ukraine,” adding that “it may even take place within days.” At the same time, Lacson sought to verify if the Duterte government is

also preparing to extricate Filipinos in Ukraine, noting that the United States, United Kingdom and other countries like Estonia are asking their citizens to leave Ukraine within the next 48 hours. Citing figures from the Department of Foreign Affairs (DFA), he said there are some 380 Filipinos in Ukraine. The DFA earlier said it was closely monitoring developments in Ukraine and had accordingly advised the 300-plus Filipinos of the likely need for a temporary evacuation is the situation deteriorates. The Senator signaled he was also keen to be updated by concerned agencies. “I would like to know what preparations are being made for them in the event that war breaks out,” Lacson said. “What is happening in Ukraine may create instability in other potential flashpoints in the world including that of our Region.”

2,614 aspiring cops hurdle PNP Entrance test; 1,531 pass police promotional exams

TOTAL of 2,614 aspiring police officers passed the PNP Entrance (PNPE) examination while a total of 1,531 uniformed police personnel hurdled the Promotional Examinations

(Promex) conducted by the National Police Commission (Napolcom) nationwide on November 26 to November 28, 2021, and on December 18 to December 19, 2021 (Special PNP Entrance Examination).

On Saturday, nine people led by a commander of the Moro Islamic Liberation Front (MILF) were killed after they were ambushed by members of an opposing Moro clan in what appeared to be a “rido” or clan war, according to authorities. The victims led by Pags Mamasainged alias Commander Black Magic of the MILF were onboard two cars when their convoy was waylaid in Guindulungan, Maguindanao by another group, which the military suspect as that of the group of Jordan Mamalintang. The Army’s 6th Infantry Division said the two groups had figured in firefights in the past, and had stepped in to avert a possible escalation. Additional security forces have also been deployed in the town for security.

This was announced by Napolcom Vice Chairman and Executive Officer Vitaliano N. Aguirre II as the Commission released the list of successful examinees for both the PNP entrance and promotional

examinations. T he 2,614 tota l number of PNPE passers represent 13.71 percent of 19,063 examinees, distr ibuted as fol lows: 1,975 passers out of 15,193 examinees who took the

PNPE reg u lar examination on November 26 to November 28, 2021; and, 639 passers out of the 3,870 ta kers of the specia l PNP entrance examination on December 18 to December 19, 2021.

HOUSANDS of supporters poured into the Quezon Memorial Circle on Sunday morning, as Vice President Leni Robredo led a rally where she promised a clean government if elected as the country’s next leader. The throng of people, which organizers estimated at 20,000, jammed the popular park, prompting Robredo’s spokesman lawyer Barry Gutierrez to issue an apology over observations that health protocols could have been violated. “We acknowledge the concerns of the Quezon City Government, extend our thanks for its vigilance, and take full responsibility,” Gutierrez said in a statement. “While the organizers ensured that access to the immediate vicinity of the program proper was limited, and that all attendees were advised to bring vaccination cards and observe health protocols, the sheer number of people that arrived was a challenge, for which we apologize,” he added. Gutierrez assured the public that the Robredo campaign team is taking steps in order to ensure “stricter compliance with all applicable regulations moving forward.” During the rally, Robredo assured the crowd, which her team said began to gather early Sunday morning, that she would have a good, clean, and efficient administration. “Ang pinapangako po namin, isang leadership na matino at mahusay, isang pamahalaan na matapat, masipag, malinis, dahil ito lang yung paraan para umangat yung mga nasa laylayan,” she said. [We promise a leadership that is upright and competent, a government that is honest, hardworking and true to its commitments as this is the only way those on the margins can see their lives improve].” She continued, mostly in Filipino: “For you, we will do our best. We know there’s so much we must do, but the love you show gives us strength. So that every day, we can wake up early, and work more than 18 hours.” The last was an apparent dig at critics who belittled her earlier remarks that she works on average 18 hours daily. Sen. Imee Marcos drew flak at the weekend after a short video uploaded in her account described people working 18 hours a day as “either stupid or lying.” Robredo met officials of the Quezon City government at City Hall before she motored to the Quezon City circle in the company of local officials. She later unveiled her programs. Rene Acosta

Economy BusinessMirror

A4 Monday, February 14, 2022 • Editor: Vittorio V. Vitug

Luxury real estate sector more resilient–property consultant By Rizal Raoul Reyes @brownindio

E SPI T E t he e conom ic malaise, a property consultant believes the luxury real estate sector has been more resilient compared to other residential segments that exhibited some corrections during the pandemic. Paul Vincent Ramirez of Colliers International Philippines Inc. pointed to Forbes Park, considered the crème de la crème of the property sector. Named after William Cameron Forbes, American governor-general of the Philippines from 1909 to 1913, Forbes Park caters to the Philippines’s ultra-rich families and individuals. Strategically located between the Makati central business district and Bonifacio

Global City, Forbes Park is also the residence of choice for many expatriates and foreign diplomats. Local listings websites show that monthly leases of houses in Forbes Park, the forerunner of the luxury development in the Philippines developed by Ayala Land, start at P600,000. “Forbes Park caters to the Philippines’s top 1 percent,” Ramirez, Colliers senior director of valuation services, said. “As the fortune of the target market of luxury properties was undiminished in the wake of Covid-19 pandemic, the segment has shown resilience.” Ramirez noted that in 2012, a certain property in Forbes Park was sold for P388 million. In 2020, when the Covid-19 pandemic was pummeling small businesses across the country, the local residential market was jolted when that prop-

erty was put on the market for a whopping P1.5 billion, nearly four times its original purchase price just nine years prior. In 2021, its price was hiked even further to P2.3 billion. From a layman’s perspective, a P1.5-billion asking price for a singlefamily residence seems sky high. Prior to the Covid-19 pandemic, land prices within Forbes Park already ranged from P450,000 to P500,000 per square meter. Considering the aforementioned property’s 2,000-square-meter lot area, the land alone can cost P1 billion. For the cost of the house, Ramirez cited the Arcadis Construction Cost Handbook 2021 as reference. The handbook estimates that the construction cost of highend detached houses in the Philippines can range between P93,408

and P158,414 per square meter floor area. As the property has a floor area of 1,525 square meters, the house alone can cost around P242 million. Considering the above computations, Ramirez said the mansion may already cost around P 1.24 billion, which is not far from its initial asking price of P1.5 billion. Ramirez added that pandemicdriven changes in buyer preferences was also observed as ultrarich city-dwellers plotted their move to the suburbs, which offer properties that have larger spaces, within secure, gated communities and easily accessible to all daily amenities. “It remains to seen, though, if the changes that fueled the shift during the pandemic are permanent or merely a reaction to an extraordinary circumstance,” Ramirez said.

Erring recruiters face ban in deployment to Taiwan By Samuel P. Medenilla @sam_medenilla

HILIPPINE recruitment agencies (PRA) found to have violated anti-pandemic regulations will be banned from sending Filipino workers to Taiwan, according to the Philippine Overseas Employment Administration (POEA). In his 6-paged Memorandum Circular (MC) 6, series of 2022, POEA Administrator Bernard P. Olalia issued the warning as Taiwan reopens its door for migrant workers on Tuesday, February 15. Olalia noted that erring foreign human resources agency, which includes those from the Philippines, will be “provisionally banned from arranging for foreign workers in Taiwan,” if an investigation by Taiwanese authorities will reveal lapses in their compliance to guidelines. Such lapses include the worker’s living environment for the workers under Taiwan’s Pandemic Prevention Plan (PPP). Likewise, the overseas Filipino worker (OFW) fails to undergo Polymerase Chain Reaction (PCR) testing and/or made use of a fake vaccination certificate. Another lapse would be if

two or more workers from the same training location tested positive for Covid-19 in the same time period. Olalia said Taiwanese authorities could also revoke the recognition of agencies that provided false information. The POEA official also reiterated that all of the additional costs incurred by Taiwan-bound OFWs should be paid by their PRA or Taiwan Manpower Agencies (TMA). The said requirements for OFWs include Covid-19 testing prior to their departure, getting inoculated with a Covid-19 jab authorized by Taiwan health authorities and the World Health Organization (WHO) and undergoing postarrival quarantine protocol. MC 6 covers all agency-hired landbased OFWs bound for deployment to Taiwan as well as PRAs and TMAs. The POEA posted the guidelines on its website last week amid the request from the PRA upon the appeal of the PRAs, which are deploying to Taiwan. Last Friday, the POEA said there are currently 5,000 OFWs who are ready for deployment to Taiwan by February 15. The agency added this number could grow to 40,000 in the coming weeks.

Immigration to deport Taiwanese, S. Korean facing drug-related raps

HE Bureau of Immigration (BI) will deport a South Korean and a Taiwanese national wanted for drug-related cases. The two were identified as Choi Sungeun, a 44-year-old South Korean fugitive, and Tsai Tsung-Yu, a 26 year-old Taiwanese national. Choi was arrested last Thursday in his hotel room at Barangay Tramo in Pasay City after almost five years of hiding in the country. He was arrested on the strength of a warrant of deportation issued by BI Commissioner Jaime Morente, pursuant to a deportation order that was issued against the Korean by the BI board

of commissioners in 2019 for being an undesirable alien. Choi has also been tagged as an undocumented alien due to the cancellation of his passport by the South Korean government. In South Korea, Choi is the subject of an arrest warrant issued by a district court in Korea for trading psychotropic substances in violation of his country’s narcotics control act. The BI disclosed that Choi was accused of using the social media websites to solicit buyers of illegal drugs and for receiving money from clients by instructing them to deposit the payments into his bank accounts. Joel R. San Juan

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Dolefil subsidiary scouts for additional pineapple plantation land in Lanao By Manuel T. Cayon @awimailbox Mindanao Bureau Chief

AVAO CITY—The Bangsamoro government said it will help the Wao Development Corp. (WDC), a subsidiary of multinational fruit company Dole Philippines Inc. (Dolefil), to find a consolidated area for additional plantation land for pineapple after its packing plant in Wao town, Lanao del Sur, increased its rated capacity. Lawyer Ishak Mastura, chairman of the Bangsamoro’s Regional Board of Investment, said his office will “help WDC find consolidated areas for their new pineapple plantation in the region.” He said the Bangsamoro would also offer fiscal incentives to WDC if it finds suitable areas for planting pineapples in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM). “WDC is an ideal foreign investor for Barmm because of the high value crop and dollar export potential of their product,” Mastura said. “It is considered to be one of the largest employers in Wao, Lanao del Sur, generating 1,200 [jobs for] direct employees alone in their packing plant.” Mastura further said the WDC would add “thousands more employees until they reach the full capacity of their packing plant redounding to the economic benefit of the community, not to mention the indirect employment and business generated in the area.” As a registered investment project, the newly launched WDC

pineapple packing plant would enjoy fiscal incentives such as income tax holidays and reduced duties and tariffs for imported capital equipment from the Regional Bangsamoro Board of Investments (RBBOI). The WDC recently started commercial operations of its upgraded pineapple packing plant, which was formally launched on Thursday last week in Wao. “The WDC pineapple packing plant is capable of operating at a capacity of two million boxes of pineapple; but our plant was designed for six million boxes rated capacity,” WDC President Francis Babac said. He said WDC has a pineapple plantation of 1,200 hectares in Wao, which is adjacent to their pineapple plantations in Bukidnon province. “We are planning to expand our planted areas for pineapple with additional 1,400 hectares by investing more than P200 million, hopefully in the Barmm and adjacent areas, to address the gap in our packing plant production,” he said. In October 2019, the WDC– owned by the giant Japanese trading company Itochu Corp.–registered with the RBBOI its P306-million investment project to build one of the most modern fresh pineapple packing plants in the country located in Wao, the RBBOI said. The processed fresh pineapple from the WDC will be exported to Asia-Pacific countries, particularly Japan and Korea, as well as the Middle East.

Angkla party-list vows to push for incentives to shipbuilders By Jovee Marie N. Dela Cruz @joveemarie

PARTY-LIST group has vowed to push for a measure granting incentives, including tax perks, to local shipbuilding and ship repair (SSBR) companies. “Angkla will be preoccupied with the support for domestic fleet modernization by providing the legal environment for the growth of the local shipbuilding and ship repair companies that will cover financing, taxation and incentives to put them on equal footing with foreign-owned companies,” Jesulito A. Manalo of Angkla Party-list said in a recent news briefing. He explained these incentives are included in their 5-point agenda in the coming 19th Congress. The group is seeking re-election in the coming May elections. “Another of Angkla’s unfinished business in the bad lyneeded legislative support for establishing a competitive ship registry at par with the world’s leading flag registries,” Manalo said adding this can be another source of foreign exchange earnings for the country. In the 19th Congress, Manalo also said the group will focus on pushing for laws that will help preserve jobs for thousands of Filipino seafarers and retain their global

position as the seafarer of choice of foreign employers. This developed even as seafarers have started to reap the benefits from Angkla’s most important legislative achievement–Republic Act 10635–that designated the Maritime Industry Authority (Marina) as the central maritime administration responsible for the implementation of the STCW Convention. “By empowering [the] Marina on STCW matters, it was able to implement key reforms on maritime education and training, certification and assessment for the interest of Filipino seafarers which would not have been possible without RA 10635,” Manalo said. According to him, the threat to seafarers’ jobs, however, continues due to unresolved issues identified by the European Maritime Safety Agency (EMSA) on the country’s maritime programs and onboard training that can only be addressed by harmonizing the country’s laws on maritime education and training. Manalo further said the group will push for the creation of the maritime research and development institute that will address the dearth of studies on the requirements that will catapult the country to become a major maritime power not only on seafaring but ship management and shipbuilding as well.

Duterte skips Dubai Expo, Bamboo draws thousands of OFWs to open-air concert By Malou Talosig-Bartolome

HOUSANDS of Filipinos flocked to the Jubilee Stage at Dubai’s Expo 2020 last Saturday night and got a 90-minute free concert treat from Philippines’s rock star Bamboo Mañalac. Bamboo’s concert is one of the highlights of the Philippine celebration of its national day at Expo 2020 at the Philippine’s “Bangkota” Pavilion. President Duterte, who was invited by the UAE President Sheikh Khalifa

bin Zayed Al Nahyan to lead the Philippine national day at Expo 2020 on February 11, sent regrets. The Palace cited that the President had to “personally ensure that domestic measures to address Covid-19 remain robust in the face of emerging variants.” In his stead was presidential special envoy Robert E.A. Borje who personally conveyed Duterte’s felicitations to Sheikh Al Nahyan. Borje met UAE Foreign Affairs Minister Sheikh Abdullah bin Zayed Al Nahyan. Meanwhile, Trade

and Industry Secretary Ramon M. Lopez led the Philippine delegation to the opening ceremony at the Al Was Plaza. Bamboo somehow filled the void of Duterte’s absence by entertaining Filipinos in Jubilee Stage, an open-air facility festival arena that can occupy 7,500 persons at any given time. Last December 25, Tony Award-winning performer Lea Salonga also performed in that same venue. “I have been to Dubai many times already, but this is the first time I’ve

[performed] at Expo 2020 Dubai. I like how we are here to connect. It’s an honor to represent my country. Every show I do out of the [love for my] country. I always consider myself an ambassador,” Bamboo said in an interview by Dubaibased The Global Filipino magazine. Filipinoandforeignerswhowatched Bamboo’s concert are seen in the video (https://virtualexpodubai.com/listenwatch/events/bamboo#video) wearing face masks, while shooting the video from their mobile smartphones.

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PhilHealth@27 A BusinessMirror Special Feature

Monday, February 14, 2022

PHILHEALTH MARKS 27TH YEAR:

MESSAGES

Defying odds. Unfazed by Challenges.

Y warmest greetings to the Philippine Health Insurance Corporation (Philhealth) as it celebrates its 27th Anniversary. The overall strength of our public health system is determined by the quality and accessibility of our healthcare services. This is the goal of the Universal Health Care Act and all other policies that aim to improve the well-being of Filipinos. I thus commend Philhealth for assisting our kababayans in times of sickness through much-needed benefits and financial protection from costly confinements. I also acknowledge your agency's important role in our efforts to overcome the COVID-19 pandemic. It is my hope that you will continue to provide an effective and compassionate health insurance service to our people. Let us work with a renewed commitment to achieve a more stable and promising future for the entire nation. Congratulations and I wish you more success in the years ahead.

RODRIGO ROA DUTERTE President

HE Philippine Health Insurance Corporation (PhilHealth) celebrates the 27th year of the National Health Insurance Program pursuant to Republic Act 7875, as amended which was signed into law in February 14, 1995. This year’s observance will have the theme: “PhilHealth, Tumutugon sa Hamon ng Panahon” to give emphasis to its resilience and firm commitment in the face of numerous challenges brought about by the current pandemic. Despite uncertainties, PhilHealth had defied and continues to defy all odds that come its way in providing every Filipino with financial risk protection against costly hospitalizations.

PhilHealth and COVID-19

ONGRATULATIONS to the Philippine Health Insurance Corporation (PhilHealth) as you celebrate your 27th Anniversary! PhilHealth held onto its mission of being the premier state insurer of the country, especially during these enervating times. By providing a more comprehensive and a more responsive system in their 27-year service to the country, beneficiaries are assured of substantial insurance coverage for medical conditions and surgeries in the widest network of accredited healthcare facilities nationwide. The Corporation was also able to bring PhilHealth closer to its members by expanding to strategic locations all over the country and instituted online registration and payment contributions through its online Member Portal. We recognize PhilHealth’s contributions in the realization of Universal Health Care for all Filipinos through a people-centered healthcare system. But the work for UHC is not yet finished. The Filipino people are counting on you to make healthcare services more available, affordable, accessible and of the right quality. I implore upon every PhilHealth officer and employee to be ambassadors of responsive financial risk protection to every member and stakeholder in these extraordinary times. Once again, I would like to extend my salutations to the Philippine Health Insurance Corporation for 27 years of relentlessly pushing the envelope towards the advancement of the Philippine health care system. Maraming nagpapasalamat sa inyong serbisyo. Mas marami pang magpapasalamat sa patuloy ninyong pagtugon sa ibat-ibang hamon ng ating panahon. I wish you all the best on your 27th anniversary!

FRANCISCO T. DUQUE III, MD, MSC Secretary of Health

OMMEMORATING our 27th anniversary as the government institution that provides health cover to all Filipinos has become more significant this COVID-19 pandemic. Our mission to ensure financial access to quality health care has never been more meaningful as we and our families were also hit by this crisis. The unpredictable trend of this pandemic worsened our problem with our claims payment. We have swiftly innovated to meet the evolving needs of our countrymen amidst the crisis and gain the public’s trust in our institution. Despite these challenges, we shall be unfazed in accomplishing our mandate. We will stay committed to this mission in the fulfillment of our vision, “Bawat Filipino, Miyembro, Bawat Miyembro, Protektado, Kalusugan ng Lahat, Segurado”. Ang PhilHealth ay nagpapatuloy sa pagtugon sa anumang hamon ng panahon at sitwasyon upang harapin ng malusog at matagumpay ang bagong bukas. Mabuhay po tayong lahat!

The COVID-19 pandemic that started in 2020 has greatly challenged the country, compromising the viability of numerous businesses, triggering massive layoffs and joblessness, and sending the nation’s economy to record high contraction. But for countless members and their families afflicted with COVID-19, PhilHealth has been able to provide the needed financial relief from the high cost of treatment for the novel coronavirus. As a crucial partner of the Government in its overall pandemic response, PhilHealth immediately put together benefit packages ranging from testing, facility-based and home isolation, treatment and hospitalization, and a vaccine injury compensation package for those who will experience serious adverse effects following COVID-19 inoculation. As of January 22, 2022, PhilHealth paid more than 7 million to COVID claims amounting to P36.8 billion, where P22.2 billion was for COVID testing, P13.7 billion for hospitalization claims and P939.8 million for community isolation claims.

Undaunted by the pandemic

True to its mandate of ensuring every Filipino’s access to a full spectrum of essential, quality health services as mandated by the Universal Health Care Law, PhilHealth continued serving its members, partners and stakeholders despite mobility restrictions brought about by strict quarantine levels. This despite the fact that many in its ranks had to go on quarantine, seek treatment, or succumbed to the dreaded disease. Not to mention the various inquiries that aggravated the pandemic effects on the morale of its employees. Despite all these, PhilHealth has not reneged on its mission to its members and healthcare providers through steadfast processing and payment of their benefit claims. While it had to reduce client traffic in its frontline offices due to human resource constraints, all while observing minimum health standards, PhilHealth continue to break more grounds to make its services accessible and felt by the people. It opened two additional offices in CARAGA. On benefit payments, it released a staggering P162.6 billion covering more than 18.5 million in COVID and non-COVID claims filed by its healthcare delivery partners.

Accelerated payments to health facilities ATTY. DANTE A. GIERRAN, CPA President and CEO

Balancing its response to the clamor for fast tracked payments without compromising pertinent laws and regulations that govern

the management of public funds, PhilHealth introduced the DebitCredit Payment Method (DCPM) in the early part of 2021. Through the DCPM, the agency is able to expedite settlement of its payables and to provide needed funds to health care facilities. The DCPM is already in its third wave benefitting hospitals treating COVID patients anywhere in the country. As of January 20, 2022, PhilHealth has paid a total of P12.48 billion to 464 hospitals that applied to the DCPM. The DCPM is just one of the many positive results of numerous dialogues with key partners in the healthcare provider sector. PhilHealth has opened its doors, and continues to hold talks with

providers for the resolution of various issues that the current pandemic has brought to fore.

Uninterrupted services

This pandemic has likewise resulted to limited movement for the members who have not ceased seeking the services as well as from fulfilling their obligations to the Program. To respond to such demands, important and timely innovations in frontline services were introduced such as the PhilHealth Member Portal wherein members can access their membership and contribution records, and download their Member Data Record with just a few taps on their smart phones or

gadgets essentially anywhere and everywhere. The said Portal also enables self-paying members to pay their premium contributions online either via credit card, debit card or GCash. PhilHealth’s Corporate Action Center (CAC) was also challenged by the current pandemic, but it did not waver in its resolve to continue serving the information needs of members. Complementing its automated voice response for basic queries is the Callback Channel wherein clients can simply text a request for callback to 0921-6300009. Within 72 hours, agents will call them back for relevant information or assistance being requested. For the year 2021, more than 35,000 calls were received and acted upon by the CAC. As it celebrates its 27th year and sets its sight beyond, PhilHealth vows to be more relevant and responsive to the growing healthcare needs of its 110 million members here and abroad. It is committed to level up its benefits and services by constantly strengthening its organizational, financial and more importantly its human resource capability to efficiently and effectively meet the demands of these changing times. Hindi po kami titigil na tumugon sa anumang hamon ng panahon.

