BusinessMirror February 23, 2023

Ateneo de Manila University’s Leonardo A. Lanzona Jr. told BM that RCEP’s impact will take longer to be felt as the country needs to make institutional and technological changes.

However, Lanzona said, laborintensive industries such as agriculture and manufacturing are expected to improve after RCEP if the government can support transition and other reform efforts.

“RCEP will require a long-term process. What people do not realize about trade policies is that these will require both institutional and technological changes to obtain its gains. Without these changes, we will not be able to realize its maximum returns,” Lanzona told this newspaper. Lanzona said while investments in agriculture as well as industries are needed to maximize the benefits from RCEP, a more urgent requirement is to have a comprehensive plan to implement needed reforms.

On the question of which industries will benefit, University of the Philippines School of Economics head of research Renato E. Reside Jr. said the fi ne print of the RCEP should fi rst be examined more closely.

However, Reside said the trade deal will have guaranteed longterm benefits as it will increase consumer choices. Such could even help lower food infl ation in the country, he added.

“I do believe this will be benefi cial in the long run since this move will probably increase the range of choices for consumers and producers, which can lower

B A E. S

FOREIGN business groups said they “look forward” to working with the Philippine government to improve the Philippines’s investment climate in light of the “new opportunities” that the Regional Comprehensive Economic Partnership (RCEP) provides.

“We thank the Philippine Senate for the measured and deliberate process it took in fi nally concurring in the ratification of the RCEP,” the seven members of the Joint Foreign Chambers (JFC) said on Wednesday.

Twenty senators late Tuesday night voted for the Senate resolution concurring in the ratification of the mega trade deal, four votes

more than the requisite 16 votes for treaties.

“We look forward to working with the Philippine government to improve the countries’ investment climate and attract more foreign investments in light of the new opportunities that RCEP provides,” the chambers noted.

With RCEP being touted as the largest trade bloc in the world, the seven chambers said the Philippines’s inclusion in the trade deal “further expands the network of foreign markets accessible to Philippine exports.”

Moreover, the JFC said the Senate’s green light of the treaty “reinforces the decision of many of our members to invest in the Philippines and will attract more invest-

ment from our home countries.”

e seven chambers said this builds on “significant” reforms that benefit the national economy such as the (Tax Reform for Acceleration and Inclusion) TRAIN 1, (Corporate Recovery and Tax Incentives for Enterprises) CREATE, Electric Vehicles Industry Development Act (EVIDA), Philippine Creative Industries Development Act, and the amendments to the Public Services, Retail Trade Liberalization Act (RTLA), and Foreign Investments Acts (FIA).

e JFC is a coalition of the American, Australian-New Zealand, Canadian, European, Japanese, Korean chambers and the Philippine Association of Multinational Companies Regional Head-

quarters Inc. (PAMURI). e coalition said it represents over 3,000 member companies engaged in around $100 billion worth of trade and some $30 billion worth of investments in the Philippines.

Meanwhile, the Makati Business Club (MBC), through its executive director Francisco Alcuaz Jr. said in a statement that it is “confident” RCEP membership “will help accelerate inclusive growth and economic recovery, and most importantly, job creation.”

It added: “On top of the recent PSA, RTLA, and FIA legislation, this is a clear signal” that the country is open anew for business and jobs. “RCEP is currently the largest

LABOR groups are now demanding additional allowances, grants, and a new round of wage hikes in response to government’s alleged failure to address high infl ation.

Trade Union Congress of the Philippines (TUCP) Vice President Luis Corral said they are now just waiting for the fi rst quarter infl ation data before fi ling their wage petitions nationwide next month. e data, he said, will be used to ensure their proposed pay hike “will be actionable and reasonable for both workers and employers.” e labor leader said they will demand higher minimum wage rates due to what he calls a dismal government response to infl ation, which reached 8.7 percent in January, particularly for food and electricity.

“Our previous position is it [wage hike] might be infl ationary so let us look at non wage measures, but right now they [the government] are not addressing the non-wage issues that are confrontable and solvable in a very real way,” Corral said in a phone interview. He said they were waiting for authorities to go after smugglers and hoarders to bring down the prices of food items and for the Depart-

THE Philippines’s banana exports extended its sagging trend as total volume last year plunged to a six-year low of 2.273 million metric tons (MMT) as producers grappled with production woes from high input costs to the spread of Fusarium wilt.

e country’s total banana shipments in 2022 was 6.5 percent lower than the 2.432 MMT recorded volume in 2021, publicly released Philippine Statistics Authority (PSA) data showed.

Because of the lower volume, the value of the country’s banana exports last year also declined by 3.66 percent to $1.096 billion from $1.138 billion in 2021, according

to PSA data.

Despite the contractions in volume and value, bananas remained as the second most valuable agricultural export of the country, behind coconut oil.

However, bananas fell by a notch to the 12th position in the total exports of goods by the Philippines, based on historical PSA data.

PSA data showed this is the lowest annual volume and value of banana exports registered by the Philippines since 2016 when it stood at 1.733 MMT worth $730.459 million.

Alarming decline

PILIPINO Banana Growers and Exporters Association (PBGEA) said the contraction in exports was

caused by lower domestic production as farmers reeled from high input costs and farms were impacted by the continuous spread of Fusarium wilt.

“[ e decline] is quite alarming.

What is saddening is that our rank [in the global banana market] slid to number 3 from number 2,” PBGEA Executive Director Stephen A. Antig told the BM

“ e only consolation we have apparently is that it is not only the Philippines that is having supply problems but also other countries,” Antig added.

Antig said the industry has become “frantic” after Guatemala overtook the Philippines as the second largest banana exporter in

Labor seeks wage hikes anew amid high inflation

ment of Energy (DOE) to impose a policy to cut down power rates.

TUCP also called on the regional wage boards to grant minimum wage earners an emergency cost of living allowance (ECOLA) to address the urgent needs of vulnerable workers pending the new round of wage hikes. It said the ECOLA should be sufficient to offset the effect of infl ation on the nominal value of minimum wage rates.

Another government intervention to provide support for workers amid the rising cost of living, the labor group said, is a one-time P5,000 cash aid for 4 million minimum wage earners. e Sentro ng mga Nagkakaisa at Progresibong Manggagawa (SENTRO) also echoed TUCP’s call for wage hikes and cash grants, citing the recent decision of the Senate to raise its infl ation aid for its employees from P12,000 to P50,000.

“We would like to emphasize that infl ationary pressures are felt across Philippine society. If we can spare resources to shield our legislative staff, why can’t the same be said for the rest of the public sector, as well as those working in the private sector,” SENTRO said in a statement issued on Wednesday. Samuel P. Medenilla

Upset by RCEP okay, farmers tell Senate: Help fix agri sector

the agriculture sector.

“We respect the Senate’s decision, and we hope and pray that things will work out well in the future. But if they do not, we will hold the Senators accountable for their decision," FFF National Manager Raul Q. Montemayor said on Wednesday.

“They cannot just pass on the blame to the Executive Department, which they themselves acknowledged has had a long track record of broken pledges and poorly implemented programs,” Montemayor added.

The Samahang Industriya ng Agrikultura (Sinag) on Wednesday questioned the “guidelines’ being put in place by the Senate to help the agriculture sector meet the challenges of RCEP.

Bananas...

the world last year.

In a statement, the Federation of Free Farmers (FFF) challenged the senators to “live up” to their commitments “to address the longstanding problems plaguing the agriculture sector.” FFF also called on President Marcos Jr., who concurrently sits as the agriculture secre-

Experts...

prices,” Reside said.

Nonetheless, National Scientist Raul V. Fabella said what the RCEP did is to maintain the status quo in the region. But not being part of RCEP would have led to economic losses for the Philippines. Fabella said RCEP is one ex-

tary, to meet with farmers, shermen and other agriculture stakeholders to "allay their fears" on RCEP’s negative impacts on the agriculture sector. Furthermore, FFF said Marcos should spell out the support programs that will be given to

ample of an incremental improvement that would hardly be a game changer for the economy. ese kinds of changes allow the country to reap “benefits at the edges, not tsunamis.”

“We mistake individual policy changes as shifts in policy ecology.

It is the latter, which is a universe of investment-pulling policies, that create noticeable changes in investment,” Fabella said.

“Before RCEP kulelat na tayo [we

“No amount of sugar coating can hide the disastrous impact of RCEP to the country, especially on the agriculture sector,” it said.

“Putting a thousand guidelines to an oversight committee without an enabling law is meaningless,” it added.

were a cellar dweller] in foreign investment. Our rivals embraced RCEP. Our embrace of RCEP puts us back to the status quo ante which is kulelat,” he added.

Gateway to ASEAN

IN a statement on Wednesday, National Economic and Development Authority (Neda) Secretary Arsenio M. Balisacan said the ratification of the RCEP brings the country closer to becoming a gateway to ASEAN.

Balisacan said the Philippines has an advantage: it can serve as a gateway to the dynamic ASEAN region, and boasts of a young, growing work force, and stable legal regime, particularly on intellectual property and competition policy.

is makes the country an ideal manufacturing and research and development hub, even for nonRCEP countries, he said. Manufactured products can then be exported to RCEP-participating countries with preferential tariffs.

He said RCEP consolidates existing ASEAN regional free trade agreements among members and covers trade in goods, services, investments, economic and technical cooperation, as well as dispute settlement, among others.

“With the country’s participation to RCEP, the Philippines has

Foreign...

free trade agreement in the world, and we are looking forward to the wider market access RCEP will grant and eventually, lower prices for some key commodities.”

ECCP, British chambers ASIDE from the seven foreign chambers included in the JFC, the European and British Chambers also expressed their support for the Senate’s ratification of RCEP.

In a separate statement, the European Chamber of Commerce of the Philippines (ECCP) said the Philippines’s membership to the said trade deal will “yield” significant economic benefits for the Philippines.

“It will optimize the country’s participation to the global value chain,” ECCP said in a statement on Wednesday.

e European chamber said ratification of RCEP sends a “positive message that the Philippines upholds and values a rules-based trading system.”

For his part, Chris Nelson, Executive Director of the British Chamber of Commerce of the Philippines (BCCP) told the BM , “ e Philippines, being part of the world’s largest trading bloc, is another strong support to the economy.”

“ e British Chamber has consistently advocated for ratification—and this will further in-

FFF said the guidelines of the Senate should have focused on policy reforms, new strategies, and changes in implementation and impact assessment mechanisms to improve government interventions to agriculture sector.

“Many of the proposed interventions of the Department of Agriculture [DA] and other agencies were mere reiterations of long-standing programs that have had minimal impact on the competitiveness and pro tability of farmers and shers,” it said.

The two groups lauded Sen. Risa Hontiveros for voting against the rati cation of RCEP.

For his part, Finance Secretary Benjamin E. Diokno said the rati cation of RCEP is key to a “more open, transparent, and predictable trade and investment environment.”

“Deeper economic integration among the RCEP member states will expand the country’s market access for goods and services, attract more investments, and create more and better jobs,” Diokno said in a statement on Wednesday.

now further strengthened its position as an ideal investment hub in the region as we expand market access, facilitate trade, and align our rules and procedures with participating economies,” Balisacan said.

In line with the overall goals of the Philippine Development Plan 2023-2028, robust business expansion and investment are seen to lead to more, higher quality, and more resilient jobs that will be key to rapid and sustained poverty reduction.

“With the strong support of Congress, yesterday’s concurrence to the RCEP Agreement is a testament to the government’s commitment to creating an environment conducive for trade and investments that are catalysts for job creation, skills development, and technology transfer as we seek to transform the Philippine economy in the next six years,” Balisacan added.

Complementary to RCEP’s ratification is the recent implementation of key economic liberalization laws such as the amendments to the Retail Trade Liberalization Act, Foreign Investments Act, Public Service Act, and the Build-OperateTransfer Law, which will facilitate a more open and business-friendly investment climate.

crease the opportunity for Trade and Investment between the Philippines and UK,” Nelson added.

rough the lens of Philippine industry, the Confederation of Wearable Exporters of the Philippines (CONWEP) backed their support of the trade deal by laying down export data to the 10 RCEP member countries.

“2021/2022 export data to the 10 RCEP member countries showed that the Philippines exported in 2022 US$315 million worth of apparel, leather goods, textile and footwear,” CONWEP said in a statement on Wednesday, adding that exports to RCEP countries in 2022 posted 8-percent growth compared to 2021 export performance.

As to the Philippine wearable exports’ share in the world, CONWEP said the “US$315-million RCEP exports in 2022 represents 19.3 percent of Total Wearables exports to the world.”

Among markets for wearables, the organization said Japan “consistently” ranks as the Philippines’s export market for wearables with a 54-percent share of total exports to the RCEP member states based on 2022 performance.

China ranks second top RCEP export country, with an export value of US$90 million in 2022, followed by Australia, CONWEP noted.

Meanwhile, Trade Secretary Alfredo E. Pascual said the impact of the regional trade deal now rests on “how fast our business people will react.”

“We are trying to look for possible solutions. Because the reasons behind why we dropped to number 3 were uncontrollable. We are just hoping that the gap between the number 2 and number 3 will not be that wide and will not become wider,” he said. e

broke the story that Guatemala ended the Philippines’s four-year reign as the world’s second largest exporter of bananas as the Asian country struggled to keep its share in key markets amid stiffer competition from Latin American producers. (Related story: https://businessmirror.com.ph/2023/01/26/phl-loses-no2-spot-for-banana-exporters) e United Nations’ Food and Agriculture Organization (FAO) explained that banana production in the Philippines continued to fall as growers struggled to address and curb the “devastating” spread of Banana Fusarium Wilt Tropical Race 4 disease.

Antig concurred with the reasons of FAO, disclosing that his group estimated the total hectarage affected by Fusarium Wilt is between 15,000 hectares and 36,000 hectares. e area would represent about 17 percent to 40 percent of the 88,000 hectares planted with bananas nationwide.

Antig said the small and medium-scale banana producers are the ones affected the most by Fusarium wilt spread.

“ ere are no more small and medium banana producers. ey used to control half of the industry and based on feedback they have been wiped out,” he said.

Antig said PBGEA hopes the country’s banana exports this year would not drop below the $1-billion mark and would at least achieve $1.1 billion in export receipt.

PSA data showed that the Philippines’s banana exports last year contracted across all its key markets.

e country’s banana exports to Japan, the country’s biggest market, fell slightly to 919,510.537 MT from 929,917.582 MT while shipments to China declined by 8.4 percent to 831,642.276 MT from 907,536.537 MT.

Banana shipments to South Korea declined year-on-year by 4 percent to 259,446.52 MT while exports to Saudi Arabia contracted by 31 percent to 57,165.619 MT from 82,738.992 MT.

“Government will do its part by coming up with the orders—you know, what are the rules that will be observed, say, by Bureau of Customs, [the] tariffs. [But the] immediate impact on our markets will depend on how fast our business people, our Philippine companies, our Philippine-based companies will react to the changes, for example in rules of origin and tariff, the products that we import or export,” the Trade chief said. e country’s top negotiator, DTI Assistant Secretary Allan B. Gepty said the effectivity of the RCEP agreement will happen “60 days after the deposit of the instrument of ratification of the Secretary General of ASEAN.”

Gepty said the “immediate impact” of the trade deal will be felt in terms of “wider cumulation” or sourcing of raw materials.

With the Philippines’s inclusion in the RCEP, he said, partly in Filipino, “we are now included in the largest free trade area, so our stakeholders, producers, manufacturers, can now source their raw materials and intermediate goods from these 14 countries.”

Moreover, these stakeholders can now export the products from “their manufacturing activities... here in the country...at a preferential rate or treatment in these RCEP parties,” the country’s chief negotiator explained.

RCEP is a free trade agreement among Asean countries and their trading partners Australia, China, Japan, New Zealand, and South Korea.

AGRICULTURE and industry groups on Wednesday expressed dismay over the Senate ratification of the Regional Comprehensive Economic Partnership (RCEP), maintaining that farmers are “ill-prepared” for the mega trade deal.

C  A

By Rene Acosta  @reneacostaBM

UNITED States Secretary of Defense Lloyd Austin III has backed the Philippines’ legal rights to operate in the West Philippine Sea (WPS) where a China Coast Guard (CCG) vessel recently twice beamed a military-grade laser at a Philippine Coast Guard (PCG) vessel.

Austin and his Philippine counterpart Carlito Galvez Jr. spoke on Wednesday, Manila time, wherein both leaders discussed “concerning” developments in the South China, including China’s harassment of PCG vessel BRP Malapascua at the Ayungin Shoal on February 6.

Austin, who initiated the call, reiterated the commitment of the US under the Mutual Defense Treaty, which compels America to militarily help the Philippines if it is attacked by China, including in the WPS.

Secretary Austin underscored the United States’ commitment to supporting the lawful rights and operations of the Philippines in the South China Sea, including around the Second Thomas Shoal, which the 2016 Arbitral Tribunal unequivocally ruled is a part of the Philippine exclusive economic zone,” a readout by Pentagon spokesman Brig. Gen. Pat Ryder of the conversation said.

He reiterated that an armed attack on Philippine armed forces, aircraft, and public vessels, including those of its Coast Guard, anywhere in the South China Sea, would invoke US mutual defense commitments under Article IV of the 1951 USPhilippines Mutual Defense Treaty,” Ryder added.

T he Chinese Coast Guard (CCG) vessel flashed a laser beam twice on BRP Malapascua while it was supporting the Philippine Navy’s (PNJ) resupply mission for soldiers guarding the Ayungin Shoal. The PCG said this was the second incident in six months that a CCG vessel harassed its ship.

In August last year, the PCG said the CCG also prevented its ships from coming closer to the Ayungin Shoal while providing security to a

The Nation

PN resupply mission.

T he Chinese ship removed the cover of its 70 mm naval armament when the BRP Teresa Magbanua sailed close to the shoal at a distance of 2.5 nautical miles.

T he CCG ship, together with two Chinese Maritime Militia (CMM) vessels and another CCG ship, formed a 13 nautical mileradius blockade with the BRP Sierra Madre to prevent Philippine government ships from reaching the Filipino soldiers.

T he Sierra Madre , the partly sunken PN vessel, is being used by Filipino troops as an outpost in guarding Ayungin.

During the call, Galvez and Austin discussed proposals to deepen operational cooperation, including the recent decision to resume joint maritime patrols in the South China Sea, including in the WPS.

Secretary Austin reaffirmed the department’s commitment to bolstering the Philippines’ defense capabilities and capacity to resist coercion as the Allies develop a Security Sector Assistance Roadmap,” the readout said.

Both also conferred on opportunities to expand security cooperation with like-minded countries and even allies like Japan that seek to uphold the rules-based international order.

T hey concluded the call by committing to advance an ambitious set of initiatives leading up to the “2+2 Ministerial” meeting in Washington, D.C.

Meanwhile, the PCG recognized on Wednesday its ships, personnel and units deployed in the WPS, with an event in Palawan led by no less than Admiral Artemio Abu.

“ The recent events that have taken place in these troubled waters have been highly contentious and have been a test of our resolve as one Filipino people. For whatever interpretation it may bear, I am enjoining our PCG sailors to continue to muster the much-needed determination and courage to act positively, to endure and to overcome,” Abu said during the event where awards were given to various personnel.

Sandiganbayan junks ill-gotten wealth case vs FM, FL, ‘cronies’

By Joel R. San Juan @jrsanjuan1573

alleged ill-gotten wealth consisting of funds and other properties, which the respondents allegedly unlawfully acquired. Government lawyers said defendant businessmen and firms obtained loans in millions of dollars from the DBP and the Government Service Insurance System from 1973 to 1982.

T he complaint, on the other hand, alleges the Marcos spouse accumulated ill-gotten wealth by awarding government contracts to their relatives, business associates, dummies, nominees and agents.

W ith regard to Sabido and Yulo, the Sandiganbayan said the PCGG failed to present that their shares of stocks in Lianga Bay and YKR, respectively, belong to the government.

Nor is there evidence that respondents took undue advantage of their connections or relationship with former President Marcos or his family, relatives and close associates to acquire those shares of stock,” the decision noted.

In a 156-page decision penned by Associate Justice Maria Theresa Mendoza-Arcega, the Sandiganbayan’s Fifth Division ordered the lifting of the sequestration order that the Presidential Commission on Good Government (PCGG) issued on Lianga Bay Logging Corp. and Yulo King Ranch (YKR) Corp.

T he anti-graft court also reminded the government that while efforts to recover of ill-gotten wealth should be firmly pursued, “the pursuit should not be mindless as to be oppressive towards anyone.”

It said the government must efficiently discharge its duty to present sufficient evidence in order to obtain favorable rulings in ill-gotten wealth cases.

In fine, this Court finds that the plaintiff (Republic of the Philippines) failed to prove by preponder-

ant evidence that the properties alleged in the complaint are ill-gotten and/or was beneficially owned and controlled by former President Marcos and his family,” the Sandiganbayan decision stated.

The totality of evidence against the defendants failed to show the schemes and strategies employed by herein defendants to hide the supposed ill-gotten wealth,” it added.

A lso cleared of any wrongdoing were businessmen Peter A. Sabido, Luis D. Yulo, Roberto Benedicto, and Nicolas Dehesa, and former Development Bank of the Philippines (DBP) executives Jose R. Tengco Jr., Rafael Sison, Cesar Zalamea and Don Ferry.

T he case is part of Civil Case No. 0024 filed by the PCGG in 1987 and amended in 1988 seeking to recover in favor of the government

By Jovee Marie N. Dela Cruz  @joveemarie

THE chairman of the House Committee on Dangerous Drugs on Wednesday asked all anti-illegal drugs law enforcement agencies to account and submit to the lower chamber the complete inventory list of all seized illegal drugs that remain under their custody pending court resolution of their cases.

Nevertheless, such resolution should be implemented through the passage of a bill containing the corresponding appropriation and other details relating to election of delegates, the specific apportionment per district, and the holding of the Constitutional Convention itself, among others. That is why we filed two measures, one for the ‘Calling’, which is RBH, and one as implementing measure, which is a House bill,” said Rodriguez.

Despite the efforts of Congress to address the economic situation of the country, the lawmaker said the Philippines’ FDI regulatory restrictiveness hampers the flow of muchneeded foreign investments.

He said FDI standing among Asean countries shows that since the 1980s till the 2010s, the Philippines remained behind its neighbors, saying it is not among the top 5 countries that attracts foreign investors.

“I cannot overemphasize the fact that despite the passage of structural reforms to liberalize the economy in the last administration on the Amendments to the Retail Trade Liberalization Act, Amendments to the Foreign Investment Act and Public Service Act, the reality is that constitutional limitations countervenes the objectives of these laws,” he said. We should consider that the Constitution is the fundamental law of the land and all laws must conform to it and not the other way around.

Meaning, not unless and until the constitutional restrictions are removed, the apprehensions and hesitancy on the part of the investors will consequently remain,” he said.

R odriguez said constitutionalists and legal experts Chief Justice Renato Puno, Justice Vicente Mendoza and Justice Adolf Azcuna favor amending the Constitution.

For the business sector, he said large business organizations like the Philippine Chamber of Commerce and Industry represented by its president, George Barcelon, the Management Association of the Philippines represented by Atty. Perry Pe, and the Foundation for Economic Freedom represented by Calixto Chikiamco are all in favor of lifting the restrictive provisions of the Constitution.

For his part, Albay Rep. Edcel Lagman said although the convening of a Con-con is the best and more popular mode of charter change, Con-Con is an inordinately expensive enterprise with a reported budget amounting to P18 billion.

“Cha-cha is both out of tune and out of step now because the government has to first fully address priority concerns on poverty alleviation, lack of food security, disastrous effects of an 8.7-percent inflation rate, and the adverse consequences of a possible recession,” he said.

Holding the election of ConCon delegates simultaneous with the Barangay and SK elections on October 30, 2023 will gravely taint the grassroots elections with partisan politics, while the law requires that the Barangay and SK elections should be non-partisan so much so that the village and youth elections are not held simultaneous with local and national elections to insulate them from partisan politics,” Lagman added.

Surigao del Norte Rep. Robert Ace Barbers’s call was prompted by Philippine Drug Enforcement Agency (PDEA) chief Virgilio Moro Lazo’s revelation about the alleged agency’s previous policy of paying 30 percent of confiscated drugs to assets or informants as reward for successful drug seizures.

“As of now, we have no clear knowledge or understanding on the disposition of previously seized drugs that are still under the custody of law enforcement agencies such as the PDEA, the Philippine National Police (PNP) and the National Bureau of Investigation,” Barbers said in a statement.

“ We know that pending destruction of those enormous amounts of seized drugs like shabu which are

still in custody of these agencies, there are huge temptations that their custodians could be bribed for large amounts of money, to pilfer or let go these illegal drugs for recycling,” he added.

Barbers said he and his colleagues would want to know the whereabouts, disposition and case status of the 990 kilos worth P6.7 billion drugs seized by PNP agents in Manila in October last year; the 1,855 kilos of shabu worth P11 billion seized on March 15, 2022 in Infanta, Quezon; the P11.953 billion worth of illegal drugs reportedly seized by the Bureau of Customs in various drug bust operations in 2022 and turned over to the PDEA; the 365 kilos of shabu worth P730 million seized in August 2000 from six Chinese nationals in Sariaya off Tayabas Bay in Quezon, among others.

Under the RA 9165 or the Dangerous Drugs Act of 2002, the law has a specific period that within only 24 or 36 hours, the seized drugs must be destroyed. But this does not happen and the anti-drug agents have many reasons to keep them under their custody. And if they have them in custody, there is a great tendency for these drugs to be pilfered, lost and recycled,” he said.

T hey were also accused of misappropriating, embezzling or converting to their own use funds of the government financial institutions.

I n seeking the reconveyance of the said corporations, the PCGG relied on the affidavit of Rolando Gapud, who claimed to be Marcos’ financial advisor.

Gapud claimed to have personal knowledge that the late President used his close business associate Yulo as his dummy in YKR.

However, the anti-graft court stressed that an affidavit is considered mere hearsay evidence when its affiant did not take the witness stand.

After a careful review of both documentary and testimonial evidence of all the parties involved, the Court finds that the plaintiff failed to prove its case by preponderance of evidence against Sabido, Yulo, Dehesa, Ferry, Sison and spouses Marcoses,” the ruling stated.

T he PCGG accused Sabido, who served as a member of the Batasang Pambansa from 1984 to 1986, of acquiring assets, funds and properties grossly disproportionate to his salaries and lawful income by taking advantage of his connection with the Marcoses.

However, the Sandiganbayan said the government failed to present evidence that such assets were acquired during his term as a member of the Batasang Pambansa.

Same with Yulo, there was no evidence presented that would establish his connection with the former President and/or his family. Being a major stockholder of both Pimeco (Philippine Integrated Meat Corp.) and YKR does not automatically make him a close associate or dummy,” the ruling pointed out.

It can be recalled that in 2019, the Sandiganbayan junked the P200 billion forfeiture case filed against the Marcos family and Constante Rubio, who is accused of acting as bagman of the Marcoses.

