BusinessMirror February 20, 2024 by BusinessMirror

Peza-approved investments hit ₧12B in 2 mos By Andrea E. San Juan @andreasanjuan

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HE Philippine Economic Zone Authority (Peza) said it approved P12.096 billion in investments in the first two months of 2024, up 18.66 percent compared to the P10.194 billion approved in the same period last year. This, after the Peza board approved 16 projects for the month of February alone, bringing to 28 new and expansion projects in the first two months of the year.

Of these additional 16 projects secured, Peza said nine are ecozone enterprises, three are IT enterprises, one is a domestic market, two are ecozone logistics services and one is a developer. In a statement on Monday, the investment promotion agency said these 16 projects are anticipated to yield an investment of P9.884 billion, generating $591.476 million in exports and are expected to create 2,243 direct jobs. Peza also noted that these projects will be located in the First Philippine Industrial Park II (FPIP II-SEZ), Daiichi Industrial Park

(DIP-SEZ), Light Industry & Science Park III (LISP III-SEZ), Laguna Technopark (LT-SEZ), Phividec Industrial Estate-Economic Zone, Lima Technology Center (LTCSEZ), Mactan Economic Zone II (MEZ II —SEZ), People Technology Complex (PTC-SEZ), 1 Nito Tower in Cebu City, Embarcadero De Legazpi in Legazpi City, Albay, Light Industry & Science Park IV (LISP IV—SEZ), and Hermosa Ecozone Industrial Park (HEIP-SEZ). Meanwhile, one of the new projects “prequalified ” by the Peza Board is engaged in the manufacture of solar wafer cells and

will start its operations in July 2024, the investment promotion agency said. With the new projects bagged in February alone, Peza said this now results in 28 new and expansion projects in the first two months of 2024, expected to generate US$661.095 million in exports and create 3,580 direct employment. Meanwhile, the Peza Board also gave updates on their site visits to some locators such as the facilities of Epson Precision (Philippines), Inc. and Grandsun Advanced Electronics (Philippines) Co. Inc.

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IGNORING BIZ GROUPS, SENATE OKS WAGE HIKE w

Tuesday, February 20, 2024 Vol. 19 No. 128

P25.00 nationwide | 2 sections 20 pages |

By Butch Fernandez

@butchfBM

HE Senate, voting 20-0, on Monday approved on third and final reading a bill mandating a P100 daily pay increase for minimum wage earners in the private sector, amid last-minute appeals by major business groups to hold it. They cited its impact on inflation and the financial damage to small and medium enterprises. Senate President Juan Miguel Zubiri, brushing aside criticism that the Senate had ignored vital advice from economists for a populist bill to court votes, called it a “historic measure” given that legislated wage hikes had not been seen for the last 35 years. Expected to benefit from the measure are an estimated 4.2 million workers, according to Senate Labor committee chairman and chief sponsor of the bill, Sen. Jinggoy Estrada. See “Ignoring,” A2

FISHERFOLK’S QUIET RESILIENCE At Bulungan sa Parañaque, a bustling seafood market in Parañaque City, fishermen unload the night’s bounty of tahong (mussels). This vibrant hub attracts fisherfolk primarily from nearby provinces like Cavite and Batangas, who converge to sell their catches. Amid the backdrop of challenges wrought by El Niño, Mang Nestor, a seasoned fisherman in the area, stands as a steadfast symbol of resilience. Despite the adversities, he continues to innovate and adapt, striving to secure a sustainable livelihood for his community in the face of ever-shifting environmental conditions. NONIE REYES

PHL’S ROAD TO ‘NET ZERO’ NOT AS COSTLY AS ASEAN PEERS’ By Lenie Lectura @llectura

HE road to net zero greenhouse gas (GHG) emissions by 2050 may not be that costly for the Philippines due to “low energy intensity,” according to a research study by Oxford Economics. Compared to neighboring countries, Oxford Economics noted a lower upfront costs for the Philippines and Singapore as against net energy exporters like Malaysia and Indonesia. “Initial costs are more lim-

ited in Singapore and the Philippines due to low energy intensity—both will see economic benefits from the transition during the 2030s,” it said. Malaysia and Indonesia, it noted, are likely to face the biggest upfront costs. Thailand, it added, also has a high energy intensity, though the impact is likely to be offset by lower reliance on coal. Despite being largely a coalconsuming country, the Philippines’s energy production and carbon emission are so low compared to other countries. See “PHL’s,” A2

Maharlika fund’s priority is in energy; Q4 timeline eyed By Cai U. Ordinario @caiordinario

HE national government’s sovereign wealth fund will be prioritizing energy investments which may start its financing activities by the end of the year, according to the Maharlika Investment Corporation (MIC). At the SGV Knowledge Institute forum on Monday, MIC President and Chief Executive Officer Rafael D. Consing Jr. said the fund will make its first investment in the last quarter of the year. It is possible that its first investment will be in energy but other sectors will soon follow. Consing said the MIC is current-

ly drafting its charter and will be placing sectoral limits of around 15 percent for every sector it will be investing it. This will ensure that each sector is given funding. “That sectoral limit sits at about 15 percent of the total fund. The reality, however, is that that’ll have to come over a period of time. Because some investments will come ahead, right? So I think that over three years, we will balance it out at roughly about 15, no more than 15 percent per sectoral exposure,” Consing said. “But at the initial investments, it [energy investments will] comprise maybe like 100 percent, right? But over time, we will fix that as we’re See “Maharlika,” A2

PESO EXCHANGE RATES n US 55.9520 n JAPAN 0.3725 n UK 70.5331 n HK 7.1539 n CHINA 7.7790 n SINGAPORE 41.5444 n AUSTRALIA 36.5087 n EU 60.3051 n KOREA 0.0420 n SAUDI ARABIA 14.9209 Source: BSP (February 19, 2024)

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DBM bares ₧32.6-B budget hike for MAIP in ’24 GAA T By Reine Juvierre S. Alberto

HE budget for the Medical Assistance to Indigent Patients (MAIP) program rose to P58 billion in 2024 or by 78 percent from P32.6 billion in the previous year, according to the Department of Budget and Management (DBM).

In a statement Monday, the DBM said the MAIP Program

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Its low energy intensity means that the country doesn’t require as much energy to produce output as other economies such as Thailand and Malaysia. “The Philippines experiences a limited rise in energy prices despite its high reliance on coal for energy and electricity demand. Indeed, the Philippines’s carbon emission per unit of output is second-lowest next to Singapore. The economy achieves 85 percent industry electrification by 2050 under our scenario, without much disruption to output,” Oxford Economics said. Net zero refers to reducing GHG to as close as zero as possible while

Fund is higher than the budgetary provision in the 2023 General offsetting any remaining GHG in the atmosphere. Oxford Economics said the stakes are high for climate transitions. “Asean5 countries—Indonesia, Malaysia, the Philippines, Singapore, and Thailand—are no exception. Our modelling suggests the shift to net zero will initially bring adverse economic impacts through higher energy costs, but benefits will accrue eventually from the positive spillovers from investment,” it said. The Philippines is eyeing to increase its share of renewable energy to 35 percent by 2030 and 50 percent by 2040. The Department of Energy (DOE) intends to achieve this by revising its energymix targets with the entry of offshore wind, hydrogen for co-firing, among others.

Appropriations Act (GA A). “The boost is likewise significantly higher than the 2024 General Appropriations Bill level of P22.264 billion,” it added. The MAIP Program fund shall cover the essential and life-saving medicines, total charges, fees, services, and other medical products as prescribed by a licensed physician or health professional. “Health discrepancies endure among marginalized groups, which is why our government is doing its

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As the DTI is tasked to provide assistance to encourage investments in the construction and management of the Food Hub, Pascual said foreign participants such as Rungis International Market in Paris, France and Mercabarna market in Barcelona,Spain have “expressed interest to participate [to invest in the hub].” DTI described Rungis International Market as the largest wholesale food market in Europe and is located on the outskirts of Paris. Mercabarna is a “vital wholesale market” located in Barcelona, Spain, specializing in the distribution of fresh produce, seafood,

best to give every Filipino, especially the most vulnerable, access to fair and quality medical care,” Budget Secretary Amenah F. Pangandaman was quoted in the statement as saying. The MAIP Program covers Department of Health hospitals, specialty hospitals, State Universities and Colleges, local government units (LGU) and other health facilities, both private and public, subject to the guidelines issued by the DOH.

meat, and flowers. Meanwhile, in the local scene, the country’s “tycoons” could invest in this mega food hub, especially since a lot of conglomerates are already going into logistics “because they’ve already seen the importance of logistics in ensuring supply, various things not just food, but even raw materials and delivery of finished products in their manufacturing operation.” “So those are the ones we will invite as partners. They have to form consortia. In France, for example, its ownership is dispersed. The local government also has some participation. National government and then the private operators,” Pascual said. Under the MOU, the DA will lead the development of a policy framework, public investment, and support services necessary for domestic and export-oriented businesses to support the overall goals of the National Food Hub. This includes sourcing funds needed to set up or improve cold chain facilities and food terminals that will help expand the logistics network of the Food Hub. Meanwhile, the agreement noted that the DTI, through its Supply Chain and Logistics, Wholesale and Retail Trade Office (SCLWRTO), is “mandated to formulate policies and measures relative to the supply chain, trade facilitation and logistics in promoting the interest of exporters, importers and traders in the shipment of commodities by helping secure competitive rates and equitable terms and conditions by carriers/transport operators and other service providers.” The agreement also mandated DTI to establish a system of accreditation of sea freight forwarders, logistics providers and multimodal operators. The national food hub’s services will include research and quality control, warehousing, food processing, international shipping, marketing services, and trading for local and foreign markets. Other flagship projects of CIAC are the National Food Hub Gateway Road, the Clark Entertainment and Events Center, Urban Renewal and Heritage Conservation Program, CRK Direct Access Link, New CIAC Headquarters and Site Development for Second Runway. According to CIAC, the National Food Hub Gateway Road project aims to “enhance” transportation infrastructure by upgrading the existing airport-New Clark City road to be the “dedicated” gateway to the Clark National Food Hub and “facilitate smoother access” to the Clark International Airport. Andrea E. San Juan

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Akifumi Takei, the president of Epson Precision (Philippines), told Peza that “The Philippines, specifically at LTC-SEZ, hosts our largest facility among all our branches situated in China, India, Hong Kong, South Korea,

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Zubiri appealed to their colleagues in the House of Representatives to pass the same measure, saying workers deserved no less. “Let it be said that this august chamber is responsive to the needs of our kababayans, especially on the back of rising cost of living and soaring prices of basic commodities. Thus, the Senate has proposed to hike the daily minimum wage rate by P100 for workers in the private sector,” said Senator Estrada. Under this measure, all minimum wage earners in the private sector in the entire country, whether agricultural or non-agricultural, are entitled to the increase. The last legislated wage hike implemented in the country dates back to 1989 with the enactment of Republic Act No. 6727 or the Wage Rationalization Act, which effectively declared that wages would be set on a regional basis by the regional wage boards (RWB). Estrada noted the cynics’ warning that implementing the proposed law could adversely impact on businesses and impede economic growth, but argued that a flourishing economy relies on the vitality of its workforce, the lifeblood of enterprises. “Let us not underestimate the ripple effect of the Senate’s collective action. A higher minimum wage does not only impact the lives of those directly affected but reverberates throughout our communities, stimulating local economies, and ensuring that people would have more money in their pockets to meet their basic needs,” said Estrada. Taking the floor after the vote, Zubiri thanked senators for heeding the call of workers. He noted how the RWBs had been “too slow to act,” and gave very meager increases. He alluded to Sen. Grace Poe’s comparison of minimum wages between Luzon and Visayas-Mindanao: P610 for NCR; but in Visayas, only P400 minimum wage—“that’s

even adjusted, with a P20-30 hike.” In Mindanao, said Zubiri, the equivalent of the minimum wage there is only P365. “What can you buy with P365 when the cost of gas, electricity is the same” in Luzon and in Visayas and Mindanao, he asked. “The 40-hike in NCR was not even enough to buy one kilo rice—only three-fourths kilo,” noted Zubiri. He cited as well the observation by Sen. Chiz Escudero that businessmen should share their blessings now, because “We fought for them before” with the tax relief granted under the CREATE law. The 33 percent of corporate income tax (CIT) was brought down to 25 percent—an 8-percent tax reduction. “But did we see benefits trickle down to workers?” Zubiri asked. For SMEs, the 33-percent income tax rate went down to 20 percent in CREATE. He also debunked observations that the Senate-backed wage law will put Philippine labor costs way beyond its peers in Asean, hence, not competitive. For his part, Majority Leader Joel Villanueva recalled that, “Over the years, regional minimum wages have not kept up with rising prices, and the real value of the minimum wage has fallen 28 percent on average across all regions nationwide. In fact, based on the 2023 poverty threshold, all the regional minimum wage rates are lower than the regional poverty thresholds.” To alleviate concerns, it was established during the interpellations and from the various studies and evidence put on record that increasing the daily minimum wage will have very minimal impact on inflation and low probability of causing job losses. There are also enough safeguards and fiscal relief in place to ensure that MSMEs, particularly micro enterprises, will not be negatively affected by the said increase, Villanueva pointed out.

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able to invest in more, in more sectors,” he added. Consing said placing sectoral limits is crucial to ensure that the fund is able to “achieve that breadth of investment scope, then we have to be able to distribute the capital and allocate it accordingly to the different sectors that actually require it.” He said currently, the MIC has submitted its budget to the Department of Budget and Management (DBM) as well as its organizational structure to the Governance Commission for Government-Owned and -Controlled Corporations. “We’ve also been coordinating already with the CSC, the Civil Service Commission. So quite a lot of steps,” Consing said. “I must say, doing a startup, the agency startup, is very different from doing a corporate startup.” In his presentation, Consing said energy security investments will be focused on renewable energy and new sources to diversify supply and create price stability. Consing said energy investments will also include grid modernization and electricity distribution. The list of sectors also includes infrastructure such as highways, transport networks for commerce and regional development, digital rural connectivity, and healthcare and education. The sectors include food security, such as agriculture modernization, agriculture technology, and value chains that secure food

supply and boost exports. Consing added that the MIC will also invest in aviation and aerospace, such as airport expansion, as well as efforts to position the Philippines as a regional transport and innovation center. The MIC will also invest in mineral processing, transportation, and tourism. Investments in mineral processing include valueadded processing of minerals and ensuring stewardship. Its transportation investments include integrated networks, public transport solutions and sustainable technologies to streamline the movement of people and goods. Tourism investments will be dedicated to projects that will make world-class destinations. These include investments that will have an eco-tourism focus and will showcase the Philippines as a significant tourism destination. The MIC was created through Republic Act (RA) 11954 (An Act Establishing the Maharlika Investment Fund) as the sole vehicle for mobilizing and utilizing the MIF for investments in transactions aimed at generating optimal returns on investments. Under the Act, MIC shall have an authorized capital stock of P500 billion, of which the P125-billion seed capital will come from the LBP and DBP. The P75 billion collectively remitted by the two staterun lenders is still P50 billion short of what the law requires.

and Singapore.” Takei added that as of February 14,2024, “We have created 20,308 jobs in our three factories. We are also proud to say that 80 percent of our inputs in the Philippines are purchased locally.” Meanwhile, Peza said Grandsun Advanced Electronics (Philippines) Co. Inc. Giovanni Gapasin highlighted that their company

is composed “entirely” of Filipino workforce and is currently exporting to the USA, South America, Japan, Europe and Asia Pacific. As of last month, Epson Precision (Philippines) recorded investments worth P18.837 billion while Grandsun Advanced Electronics (Philippines) Co. Inc. reported P75 million, Peza noted.

Tuesday, February 20, 2024

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

House summons Quiboloy for SMNI franchise probe

HE House of Representatives issued a subpoena ordering controversial preacher and Kingdom of Jesus Christ founder Apollo Quiboloy to appear—or risk being held in contempt—before the Committee on Legislative Franchises to answer issues about Sonshine Media Network International’s (SMNI) alleged infractions and the proposed revocation of its franchise. The subpoena calls for Quiboloy’s testimony under oath regarding House Resolutions 230 and 1428, as well as the privilege speech of Deputy Speaker David Suarez. Quiboloy is the honorary chairman of the Swara Sug Media Corporation, which operates under the business name SMNI. “You are hereby directed to appear before the Committee on Legislative Franchises of the House of Representatives, to testify under oath relative to the subject matter above-stated, on March 12, 2024 [Tuesday], 1: p.m., at Conference Rooms 7 & 8, Ramon Mitra Building, House of Representatives, Batasang Pambansa Complex, Quezon City,” said the subpoena ad testificandum. “Please be advised that failure to comply

with this order will constrain the committee to resort to Section 11 of the Rules of Procedure Governing Inquiries in Aid of Legislation of the House of Representatives on the power of contempt,” it added. The subpoena issued on February 13, 2024, requires Quiboloy to testify on the alleged violations by Swara Sug Media Corporation of its franchise under Republic Act No. 11422. House Bill 9710, introduced by 1-Rider party list Rep. Ramon Rodrigo Gutierrez, seeks the revocation of the franchise of Swara Sug Media Corporation. This subpoena comes amid a broader national discourse on media accountability and compliance with regulations governing franchise operations. Speaker Ferdinand Martin G. Romualdez and House Committee on Legislative Franchises Chairman Gus S. Tambunting, signaling the gravity and official nature of the directive, signed the subpoena. Lawmakers said the committee has several questions for Quiboloy, and it is about time he appears in Congress to answer these queries. Jovee Marie N. Dela Cruz

SC justice laments lack of absolute divorce law

‘M

ARRIAGE as the foundation of the family no longer reflects the present realities and sensitivities of many Filipino families.” This was stressed by Supreme Court Senior Associate Justice (SAJ) Marvic M.V.F. Leonen in his lec ture titled “Legal and Political Foundations of the Current Restrictions on Intimacies and Relationships: A Critical View from the Bench” delivered on Love Day, February 14 at the University of the Philippines (UP) College of Law in Diliman, Quezon City. Aside from the complexities of marriage, Leonen tackled other issues such as legitimacy of children, divorce, and annulment in his lecture. Leonen noted that the SC had issued

several decisions taking cognizance that the living realities of many couples and children in the country are far from ideal. Worse, Leonen said the law has made it difficult for Filipinos to move out of unhappy marriages. He lamented that the Philippines remains as the only country outside the Vatican that has no absolute divorce law available for its citizens. He noted, however, that before the Spanish colonial period, the Philippines did have divorce laws. However, it was during the Spanish colonial period when absolute or no-fault divorce was prohibited in the Philippines. But Spain, according to Leonen, had already changed their law decades ago.

DOJ readies ‘airtight’ case vs cops involved in anomalous P6.7-B anti-drug op in 2022

HE Department of Justice (DOJ) assured an “airtight case” against the policemen involved in the anomalous anti-drug operation in Manila in 2022, which yielded 990 kilos of shabu worth P6.7 billion. In a statement Monday, Justice Secretary Jesus Crispin Remulla assured the public that a deeper investigation and evidence gathering are being conducted to hold the policemen and other individuals accountable for the anomaly. “I strongly urged the panel to work closely with the concerned law enforcement agencies and to thoroughly study all pieces of evidence to ensure that there will be no let-up in this case,” Remulla said. Remulla issued the statement following the clarificatory meeting conducted by the DOJ panel of prosecutors and members of the Philippine National Police-Criminal Investigation and Detection Group (PNPCIDG) last week. He said the meeting was in line with Department Circular No. 20 (series

2023) ordering the prosecutors to take a proactive role in the investigation of crimes, particularly in case build-up where they may require, assist, cooperate with the complainants and law enforcement agencies to determine whether a crime has been committed or if there is prima facie evidence to secure a conviction based on available evidence and information. “The discussion mainly on coming-up with a concrete, credible, and airtight case against dishonest individuals linked to anomalous acts during the anti-illegal drugs operation, where former Police Master Sergeant Rodolfo Mayo Jr. was arrested for his involvement in the drug haul,” the justice chief said. “As the prosecution arm of the government, it is but imperative that we uphold the Rule of Law in the most efficient and expeditious way and at the same time within the bounds of truth, fairness and justice,” he added. The clarificatory meeting, according to

“The antiquated form from our colonial past is still codified in our laws and is still being reiterated in jurisprudence 135 years later,” he pointed out. Currently, a bill seeking to allow divorce in the country has been pending before the House of Representatives and the Senate but there are no indications that a law would be passed soon. Although he noted that divorce is allowed in Muslim marriages under Shari’ah Law and as in marriages between a Filipino and a foreigner under Article 26 of the Family Code of the Philippines. “Perhaps if we truly want justice, we will see how antiquated our laws are. If we truly are for justice, we will feel how we impose a burden that is a vestige of our colonial past, that even our colonizer chose to no longer impose on their own

people,” he said. In light of this, Leonen encouraged the UP College of Law faculty members and law students “to read our law from different lenses, from more contemporary ones. We need to construe law knowing that our freedoms should be individually and socially meaningful.” “[T]he point of being lawyers is not to maintain an unjust status quo. The point is to change our world. Legal concepts are powerful frames for our thinking of reality, properly invoked through the right forms and with the right procedure and with competent lawyers, it triggers the coercive powers of the state, summarized in the dispositive portion of our cases,” Leonen explained. “Many of our people suffer during our watch, and while we all still exist, let us not fail them,” he added. Joel R. San Juan

the DOJ, is part of the ongoing case build up prescribed under Department Circular No. 20 s. 2023 issued by Justice Secretary Jesus Crispin Remulla. The DOJ earlier said once the case build-up is completed, the preliminary investigation on the case will start, which will determine whether a probable cause exists to warrant the filing of charges against those involved in the alleged anomalies. It can be recalled that the DOJ formed last December a panel of prosecutors to look into the additional charges and pieces of evidence submitted by the National Police Commission (Napolcom) in order to bolster the case against the policemen. The additional complaint stemmed from the fact-finding inquiry report on the drug bust submitted by Napolcom as a result of its investigation into the alleged anomalies and irregularities committed by several policemen and individuals during the said anti-illegal drug operations. Last June 2023, the PNP and Napolcom

filed criminal and administrative charges against 50 policemen for their alleged involvement in the cover-up in the drug bust. The policemen were charged with violation of Republic Act 3019 or the AntiGraft and Corrupt Practices Act; RA 9165 or the Dangerous Drugs Act as amended; Revised Penal Code, in particular, Article 171 on Falsification, Article 183 on Perjury, Article 184 on False Testimony and Article 217 for Malversation of Public Property; and Presidential Decree No. 1829 or Obstruction of Justice were filed against the police officers before the Office of the Ombudsman on June 9. The said anti-drug operation became controversial after Department of the Interior and Local Government (DILG) Secretary Benjamin “Benhur” Abalos Jr. made public CCTV footages showing police officers allegedly attempting to pilfer 42 kilos of shabu from the illegal drugs seized from a dismissed police officer that was arrested during the operations. Joel R. San Juan

Go lauds establishment of new college of medicine in La Union

ENATOR Christopher “Bong” Go, the chairperson of the Senate Committee on Health, lauded the enactment of Republic Act No. 11978, which establishes a College of Medicine at the Don Mariano Marcos Memorial State University-South La Union Campus (DMMMSU-SLUC). Go is a co-sponsor of the measure in the Senate. This legislation paves the way for introducing a Doctor of Medicine Program alongside an Integrated Liberal Arts and Medicine Program designed to cultivate a new generation of medical professionals in the country. Go expressed his support for the new law, emphasizing its potential contribution to the medical workforce and improving health-care delivery in the region and nationwide. “This is a monumental step forward in our

ongoing efforts to enhance the quality and accessibility of healthcare in the Philippines. By nurturing a corps of highly skilled physicians, we are ensuring that our communities, especially those in underserved areas, receive the best possible care,” said Go. The program aims to offer a comprehensive curriculum that includes basic science and clinical courses designed to equip students with the knowledge and skills necessary to excel in the medical field. Furthermore, the initiative addresses the human resource development needs of the Province of La Union and the broader Ilocos Region. Go highlighted the long-term benefits of the law, where more Filipinos will be given opportunities to pursue medical professions and increasing the potential of making the Philippines a hub for medical excellence.

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

Tuesday, February 20, 2024

House panel okays consolidated measure on consumer protection ‘Honorable merchants’ are needed! By Jovee Marie N. Dela Cruz @joveemarie

HE House Committee on Trade and Industry approved on Monday the New Consumer Act of the Philippines to further improve consumer protection in the country. House Committee on Trade and Industry Chairman Mario Vittorio A. Mariño said the approved measure, a consolidation of House bills 805, 847, 1139, 3556, and 6074, seeks to amend Republic Act 7394, or the Consumer Act of the Philippines. The proposed amendments will now be forwarded to the House Committee on Appropriations to address funding provisions. The amendments aim to directly address consumer transactions and enhance overall consumer protection. Additionally, the proposal aims to rationalize and streamline the powers, functions, and duties of implementing agencies tasked with addressing and preventing prohibited activities affecting consumer protection. The proposed New Consumer Act follows the United Nations’ guidelines on consumer protection as a guiding philosophy to enhance

and strengthen consumer rights. The bill empowers implementing agencies, such as the Department of Health, Department of Agriculture, and Department of Trade and Industry, to take immediate action against businesses selling unsafe products that are harmful to health and cause injury. The bill said implementing agencies would now have visitorial powers, the ability to declare products as imminently injurious or unsafe, and provisional remedies, such as immediate recall, ban, and prohibition. Under the bill, the act of inducing consumers, including differently-abled individuals, into transactions against their interests is considered an unfair or unconscionable sales act or practice. The bill said the non-issuance of an express warranty for brand-new products by manufacturers or service suppliers is deemed a prohibited proposal. It also said that manufacturers, distributors, retailers, and service establishments are mandated to maintain a manned consumer hotline or service center for complaints and inquiries. The bill mandates that product labels in foreign characters or languages must be

translated into English or Filipino. The scope of price tag requirements is amended to prevent overcharging when using credit cards, debit cards, or similar means, which is also provided under the proposal. Definition of terms, such as chain distribution plans, consumer, consumer products and services, online merchant, online shopping, and product lifespan are amended for clarity. The bill also said the prevalence of online transactions, false, deceptive, or misleading advertisements via the internet, cyber shops, social networking sites, landlines, or mobile phones would be penalized. Meanwhile, the bill renamed the National Consumer Affairs Council as the Consumer Affairs Council of the Philippines (CACP), and its composition was expanded to include seven additional government agencies, four representatives from consumer organizations, and four representatives from the business sector. Cagayan de Oro Rep. Rufus Rodriguez, the principal author of a bill, emphasized the need for updated penalties in the existing law, which was enacted almost 20 years ago on April 13, 1992. Highlighting the inadequacy of the current

Oil firms hike gas, diesel, kerosene pump prices By Lenie Lectura @llectura

UEL pump prices will increase this week following a rollback last week. In separate advisories, oil firms said Monday they would jack up by more than P1 per liter the prices of petroleum products

starting Tuesday. Gasoline, for instance, will increase by P1.60 per liter. Diesel will go up by P1.10 per liter while kerosene will rise by P1.05 per liter. Petron, Shell, Caltex, Total, Unioil, PTT, Phoenix, and Seaoil will adjust their prices at 6 a.m. of February 20. For Cleanfuel, the

adjusted prices will take effect at 4:01 p.m. Last week, oil companies implemented a per liter decrease in the price of gasoline, diesel, and kerosene by P0.60, P0.10 and P0.40, respectively. This brought the yearto-date adjustment of gasoline, diesel and kerosene stands at a net increase of P4.45/liter, P4.30/liter and P0.45/liter,

penalties, Rodriguez expressed concern that the relatively low fines provided in the law do not effectively deter violations. He argued that violators find it more convenient to pay the penalties than to comply with the law. To address this issue, Rodriguez proposed an increase in penalties to strengthen the legal framework and ensure compliance from potential violators. Beyond penalties, Rodriguez’s proposed amendments align with the State’s policy to protect and promote the right to health of the people. He pushed for a comprehensive approach to health development by requiring all food, medicine, and food supplement products and goods sold in the country to include an English translation of essential information, such as the product’s name, ingredients, place of manufacture, and nutrient contents. “This measure will also afford greater protection to consumers and harmonize the Consumer Act with current developments, particularly those brought about by technological advancement and the globalized economy directly affecting consumer transactions,” said Rodriguez. respectively. D i re c to r R o d e l a R o m e ro o f t h e Department of Energy (DOE) said oil prices in the international market rose as tensions in the Red Sea escalated. “Geopolitical factors due to the escalating tension in Red Sea and Russia, the demand outlook and expectation for higher demand, and the production cuts” led to higher local pump prices, Romero said when sought for comment.