DHSUDAnniversary

Monday, February 14, 2022

A BusinessMirror Special Feature

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DHSUD @ 3: Providing decent homes to Filipino families

DHSUD Secretary Eduardo Del Rosario inspects the latest housing project by the Social Housing Finance Corporation - the Ciudad de Strike Phase I – in Barangay Molino 1, Bacoor City, on December 14, 2021. The housing czar was joined by Rep Strike Revilla and Bacoor City Mayor Lani Mercado-Revilla during the ribbon-cutting ceremony marking the project’s ceremonial turnover. The housing project, part of SHFC's Community Mortgage Program, will benefit 1,440 families living along danger zones across Bacoor City. (DHSUD-CDMRD)

DHSUD Secretary Eduardo Del Rosario, along with Bataan Gov. Albert Garcia, spearheads the groundbreaking of the 1Bataan Village in Orion, Bataan, on November 19, 2021. The housing project is composed of 2,936 units intended for fire victims and informal settler families, particularly those residing in danger zones. The 1Bataan Village is a joint undertaking of the DHSUD, the National Housing Authority and the Bataan LGU in coordination with AyalaLand Corp. (DHSUD-CDMRD)

DHSUD Secretary Eduardo Del Rosario graces the ceremonial turnover of a housing unit of the Marangal Village high-density housing project in Malabon City to a beneficiary on November 10, 2021. The housing czar described the SHFC-led scheme, which will benefit 282 member-families of a local homeowners’ association, as a “project we can be proud of.” (DHSUD-CDMRD)

DHSUD Secretary Eduardo Del Rosario, along with Muntinlupa City Mayor Jaime Fresnedi and Pag-IBIG Fund CEO Acmad Rizaldy Moti, leads the inauguration of the BALAI Munti project in Lakeview, Brgy. Putatan, on October 28, 2021. The housing czar described the scheme as a remarkable achievement and lauded the Muntinlupa LGU and Pag-IBIG Fund for joining forces in providing decent and affordable housing to Filipino families, especially the underprivileged. Under the project, 668 socialized housing units will be constructed to benefit city government employees who are also Pag-IBIG members. (DHSUD-CDMRD)

DHSUD Secretary Eduardo Del Rosario conducts site inspections on a housing project in Naic, Cavite, on May 25, 2021, in line with the government efforts to ensure that no sub-standard projects are built during the Duterte administration. Joining the housing czar was Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy Moti. (DHSUD-CDMRD)

DHSUD Secretary Eduardo Del Rosario leads the MOA-signing and groundbreaking ceremonies for land development of a government center and settlement site in Mataasnakahoy, Batangas, on October 12, 2021, as part of an assistance program for LGUs impacted by the 2020 Taal Volcano eruption. (DHSUD-CDMRD)

DHSUD Secretary Eduardo Del Rosario, together with Cebu Governor Gwen Garcia, leads the groundbreaking ceremony of the Tunghaan Subdivision Project in Barangay Tunghaan, Minglanilla, Cebu, on July 30, 2021. The housing project will benefit government employees and retirees. (DHSUD-CDMRD)

As part of DHSUD's strategy to engage local government units in housing projects, Secretary Eduardo Del Rosario signs a Memorandum of Agreement with the Cebu City government through ViceMayor Mike Rama on June 18, 2021 and breaks ground for the project, which will be established on a 1,350-square-meter property and benefit families living in hazard areas such as creeks and riverbanks across the city. (DHSUD-CDMRD)

DHSUD Secretary Eduardo Del Rosario personally inspects the implementation of an inoculation drive wherein department personnel received the second dose of the COVID-19 vaccine on September 10, 2021. The vaccination scheme was undertaken in partnership with the Quezon City local government and is in line with DHSUD’s pro-active measures against COVID-19. (DHSUD-CDMRD)

UEZON CITY – From an infant slowly treading the growth phase in small steps, the Department of Human Settlements and Urban Development (DHSUD) is slowly leaping with calculated strides toward meaningful development as it enters its third year in serving the Filipino people. Coinciding with Valentine’s Day, the Department is once again commemorating its creation following President Rodrigo Roa Duterte’s signing of Republic Act 11201 on February 14, 2019, branding DHSUD as a “gift of love” to majority of Filipino families who wished to have a house of their own. This year’s theme “Providing decent homes for Filipino families” aptly embodies the Department’s mark as a beacon of hope in establishing sustainable, resilient and affordable housing communities for every family who wish to have a house of their own. With its key shelter agencies and other partners, DHSUD has been adamant in crafting and delivering innovative policies and programs that revolutionize the housing and urban development sector. The celebration of DHSUD@3 will showcase the past year’s milestones and the ways we strategize as we embark on a new year, three times ready to face the challenges that we commit to as catalysts of positive change in the management of housing, human settlements and urban development.

Model housing

The Department and its KSAs have been working meticulously in producing quality housing projects for

rightful beneficiaries. In recent months, DHSUD has launched and turned over resettlement facilities with subdivisionlike development and high-quality standard units. These include three-story Marangal Village Homeowners Association Inc. High Density Housing (HDH) in Brgy. Longos, Malabon City and the four-story Samahang Magkakapitbahay Na Nagkakaisa HOA Inc. HDH in Brgy. San Agustin, Novaliches, Quezon City. DHSUD Secretary Eduardo Del Rosario described the Social Housing Finance Corporation-led resettlement facilities, turned over to 374 informal settler families in November last year, as "housing projects we can be proud of." Dozens of other housing projects spearheaded by other KSAs are also ongoing and all of them boast of well-cemented pavements, drainage systems and public facilities such as multi-purpose covered courts and daycare centers – part of DHSUD’s mandate in establishing sustainable communities across the country. Only recently, Secretary Del Rosario broke ground for land development of new housing projects in little-known municipalities in

Nueva Ecija and Laguna, indicating the government’s commitment to reach the grassroots in providing decent yet affordable homes.

Fruitful 2021

DHSUD kept the ball rolling in posting significant milestones last year despite numerous challenges, including the COVID-19 pandemic and major natural calamities. The approval of the 20-year National Housing and Urban Development Sector Plan institutionalizes our holistic and strategic approach to harmonize programs and policies among our key players toward “sustainable housing and well-planned communities for all Filipinos.” Moreover, DHSUD adopted stringent measures to protect homebuyers and bolstered its campaign against real estate scammers, paving the way for deeper coordination with relevant government agencies. DHSUD also spearheaded the crafting of a Joint Memorandum Circular on the Federation and Confederation of Homeowners Associations to maximize the potentials of more than 25,000 registered HOAs in contributing to nation-building. In support of local housing projects, DHSUD has finalized twenty-one Memorandums of Agreements with various LGUs from Luzon, Visayas, and Mindanao last year that would benefit more than 6,000 families – some have already been turned over to the intended beneficiaries. The Department likewise tapped various media platforms to further promote the government’s housing programs and encourage engagements among its stakeholders. DHSUD ended 2021 with the approval of three Department Orders (DOs), namely, DO-2021-008 or guidelines in the issuance of temporary license to sell to private

developers, DO-2021-009 which allows the extension of the period of completion of projects and DO2021-010 which adopts and implements the BALAI Filipino Public Rental Housing as alternative secure housing tenure.

Impressive performances from KSAs

The KSAs - namely the Pag-IBIG Fund, the National Housing Authority (NHA), the Social Housing Finance Corporation (SHFC), the National Home Mortgage Finance Corporation (NHMFC) and the Human Settlements Adjudication Commission (HSAC) – also achieved magnanimous performances last year, ensuring the continued delivery of housing and urban development-related services despite numerous challenges. The Pag-IBIG Fund disbursed P97.28-billion worth of housing loans to 94,533 members and doled out P44.3 billion short-term loans to over two million members last year. Membership savings, meanwhile, surged by 32% to P63.7 billion last year and MP2 savings ballooned to P25.95 billion – the highest since 2012. Meanwhile, the NHA completed 44,986 housing units catering mostly to ISFs and victims of natural calamities and conflict-hit areas nationwide. The housing agency likewise kicked off construction for 36,679 more shelter facilities across the country in 2021. SHFC, on the other hand, released P1.94-billion worth of loans based on 41 projects, including through its Community Mortgage Program (CMP), that benefitted 9,539 ISFs across the country. For 2021, the NHMFC facilitated P1.09-billion worth of housing loan takeout that paved the way for the construction of 1,087 housing units nationwide under its various housing programs, including the

notable BALAI Berde designed to increase capital allocations for green projects that contribute to environmental sustainability and resiliency. Finally, the HSAC meted out 1,049 decisions on housing-related cases and resolved 150 HOA disputes. It likewise posted a 94% accomplishment rate with regards to decisions elevated to and affirmed in the Court of Appeals.

Setting direction

This year, DHSUD will definitely not rest on its laurels in fulfilling its mandate despite the nearing end of President Rodrigo Roa Duterte’s term. The Department is bent on achieving its key directives that include the completion of priority housing projects, ramping up housing production and finance in line with the Philippine Development Plan and Sustainable Development Goals, formulation of policies and guidelines to streamline housing permits and processes, promotion of effective land use among LGUs and the development of internal systems and processes to strengthen institutional capacities. Part of DHSUD’s mandate is to guide and manage future developments though proper coordination with local government units and other stakeholders. This also includes the constant assessment and updating of existing policies and framework concerning urban planning and designs, particularly in disaster-prone areas. With its regional offices, the Department vows to continue cementing stronger partnerships with LGUs nationwide, especially in revising their respective Comprehensive Land Use Plans, Local Shelter Plans and Zoning Ordinances. To effectively do this, DHSUD will strengthen its institutional capacities and streamline its internal systems and processes to better serve its clientele.

Jam-packed

The three-day anniversary celebration will feature simple yet meaningful activities, still following the IATF-prescribed health protocols. The program will open on February with no less than the housing czar himself and the heads of DHSUD KSAs. The DHSUD Hymn will also be launched as a highlight of the event. On February 15, Secretary Del Rosario and the KSA heads will open the exhibit titled “Serbisyong pabahay, sagot namin ka-BALAI” featuring human settlements and urban development frontline services of the Department, its attached agencies and partner-developers. This will be followed by a press conference to answer queries from media partners and elaborate on the thrusts and direction of the housing sector this year. A special episode “Kapihan sa DHSUD: Housing Matters” forum will be held on February 16 with the Subdivision and Housing Developers’ Association, Inc. to discuss the significance of privatepublic partnerships in the housing sector. An employees’ night will follow to honor notable civil servants in the Department, including those who departed. Various events and activities organized by the DHSUD’s regional offices and partner-developers are also slated during the event’s duration in their respective areas. After three years, DHSUD has indeed overcome the birth pains and is now getting ready for the next stage. Though there remain a few stumbling blocks, the Department is more than willing to take on the challenge. With a committed workforce, the sky is the limit when it comes to delivering shelter-related services to the public. Happy 3rd anniversary, Team DHSUD! DHSUD-Public Assistance Service

Monday, February 14, 2022

The World BusinessMirror

World’s finance chiefs to tackle inflation, disease, threat of war

roup of 20 finance chiefs meeting in Indonesia will confront a muchaltered global economy menaced by widespread inflation, the threat of war, and a legacy of disease. The scope of the consumer-price shock aff licting many member countries is unprecedented since the group’s foundation at the end of the last century, and has been stoked by persistent supply worries and soaring energy costs. Related to that last pressure is military tension with Russia that could yet transform into conflict in Ukraine. The mixture of challenges facing finance ministers and central bankers meeting in Jakarta is likely to prompt a less sanguine view than offered in their Washington communiqué in October, when officials accepted some inflation as “transitory.” The gathering on Thursday and Friday takes place a week after US data showed consumer prices rising at the fastest pace in 40 years, stoking expectations of accelerated Fed tightening. Even the previously dovish euro-zone has changed its tune, while in Argentina and Turkey, both G-20 members, inflation is now running at close to 50%. The global price shock isn’t affecting the group uniformly, though. Japan, which has long struggled to generate sustainable inflation, may see another slowing in data due this week, and China is likely also to report weakening pressures. What may well become apparent from the meeting is the degree to which many governments are moving on to tackle newer worries than the coronavirus, even as the pandemic continues, albeit with the often less-dangerous Omicron variant. Elsewhere, UK inflation may accelerate again and US producer prices could show some moderation. On the monetary front, the Federal Reserve will release decision minutes and the European Central Bank president will speak to lawmakers. “If both the labor market and CPI data continue to show few signs of inflation easing, then the Bank

of England is likely to lift interest rates in March,” according to Bloomberg economists. Bloomberg’s wrap of what is coming up in the global economy:

United States

Investors next week will get a second helping of January inflation data when the government issues figures on producer prices. Economists forecast that on a yearover-year basis the measure of prices paid to producers increased at a more moderate pace for a second month. A sustained tempering of price pressures at the producer level would suggest an eventual easing in the recent run-up in consumer inflation. This past week, the US consumer price index jumped a surprising 7.5% from January of last year, a four-decade high. On Wednesday, investors will parse minutes of the Fed officials’ January meeting to gauge central bankers’ appetite for a more aggressive approach to policy normalization. Fed Chair Jerome Powell said last month that they were ready to raise rates in March and didn’t rule out moving at every meeting this year—an outcome that Goldman Sachs, for one, is now expecting. This coming week ’s US data calendar also includes reports on January retail sales, industrial production, housing starts and existing-home purchases.

Asia

Market watchers will focus on Japanese yields after the Bank of Japan acted to stem upward movement. The world’s third-largest economy releases growth figures Tuesday that should show the economy rebounding strongly, at least before Omicron cases rocketed. Meanwhile, Japan’s inflation is expected to have slowed in January. Minutes from the Reserve Bank of Australia’s last meeting may shed

more light on the likelihood of a possible rate hike later in the year. Labor market data out Thursday may support more optimism Down Under, though Covid restrictions could still upset the numbers. Jobs figures out of South Korea will be scrutinized by Bank of Korea Governor Lee Ju-yeol ahead of his final policy meeting later in the month. China’s central bank will release results of its monthly liquidity operation on Tuesday, while the latest inflation data there lands on Wednesday. Elsewhere in the region, the Philippines central bank meets Thursday, while Singapore releases its 2022 budget on Friday.

Europe, Middle East, Africa

UK inflation in January is likely to have taken another step higher en route to a peak that the Bank of England ultimately sees above 7%. While the median economist forecast for that data on Wednesday is for 5.5%, the range of predictions is wide, from a moderation to 5.1% to another jump as high as 6%. The labor-market report the previous day is also likely to focus BOE policy makers, with signs of tightness likely to pave the way for further rate hiking. Governor Andrew Bailey blocked a half-point increase sought by some of his colleagues earlier this month, but investor bets now suggest such a move will come soon enough. In the euro-zone, meanwhile, ECB President Christine Lagarde’s testimony on Monday will be another opportunity to guide investors after her recent hawkish pivot stoked expectations of rate hikes this year. Last week, though, she repeatedly stressed that any tightening will be gradual. The main data in the euro region will be industrial production for December on Wednesday, which will point to the health of economic growth in the overall fourth quarter. In Poland and the Czech Republic, inflation data may show another acceleration toward 10%. An outcome above that level could prompt policy makers in Prague to signal more rate hikes. Turkey’s monetar y officials might welcome consumer-price increases only of that magnitude;

inflation there was almost 50% in January, more than triple the level of the benchmark rate. Nevertheless, the central bank is expected to keep policy on hold on Thursday. In Israel, data on Tuesday may show price growth above 3% for the first time in more than a decade, which could tilt the central bank toward a more hawkish stance. Namibia on Wednesday may increase its key rate by 25 basis points to safeguard its currency peg with neighboring South Africa and ensure its economy doesn’t miss out on foreign investors seeking higher yields. The same day in South Africa, inflation data will probably stay close to the ceiling of the central bank’s 3% to 6% target range, underscoring the dilemma policy makers face as they balance that with the economic fallout from the pandemic.

Latin America

Kicking off the week, the central banks of Brazil and Chile post closely-watched surveys of economists and traders respectively. Both monetary authorities published the minutes of their most recent meetings in recent days. Colombia’s statistics agency also reports out a raft of December data, including industrial production, retail sales, manufacturing and trade. Look out for data Tuesday to show a strong but uneven economic rebound in Colombia pushed output further above pre-pandemic levels. The finance ministry is forecasting 2021 GDP growth of 9.7%, the fastest pace in decades, followed by a 5% expansion in 2022. A light week for Brazil sees the publication of some early inflation readings for February along with weekly trade figures. Argentina on Tuesday posts its national and Buenos Aires inflation figures for January, while Peru publishes its December economic activity report along with labor market metrics in Lima, the nation’s capital. Rounding out the week, Uruguay’s central bank has signaled that a second straight interest rate increase of 75 basis points is on tap, which would push its key rate to 7.25%. The monthly survey of economists by Colombia’s central bank may give a clue to the effect of stillaccelerating inflation on 2022 and 2023 expectations. Bloomberg News

Blockades on Canada-US border continue as demonstrations swell

INDSOR, Ontario—Protesters opposed to Covid-19 vaccine mandates and other restrictions withdrew their vehicles from a key US-Canadian border bridge Saturday though access remained blocked while other demonstrations ramped up in cities across Canada, including the capital, where police said they were awaiting more officers before ending what they described as an illegal occupation. The tense standoff at the Ambassador Bridge linking Detroit and Windsor, Ontario, eased somewhat early in the day when Canadian police persuaded demonstrators to move the trucks they had used to barricade the entrance to the busy international crossing. But protesters reconvened nearby—with reinforcements—and were still choking off access from the Canadian side late Saturday, snarling traffic and commerce for a sixth day.

About 180 remained late Saturday in the sub-freezing cold. In Ottawa, the ranks of protesters swelled to what police said was 4,000 demonstrators. The city has seen that on past weekends, and loud music played as people milled about downtown where anti-vaccine demonstrators have been encamped since late January. The protests at the bridge, in Ottawa and elsewhere have reverberated outside the country, with similarly inspired convoys in France, New Zealand and the Netherlands, and the US Department of Homeland Security warned that truck convoys may be in the works in the United States. An ex-Cabinet minister in Canadian Prime Minister Justin Trudeau’s government took the unusual step of calling out her former federal colleagues as well as the province and city for not putting an end to the protests. “Amazingly, this isn’t just Ottawa.

It’s the nation’s capital,” Catherine McKenna tweeted. “But no one—not the city, the province or the federal government can seem to get their act together to end this illegal occupation. It’s appalling.... Just get your act together. Now.” Trudeau has so far rejected calls to use the military. “The Prime Minister stressed that border crossings cannot, and will not, remain closed, and that all options are on the table,” Trudeau’s office said in a statement late Saturday after he met with senior officials. Trudeau has called the protesters a “fringe” of Canadian society, and both federal and provincial leaders say they can’t order police what to do. “Safety concerns—arising from aggressive, illegal behavior by many demonstrators—limited police enforcement capabilities,” Ottawa police said in a statement late Saturday. Ottawa police said a joint command center had now been set up

Malaysia’s new Covid cases top 22,000, near August peak

alaysia’s new coronavirus cases neared a level last seen in August when the country was battling the peak of an outbreak of the Delta variant. The nation reported 22,802 new infections on Saturday, the most since Aug. 26 when cases hit a record 24,599. The fresh data also topped Health-Director General Noor Hisham Abdullah’s forecast last week for infections to reach

22,000 by end-March. Malaysia’s rising vaccination rate—nearly 80% of t he tota l population have completed their regime and 56% of adults have got booster shots—has kept hospital admission rates manageable. The government is still taking a cautious approach before declaring the transition to the endemic phase of the outbreak amid the Omicron wave, Health Minister

Khairy Jamaluddin said on Friday. The government has said it will avoid a repeat of last year’s lockdowns that pushed the economy into contraction for two quarters. The focus is on the severity of the infections, rather than the number. Almost 99% of daily cases comprise of patients showing mild or no symptoms. The Omicron wave is expected to peak in the second half of March, Khairy has said.

together with the Ontario Provincial Police and the Royal Canadian Mounted Police. Police earlier issued a statement calling the protest an unlawful occupation and saying they were waiting for police “reinforcements” before implementing a plan to end the demonstrations. Ottawa Mayor Jim Watson declared a state of emergency last week for the capital, where hundreds of trucks remained in front of the Parliament Buildings and demonstrators have set up portable toilets outside the prime minister’s office where Trudeau’s motorcade usually parks. Surrounded by dozens of officers in Windsor, a man with “Mandate Freedom” and “Trump 2024” spraypainted on his vehicle left the bridge entrance early in the day as others began dismantling a small, tarpcovered encampment. A trucker honked his horn as he, too, drove off, to cheers and chants of “Freedom!” AP Hospital admissions on Friday stood at 1,637, versus almost 3,000 in August, and the average occupancy rate of the hospital beds was 66%, data from the health ministry show. A government advisory council on Tuesday proposed a full opening of borders by March without the need for mandatory quarantine, backed by data on hospital occupancy and vaccination rates. The Cabinet has yet to discuss the proposal, local media quoted Prime Minister Ismail Sabri Yaakob as saying on Saturday. Bloomberg News

Editor: Angel R. Calso

US, Japan, South Korea meet in Hawaii to discuss N. Korea

ONOLULU—US Secretary of State Antony Blinken and his Japanese and South Korean counterparts were meeting Saturday in Hawaii to discuss the threat posed by nuclear-armed North Korea after Pyongyang began the year with a series of missile tests. Blinken gathered in Honolulu with Japanese Foreign Minister Yoshimasa Hayashi and South Korean Foreign Minister Chung Eui-yong. Defense chiefs from the three countries last week said North Korea’s recent missile tests were destabilizing to regional security. Some experts say North Korea is using the weapon’s tests to put pressure on President Joe Biden’s administration to resume longstalled nuclear negotiations as the pandemic puts further strain on an economy already battered by decades of mismanagement and crippling US-led sanctions. Biden’s administration has offered North Korea open-ended talks but has shown no willingness to ease the sanctions without meaningful cuts to the country’s nuclear program. The tests also have a technical component, allowing North Korea to hone its weapons arsenal. One of the missiles recently tested—the Hwasong-12 intermediate-range ballistic missile—is capable of reaching the US territory of Guam. It was the longest-distance weapon the North has tested since 2017. North Korea appears to be pausing its tests during the Winter Olympics in China, its most important ally and economic lifeline. But analysts believe North Korea will dramatically increase its weapons testing after the Olympics. The recent tests have rattled Pyongyang’s neighbors in South Korea and Japan. South Korean President Moon Jae-in, who helped set up the historic talks between North Korean leader Kim Jong Un and former President