DICT’s Lamentillo is Heroes’ Notable Female Government Leader of the Year

DEPARTMENT of Information and Communications Technology (DICT) Undersecretary Anna Mae Yu Lamentillo is Heroes’ Notable Female Government Leader of the Year.

T he recognition was conferred on Lamentillo during the Asia’s Modern Hero Awards 2023 held at Okada Manila on February 17, 2023.

A sia’s Modern Hero Awards honors the heroism and contributions of outstanding individuals in Public Service, Educational Institutions, Disaster Reliefs, Human Development, Civil Society, Health & Environment, Business & Entrepreneurial, Justice and Legal System.

“I thank the members of the Asia’s Modern Hero Awards Council for this award. To be recognized as the Heroes’ Notable Female Government Leader of the Year is heartwarming and humbling, because I am only one of the many public servants, leaders and citizens who have been doing their share for our nation’s growth and development,” said Lamentillo.

We could not have accomplished much in ‘Build, Build, Build’ if not for the 6.5 million Filipinos who helped us build infrastructure projects to improve mobility and connectivity, and open opportunities for development in the countryside. Now, as we

‘Build Better More,’ we will be able to accomplish more also with the support of our ‘kababayans,’ especially as we transform our country into a truly digital nation,” she added. Lamentillo is DICT’s Undersecretary for Public Affairs and Foreign Relations, who is in charge of the department’s strategic communications and media, international relations, and legislative affairs. She is also DICT’s spokesperson and focal person for Presidential and Cabinet directives. Pr ior to this, she was the chairperson of the Build, Build, Build Committee of the Department of Public Works and Highways (DPWH) and the concurrent chairperson of the Infrastructure Cluster Communications Committee.

T he Asia’s Modern Hero Awards 2023 also recognized Metro Pacific Investments Corp. Chairman, President and CEO Manuel V. Pangilinan; Rep. Richard Gomez; Ormoc City Mayor Lucy Torres-Gomez; Rep. Elpidio Barzaga Jr.; Charo Santos-Concio; Karen Davila; The Manila Times President and CEO Dante “Klink” Ang II; The Manila Times Chairman Emeritus Dante A. Ang Sr.; Philippine Economic Zone Authority Officer-in-Charge Director General Tereso Panga; and Public Attorney’s Office Chief Persida Acosta, among others.

Bicol Cessna plane crash rescuers face weather, terrain challenges–EDC chief

By Lenie Lectura @llectura

THE search and rescue teams deployed by the Energy Development Corporation (EDC) are currently on the ground about one kilometer away from the crash site.

“As of this morning, they were about a kilometer away. But you know the terrain is tough. If you’ve seen the pictures, its very steep, it’s all rocky, loose, very hard, even if you’re only a kilometer away, it’s very hard to get to,” said EDC Chairman Federico Lopez on Wednesday during the 4th Philippine Environment Summit.

A s of press time, there is no word

yet from the rescue teams if they have reached the site of the Cessna 340 that went missing shortly after it took off from the Bicol International Airport at 6:45 a.m. last Saturday.

So there’s a safety issue also on the part of the rescuers. They have to make sure to they do it right given that Mayon is at alert level 2 and they have to make sure they have the right route too because it’s subject to flash floods.

So they’re being very careful. Finally, they were able to get through. Teams were dropped. Now they are making their way on land. So far no word yet that they’ve reached the site,” added Lopez. T he aircraft was piloted by Cap -

tain Rufino James Crisostomo Jr. and Joel Martin with passengers Simon Chipperfield and Karthi Santanan, both Australian citizens and technical consultants of EDC. The company has already informed their respective families and is constantly in touch with them.

“ We’re hoping that it’s still a search and rescue not search and recovery. We’re still hoping that we can find survivors but it’s been, happened over the weekend, tough weather and you see the shape of the plane but we’re still hopeful that there’s a miracle and that prayers that there will be [survivors] but also we’re very conscious of the safety of the rescu-

ers,” he said.

EDC is working closely with the local government unit of Camalig, Albay.

Responders from Camalig’s Barangay Disaster Risk Reduction Management Committee, the Philippine Army, Bureau of Fire Protection, and EDC have been deployed through two search and rescue teams.

“Our primary concern is the swift and safe rescue of our four colleagues who were onboard the aircraft. We are thankful to Mayor Carlos Baldo for mobilizing his team to help us do this,” said Atty. Allan V. Barcena, Assistant Vice President and head of Corporate Relations and Communications at EDC.

THE Sandiganbayan has dismissed another ill-gotten wealth case involving the late President Ferdinand E. Marcos Sr., former First Lady Imelda R. Marcos and several businessmen who allegedly acted as the Marcoses’ “dummies” in several corporations.

US backs PHL’s right to operate, deploy ships in disputed parts of WPS–Austin

Present detailed inventory of seized illegal drugs, Rep. Barbers urges law enforcers

BPO industry seen to emerge as next main pillar of PHL economy

By Rizal Raoul S. Reyes @brownindio

WITHIN a span of five years, the country’s business process outsourcing (BPO) industry will overtake overseas Filipino workers (OFWs) remittances as the main pillar of the Philippine economy.

The impact would be more significant when the workers move to the regions such as Clark, Iloilo and Davao because of lower operating cost and better quality of life,” said

Fred Rara, KMC Savills senior manager, research and consultancy in a news briefing on Wednesday at the Bonifacio Global City.

In fact, by 2028 the BPO sector would be the country’s biggest employer with 2 million employees,” Rara predicted.

D espite inflation besieging the Philippine economy, Rara said the BPO industry would continue to be driven by companies from the United States strategy to move a big number of services-oriented jobs to the country as part of achieving cheaper operating cost and address the shortage of labor in the United States.

Around 300,000 jobs are needed to be filled up in important sectors such as accounting, finance, health, information technology and software development. These are highend jobs or the knowledge process outsourcing type that are available to highly-skilled Filipinos,” KMC Savills Inc. Managing Director Michael McCullough told the BusinessMirror on the sidelines of the news event.

Moreover, Rara said Filipinos

could also capture opportunities in data science, as digitalization is a pervasive force in the global economy. “I think American pharmacy benefit manager and health care provider Optum plans to hire Filipino data scientists for its local operations,” he said.

McCullough said the country must strengthen its science, technology, engineering and mathematics (STEM) curriculum to develop a substantial pool of data scientists to maximize the opportunities being offered by this form of outsourcing.

A ccording to the IT & Business Process Association of the Philippines (IT-BPAP), the BPO industry was the biggest job generator with 1.44 million direct jobs and 3.61 million indirect jobs in 2021. As an economic catalyst, it was a sig -

MMDA, mayors jointly boost SRP compliance in markets

Claire Cabochan.

nificant contributor to the local economy with $29.5 billion in revenues representing a 7.5 percent contribution to the gross domestic product of the country. In the 2019 Tholons Services Globalization Index, the country ranked fifth in Top 50 Digital Nations, while Manila placed second in Top 100 Super Cities. Cebu City, the Queen City in the Visayas, placed 12th in Top 100 Super Cities.

D uring same news briefing, Rara pointed out that the Metro Manila office market rebounded in 2022 with a net absorption of around 270,900 square meters and a reversal from the negative take-up a year prior. “KMC Savills forecasts net absorption to slightly increase in 2023 but may be isolated in the top submarkets,” he said in his presentation.

By Claudeth Mocon-Ciriaco @claudethmc3

THE Metropolitan Manila Development Authority (MMDA) will coordinate with the Metro Manila Council (MMC) in monitoring of the prices of commodities being sold in various public markets across the metropolis.

MMDA Acting Chairman Romando Artes said Metro Manila mayors would help in ensuring compliance with the suggested retail price (SRP) to protect consumers from unscrupulous sellers.

O n Tuesday, Artes led the inspection of Agora Market in San Juan City to know if traders and sellers compliant with the SRP list from the Department of Trade and Industry (DTI).

He was joined by MMDA General Manager Undersecretary Procopio Lipana, San Juan City Mayor Francis Zamora and DTI Assistant Secretary for Consumer Protection Group Ann

A side from price monitoring, they also checked the weighing scales of vendors.

For his part, Zamora said he initiated the market inspection to assure consumers of protection from price irregularities.

“ I want to make sure that our constituents are not being sold overpriced commodities,” Zamora explained, adding that the San Juan City Government has Local Price Coordinating Council tasked to monitor the supply and prices of basic food items.

B ased on the latest price monitoring, the SRP of imported red onions is P125 per kilogram, which covers medium and largesized onions.

Two notices of violation were issued against retailers at Agora Public Market due to alleged non-compliance to SRP.

A gora is the sole public market operating in San Juan.

Firms urged to invest in L&D for workers

By Cai U. Ordinario @caiordinario

INVESTING in learning and develop -

ment (L&D) is increasingly becoming important in the region, including in the Philippines, as companies ensure that the work force is ready to optimize economic opportunities, according to LinkedIn.

I n its latest Southeast Asia (SEA) report, LinkedIn found that 9 in 10 L&D professionals in the region agree that building employee skills for today and tomorrow will help navigate the evolving future of work.

T he data also showed that over 1 in 2 or 53 percent of L&D leaders across the Philippines, Malaysia, and Singapore expect to gain more spending power in 2023.

“ To remain agile and resilient in the fast-evolving business environment, companies are prioritizing soft skills to help their work force navigate complex work situations, build relationships, and achieve results,” LinkedIn said.

T he report showed that 3 in 10 or 29 percent of L&D leaders are in the early stage of proposing the idea of large-scale upskilling and reskilling initiatives in their organization and assembling a team to do so, as compared to only 16 percent in 2022.

Top programs these L&D leaders are planning for in 2023 are in mentorship, large-scale upskilling, employee well-being and digital fluency or transformation.

This growing culture of learning is reflected in the evolving role of L&D departments within companies, as CSuite is tapping more to help boost growth by building people-centric cultures and deploying skilling programs,” LinkedIn said.

Further, companies also recognize that skill building has a positive impact on employee retention.

M ajority or 94 percent of organizations in SEA are concerned about employee retention, and 6 in 10 are providing learning opportunities to improve employee retention.

T he data also showed that over 8 in 10 or 82 percent agree it is less expensive to reskill a current employee than to hire a new one. Data on the 2023 Most In-Demand Skills in the Philippines, based on paid job postings as well as standout skills of professionals who received a recruiter’s InMail or were hired in the past six months, shows that companies in the country value talent who have a customer service orientation the most,” LinkedIn said.

L inkedIn added that skills that seek to improve the handling of diverse people and situations are highly sought after as well.

H ard skills such as research and marketing round up the list of skills that can help professionals stand out and for businesses to navigate and thrive in this environment.

Intensified enforcement of rules on sale of vape products assured

By Andrea E. San Juan

THE Department of Trade and Industry (DTI) has assured the public of its intensified enforcement activities to ensure the compliance of business establishments with Republic Act No. 11900 (RA 11900) or the “Vaporized Nicotine and Non-Nicotine Products Regulation Act,” and its implementing rules and regulations (IRR).

W ith the effectivity of the IRR on December 28, 2022, the DTI said manufacturers and importers are given an 18-month transitory period until June 5,2024, to comply with product registration and certification requirements under RA 11900.

For product registration, the DTI said only Bureau of Philippine Standards-registered and certified vaporized nicotine and non-nicotine products, their devices, and novel tobacco products with the applicable graphic and textual health warnings shall be sold to the general public by June 2024.

T he DTI reminded online and offline businesses to strictly comply with the law particularly in ensuring that minors have no access to these products,

adding that violators will be prosecuted accordingly.

T he trade department, through the Fair Trade Enforcement Bureau (FTEB), its enforcement arm, recently inspected 11 vape shops selling vaporized nicotine and non-nicotine products and novel tobacco products in Manila.

T he enforcement operation, headed by Assistant Secretary for DTI-Consumer Protection Group (CPG) Ann Claire C. Cabochan said that of the 11 inspected, eight non-conforming shops were issued a notice of violation (NOV), requiring each of them to submit a written explanation within 48 hours from receipt.

According to DTI, the inspections resulted in the sealing of 3,318 units of vape products worth P863,240 in Manila.

T he DTI-FTEB said among the rules that were allegedly violated by the vape shops are: Rule V, Section 6 that requires posting of the minimum age requirement around the establishment.

A nother probable rule violation was Rule VI, Section 1, which prohibits selling vapor products with fruit flavors and/or packaging that uses cartoon characters.

DOLE and DTI flesh out tie up to keep track of jobs generated by PBBM’s overseas trips

By Samuel P. Medenilla @sam_medenilla

THE Department of Labor and Employ-

ment (DOLE) is eyeing to sign a new agreement with the Department of Trade and Industry (DTI) to keep track of the jobs created from the foreign investments secured by President Ferdinand R. Marcos Jr. during his overseas trips.

T his as the DTI’s Bureau of Investment (BOI) announced last Wednesday it is confident of reaching P1 trillion investment approval this year amid the President’s “aggressive but strategic” promotion of the country abroad.

In an interview with the BusinessMirror , DOLE’s Bureau of Local Employment (BLE) Director Patrick P. Patriwirawan Jr. said they are now working on the partnership with BOI.

“ We were told during a Senate hearing that there should be a collaboration between DOLE and DTI, particularly BOI, on the aspect of job creation,” the labor official said.

“ We will be starting [the talks] in the coming days,” he added.

Under the proposed accord, BLE will give BOI access to their database on the available pool of skilled workers nationwide, which can be used to attract more foreign investors.

“One of the things [foreign investors] look

at is the human resource aspect. Do we have a ready work force that will work for the jobs, which will be created,” Patriwirawan said.

T he proposed accord will also enable BOI to provide BLE data on the number of vacancies and the kind of jobs from the said foreign investments.

T he partnership, Patriwirawan noted, will help address jobs-skills mismatch, help in employment projections, as well as allow them to closely monitor the number and quality of jobs from the said overseas investments.

“Apart from the skills [needs], we will also see the quantity and quality aspect of the jobs, which will be produced as well as their skills needs so the [job matching] will be fast-tracked,” Patriwirawan said, explaining the expected result of the new agreement.

L ast week, DTI said about P239 billion worth of foreign investments, which resulted from the overseas trip of the President, are already in various stages of implementation.

BLE said they have yet to obtain data on the jobs, which will be generated from the said investments, which cover manufacturing, infrastructure development, energy, transportation, health care, renewable energy, and business expansion.

DTI said it is currently processing P344 billion worth of investments, which are expected to be completed mid of this year.

MMDA shares insights for effective traffic management system in Davao City streets

By Manuel T. Cayon @awimailbox Mindanao Bureau Chief

DAVAO CITY—This city has tapped the Metropolitan Manila Development Authority (MMDA) to assess the traffic situation here and provide insights for an effective traffic management system.

T he MMDA team arrived in Davao City on Monday to begin its 5-day assessment, “and consequently provide technical assistance to the Davao City Traffic and Transport Management Office [CTTMO],” the city information office said.

T he assessment will help guide formulate a traffic management plan and a capacity-building training course for CTTMO personnel.

T he training course aims to strengthen the traffic management system in the city and improve the day-to-day traffic conditions in metropolitan Davao.

T he team composed of 15 personnel from three MMDA divisions (Traffic Planning and Design Division, Traffic Signal Operation and Maintenance Division, and Traffic Education Division) was headed by MMDA Traffic Engineering Center Director Engr. Neomie Recio.

T he team’s study on the city’s traffic and transportation schemes will determine the

gaps in design, technology, policy, and other aspects of traffic management.

From February 20 to 25, the MMDA team will gather data through a traffic count, road inventory survey, ocular inspection of existing traffic signal facilities as well as focus group discussions on the formulation of capacity-building training course which they intend to craft and propose to the local government by March, the information office said.

R ecio said the city traffic system “is bound to get more complex and require an effective traffic management plan as Davao City continues to grow.” She said a thorough study of the current traffic situation in Davao City is vital “in determining whether the current traffic management system enforced by the CTTMO requires a complete overhaul or simply needs recalibration in policy, technology or design.”

Some areas are really congested, especially in signal light intersections so, as I have said if there is traffic congestion in a place, it means that place is progressing because that is linked to development,” Recio said.

That is why we need to find a way so we will craft a traffic management plan for Davao City so it will not become just like Manila where the problems are already there but we’re trying to solve them just now,” she added.

Ex-House official Yamsuan named Bicol Saro party-list representative

By Jovee Marie N. Dela Cruz  @joveemarie

FORMER House Deputy Secretary

General Brian Raymund S. Yamsuan was sworn into office on Wednesday as the new representative of the Bicol Saro Party-list in Congress.

Speaker Ferdinand Martin Romualdez administered the oath of office to Yamsuan during the plenary session, completing the process of the latter’s assumption as a member of the House in the 19th Congress.

In a statement issued by Bicol Saro, Yamsuan will serve the unexpired term of Nico -

las Enciso VIII, who was expelled from Bicol Saro last February 6, and removed as representative of the Party-list in the House.  The Commission on Elections (Comelec), convening as the National Board of Canvassers (NBOC), officially proclaimed Yamsuan on Feb. 17 as the new number one nominee of Bicol Saro.

Yamsuan’s proclamation entitles him “to sit as representative to the House of Representatives of the Congress of the Philippines, and to serve for a term of three [3] years, ending June 30, 2025, in accordance with Section 7, Article VI of the Constitution of the Republic of the Philippines,” the NBOC said.

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The World

Russia suspends remaining major nuclear treaty with US

By Vladimir Isachenkov The Associated Press

MOSCOW—Russian President Vladimir Putin declared Tuesday that Moscow was suspending its participation in the New START treaty—the last remaining nuclear arms control pact with the United States—sharply upping the ante amid tensions with Washington over the fighting in Ukraine.

Speaking in his state-of-thenation address, Putin also said that Russia should stand ready to resume nuclear weapons tests if the US does so, a move that would end a global ban on nuclear weapons tests in place since the end of the Cold War.

Explaining his decision to suspend Russia’s obligations under the 2010 New START treaty, Putin accused the US and its Nato allies of openly declaring the goal of Russia’s defeat in Ukraine.

“They want to inflict a ‘strategic defeat’ on us and try to get to our nuclear facilities at the same time,” he said, declaring his decision to suspend Russia’s participation in the treaty. He later sent a draft bill on the pact’s suspension to the Kremlin-controlled parliament, which is expected to quickly rubber-stamp it Wednesday. The document says that it will be up to the Russian president to resume Moscow’s participation in the pact.

Putin emphasized that Russia was not withdrawing from the pact altogether, and hours after his address, the Russian Foreign Ministry said the country would respect the caps on nuclear weapons set under the treaty.

Russia also will continue to exchange information about test launches of ballistic missiles per earlier agreements with the United States, the ministry said.

Noting that the decision to suspend Russia’s participation in New START could be reversed, the Foreign Ministry urged the US to deescalate tensions and create a proper environment for the treaty’s implementation.

The New START treaty envisages caps on the number of nuclear weapons and broad inspections of nuclear sites. Putin said such inspections don’t make sense after the US and its allies declared the goal of dealing Russia a military defeat in Ukraine and helped the Ukrainian military mount strikes

Wall Street tumbles, Dow loses 697 on fears about high rates

By Stan Choe AP Business Writer

NEW YORK—Stocks tum -

bled to their worst day in two months Tuesday, buckling under worries about higher interest rates and their tightening squeeze on Wall Street and the economy.

The S&P 500 fell 2 percent for its sharpest drop since the market was selling off in December. The Dow Jones Industrial Average lost 697 points, or 2.1 percent, while the Nasdaq composite sank 2.5 percent.

Home Depot fell to one of the market’s larger losses after giving financial forecasts that fell short of Wall Street’s expectations. It dropped 7.1 percent despite reporting stronger profit for the last three months of 2022 than expected.

The latest evidence came from a preliminary report Tuesday that suggested business activity is gaining momentum. The services industry likely returned to growth last month and was at an eight-month high, according to S&P Global. Manufacturing, meanwhile, may still be contracting, but the reading hit a four-month high.

Such strength has caused the more pessimistic investors on Wall Street to keep their forecasts for a recession but move its timing later into the year.

on Russian nuclear facilities.

US Secretary of State Antony Blinken deplored Putin’s move as “deeply unfortunate and irresponsible,” noting that “we’ll be watching carefully to see what Russia actually does.”

He said that “we’ll, of course, make sure that in any event we are postured appropriately for the security of our own country and that of our allies,” but emphasized that “we remain ready to talk about strategic arms limitations at any time with Russia irrespective of anything else going on in the world or in our relationship.”

“I think it matters that we continue to act responsibly in this area,” Blinken told reporters on a visit to Greece. “It’s also something the rest of the world expects of us.”

Nato Secretary-General Jens Stoltenberg also voiced regret about Putin’s move, saying that “with today’s decision on New START, full arms control architecture has been dismantled.”

“I strongly encourage Russia to reconsider its decision and respect existing agreements,” he told reporters.

Putin argued that while the US has pushed for the resumption of inspections of Russian nuclear facilities under the treaty, Nato allies had helped Ukraine mount drone attacks on Russian air bases hosting nuclear-capable strategic bombers.

The Russian military said that it shot down the Soviet-built drones that struck two bomber bases deep inside Russia in December, but acknowledged that several servicemen were killed by debris that also damaged some aircraft.

Putin on Tuesday mocked Nato’s statement urging Russia to allow the resumption of the US inspections of Russian nuclear weapons sites as “some kind of theater of the absurd.”

“The drones used for it were equipped and modernized with

Nato’s expert assistance,” Putin said. “And now they want to inspect our defense facilities? In the conditions of today’s confrontation, it sounds like sheer nonsense.”

Putin described the US push for access to Russian nuclear sites as “the height of hypocrisy and cynicism.”

“They want to inflict a ‘strategic defeat’ on us and at the same time, they keep trying to get to our nuclear facilities,” he charged.

He noted he signed an order a week ago to deploy new land-based strategic missiles and asked: “Are they also going to poke their noses there?”

The Russian leader also alleged that a Nato statement on New START raised the issue of the nuclear weapons of Britain and France, which are part of the alliance’s nuclear capability but aren’t included in the US-Russian pact.

“They are also aimed against us. They are aimed against Russia,” Putin said of the European weapons. “Before we return to discussing the issue, we need to understand what are the aspirations of Nato members Britain and France and how we take it into account, their strategic arsenals that are part of the alliance’s combined strike potential.”

Then-presidents Barack Obama and Dmitry Medvedev signed the New START treaty in 2010. The pact limits each country to no more than 1,550 deployed nuclear warheads and 700 deployed missiles and bombers. The agreement envisages sweeping on-site inspections to verify compliance.

Just days before the treaty was due to expire in February 2021, Russia and the United States agreed to extend it for another five years.

Russia and the US have suspended mutual inspections under New START since the start of the Covid-19 pandemic, but

Moscow last fall refused to allow their resumption, raising uncertainty about the pact’s future. Russia also indefinitely postponed a planned round of consultations under the treaty.

The US State Department has said that Russia’s refusal to allow the inspections “prevents the United States from exercising important rights under the treaty and threatens the viability of USRussian nuclear arms control.” It noted that nothing prevents Russian inspectors from conducting inspections of US facilities.

Putin on Tuesday challenged the US assertion, alleging that Washington has rejected some Russian requests for visits to specific US facilities.

“We aren’t allowed to conduct full-fledged inspections under the treaty,” he said. “We can’t really check anything on their side.”

He alleged that the US was working on nuclear weapons and some in the US were pondering plans to resume nuclear tests banned under the global test ban that took effect after the end of the Cold War.

“In this situation, Rosatom [Russia’s state nuclear corporation] and the Defense Ministry must ensure readiness for Russian nuclear weapons tests,” Putin said. “We naturally won’t be the first to do it, but if the US conducts tests we will also do it. No one should have dangerous illusions that the global strategic parity could be destroyed.”

UN Secretary-General Antonio Guterres called for Russia and the US to immediately return to dialogue because “a world without nuclear arms control is a far more dangerous and unstable one with potentially catastrophic consequences,” UN spokesman Stephane Dujarric said.

the United Nations contributed to this report

The retailer said it would spend $1 billion to increase wages for hourly US and Canadian workers. That fed into broader worries for markets that rising costs for companies have been eating into profits, which are one of the main levers that set stock prices.

The other main lever is also looking precarious as interest rates continue to rise. When safe bonds are paying higher amounts of interest, they make stocks and other investments look less attractive. Why take a lot of risk on stocks if safer things are paying out more? Higher rates also raise the risk of a recession because they slow the economy in hopes of snuffing out inflation.

Rates and stock prices are high enough that strategists at Morgan Stanley say US stocks look to be more expensive than at any time since 2007.

The yield on the 10-year Treasury, which helps set rates for mortgages and other important loans, leaped further to 3.95 percent from 3.82 percent late Friday. The two-year yield, which moves more on expectations for the Fed, rose to 4.72 percent from 4.62 percent. It’s close to its highest level since 2007.

“That is what’s weighing on the market,” said Keith Lerner, chief market strategist at Truist Advisory Services.

Yields have shot higher this month as Wall Street ups its forecasts for how high the Federal Reserve will take short-term interest rates in its efforts to stamp out inflation. The Fed has already pulled its key overnight rate up to a range of 4.50 percent to 4.75 percent, up from basically zero at the start of last year.

Several reports have come in recently to show the economy remains stronger than expected. Those allay fears that the economy may soon fall into a recession, which is a positive for the market. But on the negative side, they could also fuel upward pressure on inflation and give the Fed more reason to stick to the “higher for longer” campaign it’s been espousing for rates.

The Fed said in December that its typical policy maker sees shortterm rates rising to 5.1 percent by the end of this year with the earliest cut to rates happening in 2024. After earlier thinking the Fed would ultimately take it easier on rates than it was talking about, Wall Street has largely come into closer alignment with the Fed’s view.

The worry is that the Fed could ratchet up its forecasts for rates further next month when it releases its latest projections for the economy. Besides showing more strength in the job market and retail sales than expected, recent reports have also suggested inflation is not cooling as quickly and as smoothly as hoped. Investors are also pushing back their forecasts for when the first cut to rates could happen.

Those worries have caused a stall for the strong rally by Wall Street to start the year. After earlier jumping as much as 8.9 percent, the S&P 500 is now clinging to a gain of 4.1 percent for the year so far.

Another threat for the market is that the Fed may not be as quick to cut rates in the face of economic weakness as it has in the past, said Truist’s Lerner.

“This is the first time in over a decade the Fed has had to worry about inflation,” he said. “What happened last year has created scar tissue that could keep rates higher for longer.”

“When we do have a downturn, the Fed is not going to be as aggressive as they have in the past. They may still be thinking about inflation.”

While the job market and consumer spending have been resilient in the face of higher interest rates, some pockets of the economy are showing more weakness. A report on Tuesday showed sales of previously occupied homes slowed to their slowest pace in more than a decade.

Homebuilder stocks fell after the report, including a 4.4 percent drop for D.R. Horton.

All told, the S&P 500 fell 81.75 points to 3,997.34. The Dow lost 697.10 to 33,129.59 and is down for the year to date. The Nasdaq fell 294.97 to 11,492.30.

