BusinessMirror February 28, 2022 by BusinessMirror

DTI: of cut basic goods remain stable ‘ClosePrices borders, Omicron exposure risk’ ByBy Tyrone C. Piad Cai U.Jasper Ordinario

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@Tyronepiad @caiordinario

HE Department of borders Trade LOSING the country’s and Industry (DTI) assured is one of the most immediate that no of manufacturers have courses action the governasked yet to increase suggested rement must take to prevent the lattail prices (SRP) for basic goods and est Covid-19 variant, Omicron, from commodities amid shores, the fuelaccordprice reaching Philippine hike induced by escalating tension ing to local economists. between Ukraine and Russia. T he new var iant is a threat, e s pTrade e c i a lUndersecretary l y w it h t he Ruth hol idCasay s telo said in over the weekcoming upa briefing and more foreigners end thata llowed the consumers will not yet being to travel to the see higher price tags when they do Philippines, De La Sa lle Univertheir grocery shopping. sit y economist Mar ia Ella Oplas “SoBusinessMirror. hindi natin pa agad mararamtold daman and kung tumaasbring naman, Theiyan holidays usually in can rest assured na lahat po ng manuOverseas Filipino Workers (OFWs) factured sa who are food eagerproducts to spenddumadaan Christmas

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pag-aaral ng DTI (We will not feelforthe with their loved ones, while price increases immediately; and if eigners living in temperate regions the prices increase, you can rest asusually want to relax in tropical sured thatlike thethe manufactured countries Philippines. food This products willof undergo DTI review),” year’s influx OFWs is expected to she said. since many of them were be heavier In its review, said unable toprice come home forCastelo the holidays the DTI “validates” the price hike in December 2020. and“My negotiates with manufacturers recommendation is to protect if the increase is too much of a with burthe borders. Do not allow people den for the consumers. a history of travel to countries with For now the said positive cases to trade enter,”official Oplas said. the price increases[We on “Weimpact shouldof beoil more restrictive. the cost of production averages 3.5 have to be] more protective in terms percent, which is deemed minimal of our measures.” that the manufacturers Oplas said that whileshoulder this willthe be additional expenses. a setback to some industries, this avert potential price hikes, is aTofair measure considering that Castelo said the DTI is providing asthis could help prevent placing the sistance to another manufacturers to assure country in strict lockdown,

Monday, February29, 28,2021 2022Vol.Vol.1717No.52 No. 143 Monday, November

the stable of basic goods which, shesupply said, the economy canand no commodities. longer afford. Trade Secretary M. Lopez “It is better thatRamon we do protective has directedmeasures the provision of aspreventive than get exsistance to manufacturers to lose,” keep posed again. We have a lot to production running, she This Oplas said. “We should dosaid. it now so way, if ever prices increase along that we can open just before Christwith demand, the we additional mas. Ifthe it gets contained, can open cost will not reflect on retail prices, it again.” Castelo added. Ateneo Center for Economic ReShould fuel prices continue to rise, search and Development (ACERD) however, notedSer thatPercival the Tax AssociateCastelo Director Reform for Acceleration and IncluK. Peña-Reyes said closing the sion (TRAIN) could mitigate country’s borders would be this. effecUnder the TRAIN the schedtive but should stilllaw, adhere to the uled increases in excise tax be standards set by the World may Health suspended when the average price of Organization (WHO). Dubai crude oil based on the Mean What is needed, Peña-Reyes told of Platts Singapore reaches least $80 this newspaper, is for travel restricper barrel. tions to be put in place swiftly and

uncertainties can affor“The government to be that proactive in fect the major economies, their imposing them. production, inf lation and Previous instances whentrade the will eventually impact partners country had the opportunity to imlike Lopez told reporters poseus,” travel restrictions did notover prethe weekend. vent the spread of Covid-19. That was “It isbecause important the conflict mainly thethat decision was not does not escalate further. Peace and made immediately, he said. development is still patay the best “Kung papatay [Ifpolicy.” we’re Other commodities that can poslow] and we get caught flat-foottentially be risky] affected the current ed, [that’s Webywere too resituation in Eastern Europe are active instead of proactive before. wheat, aluminum, platinum, We should learn from that,” nickel Peñaand copper, he enumerated. Reyes said. “It’s a delicate balancing Last month, thepush DTI released the act. We need to testing and updated SRP list for basic necessities tracing to be properly informed and prime commodities for 216 shelf of our decisions. Blanket/shotgun keeping units (SKUs), 73 of consewhich approaches could have dire saw an increase. quences on the economy.” See “DTI,” A2 A2 See “Omicron,”

P25.00 P25.00 nationwide nationwide || 22 sections sections 18 20 pages pages ||

NATL BORROWINGS ‘WAR GOVT TO MAKE NOODLES, FOR 10 MOS DIP TO P2.75T BREAD MORE EXPENSIVE’ n n

By Bernadette D. Nicolas By Cai@BNicolasBM U. Ordinario

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Omicron risk Govt to go spurs revival local for of quarantine rules in PHL critical supplies

@caiordinario

HE national IMPLER government’s birthdays and gross even smaller borrowings as of pan de sal may greet end-October shrank Filipino consumers by the almost percent in next6few year-on-year to weeks as wheat P2.75 trillion. prices continue to soar due to the war Latest data from the Bureau of the in Ukraine, one Treasury showed that the governof the country’s ment’s gross borrowings during the 10-month period fell by percent top sources of5.99 the from P2.92 trillion a year ago. commodity. With only two months left for this year, the latest figure is already equivalent to 89.6 percent of its Economistsborrowing said theseprogram. are just P3.07-trillion some of the adjustments that could Broken down, gross domestic borhappen the Ukraine-Russian crirowingsasfrom January to October sis enters its first week. With hostilsettled at P2.23 trillion, down by ities net food importers 5.08increasing, percent from P2.35 trillion like the Philippines are bracing for in 2020. theThe impact of a war that is happenbulk of the amount was ing thousands of miles from sourced from Fixed Rateaway Treasury them. Bonds (P1.19 trillion), followed by Former Ateneo Center forBangEcoshort-term borrowings from nomic Research and Development ko Sentral ng Pilipinas or BSP (P540 (ACERD) Director AlvinBonds/PreP. Ang told billion), Retail Treasury BusinessMirror of another grim myo Bonds (P463.3 billion), Retail expectation: that people earning Onshore Dollar Bonds (P80.84 billess need to adjust the mostwas in lion).will In the same period, there terms of reducing consumption or also a net redemption of Treasury looking for alternatives. Bills amounting to P43.94 billion. “It’s by the] globalmeans supply Net [caused debt redemption crunch aggravated by the Ukraine there were more debts repaid comcrisis. This could lead to reduced pared to the amount borrowed durconsumption ing the period.of certain products,” AngMeanwhile, said. “This gross is not new but borthis foreign is the rational behavior [when] rowings in the same period also adjusting contractedtobysituations.” 9.7 percent to P518.7 Data from the International billion from last year’s P574.4 billion. Monetary Fund (IMF) showed that This was raised through global international prices have bonds (P146.17wheat billion), program increased by 80 billion), percent between loans (P139.98 euro-deApril 2020 and 2021, nominated bonds December (P121.97 billion), long before the crisis in Ukraine a project loan (P86.41 billion), and escalated. yen-denominated samurai bonds Contnued on A2 (P24.19 billion).

By Samuel P. Medenilla @sam_medenilla

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PEOPLE walk past the mural of Gat Andres Bonifacio at Manila City Hall Underpass. The country will celebrate the 158th birth anniversary of Filipino revolutionary NINEGat of 10 presidential candidates areNovember seen onstage at the CNN Philippines presidential debates on Sunday (February 27). From left, Ernesto Abella, Leody de Guzman, Isko Moreno Domagoso, Norberto DOMINGO hero Andres Bonifacio on Tuesday, 30. ROY Gonzales, Ping Lacson, CNN PHL anchors Pia Hontiveros and Pinky Webb, Faisal Mangondato, Jose Montemayor Jr., Manny Pacquiao and Leni Robredo. The presidential debates, and the VP debates the day before it, were mounted with the University of Santo Tomas and in cooperation with Microsoft Philippines and BusinessMirror. NONIE REYES

OVERSHARE 3-M FARMERS LISTED FOR P75-B FUND BETS HOW THEY READIED FORCOCO CNNLEVY DEBATES By Jasper Emmanuel Y. Arcalas @jearcalas

By Jasper Emmanuel Y. Arcalas

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@jearcalas ORE than 3 million coconut farmers and PRESIDENTIAL candidate workers are now regisforgot his shoes. Another tered with the government’s regforgot to ask how coldbasis the istry, which serves as the venue felt. for the number of people to be Most by of the seekcovered the candidates utilization of the ing the highest post levy of the land P75-billion coconut fund. saidPhilippine preparingCoconut for a debate came Authority natural. (PCA) Deputy Administrator Roel saidsaid he has been preparing M.One Rosales about 3.11 million throughout his life. Another said coconut farmers and farm workhe will speak from the heart. ers have been registered with the

government since it started up-

dating its registry following the enactment of the Coconut Farmthe battle of wits on live ersBefore and Industry Trust Fund law. television, the BusinessMirror Rosales explained that about talked to most of thefarmers presidential 500,000 coconut and candidates at the CNN Philipworkers were added to the PCA’s pines presidential debate about 2018 list that had about 2.5 million how they prepared for the debate, coconut farmers and farm workers. howThe their day looked likeisand the PCA’s next step to constories behind their attires. duct an exclusion-inclusion procedure by making the updated Natural, farmers’ spiritual registry public, providFOR most of the theopportunity presidential ing everyone to candidates interviewed by the check the veracity of the list, RoBusinessMirror, sales added. preparing for the #CNNPHPresidentialDebate was “The list will be posted in public spaces where people can easily see

them. This allows everyone to see who are listed in the registry and if afarmer piece of cake:see it comes natural. doesn’t his name then he “I have been preparing all my shall coordinate with the PCA imlife. I am accustomed andat aware of mediately,” he explained a recent the topics, subjects, and problems dialogue with coconut farmers. of our country,” Democratic Party “On the other hand, if people ofwould the Philippines presidential see names on the list bet and Jose Montemayor Jr. not shared. they think they are coconut Montemayor one the farmers or their said details areofincorkey he it did rect,preparations they can report to for the the PCA debate was to pray. for immediate action,” he added. “IThe seePCA to itofficial that mynoted relation that with the Lord Jesus is okay.list I the completion of the initial prayed on my own and asked my of coconut farmers registry would family forexpected God to be justtoinpray timeforformethe rollout of coconut levy-funded

programs as President Duterte is expected to sign the industry give me wisdom… Lord to development planfor inthe early 2022. empower mesaid withthe HisPCA spirit Rosales willand not tostop giveupdating me the its choice of coconut words list of that I will spill out during farmers and enjoined them tothe regdebate,” said Montemayor, whose ister in order to reap the benefits “spiritual” family joined at of the decades-long idled him coconut the venue. levy fund. “We will not stop at 3.1 Katipunan ng Kamalayang Kamillion. We hope that more indiyumanggi presidential betcoconut Faisal viduals will register in our Mangondato said hehedid nothing farmers registry,” said. special to prepare for the debates, The updating of the coconut noting that it wasisjust anotherby farmers registry mandated “normal day.” Republic Act (RA) 11524 or the A10Fund Act. CoconutContinued Industryon Trust See “3-M farmers,” A2

NTER NATIONA L concerns over the possible spread of the By Samuel P. Medenilla more infectious Omicron Co@sam_medenilla vid-19 variant prompted the government to reimpose mandatory HE government is considfacility-based quarantine for all ering a new policy will arriving passengers in thethat country. prioritize local manufacturActing Presidential spokesperers theB.state’s procurement son for Karlo Nograles announced of critical products during public on Sunday that the Inter-Agency health emergencies, according to Task Force for the Management the Department of Labor and Emof Emerging Infectious Diseases ployment (DOLE). the implemen(IATF) suspended In itsofupdated JobsFit:No. Road to tation its Resolution 150Recovery report, DOLE said the NaA (s.2021), effectively imposing tional Employment Recovery Stratstricter protocols for all inbound egy (NERS) Task Force is studying travelers. theTo measure to prevent labor 150disnote, IATF Resolution placement during a crisis. A had allowed fully vaccinated The proposal is also expected to non-visa travelers from Green List ensure that such critical products areas to enter the country withwill locally for govoutremain the need foravailable facility-based ernment stockpiling requirements. quarantine as long as they secure “This isReverse part of the efforts of the negative TranscriptionNERS Task Force to stimulate the Polymerase Chain Reaction (RTeconomy by creating more demand PCR) test within 72 hours prior for locally manufactured goods; to our their departure. thus creating jobs inclassified the pro“Except formore countries cess,” the report read. as ‘Red,’ the testing and quarantine In a Viber message, Labor Asprotocols for all inbound internasistant Secretary Dominique R. tional travelers in all ports of entry Tutay told the BusinessMirror shall comply with the testing and the NERS Taskforce quarantine protocols isforcurrently ‘Yellow’ consolidating the products that list countries,” Nograles said, citing may be covered by the so-called the provision of IATF Resolution “Go No. Lokal” 151-A. initiative. “We are trying bestwhich efforthas to He noted Hongour Kong, come out with Orconfirmed a the caseEO of[Executive the Omicron der] for this remaining variant, willwithin also fallthe under the Yelmonths of the current administralow list countries. tion. Otherwise we can stillrules pursue The suspension of the for this in the next administration/ “Green List” countries will be in Congress,” said. 28, 2021 to effect fromTutay November December See 15,“Govt,” 2021. A2

See “Borrowings,” A2

PESO EXCHANGE RATES n US 51.2710 PESO EXCHANGE RATES n US 50.4600

Continued on A2

n JAPAN 0.4460 n UK 69.4517 n HK 6.5691 n CHINA 8.1199 n SINGAPORE 38.0829 n AUSTRALIA 37.0843 n EU 58.0029 n SAUDI ARABIA 13.6661 n JAPAN 0.4374 n UK 67.2329 n HK 6.4722 n CHINA 7.9013 n SINGAPORE 36.8968 n AUSTRALIA 36.2807 n EU 56.5758 n SAUDI ARABIA 13.4531

Source: BSP (February 24, 2021) Source: BSP (November 26, 2021)

News

BusinessMirror

A2 Monday, February 28, 2022

‘Hot money’ swings to net inflows in January–BSP

By Bianca Cuaresma

@BcuaresmaBM

OREIGN short-term investor sentiment started off on a good note in 2022, as the Bangko Sentral ng Pilipinas (BSP) reported a net inflow of “hot money” in January.

In a report over the weekend, the BSP said foreign portfolio investments (FPIs) in January yielded net inflows of $15 million, resulting from the $731-million gross

DTI...

inflows and $717-million gross outflows for the month. FPIs are known as “hot” or “speculative” money because they are easily pulled in and out of the

Continued from A1

The products that saw SRP hikes include canned sardines, processed milk, bread, instant noodles, salt, detergent soap, bottled water, candles, processed canned meat and canned beef, toilet soap and battery. Some 20 of them saw a 1 to 5 percent increase, 43 rose by 6 to 10 percent, while the remaining 10

posted went up by over 10 percent.

Ongoing trade

THE DTI chief also said that they “continue commercial relations with Russia, Ukraine and the West.” “We continue to trade with all and develop mutually beneficial development, trade and investment col-

local platforms in the slight change of global and local sentiment. The January net inflow is a reversal of the net outflows of $4 million recorded in December 2021. It is, however, lower than the $98-million net inflow in January 2021. The $731-million registered investments for January 2022 reflected a decrease of 45.1 percent, or by $600 million, compared to the $1.3 billion recorded in December 2021. According to the BSP, 68 percent of investments registered were in Philippine Stock Exchange-listed securities (investments mainly in holding firms; property; banks; food, beverage and tobacco; and telecommunications) while the remaining 32 percent went to investments in peso government securities. The top 5 investor countries for the month were the United Kingdom, United States, Luxembourg, Switzerland and Malaysia with com-

bined share to total at 82 percent. The $717-million gross outflows for the month were also lower by 46.4 percent, or by $619 million, than the $1.3 billion recorded in December 2021. The US received 75.1 percent of total outflows. R iza l Commercia l Bank ing Corp. (RCBC) economist Michael Ricafort said the economic recovery prospects in view of any additional measures to further re-open the economy towards greater normalcy would also help attract more foreign portfolio investments into the country in the coming months. Ricafort said, however, this could be partly offset by any uncertainties related to the May 2022 presidential elections, especially on issues related to policies, reform measures, pandemic response, priorities related to economic recovery, and governance, that are important consideration for both local and foreign investors.

laboration with all,” Lopez assured. In fact, Lopez said the country’s Joint Commission on Trade and Economic Cooperation (JCTEC) with Russia “have no changes on pace.” In 2017, the Philippines and Russia hosted their inaugural meeting for their JCTEC in Manila. The economic initiative seeks to enhance bilateral economic relations between the countries. Among the areas of collaboration they previously discussed are trade and investment

promotion, industry development, labor, higher education, agriculture, energy, transport and atomic sphere and space exploration.

Jobs recovery

MEANWHILE, Lopez said government is “optimistic” that the Philippines will generate 800,000 jobs this year as the country moves to ease mobility restrictions. This is in addition to the 1 million jobs pledged by the National Employment Recovery Strategy Task Force. He added that the employment level is even “getting close” to prepandemic figures as the unemployment rate declines. “If lesser or no restrictions, we can go back to around 5-percent unemployment,” he said. The trade chief said the InterAgency Task Force for the Management of Emerging Infectious Diseases is still finalizing the new alert level in the National Capital Region and other provinces. Metro Manila and most parts of the country are under Alert Level 2 until the end of February. He said the businesses can “expect lesser restrictions” and “removal of physical barriers,” among others. Still, Lopez stressed the need to continue the rollout of the vaccination program and implementation of minimum health protocols. Business groups have been pressing to ease the quarantine measure to Alert Level 1 to encourage spending, especially for tourism as the summer season approaches.

www.businessmirror.com.ph

‘WAR TO MAKE NOODLES, BREAD MORE EXPENSIVE’ Continued from A1

Supply chain woes worsened

FORMER University of the Philippines School of Economics Dean Ramon L. Clarete said the war in Ukraine is “aggravating the fundamental supply chain issues” that has affected the prices of commodities including wheat. “The war did not trigger the increase. It’s [an effect of] the global economic recovery against a weakened supply chain in world trade,” Clarete told this newspaper. “The war is aggravating the fundamental supply chain issues particularly now because of financial sanctions.” Bread and flour-based products would likely see an increase in prices, including noodles which are popular birthday and celebration fare as well as the Pinoy favorite, pan de sal. Ateneo Eagle Watch Senior Fellow Leonardo A. Lanzona Jr. deems it quite likely that pan de sal sizes would become smaller in order to keep to the price point that is acceptable to many Pinoys, especially the poor. This, Lanzona told BusinessMirror, could prompt manufacturers to look at alternatives in terms of producing these products. As such, the Department of Agriculture (DA) may be compelled to find ways to encourage farmers to produce more of these food substitutes. “Incentives may not be needed since we don’t know the duration of this crisis, but at least information and easing the transaction costs will be adequate,” Lanzona said. “Transaction costs include delivery expenses as well as registration and other administrative costs.”

feel the impact of increasing wheat prices. Plus, we are not a wheatproducing country so with wheat as staple in our diet, the increase in price will be a major challenge,” De La Salle University economist Maria Ella Oplas told BusinessMirror. “For me, we shou ld rea l ly focus on the value of research and development. This is the long view, but we should start thinking of alternative sources or food. Dependence on products like wheat will always come with problems in terms of sourcing it,” she added. In the meantime, since research and development takes time, Oplas said households should be more proactive in looking for affordable and healthier alternatives. Wheat, she said, is not advisable for people with hypertension.

Steep price hike

EARLIER, Ateneo de Manila University John Gokongwei School of Management Dean Luis F. Dumlao said the increase in wheat prices would be significant. He estimated that wheat and bread has a 2.5-percent weight in the Consumer Price Index (CPI). Should this increase by 50 percent, inflation could increase by as much as 1.25 percentage point. The Philippine Statistics Authority (PSA) told BusinessMirror that, based on the 2018-based CPI, bread has a 1.8-percent weight in the national CPI. Flour wheat has a weight of 0.06 percent in the nationwide CPI.

‘Import-sourcing challenge’

FORMER Tariff commission chief George Manzano said the situaUNIVERSITY of Asia and the Pation in Ukraine is crucial because cific (UA&P) Center for Food and the European country is the PhilAgribusiness Executive Direcippines’s third most important tor Rolando T. Dy told Businesssource of wheat imports as of Mirror that what is happening 2020. It accounted for 9.1 percent could increase the consumption of total imports of wheat/meslin. of manufacturers for cassava and Russia is the largest exporter of ube powder. wheat/meslin. This, former Labor UndersecreHe also noted that the Philtary Rene E. Ofreneo said, should ippines does not produce wheat prompt agencies like the DA, the and the current crisis will be an Bureau of Plant Industry (BPI), “import sourcing challenge” for and the Department of Science the country and by other counand Technology (DOST) to work tries, leading to a spike in prices. together to create alternatives. Ukraine is considered the fifth Ofreneo was quick to point out largest exporter of wheat/meslin that in recent years, sweet potato in the world as of 2020. and malunggay leaves have been “Because wheat production is used as base ingredients for bread agro-based, and one cannot simproducts. He said it is not imposply ramp up acreage and producsible that other substitutes can be tion, there could be spike in defound through better coordination mand as importers of wheat try to between these agencies. secure or outbid each other just to “Filipinos are heavy carbohysecure their supplies,” Manzano drate eaters. So I’m sure we will explained. Nonetheless, Manzano and Philippine Institute for Development Studies (PIDS) Senior Research Fellow Roehlano Briones remained confident the Philippines can still source wheat from other importers globally. The United States remains a major source of wheat for the Philippines.