Donald Trump in 2018 and 2019, said last month that the tests were a violation UN Security Council resolutions and urged the North to cease “actions that create tensions and pressure.” The Security Council initially imposed sanctions on North Korea after its first nuclear test in 2006. It made them tougher in response to further nuclear tests and the country’s increasingly sophisticated nuclear and ballistic missile programs. China and Russia, citing the North’s economic difficulties, have called for lifting of sanctions like those banning seafood exports and prohibitions on its citizens working overseas and sending home their earnings. Blinken arrived in Hawaii from Fiji, where he met with Acting Prime Minister Aiyaz Sayed-Khaiyum and other Pacific leaders to talk about regional issues, especially the existential risk posed by climate change. It was the first visit by a US secretary of state to Fiji since 1985. He started his Pacific tour in Australia, where he met his counterparts from Australia, India and Japan. The four nations form the “Quad,” a bloc of Indo-Pacific democracies that was created to counter China’s regional influence. Hayashi and Chung held a separate bilateral meeting Saturday for about 40 minutes before seeing Blinken. Japan’s Foreign Ministry said they reaffirmed the importance of cooperating together and with the United States to respond to North Korea and to achieve regional stability. The ministr y said they also “frankly” exchanged views on ongoing disputes between the two countries, including wartime Korean laborers and sexual abuse of Korean women forced into sexual servitude by Japan’s imperial army. Blinken also met separately with Chung. He met Hayashi earlier this week in Australia. AP

Hungarian PM warns of refugee wave if Russia invades Ukraine

UDAPEST, Hungary—Hungary’s nationalist prime minister warned Saturday that a Russian invasion of Ukraine could send hundreds of thousands of Ukrainian refugees fleeing across the border into his country. Right-wing populist leader Viktor Orban, speaking in an annual address that this year kicked off his political campaign for Hungary’s parliamentary election on April 3, urged a peaceful resolution to the rising tensions in Europe that have stemmed from fears of an imminent Russian invasion of Ukraine. Orban—a firm opponent of any types of immigration—said it was in Hungary’s best interest to “avoid war,” which he said would cause a wave of Ukrainian refugees and a disruption of the economy. While urging a resolution of the tensions through dialogue, Orban said he opposed plans by the European Union to use sanctions against Russia—which has built up over 100,000 troops along Ukraine’s borders—as a deterrent. “Sanctions, punitive policies, lecturing or any other kind of arrogance on the part of the great powers are out of the question,” Orban said. Orban, who has led Hungary since 2010, has sought one of the closest relations with Russian President Vladimir Putin of any European leader. In a meeting with Putin in the Kremlin last week, Orban lobbied for

increased gas shipments from Russia and lauded his country’s increased cooperation with Moscow in the areas of energy, trade and security. Since Russia’s annexation of Ukraine’s Crimean Peninsula in 2014, Hungary under Orban has consistently opposed leveling EU sanctions against Moscow, although it has always ultimately voted for them. Hungary has also blocked ministerial meetings between Ukraine and NATO over a Ukrainian language law that Budapest argues violates the rights of the Hungarian ethnic minority in western Ukraine. Yet on Saturday, Orban said that Ukraine serves as a crucial buffer zone between Hungary and Russia and that its “independence and viability are therefore of direct Hungarian interest.” Declaring that “the militar y strength of Europe should at least be comparable to that of Russia,” Orban said that Hungary supports the development of European military capabilities and a common European defense force. Hungary has declined to accept military reinforcements from NATO and the United States—which have been mobilized in several other Eastern European countries in response to the buildup of Russian troops along Ukraine’s borders. He says Hungary’s domestic military is sufficient to protect the country. AP

Japan seen raising border entry cap to 5,000 per day

apan will consider gradually raising the entry limit on arrivals to 5,000 after it eases border controls for foreign workers and students next month, Japanese media reported, citing government officials. The details will be finalized as early as this week, and the trend of virus infections and public opinion will be taken into account, the Asahi newspaper cited authorities as say-

ing. The easing of the curbs does not apply to foreign tourists, it said. Current border control measures, put in place in late November as the Omicron variant started to spread, are by far the strictest among the Group of Seven advanced nations. They have also attracted criticism at home, with Japan’s top business lobby calling on the government to rethink the arrival ban. Bloomberg News

Agriculture/Commodities BusinessMirror

www.businessmirror.com.ph

Editor: Jennifer A. Ng • Monday, February 14, 2022 A9

DA to UAE businessmen: Invest in PHL agri By Jasper Emmanuel Y. Arcalas @jearcalas

GRICULTURE Secretary William D. Dar urged businessmen and prospective investors from the United Arab Emirates (UAE) to venture into agriculturerelated projects in the Philippines. Dar presented the business opportunities in the country’s agriculture sector to prospective investors during a recent business engagement in Dubai, UAE. He touted the farm sector’s performance during the Duterte administration and its efforts and programs to modernize and industrialize food production in the country. He also told the businessmen that

the Philippine Department of Agriculture’s (DA) reform agenda is tied to its four pillars of farm consolidation, modernization, industrialization and professionalization of farming. “We have vast resources of untapped natural resources,” Dar told prospective investors recently. “We have a skilled labor force, abundant sources of raw materials for manufacturing and a government that supports investors with favorable national policies and incentives.” Dar told the businessmen that there are opportunities related to the production of coconut, mango, pineapples, bananas, tuna, seaweeds and crabs. Majority of the possible investments in the agriculture sector in-

volve post-harvest facilities, processing and packaging technologies and research and development. “The moment has arrived to harness the vast energies and abundance of the Philippine islands for the creation of a new business experience—an experience richer and deeper and more truly a reflection of the goodness and grace of the Filipino spirit,” he said. “Ours is an incredibly exciting time to be in the field of national development and private enterprise in the Philippines. We look to your trust, confidence and your interest.” The agriculture chief told prospective investors that the Philippines, which has 3.6 million hectares of coconut plantation, is one of the top

exporters of coconut products. “We now have globally competitive processing technologies to power up production and exports with high quality products,” he said. Dar said the mango industry is one of the sectors with “promising investment opportunities” while the pineapple industry has an export market opportunity which could grow to as much as $881 million from the current export value of $307 million. “[Mango is] a largely untapped product with promising investment opportunities in cold storage facilities and research,” he said. “The Philippines was the second largest exporter of fresh pineapples in 2020. There is ample room for investments in the production of more planting

materials, post harvest facilities and processing technologies.” The agriculture chief also noted that the value of the Philippines’s banana export, which currently stands at $1.6 billion, could be doubled with the help of private sector investment. “We can double that value with adequate investments in research and development.” Dar said there are investment opportunities in the country’s fisheries sector, particularly in tuna, seaweed and crabs. “There is a wealth of investment opportunities in the sustainable management of tuna in the Philippines as well as construction of postharvest and processing facilities for marine fisheries,” he said.

“We exported $99 million worth of crabs to the United States, Japan, Germany and China last year. We can earn much more with sufficient investments in infrastructure and packaging technologies.” The agriculture chief said the government is keen on implementing three farm-related projects through the public-private partnership (PPP) scheme—integrated dairy project, integrated liberica coffee project and international wholesale food market. “We have every desire to be a big player in the global coffee industry. We also want to endow the regions with international wholesale markets to give space to our small holder farmers to produce, consolidate, and sell to the market.”

‘Planters must have access to drought-tolerant rice varieties’ Marcos ‘regrets’

HE Philippine Rice Research Institute (PhilR ice) said drought-tolerant rice varieties should be made available to Filipino farmers in drought-prone areas to help them cope with the ill effects of extreme weather. In a recently published policy note, PhilRice made five recommendations on how the government could help rice farmers in droughtprone areas. Topping the list was making drought-tolerant varieties available and accessible so that farmers may mitigate the losses they incur due to the extreme weather event. PhilRice noted that the yield of drought-tolerant varieties is “comparable” with the national average for rainfed areas at 3.28 metric tons (MT) per hectare and irrigated at 4.53 MT per hectare. “These varieties have to be promoted,” said PhilRice, an attached agency of the Department of Agriculture (DA). “The National Seed Quality Control Services could help publicize the seed centers that sell the droughttolerant varieties. Currently, the Rice Competitiveness Enhancement Fund (RCEF)-Seed Program distributes some of these varieties, which could help augment the supply. Alternatively, the DA’s National Rice Program must ensure the availability of drought-tolerant varieties.” PhilRice said there is a need to “intensify” promotion of agriculturebased adaptation strategies through recalibration of the country’s agricul-

A MAN carries a sack of rice in Manila on February 13. The Philippines is expected to continue importing rice this year, with shipments seen reaching as much as 2.9 million metric tons. NONIE REYES

tural extension system. Some of the strategies that farmers should adopt include alternative wetting and drying irrigation technology as well as use of various apps to help farmers in improving their farm management practices, according to PhilRice.

“The roles played by the agricultural extension system need recalibrating from the traditional technology transfer work to giving advice on climate resiliency among farmers,” it said. “Agricultural extension workers would do well to be trained on

Grains surge with tensions over Ukraine stoking supply concerns

HEAT surged as mounting tensions over Ukraine stoked concern about the outlook for grain shipments from Eastern Europe. Futures in Chicago climbed as much as 4.4 percent while contracts tied to corn and soybeans also rose in Chicago as the United States said intelligence indicates Russia may attack Ukraine before the Olympics end on February 20. Moscow has said it has no intention of invading. Ukraine and Russia together are heavyweights in wheat, supplying more than a quarter of the world’s shipments of the grain. They also play a big role in global corn and sunflower oil. A protracted discord in the region could keep prices of such commodities elevated and add to food costs that are already the highest in a decade. While a direct conflict might initially see a liquidation in positions to take risk off, the “ultimate issue for wheat would be bullish for prices,” said Rich Nelson, chief strategist at US-based Allendale Inc. In wheat options, implied volatility on March contracts jumped from 32 percent to 48 percent on Friday,

with overall volume up about 60 percent. Benchmark futures in Chicago for May delivery climbed the most in more than four months, before pulling back to end the day up 3.2 percent at $8.04 a bushel. Bloomberg Agriculture Spot Subindex neared an all-time high earlier this week as the outlook for soybean and corn crops in South America continue to dim. Prices across grains, oilseed and softs markets have all rallied recently as supply shortfalls abound, a signal that food inflation already hitting consumers worldwide probably will continue. More bullish signs for soybeans emerged Friday with a new South American forecast. Soil moisture in Brazil’s south is likely to keep falling in the next 10 days amid dry conditions and high temperatures, worsening conditions for still-developing crops, says Celso Oliveira, Climatempo meteorologist.

Cocoa rally

COCOA slid from a two-year high as traders weigh the impact of adverse weather in key growing regions. Futures declined 0.8 percent to $2,811 a metric ton in New York

on Friday. The drop comes after a three-day rally—fueled by expectations of stronger chocolate sales in Europe and concerns about weather conditions in key West African countries —pushed prices to the highest since February 2020 on Thursday. For the week, cocoa gained 3.2 percent. “The market overextended itself on hype about dry weather in West Africa and now correcting from that,” said Judy Ganes, president of J. Ganes Consulting LLC. Arabica coffee posted a second straight weekly gain even after falling in the past two sessions amid appreciation in the Brazilian real. The currency gained 1.8 percent this week against the US dollar, reducing the appeal of Brazilian shipments. The nation is the world’s largest coffee producer and exporter. In other commodities, raw sugar declined in New York and white sugar fell in London. Deliveries to settle expiring March futures in London fell from a year ago to about 358,650 tons of white sugar, with most of the product coming from India, according to estimates by Michael McDougall of Paragon Global Markets. Bloomberg News

approaches that will help farmers realize the consequences of their decisions (e.g., their strong attachment to their social identity.” The government should also push for weather-index based insurance as it helps farmers “in dealing with the impacts of drought, in particular

huge losses,” PhilRice said. “It is important, however, to push for a form of insurance that gives payouts that are commensurate with the actual losses of farmers,” it said. “A DA-PhilRice study recommends looking into the prevailing weather index-based insurance for low rainfall indices. Usually, the indices are based on large data sets that cross-analyze crop production reports and historical weather data.” PhilRice said local government units (LGUs) must invest in institutional adaptation programs, such as more reliable irrigation infrastructure to help farmers adapt to drought. “It is imperative that local officials invest in making these adaptive mechanisms available for their farmers. The DA has a suite of adaptive mechanisms to drought such as drip irrigation, water harvesting technologies and palayamanan farming system.” The agency also said adaptation strategies must be inclusive of the farmers’ gender and preferences. “Adaptation strategies to be supported and promoted must respect the divergent preferences of men and women farmers. Women go for crop diversification and putting in place water storage facilities. Men prefer shifting planting dates.” PhilRice noted that in 2019, El Niño caused P4.4 billion in agricultural damage. It affected more than 140,000 hectares of lands and more than 140,000 farmers. Jasper Emmanuel Y. Arcalas

ARBOs in Caraga post ₧416M in agri sales last year By Jonathan L. Mayuga @jonlmayuga

GR ARIAN reform beneficiaries’ organizations (ARBOs) in Caraga reported that they sold some P416 million worth of agricultural products last year. Leomides R. Villareal, Department of Agrarian Reform’s Caraga regional director, said that its 452 ARBOs involving 92,830 agrarian reform beneficiaries (ARBs) in 127 agrarian reform communities (ARCs) reached a combined total of P416,395,037.88. Villareal said this was made possible by DAR’s facilitation through its various projects, including the Linking Smallholder Farmers to Market with Microfinance and Enhanced Partnership Against Hunger and Poverty. DAR earlier reported that ARBOs nationwide recorded sales of P2.007 billion, 43 percent of which came from the Mindanao group. Caraga accounted for more than 20

percent of total sales. “DAR linked the ARBOs through the institutional markets like the Department of Education, Department of Agriculture, Bureau of Jail Management and Penology, private institutional buyers like Kennemer, Inc., Filipinas Palm Oil Corporation, local government units, for its sales of milled rice, cacao, palm oil, and rubber, among others,” Villareal said. Aside from providing support services, DAR Caraga also trained the farmers through the said projects including the Village-Level Farm Enterprise Development, Farm Business School, Farm Productivity Enhancement Projects, and through other credit assistance projects. “We will do more for our farmer-clients in the coming years,” Villareal said while proudly announcing that DARCaraga Region finished all its targets on support services delivery programs intended for ARBs and ARBOs even before 2021 ended.

backing Dar’s appointment as DA chief By Butch Fernandez @butchfBM

UGGESTING there are other measures that the Department of Agriculture (DA) could implement to reduce rampant fish importation and smuggling, Senator Imee Marcos indicated Sunday she now “really regrets” endorsing the confirmation of DA Secretary William Dar by the Commission on Appointments. “I really regret recommending Secretary Dar to the Department of Agriculture since he has done nothing but import rice, chicken, pork, fish, and now sugar,” Marcos said. The disappointed Senator “found it suspect that cooperatives with no capacity to import millions of dollars’ worth of fish have again become certified importers.” “Weren’t cooperatives also used to import rice, and garlic?” Marcos asked, adding: “How can one become an importer? Why does the DA have favored importers since January 2021 who can fill up a shortage at once, who have a supply in stock or smuggled in advance? Is this another Pharmally?” The disappointed lawmaker lamented that “while everyone admires Mr. Willie’s record abroad.... Little did we know that upon returning to the Philippines he would fatten big importers and smugglers.” She recalled that there were recommendations to shorten the closed fishing season or open it earlier, leave it open to commercial fishers in areas where there are severe shortages, assist the shipment of fish from Mindanao to areas in Luzon and Visayas suffering shortages, audit post-harvest investments like blast freezing and cold storage, maximize unutilized fishpond leases reaching 60 percent of total, and amend the Fisheries Code to require the National Fisheries and Aquatic Resources Management Council endorsement before importation. “It is clear that certificates of importation should be rescinded. There are pending cases of alleged smuggling filed by Navotas versus the DA and BFAR [Bureau of Fisheries and Aquatic Resources]. In my view, Filipino fishermen have basis once again to file cases of agricultural sabotage and technical smuggling against the DA, BFAR, PFDA [Philippine Fisheries Development Authority], and BOC [Bureau of Customs].” Dar did not immediately respond to the BusinessMirror’s request for comment. DA Spokesperson Noel Reyes told the BusinessMirror that Dar would rather not comment on the statements made by Marcos. Nonetheless, Reyes said BFAR had the interest of consumers in mind when it recommended the importation of small pelagic fishes. With a report from Jasper Emmanuel Y. Arcalas

A10 Monday, February 14, 2022 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

Is the US losing its grip?

ne thing you can say with certainty about the 21st century is that every time there is a geopolitical crisis, the Philippines is involved. It is not our fault, and we can’t solve the problems, but we do have a stake.

“The Department of Foreign Affairs is closely monitoring the situation in Ukraine after the United States warned of a possible Russian invasion. Over 300 Filipinos in Ukraine were urged to leave the country temporarily amid the threat of an invasion by Russia.” While you may not like the implication, the world has become a more “dangerous” place since Joe Biden replaced Donald Trump. There is an old political saying in the US that “Republicans [Bush and Trump] get us into recessions; the Democrats [Obama and Biden] into war.” CNN reported that 10 of the last 11 recessions started under Republican presidents, and that “Every Republican president since Benjamin Harrison [1889 to 1893], had a recession start in their first term in office.” It is a mixed record on wartime presidents. But the Big Four—World Wars 1 and 2, the Korean War, and the Vietnam War—all started with a Democrat in office. The US military was engaged in combat every day of the Obama presidency. Both the Russian annexation of Ukraine and China building their artificial islands—not to mention forcing the Philippines out of Panatag Shoal—were on Obama’s watch. US Secretary of State Antony Blinken comes from a wealthy elite family whose father, Donald Blinken, was a founder of E. M. Warburg Pincus & Company, an investment bank and former US Ambassador to Hungary. Blinken has been in government service for more than 20 years. But it might have been better had he been born a twain as balancing Europe and Asia is a huge task. Blinken is currently finishing up a tour of Asia Pacific, where he is “reassuring regional allies that the US is still committed to its Asia “pivot” despite the recent focus on Russia and Ukraine.” The Quad meeting, with members the US, Japan, India and Australia, was held in Australia. Later, he was in Fiji before heading to Hawaii to meet with his Japanese and South Korean counterparts to discuss the North Korea issue. The US has just concluded an arms sale to Indonesia as the Biden administration approved the $13.9 billion sale of F-15 advanced fighter jets. The Philippines continues to buy and be granted US arms and we will buy 32 new Black Hawk helicopters for more than $620 million. However, the situation in Europe with Russia seems to be the US ratcheting up the war rhetoric rather than the Russians being the complete bad guy. It is good to recall that a trigger for the 1962 Cuban Missile crisis was the refusal of the US to remove its Jupiter missiles with capability of striking the USSR from Nato member Turkey. Russia is demanding that Ukraine not be allowed to join Nato. On this side of the planet, “Blinken insisted the Quad is not primarily meant to counter China. This is not about standing against anyone in particular.” False. It’s about China. How different—and not for the better—would things be if the US still had its Philippine military bases? We could be Ukraine Dos.

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Working to the bone Atty. Jose Ferdinand M. Rojas II

RISING SUN

he increasing conversation about 18-hour workdays brings to light some important issues related to the ongoing pandemic. By the way, according to researchers, working 55 hours or more per week would constitute long work hours. While it’s true that more people are working from home, it cannot be denied that the pandemic has given birth to new forms of workplace stress and exhaustion. For example, the blurring of work-life balance and the boundaries between our professional and personal lives, unhealthy sleep patterns, lack of exercise and interaction, among others. Bleisure is a term that pertains to the mixing of business and leisure trips, which could actually lead to more burnout because there may be no real rest or relaxation that happens. In a paper published in the journal Environment International, authors from institutions like the World Health Organization (WHO) and the International Labor Orga-

nization (ILO) wrote that plenty of workers are unhealthy because of intense work schedules. They have found that each year, three-quarters of a million people are dying from ischemic heart disease or coronary heart disease and stroke, due to working long hours. This does not even include those who suffer from mental health issues. Overwork is related to chronic

Creating cycling cities

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ecause of the pandemic, the so-called 15-minute city model that is trending in many urban centers globally has become more relevant. This model revolves around the idea that communities are set up in such a way that residents have all the goods and services that they need—groceries, schools, church, clinics, park, etc.—within 15 minutes of walking and cycling. Traffic congestion and pollution are lessened, while the quality of life improves. Pandemic lockdowns made the need to have all our necessities within reach plausible. Cities needed to be independently resilient in order to survive. Nearing the end of the pandemic holocaust, we now realize that many of the good habits we have acquired in our city life, we would want to retain moving into the new normal. One of these definitely is cycling mobility. Yes, pedestrian traffic grew as well but city cycling found resurgence. We are after all a tropical country and walking beyond five minutes is a strain for the majority. With cycling, travel distance is greatly increased but effort to do so not as strained.

more than $22 million were allocated two years ago to realize more than 500 kilometers of bike lanes, the single largest expenditure for this mode of transport in our country’s infrastructure history. However, there are more gaps to be filled and areas in the biking ecosystem that need to be addressed. Questions on future-proofing the present bike network exist. Some of the recently set up infrastructure are now broken—separators torn without replacement, and worn-down

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Thomas M. Orbos

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stress, which increases our stress hormones and leads to elevated blood pressure and cholesterol. Overwork also causes us to deprive ourselves of precious sleep and adequate exercise. Some people also find themselves eating unhealthy foods, smoking, and drinking alcoholic beverages to fuel themselves. But we do understand that sometimes working hard is inevitable because we need to pay off debts and bills, put food on the table, and keep our jobs for financial security. For many, it is also important to work hard to step up the ladder, to

A good bike-city model that we can emulate is Paris, France. Under the leadership of its mayor, Anne Hidalgo, Paris has been transformed into a premiere “cycling city” that sets cycling at the top of the mobility ecosystem. Once a traffic congested metropolis, the present Paris landscape has more bikes than motorized vehicles with around 1,000 kilometers of bike lanes connecting Paris from one end to the other, and with bicycle stands in almost all corners of its road network.

Founder Publisher

Overwork is related to chronic stress, which increases our stress hormones and leads to elevated blood pressure and cholesterol. Overwork also causes us to deprive ourselves of precious sleep and adequate exercise. Some people also find themselves eating unhealthy foods, smoking, and drinking alcoholic beverages to fuel themselves.