In stock markets abroad, shares mostly fell after manufacturing indicators in Europe and Asia painted a mixed picture and Russian President Vladimir Putin accused Western countries of threatening Russia. AP Business Writers Yuri Kageyama and Matt Ott contributed

CHINA BLASTS PENTAGON OFFICIAL’S TAIWAN VISIT, MILITARY ALLIANCE

BEIJING—China on Wednesday sharply criticized a visit to Taiwan by a senior Pentagon official and reaffirmed it has sanctioned Lockheed Martin and a unit of Raytheon for supplying military equipment to the self-governing island democracy.

The comments from the Cabinet’s Taiwan Affairs Office underscore the dramatic deterioration in relations between Beijing and Washington over Taiwan, technology, spying allegations, and, increasingly, Russia’s invasion of Ukraine.

Asked about the reported visit by Michael Chase, deputy assistant secretary of defense for China, office spokesperson Zhu Fenglian said China “resolutely opposes any official interaction and military collaboration” between the US and Taiwan.

Efforts by Taiwan’s ruling Democratic

Progressive Party to cement the island’s independence with foreign assistance are “doomed to failure,” Zhu told reporters.

China considers Taiwan part of its territory to be brought under its control by force if necessary, and has been stepping up its military and diplomatic harassment.

The sides split amid civil war in 1949, and China’s authoritarian Communist Party has never held sway over the island. A Pentagon spokesperson did not comment directly on Chase’s visit, repeating that “our commitment to Taiwan is rock-solid and contributes to the maintenance of peace and stability across the Taiwan Strait and within the region.” Taiwan’s Ministry of Foreign Affairs has said it had no information about any such visit.

Tensions between the US and China again

ratcheted up last month after Washington accused Beijing of sending a spy balloon that was shot down over the American East Coast. Secretary of State Antony Blinken canceled a trip to Beijing in the wake of the incident and said over the weekend that the United States was concerned China would provide weapons to Russia for its war in Ukraine.

China, which has declared a “no limits” friendship with Russia, has pointedly refused to criticize Moscow’s actions, blaming the US and NATO for provoking the Kremlin, and has blasted the punishing sanctions imposed on Russia. Russia, in turn, has strongly backed China over Taiwan.

On a visit to Moscow Tuesday, the Communist Party’s top diplomat Wang Yi said relations between Moscow and Beijing are “solid as a rock” and will “stand the test of the

volatile international situation.”

Russia and China have an “excellent opportunity to continue close strategic cooperation and contacts to protect our shared strategic interests,” Wang said.

Also this week, a delegation of US lawmakers visiting Taiwan met on Tuesday with President Tsai Ing-wen, who said she looked for increased cooperation on issues from security to climate change.

On Monday, the delegation met with the head of the legislature as part of their five-day visit. They include Reps. Ro Khanna of California, Tony Gonzales of Texas, Jake Auchincloss of Massachusetts and Jonathan Jackson of Illinois.

The congressional team held talks with Taiwan Semiconductor Manufacturing Company’s founder Morris Chang, considered the father of the island’s world-leading

microchip industry that is now investing heavily in US production.

Khanna and Auchincloss are both members of the new House select committee focused on competition with China.

Amid the flurry of exchanges, Taiwan’s Foreign Minister Joseph Wu and head of the National Security Council Wellington Koo were in Washington on Tuesday for what are believed to be security meetings. They were filmed by Taiwan’s private TVBS television station entering the offices of the body the US uses to oversee relations with Taiwan in lieu of formal diplomatic ties. Washington cut formal relations in 1979 in order to establish ties with Beijing, but remains the island’s chief political and military ally.

China has increasingly lashed back at the increase in exchanges with Taiwan by officials

and elected representatives from the US and other democratic nations. China’s campaign of diplomatic isolation has left Taiwan with just 14 formal allies, although it retains robust unofficial relations with dozens of other countries.

Last Thursday, China imposed trade and investment sanctions against Lockheed Martin Corp. and Raytheon Technologies Corp.’s Raytheon Missiles and Defense, barring them from importing goods into China or making new investments in the country. The Ministry of Commerce declared they had been added to the “unreliable entity” list of companies whose activities are restricted because they might endanger national sovereignty, security or development interests. It wasn’t clear what impact the penalties would have. AP

Lorne Cook in Brussels, Matthew Lee in Washington and Edith M. Lederer at

RUSSIAN President Vladimir Putin gives his annual state of the nation address in Moscow, Russia, on Tuesday, February 21, 2023. MAXIM BLINOV, SPUTNIK, KREMLIN POOL PHOTO VIA AP

The World

Indonesia dangles tax breaks to lure firms to its new capital

By Norman Harsono & Eko Listiyorini

INDONESIA is unveiling a slew of tax breaks to lure companies and people to move to its new capital in the heart of Borneo.

Banks and insurers operating in Nusantara—as the capital is known—would pay no income tax for up to 25 years if they invest before 2035, according to an investment ministry presentation seen by Bloomberg. Those investing before 2045 can get up to 20 years of tax break.

That is only one of various incentives being offered by the government to get businesses to support President Joko Widodo’s 600 trillion rupiah ($39.5 billion) plan to move the nation’s capital from bustling Jakarta.

“I’m sure with the regulation we have formulated to make it easier and give incentives for the new capital, then the investments will flow in,” said Investment Minister Bahlil Lahadalia in an interview on Tuesday.

The incentives would only be offered until 2045, when Nusantara is set to be completed. “If we keep giving tax cuts, then where do we get money to build the area’s infrastructure? This is only fair, boss,” he said.

Indonesia is hunting for investors to help realize Jokowi’s vision of building an entirely renewable-powered and technologically advanced city out of a forest, especially with only 20

percent of the price tag covered by the state budget. So far, 20 companies including local and foreign ones have shown interest in investing in Nusantara, with a few of them having signed deals, Lahadalia said, while declining to name them.

The government has started building basic infrastructure at the new capital, including a water dam, roads and presidential and vice presidential buildings. The target is for public officials to begin relocating there next year.

To sweeten the deal, the government can bear people’s income taxes through 2035, according to the presentation.

Here are more incentives being lined up for Nusantara:

Investments larger than 10 billion rupiah in toll roads, energy, housing, shopping malls, health facilities and hotels, among others, would also get various tax breaks.

n Companies relocating their headquarters or regional offices to Nusantara with substantial business at the new capital would get up to 100 percent tax holiday for 10 years.

n Government to offer “super tax deduction” that would reimburse costs incurred by educational, research and nonprofit institutions at the new capital.

n Government to waive import taxes for companies expanding industries at Nusantara.

Luxury goods tax and tax on sales of land and buildings may be waived. Bloomberg News

Oil extends worst run of losses this year ahead of Fed minutes

By Elizabeth Low

OIL extended its longest run of losses this year ahead of the release of minutes from the Federal Reserve that may provide further clues on the path forward for monetary tightening in the US.

West Texas Intermediate dipped toward $76 a barrel after falling for a fifth session on Tuesday. The prospect of more aggressive interest-rate hikes from the Fed to combat inflation have kept a lid on prices, despite increasing evidence of a robust recovery in China following the end of Covid Zero.

The market has endured a bumpy ride this year as traders juggle concerns over a US slowdown and China’s rebound from virus curbs to try and determine the direction

G-20 finance chiefs to tackle global economic challenges

By Sibi Arasu & Elaine Kurtenbach The Associated Press

India is hosting the G-20 financial conclave for the first time in 20 years. Later in the year it will convene its first summit of G-20 economies. The meetings offer the world’s second most populous country a chance to showcase its ascent as an economic power and its status as a champion of developing nations.

This week’s gathering of finance ministers and central bank governors takes place just a year after Russia invaded Ukraine, setting off a cascade of shocks to the world economy, chief among them decades-high inflation. US Treasury Secretary Janet Yellen is expected to address the global economic impacts of the war while at the G-20 meetings.

that developed countries have but within minimum resources we have also achieved a lot in sectors such as space and renewable energies such as green hydrogen,” Thakur said.

It’s an urgent priority, given the growing importance of emerging economies to global growth: the International Monetary Fund estimates that India and China alone will contribute more than half of global economic growth this year, with other Asian countries contributing another quarter of that expansion with annual growth rates of 6 percent to 7 percent.

for global energy demand. That’s trapped futures within a range of around $10 a barrel as the bullish and bearish narratives clash. The fallout from sanctions on Russian crude and oil products, and the rerouting of global trade flows has added another element of uncertainty to the market. The US is planning more penalties, including on the nation’s energy sector.

“Expectations for a more hawkish Fed continue to grow, which is providing strong headwinds to the oil market,” said Warren Patterson, the Singapore-based head of commodities strategy at ING Groep NV. However, the market is likely to tighten significantly over the second half of the year, which should see prices break out of the current range, he added.

Bloomberg News

India is among the countries treading lightly between the Western nations and Russia, eager to claim more global sway but wary of becoming embroiled in antagonisms as its economy benefits from purchases of discounted Russian crude oil.

“India has a growing leadership role globally,” Information Minister Anurag Thakur, said Wednesday, reiterating Indian Prime Minister Narendra Modi’s stance that “today’s era is not of war. Dialogues and discussions are the only way forward.”

As host of more than 200 G-20 meetings in 28 cities leading up to the summit in November, Modi is expected to use that role to burnish India’s stature as a leader in fighting climate change and to act as a bridge between the interests of industrialized nations and developing ones.

“We don’t have the resources

India’s economy is forecast to expand at a 6.1 percent annual rate this year after growing 6.8 percent last year, the IMF said in a report issued Monday.

“The tough conditions at the macroeconomic level have somewhat eased but inflation rates are still high. In this situation coordination among major economies is vital,” Ajay Seth, a senior Finance Ministry official, told reporters Tuesday in Bengaluru.

Bengaluru is India’s start-up and technology powerhouse. First recognized as an outsourcing hub, it’s now known for its entrepreneurs and information technology companies. But the city is plagued by poor planning. Last year, it experienced extreme flooding, partly due to global warming, that caused an estimated $30 million in damage.

Improving urban infrastructure will figure in this week’s talks, the first of four G-20 finance minister meetings due to take place this year in India.

The G-20 includes the world’s largest economies and has a rolling presidency. Last year, Indonesia was host and next year Brazil will take over, followed by South Africa in 2025.

In countries like India, it’s seen as a counterbalance to gatherings of wealthier economies such as the Group of Seven.

At the meetings in Bengaluru, officials will discuss a range of issues related to climate finance, seeking consensus on regulating digital currencies, global tax issues and other financial priorities.

Yellen and other officials have indicated they will also be discussing risks of heavy debt burdens for many countries after costly efforts to cushion the worst impacts of the Covid-19 pandemic. Those woes have deepened as countries’ import bills surged due to sustained higher prices for food, oil and fertilizers and weakening currencies.

Yellen visited Zambia in January, in part to discuss the African country’s $6 billion debt to China, its biggest creditor. Zambia became the site of Africa’s first coronavirus pandemic-era sovereign nation to default when it failed to make a $42.5 million bond payment in November 2020.

But a slew of other countries have seen their finances deteriorate in the past year, including India’s neighbor Sri Lanka and others in Asia.

“Several countries are facing huge debt problems. Finding lasting solutions for them will feature prominently in the discussions,” said Seth, the Finance Ministry

official.

A senior Treasury official, who spoke on condition of anonymity to preview Yellen’s travel plans, said she intends to urge fellow G-20 countries to reduce carbon emissions and invest more in developing renewable energy, infrastructure and agriculture.

At a UN climate conference last November, India—currently the world’s third largest emitter of greenhouse gases—proposed a phaseout of all fossil fuels and repeatedly emphasized the need to revamp global climate finance. Those longstanding G-20 priorities, which also include building stronger public health systems, expanding use of sustainable energy and helping countries improve productivity often tend to be overshadowed by immediate concerns such as stalling global growth, debt crises and conflicts like the war in Ukraine. Shocks from the war and from the pandemic have amplified disruptions to energy supplies, shipping and food security, complicating efforts to stabilize the world economy after the upheavals of the pandemic.

Another priority in Bengaluru will be coordination on monetary policy as central banks assess whether to keep raising interest rates or to dial back on efforts to cool inflation.

T he Associated Press reporters Krutika Pathi in New Delhi, India, and Fatima Hussein in Washington, contributed to this report. Kurtenbach contributed from Bangkok

Russia and West clash over probe of Nord Stream pipelines sabotage

By Edith M. Lederer The Associated Press

UNITED NATIONS—Rus -

sia clashed with the United States and other Western nations Tuesday over the Kremlin’s call for a UN investigation of last September’s sabotage of the Nord Stream 1 and 2 gas pipelines from Russia to Western Europe.

Russia’s UN Ambassador Vassily Nebenzia told the UN Security Council that Moscow has “no trust” in the separate investigations being carried out by Denmark, Sweden and Germany, but it does “fully trust”

UN Secretary-General Antonio Guterres to establish an independent international investigation of the explosions.

The United States, United Kingdom, France and others said authorities from the three countries are still investigating the pipeline attacks and the real reason Russia raised Nord Stream 1 and 2 now was

to divert attention from the first anniversary of its invasion of Ukraine and high-level UN activities for the next three days including adoption of a General Assembly resolution condemning Moscow’s action.

“Today’s meeting is a blatant attempt to distract from this,” US Minister-Counselor John Kelley told the council. “As the world unites this week to call for a just and secure peace in Ukraine consistent with the UN Charter, Russia desperately wants to change the subject.”

Ahead of the meeting, the ambassadors of Denmark, Sweden and Germany sent a letter to council members saying their investigations have established the pipelines were extensively damaged “by powerful explosions due to sabotage.”

The letter, circulated Tuesday morning, said further investigations are being conducted in all three countries and that it’s unclear when they will finish. It says Russian authorities have been informed about

the investigations.

But Russia’s deputy UN ambassador Dmitry Polyansky told reporters: “They are claiming that they are informing Russia about it which is not true...Any attempt for us to get any information was rejected by them or ignored.”

Russia circulated a draft resolution to council members late last week asking the UN secretary-general to urgently establish a commission to investigate the Nord Stream attacks. Security Council experts held closed consultations Monday on the proposed resolution and council diplomats said there was opposition to it.

Russia’s Nebenzia said Moscow hasn’t been allowed to join investigations by any of the three countries, saying they “are not only not transparent, but it is quite clear that they seek just to cover the tracks and stick up for their...American brother.”

Russia has alleged that the US was behind the sabotage, which its proposed resolution says “occurred

after the repeated threats to the Nord Stream by the leadership of the United States.”

Kelley, the US diplomat, responded, telling the council “clearly and plainly: Accusations that the United States was involved in this act of sabotage are completely false. The United States was not involved in any way.”

Nord Stream 1 carried Russian gas to Germany until Moscow cut off supplies at the end of August 2022.

Nord Stream 2 never entered service as Germany suspended its certification process shortly before Russia invaded Ukraine on Feb. 24, 2022. The explosions on both occurred on September 26.

UN political chief Rosemary DiCarlo briefed the Security Council, saying the UN is not in a position to verify any claims relating to the explosions and urging “all concerned to show restraint and avoid any speculation.”

“While exactly what happened

beneath the waters of the Baltic Sea in September 2022 is still unclear, whatever caused the incident, its fallout counts among the many risks the invasion of Ukraine has unleashed,” she said.

Economist Jeffrey Sachs told the council the consequences of the sabotage were “enormous” not only from the economic losses but in the heightened threat to all cross-border infrastructure, including undersea internet cables and offshore wind farms.

“It is the responsibility of the UN Security Council to take up the question of who might have carried out the act in order to bring the perpetrator to international justice, to pursue compensation for the damaged parties and to prevent future such actions,” he said.

Sachs, a Columbia University professor, is also director of the UN Sustainable Development Solutions Network and a commissioner of the UN Broadband Commission for De -

velopment. He was invited to speak by Russia and said he appeared before the council on his own behalf.

Sachs said the destruction of the pipelines “required a very high degree of planning, expertise and technological capacity,” and to do so in the exclusive economic zones of Denmark and Sweden “adds greatly to the complexity of the operation.”

“Only a handful of state level actors have both the technical capacity and access to the Baltic Sea to have carried out this action including the United States, Russia, the United Kingdom, Poland, Norway, Germany, Denmark and Sweden, either individually or in some combination,” Sachs said. “Ukraine lacks the necessary technologies as well as access to the Baltic Sea.”

In their letter to the council, Denmark, Sweden and Germany reiterated that acts of sabotage against the pipelines were “unacceptable, endanger international security and give cause for our deep concern.”

BENGALURU, India—Top financial leaders from the Group of 20 leading economies are gathering in the south Indian technology hub of Bengaluru this week to tackle myriad challenges to global growth and stability, including stubbornly high inflation and surging debt.

INDIA’S Secretary of Department of Economic Affairs Ajay Seth, second right, speaks during a press conference on the eve of G-20 financial conclave in Bengaluru, India on Tuesday, February 21, 2023. Top financial leaders from the Group of 20 leading economies are gathering in the south Indian technology hub of Bengaluru to tackle challenges to global growth and stability. India, is hosting the G-20 financial conclave for the first time in 20 years. AP/SIBI ARASU

How to mend PHL’s digital divide

IN his fifth State of the Nation Address on July 27, 2020, President Rodrigo Duterte complained about the poor Internet service in the country and threatened to close down telco giants Globe Telecom and Smart Communications, “unless their services improve by December.”

Duterte even said in jest that he would hang Globe Telecom Pesident Ernest Cu from one of his cell towers if Globe Telecom fails to improve its services by the end of the year. Cu, in turn, quipped that it was red tape in government that prevents them from improving telco services. He informed Duterte about the problems they usually encounter when applying for permits to build telecommunication towers.

Five months before Duterte was set to leave Malacañang, Anti-Red Tape Authority Director General Jeremiah Belgica reported that the whole-of-government approach of simplifying the process of putting up telecommunications infrastructure facilitated improvements in the speed of fixed broadband and mobile data in the country. This happened after Duterte gave LGUs three days to finish the processing of documents of telecommunication companies wishing to build towers to improve their services.

With Duterte’s order to speed up site approvals, the two big telcos have won permission to deploy hundreds of additional 4G and 5G base stations. But the incremental improvement in telco services was hardly enough to meet the growing demand for broadband communication services. The Covid-19 pandemic has led to an exponential surge in the use of digital technologies due to the nationwide lockdowns and the required physical distancing to limit the spread of the virus.

A global research on the quality of the digital wellbeing in 85 countries, dubbed Digital Quality of Life Index 2020, said the Philippines is among countries with “least affordable” Internet services, yet consumers are receiving mediocre quality of connectivity.

The study, which was conducted by Surfshark, a Virtual Private Network service based in the Netherlands, assessed 85 countries on five metrics: Internet affordability, Internet quality, electronic infrastructure, electronic government, and electronic security. The global study was based on information provided by the United Nations, the World Bank, Freedom House, the International Telecommunications Union, and other public data sources.

“Internet quality in the Philippines is comparatively mediocre, and on a global scale fixed broadband Internet is better than mobile,” Surfshark said. The country’s fixed broadband Internet speed is at 75.1 megabits per second (Mbps), while mobile Internet is at 38.7 Mbps.

The study said the Philippine ranking in terms of digital wellbeing fell to 55th—from 48th in the previous year—out of 117 countries. This was based on five fundamental digital life pillars, including Internet affordability, which was the Philippines’s weakest spot as it ranked 98th globally.

Among 117 countries ranked on Internet affordability, Surfshark said Singapore’s Internet affordability is ranked second in the world. The island-state beat out high-tech countries such as South Korea and Japan. In Singapore, the cheapest 1Gbps plan is S$40 (P1,643) a month on a 24-month contract. You can also get a 300Mbps plan for S$29 (P821). One reason why Singapore can offer such high speeds at competitive rates is due to its 2011 Next Generation Nationwide Broadband Network initiative, which deployed an ultra-high speed fiber network with 1Gbps speeds to all physical addresses in Singapore. Internet penetration rate in the Philippines stood at 68 percent (76 million) of the total population in 2022. For millions of Filipinos living in rural communities, online connection is not yet a reality. That’s because most cell towers are located in wealthy cities and towns, according to an analysis by Asian Development Bank.

The Department of Information and Communications Technology has been pushing for a government-owned broadband network to improve Internet quality, coverage and affordability. The agency said in November that the National Broadband Plan (NBP) will start serving the public by mid-2023. Residents in rural areas are hoping that the NBP succeeds in providing faster, more efficient, and equitable broadband connectivity nationwide, especially in remote areas with no Internet connection. That’s the best way to mend the country’s digital divide.

BusinessMirror

Greatest good or least harm?

John Mangun

OUTSIDE THE BOX

ACCoRDING to its web site, “Rotten Tomatoes and the Tomatometer score are the world’s most trusted recommendation resources for quality entertainment. The team collects movie and TV reviews from approved critics every day, generating Tomatometer scores. This represents the percentage of users who have rated a movie or TV show positively.”

Or put another way, opinions from the “Experts” and from “We the People.” Rotten Tomatoes is an almost perfect example of how the world works.

There are several notable films that both critics and audiences loved.

“The Dark Knight” with Heath Ledger received a score of 94 percent from both critics and audiences.

“Zombieland” starring Woody Harrelson and Jesse Eisenberg cranked out scores of 89 percent and 86 percent, respectively.

But then there is Dwayne Johnson’s “Black Adam” that critics hated (38 percent) and audiences loved (88 percent). Likewise, the critics couldn’t stand (23 percent) Martin

Lawrence and Will Smith in “Bad Boys 2” while audiences thought the film warranted a 78 percent rating.

The expert critics watch the different elements of the film and write about performance, directing, and cinematography, all sophisticated stuff. But then they gave a 79 percent score to 2009 movie “The Hangover,” one of the most “unsophisticated” movies of all time. With an audience score of 84 percent, that movie ranks as one of the most successful movies in history with a ReturnOn-Investment to the financiers of 1,297 percent.

A critic has an agenda and that is to judge the film by a personal set of high standards. The audience has one

agenda—to be entertained. Being entertained is also personal whether by the suspense, laughs, or tears that the film generates for the viewer. But the final appraisal is simpler than for the critic. “I liked it”—or not. We the People are much more pragmatic and sensible. The expert wants to show how it fits the narrative.

A stockbroker and a banker are having a drink together at the bar when the subject of interest rates comes up. Stockbroker: “I want lower interest rates.” Banker: “I want higher interest rates.” A plumber sitting nearby turns to them and asks “Why?” The Broker and the Banker answer simultaneously: “Because then I make more money.” The Plumber then asks, “What’s better for me?”

Jeremy Bentham was an 18th century English philosopher, jurist, and social reformer regarded as the founder of modern utilitarianism. He wrote: “It is the greatest good (happiness) to the greatest number of people which is the measure of right and wrong.” “Utilitarianism” is the concept that while making social, economic, or political decisions, a utilitarian philosophy would aim for the betterment of society as a whole.

Those who oppose this idea say that a limitation of utilitarianism

is that it tends to create a blackand-white construct. There are no shades of gray with either something is wrong, or it is right. But that is the hard reality in making policy decisions. The death penalty for premeditated murder or no death penalty? Cannot have it both ways.

A five-peso per kilo market price for ordinary rice would be beneficial for the “urban poor.” A hundred-peso per kilo market price for ordinary rice would be beneficial for the “poor farmer.” Cannot have it both ways.

The Philippines is blessed with a wide variety and large number of economic and political critics that we can assume have the best interests of the nation at heart. However, most of their analysis is about who is not going to benefit from proposals such as the Regional Comprehensive Economic Partnership or the Laguna Lake dredging project. It is as if the mantra is not about the greatest good but “the least amount of harm to the fewest people.”

That is a noble cause but zero harm to all people is both impossible and immobilizing. Where do we draw the line and who draws it?

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.

Biden in Poland: US, allies ‘will never waver’ in Ukraine

By Aamer Madhani, Zeke Miller & Chris Megerian The Associated Press

WARSAW, Poland—President Joe Biden on Tuesday warned of “hard and bitter days ahead” as Russia’s invasion of Ukraine nears the one-year mark, but vowed that no matter what, the United States and allies “will not waver” in supporting the Ukrainians.

become weaker.

“Autocrats only understand one word—no, no, no,” Biden said. “No, you will not take my country. No, you will not take my freedom. No, you will not take my future.”

again with Duda along with other leaders of the Bucharest Nine, the easternmost members of the Nato military alliance. Ukraine is not a member.

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A day after his surprise visit to Kyiv, Biden used a strongly worded address in neighboring Poland to praise allies in Europe for stepping up over the past year and to send a clear message to Russian President Vladimir Putin that “Nato will not be divided, and we will not tire.”

“One year ago, the world was bracing for the fall of Kyiv,” Biden said before a crowd of thousands outside Warsaw’s Royal Castle. “I can report: Kyiv stands strong. Kyiv stands proud. It stands tall and, most important, it stands free.”

With Russia and Ukraine each preparing spring offensives, Biden insisted there will be no backing down from what he’s portrayed as a global struggle between democracy and autocracy—though polling suggests American support for ongoing military assistance appears to be softening.

“Democracies of the world will stand guard over freedom today, tomorrow and forever,” Biden de-

clared. The US and allies will “have Ukraine’s back.”

Biden’s speech came a day after his unannounced trip to Kyiv, where he met with Ukrainian President Volodymyr Zelenskyy and walked the city streets as an air raid siren blared.

Last year, weeks after Russian forces began their attacks on Ukraine, Biden delivered a harsh condemnation of Putin from the gardens of the castle. Speaking Tuesday to a crowd that included Polish citizens and Ukrainian refugees—and millions more following in Ukraine, Russia and around the world—he made his case that Putin’s war has been a failure.

“When President Putin ordered his tanks to roll into Ukraine, he thought we would roll over. He was wrong,” Biden said.

The president also declared “the democracies of the world have grown stronger” while the world’s autocrats—including Putin—have

Biden was using the trip to prepare allies for an ever-more-complicated stage of the war and to reassure allies in the region that the US was committed for the long haul. He met Tuesday with Moldovan President Maia Sandu—who last week claimed Moscow was behind a plot to overthrow her country’s government using external saboteurs— and with his host Polish President Andrzej Duda.

“We have to have security in Europe,” Biden said at the presidential palace. “It’s that basic, that simple, that consequential.”

He described Nato as “maybe the most consequential alliance in history,” and he said it’s “stronger than it’s ever been” despite the Russian leader’s hopes that it would fracture over the war in Ukraine.

Duda praised the American president’s visit to Kyiv as “spectacular,” saying it “boosted morale of Ukraine’s defenders.”

He said the trip was “a sign that the free world, and its biggest leader, the president of the United States, stands by them.”

On Wednesday, Biden will meet

While Biden was in Poland, Putin announced that Moscow would suspend its participation in the last remaining nuclear arms control pact with the United States.

The New START Treaty caps the number of long-range nuclear warheads countries may deploy and limits the use of missiles that can carry atomic weapons.

Despite his criticisms of Putin, Biden did not mention the START suspension during his speech. And the Russian Foreign Ministry later said that, despite Putin’s announcement, it would continue abiding by the treaty’s caps.

The conflict in Ukraine—the most significant war in Europe since World War II—has already left tens of thousands of people dead, devastated Ukraine’s infrastructure system and damaged the global economy.