PRA chief seeks to lower minimum age of retirement for foreign retirees By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

OVERNMENT is looking to lower the minimum age of foreign retirees in the Philippines, this time with tighter security background checks of applicants. In a message to the B usiness M irror , newly elected general manager and CEO of the Philippine Retirement Authority (PRA), Roberto Z. Zozobrado said, “We’ll try to push again for the lowering of the retirement age, but since security was the main argument against it, we’ll find a way to propose a selective method that will consider the security factor with the help of the Bureau of Immigration [BI].” The PRA raised the minimum age of foreign retirees to 50, after lawmakers found out in October 2020 that mainland Chinese retirees in the country were only 35 years old. Then, Senators Richard Gordon and Nancy Binay were critical of Chinese military and fishing vessels interloping in the West Philippine Sea,

parts of which are also being claimed by Beijing as part of China’s territory. (See, “Gordon raises alarm on rising number of Chinese retirees in the PHL,” in the BusinessMirror, October 19, 2020.) But Zozobrado explained, “Lowering the [retirement] age, just like what Thailand has done, translates to an increase in the economic benefits of our Retirees Program.” Thailand has been promoting itself as a retirement haven and offers a special visa for foreign retirees of at least 50 years old.

77,481 foreign retirees

“DURING the PRA Board Meeting [last Thursday], I was made aware of our inadequacies compared to our neighboring countries,” he said. “ But that’s not to say that we’re lagging way behind them. We’re giving them good competition but the goal is to surpass their numbers, so there’s a lot of work to do.” It was during the board meeting that Zozobrado was unanimously elected as PRA GM and CEO. Latest data from the PRA showed that there are 77,481 foreign retirees in

the Philippines. Of that figure, mainland Chinese accounted for the largest numbers at 29,356; followed by South Koreans 14,801; Indians 6,688; Americans 5,254; Taiwanese 5,128; Japanese 4,250; Hong Kong Chinese 1,748; British 1,585; German 955; Australian 927; and other nationalities 6,789. “But the active retirees [those who are in touch with us, respond to our newsletters, ask questions, etc.] total approximately 57,000,” said Zozobrado. Asked if the lowering of the minimum retirement age was critical instead of better marketing scheme to promote the country as a retirement haven, he explained, “It’s not just the marketing that has to be attended to. We also have to coordinate with BI to make the visa processing seamless and faster through digitalization, and work on needed infrastructure, etc. We have a lot of soil to till.”

‘A dream come true’

THE new PRA chief also said part of his job is to “look for investors” to set up assistedliving facilities in the country, to assure the comfort and ease of foreign retirees.

Zozobrado said heading PRA is “a dream come true for me. My career has spanned all sectors of the tourism industry— international airlines, international hotel chain, travel agencies, destination marketing, Tourism academe (LPU), Tourism journalism—so I have been wanting to cap my career with government service in the Tourism sector. After two Presidential terms, I finally got it.” He was just recently president of the Tourism Congress of the Philippines (TCP). He replaced former aerobics instructor Cynthia Lagdameo Carrion, after the latter allegedly embarrassed PRA’s parent unit, the Department of Tourism, during a budget hearing at the Senate. Zozobrado said Carrion is a “personal friend. In fact, as president of TCP, I endorsed her appointment to the PRA position. When the position was offered to me, I didnt want to get involved with the ‘whys and wherefores’ [of her departure as PRA chief ], because I want to start my term on a positive note.” (See, “Carrion out, Zozobrado in as PRA chief—Palace document,” in the BusinessMirror, February 12, 2024.)

By Henry J. Schumacher

N a world where short-term gain seems to be more attractive than long-term sustainability, in a business environment where a business deal needs endless pages of legal language that can easily be circumnavigated if wanted, it may be necessary to focus attention on the historic principle of the “honorable merchant” and “preserve the virtues and decency of the honorable merchant.” The term honorable merchant describes the mission statement for responsible stakeholders in economic life. It stands for a sense of responsibility for one’s own company, for society, and the environment. An honorable merchant bases his / her behavior on virtues which aim for a long-term economic success without opposing society’s interests. This includes sustainable business. But what makes a merchant honorable? The roots of the principle can be traced back to the early middle-ages. A merchant could call himself “honorable” and benefit from this reputation if he acted in compliance with the developed rules. He became honorable through virtues, such as integrity, honesty and decency. The honorable merchant stood out because he always kept his word and others could rely on him. The merchant’s reputation was intertwined with his commercial success, and therefore represented a crucial asset for his business. Nowadays, the notion of the honorable merchant appears rather old-fashioned, but numerous development trends in society, politics and business illustrate that decency also plays a major role in the 21st century. Globalization increases the competitive pressure as counties and companies with a different understanding of integrity compete; the same is true for Asean integration where competition will increase and good companies and not-so-good companies will clash. Luckily, the public gets more and more critical and social media raises the bar. People have very high expectations when it comes to assumptions of responsibility and respectability regarding companies.

In the financial market, the demand for sustainable investment increases continuously. Some funds only invest in companies that fulfil, besides economic, also social and environmental criteria. In the middle age, the merchants proved that the collective establishment and implementation of the principle of the honorable merchant could generate benefits for both companies and society. Globalization and the resulting loss of influence of governmental control mechanisms, puts more pressure on companies and their management (executive and supervisory) to create preconditions that enable sustainable and successful business activity. The Monorable Merchant as a person: Has a tolerant and liberal attitude, n Keeps his/her word with the handshake as a binding act, and n Develops commercial judgment capabilities. n

The Honorable Merchant in his/her company: n Acts as a role model through all actions, n Promotes honorable behavior in the business, and n Aims at long-term and sustainable business objectives. The Honorable Merchant in society and the economy: n Heeds the principle of equity and good faith, n Recognizes and takes responsibility for the economic and social order, and Always advocates values both in domestic and foreign trade. The honorable merchant became the guiding star when the Integrity Initiative in 2009 joined hands with the Makati Business Club in 2010 and organized the Integrity Initiative, Inc. In 2024, the topic is still hot and the Philippines continues to need honorable merchants. We are all aware that corruption remains a big issue, involving “non-honorable merchants” and their “partners” in the national and local governments. I suggest that we extent the desire to have honorable merchants to have “honorable government officials.” We are committed to ethical business. We are calling on people in business, government and civil society to join us in this integrity movement. Feedback is more than welcome; contact me at hjschumacher59@gmail.com

Boracay propels Aklan’s 22.5% growth in 2022, PSA data show

ORACAY revelers may have boosted the economy of Aklan in 2022, which is the fastest-growing province nationwide, according to the Philippine Statistics Authority (PSA). The latest data from the PSA showed Aklan posted a growth of 22.5 percent in 2022. PSA data also showed that the top contributor to the growth was Transportation and Storage, which accounted for 13.4 percentage points (ppt) of the growth. Transportation and Storage posted a growth of 148.9 percent in 2022, which brought the industry’s total output to P11.64 billion in 2022 is only P318.66 million lower than the pre-pandemic level of P11.959 billion in 2019.

“[This] includes trips to Boracay, among the performance of the sub industries of transportation and storage, air transportation po nag top,” PSA Macroeconomic Accounts Service Subnational Economic Accounts Division Head Elgie A. Gulane told the B usiness M irror in an email on Monday. The PSA said other top contributors to the growth of Aklan were wholesale and retail trade; repair of motor vehicles and motorcycle, which contributed 3.1 ppts; other services, 1.1 ppts; and accommodation and food service activities, one ppt. In terms of growth, the wholesale and retail trade; repair of motor vehicles and motorcycle which grew 13.2 percent; other services, 60.6 percent; and accommodation and food service activities, 63 percent. Meanwhile, PSA data also showed that Nueva Vizcaya, Davao Oriental, and Sorsogon, also posted high growth rates at 13.1 percent, 12.3 percent, and 12.2 percent in 2022, respectively. “All the top 10 provinces in terms of annual growth rates also recorded growths faster than the national GDP growth rate of 7.6 percent,” PSA said in a statement. Cai U. Ordinario

News BusinessMirror

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

Tuesday, February 20, 2024

Bill seeks to boost employability, AFP vows to neutralize DI-MG remnants competitiveness of SHS students after death of six troopers in Lanao clash

HOUSE deputy speaker filed a measure that aims to enhance the employability and competitiveness of senior high school (SHS) students after completing the K to 12 basic education curriculum. House Bill 9808, filed by Deputy Speaker Camille Villar of Las Piñas, seeks to guarantee that SHS graduates have the necessary knowledge, training, and skills that would help them land jobs either in the public or private labor sector when they graduate from SHS. Villar emphasized that the bill aligns with the objectives of the K to 12 program by equipping SHS graduates for various paths, including higher education, middlelevel skills development, employment, or entrepreneurship. The bill introduces the creation of Batang Magaling National and Local Councils to facilitate collaboration and communication between education institutions and industry partners for curriculum alignment and work immersion component updates. The measure proposes the creation of Batang Magaling National and Local Councils to “serve as mechanisms for active collaboration and meaningful communication for the provision of information to the education institutions for the updating and alignment of the curricular offerings and the work immersion component of the SHS program with the market needs as identified by industry partners and government agencies.” The councils would comprise representatives from the Department of Education (DepEd), Technical Education and Skills Development Authority (TESDA), Department of Labor and Employment (DOLE), three national industry partners, a national labor group, and the Union of Local Authorities of the Philippines (ULAP). At the local level, the councils would be established, involving local school boards, Public Employment Service Offices (PESO), industry partners, TESDA provincial offices, and local employee organizations. The local councils are mandated under the bill to conduct labor market demand studies

every three years, the results of which shall serve as the basis for the improvement of the work immersion component of the SHS program and for the creation of the Batang Magaling roadmap, which is aimed at aligning the tracks and strands of the K to 12 Basic Education curriculum under RA 10533, or the Enhanced Basic Education Act of 2013. The local councils are likewise tasked with increasing the awareness and commitment of industry partners and government agencies to accept students in Work Immersion Programs (WIP), ensuring that their deployment is done according to their tracks or specialization courses, and enabling them to acquire specialized skills and competencies to advance in their chosen path. Educational institutions offering the SHS program are also required to offer WIPs that would help develop the students’ competencies, skills, work ethics, and values relevant to pursuing further education or joining the workforce. Also under the proposal, the DepEd and the DOLE shall develop and maintain a centralized nationwide database of skills information to serve as a one-stop shop for all matters related to the employment of SHS graduates. The DOLE and the DepEd are likewise directed to conduct studies and research for the crafting of strategies and guidelines to minimize the impediments to SHS employment and promote the affirmative hiring of the graduates. The DepEd, in collaboration with the councils, is also enjoined to conduct a mandatory review of the proposed law’s implementation and submit its assessment report to Congress not later than two years after the effectivity of the measure and every two years after that. “The government must make sure that SHS students are ready for employment when they finish the K to 12 program. It is imperative that we arm them with the commensurate knowledge and skills that would make them employable and competitive. This proposed bill is aimed at doing exactly that,” Villar said. Jovee Marie N. Dela Cruz

PAF gets another C-130H transport from US EDCA

U S d o n ate d Lo c k h e e d C - 1 3 0 H “Hercules” cargo transport to the Philippine Air Force (PAF) arrived at Clark Air Base, Mabalacat City, Pampanga on Friday, February 16, the Air Force announced on Monday. “The PAF welcomed its new C-130H tactical transport aircraft with a water cannon salute as it landed at the Clark Air Base, Mabalacat City, Pampanga, on February 16, 2024. The aircraft was ferried from Waco, Texas to the Philippines by [a] US aircrew,” Air Force spokesperson Col. Ma. Consuelo Castillo said. A formal acceptance, turnover, and blessing ceremony for the aircraft were

scheduled tentatively at the end of February or March. The C-130H, with tail number 5157, is the second of two C-130 aircraft granted to the PAF by the US through its Excess Defense Articles (EDA) Program. The PAF is known to have around three to four active C-130s in its fleet. The first unit was delivered on January 29, 2021, and formally turned over to the PAF in February of the same year. “The new addition will bolster the PAF’s cargo airlift fleet and support humanitarian assistance, disaster relief operations, and various military missions,” Castillo said. Rex Anthony Naval

FIRB ups investment capital threshold for IPA projects Continued from A12

As of end-December 2023, the estimated total investment capital from the 1,011 CREATE-incentivized projects has now reached P1.1 trillion, generating a committed employment count of 112,464 jobs across priority industries under the Strategic Investment Priority Plan (SIPP). The FIRB move to hike to P15 billion the investment capital threshold for projects assigned to investment promotion agencies (IPAs) would “empower” these agencies to perform as this means giving them more authority to generate investments and grant tax incentives, according to the Philippine Chamber of Commerce and Industry (PCCI). In a statement on Monday, PCCI President Enunina V. Mangio said, “The PCCI welcomed this recent issuance of FIRB. This would mean more projects will have to be decided quickly at the IPA level without going through the approval of FIRB, which became the bottleneck for incentives.” Mangio said FIRB Resolution No. 003-24 would not only “align” certain processes in

government but would also empower IPAs to perform as it gives these agencies more authority and responsibility in generating investments and granting tax incentives. Mangio hopes that the policy will “encourage” more local and foreign investors to “infuse” their resources and enter into bigticket projects of the government through PPP. Relating this policy to ease of doing business, the PCCI chief emphasized that the country needs to streamline its processes and policies so it can become an “attractive investment destination.” Mangio added that the Philippines needs to catch up with its Association of Southeast Asian Nation (Asean) neighbors, which “have moved fast over the last 10 years.” The business group earlier identified some of the major industries that are “ideal” for local and foreign investments and could amplify the economic growth and competitiveness of the country. These sectors include agribusiness, ITBPM and creative industries, manufacturing, mining and mineral resources, and tourism, among others.

By Rex Anthony Naval

HE Armed Forces of the Philippines (AFP) on Monday said its forces remain committed to neutralizing all remaining members of the Dawlah Islamiya-Maute Group (DI-MG), tagged as the perpetrators in the Mindanao State University bombing last December 3, despite the deaths of six troopers and wounding of four other during pursuit operations against the terrorists in Lanao Del Norte on Sunday,

February 18. “The AFP remains relentless in its pursuit operations against members of the DI-MG that perpetrated the bombing at Mindanao State University last year,” AFP chief Gen. Romeo Brawner Jr. said in a statement. He added that operations against the terrorist group have been successful so far and have resulted in the neutralization of 18 DI-MG members, including so-called “Engineer,” who masterminded the attack on innocent civilians.

various accounts claiming to be either from the Intellectual Property Rights Enforcement Office [IEO] or Meta,” IPOPHL said in a statement on Monday. The agency said these impostor accounts warn recipients of allegedly violating intellectual property (IP) laws, such as using copyrighted works in their uploaded content without permission from the IP owner. With this, IPOPHL is reminding the

evacuated to Camp Evangelista Station Hospital,” the AFP chief said. Brawner said he extended his condolences to the families of the slain soldiers and offered the AFP’s support during this difficult time. He also assured the families of the wounded troops that their loved ones will receive the best treatment possible for their wounds. “As the CSAFP [Chief-of-Staff AFP] I assure their families and every Filipino that justice will be meted and all efforts will be exhausted in pursuit of the enemy. Our troops are motivated to finish the job and accomplish our mission of defeating local terrorist groups once and for all,” Brawner stressed.

Pioneering Fil-Am nurse receives proclamation at NY State Capitol By Troi Santos

LBANY, New York—Dr. Dely Po Go, the pioneering Fil-Am nurse selected as Grand Marshal for the Philippine Independence Day Parade on both continents of New York City and Milan, Italy in 2023, received a prestigious proclamation from The New York State Assembly. The honor was bestowed during the Lunar New Year festivities at the State Capitol in Albany on February 13, 2024. Assemblymember Steven Raga of the 30th Assembly District signed the declaration, recognizing Dr. Po Go’s remarkable commitment to advocating for the Asian American and Pacific Island (AAPI) community in New York. Born in the Philippines, Dr. Dely, as she is fondly called, completed her early education at Silliman University in Dumaguete City, ultimately becoming licensed as a registered nurse. When she and her husband, Harry, moved to the US with their children, she pursued her studies at Fairleigh Dickinson University for her Master of Science in Nursing, summa cum laude, and her Doctor of Nursing Practice, also summa cum laude, in 2012. She has long been regarded as an advocate for diversity, equality, and cultural preservation within the AAPI community. Her commitment to uplifting and empowering individuals of Asian and Pacific Islander

DR. Dely Po Go, with husband Harry Go, N.Y. State Assembly member Steven Raga of the 30th Assembly District and other members of the New York State legislature

heritage has impacted the lives of numerous community members. “We have an outstanding individual worthy of the esteem of both the community and the 30th Assembly District,” the proclamation reads, a testament to her unparalleled and unwavering community service. Through her contribution to numerous humanitarian causes and advocacies, Dr. Go has played a pivotal role in fostering

AAPI political awareness, representation, and social progress. She assisted in developing “Bridges to Success Ambulatory Care Services,” which serves the homeless population. In addition, she also volunteered to work with military personnel returning from deployment and regularly contributes to the New Jersey Business & Industry Association, the United Way of Passaic County, St. Joseph’s Hospital, and

Healing the Children International. Dr. Go has received numerous honors and accolades for her community involvement and professional accomplishments, including being a grand marshal of the 125th Philippine Independence Day commemoration in June 2023 in New York City, Jersey City, and Milan, Italy. She was named an Outstanding Alumna by both Silliman University and Fairleigh Dickinson University and among New Jersey’s 50 Best Women in Business by NJBIZ. Additionally, she was presented with a Nurse Recognition Award by the New Jersey League for Nursing, the Nurse DIVA Award by the New Jersey State Nurses Association, the Humanitarian Award by the Philippine Nurses Association Foundation, and a Woman of Peace Award by the Women’s Federation for World Peace International. She was inducted into the Fairleigh Dickinson’s Pinnacle Society and received two DAISY Awards for Outstanding Faculty from William Paterson University. In honoring Dr. Go, the New York State Assembly reaffirms its commitment to celebrating diversity, fostering unity, and championing the rights and interests of all communities. Her remarkable dedication to the betterment of the AAPI community exemplifies the spirit of resilience, compassion, and solidarity that defines New York’s rich cultures and traditions.

Kaspersky reminds Filipinos on proper USB device ‘hygiene’ By Lorenz S. Marasigan @lorenzmarasigan

LOBAL cybersecurity leader Kaspersky cautioned Pinoys against haphazardly plugging USB devices into their computers without prior scanning, as more than a third of Filipino users have fallen victim to local threats in 2023. According to the Kaspersky Security Network (KSN), the Philippines ranks third in Southeast Asia for the highest number of users attacked by local threats with 36.80 percent of Filipinos attacked by USB-related threats last year. The Philippines trailed behind Vietnam

(53.30 percent) and Indonesia (41.10 percent). Globally, the Philippines secured the 76th spot in the 2023 KSN report, slipping from 72nd in 2022 and 70th in 2021. The country witnessed a total of 22,731,157 local threats detected and blocked by Kaspersky solutions throughout 2023. Malware spread through removable media like flash drives, CDs, DVDs, and other “offline” methods accounted for the majority of incidents. Worms and file viruses were identified as the primary culprits. Yeo Siang Tiong, General Manager for Southeast Asia at Kaspersky, emphasized the dual nature of USBs, acknowledging

their convenience but highlighting the risks associated with cybercriminals exploiting these devices. “USBs are a boon to everyone who uses them, cybercriminals included, and a bane for those unaware that such offline hardware could cause a catastrophe. We need to understand that cyberattacks don’t come solely from the internet. Attackers are finding ways to get to your devices, like with the use of these seemingly plain removable media, which we could prevented with proper USB hygiene,” he said. He urged Filipino users to adapt proper USB hygiene, emphasizing that cyber threats extend beyond internet-based attacks. He

PHL, Sweden finalizing military equipment deal

HE Depar tment of National Defense (DND) announced that it is now finalizing the implementing agreement (IA) with Sweden on the Procurement of Defense Material and Equipment (PDME), which would allow Stockholm to offer state-of-the-art equipment, including its vaunted Saab JAS-39 “Gripen” jet fighter, to the Philippines. DND spokesman Arsenio Andolong, in a statement over the weekend, said the latest meeting to finalize the IA took place last January 17. “The IA-PDME is expected to be concluded and signed as one of the major

outputs of the forthcoming inaugural Philippines-Sweden Joint Committee Meeting to be held in March 2024 in Sweden,” he added. Andolong said this logistics cooperation is part of the commitment of the two countries under the Memorandum of Understanding Concerning Cooperation in the Acquisition of Defense Materiel signed by the two countries on June 3, 2023, and ratified on September 4, of the same year. “The Philippine side, consisting of representatives from the DND, Department of Finance, and Department of Foreign Affairs, and the Sweden side led by

IPOPHL warns public vs ‘fake’ enforcement office accounts HE Intellectual Property Office of the Philippines (IPOPHL) warned the public against engaging with “impostor” accounts claiming to be from the Intellectual Property Rights Enforcement Office (IEO) or Meta who are warning netizens of allegedly violating intellectual property (IP) laws. “It has come to our attention that Meta users have been receiving messages from

In continuation of this effort, Brawner said another operation was launched last February 18 resulting in two more dead among the enemy and several others wounded based on intelligence information. This took place at Barangay Ramain, Munai, Lanao Del Norte and involved troopers from the 44th Infantry Battalion and 3rd Scout Ranger Battalion. “However, six of our valiant soldiers paid the ultimate sacrifice while another four were wounded. The wounded were already

public that its enforcement office only has one official Meta page, which can be accessed through this link: https://www. facebook.com/IPOPHLIEO For Meta’s par t, IPOPHL noted, it emphasized last week in an IP Boot Camp held jointly with IPOPHL that official notices of copyright violations are not sent through Messenger. “Instead, they come in the form of

notifications sent to the concerned page or account,” said IPOPHL. “We highly warn netizens against engaging with these senders. Do not open the links accompanied in their messages. Do not provide your personal information to these senders or through their sketchy links,” the agency noted. Amid this incident, IPOPHL called on social media platforms to act fast against

Swedish Ambassador to the Philippines Her Excellency Annika Thunborg, are working on the finalization of the IAPDME,” he added. Currently, the DND is undertaking the necessary procedures for the conclusion of international executive agreements. “Sweden intends to participate in the implementation of projects under Horizon 3 of the Revised Armed Forces of the Philippines Modernization Program, specifically in the Multi-Role Fighter [MRF] Aircraft Acquisition Project of the Philippine Air Force [PAF],” Andolong noted. The JAS-39 “Gripen” is one of the two such scams and “keep themselves on their toes” for emerging modes of fraud that misuse IP laws. B ased on IPOPHL’s website, the Intellectual Property Rights Enforcement Office (IEO) implements administrative enforcement function of the Intellectual Property Office pursuant to the mandate under Section 7, (c) and (d) Republic Act No. 8293, as amended, also known as the Intellectual Property Code of the Philippines. Among its roles is to under take

explained that some encrypted USB drives, despite meeting FIPS 140 certification standards, remain vulnerable to attacks. To safeguard against USB-related threats, Kaspersky experts said Filipinos must configure their operating systems to avoid running anything from USBs, use antivirus software with auto-scan features for USB sticks, and to regularly update operating systems to patch vulnerabilities. Furthermore, Kaspersky recommended Pinoys to avoid copying executable files and download software from trusted sites and to keep work and personal information separate on USB drives, especially in shared environments. jet fighters eyed by PAF to fulfill its MRF requirement. Another contender in the PAF’s MRF acquisition program is the Lockheed Martin F-16V “Viper” jet fighter. The MRFs are expected to backstop the military’s existing fleet of 12 South Korean-made Mach 1.5 capable FA-50PH light jet fighters. The requirements for the MRF project stipulate that the offered aircraft must be “fourth generation or higher.” The project also requires 12 MRFs to be at least capable of patrolling the country’s protected waters and airspace. Any aircraft that will be selected must be able to integrate with existing radar systems that have a range of about 250 nautical miles. Rex Anthony Naval enforcement functions suppor ted by concerned agencies, such as the Philippine National Police, the National Bureau of Investigation, the Bureau of Customs, the Optical Media Board, and local government units, among others. The enforcement arm of IPOPHL is also tasked to conduct visits during “reasonable” hours to establishments and businesses engaging in activities violating intellectual property rights based on report, information or complaint received by the office. Andrea E. San Juan

BusinessMirror

Tuesday, February 20, 2024

ESTABLISHMENT / ADDRESS

ESTABLISHMENT / ADDRESS No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

QUALIFICATION AND SALARY RANGE

No.

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

FERRAO, AJIT SALVANIUS Business Transformation Assoc Director 1.

Brief Job Description: Maintain operational quality across programs by monitoring budget, scheduling, risk, and scope. Drive reduction in variability and defects in business processes. Determine process performance baseline and metrics to evaluate performance.

SERRAO, FLAVIA Business Transformation Assoc Director 2.

Brief Job Description: Maintain operational quality across programs by monitoring budget, scheduling, risk, and scope.

Basic Qualification: High level of expertise and experience on capacity & performance monitoring, capacity management, data analysis & interpretation, operations management, risk management and business insights.

ZIN LIN PHYO Burmese Customer Service Representative 11.

12.

Brief Job Description: Develop and execute end-to-end project management activities. Define project scope with key stakeholders and effectively manage milestones and dependencies. Support the management of financial, contractual, and operational commitments.

Basic Qualification: Extensive IT experience. Has senior management experience, including technical skills. Good experience in handling EU clients, German language skill is a plus for the role’s requirement.

13.

YANG, TZU-HUNG Mandarin Speaking Marketing Supervisor Brief Job Description: Prepare marketing strategy and write action plans.

LY BA NHIEN Mandarin Speaking Operations Specialist 5.

Brief Job Description: Develop and maintain standard operating procedures.

WANG, LIN Mandarin Speaking Technical Support Specialist 6.

Brief Job Description: Places software into production by loading software into computer.

Brief Job Description: A procurement specialist facilitates purchases from outside suppliers to keep a business running. Their primary responsibilities include researching key suppliers, negotiating purchase agreements, and ensuring all products and materials meet company standards.

LIN, JIAOXI Procurement Specialist

MO, QIJIAN Procurement Specialist

YANG, TIANQIANG Dynamic Functional Consultant 14.

CHEN, JIANFENG Monogram General Operator 15.

16.

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

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

Basic Qualification: Good verbal and written communication skills in Mandarin language. Salary Range: Php 30,000 - Php 59,999

WANG, ZHENG Monogram General Operator 17.