More alternatives

Govt…

Continued from A1

The Department of Trade and Industry (DTI), which leads the NERS Task Force, has been advocating for the consumers to buy from local manufacturers for their medical supplies needs such as alcohol and face masks during the Covid-19 crisis. DOLE, which co-chairs the NERS Task Force together with the Technical Education and Skills Development Authority (TESDA), noted that the manufacturing sector was among the industries, which registered the biggest employment generation during the pandemic next only to wholesale and retail trade, and agriculture and forestry. This despite the limited face-to-face interaction in workplaces of the said sectors during the pandemic.

The Nation BusinessMirror

www.businessmirror.com.ph

For Ash Wed., religious leaders ask faithful to pray for Ukraine

HE country’s Christian religious leaders called on the faithful to pray and fast for peace in Ukraine. On Sunday the Catholic Bishops’ Conference of the Philippines (CBCP) issued a statement reiterating Pope Francis’ appeal for prayers for the warbesieged nation during the commemoration of Ash Wednesday on March 2. The Holy See expressed concerns over the safety of Ukrainians, as Russian Federation forces started their attacks last week. “The Lord Himself taught us that there is no other way to fight the [devil’s temptation]—especially for those obsessed with power, riches, and fame—but to fast, pray, and [practice acts of] charity,” President Pablo Virgilio S. David of the CBCP said in a message issued over the weekend. “We also pray for [Russian citizens] to be moved by their conscience, so that they…will take steps to stop their government from the war it started,” the prelate added.

The Philippine Council of Evangelical Churches (PCEC) also issued a similar appeal to Filipinos, and urged them to seek divine intervention for the immediate end of the conflict in Ukraine. “Let us pray that…leaders of both Ukraine and Russia will soon meet at the peace table to discuss a just and peaceful settlement to this conflict,” Bishop Noel Pantoja of the PCEC said, as the council denounced Russia’s aggression toward its neighbor to the West. “By invading Ukraine and completely violating international law, which prohibits the use of force against another country’s ‘territorial integrity or political independence [United Nations Charter, Art.2 (4)],’ Russia has taken an illegal and immoral course for its action,” Pantoja pointed out. “[It] only results in senseless suffering, untold violations of human dignity, tragic loss of people’s lives, and in catastrophic destruction of environment and properties.” Samuel P. Medenilla

NCR, 38 other areas under looser Covid curbs under Alert Level 1 starting March 1 By Samuel P. Medenilla @sam_medenilla

TARTING next month the Nationa l Capita l Reg ion (NCR) and 38 other areas in the country will be placed under Alert Level 1—the lowest government risk classification in terms of Covid-19 restrictions. Acting Presidential spokesman Karlo B. Nograles said the InterAgency Task Force for the Management of Emerging Infectious Disease (IATF) issued the decision on Sunday. This, after the IATF finally completed on Thursday the criteria for declaring Alert Level 1, which include having 70 percent of an area’s target population, and 80 percent of its senior citizens already fully vaccinated against Covid-19. Aside from NCR, other areas

SC greenlights GMA libel case vs ABS-CBN in video dispute

HE Supreme Court (SC) has given its go-signal for the lower court to proceed with the trial of the P100-million libel case filed by GMA Network executives against officials and several journalists of rival media firm ABS-CBN Corp., in connection with the latter’s accusation that its rival stole its exclusive video footage 18 years ago. In a 19-page decision penned by Associate Justice Henri Jean Paul Inting, the court’s Third Division affirmed the decision issued by the Court of Appeals on August 17, 2017, which held that the Quezon City Regional Trial Court (QC RTC) did not commit grave abuse of discretion when it junked ABS-CBN’s motion to quash or dismiss the case. The SC said the CA correctly upheld the QC RTC’s findings that the libel case filed by GMA executives was sufficient in form and substance. “The Court finds that based on the information, petitioners have been fully informed of the crimes charged,” the court declared. “Thus, [it] rules that the CA was correct in upholding the sufficiency in form and substance of the subject information.” It emphasized that based on its review of the case filed against the petitioners, the elements of libel were all properly alleged: a discreditable act or condition concerning another; publication of the charge; identity of the person was defamed; and the existence of malice. “Undoubtedly,evenifGMAadmittedtheunauthorizeduseofthefootage,petitioners’imputation of the discreditable act, vice or defect is presumed malicious,” the SC said. “The serious accusation of stealing a video coverage and broadcasting it on

Editor: Vittorio V. Vitug • Monday, February 28, 2022 A3

national television is an imputation of the crime of libel and is presumed malicious.” “Be that as it may, whether or not petitioners, statements are malicious, or merely as news [reports], or that they were made with good intention and justifiable motive, are matters best left for discussion and determination during the trial proper,” it added. Named as respondents in the libel complaint were ABS-CBN’s Chairman Eugenio “Gabby” Lopez III, Senior Vice President Jose Ramon Olives, Vice President (VP) for News Operations Jake Maderazo, former vice-president for news operations Luisita “Luchi” Cruz-Valdes, assistant vice president for news operations Jose “Jing” Magsaysay Jr., news operations director Alfonso “Pal” Marquez, supervising producer Maria Progena Estonilo Reyes, reporter-anchor Lynda Jumilla, executive producer of the defunct program “Insider” Lilibeth Frondoso, executive producer of “Magandang Umaga Bayan” Anna Liza Eugenio, executive producer of “News Patrol” Dondi Garcia, Luis Alejandro, and former news anchor Erwin Tulfo. The complaint was filed by GMA Network’s Chairman, President and CEO Felipe Gozon, Executive Vice President and COO Gilberto Duavit Jr., VP for News and Public Affairs Marissa Flores, News Director Jessica Soho, News Operations Head Grace Reyes, and News Program Manager John Oliver Manalastas. The libel case stemmed from ABS-CBN’s allegation that GMA stole its live news feed of the arrival of overseas Filipino worker Angelo Dela Cruz at the Ninoy Aquino International Airport on July 22, 2004, after he was released by Iraqi captors. Joel R. San Juan

SUPPORT LOCAL, POSE FOR GLOBAL Assistant Trade Secretary for Regional Operations Group Dominic

Tolentino Jr. flaunts his “Pilipinas Aangat Muli” barong tagalog from BDV Barong, with the theme designed by worldclass barong and Filipiniana creator Benson Del Valle of Lumban, Laguna. BDV Barong creates unique embroidery designs showcasing remarkable “gawang Laguna” and “burdang Lumban.” The Department of Trade and Industry anticipates a transformation in the habit and culture of patronizing locally made products among Filipinos, as it will “help restimulate demand that will bring back more jobs needed in the recovery.” FACEBOOK: DTI PHILIPPINES

to be placed under Alert Level 1 are Abra, Apayao, Baguio City, Kalinga, Dagupan City, Ilocos Norte, Ilocos Sur, La Union, Pangasinan, Batanes, Cagayan, Santiago City, Isabela, Quirino, Angeles City, Aurora, Bataan, Bulacan, Olongapo City, Pampanga, Tarlac, Cavite, Laguna, Marinduque, Puerto Princesa City, Romblon, Naga City, Catanduanes, Aklan, Bacolod City, Capiz, Guimaras, Siquijor, Biliran, Zamboanga City, Cagayan de Oro City, Camiguin, and Davao City. According to the Department of Health, intrazonal and internal travel will be allowed without regard to age and comorbidities in areas under Alert Level 1. Likewise, establishments, persons or activities are allowed to operate, work, or be undertaken at full on-site or venue seating capac-

ity—provided it is consistent with minimum public health standards in areas under the said alert level. In the case of face-to-face classes for basic education, such will still be subjected to the approval of the Office of the President before being allowed in areas with the same alert level.

Alert Level 2

IN a related development, Nograles said the following areas will remain under Alert Level 2 next month: Benguet, Ifugao, Mountain Province, Nueva Vizcaya, Nueva Ecija, Zambales, Batangas, Lucena City, Quezon Province, Rizal, Occidental Mindoro, Oriental Mindoro, Palawan, Albay, Camarines Norte, Camarines Sur, Masbate, Sorsogon, Antique, Iloilo City, Iloilo Province, Negros Occidental, Bohol, Cebu

Province, Cebu City, Lapu-Lapu City, Mandaue City, Negros Oriental, Eastern Samar, Leyte, Northern Samar, Ormoc City, Southern Leyte, Tacloban City, Western Samar, City of Isabela, Zamboanga del Sur, Zamboanga del Norte, Zamboanga Sibugay, Bukidnon, Iligan City, Lanao del Norte, Misamis Occidental, Misamis Oriental, Davao de Oro, Davao del Sur, Davao del Norte, Davao Oriental, Davao Occidental, General Santos City, North Cotabato, Sarangani, South Cotabato, Sultan Kudarat, Surigao del Norte, Surigao del Sur, Agusan del Norte, Agusan del Sur, Butuan City, Dinagat Islands, Basilan, Maguindanao, Sulu, Tawi-Tawi, Cotabato City and Lanao del Sur. Nograles said the new alert levels will take effect from March 1, 2022 to March 15, 2022.

A4 Monday, February 28, 2022 • Editor: Vittorio V. Vitug

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Labor organization pushes for govt fuel subsidy, denounces Russian aggression

By Samuel P. Medenilla

@sam_medenilla

LABOR group called on the government to subsidize fuel for public-utility vehicle (PUV) drivers currently struggling in the wake of the recent spike in oil prices caused by the Russia-Ukraine tussle.

‘Odette’-stricken Siargao farmers to receive financial aid from DAR

URIGAO del Sur farmers adversely affected by Typhoon “Odette” can expect to receive much-needed support from the Department of Agrarian Reform (DAR), which will allocate half-a-million pesos as part of recovery efforts to revive their livelihood. Agrarian Reform Secretary Bernie F. Cruz hopes the financial aid will help members of the Poblacion Agrarian Reform beneficiaries Organization (PARBO) recover faster from the losses they suffered because of the howler which hit last December. Together with key officials of the department, Cruz visited and held talks with some 150 farmermembers of PARBO in Barangay San Isidro and Poblacion. There, he found out from the organization’s officials and members that they are not earning anymore after the farmers’ rice fields and coconut trees were felled by the typhoon. “From what we saw when we inspected Siargao, more than 60 percent of coconut trees are now gone, and their rice crops were destroyed too,” Cruz shared. “So for two months now since the typhoon happened, these farmers [hardly earn] anything.” The DAR chief said that since the natural disaster, the farmers are now heavy in debt: “They didn’t only lose their crops; their houses were damaged too.” At the meeting with the farmers, Cruz promised to provide P500,000 as start-up capital for the cooperative. The secretary suggested to PARBO officials to “forget the members’ credit,” and treat such as dividends for the members. “I don’t want the farmers to be burdened with paying their old debts, when at present they are already struggling to survive,” the secretary stated.

Planting for recovery

CRUZ also visited the Garcia Agrarian-Beneficiaries Cooperative in Barangay Garcia in the municipality of Sta. Monica. DAR Caraga Regional Director Leomides Villareal said the cooperative also suffered losses, as the typhoon destroyed infrastructure where they process turmeric into different products. “The typhoon didn’t only wipe out their crops; it also demolished their office and processing facility,” Villareal said. His office instructed the cooperative to make an estimate of the damages made to the cooperative’s office and food-processing facility for submission to the office of the secretary. He revealed that the secretary promised to help cooperative members, so they can immediately start with the repairs and start their businesses again. Villareal said he also received orders from Cruz to distribute highvalue crop vegetable seeds and fertilizers, so that farmers can start planting and earning again. Jonathan L. Mayuga

In a statement issued on Sunday, the National Confederation of Transport Workers Unions-Sentro ng mga Nagkakaisa at Progresibong Manggagawa (NCTU-Sentro) demanded for such assistance due to the expected protracted turmoil of the two nations. “[We are] adamant that the Duterte government must immediately implement the ‘Pantawid Pasada’ fuel subsidy grants to help drivers and operators cope with the current oil prices,” NCTU-Sentro

Chairperson Ernie Cruz said. Further ensuring the welfare of affected PUV drivers, Cruz also urged the government to institutionalize its service contracting program. “Not only will this arrangement help guarantee economic security for hundreds of thousands in public transport; this would also be an essential starting point for…building, planning and implementation of commuter-friendly mass-transit systems,” Cruz said. The ongoing conflict has led to a

surge in the prices of fuel products in the international market—including Brent crude, which now costs $100 per barrel, since Russia is one of the world’s largest oil-producing countries. NCTU-Sentro and the Federation of Free Workers (FFW) have condemned its invasion of Ukraine for violating international laws. “Whatever the justification [is of such an aggression], war is forbidden under the United Nations Charter in settling international disputes,” FFW President Sonny Matula stated.

Science centers, teacher upskilling, better curricula point to boosting STEM delivery in developing nations By Cai U. Ordinario @caiordinario

HE establishment of science centers, improvement of teacher development, and a better curriculum could cure elements that ail science, technology, engineering and mathematics (STEM) education in progressing countries. In an Asian Development Blog (ADB), International STEM Education Specialist Subramaniam Ramanathan and Social Sector Specialist Jukka Tulivuori said increasing Internet bandwidth in schools would also help improve STEM education. The authors said surveys in developing countries like the Philippines showed that STEM education warrants improvements in a variety of

areas, and must be made to promote the learning of 21st Century skills. “STEM education plays a crucial role in achieving the Sustainable Development Goals, improving the lives of people around the world, and in ensuring inclusive and equitable education for all,” Ramanathan and Tulivuori averred. “It should be enhanced and developed wherever possible.” The experts said previous researches have already cited the important role science centers can play in boosting science-literacy levels and getting students excited about STEM. These can also offer possibilities for schools, teachers, and students to promote their science, engineering, and technology projects, as well as contribute to the socioeconomic development of their country.

The facilities can be championed by prominent and influential scientists, as these can be established through grassroots endeavors. Such can make up for the lack or absence of scientific societies in developing countries. “They can support schools in many different ways in STEM education, besides contributing to nation-building efforts,” the experts said. Improving teacher development, meanwhile, means providing teachers with multidisciplinary knowledge in various subjects and learning to work with other teachers. The experts said professional development opportunities in STEM education will help teachers nurture students’ critical thinking, collaboration, problem-solving and communication skills. These initiatives can

include the use of innovative approaches to teach STEM, developing low-cost STEM teaching aids, and conducting action research in schools. “Teacher educators in STEM subjects also need to undergo professional development programs that can upskill their competencies further and thus help to keep them abreast of the latest developments in leading teacher education institutes in the world,” the authors said. “Their research skills also need to be improved.” Efforts to revamp the curricula are also important, as students and teachers need to be exposed to lowcost initiatives that can promote integrated STEM education. This can also be supported by improved Internet connectivity in schools, as better data transmission can support STEM teaching and learning.

UniTeam vows to create ‘easier, red tape-free’ business environment

ART of its policy blueprint to revive the economy and promote job creation, the UniTeam intends to pursue legislative and policy reforms that will further facilitate ease of doing business in the country. He added: “It [means] businesses will need to focus on being efficient. The government can help by instituting policies that will make it easier for them to do this.” Data studies from Philippine cities have shown a strong correlation between the cost and ease of doing business with establishing new ventures. Factors such as minimum wage, cost of electricity, water and land, as well as the number of days it takes to process new business permits directly impact an entrepreneur’s decision to push through with a business idea. “The cost side of establishing a business will be dealt with [thorough] long-term solutions, such as legislation and sustained infrastructure development,” Marcos Jr. explained. “It will take some time, but we commit to implementing these key initiatives.” Collectively, the UniTeam remarked that “simply put, the cost and ease of doing business will determine the speed by which new businesses are created. With this in mind, we need to foster [an] environment conducive for them to develop and thrive.” Marcos Jr. and running-mate Inday Sara Z. Duterte both believe that removing the stumbling blocks from reforms would redound to higher revenues needed to sustain the government’s pandemic response, and fulfill its debt obligations. “It is not about chasing…numbers,” the UniTeam pointed out. “We will pursue meaningful changes that will help the country become an attractive investment destination for foreign investors.”

DAR chief assures Agusan Norte farm D2C WEB STORES CONTINUE RISE IN PHL, ASEAN–STUDY folks will receive promised CARP land By Roderick L. Abad

By Jonathan L. Mayuga @jonlmayuga

EMBERS of the Unyon sa Mag-uuma sa Agusan del Norte (UMAN) were recently given assurance by Agrarian Reform Secretary Bernie F. Cruz that the 106 hectares of JC Agri-Development Inc. (JCADI)’s land in Doña Rosario, Tubay, Agusan del Norte will be completely distributed. Cruz said the Department of Agrarian Reform (DAR) is merely waiting for detailed orders from the Office of the President to proceed with the land acquisition and distribution of the disputed property. “I assure you that our process of acquisition and distribution is on its way,” the secretary said in a statement. “We are here to discuss the survey and validation of landholdings, as well as the funds needed.” The DAR chief recently held a dialogue with members of UMAN to guarantee them the land they were promised under the Comprehensive Agrarian Reform Program will be theirs to keep “soon,” saying the DAR personnel in the area will just need to begin identifying qualified and deserving

farmer-beneficiaries. The 106.1756-hectare land, which was part of the total 210.2195 hectares property owned by JCADI, had an approved Land Use Conversion Application per DAR Secretary’s Order dated June 23, 2010. On August 11, 2017 UMAN petitioned that the 106.1756 hectares with approved conversion be acquired and awarded to their members. The DAR Central Office rendered an order sustaining the revocation of the Approved Conversion Order in January 2021. In August of the same year an appeal for the cancellation of the Conversion Order was interposed by JCADI to the Office of the President. Currently the secretary said they have already received news that the case has a resolution in favor of the farmers, and that they are on standby for a more detailed order from the Office of the President. Of the 210.2195-hectare property, the other 104.0439 hectares was also opposed by JCADI. In 2012 they filed a protest and opposition for the issuance of the Notice of Coverage to the said landholdings. In 2013 the DAR Regional Office denied their opposition.

@rodrik_28

ESPITE the health crisis, there’s no stopping the growth of online trading as ecommerce brands in the Philippines and the rest of Southeast Asia are expanding their direct-to-consumer (D2C) footprints by opening their own stores on the Internet. As these businesses build on their existing marketplace to take control of customer journeys, the number of cyber shops in the country is seen to increase by 56 percent in 2022, according to Locad’s 2022 Key Ecommerce Trends report. This development is backed up by e-commerce data platform Storeleads, which shows that the region’s market has witnessed a phenomenal hike in the volume of web stores in Woocommerce and Shopify, which translates to a 50-percent and 61-percent growth, respectively, from 2019 to 2021. Recorded web stores in the former three years ago were only 6,287, but the platform saw a significant surge in online shop tally with 9,554 to 12,731 in 2020 and 2021, accordingly. The latter followed the same trend, as the number of its cyber stores grew to 3,341 in 2019, rising

to 7,792 in 2020, and then ending in 8,562 last year. Locad Cofounder and CEO Constantin Robertz explained why this trend is set to take full swing this year and the gains of e-commerce brands going D2C will continue: “E-commerce has pushed the playing field wide open for the ‘rise of the many,’ with new brands popping up, offering strong product value in all categories, [and] challenging incumbents.” Robertz added: “For brands that get it right, a [D2C] approach is a transformational opportunity offering higher margins, more customer insights, and a better control over the brand experience.” The company found out that search volumes on merchant-and-seller-related queries are constantly inching up to 18 times compared to 2017. This could be attributed to the boost in D2C brands joining the e-commerce bandwagon, based on its study. As consumers get ready for the possible recovery of the retail industry, Locad rounds up the major D2C outlooks and trends to embrace this year. With the easing of the Covid-19 restrictions, the firm expects that many retailers would continue to pursue the digital D2C path to es-

tablish their brand and increasingly attract online shoppers. Given that social media is playing in the e-commerce space, video content that propels online traffic will play a crucial role in consumer spending. In fact, it has dominated social-media platforms such as Facebook, YouTube, Instagram and most recently, TikTok. Locad’s research identified video as a pressing factor, with half or up to 50 percent of Southeast Asian consumers surveyed indicating that a video they watched has affected their buying decision. Video shopping or video content to promote products and services is becoming popular worldwide. It has been gaining ground in the Philippines, with the popularity of live selling, unboxing and tutorial video content that D2C brands leverage on, either on their web sites, or on their social-networking portals. Based on 2022 estimates of Locad, customers will not only focus on fast delivery, but also opt for online retailers who have a dependable return policy. The firm is gearing up for this emerging trend by spearheading linkages with other brands which can make delivery more efficient, reliable and secure.

British Chamber: Priority economic reforms to hike PHL’s competitiveness, signals openness to foreign investments

HE British Chamber of Commerce of the Philippines (BCCP) is looking forward to the swift approval of the two remaining priority economic reforms: the amendments to Foreign Investment Act (FIA) and the Public Service Act (PSA), as well as the Senate ratification of Philippine membership to the Regional Comprehensive Economic Partnership (RCEP). In an interview, BCCP Executive Director and Trustee Chris Nelson welcomed the amendments to the PSA,

which allows 100-percent foreign ownership to key economic sectors which include airlines, telecommunications, railways and subways, domestic shipping, highways and airports. Nelson affirmed that the PSA will be an important signal to foreign investors: “It’s going to be a clear signal, and I think it will increase competition. The PSA—combined with the other two economic liberalization bills [in the RTLA and FIA]—clearly indicates that the Philippines is opening up, and will further attract

foreign investment which has increased this year.” When asked about the RCEP, Nelson maintained that it will be beneficial for the country to join the trading bloc: “It’s very important that the Philippines does join RCEP, and obviously [we’re] confident that it will happen in May.” On the concerns raised by agriculture groups, he recognized that the Department of Trade gave assurance that the partnership will benefit the local sector as well. “DTI Assistant

Secretary Allan Gepty has answered those points. There’s also advantages as well, in terms of access to cheaper fertilizers and other products, plus there will still be tariffs or controls on certain key products.” As economic reforms advanced significantly, the executive director highlighted the BCCP’s role in promoting these changes in the United Kingdom: “When we talk about the role of the British Chamber, we’re very keen to promote the opportunities of investing and trading in the Philip-

pines as a gateway to Southeast Asia.” As for the chamber’s wish list for the next administration, Nelson reiterated the need to enhance the country’s infrastructure even more and hopes that efforts to open the economy will still be pursued. He said measures continuing to open up the economy, developing infrastructure, as well as areas moving further in terms of transparency and digitalization that have all occurred under the current regime should be retained.