While Biden is looking to use his whirlwind trip to Europe as a moment of affirmation for Ukraine and allies, the White House has also acknowledged that there is no clear endgame to the war in the near term, and the situation on the ground has

See “Biden” A19

Investors stung by Treasuries rout brace for next Fed blow One year of war against Ukraine: Acting together to ensure international law will prevail

By Michael MacKenzie & Liz Capo McCormick Bloomberg Opinion

Aswift reassessment of how high the federal Reserve will raise interest rates this year rocked the bond market once again tuesday. the problem for those burned by the now weeks-long slump is that an even bigger threat looms: the growing belief that rates will stay elevated even after the fed’s inflation fight is over.

Upside surprises in January employment, inflation and retail sales data are fueling both conversations simultaneously. While a higher peak for rates now seems almost certain, the economy’s resilience in the face of almost a year’s worth of aggressive tightening is also increasingly raising doubts over whether the level of rates which can be considered “neutral” for growth is really as low as it used to be.

Fed officials have so far maintained that neutral is still around 2.5 percent—the same as before the pandemic began—and they would probably be expected to return there once inflation is beaten. Any revision of that view would threaten to push yields on longer-term Treasury securities to new highs in 2023.

“Our thought is that markets, and perhaps Fed policymakers, don’t have the right number for the longrun rate,” said Praveen Korapaty, the chief interest-rates strategist at Goldman Sachs Group Inc. in New York. “The labor market continues to be strong. That is going to be a big deterrent to the Fed actually easing aggressively.”

Treasuries began a holiday-shortened week with steep losses after more better-than-expected data— US purchasing managers indices from S&P Global—showed ongoing strength in the economy in February. The benchmark 10-year rate climbed to 3.95 percent, a fresh high for the year. European yields jumped Tuesday too and the bond selloff continued into the Australian and New Zealand markets on Wednesday.

The US central bank has in the span of 11 months raised its benchmark federal funds rate from nearly zero to above 4.5 percent, and now seems poised to take it as high as 5.4 percent by midyear, according to prices of overnight index swaps. It hasn’t been above 5 percent since 2007.

Back then, the neutral rate was also presumed to be much higher— around 4 percent—and the 10-year Treasury yield traded between 4.5 percent and 5 percent. In the years following the financial crisis, estimates of the neutral rate slid to 2.5 percent as investors and policymakers became pessimistic about the economy’s long-term growth prospects.

Anchoring bonds

Th AT has helped anchor the Fed’s outlook for interest rates—officials see the federal funds rate reverting to about 4 percent by the end of next year and around 3 percent by the end of 2025, according to quarterly projections last updated in December—and bolstered buyers of longduration Treasuries, even after the 10-year yield briefly rose above 4 percent late last year.

But broader acceptance of the idea that the neutral rate—known in economics circles as “r-star”—has gone up would have adverse implications for a Treasury market nursing back-to-back down years. A higher neutral rate should raise yields across the curve, led by rising short-term rates along with some restoration of

continued from A18

become increasingly complex.

The administration on Sunday said it has new intelligence suggesting that China, which has generally remained on the sidelines of the conflict, is now considering sending Moscow lethal aid. Secretary of State Antony Blinken said it could become a “serious problem” if Beijing follows through.

Fed officials have so far maintained that neutral is still around 2.5 percent—the same as before the pandemic began—and they would probably be expected to return there once inflation is beaten. Any revision of that view would threaten to push yields on longer-term Treasury securities to new highs in 2023.

a term premium for owning longerdated Treasuries.

“The 2 percentage point drop in estimates of r* following the global financial crisis rests on shaky ground,” Matthew Raskin, the head of US rates strategy at Deutsche Bank Securities in New York, wrote in a February 10 note. “If growth and the labor market remain resilient,” then investors can expect Fed officials to upgrade their estimates, which “would have big implications for longer-run rates,” he said.

Estimating the neutral rate is more art than science, but the Fed spends plenty of time trying to figure it out, and some of its models are showing an increase. One of them, maintained by the Richmond Fed, now has it at about 1.3 percent on an inflation-adjusted basis, up from around 0.5 percent in 2016. That would translate to a rise in the nominal neutral rate to 3.3 percent from 2.5 percent.

The central bank will publish a fresh set of projections at its next policy meeting in March, but policymakers may be reluctant to jolt the bond market with upgrades to their official r-star estimates so soon, according to Gargi Chaudhuri, the head of iShares investment strategy for the Americas at BlackRock in New York. And even if the estimates were to go up, Fed Chair Jerome Powell would probably try to downplay the development, she said.

“The last 12 months of labor market strength is not enough to call for a higher neutral rate,” Chaudhuri said. “It could well be that 2.75 percent, 3 percent is the right level. We don’t know quite yet.”

Changing relationships

PA RT of the problem relates to uncertainty over the lag time between policy tightening and the impact it has on the economy, as well as how the unusual experience of the pandemic may be affecting it. For many bond investors, that raises questions about how much stock to put into any estimates.

“R-star is a very theoretical concept, and I think it’s really a question of interest-rate sensitivity and the long and variable lags associated with tightening,” said John Madziyire, a fixed income portfolio manager at The Vanguard Group in Malvern, Pennsylvania.

“Interest rate sensitivity is much lower” at the moment because homeowners and companies locked in low borrowing costs before rates began rising last year, Madziyire said. “So, all these rate hikes potentially haven’t really impacted the economy.”

Biden and Zelenskyy discussed capabilities that Ukraine needs “to be able to succeed on the battlefield” in the months ahead, said US National Security Adviser Jake Sullivan. Zelenskyy has been pushing the US and European allies to provide fighter jets and long-range missile systems known as ATACMS—which Biden has declined to provide so far. Sullivan declined to comment on whether there was any movement on that during the leaders’ talk. With no quick end in sight for

By Josep Borrell

febRuARy 24, 2022 will forever be recalled as the day when Russia started its brutal, unprovoked and illegal invasion of ukraine. this was and remains a case of pure aggression and a clear-cut breach of the u N Charter. this war is neither “just a european issue”, nor is it about the “west versus the rest”. it is about the kind of world we all want to live in: no one is safe in a world where the illegal use of force—by a nuclear power and permanent member of the security Council—would somehow be “normalized.” that is why international law must be enforced everywhere to protect everyone from power politics, blackmail and military attack.

One year on, there is a risk that people become inured to the images of war crimes and atrocities that they see—because there are so many; that the words we use start to lose their significance—because we have to repeat them so often; that we get tired and weaken our resolve—because time is passing and the task at hand is hard.

This we cannot do. Because every day, Russia keeps violating the UN charter, creating a dangerous precedent for the whole world with its imperialist policy. Every day, Russia keeps killing innocent Ukrainian women, men and children, raining down its missiles on cities and civilian infrastructure. Every day, Russia keeps spreading lies and fabrications.

For the European Union and our partners, there is no alternative to staying the course of our “triple strategy”: supporting Ukraine, putting

pressure on Russia to stop its illegal aggression and helping the rest of the world cope with the fallout.

This is what we have been doing for one year now—and successfully so. We have adopted unprecedented sanctions; cut our dependency on Russian fossil fuels; and in close collaboration with key partners reduced by 50 percent the energy revenues the Kremlin gets to finance its aggression. Working together, we have also mitigated the global ripple effects with food and energy prices declining, partly thanks to our Solidarity Lanes and to the Black Sea Grain Initiative.

It is not enough to say that we want Ukraine to be able to defend itself—it needs the means to do so.

So, for the first time ever, the European Union has supplied weapons to a country under attack. Indeed, the EU is now the leading provider of

military training for Ukrainian personnel so they can defend their country. We are also offering significant macro-financial and humanitarian aid to support the Ukrainian people. And we have decided to respond positively to Ukraine’s request to join the EU. Finally, we are working to ensure accountability for the war crimes that Russia has committed.

Ukraine has shown its remarkable resilience, partly thanks to this support. And Russia has grown more isolated, thanks to global sanctions and the international condemnation by the overwhelming majority of states in the UN General Assembly. Our collective goal is and remains a democratic Ukraine that prevails; pushing out the invader, restoring its full sovereignty and, with that, restoring international legality.

Above all, we want peace in Ukraine, a comprehensive and lasting peace that is in line with the UN Charter and international law. Supporting Ukraine and working for peace go hand in hand

If Russia’s illegal aggression were to succeed, the repercussions would spread globally. The risk of regional hotspots in Asia, such as the South and East China Seas, the Taiwan Strait and others, to turn into open conflicts would increase. That is why Europe and its partners in the Asia Pacific have to take a joint stand. The support of many Asian countries at

the UN and elsewhere for the principles of territorial integrity, sovereignty and international law has been crucial.

But the reverse is also true: the EU is fully committed to uphold international law everywhere, not just in Ukraine. We work for peace and security around the world including in the Asia Pacific.

We need to be clear that Russia’s actions are responsible for the economic shockwaves in terms of food, energy and fertilizers. We have always exempted food and fertilizers from EU sanctions and we are monitoring any possible unintended effects.

More broadly, the Russian invasion has underlined the need for both Europe and Asia to avoid excessive dependencies. We must reinforce our collaboration to build more resilient and inclusive economies, protect our democracies and strengthen social cohesion. history and justice are on the side of Ukraine. But to accelerate history and achieve justice, we need to amplify our “triple strategy.” We know this is a collective task. That is why the EU is counting on all its partners, to act in a spirit of joint responsibility and solidarity: to ensure that aggression fails and international law prevails.

Mr. Josep Borrell Fontelles is the EU High Representative for Foreign Affairs and Security Policy and Vice President of the European Commission.

nothing’ bureaucrats are imperiling Vietnam’s economic boom

By Philip J. Heijmans & Nguyen Dieu Tu Uyen | Bloomberg Opinion

Increasingly, they’re choosing the last option—and it’s weighing on one of Asia’s fastest-growing economies.

Civil servants are wary of signing off on investment projects for fear they could be implicated next in a wide-ranging anti-graft campaign that has taken down three of the country’s top-ranking officials already this year, according to multiple bureaucrats who asked not to be identified for fear of retribution. Once-routine approvals for real estate developments or infrastructure spending are increasingly getting held up, they said.

One bureaucrat who oversees infrastructure approvals said he’d rather get scolded for doing nothing than risk being put in jail for making any perceived missteps. Another said the worry is most acute among local-level officials since they’re the ones who must sign off on projects and legal documents.

“Nobody in Vietnam wants to be on the record of approving anything right because they don’t know whether it will come back to them in the anti-corruption campaign,” said Albert Park, chief economist at the Asian Development Bank. Even his research department is struggling to get what’s usually a rubber-stamp approval for a project, he said.

Representatives from the prime minister’s office and the foreign affairs ministry could not be reached for comment.

Communist Party Chief Nguyen Phu Trong, the anti-graft campaign’s chief architect, has defended the yearslong effort as tough medicine

the war, the anniversary is a critical moment for Biden to try to bolster European unity and reiterate the West’s position that Putin’s invasion was a frontal attack on the post-World War II international order. The White house hopes the president’s visit to Kyiv and Warsaw will help bolster American and global resolve.

In the US, a poll published last week by The Associated Press-NORC Center for Public Affairs Research showed that support for providing

needed to promote Vietnam’s longterm stability. When the campaign first reached markets in March 2022, arrests of high-level business and securities officials spooked domestic investors but didn’t cause panic because the purge was touted as a way to tackle stock manipulation.

But when market regulators started canceling bond offerings a month later, investors paused to reassess the damage. Those worries deepened in January, when the antigraft campaign claimed its three biggest casualties—President Nguyen Xuan Phuc and two of Prime Minister Pham Minh Chinh’s deputies.

The cumulative push alarmed lowerlevel bureaucrats for fear they could be implicated next in a probe that ensnared more than 500 Communist Party members in 2022 alone.

The prime minister is now seeking to jolt the bureaucracy back into action to limit the economic fallout.

In recent weeks, he has organized high-level meetings with lenders, property executives and other key stakeholders to discuss ways to fix what they call bottlenecks in the market, such as resuscitating corporate bond issuance. he has also vowed to ease property stress, ensure economic stability and scolded ministers for not disbursing funds already approved for critical infrastructure projects.

“Officials are under pressure now to expend more state budget to meet the target and improve their economic management performance,” said Linh Nguyen, lead analyst for Vietnam at Control Risks. Whether

Ukraine with weapons and direct economic assistance is softening. And earlier this month, 11 house Republicans introduced what they called the “Ukraine fatigue” resolution urging Biden to end military and financial aid to Ukraine, while pushing Ukraine and Russia to come to a peace agreement. Biden dismissed the notion of waning American support during his visit to Kyiv.

“For all the disagreement we have in our Congress on some issues, there

Chinh succeeds will depend not only on his ability to ease anxiety among bureaucrats, but also to convince investors that Vietnam remains a stable and pro-business economy.

Trong, Vietnam’s most powerful leader, has given no indication for when the recent headline-grabbing investigations will ease. State-owned Voice of Vietnam dismissed reports looking at the economic fallout as “slanderous” and “being made for unscrupulous reasons as opposed to being based on facts.”

From banking to property, many business sectors have already faced mounting setbacks. Real estate firm closures in 2022 surged by nearly 40% while the country’s benchmark VN Index became the world’s secondworst major stocks gauge after Russia. The Asian Development Bank lowered its 2023 growth forecast as disbursement of public funds for health-care, parks, infrastructure and other spending has ground to a halt.

Traders say that finalizing a rewrite of the country’s bond issuance rules could help restore confidence in markets and get lending moving again, especially to the battered real estate sector. Chinh is reviewing a proposal to allow bond issuers to extend maturities by as much as two years, while ho Chi Minh City officials have vowed to address any paperwork delays in the property sector quickly.

Some foreign investors remain bullish on Vietnam’s long-term prospects as a supply-chain alternative to China. EuroCham’s Business Climate Index said that businesses moving their operations from China to Vietnam increased to 41 percent in the fourth quarter even as the anti-graft campaign continued.

Oliver Massmann, an attorney at Duane Morris Vietnam Llc. who has been helping businesses set up in the country for over 20 years, said that a

is significant agreement on support for Ukraine,” he said. he described the conflict as “about freedom of democracy at large.”

Biden had high praise for Poland’s efforts to assist Ukraine. More than 1.5 million Ukrainian refugees have settled in Poland since the start of the war, and millions more have crossed through Poland on their way to other countries. Poland has also provided Ukraine with $3.8 billion in military and humanitarian aid, according to the White house.

friendly and attractive business environment is still among top priorities for Vietnam.

“Party cleanup is political and might be at the expense of those who are foreign-investment friendly,” he said in an e-mail. “however, in the long run, clean companies will benefit more from this anti-corruption campaign while state related companies/projects might face more slowdown.”

Low-level graft in Vietnam has long been a concern among diplomats and investors, in part because—similar to other nations in the region—informal payments are a lifeblood to civil servants who routinely complain about low wages. But the strength of the government’s anti-graft campaign created its own bottlenecks for capital flows as paperwork stopped moving through Vietnam’s already-onerous bureaucracy.

Among the biggest complaints from foreign businesses is the widespread delay on licenses and other permissions. Nervous government agencies disbursed only 70 percent of planned funds last year, the lowest level since at least 2017, according to December data released from the finance ministry. That’s prompted Chinh to order them to accelerate spending. Some 17 ministries and provinces even handed out less than 50 percent of what the central government had originally assigned.

Banking is another sector that’s facing risks. In a jarring scene in October, scores of people flooded branches of Saigon Commercial Bank to pull out their savings amid rumors the lender was tied to a real estate conglomerate under investigation for fraud. Vietnam’s central bank spent the week calming markets and depositors as the bank raised interest rates to lure customers back. With assistance from Sheryl Tian Tong Lee /Bloomberg.

The Biden administration announced last summer that it was establishing a permanent US garrison in Poland, creating an enduring American foothold on Nato’s eastern flank.

“The truth of the matter is the United States needs Poland and NATO as much as NATO needs the United States,” Biden told Duda on Tuesday. Miller and Megerian reported from Washington. Associated Press writers Monika Scislowska in Warsaw, Evan Vucci in Kyiv and Kevin Freking in Washington contributed.

VietNA

m’s Communist Party is growing alarmed about a new mantra taking hold among bureaucrats: Do a lot, get in trouble for a lot. Do less, get in trouble for less. Do nothing, get in trouble for nothing.

‘Do

A20

HOUSE OPENS DEBATES ON RESO FOR CON-CON

By Jovee Marie N. dela Cruz

@joveemarie

THE House of Representatives on Wednesday started the plenary debates on Resolution of Both Houses 6 calling for a Constitutional Convention to propose amendments to the 1987 Constitution.

I n his sponsorship speech, House Committee on Constitutional Amendments Chairman Rufus Rodriguez said Congress cannot turn its back from the “truth and reality” that the 1987 Constitution needs to be reviewed for being what he called the third most restrictive in the world and the most restrictive in ASEAN.

Its inflexibility and restrictiveness hampers foreign direct investments (FDIs) to come in as much as they do in other countries. And the fact remains, as was pointed out by the representative of the Management Association of the Philippines, an association of 1,100 member-executives of Philippine listed local and multinational companies, that it is only Congress which can do this, in the exercise of its constituent function reposed upon by the Constitu-

tion under Article XVII, Sections 1 and 2. That is to either propose amendments by itself or call for a Constitutional Convention to do the same,” said Rodriguez.

“ While we are on the way to recovery, our ASEAN neighbors, notably Vietnam, are already way ahead of us in economic performance. Inflation and fiscal deficits are among the highest in the region, as well as the number of businesses closed. If we are to catch up, we need more FDIs to come in,” he added.

T he RBH 6 is calling for a Constitutional Convention where delegates shall both be appointed and elected by the people simultaneously with the next Barangay and Sangguniang Kabataan Elections on October 30, 2023.

T he convention is mandated, through a process of public hearings and deliberations, to submit the proposed charter change for the people’s ratification which shall be held not earlier than 60 days nor later than 90 days upon approval of the amendments or revisions, and the same shall be valid only when ratified by a majority of the votes cast.

Continued on A3

Catholics still Pinoy majority, but see slight dip in number

By Cai U. Ordinario @caiordinario

THE share of Catholics in the country fell to 78.8 percent in 2020, according to the latest data from the Census of Population and Housing released by the Philippine Statistics Authority (PSA).

Data showed that in 2015, Catholics comprised 79.5 percent of the population. This is 0.7 percentage points higher than in 2020.

T he same data on religious affiliations also showed the share of Iglesia ni Cristo members has also declined to 2.6 percent from 2.7 percent in 2015. However, the share of Muslims in the population increased to 6.4 percent in 2020 from 6 percent in 2015.

T hree religions—Roman Catholicism with 85.645 million members; Islam, 6.98 million; and Iglesia ni Cristo, 2.8 million‚were considered as the top religious affiliations in the Philippines in 2020.

O ther religious affiliations such as Seventh Day Adventist and Aglipay accounted for 0.8 percent of the population; Iglesia Filipina Independiente accounted for 0.6 percent of the total; and Bible Baptist Church had a share of 0.5 percent.

T he data also showed that 8.954 million Filipinos or 8.2 percent of the population belong to other religious affiliations. Further, 43,931 Filipinos do not have any religious affiliations.

The regions

OF the 17 regions, Region V - Bicol Region posted the highest proportion of Roman Catholics, comprising 93.5 percent of its household population.

It may be noted that three of the top 5 provinces with at least 90 percent of their population being Catholic, are found in the Bicol region.

T hese provinces are led by Albay with a total household population of 1.37 million; 96.2 percent or 1.32 million of these households are Catholic, making the province the most Catholic of all provinces nationwide.

T his is followed by Catanduanes, another province in Bicol. While it

PHL, Australia discuss joint patrols in South China Sea

By Rene Acosta @reneacostaBM

maritime patrols in the WPS, apparently to counter China’s aggressive activities there.

A ustralia is a key ally of the country and one of only two states after the US where it has an existing security agreement, this being the Status of Visiting Forces Agreement (SOVFA).

A side from joint patrols, which may possibly involve planes and ships, Australia and the Philippines are bent on strengthening their military alliance, which include training of forces.

on a regular basis.

“ We will be establishing on an annual basis now as a result of today’s meeting, a Defense Ministers’ Meeting, between our two countries, so that it becomes a formed institutional path of the architecture of our two countries, and we look forward to the first of those meetings, after this, occurring in Australia,” he said.

M arles said the Philippines and Australia will also sign a strategic partnership later this year.

T he idea of joint patrols was discussed on Wednesday during the meeting between Department of National Defense Officer in Charge Carlito Galvez Jr. and Australia Deputy Prime Minister and Minister for Defense Richard Marles.

M arles’ visit in the country coincided with the ongoing counter terrorism training between Philippine Army units and the Australian Army which began on Monday in Maguindanao and will last until end-March.

“(We are) also looking at ways which we can pursue joint patrols together in the South China Sea,

only has 270,775 households, 95.6 percent or 258,818 of them are Roman Catholic.

T he third Bicol province is Sorsogon, where 94 percent or 3.139 million of household population is Catholic. Sorsogon is ranked 5th nationwide in terms of having more than 90 percent of its households being Catholic.

O ther regions with high concentrations of Catholics were Region VIII-Eastern Visayas with 92.3 percent, and Region VII - Central Visayas with 90.5 percent.

E xcept for the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), which posted the lowest proportion of Roman Catholics at 5.3 percent, the proportion of Roman Catholics in the rest of the regions exceeded 50 percentranging from 54.1 percent in Region XII - Soccsksargen to 89.2 percent in Region IV-A-Calabarzon.

I slam is the most predominant religion in BARMM, accounting for 4.49 million persons or 90.9 percent of the 4.94-million household population in the region in 2020.

It was followed by Region IXZamboanga Peninsula with 18.2 percent, Soccsksargen with 15.8 percent; Region X-Northern Mindanao with 8.5 percent; and Region XI-Davao Region and Mimaropa Region with 3.5 percent each.

Meanwhile, Region XIII-Caraga, which is also in Mindanao, registered a proportion of Islam of only 0.5 percent. The rest of the regions posted proportions ranging from 0.1 percent each in Bicol and Region VI-Western Visayas to 1.3 percent in the NCR.

O f all the provinces, PSA said Tawi-Tawi registered the highest proportion of the household population who reported Islam as their religion, with 426,403 persons or 97.2 percent of the 438,545 household population in the province.

A ll the other provinces in BARMM registered proportions higher than 89 percent, namely: Interim province in BARMM with 96.3 percent; Sulu with 95.2 percent; Lanao del Sur with 94.7 percent; Basilan with 89.9 percent, and Maguindanao with 83.5 percent.

and looking at ways in which we can do more exercises together,” Marles said during a news briefing with Galvez at Camp Aguinaldo.

I f it pushes through, Australia would be the second country to join the Philippines in its patrol of its maritime waters in the West Philippine Sea (WPS), which China disputes and where it has recently harassed crew members of a Philippine Coast Guard vessel by flashing a military-grade laser.

D uring his visit to Manila earlier this month, US Secretary of Defense Lloyd Austin III disclosed that the US had agreed with the Philippines to resume their joint

“ We are sending one of the largest contingents to Exercise Balikatan in the coming months and we look forward to the Philippines, for the first time, sending observers to Exercise Talisman Sabre in Australia in August,” Marles said.

“All of these speaks to a deepening relationship, a relationship built on a very strong foundation both at the level of government and at the level of people. And we’re really excited and filled with optimism about where this relationship goes,” he added.

Marles said that during his meeting with Galvez, they agreed that the Philippines and Australia will hold a defense ministers’ meeting

Meanwhile, Galvez said he affirmed with his Australian counterpart the need for both countries to work together toward the goal of maintaining a free, open and secure Indo-Pacific region.

“

We also agreed to explore other possible areas of cooperation while reaffirming that counterterrorism and maritime security remain as core pillars of our nations’ bilateral defense cooperation,” Galvez said.

“

The Philippines also reiterated its appreciation to Australia for its consistent support to the 2016 Arbitral Tribunal award, and at the same time, its continued support during the Covid-19 pandemic,” he added.

DA: Sugar imports ‘hastened’ to fight inflation

By Samuel P. Medenilla @sam_medenilla

TO help address soaring inflation, the Department of Agriculture (DA) confirmed on Wednesday it has “hastened” the importation process for sugar.

I n a press conference in Malacañang, Agriculture Undersecretary Domingo F. Panganiban said he authorized three “capable and accredited” firms to push through with their importation.

T his, even if the Sugar Regulatory Administration (SRA) has yet to issue an official Sugar Order (SO) for the said procedures.

L ast Tuesday, Senator Risa Hontiveros revealed DA allowed All Asian Countertrade, Sucden Philippines Inc., and Edison Lee Marketing Corp. to import 450,000 metric tons (MT) of sugar, supposedly upon the instruction of President Ferdinand R. Marcos, Jr. through an Executive Order signed byExecutive Secretary Lucas P Bersamin T he shipment of sweeteners from the said firms arrived on Feb. 9, 2023.

Hontiveros said the importation might be considered as “governmentsponsored” smuggling since it did not go through the usual procedures.  Panganiban confirmed the de -

tails of the expose of Hontiveros, saying the said firms were allowed to do so on the condition they “reduce the prices of sugar, sell the commodity, and shoulder the cost of warehousing.”

“

In response to the directive of the President to address inflation and create a buffer stock and given that sugar is one of the components of most of commodities that drives the consistently high inflation rate, I acted with haste and interpreted the memorandum issued by the Office of the Executive Secretary as an approval to proceed with the importation,” the agriculture official said.

The directive was for them to bring it at a time that the sugar in the country is being harvested and that will be coming in February, March, and April,” he added.

He stressed the President, who is the chairman of the Sugar Regulatory Board (SRB), knew of the sugar importation

Yes, he was aware. The sugar arrived on February 9. He was properly informed that the sugar has already arrived,” Panganiban said.  L ast year, Marcos replaced the members of the SRB after it issued an SO without his permission, supposedly to address sugar shortages.

THE Philippines and Australia are looking at the possibility of conducting joint patrols in the South China Sea as both countries worked to deepen their operational cooperation in the areas of defense and security.

JEEPNEY PHASEOUT Considered as Manila’s king of the road for decades, the clock is ticking fast for the iconic jeepney, shown here with its driver waiting for passengers in Pasay City. Regulators have extended anew—but only until June 30 this year, with no further reprieve—the deadline for the consolidation of PUV franchises—supposedly in a bid to modernize public transportation. The compulsory franchise consolidation is an “entry point for the corporate capture of small-capacity public transport as only huge corporations have the financial capacity to purchase the required 15 minibuses to operate a single route without being buried in debt,” transport groups assert. NONIE REYES

Editor: Jennifer A. Ng

Companies

Thursday, February 23, 2023

Office vacancies in NCR to persist till 2025–report

By VG Cabuag @villygc

City (BGC) accounted for more than half of annual demand at 141,000 square meters and is expected to be the main driver of Metro Manila’s performance this year.