Basic Qualification: Strong verbal and written communication skills. The ability to plan, delegate and evaluate progress toward goals is necessary for managing these projects. Must have strong problem-solving skills.

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

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

YUAN, ZHE Monogram General Operator 18.

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

22.

Brief Job Description: Provides assistance to customers during emergency calls and informational services.

KIM, MINGYEONG Consultant 23.

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

Basic Qualification: Should have analytical skills, communication skills, and creativeness. Experience in related field is an edge. Must have a bachelor’s degree like business management or computer science.

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

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

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

SHEN, YUQING Quality Assurance Specialist

19.

20.

Brief Job Description: Ensure products meet established quality standards and industry benchmarks. They monitor processes and inspect produced goods and services. They propose measures and process improvements to enhance operations, ensure reliability of systems, and minimize downtime, errors, and defects. YAO, JIANSHE Quality Assurance Specialist Brief Job Description: Ensure products meet established quality standards and industry benchmarks. They monitor processes and inspect produced goods and services. They propose measures and process improvements to enhance operations, ensure reliability of systems, and minimize downtime, errors, and defects.

Basic Qualification: Outstanding problemsolving and decisionmaking skills. Excellent verbal and writing skills. Strong analytical and organizational skills.

QUALIFICATION AND SALARY RANGE Basic Qualification: At least six (6) months customer service associate experience, and basic to advance MS application skills. Salary Range: Php 90,000 - Php 149,999

CBS TOTAL CONSULTANCY CORP. 3f Ech Bldg., 100 Jupiter St., Cor. Makati Ave., Bel-air, City Of Makati

Brief Job Description: To respond promptly to customer inquiries on products and services.

LEE, YOONJEONG Consultant 24.

Brief Job Description: To respond promptly to customer inquiries on products and services.

Basic Qualification: College graduate/ bachelor’s degree holder with excellent written and verbal communication in English and Korean hangul languages. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate/ bachelor’s degree holder with excellent written and verbal communication in English and Korean hangul languages. Salary Range: Php 30,000 - Php 59,999

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

JIANG, QINGGAO Marketing And Sales Agent 25.

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

Basic Qualification: Can contribute information, ideas, and research to help develop marketing strategies and can help to detail, design, and implement marketing plans for each product or service being offered. Salary Range: Php 30,000 - Php 59,999

GIGA INFORMATION TECHNOLOGY AND SOFTWARE DEVELOPMENT INC. 2/f Lipam’s Building, 40 Presidents Avenue, B. F. Homes, City Of Parañaque 31/f Pbcom Tower 6795 Ayala Ave., Cor. V.a. Rufino St., Bel-air, City Of Makati

26.

27.

RICHARDO Indonesian Financial System Consultant Brief Job Description: Manage large amount of incoming phone calls.

ROBY Indonesian Trainer Brief Job Description: Supervises the training activities in the company.

Basic Qualification: Foreign language speaking. Salary Range: Php 60,000 - Php 89,999

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

GOODYIELDS SERVICES INC. Unit Ug-08 Ug/f Cityland 10 Tower 2, 154 H.v. Dela Costa Cor. Valero Sts., Bel-air, City Of Makati

YU JIA YANG Mandarin Admin Officer 28.

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

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

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

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

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

LEE, MIN CHEOL Associate

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

21.

10.

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

SU, HAITING Monogram General Operator

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

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

No.

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

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

SANDAR OO Burmese Customer Service Representative

Brief Job Description: Finds the right business solution for an organization. Helps an organization implement a new business solution or tweak the existing solution.

Salary Range: Php 60,000 - Php 89,999 Basic Qualification: Good verbal and written communication skills in Mandarin language.

QUALIFICATION AND SALARY RANGE

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

Basic Qualification: Good verbal and written communication skills in Mandarin language.

AM-PRO IMPORTS MARKETING CORP. 16e Residenza Suites, 429 Shaw Blvd., Addition Hills, City Of Mandaluyong

LI, QISHU Procurement Specialist

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

ESTABLISHMENT / ADDRESS

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

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

ACSTREAM MANAGEMENT INC. 9/f Sterling Centre, 131 Dela Rosa Cor. Ormaza Sts., San Lorenzo, City Of Makati

Brief Job Description: Managing incoming calls and customer service inquires. ZHAO, JINBAO Chinese Customer Service Representative

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

DREYFUSS, FRANCOIS RENE Program & Project Mgmt Assoc Director

Brief Job Description: Managing incoming calls and customer service inquiries. LYU, CHUANGNAN Chinese Customer Service Representative

Salary Range: Php 150,000 - Php 499,999 Basic Qualification: High level of expertise and experience on capacity & performance monitoring, capacity management, data analysis & interpretation, operations management, risk management and business insights.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

www.businessmirror.com.ph

Brief Job Description: Performs administrative and office support for activities for multiple supervisors. Extensive software skills, Internet research abilities and strong communication skills are required.

Basic Qualification: College Graduate. Computer proficiency. Fluent in Mandarin, Cantonese and Taiwanese languages. Excellent interpersonal and communications skills. At least 1 year experience related to the job applying for. Salary Range: Php 30,000 - Php 59,999

HINDUJA GLOBAL SOLUTIONS LIMITED 19th To 21st Flrs. Zeta Tower Bridgetowne West, E. Rodriguez Jr. Ave. Cor. Ortigas Ave., Ugong Norte, Quezon City

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

SHARMA, RAHUL Director For Transformation

Basic Qualification: Outstanding problemsolving and decisionmaking skills. Excellent verbal and writing skills. Strong analytical and organizational skills.

29.

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

HUAWEI TECHNOLOGIES PHILS. INC. 53/f Pbcom Tower, 6795 Ayala Ave., Cor., V.a. Rufino St., Bel-air, City Of Makati

Basic Qualification: Outstanding problemsolving and decisionmaking skills. Excellent verbal and writing skills. Strong analytical and organizational skills. Salary Range: Php 30,000 - Php 59,999

BOSCH SERVICE SOLUTIONS, INC. 23rd Flr W Fifth Ave. Cor., 32nd St. Bonifacio Global City, Fort Bonifacio, City Of Taguig

Brief Job Description: Lead a client teams or internal groups to excellence through transformation initiatives in all aspects of customer touchpoints.

Basic Qualification: Must be a college graduate, and must be in the same role or at least 3 years of experience as SR. Manager For Business Excellence.

ZHANG, LIANG Operation Manager For Transaction-Flow Digital Transformation 30.

Brief Job Description: To perform strategy to execute operation of carrier business group and enterprise business group. Manage the end to end of the project. Manage the transaction-flow of digital transformation project.

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

Basic Qualification: Preferably graduated with a Bachelor’s Degree in Automation/IT or other related courses. Masteral degree is an advantage. Highly proficient in Chinese and English languages. Salary Range: Php 150,000 - Php 499,999

BusinessMirror

www.businessmirror.com.ph

ESTABLISHMENT / ADDRESS No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

GUO, ZHIDI Project Financial Controller For Globe Core Program 31.

Brief Job Description: Undertake the strategy and business plan of headquarter and manage project operations. Develop project estimation based on company process.

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: Graduated with a Bachelor’s Degree in Finance/Management or other related courses. Masteral degree is an advantage. Highly proficient in Chinese and English languages.

No.

LUO, GONGMING Q&A Manager For Huawei Cloud Service Project 32.

Brief Job Description: Implement cloud services in the QMS system of Huawei and rep. offices. Improve service quality through quality management methods. Act as the BPE of the cloud business process in the rep. office.

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

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

42.

EFENDY SALIM Indonesian Language - Support Manager Brief Job Description: Completing performance evaluations.

BELLA LANA MANGOWAL Indonesian Language - Support Officer 43.

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

44.

HYPERPUSH MEDIA INC. 15/f Unit 06 Mg Tower Ii, Shaw Boulevard, Hagdang Bato Libis, City Of Mandaluyong

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

QUALIFICATION AND SALARY RANGE

No.

Basic Qualification: Fluently speak and write Bahasa Indonesian language to cater foreign markets. Salary Range: Php 60,000 - Php 89,999 Basic Qualification: Bachelor’s Degree holder. Must fluently speak and write Bahasa Indonesian language. Can work under pressure.

DO XUAN HIEU Marketing Executive 33.

Brief Job Description: Conducting research and analyzing data to identify and define audiences and coordinating promotional activities.

FANI ANDRIANI Indonesian Language - Support Supervisor 45.

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

INFOMERGE SERVICES INC. Unit 5-a 5th Floor Hollywood Square Building, 33 West Avenue, District 1, Nayong Kanluran, Quezon City BELSKI, PAVEL SERGEEVICH Marketing Consultant

34.

Brief Job Description: Research industries, markets, demographics, trends, sales results, sales results and other data related to the clients’ products and services. Analyses details of competitor offerings, including specifications, market share, pricing and promotional materials. Creates detailed reports with research findings and analysis to inform marketing strategies. BOUFFIOUX, YIANNIS-ANAICK Marketing Consultant

35.

Basic Qualification: College graduate. With knowledge in regulating requirements or standards for accounts/clients.

36.

Brief Job Description: In charge of preparing loan files and submitting them to banks or mortgage lenders for approval.

KARLO PRAKASA Indonesian Language-Support Officer 47.

48.

37.

Brief Job Description: Responsible for leading and managing the finance and accounting team that supports the achievement of the company’s financial goals whilst mitigating risks and safeguarding assets.

49.

Basic Qualification: Bachelor’s degree holder, proficient in English and Korean languages, and preferably with loan processing experience. Salary Range: Php 90,000 - Php 149,999

Basic Qualification: Holder of a Bachelor of Arts in Accounting and Finance. With at least 15 years of work experience in a multi-location construction organization.

38.

Brief Job Description: Purchase requisition, validation and compliance, checking purchase order, releasing and monitoring.

PHAM VU CUONG Vietnamese Language - Marketing Officer Brief Job Description: Create specific promotions for affiliates.

Basic Qualification: A graduate background with professional experience and substantial on the job experience to acquire understanding of the relevant range of processes procedures and systems. Must be a bilingual Bahasa speaker (written and verbal). Salary Range: Php 60,000 - Php 89,999

Brief Job Description: Assist in the planning & administration of the organization’s daily operation. Providing information, assistance and support to customers.

DANG PHU QUOC Vietnamese Language - Support Supervisor 50.

LE THI THANH XUAN Vietnamese Language-Support Officer 51.

56.

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

PHAM THI TUYEN Vietnamese Language-Support Officer 52.

Brief Job Description: Assist in the planning & administration of the organization’s daily operation. Providing information, assistance and support to customers.

53.

Brief Job Description: The executive shall have such duties and responsibilities as may be assigned by the board of directors of Rakso Air Travel & Tour Inc. not inconsistent with the position.

57.

Basic Qualification: Fluently speak and write Bahasa Indonesian language.

39.

Brief Job Description: Management of business affairs & property of the corp., initiation and development of the corp. objectives and policies, formulate long range projects, plans & programs and to perform other duties entrusted by the board of directors.

PARK, JUMAN Vice President And General Manager Basic Qualification: Fluent in Nihongo language. Salary Range: Php 150,000 - Php 499,999

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

GRACELLA MARCELINE LIUNARDY Indonesian Customer Service Representative 40.

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

SUSI BAROKAH Indonesian Customer Service Representative 41.

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

54.

Basic Qualification: Graduate of 4 years bachelor’s degree with critical thinking and problem-solving skills.

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

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

GE, JINLIN Mandarin Presales 55.

Brief Job Description: Mandarin Presales identifies, understands and defines customer needs, objectives and business requirements, and articulates the features and benefits of Sangfor solutions and products.

Brief Job Description: Initiates and/or implements corrective action as needed in order to ensure that an excellent standard of service and a high level of customer satisfaction is maintained.

Salary Range: Php 60,000 - Php 89,999 Basic Qualification: Must fluently speak and write Indonesian language to cater foreign markets.

TRAN CHI THUAN Mandarin Coordinator 59.

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

Basic Qualification: Bachelor’s Degree holder. Must fluently speak and write Bahasa Indonesian language. Can work under pressure.

60.

61.

Basic Qualification: Two (2) years of experience relative to the position.

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

Brief Job Description: Act as a key player in the technology leadership team focusing on analysis, design, implementation, operations, and integration supporting several key business critical systems/initiatives. Reports to the CEO/President and requires a seasoned hands-on technologist who works effectively, both independently and collaboratively in a team environment.

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

CHEN, CAIBIN Construction Manager 63.

Basic Qualification: Bachelor’s Degree holder. Effective writing and communication skills in English and Mandarin languages. Good interpersonal and communication skills. With experience related to the position applying for. Can work with minimum supervision.

Brief Job Description: Provide the required support to the management and perform periodic risk assessments.

CAI, WEIQIAO Construction Manager

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

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

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

Basic Qualification: College Graduate. Fluent in Mandarin, Cantonese, and Taiwanese languages. Excellent interpersonal and communication skills. At least 1 year experience related to the applying for. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Technical and management skills. Salary Range: Php 150,000 - Php 499,999

Basic Qualification: College graduate. With at least 20 years of work experience in IT Operations. Salary Range: Php 150,000 - Php 499,999

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

Basic Qualification: Bachelor’s Degree holder. Must fluently speak and write Bahasa Indonesian language. Can work under pressure.

Basic Qualification: Outstanding organizational and leadership skills. Problemsolving aptitude.

Basic Qualification: College graduate. With at least 1 year of work experience in a similar role and with excellent interpersonal and communication skills, particularly in Chinese dialects.

AHMAD, KHALIL Chief Information Officer

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

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

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

TIM HORTONS PHILIPPINES, INC. U-401-406 4f Bjs Bldg.,, 1869 P. Domingo St.,, Kasilawan, City Of Makati

Salary Range: Php 60,000 - Php 89,999 Basic Qualification: Must fluently speak and write Vietnamese language to cater foreign markets.

Brief Job Description: Initiates and/or implements corrective action as needed in order to ensure that an excellent standard of service and a high level of customer satisfaction is maintained.

PADMANABHAN, GOVINDARAJAN Sr Dir-tech Risk Mgmt

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

Basic Qualification: College graduate. With previous work experience in a similar capacity.

SUTHERLAND GLOBAL SERVICES PHILIPPINES, INC. 12th Floor Philplans Corporate Center, Kalayaan Avenue & Triangle Drive, Fort Bonifacio, City Of Taguig

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

SANGFOR TECHNOLOGIES (HONGKONG) LIMITED PHILIPPINE BRANCH OFFICE Unit 14b 14/f Rufino Pacific Tower, 6784 Ayala Ave. Cor. V.a. Rufino St., San Lorenzo, City Of Makati

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

Brief Job Description: Making important company decisions or commitments. Assisting in strategic goal setting. Determining company success and deciding on improvements. Deciding on the budget for the department or company.

Brief Job Description: Responsible for conducting loss mitigation and recovery efforts with regards to a company’s delinquent or charged-off accounts including making calls to determine and possibly cure for customer delinquencies, assuring that all files have current financial statements at all times, and establishing payment arrangement to cure past due debts.

HUYNH QUE QUAN Mandarin Coordinator

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

CHEN, WEIPENG Construction Manager 64.

MG EXEO NETWORK, INC. Elizabeth Ave., Sta. Ana Drive, Sun Valley, City Of Parañaque TANIFUJI, KENJI Japanese Consultant (Chief Executive Advisor)

Brief Job Description: Responsible for providing technical support to clients in person and remotely.

LE THI HONG DIEU Mandarin Collection Officer

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

RAKSO AIR TRAVEL & TOURS, INC. 3/f Rico Bldg., 112 Aguirre St., San Lorenzo, City Of Makati

KIM, DONG SEOL President And Chief Operating Officer

QUALIFICATION AND SALARY RANGE

SHEX GROUP INC. Unit Ug-08 Cityland Condo, 10 Tower 2, 154 H.v. Dela Costa St., Bel-air, City Of Makati

62.

Salary Range: Php 500,000 and above

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

ELISABERT Procurement Advanced Associate - Bahasa Speaker

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

DUONG HOANG LOAN NGOC Vietnamese Language - Support Officer

LEIGHTON CONTRACTORS (ASIA) LIMITED 12th Flr Menarco Tower, 32nd Street, Bonifacio Global City, Fort Bonifacio, City Of Taguig

ADAMS, ROBERT KEITH MACKENZIE Sr. Finance & Administration Manager

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

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

KEB HANA BANK - MANILA BRANCH U-1, 2 & 3 33 21/f Zuellig Bldg., Makati Ave. Cor. Paseo De Roxas, Urdaneta, City Of Makati

KIM, JAEWOO Loan Processor

BRENDA Indonesian Language-Support Officer 46.

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

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION WANG, JINHONG Mandarin Technical Support Engineer

58. Basic Qualification: Minimum of 3 years of professional experience in digital marketing or related field.

ESTABLISHMENT / ADDRESS

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

Salary Range: Php 90,000 - Php 149,999 Basic Qualification: Graduated with a Bachelor’s Degree in Mechanical Science and Automation/Computer Science & Technology & other related courses preferably with Master’s Degree. Highly proficient in Chinese and English languages.

Tuesday, February 20, 2024

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

CHU, WEN Construction Manager 65.

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

Basic Qualification: A Bachelor’s Degree in Construction, Business, Engineering, or a related field. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: A Bachelor’s Degree in Construction, Business, Engineering, or a related field. Salary Range: Php 30,000 - Php 59,999 *Date Generated: Feb 19, 2024

In the ad material of Notice of Filing of Application for Alien Employment Permits published on February 16, 2024, the position of MO, XIAOHAI under the company ETRANSS REMITTANCE INTERNATIONAL CORP., should have been read as MULTILINGUAL CUSTOMER SERVICE REPRESENTATIVE and not as published. Any person in the Philippines who is competent, able and willing to perform the services for which the foreign national is desired may file an objection at DOLE National Capital Region located at DOLE-NCR Building, 967 Maligaya St., Malate Manila, within 30 days after this publication. Please inform DOLE National Capital Region if you have any information on criminal offense committed by the foreign nationals.

Tuesday, February 20, 2024

TheWorld BusinessMirror

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

Israel vows to ‘finish the job’ in Gaza as member of War Cabinet threatens a Ramadan deadline for Rafah attack By Wafaa Shurafa, Kareem Chehayeb & Melanie Lidman The Associated Press

AFAH, Gaza Strip—Israeli Prime Minister Benjamin Ne t a ny a hu on Su nd ay brushed off growing calls to halt the military offensive in Gaza, vowing to “finish the job” as a member of his War Cabinet threatened to invade the southern city of Rafah if remaining Israeli hostages are not freed by the upcoming Muslim holy month of Ramadan. Israel’s government has not publicly discussed a timeline for a ground offensive on Rafah, where more than half the enclave’s 2.3 million Palestinians have sought refuge. Retired general Benny Gantz, part of Netanyahu’s threemember War Cabinet, represents an influential voice but not the final word on what might lie ahead. “If by Ramadan our hostages are not home, the fighting will continue to the Rafah area,” Gantz told a conference of Jewish American leaders. Ramadan, expected to begin March 10, is historically a tense time in the region. A s cease -f ire negot iat ions struggle after signs of progress i n recent wee k s, Net a ny a hu has called demands by Gaza’s ruling Hamas militant group “ delusional.” The United States, Israel’s top ally, says it still hopes to broker a cease-fire and hostage-release agreement, and envisions a wider resolution of the war sparked by Hamas’ deadly October 7 attack in southern Israel.

The US also says it will veto another draft UN resolution calling for a cease-fire, with its UN ambassador warning against measures that could jeopardize “the opportunity for an enduring resolution of hostilities.” But Netanyahu opposes Palestinian statehood, which the US calls a key element in a broader vision for normalization of relations between Israel and regional heavyweight Saudi Arabia. His Cabinet adopted a declaration Sunday saying Israel “categorically rejects international edicts on a permanent arrangement with the Palestinians” and opposes any unilateral recognition of a Palestinian state. The international community overwhelmingly supports an independent Palestinian state as part of a future peace agreement. Netanyahu’s government is filled with hardliners who oppose Palestinian independence. Netanyahu wants Israel to ac h ie ve “tot a l v ic tor y ” over Hamas. In response to international concern over a Rafah offensive, he has said Palestinian civilians will be evacuated. Where they will go in largely devastated Gaza is not clear. The suggested timing for the offensive came as the World Health Organization chief said southern Gaza’s main medical center, Nasser Hospital, “is not functional anymore” after Israeli forces raided it in Khan Younis last week. Israeli strikes across Gaza continued, killing at least 18 people overnight into Sunday, according

A WOMAN walks between dead bodies of Palestinians killed in the Israeli bombardments of the Gaza Strip, in front of the morgue at Al Aqsa Hospital in Deir al Balah, Gaza Strip on Sunday, February 18, 2024. AP/ADEL HANA

to medics and witnesses. A strike in Rafah killed six people, including a woman and three children, and another killed five in Khan Younis, the main target of the southern Gaza offensive in recent weeks. Associated Press journalists saw the bodies. “All those who were martyred were those whom the Jews asked to move to safe places,” said a bystander after the Rafah strike, Ahmad Abu Rezeq. In Gaza City, which suffered widespread destruction early in the war, an airstrike flattened a home, killing seven people, including three women, according to relative Sayed al-Afifi. Israel’s military rarely comments on individual strikes and blames civ ilian casualties on Hamas because the militants operate in dense residential areas.

South Korea doctors resign en masse amid spat with govt, raising worries about medical service By Jiwon Song

The Associated Press

EOUL, South Korea—Trainee doctors in South Korea began resigning en masse Monday in protest of a government medical policy, causing reported delays in surgeries and other treatments at hospitals, though no major disruption in the country’s medical service has yet occurred. Doctors’ groups and the government have been squabbling over a government plan to increase the number of medical school admissions by 2,000, starting from next year. Health authorities say it’s urgent to have more doctors considering South Korea’s fastaging population. They say the number of doctors in the country relative to the size of the population is among the lowest in the

developed world. But doctors’ groups say the government must use available resources to raise medical fees and resolve other problems first. Some doctors say the government plan could eventually result in doctors locked in competition, performing unnecessary medical treatments and posing a burden to the public health insurance plan. On Monday, trainee doctors at the country’s five major hospitals began submitting letters of resignation before formally walking off their jobs the next day. Their association, the Korea Intern Resident Association, had determined to take such a collective action during an emergency meeting last week. Seoul’s Asan Medical Center said that a number of interns and resident doctors there

submitted resignation letters and that it was trying to reschedule planned surgeries and other medical treatments for some patients. Seoul’s Severance Hospital said some of its trainee doctors also handed in resignation letters and suggested it could rearrange surgery schedules as well. South Korean media reported that hundreds of trainee doctors at other hospitals have already submitted their resignation letters. Media reports say some hospitals have canceled or put off planned cancer surgeries, childbirths and other procedures in which trainee doctors assist senior doctors during surgeries. No major troubles in the country’s medical services were immediately reported Monday. The Health Ministry said it was trying to find how many of the total trainee

Former Thailand Prime Minister Thaksin, just freed from detention, may face royal defamation charge By Jintamas Saksornchai The Associated Press

ANGKOK—Thai prosecutors said Monday that further investigation is needed to decide whether to bring former Prime Minister Thaksin Shinawatra to trial for defaming the monarchy, just a day after he was freed from a prison sentence on other charges he was serving in a hospital. Thaksin was released on parole Sunday from the hospital in Bangkok where he spent six months serving time for corruptionrelated offenses. He had been in self-imposed exile since 2008, but returned to Thailand in August last year to begin serving an eightyear sentence. On his return, he was moved almost immediately from prison to the hospital on grounds of ill health, and about a week after that King Maha Vajiralongkorn reduced his sentence to a single year. Thaksin was granted parole earlier this month because of

his age—he is 74—and ill health, leaving him free for the remainder of his one-year sentence. Thaksin was briefly detained Sunday by police from the Technology Crime Suppression Division as he left Bangkok’s Police General Hospital but was allowed temporary release to return home as it was not a working day for the prosecutor’s office, Prayuth Bejraguna, a spokesperson for the Office of the Attorney General, said at a news conference on Monday. The attorney general’s office had announced earlier this month it had revived an investigation into whether Thaksin almost nine years ago violated the law against defaming the monarch, a crime punishable by up to 15 years in prison. Thaksin was originally charged in 2016 with violating the law for remarks he made to journalists when he was in Seoul, South Korea, a year before that, but the investigation could proceed only after he was presented with the charge in person in the

hospital last month, officials said. Prayuth said Thaksin reported to the attorney general’s office on Monday for the charge, also known as lese majeste, and he was granted release on bail by posting a 500,000 baht ($13,900) bond without conditions beyond those of his parole. The conditions include travel restrictions and reporting himself every month for the remainder of his sentence. Prayuth said the attorney general has taken into consideration Thaksin’s statement in his own defense and decided to order a further investigation of his case. He was ordered to return to the office on April 10. Thaksin became prime minister in 2001 after using his telecommunications fortune to build his own political party and promoting populist policies. He was easily reelected in 2005, but ousted by a 2006 military coup after being accused of corruption, abuse of power and disrespect for the monarchy.

UN says raided hospital no longer functions

WHO Director-General Tedros Adhanom Ghebreyesus said a WHO team was not allowed to enter Nasser Hospital on Friday or Saturday. In a post on X, he said about 200 patients remain, including 20 who need urgent referrals elsewhere. Israeli Minister of Defense Yoav Gallant said at least 200 militants surrendered at the hospital. He also claimed that Hamas in Khan Younis is defeated, and that Hamas is largely leaderless in Gaza. He gave no evidence to support the claims. The Gaza Health Ministry said 70 medical personnel were among those arrested, along with patients, leaving 150 patients without medical care. It said Israel refused to allow patients, includdoctors at the five hospitals—estimated at about 2,700 in local media—submitted their resignations. South Korea has about 140,000 professional doctors. The Korea Medical Association, which represents doctors, said it plans to hold rallies in support of the trainee doctors but hasn’t determined whether to join their walkouts. Vice Health Minister Park Min-soo expressed “deep worries and regrets” over the trainee doctors’ action. Park, citing a medical law, said the government ordered them to continue their jobs. Earlier Monday, Prime Minister Han Duck-soo said the government will take steps to prevent the trainee doctors’ action from undermining the care of emergency patients. He said that more than 400 emergency medical treatment centers across South Korea will stay open around the clock. He said the government will deploy military doctors if the situation worsens. The Associated Press writer Hyung-jin Kim contributed to this report.

His popularity and unprecedented electoral support unnerved Thailand’s traditional ruling class, including monarchists and the military, and his ouster set off years of sometimes-violent confrontations between his supporters and opponents. Political parties with his backing continued to win elections but were forced from power several times by the courts and the army, both bulwarks of royalism. Thaksin’s return to Thailand last year came the same day that the Pheu Thai party—the latest incarnation of the party he originally led to power in 2001, and for which he is considered the de facto leader—won a parliamentary vote to form a new government. Thaksin’s critics have questioned whether his move from prison to more congenial conditions in the hospital reflected special privilege as part of a political deal between his supporters and opponents. His release appeared to reflect a reconciliation with his enemies in Thailand’s conservative elite, who had believed his brash populist politics and electoral popularity posed a threat to the monarchy, which they consider the linchpin of Thai society.

ing newborns, to be evacuated to other hospitals. The military says it is looking for the remains of hostages inside Nasser Hospital and does not target doctors or patients. The Oct. 7 attack killed about 1,200 people, mostly civilians, and took around 250 hostages. Militants still hold around 130 hostages, a fourth of them believed to be dead. Most of the others were released during a weeklong cease-fire in November. The war has killed at least 28 ,98 5 Pa lest i n i a n s, most ly women and children, according to the Health Ministry, which does not distinguish between civilians and combatants. On Sunday it said 127 bodies were brought to hospitals in the past 24 hours. A round 80 percent of Gaza’s population have been displaced, and a quarter face star vation. Wael Abu Omar, a spokesman for the Palestinian Crossings Authority, said 123 aid trucks entered Gaza through Israel ’s Kerem Sha lom border crossing Sunday and four trucks of cook ing gas entered through the R afah crossing w ith Eg y pt. That’s well below the 500 trucks entering daily before the war. In the occupied West Bank, a shootout erupted when Israeli forces went to arrest an armed suspect in the town of Tulkarem. The military said the suspect was killed, and a member of Israel’s paramilitary Border Police was severely wounded. It described the target of the raid as a senior

militant. The Palestinian Health Ministry said two Palestinians were killed. The war in Gaza has threatened to ignite wider conflict in the region. The US Central Command said it conducted five self-defense strikes Saturday against cruise missiles and drones in area of Yemen controlled by the Iranianbacked Houthi rebel group.