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Editor: Jennifer A. Ng • Monday, February 28, 2022 A5

Govt urged to issue SPS-ICs for poultry imports By Jasper Emmanuel Y. Arcalas @jearcalas

OCAL meat importers belonging to the Meat Importers and Traders Association (Mita) are urging the government to resume the issuance of sanitary and phytosanitary import clearance (SPS-IC) for poultry products from North America. In a letter to high-ranking government officials, Mita expressed its concern over the “long delay” in the issuance of SPS-ICs for American and Canadian poultry products. “We are concerned with the long delay in the issuance of SPS for US [United States] and Canadian poultry. Some of our members have been waiting for three weeks when it should not take more than 2-3 days to secure a permit,” the group said in its letter dated February 24, a copy of which was obtained by the BusinessMirror. “We understand there is concern with the detection of Avian Influenza (AI) in both countries.” The group noted that the “undue” delays in the issuance of SPSIC “can be construed as a non-tariff trade barrier,” which trade partners could use as basis for filing a World Trade Organization complaint against the Philippines. Importers also said the delay in the issuance of SPS-ICs is creating supply gaps that could lead to a spike in chicken prices. The group disclosed that the

wholesale price of chicken leg quarters has gone up by P10 per kilogram due to a number of factors, including high oil prices and shipping problems, which are causing inflationary pressure. “As we have already pointed out in earlier communications to the Department, transit times are now much longer (versus) pre-pandemic times. We can ill afford a three week delay in the issuance of import permits that is now almost surely to cause a supply gap and a spike in the price of chicken.” Mita’s letter was submitted to Bureau of Animal Industry Director Reildrin Morales, Agriculture Secretary William Dar, Finance Secretary Carlos Dominguez III, Trade Secretary Ramon Lopez, Socioeconomic Planning Secretary Karl Chua and Anti-Red Tape Authority Undersecretary Ernesto Perez. The letter was also sent to Agriculture Undersecretary William Medrano and Agriculture Undersecretary Fermin Adriano.

Countrywide ban

THE group also warned that imposing a “countrywide ban” on the US and Canada is “unwarranted and not supported by any risk assessment.” Gover nment a nd i ndust r y sources told the BusinessMirror that Philippine officials are currently in talks with their US and Canadian counterparts regarding

A WORKER places chicken breasts in a machine to be weighed and packaged in the butcher section of a Stew Leonard's supermarket in Paramus, New Jersey, United States, May 12, 2020. PHOTOGRAPHER: ANGUS MORDANT/BLOOMBERG

the bird flu outbreaks and the extent of the import ban that Manila would put in place. Citing a “written agreement” between Manila and Washington, Mita said the Philippines shall the import bans on the US will be confined to the country level (with a containment zone of 10 kilometers). People familiar with the matter

confirmed to the BusinessMirror that there is indeed a written agreement in place between Manila and Washington. “Imposing a countrywide ban on a nation that has a huge land mass is unwarranted and not supported by any risk assessment,” Mita said. In the case of Canada, the Mita

said there has been a “precedent established over many years to ban only the affected province” in the North American country. “AI was detected in Newfoundland and Labrador, and Nova Scotia, both of which are on the Atlantic side of Canada,” the group said. “The major poultry producing and exporting areas are in

Quebec and much further west, up to British Columbia. These provinces are well beyond even the 10 -km containment zone used in the USA.” Mita said a “further ban” on US and Canadian poultry products would further put pressure on the prices of processed meat products because meat processors now depend on US, Canada and Brazil for their raw materials after the government banned poultry products from Europe due to bird flu. “The meat processing industry is heavily reliant on mechanically deboned chicken. With virtually all sources in Europe already banned due to AI, the only source countries left with sizable production capacity are USA, Brazil and Canada,” it said. “A further ban on the US and Canada is surely going to cause an increase in the cost of the most basic and affordable processed meats.” The US is one of the country’s major sources of chicken products as it accounts for about a third of the Philippines’s annual poultry imports. Canada accounts for about 7 to 10 percent. From January to November 2021, the US was the second largest supplier of chicken products to the Philippines, with shipments reaching 134,900.892 metric tons (MT). Canada shipped 28,272.738 MT of chicken products to the Philippines.

PHL allots ₧24B for climate-smart agri, food systems—DA DAR, groups to establish

ANILA will increase public investments in agricultural innovation for climate-smart agriculture and food systems in the next three years, according to Agriculture Secretary William D. Dar. Dar reaffirmed the Philippine government’s commitment to invest in climate resiliency programs during the 1st Agriculture for Innovation Mission (AIM) for Climate Ministerial Meeting held last February 22 in Dubai, United Arab Emirates. “The Department of Agriculture (DA) invests modestly in mainstreaming climate resiliency as the core of all its programs and activities, attributing over $480 million (roughly P24 billion) for climate change in the 2022 GAA,” he said in a virtual message. “The fund is 23 percent more than last year, highlighting the Duterte administration’s commitment and contribution to global efforts in curbing climate change.” More than 30 membercountries attended the ministerial

meeting, including the United States, Canada, and Japan. The AIM for Climate was first launched in November 2021 at the United Nations Climate Change Conference (UNCCC) in Glasgow, known as the Conference of the Parties (COP26), wherein Dar virtually delivered a statement of official support of the Philippines to the initiative and showcased the country’s economic program for building the resilience of Filipino farmers and fisherfolk. In this year’s AIM ministerial meeting, he reminded governments and policymakers on the urgency of accelerating agricultural research and development (R&D) and innovation to help raise global ambition and underpin more rapid and transformative climate action in all countries. “Sustainable food systems highlight the vastness and interdependence of all links in the agriculture value chain and the many factors of food production and consumption. This is a gargantuan task, thus

Commodities face wild Monday as Russia hit with new sanctions

OMMODITIES are heading for a manic start to the week as investors scramble to assess how the West’s latest sanctions on Russia—and an intensifying war in Ukraine—will affect flows of energy, metals and crops. Western nations agreed to sweeping new curbs that will penalize Russia’s central bank and exclude some others from the SWIFT messaging system, used for trillions of dollars worth of transactions around the world. One White House official said the administration is looking to exempt energy sector transactions from the latter measure. The announcements from the European Union and the United States are another dramatic escalation in a conflict that’s roiling raw materials through supply snarl-ups and the prospect of profound shifts in the geopolitical landscape. Oil breached $100 a barrel last week, aluminum hit a record high, and

grain prices surged. The attack on Ukraine is Europe’s biggest crisis since World War Two, and a major threat to the continent’s energy security. The jump in prices of commodities—Bloomberg’s gauge hit a record—will add to inflationary pressures, so expect more talk of demand destruction and economic damage. Here are five things to look for in the coming week.

What’s next for oil?

THE coming days are fraught with event risk for crude, even aside from the sanctions fallout. There’s a midweek meeting of OPEC+ on output; the Biden administration may tap stockpiles; and Iranian nuclear talks look to be nearing a conclusion. On top of that, American crude inventories at the key Cushing hub could sink to the lowest since 2014 if there’s another modest draw. Bloomberg News

the shared climate agenda can no longer be postponed,” he said. “In the Philippines, we have centered our climate change and resiliency agenda on strengthening agriculture research for development— including the establishment of biotechnology centers for crops, livestock and fisheries.” The Philippine government is also working with various telcos in strengthening of telecommunications infrastructure for providing climate information service and capacity-building on productivityenhancing technology, he said. The DA chief said the government also provides credit and insurance for climate adaptation, creating geospatial database, establishment of climate-proof facilities, as well as publication and distribution of agriculture and fishery maps to aid farmers and fishers in the fight against climate change. “We aim to implement these plans through knowledge exchange, science uptake, and

public-private partnerships. We are also scaling up and sustaining our grassroot flagship climate program, dubbed as AMIA or adaptation and mitigation initiative in agriculture.” To date, 130 AMIA villages have been established nationwide, said director Alice Ilaga of the DA Climate Resilient Agriculture Office (CRAO). She said that under the inter-agency “Balik Probinsya” program, the DA uses the AMIA village approach, allotting P1 billion in 2021 and 2022. “The Department will continue its initiatives to reduce the impact of climate change through its CRAO, particularly in the establishment of more AMIA villages in vulnerable regions,” Dar said. “We must introduce adaptation and mitigation measures to communities rather than to individual farmers and fishers, where communities facing similar climate risks are provided with tailor-fitted, integrated support service.”

vegetable farm in Naic

HE Department of Agrarian Reform (DAR) and its partner-organizations will soon develop a 1,000 square meter idle lot into an urban vegetable farm to provide additional income to farmerbeneficiaries in Naic, Cavite. Thisafteraboardmemberofanewly organized agrarian reform beneficiary organization (ARBO) in Cavite, the Brgy. Malainen Old Blessed Farmers Association Inc., has allowed the use of his lot for the “Buhay sa Gulay” project, which aims to promote the importance of urban farming and empower urban dwellers to have an alternative source of income through the production and selling of fresh vegetables. Provincial Agrarian Reform Program Officer II James Arthur T. Dubongco said Artenio Marges, a member of the board of trustees of the ARBO, has allowed the use of his 1,000 square meters lot for the said program. “The land will be planted with various crops such as pechay, Chinese kangkong and mustard,” he said. He disclosed that as per agree-

ment by the coop members, the harvested crops will be sold by the cooperative with 5 percent of the sales to serve as income of the cooperative. The remaining sales will be divided among the members as their additional income for their families. Dubongco said he hopes that majority of the urban areas in Cavite would implement the project because it would open the eyes of the people to the importance of farming in the community. He commended the 5 farmer scientists from Cavite, namely: Danilo Arnes, chairperson of Tres Cruses ARBs Farmers Association Inc. in Tanza; Joselito Tibayan, Allan Tibayan of the Palangue Agrarian Reform Cooperative in Naic; Mario Profeta of Tres Cruces Agrarian Reform Beneficiaries Farmers Association and Teresita Villanueva of Barangay Bunga Farmers Association in Tanza for voluntarily sharing their proven farming techniques and extending their technical know-how to develop the said 1,000 square meter lot for the “Buhay sa Gulay” project. Jonathan L. Mayuga

‘Tea can help transform agrifood systems to end poverty and hunger’

HE tea industry can play an important part in the transformation of global agrifood systems, but it must overcome significant challenges, according to Qu Dongyu, Director-General of the Food and Agriculture Organization of the United Nations (FAO). “Tea can play a leading role in our path to build a better world where no one is left behind,” Qu said in opening remarks to the 24th Session of FAO’s Intergovernmental Group on Tea. Tea is a labor intensive sector that provides jobs and income to many of the poorest rural communities in the world, including women and their families. Smallholder farmers and farming households produce 60 percent of the global tea output. This makes tea an important contributor to the achievement of the 2030 Agenda and the Sustainable Development Goals. In addition, tea export earn-

ings represent an impor tant source of revenues, especially for many low-income countries that need foreign exchange to pay for their food import bills and to buy goods and services from world markets. “To end world hunger and poverty it is critical that we transform our agrifood systems, and tea can play a role in this transformation,” Qu told the meeting, attended by government experts, officials and international observers. Tea is the most widely consumed drink in the world after water and represents an important economic activity, with the value of global tea production estimated at around $17 billion, while trade is valued at about $8 billion annually, according to FAO statistics. The director-general also noted that tea has an important social dimension; it brings people together to share stories, build friendships and overcome differences.

The data show an increase in the consumption of tea during the pandemic lockdowns as people took comfort in a warm cup of tea during the most difficult moments, he added. Yet, the FAO Director-General said the sector faces a number of challenges that require urgent attention, highlighting: the impacts of the climate crisis; the need to improve the sustainability of the tea supply chain; the low levels of productivity; and the price-cost pressure faced by actors along the value chain. Moreover, tea production can lead to further erosion of natural resources, particularly soils and water. Deforestation, loss of biodiversity, soil erosion and water contamination are some of the challenges that need urgent attention. But the sector also has its vulnerabilities, with tea bushes subject to recurrent infestations

by pests and diseases, which reduce yields and harvests. For example, the brown blight disease of tea can result in significant losses in production and income. Smallholders need technical and financial support to invest in pest and disease-resistant varieties, and to achieve sustainable productivity growth. The Confederation of International Tea Smallholders can provide valuable support in this regard, Qu said. FAO’s Strategic Framework aimed at achieving better production, better nutrition, a better environment and a better life for all, leaving no one behind, can support the transformation of the tea sector, he noted, adding that the tea sector can contribute to achieving the Four Betters. To mark last year’s World Food Day, FAO recently convened a Dialogue on Tea and Coffee, exploring the cultural and economic and significance of both beverages.

Monday, February 28, 2022

The World BusinessMirror

Russian troops enter Ukraine’s second-largest city of Kharkiv By Yuras Karmanau, Jim Heintz, Vladimir Isachenkov & Zeke Miller

The Associated Press

YIV, Ukraine—Ukrainian authorities say that Russian troops have entered Ukraine’s second-largest city of Kharkiv and fighting is underway in the streets.

Oleh Sinehubov, the head of the Kharkiv regional administration, said Sunday that Ukrainian forces were fighting Russian troops in the city and asked civilians not to leave their homes. Russian troops approached Kharkiv, which is located about 20 kilometers (12.4 miles) south of the border with Russia, shortly after Moscow launched its invasion of Ukraine on Thursday. But until Sunday, they remained on its outskirts without trying to enter the city while other forces rolled past, pressing their offensive deeper into Ukraine. Videos posted on Ukrainian media and social networks showed Russian vehicles moving across Kharkiv and a light vehicle burning on the street. Russia unleashed a wave of attacks on Ukraine targeting airfields and fuel facilities in what appeared to be the next phase of an invasion that has been slowed by fierce resistance. The US and EU responded with weapons and ammunition for the outnumbered Ukrainians and powerful sanctions intended to further isolate Moscow. Huge explosions lit up the sky early Sunday south of the capital, Kyiv, where people hunkered down in homes, underground garages and subway stations in anticipation of a full-scale assault by Russian forces. Flames billowed into the sky before dawn from an oil depot near an air base in Vasylkiv, where there has been intense fighting, according to the town’s mayor. President Volodymyr Zelenskyy’s office said another explosion was at the civilian Zhuliany airport. Zelenskyy’s office also said Russian forces blew up a gas pipeline in Kharkiv, the country’s second-largest city, prompting the government to warn people to protect themselves from the smoke by covering their windows with damp cloth or gauze. “We will fight for as long as needed to liberate our country,” Zelenskyy vowed. Terrified men, women and children sought safety inside and underground, and the government maintained a 39hour curfew to keep people off the streets. More than 150,000 Ukrainians fled for Poland, Moldova and other neighboring countries, and the United Nations warned the number could grow to 4 million if fighting escalates. President Vladimir Putin hasn’t disclosed his ultimate plans, but Western officials believe he is determined to overthrow Ukraine’s government and replace it with a regime of his own, redrawing the map of Europe and reviving Moscow’s Cold War-era influence. To aid Ukraine’s ability to hold out, the US pledged an additional $350 million in military assistance to Ukraine, including anti-tank weapons, body armor and small arms. Germany said it would send missiles and anti-tank

weapons to the besieged country and that it would close its airspace to Russian planes. The US, European Union and United Kingdom agreed to block “selected” Russian banks from the SWIFT global financial messaging system, which moves money around more than 11,000 banks and other financial institutions worldwide, part of a new round of sanctions aiming to impose a severe cost on Moscow for the invasion. They also agreed to impose “restrictive measures” on Russia’s central bank. It was unclear how much territory Russian forces had seized or to what extent their advance had been stalled. Britain’s Ministry of Defense said “the speed of the Russian advance has temporarily slowed likely as a result of acute logistical difficulties and strong Ukrainian resistance.” A senior US defense official said more than half the Russian combat power that was massed along Ukraine’s borders had entered the country and Moscow has had to commit more fuel supply and other support units inside Ukraine than originally anticipated. The official spoke on condition of anonymity to discuss internal US assessments. The curfew forcing everyone in Kyiv inside was set to last through Monday morning. The relative quiet of the capital was sporadically broken by gunfire. Fighting on the city’s outskirts suggested that small Russian units were trying to clear a path for the main forces. Small groups of Russian troops were reported inside Kyiv, but Britain and the US said the bulk of the forces were 19 miles (30 kilometers) from the city’s center as of Saturday afternoon. Russia claims its assault on Ukraine from the north, east and south is aimed only at military targets, but bridges, schools and residential neighborhoods have been hit. Ukraine’s health minister reported Saturday that 198 people, including three children, had been killed and more than 1,000 others wounded during Europe’s largest land war since World War II. It was unclear whether those figures included both military and civilian casualties. A missile struck a high-rise apartment building in Kyiv’s southwestern outskirts near one of the city’s two passenger airports, leaving a jagged hole of ravaged apartments over several floors. A rescue worker said six civilians were injured. Ukraine’s ambassador to the US, Oksana Markarova, said troops in Kyiv were fighting Russian “sabotage groups.” Ukraine says some 200 Russian soldiers have been captured and thousands killed. Markarova said Ukraine was gathering evidence of shelling of residential areas, kindergartens and hospitals to submit to The Hague as possible crimes

Ukrainian troops inspect the site following a Russian airstrike in Kyiv, Ukraine on Saturday, February 26, 2022. AP Photo/Vadim Ghirda against humanity. Zelenskyy reiterated his openness to talks with Russia in a video message, saying he welcomed an offer from Turkey and Azerbaijan to organize diplomatic efforts, which so far have faltered. The Kremlin confirmed a phone call between Putin and Azerbaijani President Ilham Aliyev but gave no hint of restarting talks. A day earlier, Zelenskyy offered to negotiate a key Russian demand: abandoning ambitions of joining NATO. Putin sent troops into Ukraine after denying for weeks that he intended to do so, all the while building up a force of almost 200,000 troops along the countries’ borders. He claims the West has failed to take seriously Russia’s security concerns about NATO, the Western military alliance that Ukraine aspires to join. But he has also expressed scorn about Ukraine’s right to exist as an independent state. The effort was already coming at great cost to Ukraine, and apparently to Russian forces as well. Ukrainian artillery fire destroyed a Russian train delivering diesel to troops heading toward Kyiv from the east, said Anton Gerashchenko, an adviser to the interior minister. The country’s Infrastructure Ministry said a Russian missile was shot down early Saturday as it headed for the dam of the sprawling reservoir that serves Kyiv. The government also said a Russian convoy was destroyed. Video images showed soldiers inspecting burned-out vehicles after Ukraine’s 101st brigade reported destroying a column of two light vehicles, two trucks and a tank. The claim could not be verified. Highways into Kyiv from the east were dotted with checkpoints manned by Ukrainian troops and young men in civilian clothes carrying automatic rifles. Low-flying planes patrolled the skies, though it was unclear if they were Russian or Ukrainian. In addition to Kyiv, the Russian assault appeared to focus on Ukraine’s economically vital coastal areas, from near the Black Sea port of Odesa in the west to beyond the Azov Sea port of Mariupol in the east. Ukrainian soldiers in Mariupol guarded bridges and blocked people from the shoreline amid concerns the Russian navy could launch an assault from the sea. “I don’t care anymore who wins and who doesn’t,” said Ruzanna Zubenko, whose large family was forced from their home outside Mariupol after it was badly damaged by shelling. “The

only important thing is for our children to be able to grow up smiling and not crying.” Fighting also raged in two eastern territories controlled by pro-Russia separatists. Authorities in Donetsk said hot water supplies to the city of about 900,000 were suspended because of damage to the system by Ukrainian shelling. The US government urged Zelenskyy early Saturday to evacuate Kyiv but he turned down the offer, according to a senior American intelligence official with direct knowledge of the conversation. Zelenskyy issued a defiant video recorded on a downtown street, saying he remained in the city. “We aren’t going to lay down weapons. We will protect the country,” he said. “Our weapon is our truth, and our truth is that it’s our land, our country, our children. And we will defend all of that.” Hungary and Poland both opened their borders to Ukrainians. Refugees arriving in the Hungarian border town of Zahony said men between the ages of 18 and 60 were not being allowed to leave Ukraine. “My son was not allowed to come. My heart is so sore, I’m shaking,” said Vilma Sugar, 68. At Poland’s Medyka crossing, some said they had walked for 15 miles (35 kilometers) to reach the border. “They didn’t have food, no tea, they were standing in the middle of a field, on the road, kids were freezing,” Iryna Wiklenko said as she waited on the Polish side for her grandchildren and daughter-in-law to make it across. Officials in Kyiv urged residents to stay away from windows to avoid debris or bullets. Shelves were sparsely stocked at grocery stores and pharmacies, and people worried how long food and medicine supplies might last. The US and its allies have beefed up forces on NATO’s eastern flank but so far have ruled out deploying troops to fight Russia. Instead, the US, the European Union and other countries have slapped wide-ranging sanctions on Russia, freezing the assets of businesses and individuals including Putin and his foreign minister. Dmitry Medvedev, the deputy head of Russia’s Security Council, warned that Moscow could react by opting out of the last remaining nuclear arms pact, freezing Western assets and cutting diplomatic ties. “There is no particular need in maintaining diplomatic relations,” Medvedev said. “We may look at each other in binoculars and gunsights.”