“We forecast net absorption to slightly increase in 2023, but may be isolated in the top submarkets, such as Makati CBD, or tigas Center, Quezon City and Bay a rea in Manila,” KMC Savills said.

it said there is an office supply glut in Metro Manila.

each other with better incentives. However, newer buildings are at an advantage as tenant demand shifts towards quality and competitive rates.”

it said, however, that average rents slid by 3.4 percent year-on-year, as the aging building stock dragged the submarket.

Meanwhile in BGC, the preference for the location has allowed landlords to enjoy single-digit vacancy rates.

Frederick r a ra, the company’s senior manager for research and consultancy, said developers should not expect occupancy rate to return to above 85 percent of office stock during the next two to three years. He said the top submarkets may possibly avert a prolonged office supply, but the Makati central business district (CBD) and ortigas Center are still at risk if office demand from the business process outsourcing sector loses steam in favor of provincial markets.

“We maintain our recommendation to landlords to prioritize occupancy over yields in 2023.” last year, the Metro Manila office market rebounded with a net absorption of about 270,900 square meters, a reversal of the negative take-up in the previous year, the company said. More than a third of the demand was recorded in the fourth quarter as rents continued to decline, which at the end of the year, was down by 0.8 percent.

Demand from Bonifacio Global

“With almost 1.7 million square meters of vacant Grade a office space, another 1.2 million square meters in the pipeline, changing occupier strategies and rising interest rates, the office market is in an unsustainable condition at these rates,” the company said in its research note.

For the Makati, there was a huge demand for one ayala buildings, located at the former site of the intercontinental Hotel, as vacancy rate was pulled up to 15.7 percent.

a long ayala avenue, the competition between premium buildings persists as landlords try to outplay

“We remain positive in our outlook for BGC as it dominates the Metro Manila (office sector). a round 160,000 square meters of green buildings are expected to be completed in 2024, or more than twothirds of the supply.”

For the residential market, the middle market products that are due to be turned over this year and 2024 should be closely monitored as there is a risk of defaulting among buyers.

it also advised investors to put their money instead in bonds rather than the residential market as this sector is expected to be shaky through next year.

Tiu allots ₧2.6B for corn venture

Billionaire a n tonio l T iu on Wednesday said he is increasing his focus on agriculture and food security and will invest some P2.6 billion for a 20,000-hectare corn plantation through publicly-listed a g ri nu rture i nc. ( a ni )

“My main focus right now is to grow a ni s revenue, to improve the profitability, to bring in new projects, and to be a major participant in solving the food security issues of the country,” Tiu told reporters in an interview. He said a g ri nu rture is planning to borrow the P2 billion for the project from government-owned banks and come up with an equity amounting to P600 million.

Tiu said the firm has long been preparing to develop a 20,000-hectare corn plantation in Bansalan, Davao del Sur for the production of a blend of rice and corn grains or “bigas-mais” for public consumption to cut the country’s rice imports.

“We tend to import rice because it is readily-available in the global market. However, as the pandemic has shown us, there are times when you cannot ensure food security even if you have money.”

He said it takes more than 3,000 liters of water to produce one kilogram of palay or unmilled rice so the Philippines cannot be competitive in rice production because it does not have sources of a large

water supply like Vietnam’s Mekong r i ver.

“For corn, it needs less than 1,900 liters, sometimes 800 liters, so it’s less than a third or even one fourth of the water footprint of rice. Corn is thus more suitable for the Philippines.”

Corn used to be a staple food in the Visayas and Mindanao during the 1960s but the Visayans have become rice eaters in recent decades, he said. This has increased the demand for rice while the local corn industry has been left behind despite the fact that yellow corn is an important component for the production of animal feeds.

Tiu said a g ri nu rture decided to open its corn plantation in Mind-

anao because the region is not usually visited by typhoons.

“We will be using hybrid corn seeds and we’ll be using modern technology so we can produce about 10 to 15 metric tons per hectare per year or a total of 200,000 to 300,000 tons of corn per year.”

Tiu said this is only for Bansalan and a ni wants to capitalize on other sites, such as the penal colonies or areas abandoned by indigenous peoples with whom his company can partner for corn production. He said a ni s goal is to produce 1 million metric tons of corn a year in three years’ time. This timeline takes into consideration the signing of agreements and securing its required land area. VG

Cabuag

B1

SpaceX launches Starlink in PHL

By Lorenz S. Marasigan @lorenzmarasigan

Elon Musk’s SpaceX officially launched its low earth orbit (leo) satellite internet service Starlink in the Philippines on Wednesday.

in a Twitter post that was retweeted by the a merican billionaire Musk, SpaceX said: “Starlink is now available in the Philippines.”

on its official website, the Philippines is now highlighted as one of the countries where Starlink’s satellite internet services are now available. according to the website, a Starlink account costs some P34,720 to start: P29,320 for the hardware, P2,7000 as a deposit, and another P2,700 in monthly service fees. The listed prices are much cheaper than the fees announced by SpaceX Senior Manager r eb ecca Hunter in July 2022. She said the prices of Starlink services for the Philippines are expected to reach $599 (or about P33,000)

for the hardware and $99 (or about P5,459) for the monthly service fees.

Starlink appears to be available throughout the country, as the BusinessMirror tried to input farflung locations such as Batanes and Jolo, Sulu.

Starlink is backed by the Sy Family’s Data l a ke inc., the first Starlink integrator in the country and in Southeast a sia.

The Department of information and Communications Technology declined to comment on the announcement.

The national Telecommunications Commission approved Starlink internet Services Philippines inc.’s registration as a Value-added Service (Va S) provider last year.

Starlink is expected to cover villages in urban and suburban areas and rural areas that remain unserved or undeserved with internet access services. The service is expected to bring cost-effective internet access to these areas.

sales rise at fastest rate in decade

Danone’S revenue grew at the fastest rate in more than a decade, boosted by higher prices on products from activia yogurt to ev ian water.

Sales rose 7.8 percent on a likefor-like basis in 2022, Danone said Wednesday, beating analysts’ estimates. The stock rose as much as 2.8 percent in early trading.

Chief executive a ntoine de Sainta f frique is implementing a turnaround plan for the French food company at a time when inflation hovers near 40-year highs in europe and the United States. He’s struggling to boost the company’s volumes, which have dropped for seven consecutive years, and its operating margin, which shrunk to the lowest level in more than a decade.

Danone raised prices by the most since the 1980s, along with its competition, though that still didn’t cover all the extra costs. Consumer goods companies are in a quandary over how much raw material inflation to pass on to shoppers. absorbing costs means lower profitability, while if they raise prices too much, there’s a risk of losing market share.

Work to do

“We should not lose sight of the fact that we are not yet near a turnaround,” wrote Bernstein analyst Bruno Monteyne. He cited an accelerating decline in quarterly volumes, a sales forecast that’s lower than the

competition, and low margins.

Volumes fell 0.8 percent as pricing rose 8.7 percent. Part of the reason for the drop in volume was Danone’s decision to simplify its product portfolio and eliminate items that are underperforming, Juergen e sser, deputy Ceo in charge of finance and operations, told analysts on a call. That process will continue in 2023, particularly in europe, he said.

The yogurt maker forecast likefor-like sales growth of 3 percent to 5 percent this year, with moderate improvement in its recurring operating margin. That would be the first improvement in profitability since 2019. CFo esser said the company expects a gradual slowdown in inflation and a better gross margin in 2023.

Danone is making good progress on its plan for its russian dairy and plant-based foods unit, which it plans to sell, esser said, adding that the local regulators would have to approve any sale. Financial newspaper Kommersant reported this month that Danone is hoping to keep up to 25 percent of the business, a spot on the board of directors as well as an option to return.

The company has also been seeking to sell underperforming US yogurt brands Wallaby and Horizon organic. Danone is looking for bolton acquisitions as well, though its priority is deleveraging debt, Ceo de Saint-a f frique said. Bloomberg News

“GIVE LOVE, GIVE BLOOD” Eternal Gardens Cabanatuan, in partnership with the Philippine Red Cross Nueva Ecija Chapter, organized a post-Valentine’s Day bloodletting event entitled “Give Love, Give Blood” on February 15, 2023, at the Eternal Gardens Cabanatuan Office Training Room, Emilio Vergara Blvd., Brgy. Sta. Arcadia, Cabanatuan City. Among the participants who donated blood were officers and staff of Eternal Gardens Cabanatuan branch and members of the Cabanatuan City LGU. The bloodletting activity is a project of the company and the local Philippine Red Cross chapter that started in 2018 but had been halted by the pandemic. This year marks its resumption, which is in line with the company’s advocacy to support social and economic programs of the government and contribute to the growth and well-being of the community.

Despite the “commendable rebound” in office net absorption last year, property consultant KMC savills inc. on Wednesday said there will still be vacancies in office spaces in the National Capital Region (NCR) at least through 2025.

Govt to borrow ₧200B from local debt market

The national government aims to borrow P200 billion from the domestic debt market next month through the sale of Treasury bonds (T-bonds) and bills (T-bills).

The Bureau of the Treasury (BTr) announced last Wednesday the schedule and volume of T-bills and Tbonds that it plans to raise for March.

The Treasury said it plans to raise P75 billion from the sale of T-bills and P125 billion from the auction of T-bonds.

The year has been good to the Treasury as it has been able to achieve near full-award and even full-award of government securities as investors’ asking interest rates ease within or even below secondary market benchmark levels.

in its last February T-bonds offering, the Treasury successfully raised P35 billion for the seventh consecutive time. (Related story: https://businessmirror.com. ph/2023/02/22/government-

raises-%e2%82%a735b-from-tbonds-sale/)

The Treasury was able to raise P58.05 billion from the auction of T-bills, P1.95 billion less than its target amount of P60 billion for February.

nonetheless, Treasury successfully held its 29th tranche of Retail Treasury Bonds (RTB) offering this month with the government raising P283.711 billion. (Related story: https://businessmirror.com. ph/2023/02/16/treasury-raises%e2%82%a7283-711bon-strongdemand-for-rtbs/)

For the whole year, the national government plans to borrow P2.207 trillion with a 75:25 mix in favor of domestic sources.

in terms of domestic borrowings, the national government aims to raise a total of P1.654 trillion, P54.1 billion of which coming from the sale of T-bills while the remaining amount would come from the auction of T-bonds. Jasper

Emmanuel Y. Arcalas

Corruption-plagued DOF unit scrapped; now under BIR, BOC

By Samuel P. Medenilla @sam_medenilla & Jasper Emmanuel Y. Arcalas @jearcalas

been paid to evidence which tax credit certificate (TCC) shall be issued by the Finance secretary or their duly authorized representative. Meanwhile, duty drawback refers to the refund or credit of duties, and may include internal revenue taxes actually paid for importation, in whole or in part.

AO 4

“The operations of the Oss Center, which had been plagued by corruption allegations over the years and had been defunct since 2016, is now rightfully under the Bureau of internal Revenue (BiR) and the Bureau of Customs (BOC),” Diokno was quoted in a statement as saying. “This will streamline revenue operations and reduce administrative expenses.”

“ it is also important to note that the Os s Center has not processed and issued any tax credit certificates since 2016. it is not practical for the government to provide for its budget every year since it does not perform its functions anymore,” Diokno said.

The DOF said tax credits are credits against taxes and/or duties equal to those actually paid or would have

i T was in 1994 when the Oss Center was made a permanent unit of the DOF. According to the DOF chief, some Oss Center officials and employees have been found to have committed several tax credit scams involving billions of pesos over the years. it was Diokno who recommended last year to President Ferdinand R. Marcos to abolish the Oss Center “for purposes of institutional strengthening and to promote economy, efficiency, and effectiveness in the delivery of public services.”

Last Monday, Marcos issued through executive secretary Lucas P.

Bersamin Administrative Order (AO)

4 sealing the fate of the Oss Center.

The DOF is required to fully enforce the abolition within 90 working days upon the effectivity of AO 4 “including the disposition and transfer of the Oss Center’s functions, personnel and assets as may be necessary.”

Under AO 4, the Oss Center’s functions of processing and issuing tax clearance certificates (TCCs) and duty drawbacks will be transferred to the BiR and the BOC, respectively. AO 4 also ordered that all cash separately held in trust or otherwise by the Oss Center directly remitted to the national Treasury.

The displaced Oss Center personnel will “receive separation benefits... unless they are appointed to other positions in the government.”

The Oss Center was created after then President Corazon C. Aquino issued AO 266, which mandated the “orderly and expeditious processing of tax credits and duty drawbacks under various laws.”

Insular Life plunks funds into Asean Green Bonds

The insular Life Assurance Co. Ltd. (insular Life) announced last Wednesday it has invested in the Asean Green Bonds issued by the Citicore energy Rei T Corp. (CRei T ).

The country’s oldest insurer disclosed that the fixed-rate bonds of CR ei T has a coupon rate of 7.0543 percent—which it noted was a “a first of its kind—and will mature in February 2028.

SECOND HUB This Monday, February 13, 2023

(L-R)

insular Life executive Chairman nina D. Aguas said the investment in CR ei T ’s bonds would help the company improve its goal of “promoting sustainability.”

“We want to continue creating value through sustainable investing,

and we are thankful for the opportunity CR ei T afforded us,” Aguas was quoted in a statement as saying. she added the firm, “being a mutual company that is owned by its policyholders, has always endeavored to be sustainable and thrive in various circumstances.”

“After all, we must be able to fulfill our future obligations when they become due,” Aguas said.

insular Life Chief investment Officer Vera Victoria C. Morales said the “sustainable” investment is in line with the company’s mission of providing “high-value” insurance products and services “while leaving a good legacy for the future generations.”

The insurer noted that CR ei T ’s Asean green bonds have been rated PR s Aa+ with stable outlook by the Philippine Rating s e rvices Corp. The rating indicates that CR ei T i s capable of meeting its financial obligations.

“The proceeds of the offering will be used to acquire a solar rooftop system and land parcels in Batangas that will be leased to solar power generators and operators affiliated with CR eiT ’s sponsor, Citicore Renewable energy Corp. (CR eC),” it said.

insular Life has previously made investments in other sustainable undertakings. Last year, the company made a “significant” investment in south Luzon Thermal energy Corps.,

a subsidiary of Ayala-led listed energy firm ACen Corp., as the firm transitions to renewable energy.

i n 2018, i n sular Life bought the i nternational Finance Corp. Green Bonds that sought to fund projects that promote renewable power, energy efficiency, sustainable agriculture, green buildings, among others.

The insurer said it recently launched its “systematic Global sustainable investment Fund,” or “GsiF.” “A first in the industry, GsiF is an investment fund that supports environmental-, social- and governancefocused outcomes with the potential to earn monthly payouts,” it added.

Jasper Emmanuel Y. Arcalas

Solon seeks ‘flow back’ from import tariff revenues Taguig posts increase in biz tax collections

By Jovee Marie N. dela Cruz @joveemarie

ALe ADeR of the house of Representatives is proposing that tariff revenues from fish imports be used to back-stop the fisheries sector, particularly marginal and municipal fishermen. house Committee on Ways and Means Chairman Joey sarte salceda said a mechanism for the domestic sector should be present for all import-tariff revenues.

“About 63 percent of fishing-dependent households are poor—that is the largest of any sector in the country. And imports tend to displace their livelihoods further. so, there has to be a flowback mechanism where they benefit from import tariff revenues,” sa lceda said.

“At the top, we can extend production support. For the middle, it’s value-chain and market-facilitation, as well as the hatcheries that BFAR [Bureau of Fisheries and Aquatic Resources] constructs.

But at the bottom, we really need subsidies,” he added.

The lawmaker issued such pronouncements during the committee hearing of the house Committee on Aquaculture and Fisheries—chaired by Rep. Alfredo D. Maranon iii to discuss house Bill (hB) 4859. The bill seeks to provide fuel subsidy for municipal fishermen. sa lceda also said that “at the proper time, and through the author [Rep. Gustavo s Tambunting],” he will “propose amendments to include the tariff flowback mechanism.”

World Bank loan

Me A n W hiLe , he also appealed to the BFAR to strengthen first-border inspection of fish imports, “which are one of the most heavily smuggled products,” so that tariff revenues can be collected.

sa lceda also urged the BFAR to expedite the completion of some 54 legislated hatcheries, emphasizing that “only three have been fully completed.”

The lawmaker also suggested that the BFAR access grant funds from the Fisheries and Coastal Resiliency (FishCoRe) project, a P12.5-billion loan of the Philippine government with the World Bank.

According to sa lceda, the loan is set to go online this year.

“Although the project scope is only limited to certain areas, the technical assistance component could perhaps be used for the feasibility studies for the legislated hatcheries,” he said. “it seems that that is a significant holdup, as it takes the BFAR currently about a year to complete, given in-house capacity.”

sa lceda added that he will write to President Ferdinand R. Marcos Jr. and Finance secretary Benjamin e Diokno to consider adding feasibility study preparation in the technical assistance package.

sa lceda added he will appeal to Marcos and Diokno to allow the BFAR to access funds from FishCoRe project towards “pre-project requirements for our hatcheries.”

By Claudeth Mocon-Ciriaco @claudethmc3

The City of Taguig announced last Wednesday it saw an increase of P1.17 billion in business taxes after collecting P4.38 billion through its Business One stop shop (Boss) mechanism.

Taguig Mayor Maria Laarni “Lani” L. Cayetano expressed gratitude to business owners for setting up shop in the city and for paying their taxes. Cayetano emphasized these taxes come back in the form of services and benefits for Taguigeños. The city credits the increase in business-tax collections to a new system, following Cayetano’s order that allowed business owners to apply for permits and pay taxes “quickly, accurately and hassle-free.”

The Business Permits and Licensing Office and the City Treasurer’s Office integrated the payment of Barangay fees.

Business owners no longer needed to secure clearances from the barangays separately.

The Business Permits and Licensing Office said that new protocols for handling applications of taxpayers were implemented resulting in “fewer requirements and faster and more convenient” processing of permits.

Under its “Boss” mechanism for 2023, business owners could process business permits at a satellite office inside a shopping mall and at the newly-opened Convention Center at the new City ha ll Building, a statement from the city government read.

Once applications are approved, business owners can

have their permit sent via courier or print it themselves, it added.

“The new system also allows applicants to view their billing statements online.”

City Treasurer J. Voltaire L. enriquez said there is marked improvement not just in collection of taxes but in the overall operation of the local government’s Boss mechanism and customer satisfaction.

“Payment and releasing were fast; taxpayers did not line up until midnight to settle their taxes or wait for their business permits; there was no rush to beat the deadline; and there were no irate customers protesting,” enriquez said.

nonetheless, the latest post on the BPLO Facebook page noted a complainant who said it took 10 hours for the release of a document.

China urges state-owned firms to phase out using four biggest accounting firms

Chinese authorities have urged state-owned firms to phase out using the four biggest international accounting firms, signaling continued concerns about data security even after Beijing reached a landmark deal to allow Us audit inspections on hundreds of Chinese firms listed in new York. China’s Ministry of Finance is among government entities that gave the so-called window guidance to some state-owned enterprises as recently as last month, urging them to let contracts with the Big Four auditing firms expire, according to people familiar with the matter. While offshore subsidiaries can still use Us auditors, the parent firms

were urged to hire local Chinese or hong Kong accountants when contracts come up, one of the people said, asking not to be identified discussing private information.

China is seeking to rein in the influence of the Us -linked global audit firms and ensure the nation’s data security, as well as to bolster the local accounting industry, the people said. Beijing has been giving the same suggestion to state-backed firms for years, but recently re-emphasized that companies should use other auditors than the Big Four, the people added. no deadline has been set for the changes and replacements may happen gradually as contracts expire. While the China-Us audit deal last

year was hailed as a sign that the competitive superpowers can still work together on some issues, Beijing’s audit guidance is a reminder that decoupling is still proceeding in sensitive areas like sOes and advanced technology. One risk for China is that shifting to lesser-known auditors will make it harder for sOes to attract capital from international investors.

“it builds in a further hurdle for Chinese sOes in terms of appealing to international capital,” said Richard harris, chief executive officer of hong Kong-based investment business consultancy and fund manager Port shelter investment Management. “i’m not sure if the data held

secret as a result is likely to be important enough to justify inhibiting that access to international capital as accountants have a legal obligation to be confidential.”

China’s finance ministry and representatives of the Chinese offices of PricewaterhouseCoopers LLP, er nst & Young, KPMG and Deloitte & Touche LLP —collectively known as Big Four auditing firms—didn’t respond to requests seeking comment.

The frosty relationship between China and the Us shows no signs of abating, with the episode over an alleged Chinese spy balloon adding further tension. But the audit breakthrough last year was seen as a positive sign, ending decades-long spat

that threatened to kick more than

200 Chinese firms off the American exchanges.

The Us Public Company Accounting Oversight Board in December completed its first-ever on-site work paper inspection of some of the largest Chinese companies and said it was able to sufficiently review audit documents during the trip to hong Kong, which was hosted by PwC and KPMG. The PCAOB is planning further reviews this year. however, several big state firms including China e a stern Airlines Corp., China Life insurance Co. and Petrochina Co. have voluntarily applied to delist from the American exchanges.

Winners and losers

G e T T i n G shut out of Chinese state-owned business would be a blow to the accounting firms.

The Big Four earned combined revenue of 20.6 billion yuan ($3 billion) from all Chinese clients in 2021, according to the finance ministry. some 60 hong Kong-listed companies with Chinese headquarters— state-owned and private—have changed auditors since september last year, when the PCAOB started its historic review. smaller Chinese and hong Kong firms gained almost 20 jobs from the Big Four, according to hong Kong exchange filings. Bloomberg News

FINANCE Secretary Benjamin E. Diokno lauded the abolition of the One-Stop Shop (OSS) InterAgency Tax Credit and Duty Drawback Center, which he said has been a nest of corruption within the Department of Finance (DOF).

photo shows officers of the EastWest Ageas Life Insurance Corp. during the opening of the firm’s second center in the Ortigas Business District. On front row

are: Chief Agency Officer Jek Hernandez; Chief Distribution Officer Jim DeLong; Chief Operating Officer Rowena Jongco-Empalmado; and, Chief Human Resource Officer Lois Vi O. Dalida. On back row (left to right) are: Ageas Asia Regional Director Simon Ashton; Chief Legal and Compliance Officer Calvin Kohchet-Chua; and, President and CEO Sjoerd Smeets. PHOTO COURTESY OF EaST WEST agEaS LiFE inSUR anCE CORP

Agriculture/Commodities

‘RCEP will help hasten PHL agri development’

By Butch Fernandez @butchfBM & Jonathan L. Mayuga @jonlmayuga

THE Regional Comprehensive Economic Partnership (RCEP) can help advance the country’s agricultural sector and will enable the Philippine economy adapt to the fast-changing global trade, according to Senate President Pro Tempore Loren Legarda.

T he Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas (Pamalakaya), however, denounced the ratification of RCEP, saying the country’s local industries, including the agri-fisheries sectors will be “adversely affected.”

L egarda said she and Senate President Miguel Zubiri pitched for the creation of an oversight committee that will strictly monitor the agencies’ support programs for micro, small and medium enterprises (MSMEs) and the agriculture sector. The resolution approved by the Sen-

ate took into consideration the concerns of various stakeholders and those opposed to RCEP.

T he senator made the assurance that the recommendations submitted by the oppositors are part of the resolutory clauses of the resolution and that there will be government support programs in favor of farmers and fishers as well as representation of indigenous peoples, women, and other marginalized sectors.

I’m taking that big leap of faith, so to speak, so that we can go along with the other Asean nations, our neighbor Indonesia, as well as, Myanmar and Laos. Huwag naman tayong maungusan pa ng ibang bansa kung hindi tayo makasama sa RCEP na ito,” Legarda said.

“

We have to move forward, and we have to move forward along with our neighboring Asean nations lest we’ll be left by the wayside.”

She noted that only 15 agricultural commodity groups corresponding to 33 tariff lines would have lower

tariff rates under RCEP compared with those in some Asean+1 free trade agreements. Citing the National Economic and Development Authority, she said this is equivalent to only 1.9 percent of the 1,718 agricultural lines and 0.8 percent of the total agricultural imports.

Of these 33 tariff lines, 17 are raw materials, 8 are intermediate products, and only 8 are final goods. The remaining agricultural tariff lines will have equal, or higher rates than other Asean+1 FTAs, or are excluded from import tariff concessions under the RCEP.

All the Asean nations have ratified RCEP, and it is to our disadvantage if we do not join RCEP because RCEP countries who are our trading partners outside of Asean will put down their tariffs for other Asean nations, who will be exporting the same produced to those countries like China, Japan, South Korea, Australia, and New Zealand, while products from the Philippines will enter

those countries with high tariffs,” Legarda said.

She also underscored the significant roles of implementing agencies and the Executive department in the improvement of the country’s agriculture sector. We cannot say that there is no more hope. For me, hope springs eternal. That is why we solicited the inputs of our farmers and fisherfolk. If the Department of Agriculture does not do their job in terms of eliminating smuggling and in terms of giving help to farmers who cannot access the Rice Competitiveness Enhancement Fund, life will not be better for our farmers and fisherfolk,” she said.

“Kailangan natin ang wholeof-government approach para paigtingin ang kalakal, ang agrikultura, ang pagbibigay ng pagkain sa mga taong nagbibigay ng pagkain sa ating hapag kainan.

‘A bane to fishers’ “RCEP will further flood our local

SRA still reviewing applications for sugar allocation, says board member

By Jasper Emmanuel Y. Arcalas @jearcalas

THE volume of sugar under Manila’s latest import program has not yet been allocated to traders as the government is still processing their applications, according to a member of the Sugar Regulatory Administration (SRA) board.

S RA board member Pablo Luis

Azcona on Wednesday told reporters that the SRA is still in the process of accepting applications as per the guidelines of Sugar Order (SO) 6.

Under SO 6, which authorized the importation of 440,000 metric tons (MT) of sugar, the SRA will accept applications for 5 calendar days upon the effectivity of the order or until February 24.

A zcona said the SRA has not received any requests from the Customs bureau for sugar shipments that entered the country.

Under existing rules and regulations, all imported sugar stocks require clearance from the SRA prior to release by Customs officials.

A zcona made pronouncement after Sen. Risa Hontiveros raised questions about SO 6, particularly the allocation of the import volume.

Hontiveros claimed that internal letters between agriculture and sugar officials indicated that the 440,000 MT have already been divided among

THE Department of Agrarian Reform (DAR) has recently distributed a total of 1,290 land titles covering 1,171.34 hectares of agricultural lands in Bohol, Cebu and Negros Oriental.

DAR Secretary Conrado Estrella III led the distribution of land titles to 1,321 agrarian reform beneficiaries during a simple ceremony on February 21.

The distribution activities were simultaneously held in the 3 provinces of Central Visayas, with Estrella leading the event in Bohol, Undersecretary for Field Operations Office (FOO) Kazel Celeste in Negros Oriental, and Assistant Secretary Marjorie Ayson in Cebu.

DAR said about 501 ARBs received 602 land titles, covering 544.05 hectares in Bohol Province. Of these land titles, 483 are electronic titles (e-titles), generated under the under the agency’s Support to Parcelization of Lands for Individual Titling (SPLIT) project, comprising 471.15 hectares distributed to 402 ARBs.