STREET TALK

If there is one factor that can purely contribute to making cities more livable and sustainable, in the succeeding generations, it will be cycling. Hence, city planners will have to keep this in mind, not just in planning for our new communities but equally so in continuing to re-direct our present city and community network to making them more bike-friendly and bike-enticing. Indeed, the Philippine government is responding to this need as

obtain material things, or to prove to oneself, and to others, that he or she is successful. In this case, working hard is a badge for display. And unfortunately, numerous societies the world over glorify overwork to the point of burnout. The experts are unanimous in saying that the employees themselves, the employers, and the government all have important parts to play in coming up with measures to address this problem. For example, employers can make use of various tools and strategies to balance work schedules, like flexible working schemes, etc. Health services for employees have to be available, like check-ups, information drives, free therapy sessions, free access to wellness apps, etc. The employees or workers themselves have to try harder to set boundaries between work and personal life. And governments can place limits on the maximum number of hours that people should spend working, as well as strengthen antipoverty measures and welfare programs so people don’t feel compelled to work 18-hour workdays.

pavement markings; the absence of maintenance is very much evident. On the other hand, the enforcement of a bike-only lane is now spotty after being highlighted with strict enforcement in its early months. In order to make this sustainably work, it will take more than the national government’s involvement. Local governments need to make cycling a welcome habit for their constituents, with private entities willingly participating and accepted by the government as partners in this endeavor. A good bike-city model that we can emulate is Paris, France. Under the leadership of its mayor, Anne Hidalgo, Paris has been transformed into a premiere “cycling city” that sets cycling at the top of the mobility ecosystem. Once a traffic congested metropolis, the present Paris landscape has more bikes than motorized vehicles with around 1,000 kilometers of bike lanes connecting Paris from one end to the other, and with bicycle stands in almost all corners of its road network. To make this happen, more than 70 percent of all curbside car parking lanes were eradicated. This may force car owners to See “Orbos,” A11

Opinion BusinessMirror

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Game-changing initiative in the accounting profession Joel L. Tan-Torres

DEBIT CREDIT Part three

ith the Department of Finance assailing the merits of the Board of Accountancy Resolution 03-2016 on compilations services, I, as Chairman of the BOA, had to respond and clarify that the greater number of provisions in the resolution has long been in place as prescribed in existing auditing and accounting standards and guidelines. There is nothing new in most of the contents of the compilation services measure since they are mere reiterations and reminders of rules prescribed in such issuances as Philippine Standard on Related Services 4410 on Compilation Engagements that was issued on June 24, 2013; the Code of Ethics for Public Accountants that took effect on or after January 1, 2004; and more recently, the Auditing and Assurance Standards Council Alert Series 002-2017 in February 2017. What is clear is that CPAs, their clients, taxpayers, and business enterprises have been complying with most of the provisions reiterated in BOA Resolution 03-2016. The only new provision in the BOA Resolution was the requirement for submitting the Certificate of Compilation by the CPA who performed the required compilation services. The intent of this new requirement is to reinforce the accountability and responsibility of the CPA preparers of the financial statements and disclosures. Prior to this BOA Resolution, the preparers or compilers of the financial reports are not specifically identified. Because of the anonymity of the identity, it is highly probable that the stringent requirements for the compilation function may not be strictly followed or outrightly violated. It is common industry knowledge that the external auditors of business enterprises are being compelled by their clients to prepare their financial statements. This is in violation of the Code of Ethics for Public Accountants provision on avoiding self-review threats. When I issued the BOA Resolution, I perceived that the requirement for the acknowledgment by the CPA preparer or compiler of the work they have done by means of signing a Certification of Compilation Services will achieve a number of benefits. These benefits include the promotion of accountability over the compilation services done, better avoidance of the self-assessment threats by external auditors, and even enhancement of the important role of the CPAs in this compilation process. A number of CPAs have expressed their appreciation that the BOA Resolution requiring their signature in the compilation work signifies the value of the that they, as CPAs, are doing. To further address the erroneous representations of the DOF in their objection to the BOA Resolution, I clarified that the submission of the Certification of Compilations Services with the Income Tax Return is not mandatory, and hence, has no bearing on the amount of taxes that the BIR will be collecting, as the DOF was alleging. In fact, this measure has the potential of inducing accurate and higher tax reporting and payment with the responsible CPAs

Orbos. . .

continued from A10

grudgingly give up their cars. But that is the stick, the carrot being the city legislation currently being passed that will award motorists cash payments if they are to give up their cars in exchange of bicycles. The bike city model applied to the Philippine city milieu is not that hard to achieve. First, its cost will definitely be a lot less than road or rail-based transport infrastructure. Bicycles are cheaper even to the point of having their cost to the user possibly subsidized by the government. The physical footprint of

Clearly, the negative statements of the DOF on the BOA measure are not credible and promote inter-agency conflict and undue intervention. Thus, all the rest of the BOA members and I maintained our collective position of maintaining the compilation services measure. This was communicated to the Professional Regulation Commission, which in turn forwarded the same to the DOF. Thereafter, the pressure from the DOF ceased. professionally discharging their role and responsibility of preparers of reliable financial statements for their companies, clients and/or taxpayers. Further, the increased amount of P10 million threshold for business enterprises that are covered by the compilation service requirement ensures that this service will be manageable and beneficial for these enterprises. Clearly, the negative statements of the DOF on the BOA measure are not credible and promote inter-agency conflict and undue intervention. Thus, all the rest of the BOA members and I maintained our collective position of maintaining the compilation services measure. This was communicated to the Professional Regulation Commission, which in turn forwarded the same to the DOF. Thereafter, the pressure from the DOF ceased. 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.

bike transport is smaller, therefore more capacity and with less carbon footprint. A healthier environment is guaranteed, as well as a healthier populace. All it needs really is political will. Our local leaders will just need to see how this has benefitted the political career of Paris Mayor Hidalgo. Her Parisian constituents are contented and responding well to her low carbon initiatives. She is now on her second term as mayor. She is also in France’s presidential race, all because of her cycling platform in her city of Paris, France. The author maybe reached thru: thomas_orbos@ sloan.mit.edu

Holier than thou

Monday, February 14, 2022 A11

Instead of competing with each other as to who is right, or better, or holier or richer and instead of getting engrossed with our self-righteousness, we should all instead follow the footsteps of Jesus. He taught us not to look down on others but instead serve one another regardless of our social status, intellectual level, or personal sentiments.

What I find more alarming though is when people angrily engage using their self-proclaimed superiority. Some of them end up bashing other candidates to promote their own, not realizing that they end up further alienating their own candidate. I am just as guilty as them. In my quest to make some die-hard fanatics of one candidate be more “knowledgeable,” I end up resorting to name-calling, publicly referring to one aspirant as a liar! This should not be the case. Truthfully, we try to convince those around us that the candidate we are supporting is “the better one.” As the national polls get closer, hormones rage just as speedily and tenaciously. Supporters (myself included) get caught up in a volleyball of tirades. Some of us resort to stepping on others, to the point of calling them foolish, if only to drive home a point that our stance is better. Take the candidates’ caravans. A group of Leni supporters has accused the BBM camp of paying off those who participated, while the latter readily bounced back by declaring that the “kakampinks” are literally and figuratively debilitated. Even politicians could be just as culpable. Sen. Imee Marcos is embroiled in a campaign ad focusing on the line “Len Len pagod,” prompting presidential candidate Leody de Guzman to retort that “she has not experienced being a worker.” Like a volcano on the brink of erupting, supporters can be seen engaging in verbal combat! Little do they realize that they are already falling from grace to self-righteousness. Again, this ought not to be the case. Upon reflection, I realized that

with a strong faith lives and loves the truth. A real believer of God is either comforted or convicted, and be delighted when he truly accepts the truth. As such, true believers are out of line when they exclaim, “Len len Pagod” if they haven’t even experienced being a worker in the first place. Believers should be convicted by the Spirit within when they say BBM stands for BoBoMo. After all, all of us can be ignorant. Preach to ourselves first, before preaching to others. Take off the mote in our eyes first before offering to take the dirt off from others. Interestingly, we can find illustrative precedence about elevating one’s self in the scriptural statements found in Luke 9:46-48 where the disciples were arguing as to who among them is the greatest. The Biblical Luke verses inform us, thus: “An argument started among the disciples as to which of them would be the greatest. Jesus, knowing their thoughts, took a little child and had him stand beside him. Then he said to them, “Whoever welcomes this little child in my name welcomes me; and whoever welcomes me welcomes the one who sent me. For it is the one who is least among you all who is the greatest.” Instead of competing with each other as to who is right, or better, or holier or richer and instead of getting engrossed with our self-righteousness, we should all instead follow the footsteps of Jesus. He simply taught us not to look down on others but instead serve one another regardless of our social status, intellectual level, or personal sentiments. In our quest to engage others, to endorse our candidates, and to make those around us more aware of the necessary attributes of a leader, we should remain calm yet candid, following the example of Jesus Christ. Should there be disagreement, our choice of action should be to respect others’ opinions even though they

Siegfred Bueno Mison, Esq.

THE PATRIOT

ven before the campaign period officially started, varying opinions have been shared about presidential candidates. Some genuinely believe that a certain candidate will not be as corrupt as compared to others since he belongs to a wealthy family. Others said an unadulterated heart is more than enough qualification to lead the country, despite the candidate’s evident lack of experience and knowledge. Most of my friends believe that credentials and track records speak louder than the usual rhetoric. What I noticed is that, in every election, candidates portray themselves as “holier than thou” to woo voters. I, as well as those who support other candidates, should not claim I know better than the rest, even if it were so. Boasting leads to our own condemnation. It may be best not to assume that one is a better leader just because he or she comes from a certain political party or just because he/she has a more popular last name. In the Bible, Jews were proud and boastful because of their identity as the chosen ones, because they knew that God revealed the law to them through their ancestor Moses, and because they knew the law. They felt special and superior, as found in Romans 2:17-21, where the Bible tells us—“Now you, if you call yourself a Jew; if you rely on the law and boast in God; if you know his will and approve of what is superior because you are instructed by the law; if you are convinced that you are a guide for the blind, a light for those who are in the dark, an instructor of the foolish, a teacher of little children, because you have in the law the embodiment of knowledge and truth—you, then, who teach others, do you not teach yourself?” There is nothing wrong being special or being the chosen one or being smarter than others. For the apostle Paul, according to author Timothy Keller, the problem is not “the Jewishness or having the law that is wrong, it is their attitude to their nationality and morality.” He adds that moralism is extremely common and is the biggest religion in the world today! Often quoted but rarely done, “practice what you preach.” We need to preach to ourselves first before preaching to others. A believer with an empty faith loves the concept of truth but is never changed by it, whereas a believer

contradict their own spiritual beliefs. My family maintains contrasting views and supports different candidates, so we try to minimize our discussions about politics. My community is just as divided as every town or province when it comes to presidential candidates. In both cases, it doesn’t mean that we can never be united; it simply means that democracy works! Even though a democracy inherently allows for opposition, unity can still be attained thru respect. I discuss my voting preference at times but I do not make a big fuss about different opinions. Our perspectives can be different than others simply because we have received different information or have gone a different experience. When I asked some former colleagues about their voting preference, one openly said “anybody but Marcos” simply because his parents and his town were victims of the atrocities brought about by Martial Law. In the same discussion, the other openly said “nobody else but Marcos” simply because he was the recipient of a scholarship grant during the Marcos regime in the 1970s. While both of them came from the same region and share the same faith, they still have opposing views—shared candidly without argument. We can dispose of this “holier than thou” attitude by cultivating a mindset of kindness and acceptance despite and because of our inherent differences. Yes it is possible that we can agree to disagree, and disagree agreeably, without looking down on others or resorting to invectives. I confess that I’m just as guilty, though to a much lesser extent, as I called one candidate “a liar.” Behaving as if we are “holier than thou” speaks right through the mirror we could be looking at right now. The image we see should immediately compel us to stand down in humility and respond in kindness. 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.

Comelec suddenly becomes a pandemic czar during election period By Atty. Romulo B. Macalintal

ince when did the Commission on Elections (Comelec) become a pandemic czar that it could restrict the movement and activities of candidates, political parties, and even private persons exercising their freedom of choice and expression in holding political rallies or activities?

Under its Resolution No. 10732 issued on November 24, 2021, the Comelec imposed an additional requirement for both candidates and non-candidates when it arrogated upon itself the power and authority to first “approve” the conduct of a rally before the applicant could get a Mayor’s permit. This is a flagrant violation of Section 87 of the Omnibus Election Code (OEC) and Batas Pambansa 880 or the Public Assembly Act that give sole authority to the mayors to issue such permit. What used to be a mere act of the mayor in issuing the said permit to hold the rally would now need the concurrence of the five members of the Comelec’s Campaign Committee (CCC) composed of the Comelec and representatives of the Department of Health, Department of the Interior and Local Government, Philippine National Police and the Armed Forces of the Philippines. There is nothing in the above-cited laws that provides for Comelec’s intervention in granting such permit under any circumstances. For sure, this is not one of the powers of the Comelec defined under the Constitution, which is limited to the enforce-

ment of laws relative to the conduct of elections. Comelec may issue rules to implement election laws, but it cannot prescribe what the laws do not provide. The Comelec might find some gaps in the law, but it is not its function to supply the gaps since its function is not legislative. For instance, under its “guidelines”, the Comelec sets its own “Alert Levels”; the rules on “authorized persons outside of residence” who could participate in such political actions; wearing of face shields with face masks; persons who are not allowed to join therein like those below 18 years of age and those over 65 years of age; only people “belonging to same households” could join in same vehicle, and such other “guidelines” that are clearly not within the power of the Comelec to prescribe as there is no law allowing it to provide therefor. What makes the “guidelines” frivolous is that it placed private persons who are non-candidates in the same level of candidates and political parties in that if a group of private persons would like to hold rallies and express their preferences in the election, they are also required to seek said approval from

the CCC. The same is true if they will be conducting their own private campaign activities, like distributing campaign materials where prior CCC approval is now being required by Comelec. What a very absurd political situation. This is clearly a violation of the people’s right to peaceably assemble and their right to freedom of expression. The Comelec should be reminded that the Supreme Court held in the 2015 case of the Diocese of Bacolod vs Comelec that “the Comelec does not have the authority to regulate the enjoyment of the preferred right to freedom of expression exercised by a non-candidate in this case.” While there is still time, since the campaign period for local candidates has not yet started, the Comelec should probably review its aforesaid guidelines by leaving it to the mayors the sole power to issue said permits. Thus, the Comelec could concentrate more on pressing election related matters instead of intervening in the functions of other agencies of the government, which apparently are not within their functions and powers. If Comelec’s objective is to assist in containing the pandemic, we already have the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) taking the lead on this and its guidelines even apply to both candidates and non-candidates. IATF is still well functioning even during this campaign period so there is no need for Comelec to

intervene in IATF’s functions. Surely, our voters should be given utmost opportunity to be able to intelligently select the best candidates and thereafter vote without being under duress; but how can voters select the best candidates if public discourse and free speech even by private individuals are unduly restricted? This opportunity to educate the voters by elevating the level of political discourse is precisely one of the reasons why the Supreme Court declared Comelec’s action, in the case of Diocese of Bacolod, as restrictive of free speech and therefore, unconstitutional. While Comelec’s objective in assisting in the current public health concern is noble, it will serve our country best if Comelec remains true to its purpose, and not to be distracted by matters that are already handled by other government agencies. In the 1992 case of Adiong vs Comelec, the late Justice Isagani A. Cruz in his separate opinion reminded the Comelec that it should not “impose all manner of silly restraints (for) reaching the electorate is precisely the purpose of an election campaign, but the Comelec obviously believes that the candidates should be as quiet as possible.” And while Comelec might be pursuing the ideal of democratic elections, Justice Cruz added that “it is barking up the wrong tree.” Atty. Macalintal is a veteran election lawyer, sports enthusiast and an advocate for senior citizens.

A12 Monday, February 14, 2022

BSP says revised Agri-Agra credit law boon to farm sector By Bianca Cuaresma @BcuaresmaBM

In a statement at the weekend, the BSP said the proposed amendments to the Agri-Agra bill will enhance the industry’s ability to get credit from banks and financial institutions. “The proposed amendments to the Agri-Agra bill seek to improve the creditworthiness of agricultural workers and their enterprises by enhancing their capabilities, modernizing their business operations, and inte-

FILE PHOTO

HE Bangko Sentral ng Pilipinas (BSP) lauded Congress’s passage of amendments to the Republic Act 10000 or the Agri-Agra Reform Credit Act of 2009.

grating them into profitable domestic and export-oriented value chains,” the BSP said. The House of Representatives approved its version (House Bill. 6134) on third and final reading on March 10, 2020, while the Senate approved its version (Senate Bill 2494) on February 2, 2022. Next in the legislative process are bicameral proceedings. “ T he Ag r i-Ag ra bi l l w i l l strengthen rural development through a holistic approach in

addressing the financing needs of the agricultural financing ecosystem,” BSP Governor Benjamin Diokno said. In mid-2021, the BSP said it wants to include sustainable financing—or extending so-called “green loans” to corporations—as part of the proposed revisions to the mandated lending to the agriculture sector. A BSP survey last year showed that local banks voted the mandatory credits to the Agri-Agra sec-

tor as the “most challenging” in terms of regulatory compliance. As of end-September 2021, the entire Philippine banking system logged in a 9.81- percent compliance for other agricultural credit, which is below the 15-percent statutory credit requirement under the Agri-Agra Law. Compliance ratio for agrarian reform credit, meanwhile, stood at 0.92 percent. This is also below the required 10 percent for banks in the country.

ROMY MAC TO COMELEC: TAKE BACK ‘CONFUSING’ GUIDELINES

HE so-called “Guidelines” issued by the Commission on Elections under its Resolution 0732 on November 24, 2021 which it now fully implements, is causing a lot of confusion among ordinary citizens or non-candidates who also want to discuss their political preferences in the May 9 elections, according to veteran election lawyer Romulo Macalintal. While such “Guidelines” do not include non-candidates who want to hold their own political activities, the Comelec still requires them to first get Comelec’s approval before they could get a mayor’s permit to conduct the said activities, he noted. This, Macalintal stressed, “ is indeed a v iol at ion” of Comelec’s own “Guidelines” because u nder Sect ion 22 of Resolution 10732, only a “candidate” or a “political party” or through their respective author ized representatives may apply before the Comelec for approval of the conduct of any election campaign activity. There is nothing in the resolution that requires non-candidates conducting such activities to get prior approval from Comelec, he pointed out.

Macalintal lamented: “What seems to be ‘Guidelines’ have suddenly become arbitrary restrictions imposed by Comelec without any basis in law and in fact.” He called this “a flagrant violation of Section 87 of the Omnibus Election Code [OEC] and Batas Pambansa 880 or the Public Assembly Act which g ive sole author it y to the mayors to issue such permit. Nothing in the law gives the Comelec to interfere in the issuance of such permit.” Macalintal believes any private citizen or non-candidate or groups of non-candidates “should question any move or action by any agencies of the government prohibiting them from exercising their constitutional right to peaceably assemble and their right to freedom of expression.” He stressed they do not need any “prior approval” from the Comelec to stage and conduct their own political rallies before they could secure a mayor’s permit. To require them to get “prior approval” from the Comelec would constitute prior censorship or prior restraint which is violative of a private citizen’s constitutional right to free speech.

PHOTO courtesy of the UniTeam Campaign shows part of the crowd that turned out for the BBM-Sara tandem in Valenzuela City, where Mayor Wes Gatchalian endorsed them. Two more key endorsements followed: from El Shaddai leader Mike Velarde and Cavite Gov. Jonvic Remulla.

Mike Velarde, Gov JonVic endorse Marcos, UniTeam P

RESIDENTIAL aspirant Ferdinand “Bongbong” Marcos Jr. and his UniTeam have sewn up support from two voterich quarters—Catholic charismatic movement El Shaddai’s leader Bro. Mike Velarde and Cavite Gov. JonVic Remulla. Velarde publicly endorsed Marcos and running mate Sara DuterteCarpio in front of El Shaddai members on Saturday at the El Shaddai International House of Prayer in Amvel, Parañaque City. In the 2016 elections, El Shaddai—with an estimated 8 million members worldwide—also endorsed Marcos, who was running for vice president that time. He lost to Leni Robredo, who is also seeking the presidency in the May 9 polls. Velarde told his followers that the message of hope and unity from the UniTeam tandem encouraged him to support them. “Matagal nang lumapit sa akin yan dalawa na yan…it’s time for us Filipinos to be united. After all, napagbigyan natin yung mga kalaban ni [Ferdinand] Marcos

nang maraming taon, baka naman itong dalawa may magawang mabuti para sa bayan. That’s why I have chosen them,” the El Shaddai leader said. [These two leaders have long approached me. It’s time for us Filipinos to be united., After all, we gave the opponents of Ferdinand Marcos many years to prove their worth; perhaps these two people have something good to offer the nation. That’s why I have chosen them]. Speaking partly in Filipino, Velarde continued: “They are openminded and young. It’s time for Filipinos to be united.” Velarde announced his endorsement of the Marcos-Duterte ticket during his group’s weekly prayer assembly on Saturday.

Flock not bound

MEANWHILE, the El Shaddai’s spiritual adviser, Novaliches Bishop Emeritus Teodoro C. Bacani Jr., said on Sunday members of the charismatic group are still free to vote for the candidates they want

despite Velarde’s move to endorse survey frontrunner Marcos and vice presidential aspirant Sara Duterte-Carpio. Bacani said he respects the decision of Velarde to endorse the Marcos-Carpio tandem, but he noted it does not require other El Shaddai members to make the same choice. “If he [Velarde] did, that is his right, but he cannot impose his choice on the El Shaddai Prayer Partners,” Bacani said. The prelate also “dissociated” himself from Velarde’s choice and said he hopes the El Shaddai leader will reconsider his decision.

‘Fetters of disunity’

ATTY. Vic Rodriguez, Marcos’s spokesman, acknowledged “the generous gesture of El Shaddai in openly endorsing the BBM-Sara UniTeam” and called it “another testament that the call to liberate the Filipino people from the fetters of disunity gets stronger by the day.” See “Mike Velarde,” A2

Companies

Editor: Jennifer A. Ng

Monday, February 14, 2022

Cemex: Expansion of plant in Antipolo to cost $323M

By VG Cabuag

@villygc

olid Cement Corp., a unit of listed Mexican firm Cemex Holding Philippines Inc. (CHP), is finally pushing through with the delayed capacity expansion of its plant in Antipolo. In its disclosure, Cemex said the plant’s cost has increased to $323 million from the original estimate of $235 million in 2018, while the estimated total interest capitalization for the project was adjusted to $33 million. Cemex said Solid Cement will be engaging Atlantic Gulf and Pacific Co. of Manila Inc. and Betonbau Phil. Inc. as the principal contractors to continue the integrated cement production line that will allow the company to increase its output by 1.5 million metric tons per year. In 2018, Solid Cement had signed

agreements with CBMI Construction Co. Ltd of China for the procurement, construction and installation of the new production facility. “CHP currently estimates that the construction of the new line should be completed by March 2024 and the start of its operations could commence in April 2024,” the company said. Cemex said the project will be funded from a combination of free cash flow, debt from any subsidiary of CEMEX S.A.B. de C.V.—the ultimate parent company of the company—or debt from one or more financial institutions.