US opposes new cease-fire resolution

ALGERIA, the Arab representative on the UN Security Council, has circulated a draft resolution demanding an immediate humanitarian cease-fire and unhindered humanitarian access to Gaza, and rejecting the forced displacement of Palestinians. US Ambassador Linda ThomasGreenfield said the draft “will not be adopted” and runs counter to Washington’s efforts to end the fighting. The US vetoed previous resolutions that had wide international support. The US, Qatar and Egypt have spent weeks trying to broker a cease-fire and hostage release, but Qatar said Saturday the talks “have not been progressing as expected.” Hamas has said it will not release all remaining hostages without Israel ending the war and withdrawing from Gaza. It also demands the release of hundreds of Palestinians imprisoned by Israel, including top militants. Lidman reported from Jerusalem and Chehayeb from Beirut.

Houthi rebels’ attack severely damages ship in key strait leading to the Red Sea By Jon Gambrell

The Associated Press

UBAI, United Arab Emirates—A missile attack by Yemen’s Houthi rebels that damaged a Belizeflagged ship traveling through the Bab el-Mandeb Strait that connects the Red Sea and the Gulf of Aden has forced the crew to abandon the ship, authorities said Monday. The Iran-backed Houthis also claimed they shot down an American MQ-9 Reaper drone, something not immediately acknowledged by US forces in the region. However, the Houthis have downed US drones before. Meanwhile, the US military said it was conducting new airstrikes targeting the rebels, including one that targeted the first Houthi underwater drone seen since they began launching attacks on international shipping in November. The ship targeted in the Houthi attack on Sunday reported sustaining damage after “an explosion in close proximity to the vessel,” the British military’s United Kingdom Maritime Trade Operations center reported. “Military authorities report crew have abandoned the vessel,” the UKMTO said. “Vessel at anchor and all crew are safe.” Houthi Brig. Gen. Yahya Saree issued a statement claiming the attack, saying the vessel was “now at risk of potentially sinking.” “The ship suffered catastrophic damages and came to a complete halt,” Saree said. “During the operation, we made sure that the ship’s crew exited safely.” The private security firm Ambrey reported the British-registered, Lebaneseoperated cargo ship had been on its way to Bulgaria after leaving Khorfakkan in the United Arab Emirates. Ship-tracking data from MarineTraffic. com analyzed by The Associated Press identified the vessel targeted as the Rubymar. Its Beirut-based manager could not be immediately reached for comment. The Houthis later also identified the ship as the Rubymar.

Ambrey described the ship as being partially laden with cargo, but it wasn’t immediately clear what it had been carrying. The ship had turned off its Automatic Identification System tracker while in the Persian Gulf early this month. Since November, the rebels have repeatedly targeted ships in the Red Sea and surrounding waters over Israel’s war targeting Hamas in the Gaza Strip. They have frequently targeted vessels with tenuous or no clear links to Israel, imperiling shipping in a key route for trade among Asia, the Mideast and Europe. Those vessels have included at least one with cargo for Iran, its main benefactor. In a separate attack, Saree also claimed that Houthi forces shot down an MQ-9 drone near Yemen’s port city of Hodeida on the Red Sea. He offered no evidence for the claim. The Houthi “air defenses were able to shoot down an American plane— MQ-9—with a suitable missile while it was carrying out hostile missions against our country on behalf of the Zionist entity,” Saree said. The US military did not immediately confirm the loss of any drones in the region. However, the Houthis have surface-to-air missile systems capable of shooting down high-flying American drones. In November, the Pentagon acknowledged the loss of an MQ-9, shot down by the rebels over the Red Sea. Since Yemen’s Houthi rebels seized the country’s north and its capital of Sanaa in 2014, the US military has lost four drones to shootdowns by the rebels—in 2017, 2019 and this year. Meanwhile, the US military’s Central Command reported it carried out five airstrikes targeting Houthi militar y equipment. Those strikes targeted mobile anti-ship cruise missiles, an explosive-carrying drone boat and an “unmanned underwater vessel,” Central Command said. “This is the first observed Houthi employment of a UUV since attacks began in October 23,” Central Command said.

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US lawmakers sound alarm over China’s biotech dominance; raise future risks to national security By Didi Tang

The Associated Press

ASHINGTON—US lawmakers are raising alarms about what they see as America’s failure to compete with China in biotechnology, warning of the risks to US national security and commercial interests. But as the two countries’ rivalry expands into the biotech industry, some say that shutting out Chinese companies would only hurt the US. Biotechnolog y promises to revolutionize everyday life, with scientists and researchers using it to make rapid advances in medical treatment, genetic engineering in agriculture and novel biomaterials. Because of its potential, it has caught the attention of both the Chinese and US governments. Bills have been introduced in the House and Senate to bar “foreign adversary biotech companies of concern” from doing business with federally funded medical providers. The bills name four Chinese-owned companies. The Chinese Embassy said those behind the bills have an “ideological bias” and seek to suppress Chinese companies “under false pretexts.” It demanded that Chinese companies be given “open, just, and non-discr iminator y treatment.” The debate over biotechnology is taking place as the Biden administration tries to stabilize the volatile US-China relationship, which has been battered by a range of issues, including a trade war, the Covid-19 pandemic, cybersecurity and militarization in the South China Sea. Critics of the legislation warn

that restrictions on Chinese companies would impede advances that could bring a greater good. “In biotech, one cannot maintain competitiveness by walling off others,” said Abigail Coplin, an assistant professor at Vassar College who specializes in China’s biotech industry. She said she was worried that US policymakers would get too obsessed with the technology’s military applications at the cost of hindering efforts to cure disease and feed the world’s population. In a letter to senators sponsoring the bill, Rachel King, chief executive officer of the trade association Biotechnology Innovation Organization, said the legislation would “do untold damage to the drug development supply chain both for treatments currently approved and on market as well as for development pipelines decades in the making.” But supporters say the legislation is crucial to protecting US interests. The National Security Commission on Emerging Biotechnology, a group created by the US Senate to review the industry, said the bill would help secure the data of the federal government and of American citizens and it would discourage unfair competition from Chinese companies. The commission warned that advancement in biotechnology can result not only in economic benefits but also rapid changes in military capabilities and tactics. Much is at stake, said Rep. Mike Gallagher, chair of the House Select Committee on the Chinese Communist Party. Gallagher, a Wisconsin Republican, introduced the House version of the bill and

CHAIRMAN Rep. Mike Gallagher, R-Wis., listens during a hearing of a special House committee dedicated to countering China, on Capitol Hill, February 28, 2023, in Washington. Members of Congress are raising alarms about what they see as America’s failure to compete with China in biotechnology, with risks to US national security and commercial interests. But as the countries’ rivalry expands into the biotech industry, some say that shutting out Chinese companies would only hurt the US. AP/ALEX BRANDON

last week led a congressional delegation to Boston to meet with biotech executives. “It’s not just a supply chain battle or a national security battle or an economic security battle; I would submit it’s a moral and ethical battle,” Gallagher said. “Just as the sector advances at a really astronomic pace, the country who wins the race will set the ethical standards around how these technologies are used.” He argues that the US must “set the rules of the road” and if not, “we’re going to live in a less free, less moral world as a result.” Both the United States and China, the world’s two largest economies, have identified biotech as a critical national interest. The Biden administration has put forward a “whole-of-government approach” to advance biotechnology and biomanufacturing that is important for health, climate

change, energy, food security, agriculture and supply chain resilience. A stated goal is to maintain US technological leadership and economic competitiveness. The Chinese government has plans to develop a “nationa l strategic technology force” in biotech, which would be tasked with making breakthroughs and helping China achieve “technological independence,” primarily from the US. “Both the Chinese government and the Americans have identified biotech as an area important for investment, a sector that presents an opportunity to grow their economy,” said Tom Bollyky, the Bloomberg chair in global health at the Council on Foreign Relations. He said any restrictive US measures should be tailored to address military concerns and concerns about genomic data security. “Naturally there’s going to be

Analysis: A key withdrawal shows Ukraine doesn’t have enough artillery to fight Russia By Samya Kullab

The Associated Press

YIV, Ukraine—Dwindling a m mu n it ion t h reatens U k ra i ne’s hold on t he 1,000-kilometer (620-mile) front line under withering assault by Russian artillery. Defensive lines are in jeopardy. Ukrainian forces w ithdrew from the city of Avdiivka in the Donetsk region on Saturday after daily Russian onslaughts from three directions for the last four months. Avdiivka was a stronghold for Ukrainian positions deeper inside the country, away from Russia. A frontline city ever since Russia first invaded Ukraine in 2014, the fortified settlement with a maze of trenches and tunnels served to protect important—less strengthened—logistical hubs further west. Its seizure boosts Russian morale and confirms that the Kremlin’s troops are now setting the pace in the fight, to the dismay of Ukrainian forces that have managed only incremental gains since their counteroffensive last year.

Congressional inaction

THE Biden administration linked the loss of Avdiivka to Congressional inaction on $60 billion in military aid for Ukraine. President Joe Biden said he told Ukrainian President Volodymyr Zelenskyy in a Saturday phone call after Ukraine announced it was withdrawing troops from

Avdiivka that he remained confident that the US funding would eventually come through. But, when reporters asked if he was confident a deal could be struck before Ukraine loses more territory, Biden responded: “I’m not.”

Dwindling supplies

THE Associated Press interviewed over a dozen commanders, including heads of artillery units, in the war’s most intense combat zones in the weeks ahead of Avdiivka’s fall. They said shortages, which have always plagued Ukrainian forces since the full-scale invasion, grew acute last autumn. Dwindling supplies of Westernsupplied long-range artillery in particular means Ukrainian forces are inhibited from striking highvalue targets deep behind Russian lines, where heavy equipment and personnel are accumulated. For weeks, Ukrainian forces across the frontline have complained about critical shortages in ammunition, with some artillery batteries fighting with only 10 percent of supply they need. Desperate to economize shells, military leaders ordered units to fire at only precise targets. But commanders on the ground say this is barely enough to restrain their better-supplied enemy. Concerns are growing that without military aid the fall of Avdiivka may be repeated in other parts of the frontline.

A victory for Moscow

THE withdrawal of Ukrainian

soldiers from the heavily fortified town handed Russia its biggest victory since the battle of Bakhmut last year. It will allow the Kremlin’s troops to push their offensive further west, deeper into Ukrainian-held territory over lessfortified areas. Pokrovsk, a railway junction further east, could be the next Russian objective, military bloggers said. Russian military officials and war bloggers said that the capture of Avdiivka reduced the threat to the Russian-held city of Donetsk.

Economizing shells

“CURRENTLY the ammunition deficit is quite serious. We are constantly promised that more is coming, but we don’t see it coming,” said Khorobryi, commander of an artillery battery. Their battery has only 5-10 percent of ammunition needed, he said. That, he said, robs forces of their ability to effectively attack and regain territories. Even worse, Ukraine loses fighters because it cannot give infantry covering infantry fire. He, like other officers interviewed for this story, spoke on condition that only their first names be used for security reasons. “We have nothing to fight with, we have nothing to cover our frontlines,” said Valerie, who commands a howitzer unit that uses NATOstandard 155 mm rounds. To repel a Russian attack, he said they needed 100-120 shells per unit per day. Today, they have a tenth of that, he said.

Russia changes tactics

UKRAINIAN soldiers positioned in Avdiivka said that before the fall of the city Russia had switched tactics to capitalize on dire ammunition shortages. Instead of sending columns of armed vehicles, Moscow’s forces began dispatching waves of smaller infantry groups to engage Ukrainian forces in close quarters. It meant Ukrainian forces had to expel “five times” more ammunition to keep them at bay. “The enemy also understands and feels our capabilities, and with that, they manage to succeed,” said Chaklun, a soldier in the 110th Brigade.

A fragile north

CONCERNS abound about how the ammunition shortage will impact Ukrainian forces in other sectors of the frontline. The Kupiansk line, in Ukraine’s northeast, is fragile. Russia has been intensifying attacks in the direction for months in a bid to recapture the important logistics hub it had lost in the fall of 2022. Yuri, the commander of the 44th Brigade in Kupiansk, said his aerial reconnaissance units spot many long-range targets, including Russian mortars and grenade launchers, but because they don’t have enough ammunition they can’t hit them. Instead, he has no choice but to watch how his enemy accumulates reserves at a distance. Oleksandr, the commander of a battalion of the 32nd Brigade in Kupiansk said he had just enough shells—for now.

competition, but what’s challenging in biotech is that we are talking about human health,” Bollyky said. Ray Yip, who founded the US Centers for Disease Control and Prevention office in China, also worries that the rivalry will slow medical advancements. The benefit of coming up with better diagnostics and therapy is beyond any individual country, Yip said, “and will not overshadow the capacity or prestige of the other country.” What concerns Anna Puglisi, a senior fellow at Georgetown University’s Center for Security and Emerging Technology, is Beijing’s lack of transparency and its unfair market practices. “Competition is one thing. Unfair competition is another thing,” she said. Puglisi described BGI, a major Chinese biotech company identified in both the House and Senate bills, as “a national champion” that is subsidized and given favored treatment by the state in a system that “blurs private and public as well as civilian and military.” “ This system creates market distortions and undermines the global norms of science by using researchers and academic a n d c o m m e rc i a l e nt it i e s t o further the goals of the state,” Puglisi said. BGI, which has stressed its private ownership, offers genetic testing kits and a popular prenatal screening test to detect Down syndrome and other conditions. US lawmakers say they are concerned such data could end up in the hands of the Chinese government. The Defense Department has listed BGI as a Chinese militar y company, and the Commerce Department has blacklisted it

on human rights grounds, citing a risk that BGI technolog y might have contributed to surveillance. BGI has rejected the allegations. In raising its concerns about BGI, the National Security Commission on Emerging Biotechnology says the company is required to share data with the Chinese government, has partnered with the Chinese military, and has received considerable Chinese state funding and support. State subsidies have allowed BGI to offer genomic sequencing services at a highly competitive price that is attractive to US researchers, according to the commission. The genomic data, once in the hands of the Chinese government, “represents a strategic asset that has privacy, security, economic, and ethical implications,” it said. BGI could not immediately be reached for comment. Also named in the bills is WuXi AppTec, a Chinese pharmaceutical and medical device company. The legislation states that the company presents a national security threat because of its ties to the Chinese military and its involvement in a Chinese plan to develop technologies for both civilian and military use. WuXi AppTec said in a statement that it abides by the laws in the countries where it operates and does not pose a security risk to any country. “In fact, we serve as a valued contributor to the global pharmaceutical and life sciences industries,” the company said in a statement.

The Associated Press journalist Dake Kang in Beijing contributed to this report.

Thousands of demonstrators rail against Mexico’s president and ruling party in ‘march for democracy’ By Amaranta Marentes The Associated Press

EXICO CITY—Tens of thousands of demonstrators cloaked in pink marched through cities in Mexico and abroad on Sunday in what they called a “march for democracy” targeting the country’s ruling party in advance of the country’s June 2 elections. The demonstrations called by Mexico’s opposition parties advocated for free and fair elections in the Latin American nation and railed against corruption the same day presidential front-runner Claudia Sheinbaum registered as a candidate for ruling party Morena. Approximately 90,000 people turned out to rail against the leader, according to government figures. Sheinbaum is largely seen as a continuation candidate of Mexico’s popular populist leader Andrés Manuel López Obrador. He’s adored by many voters who say he bucked the country’s elite parties from power in 2018 and represents the working class. But the 70-year-old president has also been accused of making moves that endanger the country’s democracy. Last year, the leader slashed funding for the country’s electoral agency, the National Electoral Institute, and weakened oversight of campaign spending, something INE’s head said could “wind up poisoning democracy itself.” The agency’s color, pink, has been used as a symbol by demonstrators. López Obrador has also attacked journalists in hours-long press briefings, has frequently attacked Mexico’s judiciary and claimed judges are part of a conservative conspiracy against his administration. In Mexico City on Sunday, thousands of people dressed in pink flocked to the city’s main plaza roaring “get López out.” Others carried signs reading “the power of the people is greater than the people in power.” Gabriela Ozuna, 61, said she and her family came from Baja California state, and

were participating in the march not just to support democratic institution, but also to protest attacks on candidates by drug cartels, especially in local elections. “We know our democracy is in danger. What we want to do is defend it and keep defending it,” Ozuna said. Among the opposition organizations marching were National Civic Front, Yes for Mexico, Citizen Power, Civil Society Mexico, UNE Mexico and United for Mexico. “Democracy doesn’t solve lack of water, it doesn’t solve hunger, it doesn’t solve a lot of things. But without democracy you can’t solve anything,” said Enrique de la Madrid Cordero, a prominent politician from the Institutional Revolutionary Party, or PRI, in a video posted to social media calling for people to join the protests. The PRI held uninterrupted power in Mexico for more than 70 years. Marches were organized in a hundred cities across the country, and in other cities in the United States and Spain. Still, the president remains highly popular and opinion polls indicate his ally Sheinbaum appears set to coast easily into the presidency. López Obrador repeatedly dismissed the protests, telling reporters Friday that his critics don’t care about democracy and are organizing the march to return the corrupt to power. Following the massive demonstration, the leader continued to rail on critics, and said there would be no electoral fraud in the election and that he had not intervened in democratic processes. “It’s their democracy...the democracy of the corrupt. What we want is there to be democracy of the people. We don’t want power without the people. They’re the one’s that establish an anti-democracy with electoral fraud,” said López Obrador. AP correspondent Megan Janetsky contributed to this report from Mexico City.

A10 Tuesday, February 20, 2024 • Editor: Angel R. Calso

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Harnessing remittances to pave the way for new and better jobs for OFWs

he Philippines has long been recognized for its robust remittance inflows, with data from the Bangko Sentral ng Pilipinas (BSP) highlighting a steady growth in cash remittances sent by our OFWs. In 2023, these remittances reached $33.5 billion, marking a 2.9-percent increase from the previous year. While this is undoubtedly a positive trend, Jeremaiah M. Opiniano, executive director of the Institute for Migration and Development Issues (IMDI), says that it is time for the Philippines to pursue structural reforms that would allow the nation to chart a new employment path for its citizens. (Read the BusinessMirror story: “Remittances hit $33.5 billion; new strategy pushed,” February 16, 2024). In the last 50 years, the Labor Code and concerned government agencies have managed labor migration. The country has faced economic ups and downs, weathered the pandemic, and is now in a recovery phase. Opiniano cites the need for a new narrative and innovative strategies to utilize remittances for development. Rizal Commercial Banking Corporation Chief Economist Michael L. Ricafort attributes the seasonal surge in overseas Filipino workers (OFWs) remittances to holiday spending, particularly during December. Such spending patterns have contributed to the consistent ranking of Philippine remittances as the fourth largest in the world, trailing behind India, Mexico, and China. This resilience and consistent growth have been a major driving force for the Philippine economy over the years. However, Opiniano says that merely observing the increase or decrease in remittances is insufficient. The challenge lies in channeling these inflows toward more productive activities and promoting financial inclusion. Despite the availability of financial literacy programs and a wide range of financial products and services, the number of OFWs who save has reached a 14-year low. This trend raises concerns about the long-term financial security of OFWs and their families. The pandemic has exposed the vulnerabilities faced by our OFWs. When their incomes decline or are abruptly halted, these workers and their families encounter significant difficulties, which ultimately become social protection issues for the government. Therefore, it is imperative for the country to adopt a forwardthinking approach and explore better ways to utilize remittances for sustainable development. BSP data reveals that the growth in cash remittances from the US, Saudi Arabia, and the United Arab Emirates played a pivotal role in the overall increase in remittances in 2023. The US emerged as the top contributor, followed by Singapore and Saudi Arabia. In 2023, personal remittances reached a record high of $37.2 billion, reflecting a 3 percent increase from the previous year. Personal remittances cover cash sent through banks and informal channels as well as remittances in kind, while cash remittances refer to money sent by land- and sea-based workers through banks. The BSP attributes this robust growth to the rising deployment of OFWs, driven by increasing demand for foreign workers in host countries. It is worth noting that these remittances accounted for 8.5 percent of the country’s gross domestic product (GDP) and 7.7 percent of Gross National Income (GNI), underscoring their significant contribution to our economy. To maximize the potential of remittances, it would do well for concerned agencies to focus on implementing structural reforms and policies that aim to facilitate financial literacy, promote savings, and encourage investment in productive sectors. Collaborative efforts between the public and private sectors should be intensified to design innovative financial products and services tailored to the needs of OFWs and their families. Additionally, the government should explore ways to diversify the employment options available to Filipinos, creating more opportunities for them to contribute to the country’s economic development. The pandemic has highlighted the importance of reskilling and upskilling programs for our workers to enhance their employability and reduce reliance on overseas employment. By equipping them with the necessary skills and knowledge, we can foster a competitive workforce that attracts local and foreign investment, stimulates economic growth, and ultimately reduces the need for labor migration. This is a vision that requires collaboration, innovation, and a commitment to empowering the Filipino worker for a brighter future.

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The multiplier effect John Mangun

OUTSIDE THE BOX

Matthew 14:17-21: “We have only five loaves of bread and two fish. Taking the five loaves and the two fish and looking up to heaven, he gave thanks and broke the loaves. Then he gave them to the disciples, and the disciples gave them to the people. They all ate and were satisfied, and the disciples picked up 12 basketfuls of broken pieces that were left over.”

ome believe that this event was an unexplainable, unknowable divine miracle. Others attribute the “Feeding of the Five Thousand” to a “miracle” of human kindness in which those that had brought food gave to those that needed food with the result of more food being left over than the disciples started with. Still other people believe that Jesus of Nazareth had a special ability, since matter and energy can be transformed into each other, to duplicate the matter in the bread and fish could be into becoming more of each.

tatives $6 for each day they attended a session. This “pitiful sum,” complained Kentucky’s Richard Mentor Johnson, “certainly would not attract a talented gentleman.” Opponents feared that higher pay would attract scoundrels, not statesmen. South Carolina’s Benjamin Huger calculated such a salary to be just “about sufficient to excite the greed of a third-rate county court lawyer.” An expansion to the general multiplier effect concept is the “Force Multiplier.” In physics, a force multiplier such as a gear, pulley, or lever increases the amount of force you can place on an object. If you want to lift something with a weight of

It is not of any importance what you accept as the explanation. The point is that this is an example of the “Multiplier Effect” that manifests itself in physics, in military science, economics, sociology, public health, and other disciplines. One textbook definition is “the effect of a relatively minor factor in precipitating a great change.” 100N, you have to pull with a force equivalent to 100N. Using a simple two-wheel pulley arrangement to lift that weight, you can lift it by pulling with half the force or 50N. Yet another example. Nuclear fission is incredibly efficient, providing almost 8,000 times more energy than traditional fossil fuels. This means that it requires less fuel to generate the same amount of energy, resulting in less waste and more efficiency. In military terms, a force multiplier makes a military force more effective. A fleet of drone craft can simplify reconnaissance to where a handful of analysts can do the work of hundreds. Vladimir Lenin gave the clearest example of a military force multiplier: “One man with a gun can control 100 without one.” Or, “One government official with a keyboard stroke can delete all your Central Bank Digital Currency (CBDC).” In economics, the multiplier effect is “the consequence of a relatively small change in one economic factor inducing a disproportionate increase or decrease in another such as gross

Makati’s halal hub seen opening doors to lucrative $7 trillion global market LITO GAGNI

T took a while but after seven months of meetings and missed lunches for the officials of Philippine Chamber of Commerce and Industry-Makati chapter and the National Commission for Muslim Filipinos, Makati City is all set to become a halal hub.

That means the Philippines will now have institutionalized a halal system of accreditation, which would mean getting a slice of the $7 trillion global halal business. The PCCI Makati chapter aims to achieve a remarkable $4 billion in halal exports of goods and ser-

vices within the initial five-year period. This ambitious target holds the potential to generate a surge in employment opportunities and bring about supplementary revenues for the government. PCCI Makati and the NCMF have inked a memorandum of un-

The country needs initiatives such as this one on halal to provide for economic growth that will empower the people. While it could take months of meetings to realize targets such as this hub, the private sector is actively exploring various avenues to capitalize on opportunities that are often too prominent to overlook in the business environment.

derstanding on the proposed establishment of a halal hub in Makati in ceremonies held at the Makati residences. The MOU came after PCCI Makati and NCMF initiated talks on the need to have a so-called halal hub on May 3, 2023. NCMF Ex-

national product.” Remember, do something, and the result is that you get out more than you put in. Thailand’s tourism industry started to take off in the mid-1980s when the country started its global tourism promotion. The government closely studied the industry and after several years discovered that for every one US dollar ($1) of global advertising, the industry generated $1.34 in revenue. The Multiplier Effect. Naturally, the government increased the advertising expenditure to the point where arrivals doubled from 1995 to 10 million by 2005 and Thailand’s tourism became selfsustaining. By wisely allocating resources instead of indulging in reckless spending like many governments tend to do, one can effectively enhance their wealth. A pertinent example would be the Biden administration and the US government. “While Q4 GDP—2023—rose by $329 billion, a respectable number, what is much more disturbing is that over the same time period, the US budget deficit rose by more than 50 percent, or $510 billion. In other words, it now takes $1.55 in budget deficit to generate $1 of growth, and it takes over $2.50 in new debt to generate $1 of GDP growth.” —Jeffrey A. Tucker. “The more your money works for you, the less you have to work for money.” —Idowu Koyenikan. E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.

ecutive Director Tahir S. Lidasan Jr. and PCCI Makati President Nunnatus Cortez signed the MOU for the promotion and development of the halal industry. The MOU provides a framework of collaboration for providing a platform for linkages among manufacturers, traders, buyers, and consumers as well as strengthen the production and distribution of halal products and services. PCCI Makati Director Mrs. Ruby Banares Victorino, chairwoman of the Halal Initiatives, said the government and private sector will be working together for the benefit of Muslim communities. Towards this end, the PCCI Makati members have been marshaled to look around and identify opportunities. Also, the Go Negosyo group See “Gagni,” A11

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Largest Covid vaccine study yet finds links to health conditions

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Withholding tax on remittances of online payment portals to sellers

By Jason Gale

accines that protect against severe illness, death and lingering long Covid symptoms from a coronavirus infection were linked to small increases in neurological, blood, and heart-related conditions in the largest global vaccine safety study to date. The rare events—identified early in the pandemic—included a higher risk of heart-related inflammation from mRNA shots made by Pfizer Inc., BioNTech SE, and Moderna Inc., and an increased risk of a type of blood clot in the brain after immunization with viral-vector vaccines such as the one developed by the University of Oxford and made by AstraZeneca Plc. The viral-vector jabs were also tied to an increased risk of GuillainBarre syndrome, a neurological disorder in which the immune system mistakenly attacks the peripheral nervous system. More than 13.5 billion doses of Covid vaccines have been administered globally over the past three years, saving over 1 million lives in Europe alone. Still, a small proportion of people immunized were injured by the shots, stoking debate about their benefits versus harms. The new research, by the Global Vaccine Data Network, was published in the journal Vaccine last week, with the data made available via interactive dashboards to show methodology and specific findings. The research looked for 13 medical conditions that the group considered “adverse events of special interest” among 99 million vaccinated individuals in eight countries, aiming to identify higher-than-expected cases after a Covid shot. The use of aggregated data increased the possibility of identifying rare safety signals that might have been missed when looking only at smaller populations. Myocarditis, or inflammation of the heart muscle, was consistently identified following a first, second and third dose of mRNA vaccines, the study found. The highest increase in the observed-to-expected ratio was seen after a second jab with the Moderna shot. A first and fourth dose of the same vaccine was also tied to an increase in pericarditis, or inflammation of the thin sac covering the heart.