Potent protest: Bars and liquor stores drop Russian vodka, promote Ukraine’s

ome bars and liquor stores think they’ve found a potent way to punish Russia for invading Ukraine: They’re pulling Russian vodka off their shelves and promoting Ukrainian brands instead. “I woke up yesterday morning, and I saw that Russia had invaded Ukraine. You wonder what you can do,’’ said Bob Quay, owner of Bob’s Bar in Grand Rapids, Michigan. “The US obviously is putting on sanctions. I thought I would put on sanctions as well.’’ So he rid his shelves of the old Soviet brand Stolichnaya and started promoting Ukraine’s Vektor. “We have a sign above it that says: Sup-

port Ukraine.’’ Quay announced the move on Facebook, and “it blew up. We’ve got people coming in who’ve never been in the bar before.’’ Stoli, owned by the Russian-born tycoon Yuri Shefler, is actually made in Latvia. On its website, Stoli Group says it “stands for peace in Europe and in solidarity with the Ukrainian people.” The Southern Spirits liquor store in Indian Land, South Carolina, is doing a booming business in the Ukrainian vodka Kozak after pulling Russian brands off its shelves. “It’s selling out a lot faster than we thought,’’ said general manager Drew

Podrebarac. “It’s been awesome.’’ The Magic Mountain ski resort in Londonderry, Vermont, posted a video on Twitter showing an employee pouring Stolichnaya down the drain and saying: “Sorry, we don’t serve Russian products here.’’ Governors entered the fray, too. Ohio Gov. Mike DeWine directed the state’s Commerce Department to cease the purchase and sale of Russian Standard, the only Russian vodka sold in Ohio (under the brand names Green Mark and Russian Standard). New Hampshire Gov. Chris Sununu signed an executive order requiring state liquor outlets to remove Russian-made and

branded alcohol, as did Utah Gov. Spencer Cox. In Canada, the Liquor Control Board of Ontario on Friday announced that “all products produced in Russia will be removed from LCBO channels,’’ including 679 of its stores across the province. It also promised to accept the return of any Russian products and declared that it “stands with Ukraine, its people, and the Ukrainian Canadian community here in Ontario.” In Grand Rapids, Quay said he may never sell Russian products again. And he’s taken another step: “I’ve ordered a Ukrainian flag, and that will be going up next week.’’ AP

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ICRC requested to repatriate bodies of Russian troops killed in Ukraine

NITED NATIONS—The International Committee of the Red Cross says it is aware of requests by Ukraine’s UN ambassador and others to repatriate the bodies of Russian soldiers killed in action in Ukraine but has no numbers. A mbassador Serg iy Kysly tsya tweeted Saturday that Ukraine has appealed to the ICRC “to facilitate repatriation of thousands of bodies of Russian soldiers” killed during its invasion of Ukraine. An accompanying chart claimed 3,500 Russian troops have been killed. Kyslytsya tweeted that parents in Russia should have a chance “to bury them with dignity.” “Don’t let [Russian President Vladimir] Putin hide scale of tragedy,” he urged. Laetitia Courtois, ICRC’s permanent observer to the United Nations told The Associated Press Saturday night that the current security situation “is a primary concern and a limitation for our teams on the ground” and “we therefore cannot confirm numbers or other details.” She said “the ICRC can act as a neutral intermediary” on the return of bodies and other humanitarian issues in conflict, including clarifying the fate of missing persons, reuniting families, and advocating for the protection of detainees “within its possibilities.”

240 civilian casualties

GENEVA—The United Nations says it has confirmed at least 240 civilian casualties, including at least 64 people killed, in the fighting in Ukraine that erupted since Russia’s invasion on Thursday—though it believed the “real figures are considerably higher” because many reports of casualties remain to be confirmed. The UN Office for the Coordination of Humanitarian Affairs relayed the count late Saturday from the UN human rights office, which has strict methodologies and verification procedures about the toll from conflict. OCHA also said damage to civilian infrastructure has deprived hundreds of thousands of people of access to electricity or water, and produced a map of “humanitarian situations” in Ukraine—mostly in northern, eastern and southern Ukraine. The human rights office had reported early Friday an initial count by its staffers of at least 127 civilian casualties—25 people killed and 102 injured—mostly from shelling and airstrikes.

Macron asked Belarus to order Russian troops out

PARIS—French President Emmanuel Macron has asked his Belarus counterpart to demand that the country, Ukraine’s neighbor, quickly order Russian troops to leave. In a phone conversation Saturday, Macron denounced “the gravity of a decision that would authorize Russia to deploy nuclear arms on Belarus soil,” a statement by the presidential palace said. Macron told Alexander Lukashenko that fraternity between the people of Belarus and Ukraine should lead Belarus to “refuse to be a vassal and an accomplice to Russia in the war against Ukraine,” the statement said. Belarus was one of several axes used by Russia to launch attacks on Ukraine, with Belarus the point to move toward the capital Kyiv, a senior US defense official has said. Macron has pushed persistently to try to claw out a ceasefire amid the war, using the telephone to talk to all sides, diplomacy and sanctions by the European Union.

Russia closes its airspace

MOSCOW—Russia is closing its airspace to planes from Lithuania, Latvia, Estonia and Slovenia, a move that comes as Moscow’s ties with the West plunge to new lows over its invasion of Ukraine. Russia’s state aviation agency, Rosaviatsiya, announced early Sunday that the measure was taken in retaliation for the four nations closing their airspace for Russian planes. On Saturday, the agency also reported closing the Russian airspace for planes from Romania, Bulgaria, Poland and the Czech Republic in response to them doing the same. Meanwhile, Germany officials said Saturday that the country is preparing to close its airspace to Russian planes. Transport Minister Volker Wissing

backs such a measure and has ordered all preparations for this to be undertaken, his ministry said on Twitter. Hours earlier, a German-registered DHL cargo plane made a sharp turn back out of Russian airspace, according to air traffic monitoring website FlightAware.com.

Russians protest invasion of Ukraine

MOSCOW—More and more Russians spoke out Saturday against the invasion of Ukraine, even as their government’s official rhetoric grew increasingly harsher. Street protests, albeit small, resumed in the Russian capital of Moscow, the second-largest city of St. Petersburg and other Russian cities for the third straight day, with people taking to the streets despite mass detentions on Thursday and Friday. According to OVD-Info, rights group that tracks political arrests, at least 460 people in 34 cities were detained over anti-war protests on Saturday, including over 200 in Moscow. Open letters condemning Russia’s invasion of Ukraine kept pouring, too. More than 6,000 medical workers put their names under one on Saturday; over 3,400 architects and engineers endorsed another while 500 teachers signed a third one. Similar letters by journalists, municipal council members, cultural figures and other professional groups have been making the rounds since Thursday. A prominent contemporary art museum in Moscow called Garage announced Saturday it was halting its work on exhibitions and postponing them “until the human and political tragedy that is unfolding in Ukraine has ceased.”

EU foreign ministers meet

BRUSSELS—The European Union’s top diplomat says he’s calling an urgent meeting of the bloc’s foreign ministers on Sunday to weigh yet more measures against Russia as it wages its military campaign in Ukraine. EU foreign policy chief Josep Borrell tweeted Saturday that “I am convening a virtual meeting of EU foreign ministers tomorrow at 18.00 [Central European Time, 1700 GMT] to adopt further measures in support of Ukraine, against aggression by Russia.” Borrell says he will propose to the ministers that they endorse “a package of emergency assistance for the Ukrainian armed forces, to support them in their heroic fight.” It will be third time the ministers have met in a week. Previously they have endorsed two packages of sanctions; one raft targeting Russians involved in the recognition of two breakaway regions in eastern Ukraine, and another hitting Russia’s economy, and freezing the assets of the president and foreign minister.

Germany sends weapons to Ukraine

BERLIN—In a significant shift, the German government said Saturday it will send weapons and other supplies directly to Ukraine and supports some restrictions of the SWIFT global banking system for Russia. Germany’s chancellery announced it will send 1,000 anti-tank weapons and 500 “Stinger” surface-to-air missiles to Ukraine “as quickly as possible.” “The Russian invasion of Ukraine marks a turning point. It threatens our entire post-war order,” German Chancellor Olaf Scholz said in a statement. “In this situation, it is our duty to help Ukraine, to the best of our ability, to defend itself against Vladimir Putin’s invading army.” In addition, the German economy and climate ministry said Germany is allowing the Netherlands to ship 400 German-made anti-tank weapons to Ukraine. Germany had long stuck to a policy of not exporting deadly weapons to conflict zones, including Ukraine. As recently as Friday, government officials said they would abide by that policy. The country has faced criticism from Ukrainian officials and other allies that it has not acted decisively enough to help Ukraine fend off the Russian invasion. Previously, Germany contributed 5,000 helmets to Ukraine’s defense. In addition, Germany will send 14 armored vehicles and up to 10,000 tons of fuel to Ukraine. See “ICRC,” A7

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Iraq shuts down two oil fields, further curtailing Opec output

raq stopped oil production from two southern fields with a combined capacity of almost half a million barrels a day. The shutdowns curtail the ability of Opec’s second-largest member to pump crude just as Russia’s invasion of Ukraine and tight supplies globally send prices soaring. The operators of Nasiriya and West Qurna-2 have said nearby fields will be able to produce more to compensate for the temporary losses. Work at Nasiriya, capable of supplying as much as 80,000 barrels a day, was halted on Saturday because of protests that prevented staff from reaching the site, according to a statement from Thiqar Oil Co. That followed the closure of the huge West Qurna-2 field on February 21 for maintenance. The field, which can pump 400,000 barrels a day, is scheduled to resume normal operations on March 14, though the companies that run it are trying to restart output sooner. State-owned Basra Oil Co. said the work will enable production from West Qurna-2 to be increased to 450,000 barrels a day. Russia’s Lukoil PJSC has a stake in the field.

Opec struggles

The outages come as many Opec members, including Iraq, struggle to reach their production quotas, causing global energy markets to tighten as demand recovers from the coronavirus pandemic. Iraq pumped 4.16 million barrels a day in January, less than its target of almost 4.3 million, Bloomberg reported earlier this month. That was because of bad weather at ports and the country should meet its quota for February, Oil Minister Ihsan Abdul Jabbar said in an interview on February 21. Iraq has repeatedly said it is able to pump as much as 5 million barrels-a-day. The Organization of Petroleum Exporting Countries and its partners—a 23-nation group including Russia—meet on March 2 to decide on output for April. Major Opec members such as Saudi Arabia have come under pressure in recent months to raise production faster and rein in oil prices, which temporarily surpassed $100 a barrel on Thursday after Russia attacked Ukraine. Bloomberg News

North Korea fires missile in resumption of testing

EOUL, South Korea — North Korea launched a ballistic missile into the sea on Sunday, its neighbors said, in a resumption of weapons tests that came as the United States and its allies are focused on Russia’s invasion of Ukraine. The North Korean launch was the eighth of its kind this year and the first since January 30. Some experts have said North Korea is trying to perfect its weapons technology and pressure the United States into offering concessions like sanctions relief amid longstalled disarmament talks. They say North Korea also might view the US preoccupation with the Ukraine conflict as a chance to accelerate testing activity without any serious response from Washington. Japanese Defense Minister Nobuo Kishi said the North Korean missile flew about 300 kilometers (190 miles) at a maximum altitude of about 600 kilometers (370 miles) before landing off North Korea’s eastern coast and outside Japan’s Exclusive Economic Zone. No damage to vessels or aircraft has been reported, he said. “If North Korea deliberately carried out the missile launch while the international community is distracted by the Russian invasion of Ukraine, such an act is absolutely unforgivable,” he told reporters. “Whatever the motives are, North Korea’s repeated missile launches are absolutely inexcusable and we cannot overlook considerable missile and nuclear advancement.” South Korean officials said they also detected the launch from the North’s capital area and expressed “deep concerns and grave regret” over it. During an emergency national security council meeting, top South Korean officials said the timing of the launch, amid Russia’s invasion of Ukraine, “is not desirable at all for peace and stability in the world and on the Korean Peninsula,” the presidential Blue House said. The US Indo-Pacific Command said later Sunday it condemned the launch and called on North Korea to refrain from further destabilizing acts. A command statement said the US commitment to the defense of South Korea and Japan “remains ironclad,” though Sunday’s launch didn’t pose an immediate threat to US territory and that of its allies. The launch came a day after North Korea made its first response to the Ukraine war in the form of an article by a government analyst that expressed support for Russia and slammed the United States. “The basic cause of the Ukraine incident lies in the high-handedness and arbitrariness of the United States, which has ignored Russia’s legitimate calls for security guarantees and only sought a global hegemony and military dominance while clinging to its

sanctions campaigns,” Ri Ji Song, a researcher at a North Korean staterun institute on international politics, said in a post published on the website of the Foreign Ministry. Ri accused Washington of “arrogance” and “double standards” because it describes its rivals’ defense measures as provocations or injustices. The former Soviet Union was North Korea’s biggest aid provider before its disintegration in the early 1990s. Russian President Vladimir Putin has been pushing to restore his country’s ties with North Korea in what is seen as a bid to regain its traditional domains of influence and secure more allies to better deal with the United States. Leif-Eric Easley, a professor at Ewha University in Seoul, said the Biden administration needs to show that it maintains a strategic focus on the Indo-Pacific region, including by responding sternly to Pyongyang’s provocations. “North Korea is not going to do anyone the favor of staying quiet while the world deals with Russia’s aggression against Ukraine,” Easley said. “Pyongyang has an ambitious schedule of military modernization. The Kim regime’s strength and legitimacy have become tied to testing ever-better missiles.” North Korea last month conducted seven rounds of missile tests, a record number of monthly weapons tests since leader Kim Jong Un took power in late 2011. North Korea halted testing activity after the start of the Winter Olympics in China, its last major ally and economic pipeline, earlier this month. Some experts had predicted North Korea would resume weapons launches and possibly test bigger weapons after the Olympics. Kim sent a message to Chinese President Xi Jinping after the Olympics calling for further consolidating bilateral ties “into the invincible one” in the face of what he called “the undisguised hostile policy and military threat of the US and its satellite forces.” Xi replied to Kim last week, saying China is ready to strengthen bilateral ties, according to North Korea’s state media. US-led diplomacy aimed at convincing North Korea to give up its nuclear program in return for economic and political rewards collapsed in early 2019 when then President Donald Trump rejected Kim’s calls for extensive sanctions relief in exchange for limited denuclearization steps during their second summit in Vietnam. US officials have since repeatedly called for the resumption of talks without preconditions, but Pyongyang has said it won’t return to the negotiating table unless Washington ends its hostility toward North Korea. AP

Monday, February 28, 2022 A7

Over 150,000 Ukrainians flee to the borders to seek refuge By Vanessa Gera & Adam Pemble

The Associated Press

EDYKA, Poland—Dragging suitcases and carrying children, tens of thousands of Ukrainians rushed to the borders Saturday as invading Russian troops pressed on with their march toward Ukraine’s capital of Kyiv. At least 150,000 people have f led Ukraine into Poland and other neighboring countries in the wake of the Russian invasion, the UN refugee agency said Saturday. Some walked many miles through the night while others fled by train, car or bus, forming lines miles long at border crossings. They were greeted by waiting relatives and friends or headed on their own to reception centers organized by neighboring governments. “The numbers and the situation is changing minute by minute,” said Joung-ah Ghedini-Williams, a spokeswoman for the UN High Commissioner for Refugees. “At least 150,000 people have fled, t hey are ref ugees outside of Ukraine....At least 100,000 people—but probably a much larger number—have been displaced inside Ukraine.” The agency expects up to 4 million Ukrainians could flee if the situation deteriorates further. Those arriving were mostly women, children and the elderly after Ukrainian President Volodymyr Zelenskyy banned men of military age from 18 to 60 from leaving. Some Ukrainian men were heading back into Ukraine from Poland to take up arms against the Russian forces. In contrast to other conflicts around the globe, Russia’s unprovoked attack on the Westernlooking democracy has ignited a huge outpouring of support for the fleeing Ukrainians. This included an unconditional welcome from nations like Poland and Hungary

that did not want to accept those fleeing conflict and poverty in the Middle East and Africa. Regular people were also opening up their homes to refugees and volunteering at welcome centers. In Poland, a Facebook page was formed where people were offered rides in private cars from the border and other help. Volunteers even came from elsewhere in Europe to pick up refugees, among them a German couple from Hamburg who held up a sign at the Polish border town of Medyka saying they could take three people home with them. “Our country is not doing anything, and we felt we needed to do something,” said Tanja Schwarz, 51. Despite the goodwill, the crush of people became a very real ordeal. Jeremy Myers, from Manchester, England, was on vacation in Ukraine with his Ukrainian girlfriend when the war started. They fled Kyiv and waited 23 hours in a fenced-off area where there was no food or water and which was controlled by armed guards on the Ukrainian side. He witnessed people fighting, getting crushed and a woman who fainted. “We saw several people get injured, there were no toilets, there was no medical assistance,” he said. “You had to stand where you were because if you didn’t you lost your place in line.” One family from Chernivtsi in western Ukraine waited 20 hours before being able to cross the border into Siret in northern Romania. Natalia Murinik, 14, cried as

A Polish border guard assists refugees from Ukraine as they arrive to Poland at the Korczowa border crossing, Poland, Saturday, February 26, 2022. AP Photo/Czarek Sokolowski

she described saying goodbye to grandparents who couldn’t leave the country. “It really hurt, I want to go home,” she said. The largest numbers were arriving in Poland, where 2 million Ukrainians have already settled to work in recent years, driven away by Russia’s first incursion into Ukraine when it annexed Crimea in 2014 and seeking opportunities in the booming economy of the European Union neighbor. Poland’s government said Saturday that more than 100,000 Ukrainians had crossed the Polish-Ukrainian border in the past 48 hours alone. Poland declared its border open to fleeing Ukrainians, even for those without official documents, and dropped its requirement to show a negative Covid-19 test. The line of vehicles waiting to enter Poland at Medyka stretched many miles into Ukraine. A woman from Lviv named Lena described seeing toys and heavy bags along the way that people had abandoned. She was bringing her four children to safety in Poland and planned to return to join her husband. Like other Ukrainians returning home as their country fights Russia, she would only give her first name. Even Hungarian Prime Minister Viktor Orban, one of Europe’s most anti-migrant leaders, traveled to the border town of Beregsurany, where he said Hungary was accepting all citizens and legal residents

Strong Indonesia earthquake leaves 10 dead, 400 injured

AKARTA, Indonesia—Search efforts continued Sunday in the hardest-hit areas of Indonesia’s Sumatra island after a strong earthquake there killed 10 people, injured nearly 400 and left thousands displaced, a disaster official said. Rescuers retrieved two more bodies late Saturday from the rubble of homes toppled by the magnitude 6.2 earthquake that shook West Sumatra province on Friday morning, said National Disaster Mitigation Agency spokesperson Abdul Muhari. Six people died in Pasaman district and four in neighboring West Pasaman district, he said. Rescuers were still searching for four villagers believed to be buried under tons of mud that tumbled down from the surrounding hills triggered by the quake. At least 388 people were injured by the earthquake whose tremors were felt as far away as Malaysia and Singapore, and about 42 people were still receiving treatment for serious injuries, Muhari said. More than 13,000 people fled their homes to temporary shelters, mostly in devastated areas of Pasaman and West Pasaman districts, the closest areas to the epicenter as over 1,400 houses and buildings

ICRC... Continued from A6

Pope Francis speaks to Zelenskyy

ROME—The Ukrainian Embassy to

of Ukraine. “We’re letting everyone in,” Orban said. Among those arriving at that point were a Ukrainian-British family with their dogs. “We can’t leave our dogs,” said Vlasta Terasova, arriving from Uzhhorod. On Saturday, Poland sent a hospital train to pick up those wounded in the war in Mostyska, in western Ukraine, and bring them to the Polish capital of Warsaw for treatment. The hospital train left the border town of Przemysl with five carriages to transport the wounded and four others stocked with humanitarian aid for Ukraine’s Lviv district. The UN said said most Ukrainians were heading to neighboring Poland, Moldova, Hungary, Romania and Slovakia but some even fled into Belarus—from which some Russian forces entered Ukraine. Some planned to head further on to other countries in Europe. The border post in Siret was crowded with Ukrainians on Saturday and humanitarian groups set up tents a few miles in and offered food and drink to those arriving. Despite the welcome, teenager Natalia Murinik’s family didn’t know where they were going next. “We don’t have a clue. We’re waiting for our friends, and then we’ll think,” she said. Gera reported from Warsaw. Bela Szandelszky in Beregsurany, Hungary; Florent Bajrami in Medyka, Poland; Jamey Keaten in Geneva and Stephen McGrath in Siret, Romania, contributed.

Musk activates Starlink satellites in response to Ukraine’s request

E A man inspects the ruin of a damaged mosque after an earthquake in West Pasaman district, West Sumatra, Indonesia on Friday, February 25, 2022. The strong and shallow earthquake shook Sumatra on Friday, killing a number of people while causing panic on the island and in neighboring Malaysia and Singapore. AP Photo/Ardhy Fernando

were damaged, Muhari said in a statement. Indonesia, a vast archipelago of 270 million people, is frequently struck by earthquakes, volcanic eruptions and tsunamis because of its location on the “Ring of Fire,” an arc of volcanoes and fault lines that arcs the Pacific. The last major earthquake was in

January 2021 when a magnitude 6.2 earthquake killed at least 105 people and injured nearly 6,500. More than 92,000 people were displaced after it struck Mamuju and Majene districts in West Sulawesi province. A powerful Indian Ocean quake and tsunami in 2004 killed nearly 230,000 people in a dozen countries, most of them in Indonesia. AP

the Holy See says Pope Francis spoke by phone on Saturday with Ukrainian President Volodymyr Zelenskyy. The embassy tweeted that “the Holy Father expressed his deepest pain for the tragic events that are taking place in our country.” Z e len sk y y t weeted t h at he

thanked the pontiff for “praying for peace in Ukraine and a ceasefire. The Ukrainian people feel the spiritual support of His Holiness.” The pope, who has repeatedly called war folly, has designated March 2, Ash Wednesday, as a day of fasting and prayer for peace. AP

lon Musk said his Starlink satellite service is up and running in Ukraine, responding to a plea from the deputy prime minister to supply satellitebased communications to help resist Russia’s invasion of the country. More Starlink terminals are en route, Musk tweeted Saturday in reply to Mykhailo Fedorov’s entreaty, without explaining how the equipment would get there. Musk ’s SpaceX plans to take thousands of Starlink satellites into orbit, creating an Internet-service constellation that would work as a low-cost alternative to remote landbased systems that are vulnerable to interruption. The billionaire previously donated 50 satellite terminals to restore the Internet in Tonga, whose telecommunications network was severely disrupted by a tsunami this year. A Space X Fa lcon 9 rocket bl a sted of f f rom C a l i for n i a on Fr iday w ith a payload of another 50 satel lites. Bloomberg News

Monday, February 28, 2022 • Editor: Angel R. Calso

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editorial

First, Covid-19; and now Putin

ust when the world seemed to have conquered the enemy that is Covid, it is now drawn into a war where the first boots on the ground were Russian.