In December last year, Solid terminated the construction contract with the previous contractor which covers the construction and installation of the 1.5 million metric tons per year integrated cement production line. “Termination was due to the delay in the implementation of construction and installation works,” Cemex said. The new integrated cement production line will represent a 26-percent increase in Cemex’s cement capacity in the Philippines Cemex said its income for 2021 fell 26 percent to P726 million from last year’s P985 million mainly due to foreign exchange losses and a weak fourth quarter performance. The company said it had a net loss of P172 million for the fourth quarter of 2021 from the previous year’s P227 million. Net sales for 2021 were up 6 percent to P20.88 billion from the previous year’s P19.7 billion. For the fourth quarter alone, its sales were flat at P4.5 billion, due primarily to Typhoon Odette. Domestic cement prices in the

fourth quarter were 3 percent higher from last year, but for the whole of 2021 prices dropped 2 percent due to product mix. In 2021, Cemex’s APO Cement Plant and Solid Cement Plant recorded operational milestones related to higher production, lower clinker factor and increasing use of alternative fuels. “Despite the challenges of Covid-19, adverse weather, and rising input costs, we are proud of our accomplishments in 2021. We embraced health and safety, enhanced customer experience, and advanced in our sustainability targets,” Ignacio Mijares, the company’s president and CEO, said. Cemex said it expects its cement volumes to continue recovering this year, with construction activity to remain a driver of the country’s economic growth. For this year, the company has allocated a total of P6.21 billion in capital expenditures, some P4.76 billion of which will be spent for Solid Cement and the rest of the P1.45 billion as its maintenance and other activities.

Nlex starts work on Pampanga bridges By Lorenz S. Marasigan @lorenzmarasigan

lex Corp. has started conducting “major repairs” of bridges in Pampanga to ensure the safety of motorists using the North Luzon Expressway (Nlex) and the Subic-Clark-Tarlac Expressway (Sctex). Nlex President Luigi L. Bautista said the group is upgrading the Nlex San Matias Bridge in Sto. Tomas and is strengthening the Sctex PasigPotero Bridge in Porac as part of its maintenance initiatives for the expressways.

Pilmico unveils new cat food line

ilmico Animal Nutrition Corp. (Pilmico) said it has expanded its pet food brand Maxime with the launch of a new offering for cats, which will be available on Shopee and Lazada stores starting February 14. Maxime began catering food products for canines in 2020 in both ecommerce platforms, as well as in pet shops and agri post shops. Following its success, the company continues to capitalize on the growing pet food market with its own line for felines. According to Maxime National Sales Manager Blessie Zarzuela, owning pets has already been a trend in the Philippines pre-Covid-19 crisis, and more owners discern further “the choices they make for their pet’s nutritional needs.” “Being in the animal nutrition business for over 20 years, we wanted to share our expertise in this field and be a reliable partner in our customers’ pet parenthood journey,” she said. Pilmico said it offers a minerallybalanced and easily digestible formulation for cats to reach their optimal health. It comes in two flavors, tuna and salmon, which are both enriched with taurine for better vision support. Norie Bermudez, first vice president and chief operating officer of Feeds Division at Pilmico, said that this launch brings the firm closer to its goal of growing and diversifying in both agribusiness and food categories. Roderick L. Abad

“Just like the other bridges along the Nlex-Sctex network, San Matias and Pasig-Potrero are essential in facilitating ease of travel and efficient delivery of commodities. We are doing the necessary repairs as part of our commitment to keep our assets in good condition and more importantly, provide motorists with a safe and smooth expressway experience,” he said in a statement. San Matias Bridge is an 80-meter bridge located between the San Fernando and San Simon interchanges. Upgrading works for the said bridge includes the replacement of two link slabs and the enhancement of its sup-

port and deck surface. Targeted for completion within one month, the works at the San Matias bridge require occasional lane closures. The project also involves the use of a Bailey bridge to allow Class 1 and 2 vehicles (cars, vans, small trucks, and buses) to cross over the link slab repair site. A counterflow lane is also open at the northbound carriageway to accommodate Class 3 vehicles or big trucks. Meanwhile, the 720-meter PasigPotrero bridge, which links Subic and Clark, is also being strengthened as the sand surrounding the piers have diminished due to quarrying

operations. To improve the bridge’s serviceability and protect its structure, sheet piles and gabions are being installed. The strengthening works are expected to be completed within the second quarter. Apart from the said bridges, the tollway company is also continuously rehabilitating the five-kilometer Candaba Viaduct. At present, the girders and slabs are being upgraded to further ensure safety. Last year, the Meycauayan and Bigaa bridges in Bulacan were rehabilitated while the Porac and Gumain bridges in Pampanga underwent safety repairs.

FPH donates additional vaccines to LGUs

opez-led First Philippine Holdings Corp. (FPH) is donating 100,000 additional Moderna anti-Covid-19 vaccines to various local government units (LGUs) and institutions around the country as part of the Lopez Group’s continuing efforts to help the government control the spread of the pandemic. Ricky Carandang, FPH vice president and head of corporate communications, said that the Lopez Group has started the distribution of the Moderna vaccines, and it hopes to complete the deliveries within the first quarter of the year. These donations will come on top of another 83,800 Astra-Zeneca and Moderna doses that FPH and its subsidiaries re-allocated to LGUs last year, Carandang added. Many of the donated vaccines have already reached their destination in the provinces, while some batches are ready for release or awaiting final approval from the National Task Force Against Covid-19 (NTF), he explained. The total 183,800 anti-Covid shots re-apportioned by FPH to target recipients from 2021 to date do not include thousands of vaccines that the FPH Group is administering for employees, contractors and their dependents, said Catherine Colmenares-Cabrillos, FPH’s vaccine re-allocation project manager. Cabrillos added that this year’s recipients include the Ilocos Norte provincial government and the town of Burgos also in Ilocos Norte; San

A health worker administers a Covid-19 vaccine to a resident of Dumaguete City in Negros Oriental during the recent rollout of Covid-19 vaccines that the Lopez Group re-allocated for the benefit of the local government unit. Contributed photo

Jose City, Alfonso Castaneda, Carranglan and Pantabangan in Nueva Ecija; Floridablanca, Lubao, Porac and Santa Rita in Pampanga; Lobo in Batangas province; and the provincial government of Sorsogon in Bicol. The University Health Service of the University of the Philippines, on the other hand, is getting over 2,000 Astra-Zeneca anti-Covid-19 shots. FPH is also finalizing with the NTF the donations for Guagua and Sasmuan in Pampanga, Batangas City, Iloilo City and Cagayan De Oro City. The donated vaccines range in number from a few hundred shots, for the small LGUs; to tens of thousands, for the big cities and provinces, Cabrillos further said. In 2021, the re-allocated vaccine shots from FPH went to 27 LGUs and the Department of Transportation. FPH acquired the bulk or 68,800 of these doses last year from Astra-Zeneca; and the

remaining 15,000, from Moderna. Among the recipients in 2021 were the LGUs of Mandaluyong, Manila, Paranaque and Taguig in Metro Manila; Maria Aurora in Aurora province; Santo Tomas City and Tanauan City, as well as the town of Bay in Batangas; Calauan, Laguna; Legaspi City and Sorsogon City in Bicol; Bacolod City and Iloilo City in Western Visayas; the provincial governments of Bohol, Camarines Sur, Marinduque, Negros Oriental and Nueva Ecija; and the towns of Kananga in Leyte, Jabonga in Agusan del Norte, as well as Impasugong, Libona and Manolo Fortich in Bukidnon. “In our own small way, we help in government’s program to recover from the pandemic by expanding the scope of our own vaccination program. Through our presence in the provinces, we are able to get in touch with LGUs and facilitate the task of coordinating vaccine deliveries not only to the LGUs hosting our projects, but also to nearby areas whose residents equally need protection against Covid-19,” Carandang noted. Some of the LGUs made it to both the 2021 and 2022 lists of recipients because they needed additional vaccines this year on top of what they got last year, Cabrillos said. “The recipients were identified by the CSR teams of the FPH subsidiaries who conducted site validation and prepared their recommendations, based on the needs of the communities,” Cabrillos added.

ERC: Bohol WESM resumes operations T he Wholesale Electricity Spot Market (WESM) in Bohol resumed operations last week after a critical transmission line was energized, the Energy Regulatory Commission (ERC) said. The ERC has directed the Philippine Electricity Market Corp.-Market Operator (PEMC-MO) to resume the operations of the spot market after the National Grid Corporation of the Philippines-Visayas System Operations (NGCP- VSO) reported that the 138 KV Maasin-Ubay Line was energized last February 9, and consequently, the Bohol Island was resynchronized to the Visayas grid. “The ERC has been closely monitoring the situation in Bohol, and the recent resynchronization is a welcome development. In view of this, we are now lifting the market suspension in Bohol to ensure sustainable power supply and help in the province’s economic recovery after the devastation caused by Typhoon Odette,” said ERC Chairperson Agnes VST Devanadera. Bohol Island was excluded when the operations of WESM in the Visayas

Grid resumed last January 17 pending completion of the Maasin-Ubay Line. Through the NGCP’s Emergency Restoration System, the 138 KV MaasinUbay Line, which serves as a link for the transmission of power from Leyte to Bohol, was re-energized. “We have advised PEMC-MO to effect the resumption through a Notice of Market Resumption. The lifting of market suspension due to the completion of the Maasin-Ubay Line will enable the exportation of power to Bohol and will mean a more stable power for the electricity consumers in the area,” Devanadera said. Under ERC Resolution No. 12, Series of 2018 titled “A Resolution Adopting Amendments to the Rules in the Event of Market Suspension or Declaration of Temporary Market Failure and the Subsequent Market Resumption of the Operation of the Wholesale Electricity Spot Market”, the ERC is responsible for determining when the market is to resume upon report from the NGCP-VSO, particularly after resynchronization of the isolated part of the grid for 24 consecutive hours. Lenie Lectura

STOCK-MARKET OUTLOOK Last week

Share prices fell last week as investors decided to pocket gains after the main index reached the 7,500-point level and the kickoff of the official campaign season for the national elections. The benchmark Philippine Stock Exchange index declined 185.99 points to close at 7,270.36 points. The main index was already down at the start of the week, but managed to post two days of successive gains, and even closed at 7,502.48 on Wednesday, its highest in 12 months. Prices plummeted in the next two days as many investors decided to pocket their gains despite the relaxation of quarantine restrictions. Average daily value for the week was high at P11.07 billion as foreign investors, which make up 38 percent of total trades, were net buyers at P5.72 billion. Most of the other sub-indices closed in the red, led by the All Shares index which fell 61.81 points to close at 3,872.13, the Financials index declined 21.57 to 1,715.55, the Industrial index retreated 240.30 to 10,585.54, the Holding Firms index plunged 391.45 to 6,844.31, the Property index rose 70.02 to 3,397.07, the Services index shed 53.84 to 1,908.18 and the Mining and Oil index gained 398.65 to 10,951.40. For the week, losers edged gainers 111 to 100 and 40 shares were unchanged. Top gainers were Kepwealth Property Phils. Inc., Wellex Industries Inc., PH Resorts Group Holdings Inc., Doubledragon Corp., Merrymart Consumer Corp. and Chelsea Logistics and Infrastructure Holdings Corp. Top losers were BHI Holdings Inc., Grand Plaza Hotel Corp., ACE Enexor Inc., Globe Telecom Inc., Concrete Aggregates Corp. B and ATN Holdings Inc. A and B shares.

This week

Share prices may rise this week, as investors will closely watch the first policy meeting for the year of the Monetary Board of the Bangko Sentral ng Pilipinas (BSP) on February 17. Broker 2TradeAsia said investors are already pricing in the looming interest rate hike of the United States Federal Reserve, which had already hinted at a number of increases this year. Investors will monitor how local monetary authorities will react. “Despite (BSP’s) assurances that tightening would not come until much later, there will be increased pressure on this end, particularly amid the onset of summer season coinciding with the elections, which is the seasonal drivers of CPI [consumer price index] baskets,” it said. “We reiterate that the chances of being sucker-punched by and earlier-than-expected rate adjustment, such as within the first half, is low at this point, but prudence dictates some lightening towards rate-sensitive and hypergrowth sectors.” Analysts advised investors to brace for wild swing in prices as the market attempts to build a stronger base for the crucial 7,500-point level to hold. Immediate support is seen for the main index at 7,200 points and resistance at 7,500 points.

Stock picks

Broker Regina Capital Development Corp. advised to cut loss on the stock of DITO CME Holdings Corp. as the stock corrected after it broke above its 100-day moving average at P6.17, following a volume-backed rally for four days last week. “At this point, it would be best to cut losses as the bears could possibly take over in the next trading sessions,” the broker said, placing a price target at the stock at P5.60. DITO’s share price closed at P6.11 apiece last Friday. Meanwhile, it advised to trade the range on the stock of telco giant PLDT Inc. after its technical readings shifted to a bullish sign after showing bearishness since the start of the year. “Buying pressure picked up, expanding the gap between buyers and sellers as the momentum increased. With these in mind, TEL’s sideways movement could be sustained, at least for the short-term,” it said, placing a weekly target on the stock at P1,950. PLDT shares closed last week at P1,830. VG Cabuag

Companies BusinessMirror

Monday, February 14, 2022

www.businessmirror.com.ph

2 power firms want to join power auction–Meralco

By Lenie Lectura

@llectura

wo power firms are keen on challenging an unsolicited bid offer to supply the Manila Electric Co. (Meralco) 850 megawatts (MW) of mid-merit renewable energy. Meralco utility economics head Lawrence Fernandez said, however, that he could not divulge the identities of the firms yet, pending the actual bidding next month. “There were two companies that expressed interest to participate in the competitive challenge. Thus, we have three participants in the CSP [competitive selection process), the original proponent and two challengers,” said Fernandez.

Meralco received last month Terra Solar’s unsolicited bid offer. It proposed a P6.0800 per kilowatt-hour (kWh) headline rate and levelized cost of electricity (LCOE). Terra Solar is the special purpose vehicle of Prime Infrastructure Capital Inc. and Solar Philippines Power Project Holdings, Inc. Terra Solar will source power from its planned solar power plants with Energy Storage System (ESS)

in Batangas-Cavite, Bulacan, Nueva Ecija, Tarlac, and Zambales. The bid invite stated that these plants are under development. The offer includes 600 MW to be made available for Meralco by February 26, 2026; while the additional 250 MW is expected to be delivered starting February 26, 2027. As part of the CSP, Meralco invited interested firms to challenge Terra Solar’s offer. “Meralco, through the Third-Party Bids and Awards Committee [TPBAC], hereby invites all interested and qualified parties to participate in the competitive challenge bidding,” Meralco said. The deadline for the submission of bids is on March 7. The bidders may change their indicated nominated power plant until February 28. They are required to pay P4.25 million in participation fee in order to become an interested bidder and to

obtain bid documents. An additional P2.5-billion bid security is required. This CSP round is in compliance with the Department of Energy’s policy on Renewable Portfolio Standards (RPS) and forms part of Meralco’s efforts to source up to 1,500 MW of its power requirements from renewable energy sources. “We aim to accelerate our transition to cleaner energy as we pledge to source 1,500MW of power requirements from renewable energy sources in the next five years,” Meralco President Ray Espinosa said last year. “We’re also committed to building up to 1,500MW in utility scale renewable energy power plants in the next five to seven years.” Incidentally, Meralco’s power generation arm, Meralco PowerGen Corp., is developing renewable projects with a total capacity of 1,500MW. It has already built a 55MW solar power plant in Bulacan, which started operations in May last year.

Giant miners to see record profits slip mutual funds

February 11, 2022

NAV

One Year Three Year

Five Year

per share Return*

Y-T-D Return

Stock Funds ALFM Growth Fund, Inc. -a

236.7

5.27%

-4.26%

-1.29%

1.55%

ATRAM Alpha Opportunity Fund, Inc. -a

1.5766

20.02%

-0.2%

2.37%

-5.26%

-7.94%

ATRAM Philippine Equity Opportunity Fund, Inc. -a 3.2749

Workers walk through a tunnel in the underground mining project at the Oyu Tolgoi copper-gold mine, jointly owned by Rio Tinto Group's Turquoise Hill Resources Ltd. unit and state-owned Erdenes Oyu Tolgoi LLC, in Khanbogd, the South Gobi desert, Mongolia, on Sept. 22, 2018. Bloomberg News

nvestors in the world’s biggest mining companies will this month be watching for signs that mounting cost pressures and the impacts of slowing Chinese growth could further erode record earnings. Miners are likely to report a drop in profits. The top-five western diversified mining companies, including iron-ore giants Rio Tinto Group, Vale SA and BHP Group Ltd., may see combined 2021 second-half earnings of $73 billion, according to analysts’ estimates, compared to $82 billion in the first half. Although elevated prices for metals mean profits remain robust on a historical basis, the dip is reflective of the headwinds that developed over the period. “That’s going to be a theme: With the bumper profits that they’re enjoying, they are rewarding shareholders with dividends rather than ploughing it back into expansion,” said David Bassanese, chief economist at fund manager BetaShares in Sydney. “That shows that there’s not a lot of confidence” for the longerterm, with uncertainty about China at the forefront of concerns, he said. Threats to economic growth in the world’s largest metals consumer are clouding the outlook for miners—and especially iron-ore companies. China’s property market, which consumes around a third of the coun-

try’s steel output, has been cooling— Bloomberg Intelligence expects new home starts to decline by 5 percnet this year. And Beijing’s bid to cling to its Covid-zero status, even as regional outbreaks become more frequent, is the X factor that’s likely giving some resource executives sleepless nights. The pandemic has been a doubleedged sword for the mining sector over the six months to Dec. 31. On the positive side of the ledger, the trillions of dollars in stimulus packages ignited demand for commodities like iron ore, copper and aluminum, driving prices sharply higher and sending inflation pressures rippling through the global economy. On the negative: rising operating costs are set to be a feature of the latest set of reports. Labor shortages are becoming an increasing challenge to ore producers in the Pilbara region of Western Australia, a state which remains subject to strict borders controls to keep the Covid-19 out. Supply chain bottlenecks have also seen global shipping rates ratchet higher. BHP and Rio have said that a lack of workers in key roles is having an impact on their operations. Fortescue Metals Group Ltd., the world’s No. 4 ore producer, reported last month that its costs had risen 20 percent over the past 12 months driven primarily by rising fuel prices and labor shortages. Vale is expected to have offset volatile ore prices by selling down its stockpiles and getting some cost relief last quarter. Still, the market will be wary of the potential for increased provisions for remedial action following the Samarco dam disaster. The Brazilian company is still trying to get its base metals division back on track after a strike and an incident with workers trapped in a mine in Canada. That affected nickel and copper production in the third quarter. Bloomberg News

-4.09%

1.15%

Climbs Share Capital Equity Investment Fund Corp. -a 0.7638 -2.73%

-7.25% n.a.

0.96%

First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.7565 6.52%

-5.01% n.a.

-1.87%

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

7.82%

-2.17%

0.51%

1.56%

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

0.7926

8.66%

-3.96%

-2.93%

MBG Equity Investment Fund, Inc. -a

93.57

-6.07%

-8.51% n.a.

-0.91%

PAMI Equity Index Fund, Inc. -a

48.6803

4.94%

-2.81%

0.26%

1.15%

Philam Strategic Growth Fund, Inc. -a

508.34

5.07%

-2.69%

-0.23%

1.53%

Philequity Dividend Yield Fund, Inc. -a

1.3889

19.31%

1.34%

2.63%

2.4%

Philequity Fund, Inc. -a

37.1084

7.67%

-1.84%

1.26%

1.4%

0.9632

6.8%

-2.87% n.a.

2.32%

Philequity MSCI Philippine Index Fund, Inc. -a

5.48%

5.2638

Philequity PSE Index Fund Inc. -a

5.0215

5.8%

-2.12%

0.92%

1.22%

Philippine Stock Index Fund Corp. -a

838.65

5.61%

-2.13%

0.89%

1.23%

Soldivo Strategic Growth Fund, Inc. -a

0.7606

6.59%

-6.03%

-2.19%

1.06%

Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.8103

6.24%

-4.33%

-0.59%

0.92%

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

0.9554

5.13%

-2.47%

0.65%

5.19%

-2.45%

1.25%

1.02%

United Fund, Inc. -a

3.4723

1.19%

1.15%

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

1.1968

Philippine Stock Index Fund Corp. -a

11.55% n.a. n.a.

2.93%

1029 n.a. n.a. n.a. n.a.

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

112.886

5.91%

-1.92%

1.37%

1.26%

Primarily invested in foreign currency securities (shares) -15.42%

4.58%

4.74%

0.61%

Sun Life Prosperity World Voyager Fund, Inc. -a $1.7525

ATRAM AsiaPlus Equity Fund, Inc. -b $1.1334

-1.61%

13.15%

10.36%

-5.09%

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

1.683

0.88%

-1.08%

-0.47%

-0.53%

ATRAM Philippine Balanced Fund, Inc. -a

2.2962

1.31%

-0.45%

0.1%

0.64%

4.42%

0.49%

1.66%

1.03%

First Metro Save and Learn Balanced Fund Inc. -a 2.7188

First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.2117

7.74% n.a. n.a.

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

2.0293

3.18%

1.83%

2.05%

PAMI Horizon Fund, Inc. -a

3.7922

0.71%

1.18%

0.86%

0.72%

Philam Fund, Inc. -a

16.9767

0.8%

0.84%

0.78%

Solidaritas Fund, Inc. -a

2.1386

2.57%

-0.42%

0.75%

0.81%

Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.6631 2.96%

-1.63%

0.19%

0.44%

Sun Life Prosperity Dynamic Fund, Inc. -a

-0.32%

0.73%

1.06%

0.9643

8.81%

1.29%

0.62%

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

0.984

-3.09%

-0.59% n.a.

Sun Life Prosperity Achiever Fund 2038, Inc. -a

0.9521

1.18%

-1.62% n.a.

-0.59% 0.8%

Sun Life Prosperity Achiever Fund 2048, Inc. -a

0.942

1.89%

-1.96% n.a.