Safety signals

Researchers found a statistically significant increase in cases of Guillain-Barre syndrome within 42 days of an initial Oxford-developed ChAdOx1 or “Vaxzevria” shot that wasn’t observed with mRNA vaccines. Based on the background incidence of the condition, 66 cases were expected—but 190 events were observed. ChAdOx1 was linked to a threefold increase in cerebral venous sinus

Gagni. . .

Continued from A10

has been asked to be part of the endeavor, which will be the first time that a halal hub in Makati will be put up. The role that PCCI Makati spearheaded augurs well for the country since it will lead to more business opportunities that will translate to a rise in the country’s economic growth. The country needs initiatives such as this one on halal to provide for economic growth that will empower the people. While it could take months of meetings to realize targets such as this hub, the private sector is actively exploring various avenues to capitalize on opportunities that are often too prominent to overlook in the business environment. For instance, the need to drumbeat the country’s tourism potential is not lost in the stakeholders in the industry. The relaxation of visas, for

More than 13.5 billion doses of Covid vaccines have been administered globally over the past three years, saving over 1 million lives in Europe alone. Still, a small proportion of people immunized were injured by the shots, stoking debate about their benefits versus harms. thrombosis, a type of blood clot in the brain, identified in 69 events, compared with an expected 21. The small risk led to the vaccine’s withdrawal or restriction in Denmark and multiple other countries. Myocarditis was also linked to a third dose of ChAdOx1 in some, but not all, populations studied. Possible safety signals for transverse myelitis—spinal cord inflammation—after viral-vector vaccines was identified in the study. So was acute disseminated encephalomyelitis—inflammation and swelling in the brain and spinal cord—after both viral-vector and mRNA vaccines. Seven cases of acute disseminated encephalomyelitis after vaccination with the Pfizer-BioNTech vaccine were observed, versus an expectation of two. The adverse events of special interest were selected based on pre-established associations with immunization, what was already known about immune-related conditions and pre-clinical research. The study didn’t monitor for postural orthostatic tachycardia syndrome, or POTS, that some research has linked with Covid vaccines. Exercise intolerance, excessive fatigue, numbness and “brain fog” were among common symptoms identified in more than 240 adults experiencing chronic post-vaccination syndrome in a separate study conducted by the Yale School of Medicine. The cause of the syndrome isn’t yet known, and it has no diagnostic tests or proven remedies. The Yale research aims to understand the condition to relieve the suffering of those affected and improve the safety of vaccines, said Harlan Krumholz, a principal investigator of the study, and director of the Yale New Haven Hospital Center for Outcomes Research and Evaluation. “Both things can be true,” Krumholz said in an interview. “They can save millions of lives, and there can be a small number of people who’ve been adversely affected.” Bloomberg one, is being pushed by Congresswoman Janet Garin to create a spike in our tourism campaign. Filipinos who set foot as tourists in Vietnam, for instance, cite the way the temples and their Unesco heritage sites become magnets for marketing campaigns. There are so many tourism come-ons that could be devised to market our own. The Philippines also boasts of an array of Unesco heritage sites that could be incorporated into a tourism campaign that will lead to the visit of more tourists and thus provide livelihood opportunities for Filipinos. The temple sites in Vietnam have become a bustling hub for tourists from France, North America, China, India, and the Philippines. Various tour guides from different companies gather there, creating a vibrant atmosphere. The Department of Tourism can borrow a page from the tourism campaigns of Vietnam to similarly entice foreigners to visit our shores.

Tuesday, February 20, 2024 A11

Atty. Rodel C. Unciano

Tax Law for Business

N a recent development under Revenue Regulations 16-2023, the Department of Finance amended the provisions of RR 2-98 to impose a creditable withholding tax (CWT) on gross remittances made by electronic marketplace (e-marketplace) operators and digital financial services providers to sellers/merchants for goods and services sold/paid through the former’s platform/facility. Is this permissible under our laws?

Withholding of taxes at source is a procedure for collecting income tax. It was devised to: 1) provide taxpayers a convenient manner to meet their probable income tax liability; 2) ensure the collection of income tax; and 3) improve the government’s cash flow (GR 213860). The imposition of CWTs on income payments is by virtue of the mandate of Section 57 of the 1997 Tax Code, as amended, which authorizes the Secretary of Finance (SOF), upon the recommendation of the Commissioner of Internal Revenue, to require the withholding of a tax on certain income payments, pursuant to the criteria laid down in the Tax Code, which shall be at a rate of not less than one percent to a maximum of not more than 32 percent under the old law, but the Tax Reform for Acceleration and Inclusion (TRAIN) Act reduced the maximum rate from 32 percent to 15 percent beginning January 1, 2019. While the Tax Code authorizes the SOF to require the imposition of withholding taxes, it does not specify the items of income that are to be covered. The Code merely

provides that the SOF may require withholding of tax on items of income payable to natural or juridical persons residing in the Philippines. It does not also specify the type of payor who is required to withhold the tax. Also, it does not provide the specific rate of withholding tax other than providing a range of the lowest and highest withholding tax rate that may be imposed. So, therefore, the SOF has the discretion to identify the types of income payments that are subject to creditable withholding taxes and the corresponding rates that may be imposed. The SOF has the discretion as well to identify the payors who are mandated as withholding agent. Over the years, the SOF has since issued several issuances requiring the withholding of tax on certain income payments. And under pertinent regulations that have been issued, specific rates of withholding taxes are being imposed on certain income payments, depending upon the nature of the income payments. For income payments not specifically enumerated under the regulations as subject to specific withholding tax

As the imposition of withholding tax at source has been delegated by law to the SOF, the imposition of CWT on remittances made by online payment portals to merchants/sellers pursuant to RR 16-2023, as clarified by Revenue Memorandum Circular 8-2024, is therefore in accordance with the authority vested by law. Thus, online payment portals have no choice but to faithfully comply with their new obligations as withholding tax agents. rates, taxpayers constituted as top withholding agents (TWAs) are being obliged to remit one percent and two percent CWTs on their purchase of goods and services, respectively. And in a recent development under RR 16-2023, the SOF amended the provisions of Sections 2.57.2 and 2.57.3 of RR 2-98 to impose a withholding tax on gross remittances made by e-marketplace operators and digital financial services providers to sellers/merchants, for goods and services sold/paid through the former’s platform/facility. Under the regulations, one-half of the gross remittances by e-marketplace operators and digital financial services providers to the sellers/merchants for the goods or services sold/ paid through their platform/facility is now subject to one percent CWT, except in the following instances: 1) The annual total gross remittances to an online seller/merchant for the past taxable year has not exceeded P500,000; 2) The cumulative gross remittances to an online seller/merchant in a taxable year has not yet exceeded P500,000; or

3) The seller/merchant is duly exempt from or subject to a lower income tax rate pursuant to any existing law or treaty. Electronic marketplace is defined under the regulations as a digital service platform whose business is to connect online buyers/consumers with online sellers/merchants, facilitate and conclude the sales, and process the payment of the products, goods, or services through such digital platform. On the other hand, digital financial services platform refers to the financial technology provided by digital financial services providers, which are capable of offering a wide array of services of financial nature that are made available to the public through the Internet mobile application, or other similar means. As the imposition of withholding tax at source has been delegated by law to the SOF, the imposition of CWT on remittances made by online payment portals to merchants/ sellers pursuant to RR 16-2023, as clarified by Revenue Memorandum Circular 8-2024, is therefore in accordance with the authority vested by law. Thus, online payment portals have no choice but to faithfully comply with their new obligations as withholding tax agents. The author is a partner of Du-Baladad and Associates Law Offices (BDB Law), a member-firm of WTS Global. The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at rodel.unciano@bdblaw.com.ph or call 84032001 local 140.

Ukraine’s allies are gaming out a world in which the US retreats By Natalia Drozdiak, Courtney McBride & Arne Delfs

ORTH Atlantic Treaty Organization (Nato) members now talk privately about a Russian attack on one of them as a danger that demands an urgent response, as they grow to doubt that the US will maintain its traditional role of protecting Europe as part of the alliance.

On Friday President Joe Biden did his best to rule out the word ‘panic,’ but in tiptoeing around it did more than anyone else to describe Europe’s mood. “My God,” the president told reporters at the White House, condemning Congress for taking a “twoweek vacation” without acting on the package for aid to Ukraine, which has been opposed by Republicans. “This is bizarre, and it’s just reinforcing all the concern, and almost— I won’t say panic—but real concern about the US being a reliable ally.” Whatever you call it, his European allies’ mounting alarm springs from the realization that they’re at a moment in which Russia has been emboldened by its battlefield successes, the US may scale back support for their region and they themselves have done too little to prepare. That pessimism dominated conversations this weekend at the Munich Security Conference, where leaders and defense officials gather to take stock of the world’s biggest geopolitical threats. Senior defense officials in attendance voiced concern about the US’s failure to deliver billions of dollars of funding for Ukraine, and said they were planning for scenarios in which this very public deterioration in support could encourage Russia to make a direct attack on a Nato ally. Compared to the resolve of previous gatherings, the prevailing sentiment in Munich this year was uncertainty, according to one official, who like others interviewed for this article asked not to be named when discussing private conversations. “I can’t predict if and when an attack on Nato territory might occur,” German Defense Minister Bo-

ris Pistorius told Bloomberg in an interview. “But it could happen in five to eight years.” The Ukrainian city of Avdiivka fell on the second day of the proceedings in Munich, handing Moscow its most significant battlefield victory in nearly a year. Only the afternoon before Russia had announced the death of opposition activist Alexey Navalny, underscoring the futility of domestic opposition to Vladimir Putin’s increasingly repressive regime. As Ukraine runs out of military supplies, the backdrop to the discussions was that a $60 billion aid package for Kyiv remains held up in Congress. That was a very public emblem of the prospect of wavering US commitment to Ukraine that dominated conversations behind the scenes. Ukraine’s army is already having to ration its artillery as ammunition promised by its allies fall short. Bloomberg reported last month that Kyiv finds itself outgunned three-toone on the battlefield. JD Vance, a Republican senator from Ohio, who is an opponent of Ukraine aid and a close ally of Donald Trump, voiced a sentiment held by many in his party when he said his country needs to pivot the focus of its foreign policy to Asia, leaving it with fewer resources to lavish on its friends across the Atlantic. “The problem with Europe is it doesn’t provide enough of a deterrence on its own because it hasn’t taken enough of an initiative,” Vance said on a panel in Munich. “The American security blanket has allowed European security to atrophy.” Attempts to unlock emergency US aid have been stuck in a partisan deadlock for months, leaving Biden and Ukrainian President Volodymyr

Zelenskyy to issue increasingly urgent appeals on Congress. Biden said he called Zelenskyy on Saturday to let him know he’s “confident we’re going to get that money.” The US president blamed lawmakers’ failure to approve emergency aid to Ukraine for the fall of Avdiivka, and has warned that more Ukrainian cities might be lost if the funding isn’t passed. “We’re hoping that US congressmen understand the gravity of the vote that’s lying ahead of them,” Latvian Foreign Minister Krisjanis Karins said in an interview. Referring to €50 billion ($53.9 billion) in aid for Ukraine recently agreed by the European Union, he said: “We came through and now the ball is in the US’s court.” France and Germany on Friday signed long-term security accords with Ukraine—an arrangement unprecedented for both countries. “As Europeans, the only element of pressure we have in our hands is to set an example and that’s what we’ve done,” French Foreign Minister Stephane Sejourne told reporters on the sidelines of the conference. Even though Germany has only just met the Nato-wide 2 percentof-GDP target for defense spending, Pistorius, the country’s defense minister, floated an increase in military spending to as much as 3.5 percent of GDP. US Vice President Kamala Harris, in her speech on the opening day of the Munich gathering, issued a denunciation of Trump’s views without ever mentioning him by name, as long lines of attendees waiting to see her address were barred due to an organizational mishap. Some people in the US want “to embrace dictators and adopt their repressive tactics and abandon commitments to our allies in favor of unilateral action,” she said. But her ability to persuade attendees was constrained from the outset, with the influence of her administration’s Republican opponents the source of allies’ concern.

Europeans were shaken by Trump’s suggestion a week earlier that he would let Russia attack countries that didn’t meet the Nato’s targets for defense spending. Dutch premier Mark Rutte, who is the front-runner to become the next Nato chief, chided those complaining about Trump’s rhetoric. “Stop moaning and whining and nagging about Trump—we don’t spend more on defense or ramp up ammunition production because Trump may come back,” Rutte said. “We have to do this because we want to do this, because it’s in our interest.” Zelenskyy invited Trump to travel with him to the front lines and see the conflict for himself. It’s important to maintain ties to US officials from both sides of the political divide, he said from the Munich stage. Estonian Prime Minister Kaja Kallas seemed to suggest that US officials’ just crossing the Atlantic may have won some hearts and minds. “The feeling was that being here they also maybe understand better what is at stake,” she told Bloomberg in an interview, adding that after attending meetings with senators and representatives she was optimistic Congress may unblock the funds. Despite the difficult situation, there were some glimmers of hope for the Ukrainian side. Officials pointed to Ukraine’s claims that Russia was losing men at an astounding rate — seven soldiers for every Ukrainian. And plans by allies to send Ukraine AIenabled swarm drones opens up the prospect for Ukrainian forces to outmaneuver Russia’s artillery barrages. Even if US funding comes through, equipment will take time to reach Ukraine, according to a senior congressional aide. They pointed to the need for air-defense interceptors, a shortage of which has already resulted in grave damage from Russian missile barrages. With assistance from Alberto Nardelli, Samy Adghirni, Daryna Krasnolutska, Sam Dagher, Agatha Cantrill, Colum Murphy, Ilya Arkhipov, Peter Martin, Ellen Milligan, Chris Miller and Alex Wickham/ Bloomberg

A12 Tuesday, February 20, 2024

DMW, LBP AIDING 2015-’16 SAUDI OFWS’ HEIRS GET THEIR CHECKS

HE Department of Migrant Workers (DMW) is set to sign a Memorandum of Agreement (MOA) with the Land Bank of the Philippines (LBP) to fast-track the processing of checks of the heirs of overseas Filipino workers (OFW), who died after being displaced in the Kingdom of Saudi Arabia (KSA) in 2015 and 2016 and still have unpaid benefits. The agency said it is rushing to facilitate the processing of the checks, which are expected to become“stale” or 180 days old after being issued by the Alinma Bank of Saudi Arabia in November 2023. DMW Undersecretary Bernard P. Olalia noted that among those who face long processing time are the widows of the dead check recipients. He said their pending MOA with LBP will establish a special banking accommodation so they can accept the checks of payees who already died, and such will be later encashed by their heirs. “We are also engaging with the widows [of the concerned OFWs] so they know the process and we will create the special focal office at the DMW and OWWA to accept, process and eventually assist the workers’ [heir],” Olalia said in an online press briefing on Monday. DMW said it is already in talks with around 50 widows of OFWs so they can prepare the necessary documents to process their checks including

death certificates, marriage contracts, birth certificates of their children, extrajudicial settlement and affidavits proving they are the surviving heirs The special focal office, the DMW official, said will also help OFWs who have name discrepancies in their checks.

Processed checks THE checks were issued by the Alinma Bank as part of the Saudi government’s efforts to settle the unpaid claims of over 9,000 OFWs who were retrenched by Saudi construction firms in 2015 and 2016. The Saudi government allocated 2 billion Saudi Riyal for the said payments upon the instruction of Saudi Crown Prince and Prime Minister Mohammed bin Salman. As of Monday, DMW Officer-inCharge Hans J. Cacdac reported the Alinma Bank has already processed 1,204 checks with a total value of 57,760,992 Saudi Riyals or US$15,238,959.25. Of the said checks, 1,100 have been credited. DMW expects the release of checks for two more batches from the Alinma Bank in the coming months. Olalia said DMW is also coordinating with the concerned law firms handling the cases of some of the Saudi construction firms which went bankrupt such as the Mohammad Al Mojil Group for the settlement of the unpaid benefits of the OFWs, who previously worked for them. Samuel P. Medenilla

FIRB ups investment capital threshold for IPA projects

By Reine Juvierre S. Alberto & Andrea E. San Juan @andreasanjuan

HE Fiscal Incentives Review Board (FIRB) has approved a resolution to increase the investment capital threshold for projects handled by Investment Promotion Agencies (IPAs) from P1 billion to P15 billion. In a statement on Monday, Finance Secretary and FIRB Chairperson Ralph G. Recto commended the FIRB for its “swift action in improving” the global competitiveness of the Philippines. “IPAs play a vital role in attracting more productivity-enhancing investments to the country, and we will continue to support them by acting fast on measures that will further promote ease of doing business and cultivate an investmentfriendly climate,” Recto was quoted in the statement as saying. In FIRB Resolution No. 003-24

released on February 2, the Board, consisting of the Department of Budget and Management, Department of Trade and Industry, Department of Finance, National Economic Development Authority, and Office of the President, recognizes the need to increase the investment capital threshold. This will “promote the ease of doing business in response to the concerns raised by some IPAs and to align with the policy proposals in Congress which seek to give more authority to the IPAs in granting incentives.”

Before, the IPAs were responsible for approving incentives for projects with investment capital below P1 billion, while the FIRB was tasked with selecting tax perks for projects exceeding P1 billion, as mandated by the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law. The FIRB, meanwhile, may exercise the authority to increase the threshold without the need to amend the National Internal Revenue Code. The move will also boost the IPAs’ responsibility and accountability in managing the country’s incentive system and ensure steadfast compliance among registered business enterprises (RBEs) regardless of the amount of investment capital. The resolution said the revised threshold is aligned with the PublicPrivate Partnership (PPP) Code of the Philippines, which states that national PPP projects amounting to P15 billion or higher shall be approved by the Neda Board-Investment Coordination Committee. Applications for tax incentives involving investment capital exceeding P15 billion will continue to fall under the purview of the FIRB, it added.

Per the resolution, all pending applications for tax incentives previously endorsed by IPAs to the FIRB involving investment capital of P15 billion shall be returned to the concerned IPA for their appropriate action. The resolution lets the FIRB, together with the IPAs, retain the power to monitor the compliance of all registered business entities (RBEs) of their performance commitments as conditions for the grant of tax incentives, regardless of the amount of investment capital. The IPAs, meanwhile, shall include the approved projects with investment capital of P15 billion and below in their monthly report to the FIRB secretariat. The FIRB is mandated to supervise the issuance and management of IPA incentives to guarantee that projects or activities receiving incentives meet performance metrics and that providing financial support to RBEs generates greater financial returns. The Board also reviews the existing policies and drafted clarificatory guidelines on the value-added tax (VAT) and local taxation concerns of RBEs. Continued on A5

HONORING JPE’S CENTURY PHLPost commemorated the 100th birthday of former Senate President and current Chief Presidential Legal Counsel of the Philippines, Juan Furagganan Ponce Enrile, known as JPE, by presenting him with personalized stamps and a commemorative cover. The presentation, led by PHLPost Postmaster General Luis Carlos, took place on February 14, 2024, at the Kalayaan Hall in Malacañang. President Ferdinand Marcos Jr. honored JPE for his outstanding contributions to the nation throughout his extensive career in public service of over six decades. Enrile's legacy includes key roles in government, from acting finance secretary to Senate president. This initiative aligns with Republic Act 10868, the Centenarian Act of 2016, which grants additional benefits and privileges to Filipino centenarians. PHILIPPINE POSTAL CORPORATION

Clark mega food hub seen to spur farm productivity T

HE mega food hub planned to rise inside the Clark Civil Aviation Complex (CCAC) by 2028, along with other flagship projects, are seen to be a “gamechanger” for the Philippines’s overall agricultural productivity and the “revitalization” of the country’s exports sector, among others, according to the Clark International Airport Corporation (CIAC). CIAC President Arrey Perez made the forecast after the Department of Trade and Industry (DTI) and the Department of Agriculture (DA) inked on Monday a Memorandum of Understanding (MOU) with the CIAC to collaborate in the development of the National Food Hub in Clark.

“The National Food Hub, in tandem with the CIAC’s six other flagship projects, will be a gamechanger for the Philippines’ overall agricultural productivity and the revitalization of our exports sector. And key to everything is partnerships like this–where minds and wills align,” Perez said. Trade and Industry Secretary Alfredo E. Pascual told reporters on the sidelines of the MOU signing that this food hub will ensure that food waste would be reduced to avoid passing on the cost to consumers in Metro Manila. At the grassroots level, Perez said the mega food hub will “empower” farmers, livestock growers and even fishermen.

The food hub, however, is still undergoing a feasibility study and market sensing this year. Perez said CIAC aims to award the contract to the private sector by 2025. If this timeline is followed, the CIAC chief said the construction of phase 1 of the food hub will happen from 2025 to 2028. “Of course after the award, they will build the facility. So when they build the facility -- at least that’s what we can call Phase 1 – [it] will happen by 2025 all the way to 2028,” he noted. The CIAC said the estimated project cost for the 64-hectare Clark National Food Hub is $152 million or P8.56 billion. See “Clark,” A2

Companies BusinessMirror

Editor: Jennifer A. Ng

Tuesday, February 20, 2024

SM Prime ’23 income surges despite economic headwinds By VG Cabuag

@villygc

hopping mall operator SM Prime Holdings Inc. said its income in 2023 grew 33 percent to P40 billion from the previous year’s P30.1 billion. Consolidated revenues came in at P128.1 billion, some 21 percent higher than last year’s P105.8 billion. Consolidated operating income grew by 24 percent to P61.3 billion from the previous P49.2 billion. “ T he f av or a bl e re s u lt w e achieved in 2023 ref lects the strong support and trust from our tenants and customers despite the economic challenges encountered in 2023. We continue to see this growth momentum this year as we pursue our expansion plans in our key businesses, and explore new opportunities to expand our businesses,” SM Prime President Jeffrey Lim said. SM P r i me’s m a l l bu si ness now accounts for 56 percent of the company’s consolidated revenues. It posted a 30 percent growth in revenues to P71.9 billion in 2023 from P55.4 billion in 2022. The company’s mall rental income rose by 24 percent to P61.3 bil-

lion from the previous P49.7 billion. SM Prime’s residential business group, led by SM Development Corp, recorded an 8 percent growth in revenues to P43.1 billion from P40.1 billion. Reser vation sa les stood at P102 billion for the entire year, the company said. This translates to more than 21,000 residential units sold in 2023. SM Prime’s other key businesses, which include offices, hotels, and convention centers, reported P13.1 billion in revenues in 2023, a 26-percent increase from P10.3 billion in 2022. The company said its office unit posted P6.8 billion in revenues, while hotels and convention centers unit contributed P6.3 billion in 2023. SM Prime is looking at allotting P100 billion for its capita l e x pend it ure prog ra m for 2024, or P10 billion more from the previous year’s committed amount of P90 billion.

AirAsia vows to shield flyers from costly fuel

By Lorenz S. Marasigan @lorenzmarasigan

udget car r ier A irA sia Philippines said on Monday it is taking “proactive steps” to ensure competitive ticket pricing despite the expected increase in fuel surcharge in March. According to AirAsia Head of Communications and Public Affairs Steve Dailisan, the carrier is committed to providing “affordable options” for travelers amid the volatility in fuel prices. The Civil Aeronautics Board of the Philippines (CAB) recently announced a memorandum indicating an increase in the fuel surcharge for the month of March, escalating from Level 5 to Level 6. Depending on the destination, the Level 6 Fuel Surcharge translates to an additional P185 to P665 for domestic flights and P610.37 to P 949.51 for international flights. Dailisan said this adjustment prompted AirAsia to implement strategies aimed at mitigating the impact of rising fuel costs on ticket prices. “AirAsia Philippines will continue to diversify its product offerings to cater the changing needs of our guests especially those belonging to the Gen Y and Z who are expected to travel more this year, and will be on a

lookout for the lowest deals to save money.” To offer some relief to passengers, AirAsia Philippines is launching its first P1 sale for 2024. From February 19 to 25, travelers can avail themselves of a one-way base fare of P1 for all domestic and international destinations. This promotional offer is applicable for flights scheduled from September 1, 2024, to June 18, 2025, with over 300,000 seats available from AirAsia’s Manila, Cebu, and Clark hubs. “Piso Sale is our commitment to ensuring affordable flights to our guests, especially those who are on a tight budget but would like to have a memorable travel experience,” Dailisan said. Last month, the AirAsia Group announced that it plans to make Manila its “hub to the United States” as it adopts a “multi-hub strategy” with the planned consolidation of its airline businesses across Southeast Asia. In a press conference, Capital A Bhd. CEO Tony Fernandes said the group will transform other key cities, such as Bangkok and Manila as “hubs,” similar to Kuala Lumpur, where it operates its largest route network. Manila will become AirAsia Group’s “ hub to the US” and flights to America are expected to be launched by “2025.”

This BusinessMirror file photo shows the face of SM Cubao in Quezon City.

Meralco sets aside ₧280M for MMSP By Lenie Lectura @llectura

he Manila Electric Co. (Meralco) will spend P280 million to power the Metro Manila Subway Project (MMSP). The Pangilinan-led firm will develop a new switching station that will ensure the provision of reliable and stable power for the country’s underground mass transport system. Meralco and the Department of Transportation (DOTr) already signed an agreement formalizing the utility firm’s commitment to construct a 115-kilovolt switching station that will be located in Barangay Ugong, Valenzuela City. The DOTr, for its part, will assign a switching station area of approximately 1,743 square meters. Slated for completion in 2026, the planned switching station will play a crucial role in connecting the transport system to Meralco’s distribution network.

The Metro Manila Subway is an underground railway line that will run from Mindanao Avenue, Quezon City to the Ninoy Aquino International Airport Terminal 3 in Pasay City, reducing travel time between the cities from an hour and 10 minutes to only 45 minutes. “This trailblazing rail project will not be able to proceed without help from Meralco. This collaboration goes deeper than a publicprivate partnership. It translates to the benefit of subway commuters whom we promised comfortable, affordable, safe, sustainable and accessible train rides,” DOTr Secretary Jaime J. Bautista said. Meralco Executive Vice President and COO Ronnie L. Aperocho assured the DOTr of the distribution utility’s full support to the Philippine government’s landmark project that is envisioned to improve the country’s transportation infrastructure and improve the experience of Filipino commuters.