The issue from the Russian perspective is that Nato (North Atlantic Treaty Organization) is a direct threat to Russian security and the possibility of Ukraine joining Nato creates the potential of Nato forces being deployed at the Russian border. The US has about 90,000 troops in Europe, with the largest concentration in Germany. What is ironic is that Nato was formed as an expanded version of the Treaty of Alliance (between the UK and France in 1947) as a defense against a possible attack by Germany or the Soviet Union. Nato “welcomed” West Germany as a member on May 6, 1955. The Warsaw Pact alliance of Soviet Bloc countries in Eastern Europe was formed on May 14, 1955. Current events always need to be put in historical perspective. Since Nato’s founding, its member-states have increased from the original 12 countries to 30, all pushing toward the east. The US maintains a military force in Europe, most of them based in the now unified Germany. Military alliances have not always been helpful. Germany formed the Triple Alliance with Austria-Hungary and Italy in 1882. The Triple Entente alliance of Russia, France, and the UK was not an alliance of mutual defense. But the Austrian Archduke was assassinated by a Bosnian Serb and Serbia was an ally of Russia, France, and the UK. Austria was an ally of Germany and Italy. “The enemy of my enemy…” These “treaty” organizations are confusing. The Shanghai Cooperation Organization is a “political, economic, and security alliance” that includes China, India, and Pakistan. Those three are still in armed conflict over the Sino-Indian border and the Kashmir region. Russia is also a member of SCO. Further, the new foreign relations philosophy is “strategic ambiguity” with a government using the word “maybe” a lot. Maybe the US will protect the Philippines’ interests in regional waters, and maybe not. Actually “strategic ambiguity” makes perfect sense since a nation’s own interests always come first as it should. Ukraine is not a part of Nato. But not even the local social media foreign policy experts can answer these questions. Would Putin have invaded Ukraine if it were a part of Nato? Would Nato have sent “boots on the ground” to defend Ukraine after the invasion? The Russian invasion was a pre-emptive strike against Nato. Regardless if Russia is “stalemated,” its pre-emptive strike was successful. Now, what do the Nato nations do to remove the Russian military? Nato allies were not willing to sacrifice blood to get the Russians out of Crimea and the Eastern Ukraine Oblasts. Now those are de facto Russian territory. President Biden said the US is set to impose sanctions on Russia that “exceed anything we’ve ever done.” “Today, I’m announcing a series of measures that will continue to increase the cost on Russia and on those responsible for what is happening in Ukraine.” President Obama made that statement in 2014 the day before Russia finalized its annexation of Crimea. That was eight years ago, and Putin has used that time to attempt to turn its economy into “a fortress to withstand sanctions.” That assessment is from various analysts. Putin set “aside billions from its oil revenues for a rainy-day fund.” “Russia has spent years sanctions-proofing itself, developing everything from its own cheese industry to financial messaging system.” However, the global chip industry is dominated by companies from the US, Europe, Taiwan, and South Korea. “Russia has only a few, outdated semiconductor factories and is dependent on parts from Western companies.” It does not take a genius to know that the news is mostly propaganda due to a fluid situation and censorship all around. But how this all plays out over hours, days, and weeks may change the future world as the pandemic has done.

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Wishing for peace Atty. Jose Ferdinand M. Rojas II

RISING SUN

he economy still reels from the effects of the pandemic and yet the world has to face a new threat to security, peace and economic stability as war erupts between Russia and Ukraine. We’ve seen real repercussions in recent days as the stock market and cryptocurrencies take a dip, causing oil prices to soar and sparking concerns that inflation could run even higher.

We all know Russia is a big player in the gas and oil market, so this crisis definitely has a major impact on fuel prices and cost of commodities and, eventually, the global supply chain and movement not just of goods but also of people. When gas prices go up, we know what comes next. A lot of people can barely afford the cost of basic commodities as it is, but as people tighten their belts even further, it will definitely affect other industries as spending—and eventually, GDP—suffers.

There is plenty of speculation as to how the current crisis will develop, but no matter what happens, I do think it is always prudent to prepare early. Prepare for rising costs and interest rates by making sure we are liquid and are spending our money wisely. We can take the chance that restrictions are easing up to work hard and find opportunities for development. We can increase our savings and investments in real assets and strong markets. It is also vital to support the economy

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Ukraine and our 2022 elections

✝ Ambassador Antonio L. Cabangon Chua Publisher

E are now in uncharted waters. The Russian invasion of Ukraine has brought the world to a new age of uncertainty, which we thought that in this age of market-states, we will never get to see or experience again after the world wars of the last century. Though we all wish for its speedy resolution, the conflict will most likely end the age of trade embargos to temper aggressiveness of nations. And whether we like it or not, these events thousands of miles away will now have a bearing on our country. Our seas will be rougher, the clouds darker. The elections that will be held in less than a hundred days will have a new but primary consideration. We will need a leader to lead us through these tumultuous times. The Russian invasion affects us adversely more than we would like to admit. Just like the rest of the world, we are now feeling its initial effects with the price of oil and other commodities going

up. Imports of any goods, not just those coming from Europe, will become scarce. Global trade and commerce will be affected. Rationing of such goods can happen. Global financial institutions and country lenders will be tougher on creditor nations. It is also not far fetched to see more aggressive territorial and resource disputes, with less international policing now that all eyes are on Europe. In our arena, there is Taiwan and closer to our shores, the West Philippine Sea. Overseas employment of Filipinos, of which we depend on so much, will be lessened even from countries outside Europe for the simple reason that their economies will most likely also take a downturn. Expect our

Without a doubt we will need a crisis manager with the necessary credentials in confronting and overcoming adversities. We will need someone who can take action no matter how unpopular it is, so long as it is being done for the common good. And for us, the electorate, we will need to throw out the old playbook and quickly become adept at choosing that one qualified leader. We still have 60 plus days to choose the person who will lead us in what could be the most unpredictable six years of our future.

workers to come home to add to what is already a high number of unemployed and underemployed. Unfortunately, ours is an economy that is so dependent on foreign intervention from raw materials to finished products and more importantly of basic commodities such as food products and other prime commodities. The world order of market-states of which countries were re-directed to play specific roles in the world economy; in our case—services such as in the health and hospitality industry, is now threatened. We will be in an era

the means to shield themselves from the harsh repercussions of such situations. The government, therefore, must recognize the possibilities early so it can prepare to address the people’s needs when the time comes that the administration’s assistance and protection might be necessary. There are those who fear that the crisis in Russia and Ukraine might embolden China to launch an attack on Taiwan. Others are worried about Russia’s nuclear arsenal and how much it would take before the country’s leaders consider taking that route. As the whole world follows the developments on a daily basis, we wonder like everyone else as to how long the war would last and how serious it will be. We wait for the actions of other countries, specifically the United States, and see what kind of sanctions will be imposed against Russia or if the US and other nations will take steps to somehow dissipate the tension. I am quite sure that people around the world, the Russians included, are wishing for a peaceful resolution to this conflict.

where countries will have to assure their own existence. Unfortunately, we are hardly prepared. With the dark clouds hovering above us, the 2022 elections that will bring in our new set of leaders will now have a greater impact on our future and possible survival in this new world paradigm. We will now have to look at what will transpire in May in a different light. Will the politics of color, the politics of the past and of hate that has been the dominant noise in this electoral exercise be what we will need in a new world order? Will that bring food to the table or jobs to the unemployed? Where is the talk of our candidates of a pivot plan? Where is their roadmap to assure us of seeing this through? What good will it do if the primary discourse of those vying to be our leaders will be to rectify the sins of past regimes? Important, yes, but at this point in our history, we may need to set aside such discussions for now in the face of adversity and isolation. Without a doubt we will need a crisis manager with the necessary credentials in confronting and overcoming adversities. We will need someone who can take action no matter how unpopular it is, so long See “Orbos,” A9

Opinion BusinessMirror

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

DEBIT CREDIT Conclusion

oard of Accountancy Resolution 36-2019 was issued on July 18, 2019, to repeal BOA Resolution 3-2019 and other related resolutions pertaining to the game-changing requirements on the compilation services for the preparation of financial statements and the notes thereto by Certified Public Accountants (CPAs). As discussed in last week’s column, several reasons were cited for the withdrawal of the compilation services resolutions. I say that these reasons are dubious, at the very least. I am aware that several CPA practitioners and stakeholders consider the compilation services measure as reasonable that resulted in positive outcomes for the accounting and business community. In the accounting and auditing practice, several CPAs have shifted from their external audit services to focus on the rendering of compilations services. They perceive the latter to be less risky and demanding in their practice of their profession. Further, the reason that the compilation services requirement was contrary to Republic Act 11032 of ease of doing business is exaggerated since there are rules and requirements of other government agencies, including the SEC and BIR, that provide more stringent and burdensome requirements from businesses, while the compilation services do not exact a heavy and costly toll on the enterprises covered by such. Most of the provisions of BOA Resolution 3-2016 have long been in place even before the enhancement of RA 11032 and have long been part of the industry practice in the preparation of their financial statements. Clearly, the reasons cited in the BOA Resolution 36-2019 for the repeal of the compilation services resolutions were not convincing and questionable as to the real intent. What may have been the reason for the turbulence that arose with a praiseworthy initiative such as the BOA Resolution 3-2016? Without any research or investigation on this matter, the reasons for the problems are left to speculation. In his article entitled “The need for certification of compilation services” that was published in BusinessMirror sometime in 2017 (https://businessmirror.com. ph/2017/10/16/the-need-for-certification-of-compilation-services/), Mr. Alfredo Non, former Commissioner of the Regulatory Energy Commission and a CPA, analyzed the compilation service measure and came out with reasons for the opposition of certain persons and organizations to the compilation services measure. Cited from his articles are his observations as to the possible reasons: It will cause a dent in a niche of work currently done by some internal auditors which now has to be done by others? CPAs who used to do this without the need to be certified will now have to comply? Their thinking has been influenced by others who have vested interests? There is an issue of leadership— Using the Resolution as the reason? They refuse to understand, or, simply do not understand? I agree with the points raised by Mr. Non. To supplement these, I add further the following reasons of political infighting as to turf between

Orbos . . .

continued from A8

as it is being done for the common good. And for us, the electorate, we will need to throw out the old playbook and quickly become adept at

Is this the demise of the gamebreaking and innovative measure on compilation services? I hope not. If the concerned stakeholders, CPA, and non-CPA alike, start voicing out their advocacy and support of the compilation service measure, the revival of this innovation may be possible. A cost-benefit assessment study of this undertaking can provide a basis for the reactivation. An unbiased dialogue of stakeholders from the practice and the government regulators can be conducted to thresh out the issues of this measure. With these, the full benefits of this compilation service can be recognized and ultimately realized for the benefit of the accounting profession and related government regulation of financial disclosures of businesses. government agencies; the perception of some key players in the external audit sector that the compilation services measure would cause disruptions in the business model and pricing of their services; the tendency of new leaders to drop initiatives of the administration that they replaced and institute their own programs if any; and, lack of appreciation by the other government regulators of the beneficial effects of the measure. Is this the demise of the gamebreaking and innovative measure on compilation services? I hope not. If the concerned stakeholders, CPA, and non-CPA alike, start voicing out their advocacy and support of the compilation service measure, the revival of this innovation may be possible. A cost-benefit assessment study of this undertaking can provide a basis for the reactivation. An unbiased dialogue of stakeholders from the practice and the government regulators can be conducted to thresh out the issues of this measure. With these, the full benefits of this compilation service can be recognized and ultimately realized for the benefit of the accounting profession and related government regulation of financial disclosures of businesses. Joel L. Tan-Torres is the Dean of the University of the Philippines Virata School of Business. Previously, he was the Commissioner of the Bureau of Internal Revenue, the chairman of the Professional Regulatory Board of Accountancy and partner of Reyes Tacandong & Co. and the SyCip Gorres and Velayo & Co. He is a Certified Public Accountant who garnered No. 1 in the CPA Board Examination of May 1979. This column accepts articles for potential publication from the business and academic community. Articles not exceeding 600 words can be e-mailed to jltantorres@up.edu.ph.

choosing that one qualified leader. We still have 60 plus days to choose the person who will lead us in what could be the most unpredictable six years of our future. The author may be reached via: thomas_orbos@ sloan.mit.edu

Synchronized murder

Monday, February 28, 2022

I agree that what happened to the crew was unfortunate. Picking Carlos up turned out to be “costly” as it was in exchange for loss of a life and injury of others. A life that was lost can never be restored to the widow and the orphaned children. However, it would be utterly incorrect and downright improper to blame the PNP Chief for the mishap.

Calls for the resignation of General Carlos mounted as more people placed him under the crucible where societal judgment is disguised as sagacity. The Chief was even taunted for his seeming extravagance taking a vacation in that expensive location. Worse, he was blamed for the death and injury of those who were tasked to transport him. All too abruptly, people have concluded and portrayed the General as if he was this felon who willed this catastrophe. We know for a fact that when it gets convenient for us to point a finger on someone for a liability, it ripens into a synchronized murder—a situation we become so invested in as if we know everything about the “felony” and the “felon.” Taking on a legal case has its benefits. It compels us to look into the facts. And the factual fabric involving the helicopter tragedy speaks more of an accident that no one desired to take place. I agree that what happened to the crew was unfortunate. Picking Carlos up turned out to be “costly” as it was in exchange for loss of a life and injury of others. A life that was lost can never be restored to the widow and the orphaned children. However, it would be utterly incorrect and downright improper to blame the PNP Chief for the mishap. In civil law, a fortuitous event is generally considered as an occurrence or happening which could not

are rescued by government vehicles and rubber boats, how much more the PNP Chief who got stuck in an island through no fault of his own. In support of the beleaguered general, DILG Secretary Eduardo Año said: “He [Carlos] is still the chief PNP and it’s rightful for him to use the PNP chopper to be able to attend a forthcoming official duty when there are no other available means.” The unforeseen crash, however unfortunate, is not only independent from the will of General Carlos but he was free from any participation or aggravation to the injury caused. It is an unwritten practice in government that official vehicles are assigned to key officers or personnel. I was assigned a government vehicle when I was in the Bureau of Immigration from 2011 to 2016. This practice is prevalent in the uniformed service where commanders and leaders are assigned official transportation, including drivers and sometimes a security detail, if necessary. Oftentimes, these officers get to bring their official vehicles at their private residence especially when there are no parking spaces in their offices. In case of an emergency, like the need to go to the hospital, should we require these public servants to leave their marked vehicles behind and take public transport? Errands such as going to the hospital or picking up the PNP Chief from a private place back to the HQ should not only be authorized but necessary. I do not minimize the loss or injury to the bereaved family. I, however, humbly say that it is too much to “nail” General Carlos on a cross and “murder” him for the tragic incident.

Siegfred Bueno Mison, Esq.

THE PATRIOT

he newly appointed Chief PNP is hardly known outside of the world of the PMA and PNP. Very unassuming and competent, Police General Dionardo Carlos, designated as the 27th PNP Chief in 2021, made headline news when a police helicopter crashed and killed one and injured two crew members. The tragic incident was “sensationalized” since the chopper was supposed to pick up General Carlos from the luxury island of Balesin in the province of Quezon and bring him to the PNP headquarters in Metro Manila. Unfortunately, such arrangement and subsequent accident did not sit well with the general public, at least in the social media. be foreseen, or even if foreseen, is inevitable. I usually require my law students to memorize, if not fully understand the essential conditions that make an event, such as this helicopter crash, as a “fortuitous event” as defined in Article 1174 in the New Civil Code. First, the cause of the breach must be independent of the debtor’s will. Second, the event must either be unforeseeable or unavoidable. Third, the event must be such as to render it impossible for the debtor to fulfill his obligation in a normal manner. Finally, the debtor must be free from any participation in, or aggravation of, the injury to the creditor. I am of the considered opinion that the deployment of that PNP helicopter in Balesin was a “rescue” operation for an officer whose duties to the nation far exceed his personal interests. He got stuck in Balesin and had to go back to Manila to perform official functions. It is not disputed that General Carlos indeed had private arrangements to transport him back to Manila. Since it became unavailable, he was forced to request for official transport from the PNP. After all, there can be activities affecting national interest and public safety that may be compromised if he could not go back to work on time. As one lawyer friend puts it—if private individuals are stuck in their roofs during typhoons

I can be most certain, like anybody else, that the Chief did not intend for such crash to happen. I even get testimonies from close friends who know Carlos that the Chief is a good and competent officer, very unassuming and upright, a silent performer, and very professional. He is a believer of Christ as well. And Carlos had been accustomed to taking a brief respite in Balesin, especially since he grew up in Quezon. This unfortunate incident and how some people reacted is a finger-pointing exercise. I am a self-confessed reforming addict to this habit of putting the blame on others before examining myself. Finger pointing takes many forms—blaming, accusing, gossiping, condemning. God is not happy about these things. The Bible gets straight to the point: “Then you shall call, and the Lord will answer; you shall cry, and He will say, ‘Here I am.’ If you take away the yoke from your midst, the POINTING OF THE FINGER, and SPEAKING WICKEDNESS……then your light shall dawn in the darkness…..” (Isaiah 58:9). When confronted with issues on liability, I believe we are commanded to maintain a humble attitude and seek an appropriate forum for the discussion. Instead of taking the dirt off the other person’s eyes all too conveniently, we are instructed to first look at the mote in our own eyes. No one wishes to be called recidivists at finger pointing. Some people live their lives as if they are blameless when, in truth, they are to be blamed one way or another. Remember, every time we point fingers and blame others recklessly, we become a “murderer” of another person’s character. A former infantry and intelligence officer in the Army, Siegfred Mison showcased his servant leadership philosophy in organizations such as the Integrated Bar of the Philippines, Malcolm Law Offices, Infogix Inc., University of the East, Bureau of Immigration, and Philippine Airlines. He is a graduate of West Point in New York, Ateneo Law School, and University of Southern California. A corporate lawyer by profession, he is an inspirational teacher and a Spirit-filled writer with a mission. For questions and comments, please e-mail me at sbmison@gmail.com.

Anti-war sentiment grows in Russia despite govt crackdown By Dasha Litvinova & Vladimir Isachenkov The Associated Press

OSCOW—As Russian troops were closing in on the Ukrainian capital, more and more Russians spoke out Saturday against the invasion, even as the government’s official rhetoric grew increasingly harsher. Street protests, albeit small, resumed in the Russian capital of Moscow, the second-largest city of St. Petersburg and other Russian cities for the third straight day, with people taking to the streets despite mass detentions on Thursday and Friday. According to OVD-Info, rights group that tracks political arrests, at least 460 people in 34 cities were detained over anti-war protests on Saturday, including over 200 in Moscow. Open letters condemning Russia’s invasion of Ukraine kept pouring, too. More than 6,000 medical workers put their names under one on Saturday; over 3,400 architects and engineers endorsed another while 500 teachers signed a third one. Similar letters by journalists, municipal council members, cultural figures and other professional groups have been making the rounds since Thursday. A prominent contemporary art museum in Moscow called Garage announced Saturday it was halting its work on exhibitions and postponing them “until the human and political tragedy that is unfolding in Ukraine has ceased.” “We cannot support the illusion of normality when such events are taking place,” the statement by the museum read. “We see ourselves as part of a wider world that is not divided by war.” An online petition to stop the attack on Ukraine, launched shortly after it started on Thursday morning,

garnered over 780,000 signatures by Saturday evening, making it one of the most supported online petitions in Russia in recent years. Statements decrying the invasion even came from some parliament members, who earlier this week voted to recognize the independence of two separatist regions in eastern Ukraine, a move that preceded the Russian assault. Two lawmakers from the Communist Party, which usually toes the Kremlin’s line, spoke out against the hostilities on social media. Oleg Smolin said he “was shocked” when the attack started and “was convinced that military force should be used in politics only as a last resort.” His fellow lawmaker Mikhail Matveyev said “the war must be immediately stopped” and that he voted for “Russia becoming a shield against the bombing of Donbas, not for the bombing of Kyiv.” Russian authorities, meanwhile, took a harsher stance towards those denouncing the invasion, both at home and abroad. Dmitry Medvedev, the deputy head of Russia’s Security Council chaired by President Vladimir Putin, said Moscow may respond to Western sanctions by opting out of the last nuclear arms deal with the US, cutting diplomatic ties with Western nations and freezing their assets. He also warned that Moscow could restore the death penalty after Russia was removed from Europe’s

top rights group—a chilling statement that shocked human rights activists in a country that has had a moratorium on capital punishment since August 1996. Eva Merkacheva, a member of the Kremlin human rights council, deplored it as a “catastrophe” and a “return to the Middle Ages.” The Western sanctions imposed new tight restrictions on Russian financial operations, a draconian ban on technology exports to Russia and froze the assets of Putin and his foreign minister. Russian membership in the Council of Europe was also suspended. Washington and its allies say even tougher sanctions are possible, including kicking Russia out of SWIFT, the dominant system for global financial transactions. Medvedev was a placeholder president in 2008-2012 when Putin had to shift into the prime minister’s seat because of term limits. He then let Putin reclaim the presidency and served as his prime minister for eight years. During his tenure as president, Medvedev was widely seen as more liberal compared with Putin, but on Saturday he made a series of threats that even the most hawkish Kremlin figures haven’t mentioned to date. Medvedev noted that the sanctions offer the Kremlin a pretext to completely review its ties with the West, suggesting that Russia could opt out of the New START nuclear arms control treaty that limits the US and Russian nuclear arsenals. The treaty, which Medvedev signed in 2010 with then-US President Barack Obama, limits each country to no more than 1,550 deployed nuclear warheads and 700 deployed missiles and bombers, and envisages sweeping on-site inspections

to verify compliance. The pact, the last remaining US-Russian nuclear arms control agreement, had been set to expire in February 2021 but Moscow and Washington extended it for another five years. If Russia opts out of the agreement now, it will remove any checks on US and Russian nuclear forces and raise new threats to global security. Medvedev also raised the prospect of cutting diplomatic ties with Western countries, charging that “there is no particular need in maintaining diplomatic relations.” Referring to Western threats to freeze the assets of Russian companies and individuals, Medvedev warned that Moscow wouldn’t hesitate to do the same. Cracking down on critics at home, Russian authorities demanded that top independent news outlets take down stories about the fighting in Ukraine that deviated from the official government line. Russia’s state communications watchdog, Roskomnadzor, charged that reports about “Russian armed forces firing at Ukrainian cities and the death of civilians in Ukraine as a result of the actions of the Russian army, as well as materials in which the ongoing operation is called ‘an attack,’ ‘an invasion,’ or ‘a declaration of war’” were untrue and demanded that the outlets take them down or face steep fines and restrictions. On Friday, the watchdog also announced “partial restrictions” on access to Facebook in response to the platform limiting the accounts of several Kremlin-backed media. On Saturday, Russian Internet users reported problems with accessing Facebook and Twitter, both of which have played a major role in amplifying dissent in Russia in recent years.