0.87%

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

$0.03648

-6%

0.74%

0.59%

PAMI Asia Balanced Fund, Inc. -b

$1.0696

-10.43%

3.19%

3.13%

-3.85% 0.23%

Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.6068 -2.65%

9.22%

7.52%

-4.07%

Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,2 $1.1586 -3.98%

4.49%

3.63%

-3.34%

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

374.37

0.73%

2.74%

2.48%

0.02%

ATRAM Corporate Bond Fund, Inc. -a

1.8874

-0.9%

0.27%

0.08%

0.14%

Cocolife Fixed Income Fund, Inc. -a

3.2472

0.89%

2.82%

3.8%

0.1%

2.242

-2.36%

1.49%

1.27%

-0.42%

Ekklesia Mutual Fund Inc. -a

First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4235

-1%

2.81%

1.81%

-0.1%

-5.52%

3.74%

1.21%

-0.41%

1.3227

-0.05%

3.71%

2.88%

0.27%

3.967

-0.43%

3.5%

2.63%

0.03%

1.0242

-1.4%

1.78%

-0.39%

Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1873

-0.54%

4.05%

3.04%

Sun Life Prosperity GS Fund, Inc. -a

-1.15%

3.18%

2.37%

-0.1%

Philam Bond Fund, Inc. -a

4.3777

Philam Managed Income Fund, Inc. -a Philequity Peso Bond Fund, Inc. -a Soldivo Bond Fund, Inc. -a

1.7289

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

$488.15

0.62%

2.7%

2.32%

-0.29%

ALFM Euro Bond Fund, Inc. -a

Є218.45

-0.48%

0.65%

0.87%

-0.71%

ATRAM Total Return Dollar Bond Fund, Inc. -b $1.1694

-7.7%

0.74%

1.11%

-2.87%

0.79%

0.56%

-1.54%

-2.09%

-1.56%

-3.88%

First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0256 -3.03% PAMI Global Bond Fund, Inc -b

$0.9831

-9.77%

$2.4162

-4.44%

2.91%

1.89%

-3.57%

$0.0618203

-1.22%

2.55%

1.76%

-0.76%

Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.0544 -4.89%

1.5%

0.72%

-4.44%

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

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

131.34

1.02%

2.62%

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

1.0592

0.97%

Sun Life Prosperity Peso Starter Fund, Inc. -a,1 1.3178

1.48%

2.49%

2.54%

0.11%

1.9% n.a. 2.52%

0.14%

0.17%

Primarily invested in foreign currency securities (shares) Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0612

0.71%

1.38% n.a.

0.06%

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

46.9014 n.a. n.a. n.a. n.a.

Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a 1.3599

15.03% n.a. n.a.

-1.66%

Primarily invested in foreign currency securities (units) ALFM Global Multi-Asset Income Fund Inc. -a

$0.948

-4.24% 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.

-2.27%

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."

www.businessmirror.com.ph

Banking&Finance

Financial-consumer aegis awaits Duterte signature By Jovee Marie N. dela Cruz @joveemarie

senior lawmaker said the measure that would empower the Bangko Sentral ng Pilipinas (BSP) and the rest of the banking community to better protect financial consumers against phishing and other online scams is now awaiting the signature of President Duterte. Camarines Sur Rep. Luis Raymund F. Villafuerte expressed confidence the president will sign this measure into law soon. Villafuerte, one of the authors of the bill, said the measure aims to regulate the use of bank accounts and electronic wallets and consider certain illegal financial acts related to their use as a form of economic sabotage and a heinous crime if done on a large scale. He said this measure aims to combat cybercrimes by, among others, penalizing social engineering schemes, commonly known as “phishing,” which lead to illegal financial activities. “Our ongoing efforts to accelerate the country’s digital switch must be complemented by measures to safeguard consumers against cyber threats and other illegal online schemes,” Villafuerte added. “The recent gains in the digitalization of financial services should not result to adverse consequences for our people, especially during this prolonged pandemic.” According to the lawmaker, the incidence of cybercrimes has risen “with the rapid shift in the way we live and use the Internet to interact both socially and economically.” “‘Hence, it is no surprise that criminals have taken advantage of

the digitalization of banking, payment and related systems.” For Villafuerte, Covid-19 has presented new opportunities for cybercriminal exploitation, including remote work, virtual crime and persistent threats. Although banks have increased their efforts in addressing cybercrimes and consumers have also become increasingly vigilant against such offenses, Villafuerte said the Philippines still has no law against the use of financial accounts as accessory to financial crimes. “Worse, there is no punishment that can deter these criminal actions,” said Villafuerte, an advocate of the country’s digital switch even prior to last year’s outbreak of the coronavirus pandemic. The lawmaker noted reports from the Teachers Dignity Coalition (TDC) in January claimed that about 20 teachers to 40 teachers lost between P26,000 and P121,000 each from their accounts in the Land Bank of the Philippines that they alleged were hacked. The LandBank has countered its systems were safe and secure. The state-run lender added it believes these teachers had actually fallen prey to a phishing scheme that enabled scammers to access these teacher-victims’ bank information and deposits by sending them bogus links or attachments that looked like legitimate bank emails. Also last month, Villafuerte said three Filipinos and a Nigerian were indicted by the Department of Justice for the hacking attack that victimized in early December about 700 BDO Unibank Inc. customers who reportedly lost as much as P50,000 each through unauthorized transfers from their bank accounts.

Fintech firm founder rejects GOP charges on Raskin, Federal bank

founder of a fintech firm that President Joe Biden’s nominee for the top bank supervisory post at the Federal Reserve worked for after serving in the Obama administration said that Republican allegations that she behaved unethically in interacting with a regional Fed bank are “completely false.” Sarah Bloom Raskin’s “conduct was appropriate, ethical and correct in every respect,” Dennis Gingold, co-founder and former chairman of the Reserve Trust company said last Friday in a statement to Bloomberg News. Gingold added that Raskin had “no role whatsoever” in appealing the Kansas City Fed’s initial denial of the Coloradobased firm’s request for a master account, which allows access to the central bank’s payment system. Rather, Gingold said, lawyers representing Reserve Trust and the State of Colorado were the only participants in asking that the decision be reconsidered. Senator Pat Toomey of Pennsylvania and other Republicans on the Senate Banking Committee, which will vote next week on whether to advance the nomination to the full Senate, have suggested that Raskin, who was deputy secretary of the Treasury Department until early 2017 and before that served three years as a Fed governor, unfairly used her influence to secure the reversal. “It’s not surprising that Reserve Trust’s founder thinks there’s nothing unseemly with hiring a former Fed governor to lobby her former colleague on behalf of his company,” Toomey

spokesperson Amanda Thompson said. Raskin, who has been nominated for Federal Reserve vice chair for supervision, has said that she could not recall communicating with the Fed about the master account request but was confident she would have abided by all ethics rules. The Kansas City Fed said on Monday that Raskin had engaged in “routine” communications with the central bank branch but had granted Reserve Trust’s request because the company “changed its business model” and Colorado regulators “reinterpreted the state’s law” in a way that meant the company “met the definition of a depository institution.” The denial of any role for Raskin from Gingold and the Kansas City Fed is at odds with an assertion by Toomey, the Banking Committee’s top Republican, in a Friday letter to Esther George, the Kansas City Fed’s president. In a call earlier this month with Toomey and his staff, George “revealed that Ms. Raskin had, in fact, personally called you about Reserve Trust’s master account application after it had been denied,” Toomey said. Earlier this week, Raskin agreed, if confirmed, to sign an expanded ethics agreement. Under the agreement, she would extend to four years, instead of two, any recusals she would be expected to undertake while at the Federal Reserve. Raskin also agreed not seek employment or compensation from any financial services company for at least four years after leaving the Fed. Bloomberg News

BusinessMirror

Editor: Dennis D. Estopace • Monday, February 14, 2022

Biz group presses for more MSME loans to aid recovery

By Tyrone Jasper C. Piad

@Tyronepiad

business group is pressing for more lending facilities for micro, small and medium enterprises (MSMEs) to aid their recovery efforts as intermittent lockdown measures to stem the spread of Covid-19 dented operations and profits of these pillars of the economy.

Philippine Chamber of Commerce and Industry (PCCI) President George T. Barcelon was quoted in the group’s statement as saying that making loans available to MSMEs “can go a long way” to fund these businesses’ digital adoption. The need for digitalization of business operations has been emphasized in recent years due to mobil-

ity restrictions, which also changed consumer behavior. Adapting to such transformation through use of digital platforms has boosted industry players’ business continuity plans. “We see the inequality after the Covid-19: the smaller guys are even more marginalized. We can see that many of them are brick-and-mortar businesses and they have to learn

to shift quickly to the e-platform [while] they suffer from different constraints in the supply chain,” Barcelon said. “And most of all, what they need is really financial assistance.” According to the PCCI official, extending additional financing to the MSMEs is deemed necessary as they were the “most affected by the Covid-19” pandemic. The sector accounts for 99.6 percent of the establishments and 60 percent of the total employment in the country. Barcelon acknowledged the zerointerest lending facility provided by Small Business Corp. (SB Corp.), one of many offered by government. But he said it was still “never enough because the severity of the lockdown is just too much, especially [for] the micro [businesses] to last.” The PCCI official was referring to the Bayanihan Covid-19 Assistance to Restart Enterprises, or “Cares,” program, which was able to provide P6.8 billion loans to 40,000 MSMEs in two years. The SB Corp., however, an-

nounced last month that funding for the program has been fully utilized. Trade Secretary Ramon M. Lopez told the BusinessMirror the resumption of the Cares program is relative to the infusion of fresh funds. That will depend “on new allocation, if ever, in the next Congress,” Lopez told the BusinessMirror. Still, SB Corp. clarified last month it will still process applications for other lending programs catering to tourism-related establishments, displaced overseas Filipino workers (OFWs) and retail stores, minigroceries and small dealers in the consumer-goods supply chain. Other government initiatives like the Small Business Wage Subsidy program and Covid-19 Adjustment Measures program also cater to both formal and informal sectors, Barcelon noted. “Despite these programs, we still need to do a lot more for the long term and stimulus packages to help the micro and small establishments,” he said.

SSS reveals new schedules for payment, loan refunds By Bernadette D. Nicolas @BNicolasBM

TATE-run Social Security System (SSS) extended the contribution payment deadline for selected months in 2021 to February 28 this year in areas declared under state of calamity due to Typhoon Odette. In its Circular 2022-004 dated February 9, the SSS said business and household employers may pay their contributions for the applicable months of November and December 2021 until the extended deadline. The extended deadline also covers the October-to-December contribution payments of coverage and collection partners, self-employed, voluntary, non-working spouse (SE/V/ NWS) members and land-based Overseas Filipino Worker (OFW) members in the following regions: IV-B (Mimaropa); VI (Western Visayas); VII (Central Visayas); VIII (Eastern Visayas); X (Northern Mindanao); and, XIII (Caraga). “We have seen the adverse effects brought by Typhoon Odette to our fellow citizens last December. Through this extension, we aim to alleviate the worries of our members, employers and CCPs in the affected areas by helping them to not miss their contribution payments or avoid the penalties of late payments,” SSS President and CEO Aurora C. Ignacio was quoted in a statement as saying. For employers with approved installment proposals, their postdated checks that fall due in December 2021 and January 2022 shall be deposited on or before February 28, 2022.

Beneficiary’s eligibility

MEANWHILE, no contributions paid retroactively by an SE/V/NWS and land-based OFW member will be used in determining his/her eligibility to any benefit arising from a contingency wherein the date of pay-

ment is within or after the semester of contingency. For example, if an SE/V/NWS or land-based OFW member gets ill in April this year, his/her semester of contingency will be from January to June 2022. This would mean that contributions paid during this time of extension will not be used to determine the eligibility of the said member for the benefit since the date of payment falls within the semester of contingency. Under normal circumstances, the SSS’s contribution payment deadline of business employers is every last day of the month following the applicable month, while for household employers and SE/V/NWS members, the deadline is every last day of the month following the applicable month or calendar quarter, as the case may be. Moreover, the contribution payment deadline for land-based OFW members for the applicable months of January to September of a given year is every December 31 of the same year, while for the applicable months of October to December of a given year, it is every January 31 of the succeeding year. If the deadline falls on a Saturday, Sunday or holiday, payments may still be made on the next working day, according to the pension-fund manager. The SSS also opened a calamity assistance package for its members and pensioners affected by Typhoon Odette. Included in the package are: a calamity loan assistance program for members; 3-month advance pension for SS and EC pensioners that will run until April 13, 2022; and, a direct house repair and improvement loan program, which will be open for applications until December 23, 2022.

A grace period

IN a related development, SSS also announced on Friday that it has started refunding on January 20 about one month to two months

of loan payments collected from its pension loan borrowers under its Pension Loan Program (PLP) in 2020 in compliance with the provisions of Republic Act 11494 or the Bayanihan to Recover as One Act (Bayanihan 2). Under the Bayanihan 2 law, banks, quasi-banks, financing companies, lending companies and other financing institutions, both public and private, were directed to give a 30-day grace period for borrowers’ loan payments without incurring any interest on interest, penalties, fees and other charges. The provision covered loan payments with dues that fall within September 15 to December 31, 2020. Ignacio said the SSS will refund P105-million worth of pension loan payments to 25,231 pension loan borrowers, adding that these will greatly help them cope with the impact of the Covid-19 pandemic. “We understand the predicament faced by our PLP borrowers, which is why they opted to file their loans to SSS to further finance their medical and immediate financial concerns brought about by the current pandemic,” Ignacio said.

Detailed process

LAUNCHED in September 2018, the PLP has been helping retiree pensioners with their short-term financial needs by offering a loan at a low-interest rate of 10 percent per annum with a maximum loanable amount of P200,000.00 payable in 6, 12 and 24 months. Eligible SSS retiree pensioners are those who are currently amortizing as of the implementation date and those who started their monthly amortization in October 2020. They will receive loan payment refunds for their loan payments in October and November 2020. For pensioners who started their monthly amortization in November 2020, they will get a refund for their loan payments in November and December 2020 while those who only

started paying their loan amortizations in December 2020 will only get a one-month refund for December 2020. Ignacio said they are advising pensioners that they no longer have to visit SSS to apply for the said refund. Ignacio added that like the refund of the April and May 2020 loan payments last December 9, 2021 and December 10, 2021 under Bayanihan 1, these pension loan payment refunds will automatically be credited to qualified pensioners through their respective SSS UMID-ATM card or Union Bank “QuickCard” savings accounts where they already received the proceeds.

SSS extension

IN addition, SSS would also extend the pensioner’s loan payment term by one or two months without any additional interest or penalty. Suppose a pensioner’s loan payment term is until September 2021 and received a 2-month refund; their payment terms will be until November 2021 without any interest or penalties. Likewise, their pension loan will remain insured without any additional premiums until the end of the extended payment term. Pensioners may also renew their applications after the expiration of their original loan payment term. However, the remaining balance from the pensioners’ previous pension loan will be deducted from their current or new loans. For example, a pensioner’s original loan term is until September 2021, but the refund extended it until November 2021. The pensioner can already renew his pension loan by October 2021, wherein any outstanding balance from the pensioner’s previous loan will be deducted from his new pension loan. From January to December 2021, the SSS has released P3.09-billion worth of pension loans to 69,111 pension loan borrowers.

Bank marketing group bares sets of officers

HE Bank Marketing Association of the Philippines (BMAP) announced new sets of officers for 2022-2023 following the elections held recently. Standard Chartered Bank Head of Corporate Affairs, Brand and Marketing Mai Sangalang was elected president of BMAP and Robinsons Bank First Vice President for Marketing Group Janette Y. Abad Santos for Vice President. Other BMAP officers are BPI Vice President and Head of Corporate Affairs Group Owen L. Cammayo as secretary; RCBC Senior Vice President and Head of Retail

Banking Customer Acquisition and Retention Division Emmanuel Mari K. Valdes as treasurer; China Bank Head of Marketing Communications Department Mary Ann Reyes-Ducanes as auditor; Philippine Veterans Bank First Vice President and Head of Marketing and Communications Miguel Angelo C. Villa-Real as director for industry relations, banking code and financial inclusions; Philippine Business Bank Head of Corporate Affairs and Brand Marketing Judith C. Songlingco as director for programs; BDO Unibank First Vice President-OIC of Marketing Com-

munications Group Hannah Regina H. Lopez as director for membership; Metrobank Vice President for Corporate Affairs Division Estela S. Calderon as director for ways and means; Security Bank Vice President and Head of Corporate Communications and Brand Tanya AnsaldoDeakin as director for publicity and digital marketing; and, Avanza Inc. President and COO Yayu E. Javier as director and elections chairman. Established in 1974, BMAP is a non-stock, non-profit organization with 35 member banks and associate members that champions and seeks

to elevate the practice of bank marketing and communications in the country. It also acts as the voice of the industry on matters concerning customer interests. This year, the BMAP vows to continue to work closely with the Bangko Sentral ng Pilipinas and other industry associations to enhance and promote the welfare of the industry and the banking public. Recently, the BMAP partnered with the Bankers Association of the Philippines (BAP) on an anti-scam initiative to raise and promote the public’s cybersecurity awareness.

Explainer BusinessMirror

B4 Monday, February 14, 2022

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Putin’s Ukraine strategy mixes threats, diplomacy By Vladimir Isachenkov

all we know about Mr. Putin is that he is not a gambler. He is a calculated player.”

The Associated Press

Potential paths for compromise

ITH Russia carrying out a massive military buildup near Ukraine and the West roundly rejecting Moscow’s security demands, a window for diplomacy in the crisis appears to be closing. But even as Moscow continues to bolster its forces and holds sweeping war games, President Vladimir Putin is keeping the window open for more negotiations in a calculated game of brinkmanship intended to persuade Washington and its allies to accept Russia’s demands. The West fears that a Russian invasion of Ukraine may be imminent, while Russia maintains it has no plans to do so but wants its security concerns addressed. Here is a look at the Kremlin’s strategy in the standoff:

Demands and responses

Russia wants the US and its allies to keep Ukraine and other former Soviet nations from joining Nato, refrain from putting any weapons near Russia, and roll back alliance forces from Eastern Europe. Washington and Nato reject those demands as “nonstarters,” but they also are offering to discuss possible limits on missile deployments, a greater transparency of military drills and other confidencebuilding measures. Putin has yet to deliver Moscow’s formal response to the Western proposals, but he has already described them as secondary and warned that he wouldn’t take “no” for an answer on his main demands. He countered the Western argument about Nato having an open-door policy by arguing that it threatens Russia and violates the principle of the “indivisibility of security” enshrined in international agreements.

Military muscle-flexing

With the West rejecting its key demands, the Kremlin has raised the stakes by massing over 100,000 troops near Ukraine and carrying out a series of military maneuvers from the Arctic Ocean to the Black Sea. As part of the show of force, Moscow has moved trainloads of troops, tanks and

weapons from the Far East and Siberia to Belarus for joint war games, drawing Western concerns that Russia could use them as a cover for an invasion. Washington and its allies are raising the prospect of unprecedented sanctions in the event of an invasion, including a possible ban on dollar transactions, draconian restrictions on key technology imports like microchips, and the shutdown of a newly built Russian gas pipeline to Germany. President Joe Biden’s administration also has deployed additional US troops to Poland, Romania and Germany in a show of Washington’s commitment to protect Nato’s eastern flank. The US and its allies have delivered planeloads of weapons and munitions to Ukraine.

Calculated escalation

By concentrating troops that could attack Ukraine from many directions, Putin has demonstrated a readiness to escalate the crisis to achieve his goals. “Putin appears overconfident and is exhibiting a high level of risk-tolerance,” said Ben Hodges, who served as commanding general of the US Army Europe and now works at the Center for European Policy Analysis. “He seems intent on applying maximum pressure on the West in this selfmanufactured crisis, in hopes that Ukraine or Nato will eventually make concessions.” Some observers expect Putin to further ratchet up tensions by expanding the scope and area of the military drills. Fyodor Lukyanov, head of the Moscowbased Council for Foreign and Defense Policies who closely follows the Kremlin’s thinking, predicted a Western refusal to discuss Russia’s main demands would trigger a new round of escalation. “Logically, Russia will need to raise the level of tensions,” Lukyanov said. “If the goals set are not being achieved, then

RUSSIAN President Vladimir Putin waves at French President Emmanuel Macron during their meeting in the Kremlin in Moscow, Russia, Monday, February 7, 2022. Macron traveled to Moscow in a bid to help defuse tensions amid a Russian troop buildup near Ukraine that fueled fears of an invasion. Sputnik, Kremlin Pool Photo via AP

you need to increase pressure—first of all through a demonstration of force.” Lukyanov said that while invading Ukraine is not what Putin wants, he may challenge the West by other means. “The whole idea as envisaged by Putin. ..was not to solve the Ukrainian crisis by

means of war, but to bring the West to the negotiations table about principles of European security arrangements,” Lukyanov noted. “The moment Russia starts a war against Ukraine, the whole previous game will be over and the new game will happen at an absolutely different level of risk. And

While Putin and his officials have insisted they expect the US and Nato to bow to Russia’s demands—a prospect that looks all but impossible—some Kremlin-watchers expect Moscow to eventually accept a compromise that would help avoid hostilities and allow all sides to save face. Even though Western allies won’t renounce Nato’s open-door policy, they have no intention to embrace Ukraine or any other ex-Soviet nation anytime soon. Some analysts floated an idea of a potential moratorium on expanding the alliance. Gwendolyn Sasse, a Carnegie Europe fellow who heads the Centre for East European and International Studies in Berlin, voiced skepticism, saying that “the worst would be to signal that there are divisions in Nato,” noting that Putin might not be satisfied with it either. Another possibility is the “Finlandization” of Ukraine, meaning that the country would acquire a neutral status, the way Finland did after World War II. The policy helped it maintain friendly ties with the Soviet Union throughout the Cold War. Such a move would represent a sharp revision of Kyiv’s course toward Nato membership and likely fuel strong domestic criticism, but the Ukrainian public could eventually welcome the policy twist as a lesser evil, compared with a Russian invasion. Asked about the “Finlandization” idea, French President Emmanuel Macron told reporters Monday that “this is one of the models on the table,” but he backtracked the next day when he visited Kyiv. Another potential compromise would likely include steps to defuse tensions in eastern Ukraine, which has been controlled by Russia-backed separatists since a rebellion flared up there in 2014 shortly after Moscow’s annexation of Ukraine’s Crimean Peninsula. Russia has urged the West to press Ukraine to fulfill its obligations under a 2015 peace deal that was brokered by France and Germany and required Kyiv to offer self-rule to the rebel-held territories. The deal has been seen by Ukrainians as a betrayal of the country’s national interests and its implementation has stalled. Macron this week described the agreement as “the only path allowing to build peace...and find a sustainable political solution.”