T he remaining 72.89 hectares were provided with 119 certificates of land ownership award (CLOAs)

three importers even prior to the approval of SO 6.

Meanwhile, sugarcane planters’ groups on Wednesday urged Congress to investigate the alleged arrival of some 5,000 MT of sugar at the Batangas port.

T he groups lamented that the shipments entered the country before SO 6 was issued by the SRA board. The groups include the National Federation of Sugarcane Planters Inc., Con-

given to 99 farmers.

Negros Oriental distributed 480 land titles, covering an aggregate area of 330.63 hectares, to 474 ARBs. Of these, 175 are e-titles, covering 145.73 hectares, distributed to 212 ARBs; 271 are CLOAs, covering 164.83 hectares, to 238 ARBs; and 34 are emancipation patents (EPs), covering 20.07 hectares, for 24 ARBs.

In Cebu province, 208 CLOAs, covering 296.66 hectares, were distributed to 346 ARBs.

T he SPLIT Project is the subdivision of agricultural lands and issuance of individual land titles to ARBs who were previously awarded lands under collective CLOAs.

“Hold on to your land titles and take care of your farmlands because this administration will pour out various support services in your community to boost your livelihood activities,” Estrella said.

A side from the provision of lands and support services, the DAR is working in tandem with the lawmakers for the eventual approval of a bill to make the lands distributed to the ARBs

federation of Sugar Producers Association Inc., Philippine Sugar Millers Association, and Panay Federation of Sugarcane Farmers Inc.

T he BusinessMirror reported last week that President Marcos Jr. will have the final say on the sugar allocation of every eligible importer under the latest importation program of the national program, based on SO 6.

SO 6 stipulated that the allocation

AFTER an extraordinary heat wave smothered much of India last year and forced the country to restrict wheat exports, farmers are closely guarding their fields as the threat of another extreme weather event looms.

Several parts of the country are witnessing unusually warm weather for this time of the year, including in the biggest wheat-growing areas. The plants are reaching maturity or close to flowering, making them very sensitive to heat. High temperatures can result in output losses, the weather office has warned.

India’s wheat harvest is the biggest globally after China. It’s a staple in the local diet and important for food security. Prolonged heat could cut production for a second straight year, hurting efforts to control local food costs. It also means the country will likely retain export curbs, which will keep the world market tight amid dry weather in the United States and the ongoing war in Ukraine.

Keeping food costs in check is a top priority for Prime Minister Narendra Modi before polls in several states this year and the general election in 2024. State reserves of wheat

market with cheap imports at the expense of our farmers and fisherfolk,” Fernando Hicap, Pamalakaya national chairperson said in a statement.

T he Philippines imported almost 200,000 metric tons of round scad and other pelagic fishes from China, Vietnam, and Taiwan from 20182022, says Hicap. This, he noted, was done even when the RCEP was not yet put in place.

Now that the Philippines has formally joined the RCEP, large volumes of imported agricultural products are expected to flood our country. This will threaten our local industry that has been neglected, and which will be outcompeted by imports.”

Hicap said other impacts of RCEP in the fishing sector include possible “intensified conversion projects in fishing grounds and coastal areas by Chinese investors and developers; and expansion of private aquaculture in municipal fishing grounds

funded by Chinese firms for export in their country.”

By railroading the RCEP, the Marcos administration has openly demonstrated its subservience to foreign countries, particularly to China that has been pushing the said mega free trade deal. It is very disappointing that the Marcos administration and its legislators did not even consider the ongoing usurpation of China in the West Philippine Sea before they approved the RCEP.”

Pamalakaya, an umbrella organization with local chapters across the country, maintained that policies anchored on import-liberalization should stop, insisting that local fisheries capture industry should instead be supported and strengthened by the government.

“By breaking free from foreign policies that favor powerful countries such as China can the Philippine government only effectively assert our national sovereignty.”

Romualdez: Govt will intensify campaign against agri smuggling

By Jovee marie N. Dela Cruz @joveemarie

FOLLOWING the discovery of warehouses hoarding onions and garlic, the speaker of the House of Representatives on Wednesday said the government’s “intensified and relentless campaign” against agricultural smuggling will continue.

Speaker Ferdinand Martin G. Romualdez commended law enforcement agencies for heeding his call to raid warehouses suspected of hoarding onions and garlic.

H e said the smuggling of agricultural products poses a significant threat to the country’s food sustainability, as it causes artificial price increases, significant losses to the government’s revenue, and undermines the competitiveness of local farmers.

per importer will need the approval of the Department of Agriculture, which is headed by Mr. Marcos.

T he allocation per importer under the latest round of importation would be based on the recommendation of the SRA board.

In the previous sugar import programs, the SRA board capped the volume per importer or gave prorated allocations to each eligible member.

used to supply the food program for the poor have shrunk to the smallest for this time of year since 2017, underscoring the tight supply.

W hile India’s crop is in good condition for now, farmers need to water their fields frequently to prevent any yield losses, said Gyanendra Singh, head of the Indian Institute of Wheat and Barley Research. They’re also advised to look out for pests and diseases that tend to thrive when the weather warms.

The farm ministry forecasts wheat production will hit a record high this season. Despite that, domestic prices have stayed elevated. The average retail cost of wheat is about 19 percent higher than a year ago while flour prices have jumped 20 percent, according to the consumer affairs department. Officials have announced the sale of 5 million tons of wheat from state reserves to cool prices.

With hot weather set to prevail, India has set up a panel to monitor the impact of rising temperatures on the wheat crop. Singh advised farmers to spray their crop with potassium chloride, a type of fertilizer, if temperatures rise above 30C (86F) in the day or 15C at night.

We talked to our law enforcement agencies to raid warehouses suspected of hoarding onions and garlic. This [hoarding] is one of the causes of inflation,” Romualdez said after an inter-agency task force led by the Bureau of Customs (BOC) immediately delivered results in the fight against hoarding of onions and garlic.

We are expecting that this campaign against exploiters will continue.”

Romualdez issued the statement after the BOC, under the new commissioner, Bienvenido Rubio, reported the discovery of around P150

Shortages

A MAJOR British grocer is rationing sales of fruit and vegetables after a bad harvest in southern Spain and North Africa led to gaps on supermarket shelves.

A sda, the United Kingdom thirdlargest grocer, has begun limiting purchases to three of each product across tomatoes, peppers, cucumbers, lettuce, salad bags, broccoli, cauliflower and raspberries.

Other retailers may follow suit after cold weather in key agricultural locations disrupted harvests, with the impact expected to last for weeks.

Shoppers in the UK have been posting pictures on social media of empty shelves in vegetable aisles across multiple supermarkets.

Grocers become more reliant on imports around this time of year, particularly from sunnier places such as Spain. British horticultural production normally only starts in late March or April and domestic supplies have already been hit by labor shortages and the higher cost of energy and fertilizer.

T he supply of salad ingredients such as tomatoes and cucumbers is expected to fall to the lowest level

million worth of imported onions and garlic stored in 24 separate locations—many of them warehouses— in the cities of Manila and Malabon.

I reiterate my warning to these evil hoarders and unscrupulous businessmen. We are breathing down your necks,” Romualdez said in a statement.

He said he will continue to call for the crackdown against smugglers to protect Filipino consumers as well as farmers.

C arrying Letters of Authority (LOA) from Rubio based on confirmed intelligence report of possible smuggling and hoarding activities, the composite team that included operatives from the Philippine National Police (PNP) and the Philippine Coast Guard (PCG), agents of the Customs Intelligence and Investigation Service-Manila International Container Port (CIIS-MICP) raided the warehouses.

A n ongoing inquiry by the House Committee on Agriculture and Food chaired by Quezon 1st district Rep. Wilfrido Mark Enverga has linked the recent spikes in the price of onion and garlic to unscrupulous traders who are hoarding such products to create an artificial supply shortage.

In its latest hearing, the committee learned that this artificial shortage is sometimes used as an excuse to facilitate the importation of onions, which further hurt local farmers.

since records began in 1985, according to the National Farmers’ Union. It is not sustainable for farmers and growers to continue to sell below the cost of production,” said NFU President Minette Batters, speaking at the group’s annual conference in Birmingham on Tuesday. She called for government support for farming in next month’s Budget.

Catering supplier Reynolds said availability was low across glasshouse fruit and vegetables grown in Spain and Morocco—including tomatoes, peppers, cucumbers, chillies and courgettes. The company’s latest crop report shows amber or red status for these items. Cooler weather is causing produce to grow more slowly than usual and preventing it from ripening.

T he problems have triggered shortages at supermarkets across northwest Europe, said Cindy van Rijswick, a senior analyst at Rabobank. “Probably somewhere in March, the production will be back to normal,” she said.

Glasshouses in countries like the Netherlands also curbed winter output due to high gas costs, Van Rijswick added. Bloomberg News

February: The month to grow family love and laughter—Part II

IN my previous column, I shared my thoughts on why I believe it is so important today to build family love and laughter. I shared how mental health problems have become a “closer to home” issue for many families due to the extremely prolonged lockdown of children in the Philippines out of physical school that greatly curtailed their face-to-face social interactions.  I also shared that if we hope to nurture emotionally-strong children, we as parents, should also work on our own emotional strength. I shared the concept of building our own “Joy Bank” so that when hard times arise, we have precious memories to draw strength from.

My two kids are now 16 and 13. I have seen how they go through various adversities in their lives, be it issues involving their academics, friends, sports or as devastating as the death of loved ones, I see how they face these more difficult emotions or anxieties by directing themselves to the many blessings life has given them. My daughter now better verbalizes this and tells me how lucky and safe she feels at home to be able to share her fears and frustrations, and after crying things out she is able to go back to her happy family memories.

Many of these happy family memories involve lots of play and adventures during weekends. We would usually spend Saturday nights at home with games, activities and art. Sunday would usually be either a trip to the bookstore or a family road trip. There are also loving memories built from our family travels. Every end of the month, I would do my “play tools” run to the toy store to stock up on games, art materials and other entertaining play tools that may be related to what my child is learning in school. I was very consistent with our Saturday Play Nights from toddler to 10 years old. I personally believe and saw how this

family habit of playing and laughing together has had long-term results in the emotional outlook of not just my children but also us as parents. My primary goal then was to foster good familial connections. We all have different personalities, but common activities allow us to have fun together. During this time, I try to suspend my parental comments and let them be. I remember when Marcus was 4, he would get so mad if he lost in a game. I would allow his outburst then casually tell him that losing is part of life, but what’s good is that when you play the game again, you welcome the chance of winning. We’d tell him to join in when he was ready. Sometimes, he would storm out to go back to his room. Other times, he would come back and join in.

I also discovered that in picking common activities, kids love for their voices to be heard. Preferences are not the same so at times arguments arise, but that’s okay. Negotiating and reaching a compromise are always challenging but fun to watch, especially among siblings. We all get to choose two

5 questions students who plan to study overseas should ask

By David L. Di Maria University of Maryland, Baltimore County

BEFORE the pandemic struck in 2020, the number of Us students studying abroad had been pretty much rising steadily each year. Whereas more than 154,000 students from the Us participated in study abroad programs during the 2000-2001 academic year, that number more than doubled— to over 347,000—during the 2018-2019 academic year. that’s according to the Institute of International Education. the global spread of Covid-19, however, brought the steady growth in study abroad to a screeching halt in early 2020. students were evacuated from host countries and study abroad programs got canceled. Lockdowns and travel restrictions led the number of Us students studying abroad during the 2020-2021 academic year to plummet by 91 percent to just 14,549.

While official study abroad numbers for 2021-2022 are not yet published, there is reason to expect a rebound. A national survey conducted in April 2022 revealed that roughly 90 percent of colleges and universities were planning to offer some form of study abroad by the summer of that year.

As a university administrator who specializes in international education, I believe the number of students studying abroad will continue to rise. I see that as a positive development given the research that shows studying abroad supports academic success, promotes career readiness, and prepares students to interact with people from other cultures. Moreover, increasing the number of Us students studying abroad supports Us foreign policy goals that rely on peopleto-people exchanges and public diplomacy.

Below are five questions to ask when planning to study abroad in a post-pandemic world.

1. What is the Plan B in case my Program gets disruPted? In 2020, as students were recalled to the Us by their home institutions, a key concern was how students could remain on track for their degrees without losing both time and money due to the cancellations—which stemmed from reasons beyond their own control.

An important question for students to ask is how study abroad programs would ensure that they can continue their studies in case of a disruption, whether it’s caused by rare events, such as a pandemic or international conflict, but also more routine matters, such as a national strike.

2. do i need extra insurance? students should not assume that their regular Us health insurance will provide the level of coverage needed while abroad. In fact, the cost of a

medical evacuation can run as high as $250,000.

Most study abroad programs offer, and many require, participants to enroll in an affordable international travel insurance policy. In addition to paying for medical expenses, benefits may include coverage for costs associated with trip cancellation, required periods of quarantine, and emergency evacuations. Additionally, the policy may provide noninsurance travel assistance services, such as helping to replace lost or stolen documents. students should ask about the availability of these policies and know what is covered.

3. What are the host country restrictions? At the height of the pandemic, countries’ Covid-19 policies ranged from status quo to complete lockdown. In some instances, travelers could be fined or jailed for failing to follow local restrictions. seek reliable information on the Covid-19 restrictions of the host country. While most countries have dialed back restrictions, it is still very important to review this information because these policies can affect a student’s ability to travel and participate in certain activities once they are abroad.

4. What are the latest travel risks? While the Centers for Disease Control and Prevention provides data on traveling in the era of Covid-19, including risk ratings and vaccination recommendations by country, it is also important to understand how the pandemic may have influenced other risks, such as by contributing to political tensions and applying pressure to already fragile health care systems. students should review the country-specific information, as well as register for real-time updates from their local embassy. Additionally, students should inquire about other resources, such as in-country staff available to assist with emergencies, who may be available to support program participants once they are abroad.

5. What scholarshiPs can helP cover the cost?

Because study abroad programs were mostly paused for the past few years, the scholarship funds that colleges have dedicated to these programs may have been left largely untouched. Fund balances could be higher now and there may be a possibility to obtain a larger award than in years past. students should inquire with their college’s study abroad and financial aid offices about scholarship opportunities. such funding can vary greatly by program duration, location and other factors, so students should be flexible with their plans to receive the maximum award.

Whether or not their college offers generous scholarships for study abroad, students should also consider applying for external funding. the conversation

games or activities each. Below are some of the activities we do in the weekends:

n GAME NIGHTS—Our main staple was Bingo and Logic games when my children were toddlers and in preschool. When they got older, it became speed games. Now they love challenging us with chess during their free time.

n MOVIE NIGHTS—It is fun to know what they are interested in right now and hear them explain the characters or the plot. My kids always get excited when a new Marvel movie comes out and we still go with them even today.

n TRIP TO THE BOOKSTORE—My daughter has always loved reading. My son liked books about what he was collecting at the time. We wanted to encourage

believe it contributed to how my two children excel in their respective sports today.

n COOKING FEST—We love to make simple pasta and burgers whenever we can. Santi’s has these fresh local burger patties that Marcus loves with a slice of mozzarella on top. We just mix fresh ground beef, onions, garlic with store-bought San Remo or Barilla sauce, and that makes a fast baked macaroni or lasagna. Making pizza takes a little more preparation but is quite fun.

n WEEKEND ROAD TRIP—One of our usual destinations is Pangasinan, where we visit my nanny’s burial grounds as well as her family there. One time, my kids were lucky enough to visit my nanny’s niece, Teacher Ching’s classroom at the local public school. When Pokemon Go was popular, we

FROM left: Marcus doing his meditation pose after we did this puzzle together; Marcus pretending to doze off in a wacky shot in Italy; Meagan happy after we cooked this macaroni and mushroom dish together.

KIDs ALL gEt ‘HAPPY tOgEtHER’

THE love story of Disney’s well-loved characters Mickey Mouse and Minnie Mouse takes centerstage for the mall’s month-long Valentine celebration with Happy Together Disney Valentines at SM City North Edsa until February 28.

For the event, The Block Atrium has Disney-themed vignettes to celebrate all kinds of love for all ages featuring Instagram- and TikTok-perfect showcases at the Love, Disney setup, and fall in love at the Disney Gazebo with Mickey Mouse and Minnie Mouse.

Friendship, family love, selflove, pet love as well as romantic love are showcased at the Love Snaps self-shoot studio, then tell them how you feel with Disney themed Valentine quotes and puns.

For the perfect Valentine gift, explore the Sweet Finds corner and shop collectibles, toys, clothing and more featuring your well-loved Disney characters Mickey Mouse, Minnie Mouse & Friends.

The Happy Together Disney Valentines at SM City North Edsa also coincides with the year-long

sURPRIsE your loved one with heart windows that open up with special valentine messages at the Disney’s Happy together vignette.

❶ It’s a fun celebration at the Disney 100 Years of Wonder at the Block Atrium of sM City North Edsa.

❷ HAvE your photos taken at the Mickey and Minnie gazebo.

celebration of the centennial anniversary of The Walt Disney Company.

From humble beginnings as a cartoon studio in the 1920s to its preeminent status in the entertainment industry today, Disney proudly continues its legacy of creating world-class stories and experiences for every member of the family.

The Happy Together Disney Valentines event at SM City North Edsa kicks off the Disney 100 Years of Wonder or “Disney100” celebration in the Philippines.

Make-A-Wish Philippines to hold first ever Wish Ball in April at The Peninsula Manila

PLDT, Smart InnoGen continue legacy of inspiring young innovators

PLDT and its wireless unit Smart Communications, Inc. (Smart) continue Innovation Generation’s (InnoGen) legacy of inspiring young generations with its latest season.

The PLDT Group recently welcomed 98 teams of young innovators, the biggest number to date, to its innovation grant program’s third season. With the theme #ForwardTogether, InnoGen 3.0 sustains its tradition of becoming an avenue to help bridge societal gaps through sustainable and inclusive technology.

With the primary purpose of being changemakers in their respective communities, InnoGen participants eagerly signified their commitment to sharing their craft, with their knowledge and skills as their own contribution to nation-building.

InnoGen also encourages crosscollaboration among its network of colleges and universities to extend opportunities to more students and faculty members.

In July 2022, Batangas State University (BatStateU) opened the doors of its technology and innovation center that houses several research programs to the Polytechnic University of the Philippines (PUP) College of Engineering officials.

Both universities are long-standing partners of Smart in its education programs Smart Wireless Engineering Education Program (SWEEP) and InnoGen.

In the last two seasons of InnoGen,

BatStateU teams worked on finding technology-abled and purpose-driven solutions to address challenges within their communities.

BatStateU’s Team Juan LOADi developed a donation channel to help students struggling with accessing communication tools for online classes during the pandemic, with the goal of ensuring no Juan is left behind.

“We want our ideas to become valuable to our beneficiaries and the environment.

InnoGen helped us to make this happen,” said Team Juan LOADi.

ReaSAL team, one of the Season 2 finalists, developed a machine learning-based assessment tool to help teachers evaluate the current reading skills of early-grade learners based on the six elements of reading.

“The InnoGen mentoring sessions we attended opened our eyes to the value and contribution of the project we are developing towards quality education,” said ReaSAL team.

Shortlisted teams also shared some valuable life lessons they learned from InnoGen.“When it comes to technology and innovation, the higher the risk, the higher the reward. The reward is not only for yourself, but for the society and those around you,” shared Team Juan LOADi.

ReaSAL team added, “If you have an idea, no matter how impossible it may seem, just do it.”

PLDT and Smart’s InnoGen is aligned with UNSDGs #4 Quality Education and #9 Industry, Innovation and Infrastructure.

Supermarket chain leader WalterMart eyes UNLI-Fresh expansion with agri firm Mayani, rolls out Palengke Day

SUPERMARKET chain leader WalterMart is strengthening its shopper relevance and casting a bigger community reach through its various shopping formats this 2023, particularly its flagship innovation UNLI-Fresh 399 with fast-growing agrifisheries firm Mayani.

With a retail network of 45 stores spanning the entire Luzon, WalterMart has already institutionalized this anticipated weekend shopping bonanza, which now moves metric tons of harvest per day, by unveiling its provincial and Metro Manila caravans for the first quarter of this year: Cavite, Batangas, and Bulacan for February, then Pampanga, Nueva Ecija, Muntinlupa, and Calabarzon region this March.

Building on this shopping energy was also the roll-out of the first ever “Palengke Day” in WalterMart Muntinlupa this February 17 to 19 which seeks to put a modern take on the concept of “bagsakan” and enable even the nearby “palengke” vendors to

avail of freshly-sourced everyday local products such as onions and eggs, two of the most in-demand staples now given the recent supply challenges.

“We will provide value to our customers and to our community through: FRESH – commodities of utmost quality, reasonably priced, sourced from our local farmers and cooperatives with our alagang WM personalized service; SAVINGS –everyday savings with competitivelypriced merchandise and options for private labels and house brands; and CONVENIENCE – provide complete assortment in a clean, safe, and comfortable one-stop shop with fast transactions both offline and online,” says Rose Caalam, General Manager of WalterMart Supermarket.

“Sharing the same vision with Mayani, we always aim to bring good value products to our customers and provide a better life to our partner farmers.”

Tracing its beginnings as a small

community supermarket in 1992, WalterMart now boasts of over 20,000 competitively-priced items and key consumer-oriented milestones including the mounting of Palengke Fresh with Mayani during the height of the lockdown, its 5S Safe Shopping Program, and its CallMeWally samedelivery grocery delivery service – all under the aegis of its service campaign of “More to Love at WalterMart.”

“We will continue to innovate our joint offerings with WalterMart while being steadfast in our missionfirst approach of strengthening those institutional market linkages for our smallholder growers and producers,” said Robert Esquillo, Partnerships Manager of Mayani.

“Agriculture is a foundational and priority sector for the country, and we are optimistic that with the ecosystem of partners we developed over the years, Mayani can drive more value for shoppers while creating positive social good across our agri-value chain.”

MAKE-A-Wish Philippines is thrilled to present the first ever Wish Ball in the country on April 29, 2023 at The Peninsula Manila. The charity gala aims to raise funds to make wishes come true for children with critical illnesses nationwide.

Make-A-Wish Philippines is the first and only non-profit wish granting organization in the country. It is an affiliate of Make-AWish International, the world’s largest and most respected wish-granting organization. The foundation grants wishes of children with critical illnesses to transform their lives with hope, strength and joy.

Titled “Where Stars Align,” the foundation’s maiden ball will be a gathering of supporters coming together to serve as bright, uplifting stars for wish kids bravely battling their medical conditions. Wish Balls are highly anticipated annual fundraising events by Make-A-Wish affiliates in the US,

Europe and other parts of Asia. Event highlights include a four-course dinner, special performances by world-class Filipino artists and inspiring presentations from wish kids and families. To book tickets and learn about sponsorship opportunities, please visit bit.ly/2023WishBallTickets, contact info@ wishes.ph, or scan the QR codes.

Bayanihan performs at Royal Opera House in Muscat, Sultanate of Oman to sold out audience

BAYANIHAN kicks off 2023 with performances at the prestigious Royal Opera House Muscat in the Sultanate of Oman. Together with top dance companies from Brazil, Romania and hosts Oman, Bayanihan performed last January 26 and 28, 2023 to a sold-out audience.

Sentro Rizal Muscat, under the auspices of the Philippine Embassy in Oman led by Ambassador Imelda M. Panolong, likewise presented a special performance of the Bayanihan for the Filipino and diplomatic communities.

A first for the Philippines and a milestone for the Bayanihan as the first

Philippine dance company to perform at the Royal Opera House Muscat, Bayanihan continues to bring the best of the Philippine culture and the artistry of the Filipinos to the rest of the world after their historical performance in Riyadh, Saudi Arabia last year. This engagement was made possible through the generous support of the National Commission for Culture and the Arts, in cooperation with the International Folklore Development Association and the Philippine Embassy in Oman. Bilateral relations between the Philippines and Oman formally stared on October 6, 1980.

Philippines Finest Business Awards Set to Honor Outstanding Achievers and Business Excellence

THE Philippines Finest Business Awards, organized by La Visual Corporation and SIRBISU Channel, is set to recognize and reward exceptional individuals, companies, products, and services that promote and exemplify best business practices, consumer welfare and protection, product quality, and consumer services. The prestigious event will be held on September 8, 2023, at the Hexagon Events Place.

The Philippines Finest Business Awards were established to acknowledge and reward businesses that consistently deliver excellent services and outstanding performance. Winning the award will enhance the company's reputation, raise its profile, and instill that vital ingredient for success—trust.

This year's awards ceremony will also feature the Philippine Business Finest Awards for Outstanding Achievers. The award will be conferred to individuals who have excelled in their respective lines of business, field or industry, and have contributed to the continued pursuit of excellence and noteworthy achievement.

“We are excited to bring the Philippines Finest Business Awards to the business community and honor those who have demonstrated exceptional performance and achievement,” said the event organizers. “The awards ceremony aims

to recognize the best of the best in the business industry and inspire others to strive for excellence.”

Nominations for the Philippines Finest Business Awards and Philippine Business Finest Awards for Outstanding Achievers are now open. To participate or learn more about the event, visit the official website at http://philippinefinestbusinessaward.com

SHOPPERS flock the UNLI-Fresh grocery pavilion of WalterMart and MAYANI as they

REIMAGINING THE PAST Instituto Cervantes de Manila will hold an exhibit by Spanish artist Teresa Esteban: “Manila, Born from the Waters” in its center in Calle Real, Plaza San Luis, Intramuros, Manila. Based on historical documents and maps, Esteban attempts to make a graphic and aesthetic analysis of the urban evolution of Manila, then tell the story of the Philippine capital from its beginnings in Intramuros to the current city. The exhibit, which consists of 27 works, aims to show the city’s evolution, the different worlds, and the history that led it to be the mega metropolis of today. The exhibit is open daily until April 16, 2023, except for Holy Thursday until Easter Sunday.

BIG IN JAPAN Ambassador Kazuhiko Koshikawa (third from left) and Tourism Secretary Cristina Frasco (third from right) led the ribbon-cutting ceremonies of the Japan Fiesta 2023-the biggest flagship event in Manila that promoted friendship between Japan and the Philippines, which recently returned to a physical celebration this year to showcase the charms of the East Asian country. According to Frasco, more than 600,000 Japanese nationals and just about the same number of Filipinos have traveled to and from both countries in 2019, and that President Ferdinand Marcos Jr. has approved of the Philippines’s participation in the 2025 World Expo in Osaka. MIKE POLICARPIO

DILG, India forge pact to fund LGUs’ quick-impact projects

Interior and Local Government secretary Benjamin Abalos Jr. and Ambassador Shambhu Kumaran of the Republic of India signed the pact at the Philippine National Police Headquarters in Camp Crame, Quezon City activating the grants of $50,000 (around P2.7 million) for each of the chosen LGUs’ programs.

Abalos said a committee will identify at least five projects from LGUs nationwide which can be “immediately felt on the ground.”

The secretary told reporters that the grants are for immediate-impact projects that will be delivered outright and felt by Filipinos on-the-

ground. A committee will be created to scrutinize such.