A10 Monday, February 28, 2022

DTI renews push for free trade deal with Washington T By Tyrone Jasper C. Piad @Tyronepiad

HE Department of Trade and Industry (DTI) renewed calls for the establishment of a free trade agreement (FTA) with the United States as the Philippines seeks stronger economic ties, which is seen to benefit the micro, small and medium enterprises (MSMEs). Trade Secretary Ramon M. Lopez said in a recent virtual event that the Philippines is keen on starting the FTA negotiations with the US. Manila has been seeking to strike a trade accord with Washington to lift tariffs on a number of export products, including clothing products. “The next step is really how we can elevate it into an FTA so it becomes a longer lasting kind of trade

arrangement,” he said. The Philippines is one of the beneficiaries of Washington’s Generalized System of Preferences (GSP) perks, but the program expired last December 31, 2020. Lopez said they are awaiting the renewal of the program. The GSP deal is a unilateral preferential trade arrangement by the US to 122 beneficiary developing countries and least developed

beneficiary countries, including the Philippines. It aims to promote economic growth, development and trade by providing duty-free market access to about 5,000 products into the US. “But certainly, it’s [GSP] a very good program that’s been a big help to many marginalized sectors in the country,” he said. “A lot of exporters, a lot of MSMEs who have been part of the global value chain have started to enjoy exporting products.” A mong the products being exported to the US are canned tuna, seaweed, marine products, electronics and coconut-based products, he said. Meanwhile, Lopez also encouraged American companies to continue investing in the country that can boost job creations. He cited the following investment opportunities: information

technology-business process management, electronics, automotive, electric vehicles, hyperscalers and data centers. “The Philippines and the United States will always remain strong partners. We aim to be both a valuable contributor to your companies’ global business’ growth, as well as a strong partner in building back towards a better, brighter postpandemic future,” he said. Meanwhile, he said the government is finalizing the Strategic Investment Priorities Plan (SIPP), which is a menu of incentives to attract more investments in the country under the Corporate Recovery and Tax Incentives for Enterprises. The SIPP, Lopez said, has been “based on the key industrial framework that seeks to develop an innovative and inclusive industrialization in the country.”

Permits of e-sabong outfits void ab initio, says Tolentino By Butch Fernandez @butchfBM

HE Philippine Amusement and Gaming Corp. should consider not just suspending the licenses of all eight accredited E-sabong (electronic betting system for cockfights) outfits, amid

the mysterious disappearance of 31 cockfight workers. The licenses issued by Pagcor could be deemed void ab initio, since the operators did not have a congressional franchise for their business. Senator Francis Tolentino pointed this out at the weekend, days after the Senate’s Public Order

and Dangerous Drugs committee opened hearings into the case of the missing sabungeros, one of the biggest such cases facing the National Police. At Thursday’s first hearing chaired by Sen. Ronald “Bato” dela Rosa, senators agreed to send Pagcor a resolution seeking suspension

of all eight e-sabong licenses until a “satisfactory” solution to the apparent abductions is found. In a radio interview, Tolentino said that likewise, local governments cannot give permits to Esabong without a congressional franchise. He pointed out that e-sabong must first get a different permit from Congress as it is “not like public utilities—like electricity and water—that render public service.” Tolentino, a lawyer, asserted that “an online sabong permit granted by Pagcor is void ab initio,” or not valid from the beginning, because the franchise to operate must come from Congress. He advised Pagcor to “stop e-sabong” and revoke any permit that may have been granted, signaling he expects the DOJ to affirm this until this is sorted out. “Why rush the franchise bill?” Tolentino wanted to know, suggesting that “if e-sabong is allowed, there should be restrictions.” In the February 24 hearing, Tolentino said they will also ask popular payments platforms like GCash to remove e-sabong from transactions allowed on its platform. At the hearing called by the committee led by Senator de la Rosa, senators took turns grilling resource persons from the PNP and Pagcor as parents of the missing men and one woman pleaded for the return of their loved ones, who were seized in several incidents since early January. De la Rosa, a former PNP chief before his election to the Senate, said police probers are likely looking at a syndicated case, saying it is “impossible that 31 are missing and only one did it.” He and Sen. Panfilo Lacson, himself a former PNP chief, questioned at length current PNP head Gen. Dionardo Carlos, who led investigators from the Criminal Investigation and Detection Group (CIDG) in updating senators on what has happened to the multi-province probe, one of the biggest the police has done in years. The abductions were reported in Manila, Bulacan, Pampanga, Batangas and Laguna. Senate President Vicente Sotto III moved for the investigating committee to issue a Resolution asking the state gaming agency to suspend all seven e-sabong licenses issued by Pagcor “until we find a satisfactory solution to this case.” In turn, De la Rosa also moved for the “suspension of e-sabong until the case is cleared,” noting that Pagcor has “no objection to suspend ” as proposed by the lawmakers.

BETS SHARE HOW THEY READIED FOR CNN DEBATES Continued from A1

Like Montemayor, Mangondato turned to his spirituality ahead of the debates. “I prayed first thing in the morning. Afterwards, I talked to our Muslim brothers,” he said. One thing that Mangondato did not forget to wear as he go headto-head with other presidential candidates was his black and red Taqiyah or skullcap. “I have worn this everyday —day and night—for almost 37 years now,” he explained. “This is the tradition of our Prophet Muhammad. I just follow because I love my prophet.” Sen. Emmanuel “Manny” Pacquiao of Abag Promdi said his prime preparation was to review all the possible topics that might be covered by the debates. Pacquiao’s routine prior to going to the UST was all spiritual. “I prayed [first thing in the morning], then read the Bible and worshipped the Lord,” said Pacquiao, who vowed to speak what is really in his heart.

Honed, experience

PA RTIDO La k as ng Masa presidential candidate Leody de Guzman said his life-long experience as a labor leader made him ready for any debates. Still, he did review current events and the platforms that he and his running-mate former congressman Walden Bello are pushing for. “Matagal na ito. Matagal ko na sinasabi mga sinasabi ko ngayon, kahit hindi pa ako kandidato. Buhay ko na ang pakikipaglaban sa mga isyu at bitbit na plataporma ngayon,” De Guzman, who was in his usual red polo shirt, said. De Guzman was accompanied by his children, staff and former work colleagues. The labor leader, however, revealed that something was off with him today: his shoes. De Guzman said he was supposed to wear a pair of Gamosa that his wife bought for the debates. But to his surprise, it had a missing pair, forcing him to wear a pair of black rubber shoes. “Hindi ko mahanap iyong isang kabiyak. Hinanap namin iyong kabiyak, baka tinangay ng aso [We couldn’t find it; the dog might have taken it],” he quipped. Sen. Panfilo “Ping” Lacson of Partido Para sa Demokratikong Reporma forgot something for the debate, too: to ask his running-mate Senate President Vicente “Tito” Sotto III if the debate venue’s temperature was cold. Lacson opted to wear a Pina Polo Barong to be more comfortable. “I followed the instruction of polo barong. Because SP [Senate President Sotto] wore coat and tie [during the vice presidential debate]. So, I thought of polo barong to be comfortable,” he said. “I forgot to ask if the venue will be cold. That’s the first thing I wanted to ask [Sotto] but I forgot,” he laughed. The venue’s temperature felt like 18 degrees celsius. T he temperature aside, Lacson came prepared to the debate. He had a light briefing with his staff about possible topics and issues the debates would cover. Lacson’s preparations for

the debates included research, brainstorming with staff, and coming up with more solid data on every issue. “We did not have any mock debates or question and answers. It was really more data than anything else,” he said. “Plus, I have internalized already most of the issues today.”

Former gov’t officials

FOR former defense secretary Norberto Gonzales, a key preparation he made for the debate was to have a good night’s sleep. And first thing he did in the morning? To have Starbucks coffee. “If I have time I see to it that I have my Starbucks coffee,” Gonzales of Partido Demokratiko Sosyalista ng Pilipinas shared, noting that he did not do outof-ordinary nor had trainings or practices prior to the debates. Former presidential spokesperson Ernesto Abella also made sure rest would be part of his routine before facing rivals onstage. “First thing in the morning, I had my quiet time. I usually have that quiet time. And then I did some readings. After which, I took a nap,” said Abella, clad in white long-sleeve polo barong with a Philippine flag pin on his left collar. Abella said he opted for a barong as it is “comfortable” and “more Filipino,” in contrast to the coat and tie, which he wore in a previous debate. The former foreign affairs undersecretary revealed: “We have been doing research and conversations, listening to our constituents. We do a lot of town-hall meetings that require me to come up with answers right there and then.”

Work as usual

FOR Manila Mayor Francisco “Isko Moreno” Domagoso, the debate day was just a usual work day. Domagoso said he was at Manila City Hall as early as 8 in the morning addressing the problems of his city. “It’s just me being me. I will try to answer truthfully the questions to the best of my ability and my experience,” Domagoso, Aksyon Demokratiko presidential candidate, responded when how he prepared for the debate. Domagoso explained why he wore his long-sleeve Pina barong: “I am proud of our national dress. We wanted to show the world our national dress, especially if there’s an opportunity for them to see who we are and what we are.” It was also a usual work day for Vice President Leni Robredo, who just finished her campaign rallies in Guimaras and Iloilo. Her spokesperson Barry Gutierrez said Robredo did not have any mock debates or simulations prior to the debates. The vice president did all the preparations on her own, with her staff just providing briefings on recent updates and events. “People would expect the usual calm, confident, and detail-oriented answers that she had given in previous debates not just in this year’s elections but also her vice presidency run in 2016,” he said. “We are ready for everything.”

Companies

Editor: Jennifer A. Ng

Monday, February 28, 2022

Tollway operator to spend for digital-venture division By Lorenz S. Marasigan

@lorenzmarasigan

ETRO Pacific Tollways Corp. (MPTC) is allotting “less than a billion” in capital expenditures (capex) for its subsidiary MPT Mobility, its digital ventures arm, for 2022. MPTC President Rodrigo E. Franco said MPT Mobility will use the amount to implement digital projects, the most recent of which

is the launch of its mobility app. “We are looking at budgeting less than a billion pesos for capex for MPT Mobility unless there’s

going to be another gas station project that has a bigger capex requirement because that involves, in many cases, land acquisition,” Franco said in a news briefing. The cost of a gas station project, he noted, is roughly P1 billion. MPT Mobility is MPTC’s mobility solutions subsidiary that houses all of its non-toll related businesses that leverage digital technologies. On Thursday, MPTC launched a mobile app that provides users with solutions that enable them to manage their RFID accounts, plan their trips, and ask for roadside assistance. With the app, motorists can

calculate their toll fees and top up their RFID accounts, check the nearest pitstops for dining, gas-ups, and bathroom breaks. It also houses an in-app function for emergencies. Available for iOS and Android users starting March 1, the app called “MPT DriveHub” will be available for RFID users of MPTC’s network of expressway, namely: North Luzon Expressway; SubicClark-Tarlac Expressway; ManilaCavite Toll Expressway; and, the Cavite-Laguna Expressway on March 1. Soon, the app will also be available for use in the CebuCordova Link Expressway.

NEW PCCI OFFICERS Finance Secretary Carlos G. Dominguez inducted the Philippine

SEC: Don’t invest via SFCShare app By VG Cabuag @villygc

HE Securities and Exchange Commission (SEC) has warned not to invest in SFCShare, a smartphone application that claims to be an interactive alliance advertising service platform for local e-commerce firms, online self-media people and other cooperative groups. The agency warned that SFCShare’s operations are akin to a Ponzi scheme, aside from the company not being registered with the SEC. The regulator said it released the advisory after receiving inquiries on the company, which operates what it called an SFC employee rewards and benefit program. An “employee,” as termed by the company, may invest money in the minimum “promotion deposit” amount of P200 for the entry level of intern and is encouraged to do some tasks. The higher the level, the higher the income of the “employee” on daily, monthly or annual terms. The investor may then earn a daily income of P150 for the intern “employee” level to as high as P540 for the “employee VIP 3.”

An investor can also earn an additional P300 to P3,000 as its invitation reward and 1 to 5 percent commission for the tasks completed every day. “Briefly, an ‘investment contract’ exists when there is an investment or placement of money in a common enterprise with a reasonable expectation of profits to be derived from the efforts of others which is prominent in the scheme of SFCShare,” the SEC said. The regulator said that based on its database, SFCShare is not a registered company and operates without the license to solicit, accept or take investments and/or placements from the public. The SFCShare also doesn’t have the license to issue investment contracts and other forms of securities, according to the SEC. “Further, the scheme employed by SFCShare, shows indication of a possible Ponzi scheme, where monies from new investors are used in paying fake profits to prior investors and is designed mainly to favor its top recruiters and prior risk takers and is detrimental to subsequent members in case of scarcity of new investors,” the regulator said in an advisory.

FWD nears filing for $1B IPO

WD Group Holdings Ltd., the Asian insurer backed by Hong Kong billionaire Richard Li, is close to filing an application for an initial public offering in the city this year, according to people familiar with the matter, after US-China tensions scuppered more ambitious plans for an overseas debut. The IPO filing is set to be lodged with the Hong Kong stock exchange as early as Monday, the people said, asking not to be identified because the matter is private. The company could seek to raise about $1 billion in a share sale, the people said. A listing may take place within the first half of the year, depending on market volatility and investor demand, the people said. Considerations are ongoing and the deal could still face delays, the people said. The company is likely to announce full-year earnings also

on Monday, they said. A representative for FWD declined to comment. In December, FWD switched its listing venue to Hong Kong from the US, where it had filed for an IPO that could have raised as much as $3 billion. The plan hit a snag amid US regulators’ increasing unease over the long arm of the Chinese government, after a postIPO probe of Didi Global Inc. kicked off a wideranging crackdown on firms listing overseas. The ensuing rout wiped about $1.5 trillion of market value from Chinese companies globally, prompting the Securities and Exchange Commission to halt first-time share sales in the US by Chinese firms until recently. Although FWD has no business in China, the US market remains broadly closed to larger companies based in China and Hong Kong. Bloomberg News

Chamber of Commerce and Industry (PCCI) Board of Directors and Officers for 2022-2023 led by its President George T. Barcelon at the oath-taking ceremony last February 23 at Conrad Hotel, Pasay City. The PCCI is the country’s largest business organization. Photo shows Dominguez (left) inducting Barcelon (2nd from left) with the new set of officers: (back row, from left) Dr. William Co, chairman; Dr. Sergio Ortiz Luis Jr., honorary chair and treasurer, CSR director; Dr. Alberto Fenix, Jr., past president/advisor; Apolinar Aure, director SME committee; Jeffrey T. Ng, director, urban housing development committee; Michael Tan, director, transport & logistics committee; (Front row, from left) Ma. Alegria Sibal Limjoco, honorary chair/past president/advisor; Engr. Enunina Mangio, vice president/director, regional affairs; Atty. Benedicta du-Baladad, director, taxation & legislation committee; Sallie Lacson, AVP and director for South Luzon; Teresita Ngan Tian, AVP and director for NCR; Gregoria Simbulan, AVP and director for North Luzon; Samie Lim, director for tourism & franchise committee; Ruben Pascual, secretary general; Ivan John Uy, corporate secretary; and Bernardo Benedicto III, assistant treasurer. Virtually present were Arch. Felino Palafox, Jr., vice president/director, trade promotion; Ferdinand Ferrer, vice president/director for industry affairs; Jose Pardo, chairman, council of business leaders; Alfredo Yao, director, banking committee; Benjamin Philip Romualdez, director, mining & natural resources committee; Edgardo Lacson, ex officio, capital formation committee; Roberto Amores, director, agri/aqua committee; Frank Carbon, AVP for Visayas, director, power and water committee; and, Art Milan, AVP and director for Mindanao. Photo courtesy of the Philippine Chamber of Commerce and Industry

Startup launches app to monitor car traffic V

ISON Technologies, a startup led by a team of De La Salle University professionals, has launched Titan, a smart application traffic monitoring solution that can help address issues pertaining to traffic. Joel P. Ilao, the company’s founder, said Titan automates the process of monitoring traffic through artificial intelligence and data analytics, allowing users to formulate insights. The insights, Ilao said, can be used by both governments and companies. For instance, the government may use the traffic data to formulate policies that can improve mobility, while private companies like malls can use the insights to improve foot traffic. Ilao said the company aims to offer the technology to “organizations that need video analytics services such as traffic management groups, toll booth operators, local governments, mall operators, fast-food chains, ad agencies,” among others. “We think these organizations, these insinuations that need video analytics services will benefit from Titan,” he said.

Titan is being pilot tested by various groups as of today. These include the Metropolitan Manila Development Authority (MMDA), Eastern Petroleum, Clean Air Asia, Mobilis and the Department of Transportation. “We’re looking forward to working with interested parties in the future,” Ilao said. Titan was developed in collaboration with the Department of Science and Technology-Philippine Council for Industry, Energy and Emerging Technology Research and Development, through the Funding Assistance for Spinoff and Translation of Research in Advancing Commercialization Program. The solution can track vehicles according to type and can generate useful traffic data such as traffic volume, traffic density and speeds of movement. It can also identify concentrations of vehicular and human activity over long periods of time. With the precise collection of vehicular characteristic data, road operators can monitor and manage traffic flows in real time at minimum costs. Lorenz S. Marasigan

Companies BusinessMirror

Monday, February 28, 2022

PetroEnergy eyes expanding portfolio to spur RE business

By Lenie Lectura

@llectura

etroEnergy Resources Corp. (PERC) is planning to expand its geothermal portfolio to further boost its renewable energy (RE) presence in the country.

“Our geothermal expansion, a potential third power plant, is anywhere between 10-30 megawatts (MW). Our technical team is still studying optimum size but since it is baseload, even modest size will be good,” PERC Vice President Francisco G. Delfin said.

PERC, a member of the Yuchengco Group of Companies (YGC), is engaged in petroleum exploration and production in Gabon, West Africa and RE development in the Philippines. PERC’s RE holding unit, PetroGreen Energy Corp. (PGEC), operates five power stations in the country

through three operating companies: the 32MW Maibarara geothermal project by Maibarara Geothermal Inc.; the 70MW Tarlac solar project by PetroSolar Corp.; and, the 36 MW Nabas-1 wind project by PetroWind Energy Inc. Delfin said the geothermal expansion will happen after the company completes the expansion of its solar and wind power projects. “In terms of priority, our geothermal expansion in Maibarara will take a back seat towards expansion of our existing solar and wind projects. We are being conservative,” Delfin added. “We’re looking at anywhere from 10-30 MW expansion, but we need to do more studies to pinpoint the actual size of the expansion but that’s the

range that we’re looking at.” The geothermal expansion will probably happen in a few more years since “one to two years of expansion will be focused on our wind and solar, especially based on existing SCs (service contracts) we have with the DOE (Department of Energy) plus new contracts that we have recently been getting into.” The planned timeline, Delfin said, is “partly dictated by cost consideration, as well as off-take opportunities.” In all, the company is targeting to put up a total of 300-400MW of RE capacity in the next few years. “The 300-400MW is our total RE aspirational target in three to four years’ time, included here is the Maibarara expansion,” Delfin said.