Ukraine not joining Nato, so why does Putin worry? By Robert Burns

The Associated Press

T the core of the Ukraine crisis is a puzzle: Why would Russian President Vladimir Putin push Europe to the brink of war to demand the West not do something that it has no plan to do anyway? Russia says Nato, the American-led alliance that has on its hands the biggest European crisis in decades, must never offer membership to Ukraine, which gained independence as the Soviet Union broke apart about 30 years ago. Ukraine has long aspired to join Nato, but the alliance is not about to offer an invitation, due in part to Ukraine’s official corruption, shortcomings in its defense establishment, and its lack of control over its international borders. Putin’s demands go beyond the question of Ukraine’s association with Nato, but that link is central to his complaint that the West has pushed him to the limits of his patience by edging closer to Russian borders. He asserts that Nato expansion years ago has enhanced its security at the expense of Russia’s. The Russians demand a legal guara ntee t h at U k ra i ne be den ied Nato membership, knowing that Nato as a matter of principle has never excluded potential membership for any European country—even Russia—but has no plan to start Ukraine down the road toward membership in the foreseeable future. The principle cited by Nato is that all nations should be free to choose whom they align with. Why, then, is Moscow making an issue of Ukraine’s relationship with Nato now? The answer is complicated.

Why is Putin worried about Ukraine joining Nato?

The stated reason is that a further eastward expansion of Nato would pose a security threat to Russia. Washington and its allies deny this is a valid worry, since no Nato country is threatening to use force against Russia. More broadly, Putin wants Nato to pull back its existing military presence in Eastern Europe, which includes a regularly rotating series of exercises in Lithuania, Latvia and Estonia, all former Soviet states. There are no US troops based permanently in those three Baltic countries; currently there are about 100 serving a rotational tour in Lithuania and about 60 in Estonia and Latvia combined, the Pentagon says. Putin also opposes Nato’s missile defense presence in Romania, a former Soviet satellite state, and a similar base under development in Poland, saying they could be converted to offensive weapons capable of threatening Russia. President Joe Biden this week approved sending an additional 2,700 American troops to Eastern Europe—1,700 to Poland and 1,000 to Romania—plus 300 to Germany. Ukraine has deep historical and cultural ties to Russia, and Putin has repeatedly asserted that Russians and Ukrainians are “one people.” He has said that large chunks of Ukrainian territory are historical parts of Russia that were arbitrarily granted to Ukraine by communist leaders under the Soviet Union. Putin’s own actions, however, have served to strengthen Ukrainians’ sense of national identity. After Russia seized the Crimean Peninsula and instigated a rebellion in eastern Ukraine in 2014, Ukraine’s desire to align itself with the West and join Nato only grew.

Putin recently described his Ukraine concern more specifically. He sketched out a scenario in which Ukraine might use military force to reclaim the Crimean Peninsula or to recapture areas in eastern Ukraine that are now effectively controlled by Russian-backed separatists. “Imagine that Ukraine becomes a Nato member and launches those military operations,” Putin said. “Should we fight Nato then? Has anyone thought about it?” Indeed, some in Nato have thought about the prospect of an expanded war with Russia inside Ukraine. It is a reminder of what Nato membership means—an attack on one is an attack on all, which in the theoretical case of Ukraine being attacked by Russia would mean a legal commitment by every Nato member to come to its defense.

What are Ukraine’s prospects for joining Nato?

The prospects are extremely unlikely for the foreseeable future. Although Ukraine has no membership offer from Nato, it has drawn closer to the alliance over time, starting with the establishment in 1997 of a Nato-Ukraine Charter to further develop cooperation. Nato heads of government did publicly declare in 2008 that Ukraine, and its fellow former Soviet republic Georgia, “will become members of Nato.” They did not say when or how, but the statement could be seen as explaining Moscow’s concern that Kyiv eventually will join the alliance. On the other hand, the US and other Nato leaders who signed the 2008 statement about Ukraine and Georgia decided against giving them what is known as a Membership Action Plan—a pathway to eventual membership. Germany and France strongly opposed moving Ukraine toward

A LOCAL resident with a photo of actress Sasha Gray on his helmet attends an all-Ukrainian training campaign “Don’t panic! Get ready!” close to Kyiv, Ukraine, Sunday, February 6, 2022. AP/Efrem Lukatsky

membership and the broader view within Nato was that Ukraine would have to complete far-reaching government reforms before becoming a candidate for membership. This seeming contradiction has never been resolved, which means that while Nato’s door is open, Ukraine won’t fit through anytime soon.

How is Putin pressuring Ukraine?

Moscow says it has no intention of invading Ukraine, yet over the past several months it has assembled a robust array of combat forces along Ukraine’s borders and has implied it will take action of some kind if its demands of Washington and Nato are not met. The Biden administration says Russia is now capable of a wide range of actions, including a full-scale invasion to

capture Kyiv. Putin says Nato has gone too far not only by providing Ukraine with weaponry and military training but also by stationing forces in other Eastern European countries that compromise Russian security. It’s also true that increases over the past decade in the US and Nato military presence in Eastern Europe were triggered by Russia’s annexation of the Crimean Peninsula and its incursion into eastern Ukraine in 2014. Those Russian actions prompted Nato to redouble its focus on collective security. In September 2014, Nato leaders established a new rapid-response force capable of deploying within days, and they reaffirmed pledges to boost their defense spending.

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Editor: Gerard S. Ramos

• Monday, February 14, 2022

Where the heart is

EAR your heart on your sleeve this Valentine’s Day. Literally. That’s what the Dutch wunderkind Viktor & Rolf implored at “Love Brings Love,” the tribute show to the late founder and creative director of AZ Factory, Alber Elbaz, which closed Paris Fashion Week Spring Ready to Wear 2022. “We thought of a coat that wears hearts on its sleeves,” the design duo told Vogue of their imposing white trench coat with hearts in reds and pinks worn by model Kayako Higuchi, “just like Alber did.” The touching tribute show was attended by 44 designers united in their love for fashion and for Elbaz, who died in April 2021 from Covid-19. Because the beloved Israeli designer loved hearts, it was a leitmotif for the dresses created by Jean Paul Gaultier, Gucci’s Alessandro Michele, and Guram Gvasalia of Vetements. Peter Mulier, the new creative director for Alaïa, presented a scintillating, sheer pink dress with a heart on model Mirthe Dijk’s nether regions. Like Yves Saint Laurent, Elbaz playfully incorporated hearts during his stint at the house of Lanvin and when he started AZ Factory. If we want a (somewhat affordable) piece of his legacy of love and positivity, there is his “Hearts From Alber” silk scarf which he illustrated with colorful hearts and a selfportrait of him bearing flowers. A romantic motif can be sexy. A surefire way to get someone to fall in love with you this Valentine’s Day is the dress that Amber Valletta wore as the finale at the Versace Pre-Fall 2019 show in New York. The dangerously plunging, Donatella-designed Jim Dineinspired multicolored heart-print dress used the same pattern as the one that Valletta wore on the Versace Spring 2000 runway. When Jennifer Lopez wore it at the 2000 Grammy Awards, it famously jump-started Google Image search. Self-love is best expressed in jewelry. It may be in the “bride and groom” category but the Jewelmer Petits Coeurs Pendant Petits Coeurs, an 18-karat gold pendant with one South Sea pearl, is a loving gift to yourself. It is part of The Everlasting Light of Love collection, which says “extraordinary flames of love, creations that transcend time and embody the precious gold found within a passionate heart.” Chanel’s quilted heart-shaped bag for Spring/ Summer 2022 screams fashionable self-indulgence. It has the features of the luxury brand’s classic Flap

DIOR CELEBRATES COUTURE CRAFT; MASKLESS DELEVINGNE IRKS By Thomas Adamson The Associated Press

VERSACE Pre-Fall 2019 dress (GORUNWAY.COM); Jewelmer Petits Coeurs Pendant (JEWELMER.COM); AZ Factory silk scarf (AZFACTORY.COM); Alaïa dress (FILIPPO FIOR/GORUNWAY.COM); Chanel’s new heart-shaped bag for Spring/Summer 2022 (GORUNWAY.COM); Viktor & Rolf trench coat (FILIPPO FIOR/GORUNWAY.COM); and Balenciaga heart-print tie-dye T-shirt (FARFETCH.COM)

bags such as the open Smile pocket at the back, the interlocking C clasp on its front, and easy access into the main compartment. This year’s Love Month is the most exciting in three years, with the possibility of face-to-face dinner

dates and late-night strolls. If you don’t have the confidence to ask someone out, Balenciaga’s cotton tie-dye shirt in bold red and pink tones with an eyecatching heart print will give you the audacity to say: Will you be my Valentine? n

501 is the number that changed everything

IF you’re still calling your blue jeans maong, you were probably a teenager in the 1980s and 1990s and if you were, you’d know that the coolest jeans then were the Levi’s 501. You’d know a fashion item is a classic when they’re still cool now, and the 501 is as cool in 2022 as it was in the 1990s. The 1990s silhouette of loose and relaxed jeans is the anchor of the new Levi’s 501 campaign, dubbed “The Number That Changed Everything.” The Levi’s 501 1990s jean is a more relaxed fit through the seat and leg, looser and even a little slouchier, capturing just right amount of attitude to channel the perfect 1990s vibe. Featured in the campaign—and showing off the versatile style of the Original 501 and the 501 1990s— are hip-hop innovator, actor, and producer Kid Cudi; artist, designer and cultural arbiter Tremaine Emory; sonic innovator and founding member of legendary Beastie Boys Mike D; fashion icon Nathan Westling; model, creative director and style innovator Gia Seo; stylist, sartorial taste-maker and first Black woman to style a Vogue magazine cover Gabriella KarefaJohnson; and model, musician and member of the punk band The Paranoyds Staz Lindes. The campaign kicks off the 150th anniversary celebration of the Classic 501 next year. In May of 1873, Levi Strauss & Co. was officially granted a patent for the copper rivets on their blue denim “waist overalls.” Though it wouldn’t acquire its famous lot number for another few years, the

Levi’s 501, the blueprint for the denim blue jean, was officially born. By the middle of the 20th century, the blue jeans would become one of the most iconic pieces of clothing ever made. Every generation has worn 501s. As a teenager, I swiped my dad’s old 501, a faded blue pair, and wore them throughout the 1990s until I could afford to buy my own. The Levi’s 501s I bought in the 1990s are still kept at home. I honestly don’t know if there are zippered 501s but mine have always had buttons for closures. For the new campaign, the brand recreated a vintage aesthetic, simulating the fit of a trouser lived evoking both the grunge mood of those years and the style of skaters, who wore oversized trousers because they were easier to train in. Levi’s has also launched a green version of the 501 Original jeans, made with organic cotton and postconsumer recycled denim. The jean is designed to be recyclable and use far fewer natural resources and fewer chemicals to produce. Last year, I got to interview Paul Dillinger, vice president for global product innovations at Levi’s, and he said the company was moving toward sustainability. Part of the journey is the launch of a multiplatform global campaign, titled “Buy Better, Wear Longer,” which focuses on creating quality clothing that lasts for generations by employing sustainable production practices and investing in alternative materials and technology. The campaign also urges consumers to be mindful about their purchases and, hopefully, even in the way they care for their clothing. In the long term, Dillinger said Levi’s is focusing on four key issue areas: water, climate, chemicals and people, leading to the development of its 2025 Water Action Strategy, its science-based targets on climate, Screened Chemistry and other efforts to keep hazardous chemicals out of the supply chain, and its worker wellbeing program. “If you know that you can make your products

more responsibly, where it is cleaner, it saves more water, it reduces carbon impact. If you know it can be done and you don’t do it, there is such a thing as business ethics and morality,” said Dillinger. About 76 percent of all Levi Strauss & Co. products and 70 percent of all Levi’s bottoms and trucker jackets are made using water technology that follows certain water recycling regulations. These regulations have saved more than 4 billion liters of water and recycled nearly 10 billion liters of water since its implementation in 2014. “We’re finding ways at creating our products by using fresh water,” said Dillinger.

GIA SEO

PARIS—The atelier—the workshop of hands—took the Dior center stage on Monday for a refined show on the first day of Paris couture week, which aims to elevate the work of the house’s behind-the-scenes seamstresses. The stars came out in droves to the Musee Rodin venue, including actress Rosamund Pike and The Crown star Claire Foy, who posed for cameras, exclaiming: “It’s beautiful. I’m in awe.” Another VIP in attendance, model and actress Cara Delevingne, was criticized for not donning a mask. Here are some highlights of Dior’s spring-summer 2022 couture collections: n DIOR CELEBRATES ITS CRAFT. Designer Maria Grazia Chiuri wanted to show how the craft of the “petites mains” seamstresses, some of whom have worked in the Dior atelier for decades, was equally important as the art or fashion itself. This muse was a springboard for a sumptuous and archetypally couture display. A case in point were the teeming white beaded tapestry embroideries gracing a structured ecru wool twill coat. Here more than ornamental, the chic embroideries actually created the garment’s silhouette through sheer heaviness and swag. Elsewhere, an ash gray crepe skirt with a high waist made a same statement: It seemed almost alive thanks to myriad long embroideries rustling and shaking on the pixie-like model. Speaking through the clothes, Chiuri seemed to be saying: Art and craft are one and the same. Embroidered tights were also a big theme for spring, with Dior’s army of seamstresses having gone to work in embellishing several statement pieces. Unfortunately the sheer weight of the paillette embroidering did not always cut the most flattering of shapes on some of the tights, all be them finely executed. In style terms, there were hints of the on-trend 1960s, with features such as Peter Pan collars appearing on sensuous sheer organza blouses, or neat fitted Bar silhouette tuxedo suits with bold menswear black satin lapels. n MASKLESS CARA DELEVINGNE AT DIOR. Stringent measures have been implemented across Paris Fashion Week to comply with French government guidance amid a surge of omicron-driven new infections. Covid-19, which has has brought the fashion industry to its knees, has seen the cancellation of countless shows, even ending entire seasons, and fashion shows are only being staged again on condition that guests show proof of vaccination and wear face masks while seated. It’s the same rule for everyone whether celebrity or journalist. France is currently registering Europe’s highest-ever daily coronavirus cases. Actress Rosumund Pike set a fine example by carefully putting on her face mask as soon as she sat down even despite wearing an intricate couture Dior headpiece. Nearby, The Crown star Claire Foy also donned a mask after passing the photo call. Model and actress Cara Delevingne, however, turned heads for all the wrong reasons: Failing to wear a mask throughout as she watched the creations from the front row.

SOME of the precious pieces from Dior’s springsummer 2022 couture collection. AP

B6 Monday, February 14, 2022

Atty. Acosta is new CSC commissioner Show your love with Richmonde Ortigas’ Valentine delectable offerings

RICHMONDE’S Valentine’s Takeaway Specials: From top, clockwise: Guinness Braised US Beef Cheeks Hotbox, Berry Sweet Strawberry Cheesecake, and Miso-glazed Black Cod.

TILL wary of dining out and joining the throngs of dating couples in restaurants this Valentine season? Well take heart because you can still have a romantic dinner sans the crowd. With Richmonde Hotel Ortigas’ newest gourmet takeaway options created by Executive Chef Tristan Galang and his kitchen team, you can plan a quiet and cozy date at home or take your significant other outdoors for some fresh air and a little adventure while still making it amazing. Enjoy not just a complete and filling meal but a delectable dining experience too wherever you may be when you order the Valentine’s Day Hotbox Specials from Richmonde. For PhP1,490, you can get our Guinness Braised US Beef Cheeks Hotbox served with root vegetables, mushroom ragout, and polenta for a meal that is as just as tender as your love. You can also get less carbs with a healthier choice—our Miso-glazed Black Cod Hotbox served

with teriyaki-infused soba noodles and bokchoy for just PhP1,320. Elegantly packed in Richmonde’s signature black takeaway box, these specials also have a built-in steaming kit so you can heat your meal quickly and effortlessly with just a pull of a string. What’s a meal without dessert? We have you covered with our classic, luscious and yummy Berry Sweet Strawberry Cheesecake. Color your day pink and put a blush on your beloved’s cheeks with this simply delish 4” inch cake priced at PhP 645. All these flavorful delights are available for pickup and delivery orders from February 11 to 19, 2022. As a special promo, a flat rate fee of PhP150 applies for deliveries within Pasig, Mandaluyong, Makati, and Quezon City, while delivery is still free within San Miguel Avenue, Pearl Drive, and Escriva Drive. Pre-order with minimum of 24-hour lead time is required. For orders and inquiries, contact

us at (632) 8638 – 7777, mobile/Viber number 0917 534 4352, or email fbsup@ richmondeortigas.com. Richmonde Hotel Ortigas is located at 21 San Miguel Avenue, Ortigas Center, Pasig City. For the freshest updates on hotel promotions, like us on Facebook at www.facebook.com/ RichmondeHotelOrtigas and follow us on Instagram at @RichmondeHotelOrtigas. As the initial venture of leading real estate company, Megaworld Corporation, into the hospitality business, Richmonde Hotel Ortigas is a proud local brand that opened in 1999 at the heart of the then-burgeoning Ortigas Center. It is now a member of the steadily growing stable of homegrown brands under the Megaworld Hotels and Resorts group. For more information on Richmonde Hotel Ortigas, log on to www.richmondehotelortigas.com.ph and for the latest news on the hotel, follow @RichmondeHotelOrtigas on Facebook and Instagram.

Gruenheim is your home cleaning partner

HESE days, much emphasis is placed on keeping your surroundings clean. This is especially true at home since the COVID-19 pandemic has forced a vast majority of Filipinos to work from home and to study online.

With so many brands that are available in the market, it is important that you consider the brand’s history and track record when it comes to producing cleaning appliances. There is a brand that is making waves in the field of cleaning appliances and it’s Gruenheim. Gruenheim GmbH and Co. KG was founded in 2014 and is based in Stuttgart, Germany and is a subsidiary of Luckner & Lahusen Group GmbH and Co. KG. It is a young and fresh trademark of high-end ecological, innovative and premium home appliances. It stands for products that combine functional, timeless and puristic design with impressive technical innovations. Gruenheim products are sold worldwide exclusively by authorized Gruenheim wholesalers. Its direct distributor in the Philippines is Gruenheim Philippines Inc., headed by its President, Michael “Mike” Gamez. The line of high-end, ecological, innovative and premium home appliances includes Gruenheim

MR. MIKE and Andrea Gamez, President and Corporate Secretary of Gruenheim Philippines Inc., with their business partners from Germany, Mr. Andreas Lucker, CEO (Marketing and Sales) and Dr. Nikolaus Lahusen, CEO (Financial and Legal) of GRUENHEM GmbH and Co. KG. Vacuum cleaning system which makes use of pure water filter technology; Gruenheim Steam cleaning system with innovative industrial technology; and Gruenheim Air Freshener. The best-selling among them is the Steam Cleaner which uses dry steam at 170 degrees Celsius to sterilize all types of surfaces, bed materials, upholstery, carpets, kitchen, toilets, and bathrooms without using any harmful chemicals. Another high-end machine is the Gruenheim Vacuum Cleaning System that makes use of ecological pure water filter technology. This multi-purpose

health cleaning machine serves as an air purifier, air disinfectant, air santizer, aromatizer and air medication all rolled into one. It can also dry vacuum the floor, ceiling, wall, curtains or blinds and window screens. The vacuum cleaner can also be used to shampoo carpets, sofas, mattresses and even chairs. It has the capacity to remove 99.9 percent of harmful fine dust from the air. It is not only user friendly; it is also energy consumption friendly. For more information, call 0917 5984968 or email gruenheimph@gmail.com.

TTY. Ryan Alvin R. Acosta sits as new commissioner of the Civil Service Commission (CSC), the central human resource agency of the Philippine government. Commissioner Acosta, 42, served as Deputy Executive Secretary for Legal Affairs of the Office of the President before he was nominated to said new role. His nomination was confirmed by the Commission on Appointments on 2 February. CSC Commissioner Aileen Lourdes A. Lizada expressed welcoming words for the incoming official. “I congratulate Commissioner Acosta on his confirmation by the Commission on Appointments. We at the CSC look forward to working with him on critical programs and significant reforms to improve efficiency, effectiveness, and professionalism in the civil service,” she said. Commissioner Acosta started his career as Foreign Affairs Research Specialist at the Foreign Service Institute from 2000 to 2006, then moved to the private sector as associate and legal counsel from 2007 to 2015, and returned to government service as technical assistant at the Office

of the President in 2015. He was appointed as Deputy Executive Secretary for Legal Affairs in an acting capacity in July 2016, then formally assumed said position in December 2017. He replaces former Commissioner Leopoldo Roberto W. Valderosa Jr., who finished his term in February 2020, and will join Commissioner Lizada at the Commission en banc. Meanwhile, the chairperson post is vacant after former Chairperson Alicia dela Rosa-Bala ended her term last 2 February.

ROMANCE ON THE MENU. SM Megamall’s The Glass Garden blooms with lush plants, trees, and flowers illuminated with LED fairy light bulbs for a romantic dining experience this Valentine's Day. It has 4 glasshouses that can accommodate 4 persons each and 5 tables around the area that can seat 2 persons each.

Unlock something new this 2022 with Globe Platinum

FTER two years of seemingly doing the same mundane things everyday because of uncertainties brought about by changing quarantine protocols and COVID case surges that kept us to our feet, it’s time to turn things up and unlock new experiences to bring positive change this new year. Globe Platinum is giving its customers the power to experience new ways to relax, take stock of their mental health, and explore new outlooks and perspectives through Platinum GPlan: Unlocked, a page with unique activities exclusively accessible to Platinum subscribers only. These specially curated activities are: Whisky Darkness Meditation with Ardbeg, where you get to slowly, mindfully savor a glass of whisky as you plunge yourself deep into meditation; Mental Health Check with MindNation, a global mental health and wellbeing organization; and Personal Tarot Reading by Beyond Tarot Manila. These experiences can easily be unlocked by Globe Platinum customers by using their upto-P58K GCash credits, which automatically come with their Platinum GPlan. “We wanted to treat our Platinum

subscribers with fresh experiences that they could indulge in and would surely give them a great start this year,” says Kaisie San Pablo, Business Head for The Platinum Brand. “The three activities we’ve chosen are definitely a cut above the rest.” Every purchase of these activities also lets Globe Platinum subscribers make an impact and significant contribution to vulnerable children’s education via the #ForFutureHeroes campaign. In partnership with World Vision, Globe Platinum will match your purchase with a school kit to aid a child’s education, which is instrumental to these students, especially during these trying times, so they too can experience something special this year. To get access to these Platinum Unlocked experiences, simply ask THEA, your Platinum Digital Assistant at glbe. co/platTHEA for the UNLOCKED access code that you can use to enter the private Platinum GPlan Unlocked page or reach out to your Platinum Relationship Manager for inquiries. Other payment options are also available, such as Paypal. To learn more or to subscribe to Platinum GPlan, visit this link.