According to DILG’s Assistant Secretary for Plans and Programs Francisco Cruz, that committee should immediately convene and set the parameters to start the process of identifying LGU-recipients of the Indian grants.

Cruz said that there will be a “call for proposals” that will determine the number of LGU-beneficiaries and based on such, it is up to the government of India to provide the budgets for the projects.

Kumaran, meanwhile, said the grants may be used to finance edu-

cation, health, energy or infrastructure programs of the Philippine government.

“The idea is that [these…‘short gestation’ projects will make an impact at the grassroots…]” the Indian envoy explained. “We start with five…it could go to 10, and [up] to 20 over a period of time…”

He added that “the idea is we move

quickly to identify the projects… and [deliver them very quickly at no administrative costs]; just goes in straight, and we do a very short process that has tangible benefits that can be seen very quickly.”

The diplomat declared that the grants are “purely out of friendship, and [have] no conditions attached.”

Christopher Lloyd Caliwan/PNA

Czech Embassy convenes business groups for economic cooperation

THE Embassy of the Czech Republic in Manila successfully hosted the “2023 Business Conference and B2B Event” on February 15, in partnership with the Czech Chamber of Commerce and the Philippine Chamber of Commerce and Industry,

The first installment of a series of business conferences this year was one of the highlights of a Czech delegation’s visit to the Philippines led by deputy speaker of the Chamber of Deputies Jan Skopeček who formally opened the event. He was accompanied by vice president of the Czech Chamber of Commerce Michal Štefl.

The event gathered more than 80 business leaders from various industries and organizations nationwide.

President George Barcelon of the Philippine Chamber of Commerce and Industry highlighted the group is inclined to link the Czech Chamber of Commerce to private and public sectors in the country. He pointed out that “creating opportunities like these can boost…two-way trade and investments.”

Meanwhile, Štefl shared that their side is keen on expanding their business engagements beyond European

markets, especially in the Philippines which is considered by Czech companies as a great, potential haven of investments.

Said companies who were also part of the business mission from Czechia included AŽD Praha, CREA Hydro&Energy, Crocodile ČR, Elektro SMS, Export Guarantee and Insurance Corporation, GRAPECARE LTD, PERSPEKTIVA Znojmo, Prague Investment Corp., SaZ, IPOLT CZ, WASTen, DODEX, Enress, ESSENCE LINE, and CzechTrade.

Further, the chamber identified the technology, transportation, and energy sectors as their key priority areas in forging business linkages in the Philippines.

Czech firms were also briefed of the current business climate in the Philippines and the opportunities that come with such. Director Lanie Dormiendo from the Board of Investments (BOI)-International Investments Promotions Service Department announced that the country is the second-fastest growing economy in Asean with an estimated 6.3-percent gross domestic product growth for 2023. The BOI also identified four pri-

ority industry clusters from 2022 to 2028, namely industrial, manufacturing and transport; technology, media and telecommunications; as well as health and life sciences.

In a statement, the Czech Embassy noted that the Philippine government has passed laws such as the Corporate Recovery and Tax Incentives for Enterprises Act, or “CREATE,” and other legislation as efforts to boost ease of doing business in the country, geared toward beefing up foreign-direct investments in strategic local industries.

Director Ondřej Puchinger of the CzechTrade Phils., for his part, introduced his team as a governmen-

tal trade-promotion organization founded by the Ministry of Industry and Trade. He announced that they expect to bring in about 30 to 50 new partners in 2023 with collaboration from local associations and business clubs.

The organization, Puchinger said, is focused on developing international trade and cooperation between Czech exporters and Philippine partners.

After the presentations, the attendees introduced their affiliations and networked in search for possible business partnerships. The conference also served as a platform for representatives from the government, chambers, and business leaders from energy and waste management, railway, infrastructure, manufacturing, manpower, architecture, defense, and media industries to discuss new trends and opportunities for both countries that may arise as the year unfolds.

The second part of the business conference-B2B event was held the following day in Davao City, in cooperation with the Davao City Chamber of Commerce and Industry and the City Government of Davao.

PRAISES FOR A POET The City of Manila and the Moscow Delegation headed by Minister Sergey Cheremin (center) led a wreath-laying ceremony in honor of Russian poet Alexander Pushkin late in January at the Mehan Garden. Ambassador of the Russian Federation Marat Pavlov (right), with District 2 Councilor and chair of the Committee on International Relations Numero Lim (left), accompanied the minister as they paid their respects to the national poet of Russia. KR DE ASIS/MPIO

Phil. Chamber, biz council, Casa Asia stage 9th Spain-PHL Forum

THE Philippine Chamber of Commerce and Industry (PCCI), through its Philippines-Spain Business Council (PSBC) and Casa Asia, in coordination with the Spanish Embassy in the Philippines and the Philippine Embassy in Spain, held the Spain Forum’s ninth edition at the Instituto Cervantes in Madrid from February 5 to 8.

The forum has been a platform for dialogue between the two countries, launched to promote annual meetings by their delegations to strengthen bilateral ties in fields of common interest.

The Philippine government fully supported the gathering, which saw the participation of Ambassador Eduardo Jose de Vega, Transportation Undersecretary Timothy John

Batan and Energy Undersecretary Sharon Garin.

With optimistic plans for the Philippine economic growth, the participating government agencies shared that the country is ripe for more foreign investments.

The business sector was also wellrepresented in the two-day forum, as PCCI-PSBC chair for International Affairs Jude Aguilar and PSBC chair Jose Antonio Ibazeta led the former’s delegation.

Among government officials in the forum were company heads in various sectors, and members of the academe from both countries. Said the organizers, the forum brought the Philippines and Spain closer not only on the economic and diplomatic ends, but also on the social and cultural fronts.

Nordic nations lead initiatives for carbon-neutrality in

CONTINUING their commitments of enhancing the Declaration on Nordic Carbon Neutrality under their Council of Ministers, the embassies of Denmark, Finland, Norway and Sweden in the Philippines held the Nordic-Philippine Climate Executive Dialogue on February 16, as they offered sustainable and innovative solutions against climate change, and facilitated public-private networks and partnerships for climate actions.

The high-level business and environment event gathered national- and local-government officials, business CEOs, renowned leaders and climate advocates of local business associations.

The four Nordic ambassadors: Franz-Michael Mellbin of the Royal Danish Embassy, Juha Pyykko of the Finnish Embassy, Christian Halaas Lyste of the Royal Norwegian Embassy and Annika Thunborg of Swedish Embassy lead the high-level dialogues, and

PHL

welcomed guests from the government and business sectors.

Nordic businesses and governments have been at the forefront of various environmental initiatives for the Philippines. Through the years foreign companies from the said region operating in the country have provided innovative technologies to contribute to the latter’s sustainable development path, as well as toward circular and climate-positive directions, becoming strong supporters of ensuring a solid global response to sustainability initiatives.

According to a statement from the organizers, the Philippines has become one of the world’s most vulnerable nations to climate disasters. A paradigm shift to climate resilience has become a key course of action that will address the climate crisis, where sustainable development, circular economy, and low-carbon growth aim to lessen the country’s grapple with the challenges of climate change. Rizal Raoul S. Reyes

THE Department of the Interior and Local Government (DILG) and India have agreed for New Delhi to fund “quick-impact projects” of local government units (LGUs).

SECRETARY Benjamin Abalos Jr. (left) and Ambassador Shambhu Kumaran PNA/LLOYD CALIWAN

CHAIR Jose Ibazeta (from left), Undersecretary Sharon Garin, Carmen Pastor, Directora Académica Javier Parrondo, Ambassador Philippe Lhuillier, Undersecretary Eduardo Jose de Vega, Ambassador Miguel Utray, Undersecretary Timothy Batan, Ambassador Emilio de Miguel and Ambassador Jude Aguilar.

DEPUTY Speaker Jan Skopeček

Yulo’s Paris 2024 journey begins in Cottbus meet

By Josef Ramos

YULO vies

CARLOS “CALOY”

in the International Gymnastics Federation (FIG) Apparatus World Cup starting on Friday in Germany—the first of several eyeof-the-needle type of competitions that could give the two-time world champion another shot at an Olympic gold medal in Paris next year.

The 23-year-old Yulo has fellow Philippine teammate Juancho Miguel Besana to keep him company in the Cottbus competition, but they’ll have to vie against at least 200 other gymnasts from 60 countries who share the same goal of making it to Paris. The tournament also is only the first step for gymnasts to qualify not for the Paris Olympics, but for the world championships—an Olympic qualifier set September 30 to October 8 in Antwerp, Belgium.

F IG ranking are offered in Cottbus first lef, as well as in the Doha (Qatar) second leg from March 1 to 4, Baku (Azerbaijan) third leg from March 9 to 12 and Cairo (Egypt) fourth leg from April 27 to 30.

The points topnotchers will advance to the Antwerp worlds, where eight slots are offered for the Paris Games.

T he tough field includes Israeli Olympic champion Artem Dolgopyat, Armenian star Artur Davtyan, Japanese aces Ashikawa Urara, Kaya Kazuma, and eight-time Olympian Oksana

Chusovitina of Uzbekistan.

G ymnastics Association of the Philippines (GAP) president Cynthia Carrion-Norton reported from Cottbus that Yulo and Besana are in their elements for the competitions set at the temperature-controlled Lausitz Arena.

S he said temperatures are in the below 10 degrees Celsius.

Yulo, 23, will be competing in floor exercise, vault, parallel bars and rings while Besana will vie in the floor exercise, vault and parallel bars.

Editor: Jun Lomibao

THAI LEADS, BIANCA IN THE HUNT

PK KONGKRAPHAN outdueled Bianca Pagdanganan in a clash of nerves in the wind at the finish as she pounced on the Filipina ace’s double bogey mishap on No. 16 then birdied the 17th to grab a one-stroke lead with a 68 after 18 holes of the Anvaya Cove International on Wednesday in Morong, Bataan.

The troika in the featured threesome, including Taiwan’s No. 1 Ya-Chun Chang, lived up to the hype as they sized each other up in an otherwise subdued battle at Anvaya Cove’s Mountain Nine (front nine) then turned it into a virtual shootout and a test of poise in the windy Seaside Nine (back side).

Pagdanganan sizzled with an eaglebirdie-birdie run from No. 10 to wrest control at five-under but dropped to a share of lead with the Thai with a double-bogey on the par-three No. 16 after overshooting it. S he needed two shots to get into the green then two putted for 5 and yielded the lead as Kongkraphan drained a clutch birdie from 12 feet on the penultimate hole.

The Filipina ace settled for a 69 while Chang survived a rollercoaster backside of four birdies against a double bogey and a bogey to salvage a

70 for joint third with compatriot YiTsen Chou and Thai Kusuma Meechai.

Taiwanese Ching Huang, a former Ladies Philippine Golf Tour (LPGT) winner at Midlands, and Thai Kultida Pramphun matched 71s, while Hsuan-Ping Chang and fellow Taiwanese Tsai-Ching Tseng and Thais Pakin Kawinpakorn and Preenaphan Poomklay had par 72s.

The rest of the locals, however, wavered in tough conditions, including last year’s three-leg winner Chanelle Avaricio, who limped with a 77 in a tie with reigning LPGT Order of Merit champion Chihiro Ikeda for joint 27th, while Harmie Constantino and Daniella Uy struggled with 78s with 36 holes left in the $100,000 event organized by Pilipinas Golf Tournaments Inc. and co-sanctioned by the Ladies Professional Golf Association (LPGA) of Taiwan.

That Kongkraphan, Pagdanganan and Chang took the top three spots hardly came as a surprise for a gallery that was treated to top-notch shotmaking not just from the fancied three but from the rest of the 69-player field made up of the top TLPGA, Thai LPGA and LPGT campaigners.

A nd the world-class Kevin Ramsey-designed course dotted with water hazards and strategically-

Canlubang posts nine-pt lead over Luisita in PAL golf

DEFENDING champion

Canlubang drew brilliant two-under 70 worth 56 points from Abe Rosal and 52 from Damasus Wong to zoom to a nine-point lead over Luisita after the first 18 holes of the Philippine Airlines Interclub Seniors championship at wellmanicured Alta Vista course in Cebu City on Wednesday.

With the seasoned Rolly Viray accounting for 47 points, the Sugar Barons were so impressive that they had to discard the 46 of Mari Hechanova in grabbing momentum going into the second round that will be played at unpredictable Club Filipino in Danao City.

placed bunkers and which requires a variety of shots from steep uphill and downhill lies, put into focus not just the field’s talent and skills but also its physical and mental stamina.

You don’t have to be too aggressive on this course,” said Kongkraphan, the best-credentialed player in the fold with an eight-year LPGA Tour experience and winner of the Thai LPGA Tour Order of Merit trophy last year.

S he unleashed a fist-pump after hitting a lead-grabbing birdie that capped a near-impeccable round spiked by birdies on Nos. 2, 7, 10 and 11 against a bogey on the 16th.

I hit very good tee shots and kept the ball in the fairway most of the time. But the wind picked up at the back nine and it’s very hard (to drive) off the tee but I still hit them (fairways),” said Kongkraphan, who placed third and second in the first two legs, respectively, of the Thai LPGA recently.

On second shots, I tried not to be too aggressive and if I had the chance to get close to the hole, I just made the birdie[s],” she added.

D espite her late mishap, Pagdanganan said she was satisfied with her round, her first in the country as a pro, which she described as “pretty steady.”

Malixi, Team PHL lose ground

RIANNE MALIXI wavered with a second-round 73 and Team Philippines found itself nine strokes adrift South Korea which relied on consistency over sub-par scores in Day 2 Wednesday of the 43rd Queen Sirikit Cup at the Manila Southwoods Golf and Country Club in Carmona, Cavite.

M alixi couldn’t sustain the 68 that she carded in sharing the firstround lead for individual honors and settled for a one-over 73 that was added to Mafy Singson’s 75 for the home team’s two-day total of 290.

L ois Kaye Go groped anew and her 80 again didn’t count for Team Philippines, which virtually dropped out of the race for team honors that South Korea led for the second straight day.

Yoo Hyun-jo and Kim Min-sol churned in similar 71s—Seo Kyorim’s 78 didn’t count—for a 281 total and a four-shot lead over India, which drew a six-under 66 from Avani Prashanth that was enough to save the day with Vidhatri Urs scrambling with a 77 and Nishna Patel not counting with a 78 T hree teams— defending champion Japan, China and Hong Kong China—were at 288. Our girls were

RIANNE MALIXI couldn’t sustain her top form in the second round.

unable to adjust to the sudden shift of conditions at the Masters,” Philippine captain Ann Granada said.

Granada, however, remained hopeful for either a shot at the title or a podium finish as she hoped for strong performences from Go and Singson.

“ I’m looking forward to that moving day on Thursday. We need to forget what happened today and see how we can get into title contention tomorrow,” she said.

Despite the 73, Malixi remained in the hunt for individual honors although she had to contend with two others—New Zealand’s Fiona Xu (73) and South Korea’s Yoo Hyun-jo (71)— who tied her at 141.

They trailed Prashanth by three strokes.

Th ailand finished a shot better at 289 over the Philippines, which is tied at 290 with New Zealand.

R ounding out the team standings were Indonesia and Malaysia with similar 296s, Chinese-Taipei with 297 and Singapore with 305.

“That was a super round,” said Luisita non-playing skipper Jeric Hechanova when asked of Cangolf’s sterling opening 18. “I thought we did pretty well shooting 146. That was quite a special round that they came up with.”

A nother squad that also put together a super effort was Cebu Country Club, which is campaigning in the lower Founders division but trails the overall pace by just five points after a 150 also at Alta Vista.

Jay Yuvallos had 53 and Eric Deen 49 for Cebu CC, which counted the 48 of Antonio San Juan, even as Teodoro Almario drained three birdies in posting 50 points that boosted Club Filipino de Cebu to an opening 133 and a 19-point lead over Diram Country Club in the Sportswriters division.

T he Sugar Barons actually needed to tinker with their opening round team after Tommy Manotoc needed to go home hours before tee time because of a family emergency. And if he doesn’t return, Cangolf is in danger of playing one of the three remaining rounds with just three players.

E x-pro Dan Cruz collected 50 points, Chino Raymundo had 49 and Marty Ilagan shot 47 in his Seniors’ debut for the Luisitans, who threw away with 44 of Steve McDonald.

M anila Southwoods was another three points back after getting 51 points from Manfred Guangko, 48 from Bong Brobio and 44 from Luis Garcia, with Del Monte amassing 139 built around the 51 points of Ramon Jaraulla and 47 from Crispin Aparilla. I will play when the team asks me to play,” Rosal said when asked if he will still anchor the Sugar Barons in the final round on Saturday also at Alta Vista.

T he annual event, considered the country’s unofficial national team championship, was shelved for two years due to the coronavirus pandemic, and the 74th staging of the event is supported by platinum sponsors ABS-CBN Global, Asian Journal, Airbus and NUSTAR Resort and Casino.

G old sponsors include Radio Mindanao Network, Mastercard, Primax, University of Mindanao Broadcasting Network, PLDT/Smart, and Konsulta MD.

J oining the event as silver sponsors are Philippine National Bank, Biocostech and VISA. Minor sponsors are Bollore Logistics, Tanduay Brands International, and Asia Brewery while donors are Department of Tourism, Ogawa, Newport World Resorts, Rolls Royce and Boeing.

PSA HONORS THOMPSON, BOLDEN

THE country’s current top players in basketball and football are on the honor roll of the San Miguel Corp.-Philippine Sportswriters Association (SMCPSA) Annual Awards Night on March 6 at the grand ballroom of the Diamond Hotel.

B arangay Ginebra San Miguel guard Scottie Thompson is this year’s top professional basketball player, while Sarina Bolden will receive the same honor for women’s football.

T he 29-year-old Thompson, the reigning Philippine Basketball Association MVP, is in great company as previous winners of the Mr. Basketball Award the past two decades include June Mar Fajardo, Arwind Santos, Mark Caguioa, JayJay Helterbrand, Jimmy Alapag, James Yap, Asi Taulava and Willie Miller.

B olden, the 25-year-old midfielder of Team Filipinas, meanwhile, will be the first ever to be cited Ms. Football by the country’s oldest media organization headed by Rey Lachica, sports editor of Tempo.

T hompson and Bolden make up the long list of top achievers in 2022—led by Athlete of the Year Hidilyn Diaz-Naranjo—who will be feted in the traditional gala night presented by the Philippine Sports Commission and Cignal TV

BOLDEN THOMPSON

and with major backing from the Philippine Olympic Committee, Tagaytay City Mayor Abraham “Bambol” Tolentino, Milo, Smart, MVP Sports Foundation, Rain or Shine, 1Pacman Rep. Mikee Romero, Philippine Basketball Association, OKBet, International Container Terminal Services Inc. and the Philippine Amusement and Gaming Corp.

T he year 2022 was a banner season for Thompson and Bolden.

The two-way guard out of University of Perpetual Help won his first ever MVP trophy in Asia’s pioneering pro league after playing a major role in Ginebra’s retention of the Governors’ Cup championship.

T he pride of Davao was also adjudged Finals MVP during the Kings’ title series against the Meralco Bolts, while emerging as Best Player of the Conference also for the first time.

BIANCA PAGDANGANAN finds herself training Thailand’s PK Kongkraphan by one stroke. ROY DOMINGO

& Fitness

Editor: Anne Ruth Dela Cruz

It Is always a choIce

By Helen Magpantay Encarnacion Contributor

Iam a fiftyish single mom to the love of my life and only son Joey who is now a college student. Working in Public Relations as a freelancer, I raised my son all by myself. He was nine when my husband completely abandoned us to pursue other personal affairs. my smoking got worse from half a pack to almost one and a half packs a day. Depression and anxiety got me to the point that I did not want to see other people, much less exercise.

My health was never the same again since then.

Rubber sticker on my chest

Several weeks before Christmas of 2009, I was hoping against hope that my husband would call my son and I to tell us he was ok, and that he would come back for us. But nada. Zilch. Zero. Not a word, not a whiff of anything from him.

I couldn’t take a Christmas that is lacking of a father and a husband.

Then it started. The intermittent pain in the stomach. Nights that I couldn’t sleep. The feeling of a rubberized sticker on my upper torso, from above my navel up to my shoulder blades.

My first instinct was to massage e ucalyptus oil on my tummy and on my chest as I did in the

During that difficult time, I only had my fifth grader taking care of me in the hospital. Though my friends visited every now and then, it was Joey who spoke with my doctors, bought me my medicine in cases when the hospital ran out of stock, briefed the visitors of my condition, and handled our finances. He was only 11 years old then.

on a low-salt, low-fat diet. Smoking was also a no-no. Most importantly, I was told to avoid the things that stressed me. But how can one actually do that?

past to relieve me of muscle pain or the feeling of being bloated.

I tried sleeping in the fetal position and flat with my face and body down on the bed. During the first nights it worked, easing the pain I felt on my chest. But the chest pains got more and more intense as the days went on.

Until one morning, I asked Joey and my sister to bring me to the Hospital e me rgency r o om. The pain was so unnerving and continuous that it felt like I was always about to vomit but I never did.

a t t he er , m y precious +a B

blood was extracted for the routine check. While an e C G machine was attached to my pressure points, I fell asleep. I woke up in an air-conditioned room with an I v bag attached to me.  a f ter several days of loneliness, self-pity, incessant boredom and tasteless hospital food, I was given the doctor’s discharge order. The doctor saw me just before I left the hospital. He said that I had a heart attack, a Myocardial Infarction. He added that I had to be very mindful of the quality of food that I ate so I was placed

That heart attack made me feel sorry for myself. Being the stubborn person that I was, I still held on to my bad habits. The unhealthy diet, the overall lack of exercise, my smoking and above all else, the mental and emotional stress.

My depression got worse by the day until three years later, something out of the ordinary happened.

World spins with my eyes closed aS i s my routine around 4:00 am, I went down to the bathroom to pee. With my eyes closed, I sat down on the toilet bowl and urinated. But together with urine, I

was also defecating soft and watery feces. Still with eyes closed, I washed myself up. I felt the world spinning with my eyes closed as I climbed up the stairs to my bedroom. I called Joey midway and he helped me up.

In the bedroom, I was complaining of dizziness that wouldn’t go away even if my eyes were closed and in whatever position I was. My son who was in 5th grade then decided for us to go to the nearest hospital. While he hailed a cab, I struggled to grip on to anything I could get my hands on so I can get out the gate and board the taxi. Inside the cab with Joey, still with my eyes closed, he asked me if I could raise my arms together. He said I can raise my left arm but my right arm was left on my lap. I cried.

Continued on C3

The Heart of the Matter: The Medical City Launches New Initiative to Make Heart Attack Treatment More Accessible to Communities

The Medical City’s Acute Myocardial Infarction Hub and Spoke Program Takes a Holistic Approach to Cardiac Care

The Medical City (TMC), one of the leading cardiac care institutions in the Philippines, has launched a new game-changing initiative to make heart attack treatment more accessible to communities. As heart disease remains the leading cause of death in the country, it is essential that individuals have access to quality care and timely interventions. This is where the program, called the Acute Myocardial Infarction Program (AMI) Hub and Spoke, comes in. It aims to provide a comprehensive approach to cardiac care that focuses on community engagement,

public health education, and teamwork between healthcare professionals, patients, and the community.

TMC serves as the hub, with surrounding hospitals acting as spokes and enrolled as partners to decrease mortality from heart attacks and provide emergency angioplasty in a timely manner. The program’s primary aim is to extend the reach of world-class heart attack treatment to the surrounding community, making it accessible to the average individual.

Since starting the Acute Myocardial Infarction Clinical Care Program in 2012, The Medical City’s Cardiovascular Institute (CVI) has seen a drop in heart attack inpatient mortality from approximately 10% to an average of 5-6%, a figure comparable to that seen in first-world countries.

The program focuses on the acute treatment of heart attack patients: fast diagnosis, a quick response team, and facilitated transfer to the cardiac catheterization laboratory where a skilled team of interventional cardiologists perform a procedure to diagnose the problem and open a blocked artery in the heart (coronary angioplasty/

stenting). The goal of intervention is to open the blocked artery within 30 minutes of the diagnosis of the heart attack, in order to restore blood flow quickly to heart muscle, thus preventing a large heart attack and its consequences. Once stabilized, patient then undergoes a comprehensive treatment and rehabilitation process enabling them to recover quickly and to return to their normal lives.

Since 2015, The Medical City’s AMI Clinical Care Program has been certified as meeting stringent international standards by the Joint Commission International (JCI). Recertifications were given in the year 2018 and 2021. No other AMI program in the country has been certified by the JCI.With the Hub and Spoke program, TMC intends to expand this level of care to the surrounding community through education, coordination and facilitated transfer.

The new Hub and Spoke program addresses the challenges that heart attack patients face in the Philippines, such as lack of cardiac catheterization laboratories and expertise in smaller hospitals, insufficient transport services and delays in seeking medical care. By enrolling surrounding hospitals as partners, the program aims to provide a coordinated approach to patient care and increase the survival rate of heart attack patients to 95%.

However, the Hub and Spoke program’s focus is not only on treatment

but also on prevention. The program emphasizes public health education, teaching the community about heart attack symptoms and the significance of timely interventions. By empowering the community with knowledge, the program hopes to reduce the number of heart attacks and save lives.

In essence, the Hub and Spoke program aims to make quality heart attack treatment accessible to all. By expanding the reach of TMC’s expertise, the program seeks to make a difference in the fight against heart disease in

the Philippines. If you are concerned about your heart health, be confident that The Medical City Cardiovascular Institute is dedicated to providing you with the best possible care, anytime, anywhere.

Time is muscle during a heart attack emergency. Do not delay your care if you are experiencing any symptoms or suspect that you are having a heart attack.

The Medical City’s Emergency Room triage can be reached at 8988-1000 or 8988-7000 ext. 6174.

T H e author and her son Joey.

TMC’s AMI program targets a Door-to-Balloon time of 60 minutes or less. This means patients should have their blocked artery opened in the Cath Lab within 60 minutes of arriving at the hospital.

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C2

Thursday, February 23, 2023

A broken heArt cAn be A sign of heArt diseAse—expert

By Claudeth Mocon-Ciriaco

Canheartbreak cause

heart disease?

There is such a thing called broken heart syndrome according to Philippine Heart Association director Dr. Luigi Pierre Segundo.

Pero hindi ito common kaya huwag tayo.mag focus doon [But this is not common so let us not focus on that]],” Dr. Segundo said during the Kapihan Session of the Department of Health (DOH).

Dr. Segundo said that broken heart syndrome, which happens because of being emotionally upset, is not common among young people but among menopausal women who lose their husband.

Walang nakikitang ibang sakit... walang [No other illness...no] high cholesterol. Hindi ito [This is not] heart attack. It mimics heart attack. Nakakaramdam sila ng sakit ng dibdib Naoospital sila, nasusuri sila, wala silang [They feel chest pain. They get hospitalized, they were checked , they don’t have] heart attack and they recover,” Dr. Segundo furthered.

Nadodocument ito pero wala talaga silang [These cases are documented but they really don’t have a] heart attack and that’s we call, Takotsubo syndrome,” he added.

On the other hand, Dr. Segundo warned that all stressors can contribute to heart attack if a person already has risk factors.