Digos solar plant to boost capacity T

HE Digos solar plant of Fort Pilar Energy Inc. (FPEI) is expected to operate at its expanded capacity to 40 megawatts (MW) by the end of the year. “We are expanding its capacity from 29 MW to 40 MW, hopefully by end of the year,” FPEI CEO Joseph Omar A. Castillo said. FPEI acquired last year the 28.59MW solar plant in Digos, Davao del Sur for P1.5 billion. The power asset was acquired from Alterpower Digos Solar Inc. (ADSI), the joint venture of Hanwa Global Asset Corp. and Alterpower Specialist Inc. Officials earlier said that the company is prepared to spend P500 million to expand the plant’s capacity. “Our expansion, hopefully, we can complete it in six to eight months. We’re now in the process of looking for PV panels and selecting our EPC [engineering, procurement and construction] contractor,” added Castillo. The company’s investment in a solar power plant in Mindanao reflects its firm belief that the growth of the Philippines lies in the development of our rural areas. It

is also looking at developing more solar power projects in Luzon and Visayas, in a bid to strengthen its power portfolio. “We are, of course, looking at seeking new service contracts specifically in Luzon, targeting a capacity of 200 MW. We’re looking into a land somewhere in Batangas right now. We have been offered a number of projects in pre-development stage in the Visayas area with a capacity of 100 MW,” he added. Should these push through, FPEI’s capacity will increase by 100MW. “If we trigger that acquisition, hopefully, we can increase our capacity by another 100 MW by 2023. Those are our plans in our solar business. We are excited to increase our portfolio in the solar space,” Castillo said. In May last year, FPEI was declared as the winning negotiating party for the 650MW Malaya thermal power plant after submitting the highest offer with P3.12 billion for the asset, which is substantially above the minimum offer price set at P1.85 billion. Lenie Lectura

SPNEC approves swap deal with parent firm

HE board of listed firm Solar Philippines Nueva Ecija Corp. (SPNEC) has approved an asset-for-share swap involving the acquisition of Solar Philippines Power Project Holdings Inc. and 20 other units of the company’s parent firm Solar Philippines Inc. Solar Philippines Inc. assets would be acquired through an assetfor-share swap in exchange for 24.37 billion shares of SPNEC at an issue price of P2.50 per share. SPNEC shares was last traded on Friday and closed at P1.84 apiece. Once completed, SPNEC would own shares in Solar Philippines Calatagan Corp. Solar Philippines Tarlac Corp., Solar Philippines Tanauan Corp., Terra Solar Philippines Inc.,

SP Holdings Inc., Solar Philippines Batangas Baseload Corp., Solar Philippines Central Luzon Corp., Solar Philippines South Luzon Corp., Solar Philippines Southern Tagalog Corp., Solar Philippines Eastern Corp., Solar Philippines Western Corp., Solar Philippines Visayas Corp., Solar Philippines Central Visayas Corp., Solar Philippines Southern Mindanao Corp., Solar Philippines Batangas Corp., Solar Philippines Retail Electricity Inc., Laguna Solar Rooftop Corp., Solar Philippines Rooftop Corp. and Solar Philippines Commercial Rooftop Projects Inc. “While we could have issued shares in exchange for the Solar Philippine assets relative to SPNEC’s existing shares at a ratio of 5-to-1, we have opted for a ratio of only 3-to1, resulting in less dilution and greater value per share,” Solar Philippines president and CEO Leandro L. Leviste said. “We have done so to share more upside with our public shareholders, who we consider to be our partners in building this company for the long term.” VG Cabuag

mutual funds

February 25, 2022

NAV

One Year Three Year Five Year

per share Return*

Y-T-D Return

Stock Funds ALFM Growth Fund, Inc. -a

237.44

9.61%

-3.68%

-1.35%

1.87%

ATRAM Alpha Opportunity Fund, Inc. -a

1.5802

19.31%

-0.22%

2.4%

-5.05%

-7.2%

-4.06%

1.73%

Climbs Share Capital Equity Investment Fund Corp. -a 0.7632 -0.2%

ATRAM Philippine Equity Opportunity Fund, Inc. -a 3.2939

-7.04% n.a.

0.89%

First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.7493 7.46%

-4.49% n.a.

-2.8%

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

12.51%

-1.39%

0.48%

2.2%

0.7955

13.87%

-3.26%

-2.9%

-9.58% n.a.

-2.94%

5.2966

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

91.65

10.39%

-9.3%

PAMI Equity Index Fund, Inc. -a

48.7129

9.2%

-2.23%

0.21%

1.22%

Philam Strategic Growth Fund, Inc. -a

509.82

9.38%

-2.21%

-0.22%

1.82%

Philequity Dividend Yield Fund, Inc. -a

1.4018

24.34%

2.22%

2.66%

3.35%

Philequity Fund, Inc. -a

37.2859

11.94%

-1.22%

1.2%

1.89% 3.44%

Philequity MSCI Philippine Index Fund, Inc. -a

0.9738

12.59%

-1.94% n.a.

Philequity PSE Index Fund Inc. -a

5.0388

10.38%

-1.48%

0.85%

1.57%

Philippine Stock Index Fund Corp. -a

839.16

9.88%

-1.55%

0.77%

1.29%

Soldivo Strategic Growth Fund, Inc. -a

0.7639

10.66%

-5.45%

-2.16%

1.5%

Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.842

11.31%

-3.75%

-0.5%

1.76%

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

0.9559

9.38%

-1.87%

0.53%

United Fund, Inc. -a

9.81%

-1.71%

1.4%

1.81%

3.4995

Philequity Alpha One Fund, Inc. -a

1.2087

14.56% n.a. n.a.

1.21%

3.96%

1029.53 n.a. n.a. n.a. n.a.

Exchange Traded Fund (shares) First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 113.0643

10.32%

-1.29%

1.27%

1.42%

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

$1.1065

Sun Life Prosperity World Voyager Fund, Inc. -a $1.6866

-18.42%

3.34%

3.93%

-1.78%

-5.69%

10.77%

9.1%

-8.65%

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

1.6831

1.61%

-0.75%

-0.45%

-0.53%

ATRAM Philippine Balanced Fund, Inc. -a

2.3104

4.34%

0.2%

0.25%

1.27%

7.37%

1.12%

1.68%

1.41%

First Metro Save and Learn Balanced Fund Inc. -a 2.7289

First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.2126 NCM Mutual Fund of the Phils., Inc. -a

10.79% n.a. n.a.

2.0281

4.98%

2.05%

2.04%

0.57% 0.58%

PAMI Horizon Fund, Inc. -a

3.7871

3.29%

1.36%

0.88%

Philam Fund, Inc. -a

16.9692

3.37%

1.03%

0.88%

0.73%

Solidaritas Fund, Inc. -a

2.1422

5.15%

-0.05%

0.76%

0.98%

6.02%

-1.3%

0.34%

0.87%

12.93%

0.14%

0.96%

2.06%

Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.679 Sun Life Prosperity Dynamic Fund, Inc. -a

0.9739

1.72%

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

0.9788

-0.77%

-0.39% n.a.

Sun Life Prosperity Achiever Fund 2038, Inc. -a

0.9454

-1.42% n.a.

0.1%

Sun Life Prosperity Achiever Fund 2048, Inc. -a

0.9365

4.99%

-1.71% n.a.

0.28%

-1.11%

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

$0.036

-6.44%

0.27%

0.42%

-5.11%

$1.0655

-11.5%

2.75%

2.89%

-0.15%

Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.4863 -5.39%

7.62%

6.67%

-6.58%

Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,2 $1.1394 -5.37%

3.56%

3.11%

-4.94%

PAMI Asia Balanced Fund, Inc. -b

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

373.94

0.66%

2.66%

2.46%

-0.1%

ATRAM Corporate Bond Fund, Inc. -a

1.8859

-0.97%

0.42%

0.04%

0.06%

Cocolife Fixed Income Fund, Inc. -a

3.2451

0.85%

2.74%

3.75%

0.03%

Ekklesia Mutual Fund Inc. -a

2.2295

-2.4%

1.26%

1.25%

-0.98%

First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4185 -0.66%

2.78%

1.78%

-0.31%

Philam Bond Fund, Inc. -a

3.46%

1.25%

-1.2%

4.343

-5.47%

Philam Managed Income Fund, Inc. -a

1.3193

0.03%

3.6%

2.82%

0.02%

Philequity Peso Bond Fund, Inc. -a

3.9507

-0.36%

3.37%

2.58%

-0.38%

Soldivo Bond Fund, Inc. -a

1.0219

-0.68%

3.96%

1.87%

-0.61%

Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1797

-0.33%

3.94%

3.18%

-0.24%

Sun Life Prosperity GS Fund, Inc. -a

-0.94%

3.12%

2.49%

-0.36%

1.7243 $487.37

0.77%

2.6%

2.29%

ALFM Euro Bond Fund, Inc. -a

Є217.81

-0.74%

0.49%

0.76%

-1%

ATRAM Total Return Dollar Bond Fund, Inc. -b $1.1439

-7.78%

-0.19%

0.62%

-4.98%

-0.45%

First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0254 -2.68%

0.53%

0.4%

-2.31%

PAMI Global Bond Fund, Inc -b

-2.55%

-1.76%

-4.88%

Philam Dollar Bond Fund, Inc. -a

$0.9729

-9.94%

$2.3851

-4.7%

2.39%

1.68%

-4.81%

$0.0615088

-1.67%

2.28%

1.62%

-1.26%

Sun Life Prosperity Dollar Abundance Fund, Inc. -a $2.9991 -4.96%

0.75%

0.45%

-6.17%

Philequity Dollar Income Fund Inc. -a

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

131.39

1.02%

2.57%

2.54%

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

1.0594

0.99%

1.86% n.a.

Sun Life Prosperity Peso Starter Fund, Inc. -a,1 1.3185

1.49%

2.46%

2.52%

0.15% 0.16%

0.22%

Primarily invested in foreign currency securities (shares) Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0615

0.7%

1.35% n.a.

0.08%

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

45.9854 n.a. n.a. n.a. n.a.

Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a 1.3004

7.6% n.a. n.a.

-5.97%

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

$0.9249

-6.58% n.a. n.a.

February 25, 2022

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

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

110,165 638,636,152 143,384,735 4,469,585 5,002,256 683,123,852.50 5,484 8,788,420 172,901.50 2,738,190 61,185,512 4,018,442 848,340 145,180 37,520 865,656 49,000

-141,151,886 15,439,444.50 67,686 209,131,421.50 -1,578,111 171,205 -20,205,500 626,131 -192,090.00 83,600 -

INDUSTRIAL AC ENERGY 8.21 8.22 8.65 8.71 8.2 8.21 25,429,800 212,793,981 ALSONS CONS 0.99 1.05 1.03 1.05 1 1 502,000 505,880 34.3 34.4 36 36 34.05 34.4 4,190,300 145,872,930 ABOITIZ POWER BASIC ENERGY 0.5 0.51 0.54 0.57 0.5 0.51 61,145,000 32,989,850 27 27.15 26.65 27.35 26.55 27.15 419,800 11,383,935 FIRST GEN FIRST PHIL HLDG 70.65 70.7 70.85 70.95 70.65 70.65 49,420 3,496,595.50 362 363 364.8 367 361 363 355,570 129,276,882 MERALCO 20.6 20.85 21.45 21.85 20.1 20.85 1,627,800 34,072,465 MANILA WATER PETRON 3.38 3.39 3.37 3.41 3.32 3.38 1,627,000 5,470,710 4.21 4.28 4.3 4.3 4.3 4.3 50,000 215,000 PETROENERGY PHX PETROLEUM 10.38 10.74 10.32 10.74 10.32 10.74 5,300 55,956 12.44 12.5 12.6 12.6 12.4 12.5 3,495,200 43,677,642 SYNERGY GRID PILIPINAS SHELL 18.64 18.66 19 19.16 18.5 18.64 485,400 9,086,562 14.5 14.68 14.94 14.94 14.5 14.5 173,100 2,557,188 SPC POWER 1.84 1.85 1.92 1.95 1.81 1.84 99,545,000 184,994,660 SOLAR PH AGRINURTURE 4.95 4.96 5.3 5.4 4.96 4.96 2,634,800 13,751,493 2.61 2.76 2.76 2.77 2.61 2.61 739,000 1,985,990 AXELUM CNTRL AZUCARERA 13 13.38 13.02 13.1 13 13 1,700 22,172 25 25.1 25.3 25.45 24.5 25 1,067,700 26,789,060 CENTURY FOOD DEL MONTE 15.32 15.44 15.76 15.88 15.32 15.44 101,200 1,573,762 7.93 7.95 8.19 8.28 7.92 7.93 1,304,100 10,450,873 DNL INDUS 19.5 19.9 20.05 20.25 19.32 19.9 4,465,100 88,952,781 EMPERADOR SMC FOODANDBEV 66.5 67 68 68.1 66.5 67 274,300 18,399,136 0.66 0.67 0.72 0.73 0.66 0.66 58,607,000 40,498,090 FIGARO COFFEE ALLIANCE SELECT 0.58 0.63 0.63 0.63 0.63 0.63 31,000 19,530 1.18 1.2 1.2 1.25 1.18 1.2 12,755,000 15,490,340 FRUITAS HLDG GINEBRA 106.2 106.9 111.9 112 106.2 106.9 57,390 6,247,325 236 236.2 246.2 246.8 234 236 989,690 237,084,402 JOLLIBEE 1.21 1.24 1.38 1.38 1.19 1.21 27,208,000 34,343,850 KEEPERS HLDG MACAY HLDG 5.71 6.47 5.72 5.72 5.7 5.7 11,600 66,164 6.2 6.34 6.5 6.59 6.2 6.2 559,600 3,573,084 MAXS GROUP MG HLDG 0.15 0.159 0.146 0.159 0.146 0.15 520,000 77,630 14.8 14.84 15.8 15.84 14.8 14.8 19,719,800 298,034,812 MONDE NISSIN SHAKEYS PIZZA 8.1 8.26 8.55 8.6 8.1 8.1 513,100 4,255,075 0.64 0.67 0.67 0.67 0.64 0.64 25,000 16,330 ROXAS AND CO RFM CORP 4.43 4.6 4.65 4.65 4.65 4.65 1,000 4,650 ROXAS HLDG 1.04 1.08 1.04 1.04 1.04 1.04 4,000 4,160 0.104 0.107 0.104 0.108 0.104 0.104 4,200,000 442,870 SWIFT FOODS UNIV ROBINA 121.2 121.3 121.7 122 121.2 121.3 1,411,060 171,486,174 0.65 0.66 0.67 0.67 0.65 0.65 1,535,000 1,012,140 VITARICH CONCRETE A 44.6 47.95 44.65 44.65 44.65 44.65 200 8,930 0.97 0.98 1 1.01 0.97 0.97 2,827,000 2,777,700 CEMEX HLDG 13.72 14.14 13.78 13.78 13.7 13.72 78,000 1,071,284 EAGLE CEMENT EEI CORP 6.08 6.09 6.24 6.24 6.08 6.08 31,400 191,622 6.02 6.19 6.25 6.28 6.03 6.19 627,200 3,889,854 HOLCIM MEGAWIDE 5.1 5.15 5.27 5.35 5.05 5.1 468,500 2,440,332 20.85 20.9 20.8 20.9 20.6 20.9 30,400 633,135 PHINMA TKC METALS 0.78 0.8 0.8 0.82 0.77 0.8 1,009,000 788,570 0.98 0.99 1.05 1.09 0.98 0.99 10,375,000 10,696,460 VULCAN INDL 1.71 1.78 1.76 1.83 1.71 1.71 321,000 567,070 CROWN ASIA EUROMED 1.26 1.38 1.27 1.27 1.27 1.27 7,000 8,890 4.22 4.43 4.3 4.43 4.1 4.43 20,000 85,400 MABUHAY VINYL PRYCE CORP 5.75 5.76 5.83 5.84 5.75 5.78 146,300 847,100 22 22.5 22.55 22.6 22 22 5,400 120,795 CONCEPCION GREENERGY 1.81 1.82 1.95 1.96 1.82 1.82 12,911,000 24,450,020 8.18 8.24 8.64 8.64 8.15 8.18 1,379,700 11,485,845 INTEGRATED MICR 5.88 6.1 6.09 6.09 5.87 5.87 9,000 54,081 PANASONIC SFA SEMICON 1.16 1.19 1.2 1.21 1.15 1.19 771,000 916,870 3.48 3.5 3.72 3.75 3.48 3.48 6,989,000 25,142,140 CIRTEK HLDG

66,286,604 2,000 -4,134,545 322,320 6,252,045 319,862.50 53,739,516 993,340 -152,120 3,283,880 -1,238,984 7,310 1,773,440 -3,297,961 -54,340 16,248,975 3,144 1,843,937 -13,565,014 -3,208,361.50 -50,390 -1,260 -38,460 1,048,809 -27,651,750 872,630 -40,741 -88,870,994 -1,609,835 1,060 -41,076,622 -10,400 -1,340 67,530 -180,806.00 11,670 1,740 -8,771,430 -800,445 600,000 774,490

ABACORE CAPITAL ASIABEST GROUP AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL ANSCOR ANGLO PHIL HLDG ATN HLDG A ATN HLDG B COSCO CAPITAL DMCI HLDG FILINVEST DEV FORUM PACIFIC GT CAPITAL HOUSE OF INV JG SUMMIT LODESTAR LOPEZ HLDG LT GROUP METRO PAC INV PACIFICA HLDG PRIME MEDIA SOLID GROUP SM INVESTMENTS SAN MIGUEL CORP TOP FRONTIER WELLEX INDUS ZEUS HLDG

-504,700 -21,252 15,824,275 -3,737,156 256,918 46,695 9,400 553,701 2,439,657 -6,635,185 11,202,675.50 -3,020 13,709,381 -51,690,490 66,706,810 330,379 -

HOLDING & FRIMS

44 130 97.45 25.8 9.2 59.35 17.82 19.96 56.5 20.3 112.6 97.5 1.98 4.03 0.67 220 2,452

0.86 5.01 848.5 59.8 12.4 8.4 0.94 0.64 0.64 5.1 8.23 7.13 0.25 570 3.65 61.3 0.57 2.96 9.24 3.78 2.77 1.19 1 871 107.6 119.1 0.285 0.169

44.95 130.1 98 26 9.23 59.5 18.28 19.98 57 20.5 112.9 98 2 4.04 0.7 224 2,600

0.87 5.4 849 59.95 12.42 8.48 0.96 0.65 0.69 5.16 8.25 7.3 0.27 571 3.84 62.45 0.59 3.02 9.25 3.8 2.98 1.23 1.01 872 108.6 123 0.3 0.18

44.5 134.5 98.05 26.15 9.35 60.5 18.28 19.98 56.55 20.8 117.2 103.6 2.04 4.03 0.67 220 2,300

0.92 5.05 860 61.8 13.1 8.55 0.96 0.7 0.71 5.2 8.4 7.29 0.25 590 3.65 63 0.6 3.02 9.14 3.82 2.77 1.23 1 880 108.3 123.2 0.3 0.173

44.5 134.8 98.35 26.5 9.49 60.85 18.28 20.05 56.55 21.3 117.2 103.6 2.04 4.04 0.67 224.6 2,600

0.92 5.06 860 62.7 13.2 8.64 1 0.74 0.77 5.2 8.6 7.29 0.25 590 3.65 63.75 0.6 3.02 9.45 3.86 2.99 1.23 1 905 108.9 123.2 0.3 0.173

44 129.1 97.45 25.8 9.2 58.7 18.28 19.8 56.5 20.5 112 97 1.96 4.03 0.67 220 2,300

0.86 5.05 848 59.95 12.4 8.45 0.93 0.61 0.64 5.1 8.15 7.28 0.25 562 3.65 61.3 0.57 3.02 9.14 3.75 2.75 1.19 1 865 107.2 123.2 0.285 0.169

44 130.1 98 25.8 9.2 59.5 18.28 19.96 56.5 20.5 112.6 97.5 2 4.04 0.67 220 2,600

0.86 5.06 849 59.95 12.4 8.45 0.94 0.64 0.69 5.1 8.25 7.29 0.25 570 3.65 62.45 0.59 3.02 9.24 3.8 2.99 1.19 1 871 108.6 123.2 0.285 0.169

2,500 4,849,480 1,462,430 172,000 540,100 11,343,510 300 440,900 3,060 133,300 538,210 40,470 421,000 36,000 56,000 3,920 20

13,307,000 6,500 187,100 514,700 4,136,700 257,800 411,000 26,055,000 797,000 499,600 14,523,100 103,200 50,000 103,890 5,000 840,300 818,000 4,000 4,101,500 29,734,000 18,000 204,000 39,000 480,190 55,660 20 1,210,000 510,000

11,760,110 32,867 159,266,765 31,212,702.50 52,243,526 2,212,788 390,400 17,980,260 570,020 2,575,387 120,661,018 752,316 12,500 59,312,475 18,250 52,402,773 473,730 12,080 38,023,924 112,974,360 49,900 247,850 39,000 422,899,580 6,020,664 2,464 361,700 87,690