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Monday, February 14, 2022 B7

Prosperous: Feng Shui perspectives A

PR Matters

By: Wilford Will Wong

T out general membership meeting last January 26, Ipra Philippines started the year with a bang! Ipra members were treated to a wealth of Feng Shui advice on how to welcome the Lunar New Year. I am now happy to share with you some tips we gathered from that session. Our special guest for that evening was Mr. Norman Cruz, a Feng Shui Network Accredited Member and an Affiliate Member of the International Feng Shui Association, a Feng shui expert and guru. Norman started the session by giving general pieces of Feng Shui advice to the group. He said that 2022, the year of the Water Tiger ushers in optimism, growth and happiness. Mainly because it has been three years since we had a mixture of Water, Metal and Fire Elements in one sign and that is embodied in the Water Tiger this year.

Advice on the 5 Elements

THE elements Nor man mentioned below were ranked based on the industry that will excel or will be promising this year. You may want to consider getting into these businesses or industries or even look for job opportunities that will suit you, depending of course on one’s resources and capacity. Per Norman, the Metal element will be the luckiest element this year, and those industries primarily involving Metal include the following: Hi-tech gadget(s)— hardware and software and the manufacturing of such, construction, military, and engineering. If you are in any of the industries mentioned above or related to it, a big congratulations to you; it will be a good and auspicious year ahead. Next is the Fire element which covers industries in the food business, entertainment and even the airline industry which are set to pick up this year. T h i rd , t he Water e lement whose businesses are in or related to communications, public relations, consumer goods and transportation. Fourth, the Earth element which is related to the mining industry or any business related to excavation. The fifth element is the Wood element which affects agriculture business in general, that includes but is not limited to the growing or trading of crops, piggery, poultry and even the furniture business which are seen to get a little

rand & Business: Beeinfotech PH now ready to accept global hyperscalers

MANILA, PHILIPPINES – Telconeutral data center operator Beeinfotech PH has announced the general availability of its first data center (DC) in the Ph i l i p p i n e s . D u b b e d “ T h e Hive,” it is currently the largest operating telco-neutral data center facility in the country, with three f loors capable of housing at least 3,000 server racks of up to 45U rack height. Combined w ith its net work interconnect capabilities, Disaster Recovery Seats, and Se-

curity & Network Operations Centers (SOC/NOC), The Hive is ready to answer the colocation needs of hyperscalers expanding global footprint and enterprises undergoing digital transformation. First announced in August 2021, The Hive’s arrival follows the growth of the data center market in the Philippines, which is becoming one of the most preferred nations in the Apac region to host data centers. According to a report from Research and Markets, the Philippine data center market will experience a compound annual grow th rate (CAGR) of 11.40% between 2021-2026, with investments reaching up to $535M by 2026. Research and Markets also cited Beeinfotech PH as one of the new notable players joining the booming market. Furthermore, the expansion in the country is

MR. Norman Cruz

tion be it in the business, career or family. The Northwest point is seen to get things done, or to initiate a new or existing project. One can also opt to put metal decorative items or metal elements in the northwest. Finally, Norman suggests putting metal objects in the center of the house to avoid bad luck.

Feng Shui and the modern society bumpy this year. A question was raised: Would it be good to start a new business or venture this 2022? The answer is, ”it is better to think it out, first”. Instead, Mr. Cruz suggests to tailor fit or tweak your business in accordance with the lucky elements such as metal, fire and water discussed above. In other words, if you are in the agricultural side and doing crop trading, it is best to enhance your business by integrating Information Technology (IT) related processes as suggested by the Metal element. That in a way tweaks your business to a favorable element.

The 12 Animal Signs calendar

ACCOR DING to Norman, the ranking of the Animal signs is based on 4 pillars. The Year of your birth which represents friends or people who will affect you for the year, the Birth month which affects one’s career, the date of birth for the relationship, such as the people you deal with. Fourth and last is the hour of your birth, that affects the relationship with your children and investments that you make. Norman summarized and defined the character of each animal sign, as a glimpse of what to expect for the year. Generally, Norman said, those born in the year of the Pig will be lucky in the month of November. The Rooster will be a go-to person, solving others people’s problems. Take this as a positive act of paying it forward, my Rooster friends.

in line with the Apac region’s considerable growth in data center spending, with the market research firm expecting that the region will spend around $94B by 2027. “With the increased demand for digital services under the ongoing Cov id-19 pandemic and the recent efforts to improve the nation’s connectivity and IT infrastructure, now is the perfect time to welcome hyperscalers and other largescale partners to the Philippines. Telco-neutral data centers with significant and flexible rack space such as The Hive are suitable colocation facilities for hyperscalers since they enable enterprises to quickly scale resources and establish a local footprint without the arduous and time-consuming process of building a DC from scratch,” said Beeinfotech PH President

Those born in the year of the Goat will be a “loved person” in the month of July. People born in the year of the horse will see an improvement in their career. If you were born in the year of the Rabbit, you will encounter a lot of helpful people in the month of March. Snake peeps will receive secret help in the month of May. People born in the year of the Ox will be likeable and attractive to build relationships. For the Tiger, this month— February—it is your year and you will have positive energy all throughout 2022. If you are born in the year of the Dog, you will be creative and innovative this year. Those born in the animal sign Monkey, will be problem solvers in 2022. For our Dragon friends, the month of April should be used for self-reflection. Those born in the year of the Rat will encounter a bit of challenges and changes in life for the year 2022.

How to use Feng Shui in the homes

Norman’s advice is to get a compass, even a compass on your phone will work. Put it waist level and stand in the middle of your house to identify the major direction points in your house—North, East, South and West. Regardless of your animal sign, if you want to have new beginnings at home or on the personal

& CEO Reynaldo Huergas. As a testament to the facility’s colocation capabilities, The Hive can host advanced solutions such as AWS Outposts, which allows hyperscalers and enterprises to run popular AWS applications locally. The Hive also has other world-class services courtesy of its advanced cybersecurity suite powered by Continent 8. Included among them is BProtect DDoS Mitigation, which can fend off powerful DDoS attacks, and BProtect SIEM, a Security Information and Event Management solution that constantly scans for malicious activity within a client’s infrastructure.

Emphasizing Partner-driven colocation and Sustainability

The Hive follows an Open Design concept, enabling it to meet specif ic colocation require-

level, stay at the North point of your house. Stay means, building your office or work station in that area or even trying to make an effort of spending more time in that spot. If it is not possible to be at that point, you can opt to put a water feature on that “North spot” like a fountain, aquarium or anything that symbolizes or has any water feature that will help enhance that area to suit your Feng Shui. The Northeast spot is to keep cash flowing. Again, if it is not possible to stay in that area physically, you can put fire elements such as incense, candles, or any red colored item. The East point is suitable for one to get what you want, more of a hunting location. If not physically possible to be in the area, place a fire element or red colored item in that spot. For the southeast direction, it is advisable if helpful people will be made available to render assistance to you. If one cannot be there physically, Norman suggests putting a plant in a glass vase. The South point is for happiness. For the southwest direction, it is meant to avoid sickness. Alternatively, one can put metal decorative items in the area like barbels, metal statues and the like. In addition to this, in the Northeast corner of your room you can put your vitamins and supplements to avoid sickness and be healthy. The West point is the best location for improved communica-

ments of clients, such as special enclosures and cages for racks. Beeinfotech PH also adheres to a Shared Responsibility model in maintaining infrastructure, where maintenance duties can be done by either Beeinfotech PH or a client’s in-house staff. The said model also allows the possibility of the two sharing maintenance duties. Beeinfotech PH’s partnerdriven philosophy also extends to The Hive’s telco-neutral connection delivered under BConnect Managed Connectivity. Being telco-neutral, The Hive brings together all telecommunications and internet service providers under one roof, thus assuring that clients can leverage maximum access to all connectivity options. Beeinfotech PH is likewise keen on partnering with regional and global data center opera-

IN this modern age and time, people ask, does Feng Shui really work? My two cents on the matter: there is nothing wrong in believing in Feng Shui and executing what they suggest. This is not far from other customary practices that we have been doing in our own family celebrations like wearing a red shirt to feel lucky on one’s birthday party; placing round objects in our dinner table to welcome the new year, light some sparklers and play loud music to fend off the bad spirits. For me, what is important is that aside from these practices and customs that we do, it must always be coupled with discipline, hard work and determination in order to see positive results in our goals. Kung Xi Fat Choy! PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based Inter nat ional Public Relat ions Association (Ipra), the world’s premiere association for senior communications professionals around the world. Wilford Wong is currently based in Singapore and is working as the Chief of Staff to our Philippine Ambassador in Singapore. He is a PR practitioner with an extensive experience in government relations and corporate communications for two decades. 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.

tors who intend to extend their footprint in the region. “Our facility is configurable to the point where other DC operators can structure the facility using their existing designs, similar to a plug-and-play model of service that gives more freedom and customization,” added Huergas. Supporting the company’s sustainability goals while still delivering optimal service to clients, The Hive is designed to meet LEED (Leadership in Energy and Environmental Design) certification that recognizes its ability to reduce carbon emissions and power consumption. It is located at the Bridgetowne Destination Estate spanning the border of Pasig and Quezon City. For more information on how the facility can help bolster your enterprise’s digital transformation, visit beeinfotech.ph or facebook.com/BeeinfotechPH

Sports BusinessMirror

PHL officials: Poor weather shoves Miller, 32 others out of competition

ANQING, China—Chef de Mission Bones Floro expects Asa Miller to move on from Sunday morning’s men’s giant slalom disappointment, while fellow Team Philippines official Jim Apelar blamed the weather—not Miller—for the poor results that saw a third of the participants failing to complete their first runs. “Even if it wasn’t the ideal result for him, he [Miller] gave it his all. We know he’ll keep moving forward so we’re very proud of him. Keep going Asa,” Floro said. “Sadly, Asa, along with 32 others, were not able to complete their first runs.” Miller, 21, was one of 33 competitors who were DNF, or Did Not Finish, after he fell from his skis 15.9 seconds into his first run of the Beijing Winter Olympics event staged in almost zero visibility and snowy conditions. Floro, International Olympic Committee Representative to the Philippines Mikee CojuangcoJaworski and Team Philippines Covid-19 liaison officer Nikki Cheng cheered Miller from the Olympic Family section. They tried to catch Miller after his stint but the Filipino-American rushed to his room at the Athletes Olympic Village. “We’re giving him some space at the moment,” said Apelar, president of the Philippine Ski and Snowboard Federation who added that the weather, and not Miller, was a disappointment. “I’m really disappointed but it is part of the game,” Apelar said. “The weather condition was very poor earlier, you cannot see when it’s snowing heavily unlike this afternoon when there’s a little bit of improvement.” “But life has to move on. We still have the men’s slalom on Wednesday, we’ll just bounce back from there,” he added. Cheng was also sad about Miller’s result but looked forward to the slalom. “There’s a little disappointment not on Asa but on the situation. We wanted the best, we wanted to see him out there to finish, but it’s part of the sports,” said Cheng, president of the Philippine Skating Union. “Better luck on his next event on February 16.” Athlete’s welfare officer Joebert Yu also expressed his disappointment. “I feel sad because you trained for a couple of years and then everything went well for just a few seconds or less than one day,” Yu said. “But Asa still has the next event, so he needs to prepare and forget what happened today. I’m praying also for a good weather on Wednesday.” Josef Ramos

| Monday, February 14, 2022 mirror_sports@yahoo.com.ph Editor: Jun Lomibao MARCO ODERMATT now owns an Olympic gold medal. AP

SNOW GETS TOUGH ON MILLER

Swiss tops giant slalom in less ideal conditions

ASA MILLER has Wednesday’s slalom to look forward to. KELLY MILLER

By Josef Ramos

ANQING, China—Asa Miller skied down the Ice River for a little over 15 seconds before crashing out—and so did 32 others out of the 84 on the start list of men’s giant slalom of alpine skiing in the Beijing 2022 Winter Olympics on Sunday morning. “It was certainly a bummer,” Miller’s American coach Will Gregorak said. “it’s not good on the upper pitch. I feel bum for him but he had an excellent warm up this morning.” Miller, 21, was obviously disappointed about getting knocked out of the morning first run when real snow fell almost heavily on Saturday and Sunday resulting to poor visibility in the venue. He immediately left for the Olympic Village and stayed in his room although he promised to give an interview later in the day. “We’re giving him some space at the moment,” said Jim Apelar, president of the Philippine Ski and Snowboard Federation who cheered Miller with Chef de Mission Bones Floro, International Olympic

Committee Representative to the Philippines Mikee CojuangcoJaworski, Philippine Skating Union head Nikki Cheng and Athlete’s Welfare Officer Joebert Yu from the Olympic Family section. “It’s part of alpine skiing,” said Philippine Olympic Committee President Rep. Abraham “Bambol” Tolentino from Tagaytay City. “But he still has the slalom on Wednesday.” Miller was focused on breaking the top 50 to improve on his 70thrank finish in his Olympic debut in Pyeongchang four years ago. But the weather didn’t smile on Miller and 32 other competitions who registered DNF or Did Not Finish across their names—with two not

PSA FETES BIG J, EL PRESIDENTE

HILIPPINE basketball’s most celebrated rivalry will be remembered and feted in the San Miguel Corp.-Philippine Sportswriters Association (SMC-PSA) Annual Awards Night. Cage legends Robert Jaworski Sr. and Ramon Fernandez will be bestowed the Lifetime Achievement Award in the March 14 Awards Night at the Diamond Hotel for their major contributions in a sport dearest to the hearts of Filipinos. The exclusive award will be one of special recognitions that

will be handed out by the country’s oldest media organization during the affair which counts the Philippine Sports Commission, Philippine Olympic Committee and Cignal TV as major partners, and backed by Milo, 1Pacman, Philippine Basketball Association, Rain or Shine, ICTSI, Chooks To Go, Smart, Philippine Racing Commission and the MVP Sports Foundation. Jaworski and Fernandez were two of the pillars of the starstudded Toyota team that debuted in the old Manila Industrial and Commercial Athletic Association

starting—in the results list. They battled against falling snow—not the artificial type which organizers sprayed on the course days ago—and almost zero visibility. There were 89 skiers on the start list but only 54 advanced to Sunday afternoon’s second run at the Ice River, which earlier last week played antagonist to the celebrated twotime Olympic champion Mikaela Shiffrin in women’s giant slalom and slalom. “Asa didn’t want to ski just to finish, he wants to ski, lay down and run,” Gregorak said. “The hard part about this hill is that it comes out as you ride and it gets very slick.” Wires report said that it was the first time snow has fallen during an alpine skiing race at these Olympics. Snow has been falling since Saturday at the National Alpine Skiing Center, where athletes had been racing and training on artificial snow until then. A second women’s downhill training run scheduled for Sunday was canceled.

Gregorak said he is proud of Miller despite the DNF. “I’m still proud of him, he still put out the work,” he said. “Like I said, he didn’t go out [only] to finish. That’s the nature of the sport, that’s what could happen.” The slalom is set Wednesday also starting at 10 a.m. for the first run. “Asa wants to put his head into slalom mode,” Gregorak said. “He’ll take today and let the frustration out and then tomorrow we will go back to slalom.” Switzerland’s Marco Odermatt was as superb in the delayed second run as he did in topping the first round that he went on to claim his first Olympic gold medal in the event. Odermatt coped with the conditions and the delay—and a first-run mistake—to post an unofficial combined time of two minutes and 09.35 seconds. Zan Kranjec of Slovenia took silver, 0.19 seconds behind, and world champion Mathieu Faivre of France earned bronze, 1.34 behind.

before taking its act to the Philippine Basketball Association as one of its founding members. Behind the two star players, the Tamaraws won nine championships in Asia’s pioneering pro league, before the team was unceremoniously disbanded before the start of the 1984 season. Fernandez and Jaworski went separate ways in an episode that eventually blossomed to a memorable hardcourt rivalry. The “Big J” and “El Presidente” became larger than life. Jaworski, 75, planted the seeds of what became known as the eminent mantra in local basketball lore behind Ginebra San Miguel’s popular “Never-Say-Die” spirit.

As its charismatic playing-coach, he steered the franchise to four championships before formally retiring from playing in 1998. Fernandez, 68, and currently a Philippine sports commissioner, became the most single deadly force in PBA history, claiming three more MVP awards in his post-Toyota days and winning 11 additional championships in his stint with Tanduay and San Miguel Beer, including a grand slam in 1989. He retired as the league’s all-time leader in scoring, rebounding, blocks, free throws made and career minutes played. Years later, the two rivals eventually buried the hatchet and patched things up—initiated by the late legendary coach Virgilio “Baby Dalupan”—behind that lasting “Jaworski to Fernandez pass” for the 132-130 win at the buzzer during the 1989 PBA All-Star game. A year after, the former teammates collaborated as coachplayer in the Philippines’s silver medal finish in the 1990 Beijing Asian Games, the first time the country sent an all-pro team in international competitions. Previous recipients of Lifetime Achievement awards included Dalupan, billiards icon Efren “Bata” Reyes, late former ambassador and basketball project director Eduardo “Danding” Cojuangco, the 1973 Philippine men’s basketball team, Filomeno “Boy” Codiñera, Gintong Alay project director Joey Romasanta, among others.

For Asian American women, Olympics reveal harsh duality

ONE’s ‘The Apprentice’ OVER the past several days, I re-watched the entire first season of The Apprentice One Championship Edition on Netflix. When it first came out, I caught the first three episodes in succession then stopped.

EIJING—Across two pandemic Olympics set in Asian countries, Asian American women fronting the Games have encountered a whiplashing duality—prized on the global stage for their medal-winning talent, buffeted by the escalating crisis of racist abuse at home. The world’s most elite and international sporting event, which pits athletes and countries against each other, underscores along the way the crude reality that many Asian women face: of only being seen when they have something to offer. “It’s like Asian American women can’t win,” says Jeff Yang, an author and cultural critic. “Asian American female athletes, like most Asian American women in many other spaces, are seen as worthy when they can deliver…and then disposed of otherwise.”

The issue is playing out at the Beijing Winter Games, the third straight Olympics set in Asia and the second held during the unrelenting global coronavirus crisis—and playing out, too, during a rise in hate crimes against Asian Americans. Here, US snowboarder Chloe Kim and China’s freestyle skier Eileen Gu are the latest additions to the list of American women of Asian descent who have been “It Girls” of the Winter Games, joining icons like American figure skaters Kristi Yamaguchi and Michelle Kwan. When Kim and Gu earned their gold medals in Beijing, it was the perfect bow on professional narratives that have been covered incessantly leading up to the actual event. Their star power and talent made them two of the de facto spokeswomen for the Olympics. AP

CHINA’S freestyle skier Eileen Gu is one of the latest additions to the list of American women of Asian descent who have been “It Girls” of the Winter Games. AP I have changed my viewing habits whether watching Game of Thrones, The Walking Dead or anything similar. Nowadays, I wait for the entire season to end then I binge watch. This way, I don’t have to wait for a week to watch the next episode and everything is fresh in my mind. Of course, I knew that Filipino candidate Louie Sangalang made the finals but fell short to The One, Jessica Ramella of Venezuela. After watching the series all over again, I believe the reality television series generates a lot of interest for not only ONE Championship as an organization, but also for Mr. Chatri Sityadtong. The ONE Championship’s bossman came across as strong and wise leader who can be empathic. I guess that is someone you want to work for. I have worked for people who change their minds as often as they change their underwear. Who can be bright but have extremely low emotional quotient. And of course, who aren’t bright but only have their position because they inherited it.

EIJING—Marco Odermatt has owned the giant slalom this season, and now he owns an Olympic gold medal in the event. The 24-year-old Swiss skier plowed through snow and poor visibility Sunday to win the men’s giant slalom at the Beijing Games. “I really risked everything in the second run because I wanted not just the medal, I wanted the gold medal,” Odermatt said. ”It’s difficult because you can lose everything but today it paid off.” It was the first time snow fell during an Alpine skiing race at this year’s Olympics and the bad weather conditions caused the second run to be postponed by 1 hour, 15 minutes. “It was a hard day, with the conditions, with such a long wait between the two runs,” Odermatt said. “It was more than five hours for me, it was such a long time to re-think everything and it was hard to stay focused. I tried to sleep some minutes in between. “I actually never dreamt about it but now it still feels like a dream.” Odermatt coped with the conditions and the delay—and a first-run mistake—to post an unofficial combined time of two minutes and 09.35 seconds. Zan Kranjec of Slovenia took silver, 0.19 seconds behind, and world champion Mathieu Faivre of France earned bronze, 1.34 behind. The skiers had been racing and training on artificial snow until the real thing started to fall on Saturday at the Yanqing Alpine Skiing Center. A second women’s downhill training run was canceled because of the conditions on Sunday. It was the first medal in a major championship for Odermatt, who is competing at his first Olympics. He was seventh in Monday’s downhill and failed to finish the super-G the following day. Odermatt has dominated in the giant slalom this season, winning four of the five races on the World Cup circuit to lead the discipline standings as well as the overall standings. He let out a roar after crossing the line on Sunday and raised his ski poles above his head. AP

ROBERT JAWORSKI and Ramon Fernandez attend an event during the country’s hosting of the 30th Southeast Asian Games in 2019.

Then again, seeing some of the contestants on The Apprentice ONE Championship Edition, I wondered, “How on Earth did they get here when they aren’t very good?” Nevertheless, the series is also an excellent showcase for Southeast Asia. As a reality series, I truly enjoyed it. I think though they could have added more such as profiles of the candidates because we only get to know them during the challenges. Any dynamics outside that...we don’t know anything. And I thought they should have included the inner workings of the ONE Championship. That in itself is fascinating because right before I stopped my coverage, I noted things they should fix as an organization from rankings to local promotions and even media. It has been awhile since I earnestly followed them and this got me interested again. I like the fact the for the reality show that also featured some of their fighters got me interested. I love how the contestants had to undertake a mix of athletic and business tasks to unleash that warrior spirit and can-do attitude.

It would be interesting to know how Ramella is doing given the pandemic that has put on hold a great many things. And while watching the series, I wondered how I would do if I competed. Of course, I am older and am not as healthy as I once was so the physical challenges would be troublesome. Like the art where they were climbing down and up from this rope. I have a severe case of acrophobia so finishing is something I wonder if I could even accomplish. The business tasks, I could most definitely help out in terms of marketing, strategy, and execution. Even some of the creatives. After all, that too has been a major part of my professional career. Just don’t ask me to crunch numbers. I have always had ideas on how to do things for worldclass sporting organizations. I have done so for multinational corporations, but sports are something close to my heart. Here in the Philippines? Don’t get me started. I would just recite a sorrowful litany of incompetence. Anyways, here’s to Season 2.