Tuesday, February 20, 2024

Companies BusinessMirror

www.businessmirror.com.ph

STI income more than doubled in 6 months

By VG Cabuag

Education rose 25 percent to more than 83,000 students compared to enrollees in SY 2022-2023 of over 66,000. A total of 103,982 of the entire student population of 119,543 enrolled in schools operated by the STI Education Services Group. The rest were students of iACADEMY and STI West Negros University. STI Holdings’ financial year is consistent with its academic calendar which begins on July 1 and concludes on June 30 of the following year. As of end-December, the group’s total assets rose to P16.01 billion from P15.08 billion in June. The increase was driven by the P670.1million increase in receivables and the P208.6-million increase in cash and cash equivalents. Receivables from students as of December went up to P891 million from P591.3 million in June. Receivables from the Department of Education for the senior high school vouchers also registered an increase of P409.9 million, STI said.

@villygc

TI Education Systems Holdings Inc., the operator of a network of private schools in the Philippines, said its income for the first six months of its fiscal year more than doubled to P517.83 million from the previous year’s P223.43 million. The company said its financial results during its fiscal first half which ended on December 31, 2023 were mainly driven by the rise in overall student enrollment. STI’s gross revenues reached P1.95 billion, higher by 36 percent than the previous year’s P1.43 billion. In the October to December quarter, its income jumped by 83 percent to P498.07 million from the previous year’s P271.04 million.

TVIRD unit extends aid to areas hit by landslide

reenstone Resources Corp. said it has mobilized its emergency response team (ERT) to conduct relief operations and provide initial post-trauma assistance to areas affected by the landslide in Maco, Davao de Oro. A wholly-owned affiliate company of TVI Resource Development Philippines Inc. (TVIRD), the Greenstone ERT team led by Safety and Health Manager Aldrin Arieta was dispatched to Gold Mining Village, Zone 1, Barangay Masara. In a statement, Greenstone said it promptly organized a company-wide donation drive across all departments for unused clothing, and procured relief goods. Following this, the company immediately mobilized in Davao de Oro to conduct “OPLAN: Tabang Masara” for affected households and residents. “We are Filipinos. Our culture is rooted in resiliency and helpfulness. That is why we heeded the call to aid our friends and industry colleagues, especially the communities who needed immediate help,” stated Arieta. During the relief operations, the ERT provided practical assistance by distributing relief goods to household evacuees and responding to the needs of landslide survivors. Additionally, team members are trained in mental health awareness, enabling them to offer comfort to individuals, including families of the victims, through initial post-trauma relief to aid in their recovery from the traumatic experience. Greenstone is the newest member of the TVIRD Group of Companies. In recent history, the group launched :OPLAN: Caraga,” providing assistance to people affected by Typhoon Odette in the Province of Dinagat Islands. Sister companies operating the Agata Nickel and Balabag Gold-Silver Projects also extended relief to communities in Caraga and the Zamboanga Peninsula during the height of the Covid-19 Pandemic. The joint operation, involving Greenstone and the Villar SIPAG Foundation, assisted approximately 12,000 households. Jonathan L. Mayuga

Revenues, meanwhile, grew 38 percent to P1.3 billion from the previous year’s P938.48 million. The company said enrollment in its schools breached the six-digit mark as the number of students for school year (SY) 2023-2024 reached almost 120,000 compared to 94,312 enrollees in SY 20222023, representing an increase of 27 percent. Enrollment in programs regulated by the Commission on Higher

MUTUAL FUNDS

February 19, 2024

NAV

One Year Three Year

Five Year

per share Return*

Y-T-D Return

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

4.26%

0.82%

-3.31%

-0.15%

1.5228

4.54%

4.62%

-0.81%

1.99%

3.39%

ATRAM Philippine Equity Opportunity Fund, Inc. -a 3.0966

223.52

3.5%

0.98%

-5.58%

-1.97%

Climbs Share Capital Equity Investment Fund Corp. -a 0.7128

1.12%

-2.54%

-5.44% n.a

First Metro Consumer Fund, Inc. -a

-1.75%

ATRAM Alpha Opportunity Fund, Inc. -a

0.6655

-5.17%

First Metro Save and Learn Equity Fund, Inc. -a 4.88031.64%

1.04%

6.06%

-5% n.a -2.42%

0.03%

6.38% 5.4%

First Metro Save and Learn Philippine Index Fund, Inc. -a 0.73391.24%

1.44% n.a n.a

MBG Equity Investment Fund, Inc. -a

83.33

3.94%

-6.39%

-7.6% n.a

PAMI Equity Index Fund, Inc. -a 45.6584

2.05%

0.59%

-2.56% n.a

Philam Strategic Growth Fund, Inc. -a

474.69

4.14%

0.39%

-2.67%

-0.12%

6.11%

1.2431

3.3%

3.18%

-1.04%

2.15%

3.14%

Philequity Fund, Inc. -a

2.65%

1.97%

-1.68%

1.61%

5.51%

Philequity MSCI Philippine Index Fund, Inc. -a 0.9195 4.55%

1.82%

-2.26% n.a

6.07%

Philequity PSE Index Fund, Inc. -a

4.7939

2.81%

1.45%

-1.82%

1.53%

6.29%

Philippine Stock Index Fund Corp. -a

797.74

2.76%

1.27%

-1.88%

1.49%

6.29%

Soldivo Strategic Growth Fund, Inc. -a 0.7194

3.33%

1.16%

-4.5% n.a

4.91%

Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.5929

2.5%

1.14%

-3.5%

0.08%

Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.9049 2.54%

0.98%

-2.15% n.a

United Fund, Inc. -a

0.91%

5.39%

3.2578

1.27%

0.52%

-2.4%

5.98%

-1.95%

6.4%

Philequity Dividend Yield Fund, Inc. -a 35.4866

5.13% 2.02%

6.79% 6.33%

Primarily invested in Peso securities (units) COL Equity Index Unitized Mutual Fund, Inc. -a 1.1205 2.6% n.a n.a n.a

6.15%

COL Strategic Growth Equity Unitized Mutual Fund, Inc. -a,2 1.0291 n.a n.a n.a n.a 2.43% Philequity Alpha One Fund, Inc. -a

1.0512

-5.45%

0% n.a n.a

3.16%

Philippine Stock Index Fund Corp. -a

968.55

2.74% n.a n.a n.a

6.31%

Exchange Traded Fund (shares) First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c108.47663.41% 1.72%

-1.55%

2.2%

6.42%

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

$0.8008

-10.57%

-16.29%

-4.1%

Sun Life Prosperity World Voyager Fund, Inc. -a $1.7336

14.57%

-1.28%

-1.55%

-2.58%

7.09% n.a

4.32%

Balanced Funds Primarily invested in Peso securities (shares) 0.31%

-0.47%

ATRAM Unicapital Diversified Growth Fund, Inc. -a,41.5375

3.63%

-2.49%

-2.21%

-1.28%

1.78%

First Metro Save and Learn Balanced Fund, Inc. -a 2.5812

ATRAM Philippine Balanced Fund, Inc. -a 2.2454

4.44%

0.58%

0.38%

-0.42%

0.55%

-0.49%

1.43% 3.38%

First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.1987

-1%

1.04% n.a n.a

4.36% NCM Mutual Fund of the Phils., Inc. -a

1.9946

-0.02%

0.97%

0.9%

1.62%

PAMI Horizon Fund, Inc. -a

3.6616

3.73%

-0.25%

0.18%

0.75%

2.98%

Philam Fund, Inc. -a

16.0391

3.74%

-0.96%

-0.47%

Solidaritas Fund, Inc. -a

2.0914

3.02%

0.71%

3.19%

0.46%

3.06%

-0.46%

1.33%

3.13%

Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.5211

2.84%

0.34%

-1.6%

0.37%

Sun Life Prosperity Dynamic Fund, Inc. -a 0.9316

2.46%

-0.76% n.a

3.02%

2.28%

3.32%

Primarily invested in Peso securities (units) Sun Life Prosperity Achiever Fund 2028, Inc. -a 0.95371.86%

-1.4%

-0.73% n.a

1.43%

Sun Life Prosperity Achiever Fund 2038, Inc. -a 0.88351.7%

-1.18%

-2.13% n.a

4.3%

Sun Life Prosperity Achiever Fund 2048, Inc. -a 0.86521.32%

-1.22%

-2.53% n.a

4.8%

Primarily invested in foreign currency securities (shares) Cocolife Dollar Fund Builder, Inc. -a $0.03253

-0.21%

-5.54%

PAMI Asia Balanced Fund, Inc. -b$0.8848

-9.95%

-5.9%

-1.84%

-0.03% -3.31%

-2.05%

-1.81%

-1.16%

Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.3886

9.55%

-2.72%

4.18%

Sun Life Prosperity Dollar Wellspring Fund, Inc. -a $1.0409

4.32%

-4.36%

0.65% n.a

3.13%

2.25% -0.01%

Bond Funds Primarily invested in Peso securities (shares) ALFM Peso Bond Fund, Inc. -a 391.7

3.13%

1.77%

2.55%

2.35%

ATRAM Corporate Bond Fund, Inc. -a

1.9182

1.47%

0.24%

0.6%

0.15%

0.49%

Cocolife Fixed Income Fund, Inc. -a

3.3348

2.44%

1.2%

2.2%

3.73%

0.29%

Ekklesia Mutual Fund, Inc. -a 2.2762

2.88%

-0.24%

1.18%

1.53%

-0.43%

First Metro Save and Learn Fixed Income Fund, Inc. -a 2.4491

1.44%

0.11%

1.91%

Philam Bond Fund, Inc. -a

1.79%

1.11%

-0.29%

4.2854

Philam Managed Income Fund, Inc. -a

2.19%

-2.46%

0.31%

1.28%

1.3835

3.84%

1.57%

3.12%

1.85%

0.75%

Philequity Peso Bond Fund, Inc. -a

4.036

2.66%

0.54%

2.45%

1.79%

0.04%

Soldivo Bond Fund, Inc. -a

2.43%

0.64%

2.94% n.a

0.2%

1.0518

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

3.3012

3.2%

1.06%

3.12%

2.33%

Sun Life Prosperity GS Fund, Inc. -a

2.45%

0.33%

2.3%

1.69%

-0.41%

1.7622

-0.33%

-0.35%

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

1.0173 n.a n.a n.a n.a

0.96%

Primarily invested in foreign currency securities (shares) ALFM Dollar Bond Fund, Inc. -a $496.91

2.86%

0.84%

1.96%

ALFM Euro Bond Fund, Inc. -a Є214.33

1.7%

-0.79%

2.49%

0.34%

-0.01%

0.78%

0.16%

ATRAM Total Return Dollar Bond Fund, Inc. -b$1.0284-0.21% -6.14%

-2.18%

0.02%

First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0248 2.48%

-1.94%

-0.16% n.a

PAMI Global Bond Fund, Inc. -b$0.8474

-0.92%

-7.81%

-4.19%

-3.28%

-1.17%

Philam Dollar Bond Fund, Inc. -a

$2.2823

3.46%

-3.23%

1.71%

-1.62%

1.51%

-0.74%

1.29%

1.55%

0.44%

0.36%

-4.98%

-1.36%

0.32%

Philequity Dollar Income Fund, Inc. -a $0.0611842

Sun Life Prosperity Dollar Abundance Fund, Inc. -a $2.7355

0.56%

-1.38% -0.4%

-3.47%

Money Market Funds Primarily invested in Peso securities (shares) AIB Money Market Mutual Fund, Inc. -a,5 1.0987 n.a n.a n.a n.a n.a ALFM Money Market Fund, Inc. -a 137.41

2.87%

1.84%

2.46%

2.07%

0.39%

First Metro Save and Learn Money Market Fund, Inc. -a 1.1136 3.36%

2.01%

2.13% n.a

Sun Life Prosperity Peso Starter Fund, Inc. -a 1.38122.88%

2.42%

2.06%

2.07%

0.47%

0.4%

Primarily invested in Peso securities (units) ALFM Money Market Fund, Inc. -a 105.19

4.24% n.a n.a n.a

0.58%

Primarily invested in foreign currency securities (shares) Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.1034

2.83%

1.54%

1.6% n.a

0.54%

Feeder Funds Primarily invested in Peso securities (units) ALFM Global Multi-Asset Income Fund, Inc. -a 43.2024-0.68% n.a n.a n.a Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a 1.5224

16.63%

0.21%

8.33% n.a n.a

3.62% Sun Life Prosperity World Income Fund, Inc. -a,1

1.008 n.a n.a n.a n.a

0.83%

Primarily invested in foreign currency securities (Units) ALFM Global Multi-Asset Income Fund, Inc. -a $0.7961-2.08%

-7.01% n.a n.a

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

2 - Launch date is October 6, 2023.

-0.82%

c - Listed in the PSE.

3 - Launch date is May 25, 2023.

4 - Renaming was approved by the SEC last May 21, 2020 (formerly, ATRAM Dynamic Allocation Fund, Inc.) 5 - Launch date is February 15, 2024. “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.news.businessmirror@gmail.com

Banking&Finance

Nine rural banks to get ₧36.68M in ADB grants By Cai U. Ordinario

@caiordinario

HE Asian Development Bank (ADB) announced it will give grants to rural banks to implement digital transformation solutions to catalyze financial inclusion, especially in underserved sectors in the country. In a statement, the ADB said the rural banks will receive grants that amount to a total of $655,000 (around P36.68 million at $1:P56). The grants are part of ADB’s Fintech for Inclusion Transformation (FIT) program funded by the High-Level Technology Fund and the Republic of Korea e-Asia and Knowledge Partnership Fund. “The FIT program builds on ADB’s efforts to utilize technology to increase the efficiency, sustainability, and resilience of the finance sector, especially those which service underserved sectors in the country,” said ADB Director for the Finance Sector Group Emma Xiaoqin Fan. The grant awardees come from across the Philippines: six banks in Luzon; one in the Visayas; and, two in Mindanao. The awardees are: Banco San Vicente; Camalig Bank; MVSM Bank; Rural Bank of Guinobatan; Rural Bank of Medina; Rural Bank of Montalban; Rural Bank of Porac; Rural Bank of Silay; and, the Rural Bank of Tandag. The Good Bank Consortium, composed of three rural banks, will also receive grants. The ADB said the grant awardees were chosen from rural banks nationwide. These lenders, which serve women, farmers, fisher-

men, and micro-scale, small and medium-sized enterprises, submitted their digital transformation project proposals following the program’s launch in June last year. The grant awardees aim to achieve more efficiency in their operations, reduce operational expenses and friction costs, expand their reach, improve customer service, and build more resilient financial institutions overall. The Manila-based multilateral development bank said some of the digital transformation proposals involve putting up cloudbased core banking systems, loan origination systems, and credit scoring systems. The ADB hosted a series of workshops and consultations with industry experts to assist the applicants in creating viable digital transformation solutions. It engaged a consulting firm to evaluate proposals and conduct due diligence, interviews, and assessment of the impact and institutional health of qualified applicants. The FIT program is part of the ADB-financed Inclusive Finance Development Program, which supported government reforms to expand Filipinos’ access to financial services, especially the unbanked segment of the population. The reforms are linked to the government’s National Strategy for Financial Inclusion. The Rural Bankers Association of the Philippines and the Bangko Sentral ng Pilipinas (BSP) are also supporting the grant program.

BusinessMirror

New law grants concessions to micro, small taxpayers

By Reine Juvierre S. Alberto

ICRO and small taxpayers are granted special concessions under the recently enacted Republic Act (RA) 11976 or the Ease of Paying Taxes (EOPT) law.

Bureau of Internal Revenue (BIR) Deputy Commissioner for Legal Group Marissa O. Cabreros presented the salient features of EOPT during the Committee on Ways and Means in a conversation with stakeholders, the Department of Finance (DOF) and the BIR on Monday. Under the EOPT, micro and small taxpayers’ income tax returns are reduced to two pages from four pages. Civil penalties under Section 248 (Civil Penalties) of the National Internal Revenue Code, which imposes a penalty equivalent to 25 percent, were reduced to 10 percent of the amount due. The penalty is imposed if the taxpayer failed to file any return and pay the tax due, the deficiency tax or the full or part of the amount of tax shown on any return required to be filed. The law also reduced by 50 percent the interest imposed under Section 249 of the Tax Code.

Why resolutions fail and simple ways to achieve your goals

Editor: Dennis D. Estopace • Tuesday, February 20, 2024 B3

to be reinforced since ANUARY is now merchants prod you behind us and the to spend more money second month even before you step of the year has begun; inside their establishbut, how are you faring Rosemarie Gases ments. with your resolutions? Not tracking M a k i n g r e s o lu personal finance your development. tions is similar to The fitness industry goa l- set t i ng. You r live by the proverb “Progress over goals may include saving more money, perfection.” This is where your habits lowering your overspending, getting will come into play. In fact, shopping fit and healthy, removing bad debts, whenever you experience bad feelobtaining financial solutions that ings might become a habit; known as genuinely suit your needs or planning retail therapy. for retirement. You have to create a daily to-do list, Here are a few reasons why you adopt that micro routine and track cannot keep your resolutions; and your progress every week. Remember the simple solutions to address them. to have it somewhere visible when you Setting vague and unrealistic get up, during the day and before bedgoals, e.g. “I will save more money time. This creates a “nudge,” a behavnext year” or “The monies I save will ioral economics term that guides your be set aside to pay off my credit card decisions toward the desired concludebts moving forward.” Instead, aim sion. You motivate yourself to make for “I earn P20,000 per month therebetter decisions toward your goals fore: I’ll set aside P5,000 to pay off my by establishing an environment that credit card debts despite the minimum stimulates your behavior. amount due is only P2,800; P10,000 Wishing for change is insufficient; will go to fixed expenses; and, P5,000 you have to put in the work. Any type to my savings or investments.” The of change will be difficult at first, more precise your objectives are, the especially if you are developing new more likely you will adhere to them. habits. It is almost guaranteed that Your brain is programmed to shy there will be days when you want to away from mentally taxing and laborquit and return to the way things were. intensive tasks. Planning how you will Knowing your “why” should drive you achieve your goals and breaking them to pursue no matter what. down into smaller tasks will make it When you see advancement toeasier to resist the urge to give up. You ward a project or personal goal, you create small wins as you go forward. are sending surges of dopamine, or Relying on your motivation to “happy hormones,” to your body. This help you carry out your resolugives a sense of accomplishment and tions. This is unsustainable because motivates you to persist in going until decision-making requires willpower. you realize your goals. Eva Krockow, a lecturer at the UniverThis also allows you to incremensity of Leicester in the United Kingdom, tally change your behaviors since small discovered that your brain processes daily changes, combined with constant over 35,000 judgments per day. Thus, effort, will eventually have a substanyou will lose the drive over time since tial impact on how you live and what your “willpower bank account” has you want to accomplish. been depleted due to “decision fatigue.” The straightforward solution is to avoid tempting yourself. For example, Rosemarie Gases is a registered financial planner of if you can’t manage your impulse buyRFP Philippines. To learn more about personal-financial ing habits, it is advisable to avoid shopplanning, attend the 106th RFP program this March 2024. ping. Willpower works in the same To inquire, e-mail info@rfp.ph or text <name><eway as our body’s muscles. It ought mail> <RFP> at 0917-6248110.

Likewise, the law reduced to P500 from P1,000 the penalty imposed on micro-scale and small enterprises who failed to file certain information returns, statements or lists or keep any record under Section 250 (Failure to File Certain Information Returns) of the Tax Code. The law also slashed by half the compromise penalty rate for those who will violate Section 113 (Invoicing and Accounting Requirements for VAT-Registered Persons), 237 (Issuance of Sales or Commercial Invoices) and 238 (Printing of Sales or Commercial Invoices) of the Tax Code. Micro-scale enterprises are also exempted from the obligation to withhold creditable income taxes under Section 57(b) (Withholding of Tax at Source) of the Tax Code after President Ferdinand R. Marcos Jr. vetoed Section 8 of RA 11976. In his veto message, Marcos said, “the withholding tax system

provides the benefit of collecting the seller’s income taxes in advance. It also serves as an audit trail that mitigates underdeclaration of sales and income and underpayment of the corresponding value-added tax (VAT).” “If not vetoed, removing the withholding tax requirement for micro taxpayers will likely result in an understatement of tax obligations, negatively affecting the cash flow of the government,” added the President. Under the law, taxpayers are classified into “micro,” “small,” “medium” and “large” relative to their gross sales. Micro taxpayers have gross sales of less than P3 million while small enterprises have P3 million but less than P20 million in gross sales. Medium taxpayers are categorized as having gross sales of P20 million but less than P1 billion while large enterprises have P1 billion and above in gross sales.

Salient features

THE BIR also presented the salient features of the law, which it said will “positively affect the taxpaying public.” Taxpayers may now file and pay their taxes manually at any BIR Regional/District Offices (RDO) other than where they are registered or in an authorized agent bank or electronically using a software provider. The law also states that reg-

istration facilities shall be made available to all taxpayers including non-Philippine resident taxpayers. Section 34(K), or the “Additional Requirements for Deductibility of Certain Payments of the Tax Code,” was repealed. Hence, the BIR said “non-withholding of taxes is no longer a ground for the disallowance of claims for deductible expenses, in certain payments.” Taxpayer registration shall be transferred upon the mere filing of an application for transfer with the RDO where the taxpayer is registered, the BIR added. The time of withholding tax has been simplified whereas the BIR said the obligation to deduct and withhold the tax arises at the time the income has become payable. Under the law, the P500 annual registration fee has also been removed from the registration requirements. RA 11976 became effective on January 22 after it was signed into law by Marcos on January 5. After the consultation of the Finance Secretary with the BIR and the private sector, the law’s implementing rules and regulations shall be promulgated 90 days from the effectivity of the Act (See: https://businessmirror.com.ph/2024/01/08/easeof-paying-taxes-laws-signingseen-to-fuel-growth/).

Tuesday, February 20, 2024 • Editor: Gerard S. Ramos

Art

BusinessMirror

www.businessmirror.com.ph

TODAY’S HOROSCOPE By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Olivia Rodrigo, 21; Rihanna, 36; Brian Littrell, 49; Cindy Crawford, 58. HAPPY BIRTHDAY: You’ll bounce back and forth between logic and motive this year. Keep minimalism in the back of your mind, and you’ll come up with an easier way to find the balance that works best for you. You have plenty to gain if you take your time and source your plans. Stay on top of what’s expected of you to ensure clear passage forward regarding regulatory issues and infringements that can upset your plans. Your numbers are 8, 15, 22, 29, 33, 37, 42.

ARIES (March 21-April 19): Let your imagination lead the way; your inspiration will soar. Call on people who motivate you, and you’ll gain insight into something that can help you get things done faster and cheaper. Do the work yourself; relying on others will lead to drama. ★★

TAURUS (April 20-May 20): Don’t take on more than you can handle. Before you begin, consider what you can do and what it will cost. Don’t let a last-minute change throw you off guard; make the necessary adjustments and get approval before you begin. ★★★★

A REMINDER of God’s Promises, Kenneth Montegrande, 2023, acrylic on canvas, 60” x 72”

LIVING Without Hesitation, Kenneth Montegrande, 2023, acrylic on canvas, 30” x 36”

GEMINI (May 21-June 20): Put your head down and learn all you can. Refuse to let anyone confuse you or use manipulative means to entice you into taking a different path instead of pursuing your dreams. Being informed and knowing what you want will help you stay on track. ★★★

Montegrande returns to basics in ‘The Greatness of Simplicity’

CANCER (June 21-July 22): Make connections, educate others and hone your skills. Consider taking an obscure route that allows you to use your vision to further your objective. Don’t buy into hype or make promises that interfere with your plans. ★★★

HE weight of the moment was not lost on acclaimed visual artist Kenneth Montegrande. It was late November at the historic Hong Kong Visual Arts Centre and the man of the hour was taking it all in, shining at the welcome reception of his 19th one-man exhibition, another sold-out showcase. Well-wishers showered Montegrande with

LIGHT of Life (John 8:12) Series 2, Kenneth Montegrande, 2023, acrylic on canvas, 30” x 30”

congratulatory messages; the long list composed of collectors and luminary special guests, including National Artist for Visual Arts BenCab. Amid all the chatting, toasting and socializing, a realization cut through the gaiety and bothered the abstractionist painter enjoying his second international solo, following his successful New York exhibit in 2022. Suddenly, everything went still and silent. “None of this would’ve been possible just a few years ago,” he mused, referring to the disruptive global pandemic. “None of this”—not the public gathering, not the maskless mingling, not even him standing there, as the virus nearly cost Montegrande his life in 2021. The artist managed to break away from his epiphany to mentally return to the event, hiding his intense feelings behind a smile. But long after that night, the thought stuck with him, haunting him for months with pressing questions: Now that we seem to have moved on and gone back to the “old normal,” have we forgotten the lessons the pandemic taught us? More importantly, what if we never learned anything after all? Montegrande explores the concept in his upcoming solo opening this Friday, February 23, at Galleria Nicolas. In the show, titled The Greatness of Simplicity (The Minimalism Series), the artist attempts to remind us of how the global health crisis leveled our lifestyles and allowed us to appreciate life’s true essentials. It was horrifying, true, but the pandemic opened our eyes to what really matters, particularly the simple things. In this show, Montegrande tries to keep our sights on this truth as the artist himself goes back to basics and honors his earlier, minimalist style. Now entering his 12th year as a full-time artist, the former journalist and PR strategist shot to fame in the local and global art scenes with his poetic brand of abstract impressionism. His seascapes and cloudscapes drew shades of the genre’s greatest painters, from the masterful lighting of JMW Turner to the vigorous chiaroscuro of Rembrant. Montegrande’s style allowed him to quickly make his mark in visual arts. He became a collector’s favorite, a status validated early in his art career

when Japanese mega art collector Yusaku Maezawa purchased his artworks to be housed in the prestigious collection of the Contemporary Arts Foundation. There, his pieces enjoy the company of a world record-breaking Basquiat, as well as select works of internationally renowned artists like Picasso, Christopher Wool, Jeff Koons, Bruce Nauman and Alexander Calder, among others. He also became the youngest artist to exhibit at the Malacañang Palace Museum. Most recently, Montegrande participated in last weekend’s Art Fair Philippines 2024 with Altro Mondo, as he prepares for other big projects lined up this year.” In The Greatness of Simplicity, Montegrande pays homage to his roots. A total of 23 new artworks comprise the minimalist series wherein the artist recreates his original style. As such, we see strippeddown versions of the paintings that Montegrande has become known for, yet bearing the skill and knowledge he has gained throughout the years. It’s like being reborn as your younger self while keeping the experience you have now. Abstract pieces, such as Living Without Hesitation, for instance, imply Montegrande’s signature stunning cloudscapes of today, presented in the style that he started out with: bare but forcibly bold. Another example is the LIGHT OF LIFE (JOHN 8:12) SERIES 2, which feels the convergence of the artist’s past and present paintings, accentuated with line sketches that provide structure, texture and flavor. Also featured in Montegrande’s new show are his latest entries in cloudscape and seascape series, including A Reminder of God’s Promises. These present the artist in full bloom, while providing the audience with a reference point of how his art has truly evolved through the years. Aside from showcasing his growth and allowing newer audiences to rediscover the Montegrande of years past, the exhibit, above all, relays a gentle, caring reminder. As we continue to settle into our post-pandemic lives, we must never again take things for granted and appreciate the greatness of simplicity. Montegrande’s new solo will be on view from this Friday, February 23, until March 3 at Galleria Nicolas in Greenbelt 5, Makati City. ■

LEO (July 23-Aug. 22): Do your own thing instead of using your attributes to help someone else get ahead. Put your time and energy into what makes you happy, and develop a plan that positions you for advancement. Draw on your experience to attract influential connections. ★★★

VIRGO (Aug. 23-Sept. 22): Align yourself with people you feel akin to; you will discover you have options that can put a positive spin on where and how you live. Ask questions, put things in perspective and don’t pay for something you don’t need. Be astute and disciplined. ★★★★

LIBRA (Sept. 23-Oct. 22): Let your ideas flow into your work and you’ll reap the rewards. Don’t hesitate when you have so much to gain and everything to lose if you procrastinate. Trust your instincts, live in the moment and pursue your dreams. ★★

SCORPIO (Oct. 23-Nov. 21): Emotions will be difficult to control. Try to understand all sides of an issue before you share your thoughts or make a move. Let your intuition lead the way. An unusual partnership or reuniting with someone instrumental in your life looks promising. ★★★★★

SAGITTARIUS (Nov. 22-Dec. 21): Finish what you start before you start something new. You’ll face opposition when confronting a no-win situation with a friend, relative or colleague. Don’t take part if you don’t like the changes someone makes. ★★

CAPRICORN (Dec. 22-Jan. 19): Use your energy wisely. Don’t let anger be your outlet when compromise will take you to a better place. Share your feelings with someone you care about and work through any issues weighing you down. ★★★

AQUARIUS (Jan. 20-Feb. 18): Listen, observe and decide what’s best for you. Refuse to let anyone push you in a direction you don’t want to go. Look for alternatives regarding work and educational pursuits. Strive for equality in your relationships and distance yourself from manipulative people. Put yourself first. ★★★

PISCES (Feb. 19-March 20): Concentrate on the projects that broaden your awareness or add to your qualifications and skills. You have plenty to gain by monitoring spending while trying to raise your income. Change is overdue, but a well-thought-out plan is necessary before you begin. ★★★★★ BIRTHDAY BABY: You are unwavering, helpful and generous. You are intuitive and original.