“So, it is important to take care of your heart and of course

lessen your stress so let us manage our love life well,” Dr. Segundo quipped.

According to Mayo Clinic, broken heart syndrome is a heart condition that is often brought on by stressful situations and extreme emotions. The condition can also be triggered by a serious physical illness or surgery. Broken heart syndrome is a temporary condition but some people amy continue to feel unwell after the heart is healed.

People with broken heart syndrome may have sudden chest pain or think they are having a heart attack. It affects just part of the heart by briefing interrupting the way the heart pumps blood. The rest of the heart continues to work as usual. Sometimes, the heart

contracts more forcefully.

Top killer disease

ON A serious note, Dr. Segundo warned that Coronary Artery Disease (CAD) remains to be the top killer disease in the country in 2022.

Ang pinaka number one killer cause of death based on the 2022 data from the Philippine Statistics Authority ang tinatawag na ischemic heart disease, hindi po Covid. At ganito rin yung picture even during the early years of the Covid pandemic in 2020 and we see the same picture worldwide,” he said.

As this February marked the 50th anniversary of Heart Month, Dr. Segundo encouraged the public to take good care of their heart.

CAD, also known as ischemic heart disease, is caused by nar -

rowed arteries which reduces the amount of blood and oxygen that reaches the heart muscle.

One of the symptoms of a person suffering from CAD is called angina. Angina is a type of chest pain caused by reduced blood flow to the heart.

During the Kapihan Session, Dr. Segundo showed data from the Philippine Nutrition Facts and Figures where from 5.2 million Filipinos with angina in 2003, it increased to 12.4 million Filipinos in 2013.

“Angina ang tawag sa sakit sa dibdib na inaakala ng mga doctor dahil ay sa coronary heart disease [It is called angina and doctors may think that it is coronary heart disease because of the chest pain],” he said.

“A significant number of Filipinos are not aware of the CAD symptom of angina,” he said as he encouraged those experiencing such to consult their cardiologist.

Modifiable risk factors

CAD’s modifiable risk factors according to Dr. Segundo are hypertension, dyslipidemia, diabetes, smoking, obesity, and physical inactivity.

To release chest pain, prevent risk heart attack and heart failure, Dr. Segundo stressed that it is important to control the risk factors that the person or patient may have including hypertension, diabetes, and high cholesterol.

Meanwhile the non-modifiable risk factors are age, male gender, and family history.

CAD’s complications include heart attack, heart failure, and cardiac arrest.

“[It is] important to treat CAD to prevent heart attack, heart failure, and cardiac arrest,” he added. Heart-healthy lifestyle

TH e DOH, meanwhile, reminded the public to choose a hearthealthy lifestyle and diet to keep healthy. These include:

n Avoiding sweets and fatty foods;

n Being active by walking around a park or mall

n Home cooking is healthier than restaurant food

n Stop smoking

“Reduce your stress and enjoy life more,” the DOH said.

Bring the spark back to any relationship through better sexual health

By Rory Visco Contributor

TH e m onth of February is known as heart month.

This month is not only about raising awareness about the health of your heart; it is also about the matters of the heart. February is also known as love month.

There is, however, nothing permanent in life since things tend to wane after being effective for a while.

Human relationships are not exempted from this, particularly in the area of intimacy, sexual intimacy for that matter, between couples. Over time, couples may experience certain highs and lows at one point in their togetherness. Some may feel the excitement dwindling due to a lot of factors, even among couples whose sexual activity is at a high level. This can be due to work or family stress, health matters, or when the sexual activity itself is becoming more routine or worse, boring.

If you feel like your sexual health, which the World Health Organization (WHO) describes as “a state of physical, emotional, mental and social well-being in relation to sexuality,” is becoming a matter of grave concern that might affect your relationship, better have it checked through sexual medicine, a medical specialty that deals with sexual health.

Re-create the spark in romance

DR. Frederick Mendiola, a urologist with a subspecialty in Minimally Invasive Urology and a special interest in Sexual Medicine, an active consultant at the St. Luke’s Medical Center–Bonifacio Global City and Jose R. Reyes Memorial Medical Center, said there are possible ways to recreate and enliven the excitement and intimacy in any romantic relationship.

He said couples can start by trying to discover something new in their relationship to give themselves a different perspective and break the monotony by trying some other romantic dinner spots, heading off to exotic vacation destinations, or even go to the extent of exploring bedroom activities they’ve never done before. “This

could push couples out of their comfort zone that could lead to more thrilling and satisfying encounters,” shares Dr. Mendiola.

Another could deal with the “touch” aspect where couples can touch each other more often, like giving the partner a massage, holding hands or through hugging, where Dr. Mendiola shared that according to researchers, people need at least 12 hugs a day to thrive. All these are underrated ways to reduce stress and rekindle the passion in a relationship.

“There are different kinds of desires. Men are driven by spontaneous desire, which does not need any stimulus. On the other hand, women are driven by receptive desire, which is sparked by touch. This makes physical stimulation

very important to them,” said Dr. Mendiola, who is at the forefront in the practice of Sexual Medicine in the Philippines, being an active member of the e uropean Society for Sexual Medicine and a committee member of the membership committee of the International Society for Sexual Medicine, explains.

Allot quality time WITH the kind of workload that people have today with mobility restrictions being eased and having to go to work on-site, everyday life can be so hectic again that people may tend to forget to allot qual -

ity time with their partners. Dr. Mendiola said couples can try to make intimacy a priority in their lives. He said couples can schedule an evening, like in a weekend, just for the two of them, with no worries about kids, office work, or even home errands. An effective trick, he said, is to make each other look forward to that day by sending the partner what he called a “meeting invite,” and tell each other what they can look forward to during their “meeting.”

If and when the possibility of e r ectile Dysfunction ( e D) pops us about the lowdown in the intimacy, Dr. Mendiola suggests that

the male partner seek treatment. He said e D c an be frustrating for couples, especially for men. “It can lead to performance anxiety and self-esteem issues. e D c an be managed with the right treatment, depending on severity and duration of illness.”

For this, Dr. Mendiola, one of two Filipinos who have completed a course with the e uropean Society for Sexual Medicine ( e S SM)School of Sexual Medicine in Budapest, Hungary, recommends GentlePro machine by Zimmer, a non-invasive shockwave treatment that was first offered in the country back in 2020. The treatment promotes better blood circulation for enhanced performance, a treatment that has no known downtime with no side effects.

However, Dr. Mendiola reminds that sexual medicine is not just about treatment of e D, but also covers treatments of sexual problems or sexual dysfunction in BOTH men and women.

He reiterated that communication between partners is likewise important, where sending the partner a casual or playful text message is enough. It can be a sexy way for couples to let each other know what’s on their mind. “There’s a lot of things we can do to be romantic and a simple text message can be an important key to a beautiful evening,” Dr. Mendiola said.

All stressors can contribute to heart attack if a person already has risk factors. WWW.FREEPIK.COM

R time, couples may experience certain highs and lows at one point in their togetherness. WWW.FREEPIK.COM

CO u ples should discover something new in their relationship to give themselves a different perspective and break the monotony. JCOMP WW.FREEPIK.COM

B R O ken heart syndrome can also be triggered by a serious physical illness or surgery. WWW.FREEPIK.COM

Novartis associates take on challenge to unblock barriers to better cardiovascular health

More than 18 million people die of CVDs every year. It is the leading cause of death globally. In fact, CVDs claim more lives than all cancers combined, and a staggering 34 people will have died from a heart attack or stroke in the last 60 seconds alone. CVDs are responsible for a third of deaths in the Philippines.

Atherosclerotic cardiovascular disease (ASCVD) accounts for approximately 85 percent of deaths due to CVDs globally. ASCVD is an umbrella term used to describe a variety of diseases that are caused by the build-up of fatty deposits or plaque in arteries. Many people do not experience any symptoms until the plaque in the arteries unexpectedly ruptures. This may lead to a heart attack or stroke.

“To help address this major public health challenge, Novartis launched the “Unblocked movement for heart health.” an initiative co-created with external

stakeholders in the health-care ecosystem to transform heart health by unblocking the barriers that stand in the way of better cardiovascular health,” said Joel Chong, Country President, Novartis Healthcare Philippines, Inc.

Through the Unblocked movement, Novartis aims to unblock the barriers to heart health across three key stakeholders—patients, health-care professionals and health-care systems. It will be driven by on-ground partnerships and activities in the countries where Novartis operates which involve branding, co-creation, and activation with our partners to increase awareness of CVDs and mobilize action and behavioral changes over time to prioritize heart health.

Unblocking barriers to an active lifestyle

A S e D e N TA r y lifestyle. a lifestyle with a lot of sitting and ly -

It is always a choice

While in the e m ergency r o om, my head was still spinning and I felt as though I was falling into a very deep sleep. The kind of sleep where the eyes are super heavy and wouldn’t open even if you tried desperately. I can only smell how sterile the hospital was. I recall the hurried movements of the people around me. I remember hearing the voices of nurses and probably resident doctors quietly saying “stroke.”

I remembered being wheeled into a room where the nursing aides were saying CT Scan.

In the middle of my “deep” slumber, my office mates came to see me. Despite my having dozed off for how long I don’t know, I was conscious and asked them to transfer me to a hospital that I was comfortable with. Not just because I was worried about my hospital expenses, but because I was comfortable in a particular public hospital where most of the doctors were my friends and the nurses were my students. In short, I trusted that public hospital and its medical practitioners to make me well.

My best friend coordinated my release from the present hospital, the ambulance that would transport me, and the acceptance to the hospital of my choice.

In transit, I had a lot of things running in my mind. I had meetings to attend. My newspaper needed final editing. I had to be up and about for Joey’s first day at school. How will I be like after the stroke? I had to get better because I needed to be alive for my son who is still in elementary school. What will happen to him should I die?

During that difficult time, I only had my fifth grader taking care of me in the hospital. Though

ing down, with very little to no exercise, doubles the risk of CVDs. According to the World Health

Continued from C1

Organization (WHO), 60 to 85 percent of people in the world from both developed and devel -

oping countries lead sedentary lifestyles, making it one of the more serious yet insufficiently addressed public health problems of our time. Physical inactivity, along with increasing tobacco use and poor diet and nutrition, are increasingly becoming part of today’s lifestyle leading to the rapid rise of CVDs, diabetes, or obesity, the WHO warned.

As part of the Unblocked movement, Novartis associates across Asia-Pacific, Middle e a st & Africa (APMA) r e gion are taking on the Unblocked APMA Challenge. Associates of Novartis Healthcare Philippines will join their APMA colleagues in facing this friendly team-based virtual activity challenge that starts at midnight on February 20, 2023 and ends four weeks later at a minute before midnight on March 20, 2023.

“Through the Unblocked APMA Challenge, we aim to link our associates to unblocked, increased social connection and commitment to intentional physical activity. This will help our associates lower their risk for CVDs and encourage them to live a healthy, active lifestyle,” said Christine Fajardo,

Communications & e n gagement Head, Novartis Healthcare Philippines, Inc.

Participants in the challenge exercise on their own, but not alone. They form teams via the social fitness app GoJoe. Doing activities generates solo and team points, weighted by activity type to level the playing field. Whoever gets the most-points, wins. But it’s not just about who tops the leaderboards—it is all about teamwork and encouraging each other to get active. e ve ry point counts. There will be a range of awards and incentive points available for those who engage.

The Unblocked APMA Challenge doesn’t count steps like many other challenges. Instead, it’s all about planned or set activities—from walks, to runs, to cycles, to gym sessions, to yoga, to martial arts and so on. Participants can engage in 40 different sports which are all weighted to level the playing field. Walking is included but the challenge recognizes a planned walk measured in kilometers rather than everyday steps.

cines with prescription, the same discount in restaurants, hotels, and diagnostic clinics.

Eureka!

In August 2022 I felt the familiar rubberized sticker feeling on my chest. This was a week before my son, Joey, started his 3rd year e c onomics course in College.

A week before that though, I noticed that I was having fecal incontinence. I could not control my poop. When I have the urge to poop, it comes out even before the bathroom, soiling all my underpants.

my friends visited every now and then, it was Joey who spoke with my doctors, bought me my medicine in cases when the hospital ran out of stock, briefed the visitors of my condition, and handled our finances. He was only 11 years old then.

True enough, I had a stroke. My speech slurred. The right side of my mouth was drooping. I could not lift my right arm. And I couldn’t move my fingers. Things dropped when I tried to hold them with my right hand.

My son moved my fingers one by one and taught me to move them by myself. Back then, a small movement from my pinky was reason enough to celebrate and thank God. Imagine how thankful we were when I moved all my fingers all together!

Walking was another thing. I was limping. In order to walk, I had to drag my right leg and foot. I used a quad cane which helped me regain a little of my walking stride.

Before I was discharged from the hospital, my attending doc -

tor advised me to go on a low-salt, low-fat and low-carb diet. That I should stop smoking altogether.

That I must take my medicines religiously. That I must take fluids even if I am not thirsty. He said that my not having taken water even when I was not thirsty was a contributory factor to the stroke. I didn’t feel thirsty during that time because Typhoon Ondoy was ravaging Metro Manila. The weather was cold and damp, thirst was something that can easily be forgotten.

Though I was embarrassed by my limping and dragging movement, I went back to work a month after and resumed my daily grind. I was not normal because of the limp and slurred speech. So I applied to teach College so I could exert effort in speaking and practicing my speech.

That went on for years.  Then I applied for my Person With Disability (PWD) card. Having the PWD card is not fun, nor is it a license to bully other people. It has its perks though. I get an automatic 20 percent discount on my medi -

And I felt a bloated stomach again. I once again felt chest pains that I tried to relieve with eucalyptus oil massages on the chest, paracetamol, and drinking a lot of water.

After my son left for his first day of face-to-face classes at school, I asked our house help if she could bring me to the same hospital that got me out ok during my stroke.

At the e m ergency r o om, I was triaged. I was also given my swab test on both my nostrils. An e C G machine was strapped to me. And a medical technologist took several vacutainers of my blood sample.

Then a doctor in full PP e uniform replete with a breathing apparatus and oxygen tank approached my er bed. He said that I tested Covid-19 positive.  Together with that I had a heart attack. He added that I was brought to the hospital in time.

Joey arrived from school as a medical aide wheeled me into an Isolation r o om. Nobody could go inside the room nor could I go out. Joey could only look at my room from afar. The room had no windows.

After hours in the Isolation r o om and two bottles of Intrave

nous dextrose attached to me, I was taken to the hospital’s Isolation ICU. The room was big and strikingly white with several hospital beds, oxygen tanks, defibrillators and heart blood pressure monitors.

The immaculate white expanse of the room, the smell of hospital disinfectant and the sound of continuous “beep, beep, beep” from the heart monitors sent shivers down my spine. It was creepy and scary at the same time as all the nurses were clad in protective uniforms because the Covid-19 Pandemic was still the order of the day.

During my first few days, I had an oxygen mask on. Periodically day after day they injected me with an anticoagulant on different areas of my tummy so that my blood unhinged and not cause a stroke (I looked like a leopard when I finally looked at that area as I easily get hematoma). My medications consisted of antibiotics for Covid-19, medication to regulate blood pressure, blood sugar and other medicines for whatever else they were correcting.

I must have had close to 80 needle pricks and blood extractions. One procedure that I really monitored was the Cardiac Panel Test to check the extent of the heart attack and my heart function.

Two weeks after the confinement, I had my 2-d e c ho. It showed that my heart function was down to 60 percent from 77 percent back in 2019.

It was the saddest of all my hospital confinements.

I could only look at my son and my visitors from the glass window outside the ICU nurses’ window while talking with them on the mobile phone. The nurses received the food they brought for me. I was not allowed to stand up to go to the

bathroom because they said I had a heart attack. Any unnecessary movement might strain my heart. So I had to pee and excrete feces on my adult diaper. It was gross.

The worst part was when the patient on the hospital bed beside me died of Covid! That was the e ur eka moment for me! That I could die any time and never to see my son again.  I stayed at the ICU Isolation for 10 days.  Again, the attending doctor said the usual things that I must obey. Low-salt, low-fat diet. Stop smoking. No stress.

This time despite my stubbornness, I obeyed him. I went on the prescribed diet (though I slipped back again ever so often) and left the job that caused my stress. Most importantly, I stopped smoking completely. I have been “nicotine sober” for the last six months. The best part? I don’t crave for cigarettes anymore.

And over and above all these experiences, two things were constant. The love of my son for his mom. And God’s love and mercy for a stubborn and hard headed person like me.

After all these years—two heart attacks, one stroke and one Covid infection, I learned firsthand that life is a precious gift. I can either treasure and nourish it or throw it in the trash bin. My choice.

BusinessMirror would like to thank Helen for trusting us with her story about her health as well as her emotional struggles. This, according to Helen, is the first time that she is publicly sharing her story and she hopes that this will help inspire those who are in similar situations. As she states, she made a choice to break away from her bad habits and chose to live a healthier life.

EvEryon E has been touched by cardiovascular diseases (C v Ds), be it directly or through knowing someone who has had a heart attack, stroke, thrombosis, pulmonary embolism, or any other disorders of the heart and blood vessels.

Novartis employees are unblocking the barriers that stand in the way of better heart health. WWW.FREEPIK.COM

D U riN g this difficult time, the writer only had her son Joey to look after her in the hospital.

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Thursday, February 23, 2023

A healthy lifestyle is key to a healthy heart

By Claudeth Mocon-Ciriaco

Former Health Secretary Dr. Jaime Galvez Tan warned that tobacco use and exposure to secondhand smoke has devastating effects to our heart’s health.

Citing data from the World Health Organization (WHO), Dr. Galvez Tan, who is also a trustee of HealthJustice Philippines, said that globally, tobacco use and exposure to secondhand smoke contribute to approximately 12 percent of all heart disease deaths.

“To keep yourself healthy you should protect your heart by doing exercise, quit smoking, lose weight, and eat hearthealthy foods,” Dr. Galvez Tan said.

Smoking as top causes of deaths and diseases

THE Philippine Statistics Authority lists five other non-communicable diseases linked to smoking as top causes of deaths and diseases among Filipinos and these are cancers, stroke, hypertension, diabetes mellitus, other heart diseases.

The WHO also said that cardiovascular diseases (CVDs) are the world’s leading killer, causing one in every three deaths.

In the Philippines, cardiovascular diseases are also the number one cause of death, with an estimated 50,000 dying every year.

When an individual quits smoking, according to Tobacco Free Initiative’s Factsheet about health benefits of smoking cessation, within 20 minutes his heart rate and blood pressure drops.

Within 12 hours, the carbon monoxide level in the blood drops to normal. If the smoker ceases to use tobacco for a year, his risk of coronary heart diseases reduces to about half compared to a current smoker. In five years, stroke risk is reduced to that of a non-smoker.

“To have a healthier heart, all you have to do is quit smoking. It is one of the best things you will ever do not only for your physical health but mental health as well,” Dr. Galvez Tan exclaimed.

To achieve a healthier heart. Here are a few practical steps you can follow according to WHO:

1. Eat a heart healthy diet

A HEA r T healthy diet consists of a combi -

nation of different foods including fruits, vegetables, whole grains, legumes, and nuts. Cut down on salty meats such as ham, bacon, tocino, sausage, hotdog, as well as salty food such as dried fish. Use calamansi juice and vinegar to season your food instead of high-sodium condiments such as soy sauce, fish sauce, bagoong, and ketchup. Avoid the consumption of processed, canned, and fast food. r e place sweetened snacks such as doughnuts, cookies, and the like with fresh fruit and vegetables and if thirsty, substitute sweetened beverage sodas and sweetened juices with water.

2. If overweight, lose weight

OVE rW EIGHT a nd obesity is defined as a body mass index (BMI) of 25 and above. Central obesity or adiposity on the other hand is a high waist circumference of more than 80 cm for females and more than 90 cm for males. A high waist circumference points to more intra-abdominal fat and is associated with a higher risk for developing cardiovascular disease. Try to reduce 500 kilocalories in your daily diet, which will help bring about an average weight loss of approximately half to almost one kilogram a week.

3. Increase regular physical activity to at least 2.5 hours per week

P H y S ICA l activity contributes to improved blood pressure, improved levels of cholesterol and other blood lipids, and weight control. Some physical activity is better than none. Inactive people can start with small amounts of physical activity (even as a part of their normal daily activities) and gradually increase duration, frequency and intensity. Adults are recommended to perform at least 150 minutes of moderate physical activity (e.g. brisk walking, climbing stairs, dancing, gardening or doing household chores which can result in mild increase of heart rate) spread throughout the week.

4. Don’t use tobacco

T OBACCO u se and exposure to secondhand smoke are harmful to your heart. Quitting tobacco use is the biggest gift of health you can give your heart and has

Ilocos Region to celebrate Heart Month with campaign to move more, eat right

THE Philippine Heart Month is celebrated every February since 1973 by virtue of Proclamation n o. 1096 signed on January 9, 1973 which seeks to promote awareness of heart disease as a serious and growing health concern among Filipinos.

In line with this, the Department of Health-Ilocos r e gion will be launching the “KaHEA rTner Campaign” on February 21, 2023, with the theme “Move More! Eat r i ght!” at the Saint l o uis Colleges Auditorium in celebration of heart month and to raise awareness and encourage public support for the advocacy of promoting cardiovascular health and wellness.

“This campaign will be piloted in the province of l a U nion, to promote fitness and healthy diet including literature on the importance of physical activity in preventing heart disease,” r e gional Director Paula Paz M. Sydiongco stated.

“People should pair healthy eating with exercise and aim for at least 20 minutes of moderate to intense physical activity per week. We need to move our body regularly because our heart is a muscle that requires regular exercise in order to keep it healthy and free from any ailment,” she added.

Dance contest

THE KaHEA rTner will also feature a dance

contest which is open to all students of high school and college within the province of l a U nion.

For the mechanics of the contest, a group of seven to 15 members, either male or female or both may join; the duration of the dance must be from five to seven minutes; the dance composition must emphasize the theme of the event; vulgarity, obscenity and explicit movements are not allowed; props and other materials needed for visuals can be used; and dance music must not contain inappropriate or offensive content.

Criteria for judging will be based on the following: choreography, 25 percent; originality and creativity, 25 percent; audience impact, 20 percent, and relevance and emphasis, 30 percent.

r e gistration for the dance contest started on February 14, 2023.

Interested parties may register via online through the link  bit.ly/kaHeartner.

Prizes for the winners include P15,000 for the first prize; P10,000 for the second prize; P8,000 for the third prize; and P5,000 for the consolation prize.

“

l e t us celebrate heart month with heart-healthy living. Be active, maintain an ideal body weight, stay away from vices and manage your stress,” Sydiongco reminded. Claudeth Mocon-Ciriaco

immediate and long-term health benefits, including living up to 10 years longer. After a year of quitting, the risk of heart disease

is about half that of a smoker. Fifteen years after quitting, the risk of heart disease is the same as that of a non-smoker.

5. Avoid use of alcohol

Al C OHO l consumption has been linked to more than 200 disease and injury conditions, including cardiovascular diseases. While most Filipinos report their alcohol drinking as occasional, binge drinking is common in the country. There is no safe level for drinking alcohol, so it is better to avoid drinking alcohol altogether to protect your heart.

6. Have your blood pressure and blood sugar checked regularly

An important way to maintain a healthy heart is for your blood pressure and blood sugar to be checked regularly by a health worker. Some people do not exhibit symptoms even if they already have high blood pressure—and it can hurt your heart. It is also important to talk to your health worker if you have behavioral risks (unhealthy diet, physical inactivity, use of tobacco and alcohol) so they can help you plan the lifestyle modifications you should take to get your heart health back on track. If you are diagnosed with hypertension or diabetes, set targets with your health worker and take your medicines regularly.

Five billion people unprotected from trans fat leading to heart disease

FIVE b illion people globally remain unprotected from harmful trans fat, a new status report from the World Health Organization (WHO) has found, increasing their risk of heart disease and death.

Since WHO first called for the global elimination of industrially produced trans fat in 2018, with an elimination target set for 2023, population coverage of best-practice policies has increased almost six-fold. Forty-three countries have now implemented best-practice policies for tackling trans fat in food, with 2.8 billion people protected globally.

Despite substantial progress, however, this still leaves 5 billion worldwide at risk from trans fat’s devastating health impacts with the global goal for its total elimination in 2023 remaining unattainable at this time.

Industrially produced trans fat (also called industrially produced trans-fatty acids) is commonly found in packaged foods, baked goods, cooking oils and spreads. Trans fat intake is responsible for up to 500 000 premature deaths from coronary heart disease each year around the world.

“Trans fat has no known benefit, and huge health risks that incur huge costs for health systems,” said WHO DirectorGeneral, Dr. Tedros Adhanom Ghebreyesus. “By contrast, eliminating trans fat is cost effective and has enormous benefits for health. Put simply, trans fat is a toxic

chemical that kills, and should have no place in food. It’s time to get rid of it once and for all.”

Currently, nine of the 16 countries with the highest estimated proportion of coronary heart disease deaths caused by trans fat intake do not have a bestpractice policy. They are Australia, Azerbaijan, Bhutan, Ecuador, Egypt, Iran (Islamic r e public of), n e pal, Pakistan and r e public of Korea.

Best-practices in trans fat elimination policies follow specific criteria established by WHO and limit industrially produced trans fat in all settings. There are two best-practice policy alternatives:

1) mandatory national limit of 2 grams of industrially produced trans fat per 100 grams of total fat in all foods; and 2) mandatory national ban on the production or use of partially hydrogenated oils (a major source of trans fat) as an ingredient in all foods.

“Progress in eliminating trans fat is at risk of stalling, and trans fat continues to kill people,” said Dr Tom Frieden, President and CEO of r e solve to Save l i ves. “Every government can stop these preventable deaths by passing a bestpractice policy now. The days of trans fat killing people are numbered—but governments must act to end this preventable tragedy.”

While most trans fat elimination policies to date have been implemented in higher-income countries (largely in the

Americas and in Europe), an increasing number of middle-income countries are implementing or adopting these policies, including Argentina, Bangladesh, India, Paraguay, Philippines and Ukraine. Bestpractice policies are also being considered in Mexico, n i geria and Sri l a nka in 2023. If passed, n i geria would be the second and most populous country in Africa to put a best-practice trans fat elimination policy in place. n o l ow-income countries have yet adopted a best-practice policy to eliminate trans fat.

In 2023, WHO recommends that countries focus on these four areas: adopting best-practice policy, monitoring and surveillance, healthy oil replacements and advocacy. WHO guidance has been developed to help countries make rapid advances in these areas.

WHO also encourages food manufacturers to eliminate industrially produced trans fat from their products, aligning to the commitment made by the International Food and Beverage Alliance (IFBA). Major suppliers of oils and fats are asked to remove industrially produced trans fat from the products sold to food manufacturers globally.

The report, called Countdown to 2023 WHO r e port on global trans fat elimination 2022, is an annual status report published by WHO in collaboration with r e solve to Save l i ves, to track progress towards the goal of trans fat elimination in 2023.

If you want to take care of the health of your heart, don’t smoke or quit tobacco use.