‘tscreen play’ BY ALAN LEVIN

The Universal Crossword • Edited by David Steinberg/Anna Gundlach/Adrian Johnson/Jared Goudsmit ACROSS 1 44th president 6 COVID-19 gear 9 Nev. neighbor 12 Martin Sheen’s given name 13 Trawler trailers 15 Guy 16 Bash for Billy of SNL? 18 Place to mine 19 DVR innovator 20 Hawkish advisers of Dubya 22 Egg cells 25 Wingding for Seth of Robot Chicken? 27 Popular kind of pie at Thanksgiving 30 Belonging to that thing 31 Hog haven 32 Some are attached, others free 34 Jaguar, for example 36 Splits apart 37 Rebellious angel 41 Humor magazine first published in 1952 42 Pepper sometimes partnered with mango in salsa 43 Crop with bioengineered DNA 45 Wrestling surface

46 Snow house 47 Blowout for Harrison of 1923? 51 Sound of disapproval 52 Deep down 53 Plans that may be traditional, for short 56 Category of small dog 57 Gala for the folks referenced in 16-, 25- and 47-Across? 62 Ampersand’s meaning 63 Strainer 64 ___ New Guinea 65 Director Spike 66 Org. that Edward Snowden exposed 67 Sound of derision DOWN 1 Tolkien menace 2 Watering hole 3 Actress Adams of Arrival 4 The majority 5 Not for 6 Watering hole 7 Pilots’ vehicles 8 1990s sitcom renamed because These Friends of Mine was too close to Friends

9 Jaguar, for example 10 Petite 11 Unable to sit still 13 Objects of pride 14 Hog food 17 Part of GPA: Abbr. 21 Filling of roles 22 Oil cartel initials 23 Type of cutlet 24 Lot measure 26 UFO crew 28 Pie specification 29 Science show since 1974 33 Plot for flowers 34 Baby bear 35 Healthy berry 37 Structure for climbing vines 38 Sensed 39 Greek god with a bow 40 Chessboard castle 42 Contains 43 Fisherman’s cry 44 Dr. Jekyll’s dark side 45 Length units in London 47 Like a serious error 48 Olive oil and butter

49 The Empire Strikes Back director Kershner 50 Equal 54 Downloads on your phone 55 Eminem title that became a slang term for an obsessed admirer 58 NASA excursion 59 NYSE launch 60 Belonging to us 61 Rebellion leader Turner Solution to today’s puzzle:

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Britain’s Prince William, president of BAFTA, arrives for the 77th British Academy Film Awards. PHOTOS FROM THE ASSOCIATED PRESS

Show BusinessMirror

Andrew Scott poses for photographers upon arrival at the 77th British Academy Film Awards.

Emma Stone, winner of the leading actress award for Poor Things.

Editor: Gerard S. Ramos • Tuesday, February 20, 2024

Cillian Murphy, winner of the leading actor award for Oppenheimer.

‘Oppenheimer’ wins seven prizes, including best picture, at the British Academy Film Awards

By Jill Lawless The Associated Press

ONDON—Atom bomb epic Oppenheimer won seven prizes, including best picture, director and actor, at the 77th British Academy Film Awards on Sunday, cementing its frontrunner status for the Oscars next month. Gothic fantasia Poor Things took five prizes and Holocaust drama The Zone of Interest won three. British-born filmmaker Christopher Nolan won his first best director BAFTA for Oppenheimer, and Irish performer Cillian Murphy won the best actor prize for playing physicist J. Robert Oppenheimer, the father of the atomic bomb. Murphy said he was grateful to play such a “colossally knotty, complex character.” Nolan noted that nuclear weapons are “a nihilistic subject and the film inevitably reflects that,” telling the movie’s backers: “Thank you for taking on something dark.” Emma Stone was named best actress for playing the wild and spirited Bella Baxter in Poor Things, a steampunk-style visual extravaganza that won prizes for visual effects, production design, makeup and hair and costume design. Oppenheimer had a field-leading 13 nominations, but missed out on the record of nine trophies, set in 1971 by Butch Cassidy and the Sundance Kid. It won the best film race against Poor Things, Killers of the Flower Moon, Anatomy of a Fall and The Holdovers. Oppenheimer also scooped trophies for editing, cinematography and musical score, as well as the best supporting actor prize for Robert Downey Jr., who played Atomic Energy Commission head Lewis Strauss. Da’Vine Joy Randolph was named best supporting

actress for playing a boarding school cook in The Holdovers and said she felt a “responsibility I don’t take lightly” to tell the stories of underrepresented people like her character Mary. Oppenheimer faced stiff competition in what’s widely considered a vintage year for cinema and an awards season energized by the end of actors’ and writers’ strikes that shut down Hollywood for months. The Zone of Interest, a British-produced film shot in Poland with a largely German cast, was named both best British film and best film not in English—a first—and also took the prize for its sound, which has been described as the real star of the film. Jonathan Glazer’s unsettling drama takes place in a family home just outside the walls of the Auschwitz death camp, whose horrors are heard and hinted at, rather than seen. “Walls aren’t new from before or since the Holocaust, and it seems stark right now that we should care about innocent people being killed in Gaza or Yemen or Mariupol or Israel,” producer James Wilson said. “Thank you for recognizing a film that asks us to think in those spaces.” Ukraine war documentary 20 Days in Mariupol, produced by The Associated Press and PBS Frontline, won the prize for best documentary. “This is not about us,” said filmmaker Mstyslav Chernov, who captured the harrowing reality of life in the besieged city with an AP team. “This is about Ukraine, about the people of Mariupol.” Chernov said the story of the city and its fall into Russian occupation “is a symbol of struggle and a symbol of faith. Thank you for empowering our voice and let’s just keep fighting.” The prize for original screenplay went to French courtroom drama Anatomy of a Fall. The film about a woman on trial over the death of her husband was

written by director Justine Triet and her partner, Arthur Harari. “It’s a fiction, and we are reasonably fine,” Triet joked. Historical epic Killers of the Flower Moon, Leonard Bernstein biopic Maestro, grief-flecked love story All of Us Strangers and class-war dramedy Saltburn all won nothing despite multiple nominations. Barbie, one half of 2023’s “Barbenheimer” box office juggernaut and the year’s top-grossing film, also came up empty from five nominations. Barbie director Greta Gerwig failed to get a directing nomination for either the BAFTAs or the Oscars, in what was seen by many as a major snub. Before the ceremony, nominees, including Bradley Cooper, Carey Mulligan, Emily Blunt, Rosamund Pike, Ryan Gosling and Ayo Edebiri all walked the red carpet at London’s Royal Festival Hall, along with presenters Andrew Scott, Cate Blanchett, Idirs Elba and David Beckham. Guest of honor was Prince William, in his role as president of the British Academy of Film and Television Arts. He arrived without his wife, Kate, who is recovering from abdominal surgery last month. The ceremony included musical performances by Ted Lasso star Hannah Waddingham, singing “Time After Time,” and Sophie Ellis-Bextor, singing her 2001 hit “Murder on the Dancefloor,” which shot back up the charts after featuring in Saltburn. Actress Samantha Morton received the academy’s highest honor, the BAFTA Fellowship. Morton, who grew up in foster care and children’s homes, said that “representation matters.” “The stories we tell, they have the power to change people’s lives,” she said. “Film changed my life, it transformed me, and it led me here today.” n

Newbie Dindo Caraig thankful for his coach Roeder IT has been almost 35 years since former pop singer Roeder conquered the airwaves with his hit single, “Sana Naman.” The song was composed by Vehnee Saturno, touted as one of the most sought-after composers at the time. Years later, Roeder spread his wings and embraced acting for film, television and theater, winning awards while still continuing his pursuit of music. He also found his way into the academe and learned to love mentoring newcomers in the industry. “Over the last few years, I also found myself giving workshops to those who want to learn, both in acting and singing. I feel very inspired every time I am in the presence of my students, and those who simply want to learn and be trained properly,” he shared. We were happy to see Roeder during the recent launch of new singer Dindo Caraig at the Karma Lounge in Quezon City. After Caraig’s showcase, he called to stage and introduced Roeder as his coach. “I am grateful to have met Sir Roeder and I feel more blessed that he accepted to be my coach, not only vocally but also in many aspects of my dream of becoming a singer in this already crowded business,” said Caraig. Before embarking on being a singer, Caraig shot to social-media fame by way of his being a content creator in several platforms. To date, he has hundreds of thousands of followers, and his vlogs have registered millions of views. “I am just a provinciano from Batangas who lived a

simple life, and enjoyed singing and performing in front of people. I dropped out of school, fate brought me to the big city, and here I am performing at my launch as a singer, a dream that was quietly sitting in my heart for a long, long time,” he volunteered. His first single is titled “Kung Hindi Ikaw,” a song about finding true love and never letting it go. “It is very interesting to note that my first single and Coach Roeder’s hit single were written by the same composer. I am glad I not only have someone to fine tune my vocal range and help me improve and reach my potential, but someone who is also my life coach providing me priceless guidance, support, technique and tips which he also learned during his personal journey as a performing artist.” Roeder shared, “Dindo has a natural gift as a high tenor, he can sing without too much strain or obvious belting. I just have to constantly train him to use the

techniques so he can maximize this unique range, and for him to always tap on his vocal strengths in the performance of his songs.” “Coach Roeder is instrumental in helping me find my distinct sound. When I started singing, I would just mimic the sound of other singers and thought that I was doing the right thing, but it just hindered my growth as an artist.” During the launch, attended by select members of the media and Caraig’s social media followers and supporters including some who flew in from overseas, the new singer also shared a music video that hinted about his sexual orientation. When asked, he straightforwardly said that he is a proud member of the LGBTQ+ community and there is no reason for him to hide it, adding, “ I want to be free, as free as I can for me to be able to share with my audience who I really am as an artist and the music that comes out of me.” He also beautifully performed his version of “Believe”, originally sang by the iconic Cher and also performed by Adam Lambert, two artists Caraig said that he looks up to. After the launch, Roeder said it’s probably one of life’s inevitable cycles that he is mentoring a newbie on the block, because it brings back many memories, both good and bad, during his days as a beginner. “I sincerely hope that Dindo makes it, and that he will always remember to use his gift of voice to the fullest, and continue to be an inspiration to many who share the same dream as his.”

Vicky Morales, 2024 Platinum Stallion National Media Awards for Female News Anchor of the Year

GMA wins major honors at 2024 Platinum Stallion National Media Awards

Media giant GMA Network took home 19 accolades at the 2024 Platinum Stallion National Media Awards, including the TV Station of the Year award. Winning for the 7th time as Regional TV Network of the Year was GMA’s regional arm—GMA Regional TV. The network’s flagship AM radio station DZBB Super Radyo 594 was once again chosen as the AM Radio Station of the Year. GMA Integrated News’ award-winning and top-rating flagship newscast 24 Oras was named Best TV News Program. Receiving the award for Female News Anchor of the Year and Male News Anchor of the Year were Vicky Morales for 24 Oras and Atom Araullo for State of the Nation, respectively. GMA Public Affairs’ multi-platform leader and multiawarded show Kapuso Mo, Jessica Soho took home another Best News Magazine Program Award. The country’s longest-running morning show Unang Hirit was also named the Best Morning Show. Winning the Best Documentary TV Show Award was the highly acclaimed public affairs show Reporter’s Notebook. Recognized as the Best Public Service Program Host Award was veteran journalist Emil Sumangil for Resibo: Walang Lusot ang May Atraso. Proving excellence in producing superior entertainment, GMA Entertainment Group took home various recognitions. Royal Blood, the biggest murder mystery on prime-time TV, triumphed as the Best Primetime Drama Series. Toprating game show Family Feud, hosted by Dingdong Dantes, won as Best Game Show. Pepito Manaloto was once again awarded as the Best Comedy Program. Meanwhile, proving their exceptional talents and skills in the field of entertainment were GMA personalities Rhian Ramos, who won the Best Primetime Actress Award for Royal Blood; Pokwang, who was the recipient of the Best Variety Show Host Award for TiktoClock; and Ashley Ortega, who was conferred the Breakthrough Artist of the Year Award for Hearts on Ice. GMA Synergy sportscaster and 24 Oras Game Changer segment host Martin Javier was also chosen by the awardgiving body as the Best TV Sports Program Host. Rounding off the network’s awards was another set of accolades for GMA Pictures and GMA Public Affairs’ film Firefly. Zig Dulay won the Director of the Year Award, while Euwenn Mikael was named the Child Star of the Year. Established in 2015, the Platinum Stallion National Media Awards by the Trinity University of Asia recognizes individuals and institutions for their contributions to the industry that inspire the Trinitarian community.

Tuesday, February 20, 2024

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NEWPORT WORLD RESORTS STARTS 2024 WITH A BANG

NEWPORT World Resorts earned recognition as Advocacy Marketing Company of the Year for commitment to sustainability I LOVE Earth by the Agora Awards.

URTHER cementing its status as the country’s most multifaceted integrated resort that delivers epic experiences, Newport World Resorts heads into the year with an impressive array of local and international industry awards, citations, and recognitions. In January alone, Newport World Resorts earned two accolades at the 2024 Asian Management Excellence Awards, three trophies at the 59th Anvil Awards, three recognitions at the 20th Philippine Quill Awards, and a prestigious title at the 42nd Agora Awards. Proudly representing the Philippine integrated resort industry on a global platform, Newport World Resorts stood out as the sole local hospitality and leisure company at the inaugural Asian Management Excellence Awards presented by the Asian Business Review. The event celebrates exceptional accomplishments by business leaders, innovators, and companies across 50 countries. Newport World Resorts was feted for its impactful workplace initiatives with the award for Philippines Employee Engagement of the YearHospitality & Leisure. President and CEO Kingson Sian was also named Executive of the Year for the Hospitality & Leisure category during the presti-

gious awarding ceremony held on January 23 in Bangkok, Thailand. Beyond elevating the integrated resort industry, Newport World Resorts also made waves for its commitment to sustainability. Newport World Resorts earned recognition as Advocacy Marketing Company of the Year for commitment to sustainability I LOVE Earth (ILE) by the Agora Awards. ILE is Newport World Resorts’ fully integrated sustainability initiative that harmonizes the programs of its hotels, entertainment, retail, dining, and leisure facilities to advocate for the planet’s preservation and responsible tourism. Presented by the Philippine Marketers Association, the Agora Awards honors outstanding individuals and organizations that utilize exceptional marketing practices to contribute to the growth and development of the industry in the country. In the realm of communications excellence, Newport World Resorts bagged multiple awards from the IABC Philippine Quill Awards and PRSP Anvil Awards. The International Alliance for Business Communicators (IABC) confers the Philippine Quill Awards to businesses that exemplify the best strategic communication campaigns, programs, and tools

MVPs, more standouts boost PLDT High Speed Hitters for ‘strongest’ PVL lineup yet

to help uplift communication standards across various industries and institutions. Newport World Resorts has shone brightly in this arena, with its rebranding and sustainability campaigns earning Awards of Excellence at the 20th Philippine Quill Awards - “Rebranding, Rebuilding, and Reinventing the Epic World of Newport World Resorts” and “Newport World Resorts’ I Love Earth: Integrated Sustainability Program from the Heart.” In addition, the innovative flagship employee focus and needs-based engagement program, “Kamustahan with KS 2.0” has earned the distinguished Award of Merit. The program has created an open channel for communication between Sian and small groups of employees, encouraging them to ask questions, voice concerns, and offer valuable suggestions through a series of casual, sit-down discussions. The prestigious Anvil Awards, presented by the Public Relations Society of the Philippines has long been regarded as the Oscars of the Philippine Public Relations industry. Taking home three trophies was a feat worth celebrating for Newport World Resorts-Silver Anvil awards for its corporate branding campaign “uNWRapped: Newport World Resorts’ corporate spokespeople revealed,” mall exhibit campaign “Newport World Resorts Mall-seum: Where leisure transforms to enriching cultural experiences for the mall-going public,” and employee engagement campaign “Thrillfest 2023: Winning as one Newport World Resorts.” Surrounded by success, innovation, and growth-Newport World Resorts welcomed the year with a series of accomplishments, in turn, marking an excellent start for its milestone 15th year in the industry. The story of Newport World Resorts continues to unfold since pioneering the Philippine integrated resort scene, an epic journey that began a decade and a half ago. For more information on Newport World Resorts visit www.newportworldresorts.com and follow @ newportworldresorts on Facebook and Instagram, and @nwresorts on Twitter. Make the most of your visit and sign up for an Epic Membership or download the Newport World Resorts Mobile App for free at the Apple App Store and Google Play Store. Best Middle Blockers Mika Reyes and Dell Palomata and UAAP champions Rhea Dimaculangan and Jules Samonte. Erika Santos, Fiola Ceballos, Jessey de Leon, Jovelyn Prado, Rachel Austero, Iza Viray, and Far Eastern University standouts Kiesha Bedonia and Sheila Kiseo complete the roster. “We are excited to see volleyball court action resume this February. As always, we are here to support the PLDT High Speed Hitters in this new season. We also hope to give a more exhilarating experience to the fans watching live on the sidelines of the games as they support this powerhouse team,” said Jude Turcuato, Head of Sports at PLDT and Smart. PVL champion coaches Rald Ricafort and Arnold Laniog along with Manolo Refugia, Mike Santos, and Ervin Peralta banner the coaching staff. Paolo Escaño is tasked to supervise the team’s strength and conditioning. A few days before the new season kicked off, the PLDT High Speed Hitters dropped by the PLDT headquarters in Makati City for a courtesy visit with PLDT President/CEO, Manny Pangilinan. “The goal is to have as many Filipino volleyball athletes as possible representing us in international events—and maybe even the Olympics. We will continue to work with partner leagues and organizations to help make this possible. Of course, the work begins with our team. They make us very proud, and we hope they continue to play their hearts out on the court,” Pangilinan said. The team also had the chance to meet, interact, and play games with PLDT and Smart employees to promote the upcoming season. Volleyball fans can follow the journey of PLDT High Speed Hitters through Instagram, Facebook, X, and TikTok.

Young Filipinos see the world through coffee the ‘Arabica Way’ in internship program launch

NTHUSIASTIC and passionate Sangguniang Kabataan (SK) members underwent a barista crash course, setting the stage for the official launch of Arabica Philippines’ barista internship program at the Arabica Manila Roastery in BGC, Taguig City. Aside from amor on Valentine’s Day, filling the air was the inviting aroma of coffee, skillfully brewed by the young and freshly-trained guests, which delightfully roused the olfactory senses of visitors. This event marked the start of the heartfelt initiative by the celebrated Japanese global coffee brand. With their mantra “See the World Through Coffee,” Arabica Philippines is opening its doors and bags of coffee beans to passionate young Filipinos for an immersion in the barista profession and Arabica culture. Arabica Philippines Chief Operating Officer (COO) Koko Tamura expressed her excitement for the project’s commencement, emphasizing the brand’s vision of welcoming the younger Filipino generation to Arabica Philippines’ world of coffee, as well as encouraging them to pursue a career as a barista. “It excites me that we get to kindle the same affinity that drives us towards the rich stories and flavors that define Filipino coffee culture in Arabica, especially to the youth. I do hope that, through the program, we get to introduce the barista profession as a great creative outlet and a viable career option,” Tamura shared. The Valentine’s Day workshop saw 12 participants from the Katipunan ng Kabataan ng Katuparan, under the administration of the Sangguniang Kabataan of Katuparan in Taguig, joined by influencers and barista trainers. Divided into groups, they learned under the guidance of Arabica Philippines Head Barista Lawrenze Marcella, successfully interpreting and replicating the “Arabica Way” by crafting some crowd-favorites: the scrumptiously mouth-coating soft cream, as well as the well-balanced and dreamily aromatic espresso. “We take great pride in our meticulous process here at Arabica Philippines. Our strict adherence to steps and procedures, particularly those focused on food and hygiene safety, is what truly sets us apart.

ITH three former MVPs on board, a Filipino-Canadian scoring machine as a sophomore, and a pool of reliable standouts as holdovers, expect a far more powerful PLDT High Speed Hitters team at the Premier Volleyball League (PVL) All-Filipino Conference. Ahead of the league’s opening on February 20, all eyes are on the volleyball team supported by PLDT Chairman Manuel V. Pangilinan, as it faces 11 other participants, kicking off the biggest Philippine volleyball action this 2024. Headlining the team are the terrific trio of Kianna Dy (UAAP Season 78 Finals MVP, 2021 PNVF Champions League MVP and Best Opposite Hitter), Majoy Baron (UAAP Season 79 MVP, 2023 PVL Invitational Conference 1st Best Middle Blocker), and Kim Fajardo (three-time UAAP Best Setter, UAAP Beach Volleyball MVP, six-time Philippine Super Liga Best Setter). All once part of the national team, they came to prominence during their collegiate days with

the De La Salle University Lady Spikers. They each carry three UAAP gold medals, among other silver finishes and individual awards. After finishing as PVL’s top scorer in her rookie year in the last conference, Savannah Davison is seen as a credible threat on the court. She contributed 202 points through 173 attacks, 22 blocks, and seven service aces at the end of the eliminations. Davison competed at National Collegiate Athletic Association Division 1 and national competition levels in the US, while completing her biochemistry degree at the New Mexico State University and MBA at University of Oklahoma Gene Rainbolt Graduate School of Business. Meanwhile, three-time PVL Best Libero Kath Arado takes on a new role of captain, as she mans the team’s backcourt defense with her precision and agility. Also a multi-awarded UAAP libero, she leads a lineup of veterans and former national team players including 2022 PVL Invitational Conference

Gorjuice: Pioneering Safe Beauty, Wellness with Inclusivity at Its Core

N a historic breakthrough for the beauty and wellness industry, Gorjuice proudly emerges as the first-of-its-kind Phytoestrogencell juice drink. Infused with innovation and passion, Gorjuice transcends traditional boundaries, presenting a transformative elixir that not only redefines beauty but champions inclusivity and the importance of transgender and women’s health. The brainchild of dynamic duo of trans beauty queen and actress Francine Garcia and her sibling, events extraordinaire Kboi Bernando, Gorjuice stands as a beacon of self-expression and identity celebration.

Supported by trusted financial consultant Ferdinand C. Importado, the journey led to the establishment of Klazzroom Food Supplement Trading (Klazzroom), the nurturing ground for the revolutionary Gorjuice. Beyond visionary leadership, Gorjuice’s uniqueness lies in the essence within the juice. It marks the advent of the first Phytoestrogencell juice drink, a groundbreaking formulation that speaks volumes about innovation and safety. This elixir not only symbolizes self-expression but also underscores the

brand’s commitment to safety in beauty, proudly bearing the FDA stamp of approval,ensuring it is 100 percent safe for consumption. Importado emphasizes, “Gorjuice not only redefines beauty standards but also sets a new benchmark for safety in the industry. It’s a revolutionary product backed by meticulous care and compliance with the highest standards.” Glenda Dela Cruz-Victorio, the visionary CEO of Brilliant Skin Essentials, and Shed Garcia, COO of

This ‘Arabica way’ of manually crafting a cup of coffee, ensuring the highest quality, and relying on the expertise of our highly trained baristas, is just one aspect that we aim to share with our participants,” said Marcella. Post-workshop, SK Brgy. Katuparan Taguig Chairman Jerome Paolo Gonzales expressed his gratitude to Arabica Philippines for extending the invitation to young coffee enthusiasts to engage in the industry and encouraged peers to seize the once-in-a-lifetime opportunity by the brand. “To Arabica Philippines, first of all, I’d like to express my sincerest gratitude for sharing this wonderful opportunity to young Filipinos such as myself, especially those who want to venture the practice of the barista profession. To my fellow Filipino youth interested in the coffee industry, grab this chance, go for the program. You’ll be in good hands with Arabica, sure ako doon,” Gonzales said. Meanwhile, Tamura said that the internship program will surely give an edge to students should they pursue a career as a barista, “Given Arabica’s standardization of practice, our interns will have a one up against contenders. In the program, they will imbibe years of perfected and exquisite coffee techniques not found anywhere else in the world but Arabica.” Moreover, Tamura added that, in different parts of the world, Arabica typically gravitates towards employing Filipino baristas popularly due to their innate hospitality and congeniality, supporting the decision to train the Filipino youth as potential ambassadors of the brand. Arabica Philippines warmly welcomes ardent 16 to 20-year-olds to enroll in the eight-week training program beginning March, offering a diverse baristapractice syllabus, and a valuable training certificate. Despite its global acclaim, Arabica Philippines remains rooted in local culture, exemplified by the “See the World Through Coffee” program. Gonzales urges other industry leaders to follow Arabica’s example, underscoring that Arabica Philippines is a “global brand with a local heart.”

NEW PARTY Former priest and peace negotiator Ed Dela Torre, elected Chairman Emeritus of the newly launched The People’s Progressive Humanist Liberal Party (PolPHIL Party) political party that stands as the party for the common people, led the oath taking of members coming from the offices of different politicians in the Senate and the House of Representatives. Also the photo are the convenors, resource persons led by party Rudy Caneda elected as its National Chairman, with Bishop Nilo Tayag, Rodolfo Salas and Nilo dela Cruz, all former political prisoners during the martial law era as council of elders. PHOTO BY BERNARD TESTA.

Brilliant Skin Essentials and CEO of Perfect Formula, lead the charge in providing technical and distribution support for Gorjuice. This collaboration, celebrated during the Social Media Conference and Thanksgiving at Emilia’s Filipino Food, Malacanang Complex on February 13, 2024, represents a pivotal moment in the brand’s journey. Garcia expressed her enthusiasm, stating, “Gorjuice not only breaks new ground in beauty but also sets a precedent for safety, transparency, and

inclusivity. It’s a product that aligns with our core values at Brilliant Skin Essentials and Perfect Formula.” Embark on a transformative journey with Gorjuice—where innovation meets safety, beauty intertwines with wellness, and inclusivity takes center stage. With FDA registration ensuring its safety, Gorjuice invites you to redefine your standards of beauty and wellness, one sip at a time. Indulge in the pioneering magic of Gorjuice—the Phytoestrogen Cell elixir that speaks volumes about safety, authenticity, and the celebration of your unique beauty, no matter who you are!

World Features

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

BusinessMirror

Tuesday, February 20, 2024

In Trump-Biden rematch, China is the only sure loser

DONALD TRUMP at New York State Supreme Court on October 18, 2023. JEENAH MOON/BLOOMBERG

Trump organization hit with $364 million fraud fine, barred from doing business in the state for 3 years By Erik Larson, Patricia Hurtado & Greg Farrell

ONALD TRUMP and his real estate company suffered a major defeat in New York’s civil fraud suit over his inflated asset valuations, after a judge barred the former president from running any business in the state for three years and ordered $364 million in penalties plus interest. The 92-page verdict Friday by Justice Arthur Engoron in Manhattan is a significant victory for New York Attorney General Letitia James, who said in a social media post after the decision that with interest the fine tops $450 million. Engoron’s ruling is a threat to Trump’s real estate empire and the latest legal setback as the Republican frontrunner campaigns to return to the White House. His two eldest sons, Donald Trump Jr. and Eric Trump, were also found liable and barred from being officers of a company in New York for two years. During a three-month trial, James claimed Trump inflated asset values on annual financial documents for more than a decade to dupe Deutsche Bank AG and other lenders into giving him better terms on hundreds of millions of dollars in loans. “Their complete lack of contrition and remorse borders on pathological. They are accused only of inflating asset values to make more money. The documents prove this over and over again,” Engoron wrote. “They did not rob a bank at gunpoint. Donald Trump is not Bernard Madoff. Yet, defendants are incapable of admitting the error of their ways.” Trump is sure to appeal, potentially dragging out a final resolution of the case well beyond the November election. Even if he appeals, he would be required to put up a large chunk of the damages in the form of an escrow or bond. The judge also found former Trump Organization chief financial officer Allen Weisselberg and former company comptroller Jeffrey McConney liable in the suit. The fine was close to the $370 million sought by the attorney general, who also requested that interest be repaid on the illegal profit. It also exceeded the $250 million included in the original complaint, which she increased based on additional evidence presented at trial. The fine was mostly based on the $168 million Trump saved by getting lower interest rates on four loans by lying about his wealth. It also includes the $127 million profit from the Old Post Office hotel deal in Washington and $60 million from the sale of Ferry Point golf course in New York, which the state says he wouldn’t have been able to purchase without inflating the value of his assets. The sum also includes the return of bonuses paid to employees who participated in the fraud. “This verdict is a manifest injustice—plain and simple,” Trump attorney Alina Habba said in a statement. “It is the culmination of a multi-year, politically fueled witch hunt that was designed to ‘take down Donald Trump,’ before Letitia James ever stepped foot into the Attorney General’s office.” A few hours after the verdict, the Trump campaign seized on the opportunity to fundraise, pleading with supporters to donate over “undeniable election interference.” The former president has had to drain his war chest for legal fees and is on track to run out of money mid-year. The $364 million fine comes just weeks after a federal jury in Manhattan ordered Trump to pay $83.3 million in damages to writer E. Jean Carroll for defaming her when she went public with claims that he raped her in the 1990s. The pair of financial hits threatens to consume most—if not all—of the cash Trump has testified to having on hand. In a deposition in the case last year, Trump said he had more than $400 million in cash. The Bloomberg Billionaires Index has Trump’s net worth at $3.1 billion, including total liquid assets at about $600 million. The judge already held the former president liable for fraud ahead of the trial, and ordered the cancellation of his business certificates, putting at risk his future control of the sprawling real estate empire. In his order Friday, the judge modified his September order, saying he would allow an independent compliance officer to renew the cancellation in consultation with the outside monitor “based on substantial evidence.” The order was temporarily put on hold in October by an appeals court while Trump challenged it. Engoron also ordered that Barbara Jones, a former federal judge he appointed in 2022 to serve as an independent monitor overseeing Trump’s company, continue in her role for at least three more years and directed Jones to submit a report to him about “enhanced monitorship” over the company within 30 days. The Trumps have already complained about Jones, rejecting her post-trial findings of continued financial discrepancies at the Trump Organization. The defense lawyers responded in a Jan. 29 letter to Engoron, disputing Jones’ findings and accusing her of trying to enrich herself by extending her appointment. The monitor has already received more than $2.6 million in fees for her work, the Trumps said in the letter. Engoron didn’t impose a lifetime ban preventing Trump from doing business in New York, as sought by the state. But the three-year ban on Trump’s participation as an officer in a business in the state industry is a symbolic blow for the former president, whose career blossomed in New York City. He announced his candidacy for the presidency in 2015 after descending from an escalator in the lobby of his Manhattan headquarters. While Trump has moved to his Mar-a-Lago estate in Florida, New York City is still central to his persona. Documents at the center of New York’s fraud case allegedly show Trump’s net wealth was inflated by as much as $3.6 billion a year from 2011 to 2021. According to the state, values were boosted by counting luxury homes and other improvements that didn’t yet exist; appraising land as if there were no restrictions on development; and counting as cash proceeds that Trump didn’t have control over. For years, Trump tripled the square footage of his Trump Tower penthouse apartment to claim it was worth more than $300 million, until Forbes magazine called him out. This isn’t the first time Trump’s business interests have been stunted by the New York attorney general. In November 2016, then-President-elect Trump agreed to pay $25 million to settle the state’s civil fraud lawsuit against his Trump University, which had been accused of ripping off thousands of students. Engoron oversaw the trial without a jury, hearing from dozens of witnesses and analyzing thousands of pages of evidence. Trump took the stand as a state witness, and spent his time under oath clashing with the judge and angrily denying that he’d done anything wrong. His sons also testified, downplaying any role they had in preparing their father’s financial statements. Christopher Kise, the lead Trump lawyer at the trial, said in a statement that the fine was “draconian and unconstitutional” and called the verdict a “tyrannical abuse of power.” “When a Court willingly allows a reckless government official to meddle in the lawful, private, and profitable affairs of any citizen based on political bias, America’s economic prosperity and way of life are at extreme risk of extinction,” Kise said. With assistance from Tom Maloney and Kyle Kim/Bloomberg

By Mackenzie Hawkins, Jennifer Welch, Mario Parker & Eleonora Mavroeidi

ONALD TRUMP’S China trade war frayed economic ties between the two global superpowers. His second-term plans risk cutting them entirely. The former president is pitching a 60 percent tariff on all Chinese imports. That would shrink a $575 billion trade pipeline to practically nothing, Bloomberg Economics analysis shows. And it’s not the only escalation Trump has in mind if he converts a narrow poll lead over incumbent Joe Biden into victory in November. For China’s economy and its slumping stock market—down more than 40 percent from its 2021 high—that’s bad news. Worse, Trump’s rhetoric may add pressure on Biden to take harsher measures in the run-up to election day. The president knows that China is on the ballot, and tough-on-China a proven vote winner. Biden may not be floating anything as drastic as Trump’s tariffs, and his administration has said it doesn’t want decoupling. But he has a raft of new restrictions on everything from data flows to electric vehicles to pick from, and doesn’t have to wait till Americans go to the polls before rolling them out. Whichever way you cut it, three months after Biden’s San Francisco summit with his Chinese counterpart Xi Jinping lowered the temperature, US elections mean the heat is on again. For investors, Trump’s latest proposals may trigger flashbacks to his first term—when trade policy announcements tweeted at all hours could whipsaw markets around the world. In Beijing, officials say they have no clear preference on who takes power. While Trump is unpredictable and often aggressive, he also likes to strike deals and could undercut Biden’s efforts to work with US allies, according to Chinese officials who asked not to be identified speaking about sensitive topics. “They’re both a big threat,” said Sang Baichuan, a professor at the University of International Business and Economics in Beijing, and adviser to China’s Ministry of Commerce. Trump’s America-first approach could create opportunities to “break through the anti-China economic circle,” Sang said, citing Biden’s ability to shut China out of technology supply chains. But either way, Beijing will face an American president whose overall strategy is “to exclude and contain China’s development.”

Trump tariff shock RESPONDING to a question about his 60 percent tariff plan last week, Trump said the goal was to “bring business back to the US.” The 25 percent tariffs in his first term already put a hole in the revenue that China’s exporters earn from American markets. Tariffs at 60 percent would turn the hole into a crater. Using a model of the global economy, Bloomberg Economics estimates it would slash the share of US imports that come from China—which peaked at about 22 percent before the trade war started— down to near-zero. The biggest impact would fall on textiles and electronics, industries where China currently dominates and where thin profit margins make it impossible for factories to absorb the tariff impact. Bloomberg Economics’ model shows Southeast Asia and Mexico would pick up the largest share of

the slack, as trade flows shift around geopolitical fault lines. US electronics firms would take a hit, since many of them manufacture in China. And American companies and consumers would end up paying higher prices for imports. Tariffs might be the most eyecatching economic proposal from the Trump campaign, but they’re not the only one. The ex-president is hinting at new bans on US-China investment in both directions—an area where Biden’s already tightening the rules— promising to keep China out of America’s “essential industries” and ensure US cash isn’t driving China’s rise. China is “taking our business at levels that nobody’s ever seen before,” Trump told reporters at his Mar-aLago estate in Palm Beach, Florida on Thursday. On the second-term tariff plan he said: “By doing that we bring business back, manufacturing back to the United States.” Then he accused the Biden administration, which has kept his China curbs in place and added more, of letting American gains ebb away. “Now, they’re blowing it,” he said. Campaign promises, especially when their real-world impact would be this disruptive, don’t always translate into administration policy. Still, if there’s a lesson from Trump’s first term, it’s that his anti-China rhetoric tends to do just that. For Xi, the prospect of intensifying economic conflict with the US comes at a bad time. Beijing is already grappling with a property meltdown that’s turned the biggest growth driver into a major drag, and a stock market slide that’s erased $7 trillion in wealth. Xi’s economic planners have recently stepped up exchanges with US counterparts, with plans to welcome Treasury Secretary Janet Yellen to Beijing this year, in a bid to stabilize relations with its biggest export market. With Trump close to sewing up the Republican nomination, and running ahead of Biden in key swing states, investors are already bracing for impact. Trump’s 60 percent tariff threat drove a selloff in China stocks from low-price retailers to solar panel makers. Goldman Sachs economists report that the implications of a Trump win are one of the things they are most frequently asked about by investors in Beijing and Shanghai.

Election turns up the heat BEFORE any of this comes into play, there’s 2024 to get through. From Bill Clinton—who campaigned on a promise to hold the “butchers of Beijing” to account—to Trump, history suggests a US election year spells trouble ahead. A Trump-Biden rematch will pit the president who started the trade war against the one who’s broadened its scope. Both men have a case that they’ve been tougher on China. Ta r i f fs were Tr u mp’s weapon of c hoice ea rly on, but a s C h i n a polic y hardened he ex panded t he a rsen a l. E xec ut ive orders attempted to ba n superapp WeC h at a nd v i ra l v ideo pl at for m Ti kTok f rom operat i ng i n t he US. A ra f t of e x por t cont rol s a nd sa nc t ions took a i m at C h i nese f i r ms, w it h

TRUMP, in 2018, holding up a signed presidential memorandum targeting China’s economic aggression, surrounded by business leaders and cabinet members. ANDREW HARRER/BLOOMBERG te lecom equ ipment g i a nt Hu awei Technolog ies Co. the highest-prof i le t a rget. Hu m a n r ight s v iol at ions i n X i nji a ng were c l a ssi f ied a s genoc ide. By the time Biden came into office, the bipartisan consensus was that China posed a fundamental threat. While Biden has restored diplomatic guardrails and a more civil tone, the substance of the relationship remains unblinking strategic rivalry. On top of the tariffs, Biden has targeted China’s ability to compete at the cutting edge of technology. He imposed export curbs on semiconductors and chipmaking equipment—accompanied by measures to boost those industries at home—and is setting up a screening program for US investment in areas like artificial intelligence and quantum computing. A key difference is that Trump’s approach was more transactional— he sought a China trade deal timed to help his reelection campaign—and it often looked more like a solo effort. He sparred over trade with American allies as well as adversaries, and has plans for punitive measures targeting Europe in a second term. By contrast, Biden has built a broader coalition for his policies, invoking a shared interest in preventing China from undermining the US-led world order. He’s been able to convince officials in The Hague and Tokyo to help squeeze China on semiconductor technology, limiting the China sales of key firms like Dutch chip machinery giant ASML Holdings NV. China’s alignment with Russia before and during the invasion of Ukraine helped strengthen the US argument. European allies, which till then saw China more as a market opportunity than a geopolitical threat, started to pay more attention to US warnings—including on the risk of an invasion of Taiwan. Some aspects of the impact are measurable. Bloomberg Economics estimates that China’s exports to the US are $160 billion below where they would be if the Trump tariffs had never been imposed. Others, like the effect on confidence, are harder to capture. The overall effect, though, is clear and negative, contributing to the slide in China’s growth and darkening the view in corporate boardrooms and Wall Street trading floors. Before America goes to the polls, China’s economy might come under more pressure. Eight executive orders explicitly targeting China, and most of Trump’s export controls and sanctions, came in his last year in office—when he also closed the Chinese consulate in Houston. Trump’s election-year antagonism came after the onset of the pandemic, which he blamed on China: Shortly before Covid hit the US, he’d signed a trade deal with Beijing and talked up the relationship. Biden’s November meeting with Xi in San Francisco started with a warm handshake and ended with hopes for a partial thaw. Still, the Biden team has some pre-election moves lined up.

The administration is working on a final version of rules for US investors in China, with hawks pushing for tougher action. And it’s preparing to open a new front: data security. One measure, curbing transactions that involve sensitive personal data across a wide range of industries, could be announced as early as this week. Also in the works are restrictions on Chinese electric vehicles and other so-called “smart cars” because of the data risks they pose. There’s talk of higher tariffs on EVs and clean-energy products, and on older-generation semiconductors. All of this could come before November’s vote, and poses a direct threat to the high-tech industries Xi is counting on to lift China’s economy out of the doldrums. Asked about Biden’s approach to China ahead of elections, the White House referred to comments made by National Security Adviser Jake Sullivan late last month. In that speech, Sullivan outlined economic steps the administration has taken with national security in mind, including investment and trade curbs on China. He said there are “competitive structural dynamics” in the US-China relationship, but added that the competition “does not have to lead to conflict, confrontation, or a new Cold War.”

The view from Beijing CHINA isn’t waiting to see what that means in practice. Xi is pouring money into manufacturing in a bid for technological breakthroughs that can make the nation self-sufficient. Huawei saw its revenue surge close to $100 billion last year as it released a smartphone with a sophisticated chip, which was celebrated across the nation as a victory over US restrictions. As for the Chinese public, Zhu Junwei—director of American research at Grandview Institution, a Beijing think tank, and a former researcher in the People’s Liberation Army—carried out an informal online survey to find out how they view the upcoming US vote. About 60 percent preferred Trump, and the main reason may not have had much to do with how his China policies stacked up against Biden’s. Rather, Zhu suspects, people thought he might ease the pressure on China a different way—by bringing chaos to the US.

Methodology BLOOMBERG Economics models the impact of a 60 percent tariff using the WTO Global Trade Model (GTM), a dynamic and recursive model based on the GTAP Model (version 7) (Aguiar et al, 2019; Corong et al., 2017). Following the experience of the first Trump administration, we assume that 60 percent US tariffs on imports from China would be matched by retaliatory 60 percent Chinese tariffs on imports from the US. With assistance from Peter

Martin, Yujing Liu, Rebecca Choong Wilkins, Gerard DiPippo, Colum Murphy, Nancy Cook, Phil Kuntz and Maeva Cousin/Bloomberg

SBP, Cone looking deep into future in Gilas program

By Josef Ramos

IM CONE and the Samahang Basketbol ng Pilipinas (SBP) are going long term on the Gilas Pilipinas program. “We’ll not be great in Day 1. But in three to four years down the road, we want to be the best that we can be internationally,” SBP President Al Panlilio told a press at the PhilSports Arena in Pasig City on the eve Monday of the national team’s departure for Hongkong for the first window of the FIBA Asia Cup 2025 qualifiers. “I’m very happy that Tim [Cone] accepted to be the national head coach for this version of Gilas,” Panlilio said. “There’s a four-year vision, we’re starting the journey.” So there’s the blue print of a revitalized Gilas Pilipinas program that goes all the way to the Los Angeles 2028 Olympics. “Every tournament is so important as we improve along the way,” Panlilio added. Cone and his team will face Hongkong on Thursday at the Tsue Wan Stadium before heading back to Metro Manila to play their second game against Chinese-Taipei on Sunday at the PhilSports Arena. With Cone during the press conference also graced by SBP executive director Erika Dy were Kai Sotto, Carl Tamayo, Jamie Malonzo, CJ Perez, AJ Edu, June Mar Fajardo, Scottie Thompson, Calvin Oftana, Dwight Ramos Chris Newsome, Kevin Quiambao, Japeth Aguilar and naturalized player Justin Brownlee. All except for the injured Fajardo (left calf) and Edu (knee) are playing in Hongkong with Aguilar subbing for the two big men. “Exciting times for the program and a lot of things to look forward to,” Panlilio said. “If we can keep these 12 players together, that’s the objective and see how we progress.: Cone, who coached Gilas t the Asian Games gold medal in Hangzhou last October, said that everything is a day-to-day process. “I said this before, our goal is to make it to the Olympics by qualifying in Latvia or be the best Asian team in the World Cup in 2027 in Doha,” he said. “But to do that, we have to qualify for the World Cup, FIBA Asia Cup and it’s progression that goes forward.” The Hongkong and Chinese-Taipei games, he said, are part of the process. “I hope this window serves to be our foundation and that’s what we are going to bring in the next window and so on to the next window,” he said. “So [if] we want to be a growth-oriented, we have to stay in the process.” He added: “We are still searching for ourselves and we haven’t found ourselves by any means, and we don’t expect this at this point.”

Sports BusinessMirror

NDIANAPOLIS—The National Basketball A wanted more competition. It got more points instead—more than ever before. And once again, the All-Star Game was all offense. The Eastern Conference beat the Western Conference 211-186 on Sunday night, with the winners putting up the most points in the game’s 73-year history. The previous mark: 196 by the West in 2016. It was a flurry of records: The total points of 397 smashed the record of 374 set in 2017, while the East made 42 3-pointers to break the mark of 35 set by Team LeBron in 2019. The sides combined for 193 points in the first half to break the any-half record of 191 set last year, and the East tied an any-half record by scoring 104 by intermission.

PAL Interclub ceremonial tee off

B8 | T

uesday, February 20, 2024 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

Howard Lance Uyking, Philippine Airlines (PAL) assistant vice president for brand management, hits the ceremonial ball ushering in the Seniors Interclub golf team championships in Cagayan de Oro City on Monday. Others in photo are (from left) PAL vice president for sales Salvador Britanico, Pueblo de Oro general manager Kits Penga, Del Monte golf chairman Robert Wapano, Cagayan de Oro councilor George Sio Goking, Limketkai Luxe Hotel GM Jerome dela Fuente, PAL Express president Rabi Ang, PAL tournament executive committee member May Flores, PAL vice president for security Teddy Quinzon and PAL VP for planning Christoph Gaertner. Roy Domingo

Points records fall at NBA All-Star

Samahang Basketbol ng Pilipinas president Al Panlilio (with microphone) with executive director Erika Dy (left) and head coach Tim Cone. Nonie Reyes

Uratex cagebelles victorious

HANDA ANIES and Eunique Chan took turns in torching Gilas B to hack out a convincing 22-15 championship victory for Uratex in the revived Women’s Philippine Basketball Association Invitational Monday at the Ayala Malls Glorietta. Anies finished with 10 points including the title-clinching deuce, and Chan added eight for Uratex, which entered the semis as the No. 2 seed. Samantha Harada and Kaye Pingol round out the scoring for the Dream of coach Katrina Quimpo. Uratex survived a gritty showing by former

national team player Allana Lim and Angelis Resort in their semifinal meeting, 21-20, to advance in the finals. Pingol scored on a free throw to end the bid of the Lady Splashers, who were led by the 12 points of Lim. Gilas B stunned top seed Philippine Navy-Go For Gold, 19-15, in the other semifinals to arrange the title showdown with Uratex. Mary Snow Penaranda finished with eight points in the runner up finish by Gilas B, which is handled by Mark Solano.

THE Bucks’ Giannis Antetokounmpo slams one in during the first half of the All-Star game. AP

Malabuyo bags floor exercise silver in Cairo to be on track for Paris slot

MMA MALABUYO clinched a silver medal at the International Gymnastics Federation (FIG) Apparatus World Cup series first leg on Monday morning in Cairo to find herself in the running as the fifth Filipino to qualify for the Paris Olympics. Malabuyo who? The 21-year-old is a FilipinoAmerican from Milpitas, California, who competed for the US team from 2016 to 2021. She was an alternate at the Tokyo

SHANDA ANIES waxes hot in the title game.

Cua, Go triumph in Jubahib Cup tennis tilt DHEA CUA (left) and Marcus Go (right) with Davao del Norte Provincial Agrarian Reform Program Officer II Tommy Bernaldez.

All-Star MVP Damian Lillard scored 39 points for the East, while Jaylen Brown had 36 and Tyrese Haliburton from the hometown Indiana Pacers finished with 32. Perhaps unnoticed: Karl-Anthony Towns scored 50 points for the West in just 28 minutes. Shai GilgeousAlexander scored 31 for the West. The highlights were from everywhere. Lillard pulled up from halfcourt in the third quarter—swish. Luka Doncic tried a shot from about 70 feet late in the first half; it hit near the top of the backboard. Towns even threw an alley-oop to Stephen Curry; the Warriors star is much more of a shooter than a dunker, so he simply laid it in instead. Defense was optional, sometimes accidental. Haliburton had five 3-pointers in a 1:32 span in the first quarter, helping the East take a 53-47 lead after the opening 12 minutes. NBA Commissioner Adam Silver and other league executives were seeking a more competitive All-Star Game after last season’s 184-175 matchup was widely panned—and television ratings plummeted. Even Hall of Famer Larry Bird, honored Sunday at the NBA Legends Brunch, said was hoping the message from the league resonated and players took the All-Star Game a little more seriously. “I know what this league’s all about and I’m very proud of it,” Bird said. “I’m proud of today’s players. I like the game they play.... I think it’s very important when you have the best players in the world together, you’ve got to compete and you’ve got to play hard and you’ve got to show the fans how good they really are.” It had a big-game, Finals-type atmosphere—but obviously, nothing near a playoff feel. Donovan Mitchell threw a 50-foot inbounds pass underhand, Bam Adebayo inbounded a ball off Nikola Jokic’s backside before dribbling downcourt and making a 3, and Devin Booker went through pregame with a hat on backwards. Lillard, meanwhile, came to Indianapolis with one purpose—to win. On Sunday, the first-time All-Star starter headed home with a rare All-Star weekend sweep. Lillard earned MVP honors by scoring 39 points, making 11 3-pointers and finishing with six assists, three rebounds and one steal, in the East’s recordbreaking win over one day after earning his second straight 3-point contest. AP

tion of the Philippines (GAP) president Cynthia Carrion told BusinessMirror on Monday. Up next for Malabuyo is the series second leg in Cottbus (Germany) from February 22 to 25, Baku (Azerbaijan) third leg from March 7 to 10 and the fourth and last leg in Doha from April 17 to 20. “It’s still a long way to go for everyone especially for Emma, but I believe they have a great chance to

perform in Paris after all these World Cup series,” Carrion said. “I am also planning to send Emma to Tashkent [Uzbekistan] for the Asian championships in May.” Malabuyo, Levi Jung-Ruivivar and Juancho Miguel Besana, are hoping to join world champion Carlos Yulo and Aleah Finnegan, who already qualified for Paris along with world No. 2 pole vaulter Ernest “EJ” John Obiena and boxer Eumir Felix Marcial. Josef Ramos

MVP, Badminton Asia execs explore development in PHL

agencies and partner organizations to give our smashers the best chance to bring glory to the country through badminton,” Pangilinan added. The MVP Sports Foundation (MVPSF) has sponsored numerous local and international tournaments such as the Badminton Asia Championships, MVP Badminton Cup, among others. A long-time supporter of PBAD, the foundation is also establishing the MVP Center for Sports Excellence in Antipolo City, a training facility to support the national badminton team. “We hope to open more doors and opportunities for Asian badminton athletes to play in international competitions, to further promote and improve the region’s capabilities to compete in the world stage,” Kim said. With the support of Smart and MVPSF, PBAD launched a strong grassroots initiative with the Junior National Ranking System and Junior Regional Badminton Series—a 10-leg regional tournament to identify rising stars across the country.

Olympics and currently a member of the UCLA Bruins. Malabuyo, competing for the first time as a Filipino, tallied 12.666 points to finish behind Japan’s Mana Okamura who who won the women’s floor exercise gold medal with 13.066 at the Cairo International Stadium in Egypt. “We’re all very happy to learn that she got a silver medal in Cairo. It was the first step in her bid to get an Olympic berth,” Gymnastics Associa-

LDT Inc., Smart Communications Inc. and Badminton Asia plan to work together to help advance badminton in the Philippines. Badminton Asia president Kim Jong Soo, Chief Operating Officer Chooi Weng Sheng and Marketing chair Bambang “Rudy” Roedyanto met recently with PLDT chairman and CEO Manuel V. Pangilinan, PLDT and Smart Head of Sports Jude Turcuato and Smart Go-to-Market and Subscriber Management Head Melvin Consunji Nubla. They explored possible future collaborations to help develop badminton in the Philippines. “We are honored to collaborate with Badminton Asia as we take even bigger steps to promote Philippine badminton,” said Pangilinan, Philippine Badminton Association (PBAD) chairman and an avid badminton player. “We will continue to work with national sports

NFANCIED Dhea Cua flashed her burgeoning talent by racking up two victories and so did Marcus Go in the Governor Edwin Jubahib Cup national tennis championships in Davao del Norte last Sunday. Cua smothered top seed Camille Clar in the semis, 6-1, 6-0, then overpowered second ranked Faith Lazaro, 6-3, 6-2, to claim the girls’ 16-and-under crown in the upset-marred Group 2 tournament at the

BADMINTON Asia executives meet with their PLDT and Smart counterparts led by chairman Manuel V. Pangilinan (fifth from left). DavNor Tourism Sports Complex courts. The rising Kidapawan City star also triumphed in the premier 18-and-under division, toppling No. 2 and doubles partner Sanschena Francisco, 6-3, 6-3, in the semifinals then drubbing top seed Chelsea Bernaldez, 6-1, 6-2, in the event presented by Dunlop. The top-seeded Go, on the other hand, scored a 1-0(ret.) win over David Lazaro in the semis, then romped past No. 2 Francis Dimzon, 6-0, 6-0, to nail the

boys’ 12-and-under diadem. The Quezon City find also posted a shutout victory over Raymond Manatad in the 14-and-under final as he and Cua shared the MVP honors in the last of the two-leg juniors tournament, which served as part of the country’s longest talent-search organized by Palawan Pawnshop headed by president and CEO Bobby Castro. Other singles winners were Davao City’s Rossel

Judabal, Jason Battad of the host province, Christian Otig of Davao Oriental, Rhea Palac, also from Davao City and Sultan Kudarat’s Justine Gumbao. Judabal, also an unseeded bet, repelled No. 3 Bench Neri, 4-6, 6-1, 10-5, in the semis then stunned No. 1 Battad, 7-5, 6-3, to snare the boys’ 18-and-under plum; and Battad redeemed himself in the 16-and-under category with a 6-1, 6-2 rout of Errol Giducos in the final.