ARTHALAND CORP 0.6 0.61 0.61 0.61 0.61 0.61 343,000 209,230 ANCHOR LAND 5.71 6.18 5.71 5.71 5.71 5.71 400 2,284 37.2 37.25 38.25 38.7 37.15 37.2 8,293,800 313,847,970 AYALA LAND AYALA LAND LOG 4.63 4.8 4.84 4.89 4.4 4.8 10,884,000 50,709,560 49 49.9 52.3 52.3 49 49 1,389,350 70,644,529 AREIT RT A BROWN 0.89 0.9 0.88 0.94 0.87 0.9 2,267,000 2,034,030 0.71 0.73 0.71 0.71 0.71 0.71 70,000 49,700 CITYLAND DEVT CROWN EQUITIES 0.098 0.099 0.099 0.099 0.099 0.099 160,000 15,840 CEB LANDMASTERS 2.91 2.92 2.94 2.96 2.91 2.91 1,144,000 3,349,840 0.41 0.415 0.415 0.425 0.41 0.41 56,260,000 23,628,400 CENTURY PROP CITICORE RT 2.7 2.71 2.84 2.88 2.65 2.7 113,911,000 312,327,830 9.98 10.1 10.3 10.32 9.92 10.1 1,387,000 14,003,838 DOUBLEDRAGON DDMP RT 1.77 1.79 1.8 1.8 1.77 1.77 11,733,000 20,884,850 6.87 6.96 6.82 6.99 6.82 6.9 63,000 434,535 DM WENCESLAO EMPIRE EAST 0.246 0.25 0.25 0.25 0.25 0.25 160,000 40,000 EVER GOTESCO 0.295 0.3 0.31 0.315 0.295 0.295 17,980,000 5,379,000 7.39 7.4 7.48 7.49 7.18 7.39 1,851,200 13,676,001 FILINVEST RT FILINVEST LAND 1.09 1.1 1.09 1.11 1.09 1.1 2,737,000 3,000,870 0.92 0.95 0.92 0.95 0.92 0.95 9,000 8,310 GLOBAL ESTATE 8990 HLDG 13.32 13.5 13.56 13.8 13.04 13.5 353,200 4,768,886 615 645 635 645 615.5 645 1,570 994,865 GOLDEN MV PHIL INFRADEV 1.01 1.02 1.03 1.05 1.02 1.02 562,000 574,570 CITY AND LAND 0.83 0.85 0.84 0.86 0.83 0.83 159,000 132,900 3.21 3.24 3.31 3.34 3.1 3.24 67,379,000 216,762,360 MEGAWORLD MRC ALLIED 0.27 0.275 0.3 0.315 0.27 0.27 63,190,000 18,579,250 19.7 19.78 19.98 20 19.48 19.78 4,908,500 97,308,712 MREIT RT PHIL ESTATES 0.46 0.465 0.47 0.485 0.465 0.465 5,540,000 2,610,300 2.01 2.08 2.09 2.09 2.01 2.08 2,225,000 4,603,930 PRIMEX CORP 7.6 7.8 8.13 8.13 7.58 7.6 7,189,500 56,826,026 RL COMM RT ROBINSONS LAND 18.98 19 19.08 19.2 18.3 19 2,232,300 41,908,578 0.25 0.27 0.248 0.28 0.248 0.27 12,000,000 3,175,880 PHIL REALTY ROCKWELL 1.43 1.48 1.45 1.45 1.45 1.45 85,000 123,250 2.58 2.6 2.62 2.62 2.62 2.62 134,000 351,080 SHANG PROP STA LUCIA LAND 2.76 2.9 2.93 2.93 2.88 2.9 10,000 29,090 37.35 38 39 39.4 37 38 11,416,500 436,028,645 SM PRIME HLDG 3.44 3.5 3.56 3.58 3.44 3.5 289,000 1,014,820 VISTAMALLS SUNTRUST HOME 1.06 1.09 1.05 1.11 1.05 1.06 373,000 403,570 3.1 3.11 3.21 3.28 3.06 3.1 3,376,000 10,686,180 VISTA LAND SERVICES ABS CBN 12.52 12.98 13.2 13.2 12.52 12.98 91,500 1,161,446 GMA NETWORK 14.22 14.28 14.64 14.88 14.22 14.22 1,390,200 20,191,506 9.37 9.97 9.37 9.37 9.37 9.37 400 3,748 MLA BRDCASTING GLOBE TELECOM 2,640 2,698 2,702 2,724 2,610 2,698 90,070 240,831,820 1,790 1,800 1,800 1,815 1,785 1,800 100,365 180,538,010 PLDT APOLLO GLOBAL 0.067 0.068 0.065 0.073 0.064 0.068 905,290,000 62,456,940 26.9 26.95 28.3 28.3 26.55 26.95 6,996,100 190,950,260 CONVERGE 2.27 2.28 2.29 2.32 2.27 2.27 93,000 211,840 DFNN INC DITO CME HLDG 6.13 6.14 6.6 6.85 5.96 6.14 46,378,900 296,996,621 1.6 1.64 1.62 1.64 1.62 1.64 3,000 4,900 JACKSTONES NOW CORP 1.23 1.24 1.27 1.28 1.24 1.24 1,378,000 1,736,650 0.335 0.34 0.375 0.38 0.335 0.335 17,260,000 6,051,650 TRANSPACIFIC BR 2GO GROUP 7.34 7.5 7.33 7.5 7.33 7.5 20,700 152,128 1.73 1.79 1.8 1.87 1.69 1.73 1,257,000 2,257,760 CHELSEA 47 47.1 49.2 49.2 46.55 47 955,900 45,274,700 CEBU AIR INTL CONTAINER 210 211 215.2 218 210 210 3,165,180 678,434,146 0.86 0.92 0.92 0.92 0.92 0.92 6,000 5,520 LORENZO SHIPPNG MACROASIA 5.6 5.68 6.17 6.25 5.5 5.6 8,038,200 47,000,623 1 1.02 1 1.03 1 1 113,000 113,840 METROALLIANCE A METROALLIANCE B 1.01 1.08 1.01 1.01 1.01 1.01 20,000 20,200 0.82 0.84 0.84 0.85 0.82 0.82 44,000 36,440 HARBOR STAR ACESITE HOTEL 1.46 1.59 1.5 1.5 1.5 1.5 12,000 18,000 DISCOVERY WORLD 1.69 1.75 1.75 1.75 1.69 1.69 62,000 105,560 0.465 0.48 0.465 0.48 0.465 0.465 1,030,000 479,700 WATERFRONT CENTRO ESCOLAR 6.85 6.89 6.85 6.85 6.85 6.85 8,200 56,170 532 591.5 532 532 532 532 20 10,640 FAR EASTERN U IPEOPLE 6.68 7.28 6.89 7.28 6.81 7.28 23,400 161,008 0.355 0.36 0.35 0.375 0.35 0.355 18,190,000 6,567,850 STI HLDG 1.32 1.33 1.32 1.36 1.32 1.33 367,000 488,260 BELLE CORP BLOOMBERRY 7.1 7.17 7.37 7.66 6.82 7.17 27,220,000 197,528,682 1.75 1.82 1.82 1.82 1.82 1.82 1,000 1,820 PACIFIC ONLINE LEISURE AND RES 1.27 1.35 1.35 1.35 1.27 1.35 2,641,000 3,455,980 1.14 1.16 1.16 1.34 1.06 1.14 28,940,000 34,944,630 PH RESORTS GRP PREMIUM LEISURE 0.425 0.43 0.45 0.46 0.42 0.425 52,980,000 23,278,600 5.1 5.37 5.4 5.4 5.1 5.1 22,200 113,300 PHIL RACING 2.22 2.25 2.35 2.35 2.22 2.22 1,280,000 2,944,700 PHILWEB ALLDAY 0.5 0.51 0.53 0.53 0.495 0.5 80,325,000 40,817,355 5.65 5.86 5.66 5.66 5.65 5.65 24,900 140,747 BERJAYA ALLHOME 8.4 8.42 8.48 8.79 8.4 8.4 1,401,000 12,039,469 1.42 1.43 1.42 1.43 1.36 1.42 1,806,000 2,553,010 METRO RETAIL PUREGOLD 35.4 35.5 35.3 36.2 34.75 35.5 2,624,000 92,873,880 58.6 59.7 58.9 59.9 56.5 58.6 1,297,780 76,050,989.50 ROBINSONS RTL 79 80 80 80.1 79 79 3,390 270,613 PHIL SEVEN CORP SSI GROUP 1.08 1.09 1.13 1.13 1.08 1.08 2,589,000 2,822,810 27.9 28 28.3 28.75 27.7 27.9 2,189,300 61,559,420 WILCON DEPOT APC GROUP 0.25 0.265 0.265 0.265 0.25 0.25 2,540,000 639,300 1.03 1.04 1.13 1.16 1.02 1.04 6,366,000 6,912,610 MEDILINES PRMIERE HORIZON 0.75 0.76 0.84 0.91 0.75 0.75 118,093,000 98,216,520 3.76 3.79 3.92 3.92 3.79 3.79 66,000 252,470 SBS PHIL CORP

MINING & OIL

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

PSE STOCK QUOTATIONS

PROPERTY

1.56%

Primarily invested in Peso securities (units) Philippine Stock Index Fund Corp. -a

www.businessmirror.com.ph

-4.65%

a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. d - in Net Asset Value per Unit (NAVPU). 1 - Renaming was approved by the SEC last July 8, 2021 (formerly, Sun Life Prosperity Money Market Fund, Inc.). 2 - Adjusted due to stock dividend issuance last November 25, 2021.

"While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www. pifa.com.ph to see the latest NAVPS/NAVPU."

ATOK 6.15 6.2 5.99 6.15 5.96 6.15 284,700 1,725,557 1.72 1.74 1.73 1.79 1.67 1.74 12,979,000 22,723,860 APEX MINING ATLAS MINING 6.5 6.55 6.76 6.76 6.5 6.55 1,425,800 9,496,320 5.2 5.3 5.2 5.2 5.2 5.2 53,000 275,600 BENGUET A BENGUET B 5.3 5.1 5.1 5.1 5.1 9,800 49,980 0.255 0.27 0.265 0.27 0.255 0.255 120,000 30,850 COAL ASIA HLDG CENTURY PEAK 2.7 2.72 2.72 2.72 2.72 2.72 10,000 27,200 DIZON MINES 4.87 5.29 4.87 4.87 4.87 4.87 10,000 48,700 2.51 2.52 2.54 2.63 2.45 2.51 16,418,000 41,702,610 FERRONICKEL GEOGRACE 0.2 0.205 0.198 0.198 0.198 0.198 70,000 13,860 0.17 0.172 0.168 0.174 0.162 0.172 116,690,000 19,914,770 LEPANTO A LEPANTO B 0.17 0.171 0.169 0.173 0.168 0.17 5,280,000 896,630 0.01 0.011 0.011 0.011 0.01 0.01 29,200,000 297,400 MANILA MINING A MANILA MINING B 0.01 0.011 0.01 0.011 0.01 0.01 12,800,000 131,500 MARCVENTURES 1.68 1.69 1.74 1.82 1.65 1.68 15,585,000 27,029,790 1.03 1.05 1.05 1.1 1.03 1.03 628,000 668,850 NIHAO NICKEL ASIA 7.7 7.75 7.53 7.85 7.3 7.75 31,249,000 237,536,799 0.9 0.91 0.95 0.96 0.91 0.91 2,259,000 2,099,050 ORNTL PENINSULA PX MINING 6.06 6.08 5.63 6.06 5.63 6.06 9,937,300 58,996,349 25 25.1 26.3 26.85 24.25 25 4,658,500 117,572,700 SEMIRARA MINING 0.0076 0.008 0.0077 0.0082 0.0076 0.0076 187,000,000 1,483,600 UNITED PARAGON ACE ENEXOR 25 25.4 26.25 27 24.8 25.4 727,700 18,481,410 0.012 0.013 0.012 0.013 0.012 0.013 44,600,000 536,600 ORNTL PETROL A ORNTL PETROL B 0.012 0.013 0.012 0.012 0.012 0.012 7,800,000 93,600 0.0093 0.0094 0.0095 0.0095 0.0094 0.0094 24,000,000 225,800 PHILODRILL PXP ENERGY 6.55 6.57 5.85 6.55 5.77 6.55 3,199,100 20,499,322 PREFFERED HOUSE PREF B 99.55 101.9 101 101 101 101 500 50,500 HOUSE PREF A 98.1 101 101 101 101 101 500 50,500 506 514.5 505 505 505 505 280 141,400 AC PREF B1 ALCO PREF D 512.5 522 522 524 522 524 380 198,380 46.5 47 47.6 48.1 46.5 46.5 83,400 3,925,125 CEB PREF CPG PREF A 101.6 102 102 102 102 102 870 88,740 100.5 101 100.7 101.1 100.7 101.1 35,100 3,538,314 DD PREF EEI PREF B 110 110.2 110 110 110 110 2,600 286,000 FGEN PREF G 102.5 104 104 104 104 104 100 10,400 990 1,000 990 990 990 990 15 14,850 JFC PREF A PNX PREF 3B 101.5 103.1 103.1 103.1 101 103.1 2,330 239,215 982 990 990 990 980 990 1,170 1,154,540 PNX PREF 4 PCOR PREF 3A 1,051 1,070 1,050 1,051 1,050 1,051 20,250 21,262,750 1,080 1,120 1,130 1,130 1,130 1,130 5 5,650 PCOR PREF 3B SMC PREF 2H 75.8 76 76 76 76 76 870 66,120 SMC PREF 2I 77.5 78.95 79 79 78.95 78.95 13,770 1,087,641.50 76.4 77.2 76.8 76.8 76.8 76.8 4,600 353,280 SMC PREF 2J SMC PREF 2K 76 76.05 76 76.05 76 76 1,931,610 146,802,365.50 PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 12 12.48 12 12 12 12 100 1,200 GMA HLDG PDR 13.7 14.3 14.2 14.3 13.7 13.7 140,200 1,967,860 WARRANTS TECH WARRANT 0.75 0.78 0.82 0.84 0.75 0.78 2,612,000 2,043,320

-76,250 62,013,285 690,340 5,396,691.50 120,030 -226,100 3,672,740 -2,980,042 572,310 32,950 2,985,921 1,448,100 -7,360 588,054 -38,435,960 -1,096,700 46,341,192 411,200 -2,893,100 1,416,499 456,934.00 351,080 43,183,210 79,490 -1,651,620 -198,010 96,438,310 660,930 -43,719,590 18,083,563 6,560 -30,400 -38,116 17,000 6,408,985 348,074,992 1,204,561 4,650 18,500 23,470,779 -2,054,590 -8,995,550 509.9999 1,443,400 2,438,322.00 -5,601,925 -1,138,828 -168,803 123,560 35,303,610 870,440.00 -167,790 94,668 6,320,840 2,359,869 44,370.00 27,200 2,403,340 18,700 9,202,000 103,857,626 3,739,395 6,643,680 250,800 420,475 1,317,858.00 -141,400 -28,280 -

SMALL & MEDIUM ENTERPRISES

ALTUS PROP HAUS TALK ITALPINAS KEPWEALTH MERRYMART XURPAS

16.4 0.96 1.04 2.76 2.1 0.41

16.5 0.97 1.07 2.94 2.12 0.415

EXHANGE TRADE FUNDS

FIRST METRO ETF

109.6

111

16.84 1.02 1.08 2.76 2.35 0.42

16.9 1.03 1.08 2.76 2.36 0.44

16.5 0.96 1.04 2.76 2.1 0.41

16.5 0.97 1.07 2.76 2.1 0.41

257,900 3,237,000 631,000 51,000 8,869,000 3,080,000

4,297,276 3,197,450 666,570 140,760 19,601,510 1,316,150

2,620 132,800 27,650 309,140 -

112.2 112.4 109.6 109.6 35,420 3,921,633 796,884

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Banking&Finance

GSIS rolls out enhanced mobile app for members

TATE-run Government Service Insurance System (GSIS) rolled out the enhanced version of its mobile application that provides its members and pensioners instant access to their records using their mobile phones. With the enhanced features of the app called “GSIS Touch,” active members may now generate tentative computations of their loan and claim benefits, as well as submit their loan and claim applications, the GSIS said. They may also view their membership and insurance policy records, keep track of their premium remittances and loan payments and check their dividends, among others, it added. “Log in of users through their smartphones with biometrics capability/feature is also easier now as the mobile app recognizes fingerprint or facial image,” the fund manager said. “We are excited to introduce the enhanced version of our GSIS Touch. Dahil sa latest features at upgraded functionalities nito, makakapagbigay tayo ng mas ligtas, mabilis at maginhawang paraan ng transaksyon sa ating mga kliyente,” GSIS President and General Manager Rolando Ledesma Macasaet said. [Due to its latest features and upgraded functionalities, we can provide a safer, faster and more convenient way of transaction to our clients.]

“Ang mga pensiyonado naman ay pwede na rin mag-submit ng kanilang request for ‘annual pensioners information revalidation’ interview schedule at their convenience. Makikita rin nila sa app ang kanilang monthly pension records at loan payments,” Macasaet added. [Pensioners can also submit their request for ‘annual pensioners information revalidation’ (Apir) interview schedule at their convenience. They can also see their monthly pension records and loan payments in the app.] Old-age pensioners and survivorship pensioners are required to comply with Apir during their birth month in order to inform GSIS that their status is still active. Developed entirely in-house by the GSIS, the app also provides access to the online “guide to transactions and processes,” or GTAP, which is the first electronic Citizen’s Charter (containing step-by-step guide to basic frontline services) in the Philippine government. For government agencies and individual clients with vehicles that are insured with GSIS, the mobile app also provides information on how to download the motor vehicle claim app. Likewise, the “GSIS Touch” also provides a directory of branch offices as well as the latest news on GSIS. Bernadette D. Nicolas

Cryptocurrency prices holding steady amid Ukraine conflict

A Bitcoin logo on the sculpture representing Satoshi Nakamoto, the pseudonymous creator of Bitcoin, in the grounds of Graphisoft Park in Budapest, Hungary, February 18, 2022. Bitcoin is testing $40,000, a key psychological level, as the US plan talks with Russia about military intelligence that suggests an imminent Ukraine invasion, which it denies. Bloomberg News

RYPTOCURRENCY prices are holding steady even as the Ukraine crisis shows no signs of easing, with Western nations imposing new sanctions on Russia after President Vladimir Putin refused to stop attacks on its neighbor. Bitcoin was trading at around $38,900 at 4 p.m. in Hong Kong, roughly where it started the weekend. It briefly edged above $40,000 on Saturday. Ether was down 3.4 percent at $2,732. The relative calm in crypto markets follows a global equities rally on Friday that saw the S&P 500 jump 2.2 percent. With Bitcoin’s correlation with stocks near a record high, the trading points to a steady open for Asian equities on Monday—barring a sharp escalation of tensions between Russia and Western countries. Western nations unleashed a broad array of sanctions against Russia, and a US official said more penalties against its central bank may come this weekend. Meanwhile, Russia’s military progress in Ukraine has been slower than what it would have hoped for, Bloomberg News reported on Sunday. Cryptocurrencies also took North Korea’s resumption of missile tests in stride, even as South Korea’s government expressed “deep concern” about its neighbor’s move.

Promising technicals

BITCOIN remains well above the January-24 low of $32,970 that

strategists like JPMorgan Chase & Co.’s Nikolaos Panigirtzoglou have said pushed it into oversold territory. On Friday, Grayscale Investments said any rally in crypto prices in the face of a “bad news event” would indicate “seller exhaustion from the current crisis.” Technical indicators look promising as well, according to Rick Bensignor, president of Bensignor Investment Strategies and a former strategist at Morgan Stanley. A “constructive rally” could push Bitcoin to the $50,000 to $55,000 level, he wrote in a note Sunday. “The stopout is under the January low.” The Bitcoin hash rate—the amount of computing power being used to mine and process transactions on the network—appears to be taking a hit from the conflict. It was around 173.8 million terahashes per second on Saturday, down from a record 248.1 million terahashes on Feb. 12, according to data from Blockchain.com. “The Bitcoin hash rate has been decreasing as many miners across both Ukraine and Russia have been impacted by the Ukraine war,” said Hayden Hughes, chief executive officer of Alpha Impact, a trading social-media platform, in a message Sunday. “Some mining infrastructure is in conflict zones and has been shut off, and other miners have shut down and relocated from areas that are perceived to be possible future conflict zones.” Bloomberg News

BusinessMirror

Editor: Dennis D. Estopace • Monday, February 28, 2022

West unleashes Swift bans, crushing penalties on Russia

ASHINGTON—The United States and European nations agreed Saturday to impose the most potentially crippling financial penalties yet on Russia over its unrelenting invasion of Ukraine, going after the central bank reserves that underpin the Russian economy and severing some Russian banks from a vital global financial network.

The decision, announced as Ukrainian forces battled Saturday to hold Russian forces back from Ukraine’s capital and residents sheltered in subway tunnels, basements and underground garages, has potential to spread the pain of Western retaliation for President Vladimir Putin’s invasion to ordinary Russians far more than previous rounds of penalties. “Putin embarked on a path aiming to destroy Ukraine, but what he is also doing, in fact, is destroying the future of his own country,” EU Commission President Ursula von der Leyen said. The European Union, United States, United Kingdom and other allies have steadily stepped up the intensity of their sanctions since Russia launched the invasion late last week. While US and European officials made clear they still were working out the mechanics of how to implement the latest measures, and intend to spare Russia’s oil and natural gas exports, the sanctions in total potentially could amount to some of the toughest levied on a nation in modern times. If fully carried out as planned, the measures will severely damage the Russian economy and markedly constrain its ability to import and export goods. The US and European allies announced the moves in a joint statement as part of a new round of financial sanctions meant to “hold Russia to account and collectively ensure that this war is a strategic failure for Putin.” The central bank restrictions target access to the more than $600 billion in reserves that the Kremlin has at its disposal, and are meant to block Russia’s ability to support

the ruble as it plunges in value amid tightening Western sanctions. US officials said Saturday’s steps were framed to send the ruble into “free fall” and promote soaring inflation in the Russian economy. The decline of the ruble would likely send inflation soaring, which would hurt everyday Russians and not just the Russian elites who were the targets of the original sanctions. The resulting economic disruption, if Saturday’s measures are as harsh as described, could leave Putin facing political unrest at home. Analysts predicted intensifying runs on banks by Russians, and falling government reserves as Russians scrambled to sell their targeted currency for safer assets. The US officials noted that previously announced sanctions have already had an impact on Russia, bringing its currency to its lowest level against the dollar in history and giving its stock market the worst week on record. Saturday’s move also includes cutting key Russian banks out of the Swift (Society for Worldwide Interbank Financial Telecommunication) financial messaging system, which daily moves countless billions of dollars around more than 11,000 banks and other financial institutions around the world. The fine print of the sanctions was still being ironed out over the weekend, officials said, as they work to limit the impact of the restrictions on other economies and European purchases of Russian energy. Allies on both sides of the Atlantic also considered the Swift option in 2014, when Russia invaded and annexed Ukraine’s Crimea and backed separatist forces in eastern Ukraine. Russia declared then that kicking it out of Swift would be

equivalent to a declaration of war. The allies—criticized ever after for responding too weakly to Russia’s 2014 aggression—shelved the idea back then. Russia since then has tried to develop its own financial transfer system, with limited success. The US has succeeded before in persuading the Belgium-based Swift system to kick out a country—Iran, over its nuclear program. But kicking Russia out of Swift could also hurt other economies, including those of the US and key ally Germany. Only rarely has the West and its allies fired a full salvo of its available financial weapons on a country. Iran and North Korea, two previous targets, had far smaller roles in the world economy, while Russia, with its enormous petroleum reserves, plays a much bigger role in global trade, and parts of Europe depend on its natural gas. The disconnection from Swift announced by the West on Saturday is partial, leaving Europe and the United States room to escalate penalties later. Officials said they had not fully settled on which banks would be cut off. Announcing the measures in Brussels, the EU Commission president, von der Leyen, said she would push the bloc to “paralyze the assets of Russia’s Central bank” so that its transactions would be frozen. Cutting several commercial banks from Swift “will ensure that these banks are disconnected from the international financial system and harm their ability to operate globally,” she added. “Cutting banks off will stop them from conducting most of their financial transactions worldwide and effectively block Russian exports and imports,” she added. Getting the EU on board for sanctioning Russia through Swift had been a tough process since EU trade with Russia amounted to 80 billion euros, about 10 times as much as the United States, which had been an early proponent of such measures. Germany specifically had balked at the measure since it could hit them hard. But Foreign Minister Annalena Baerbock said in a statement that “after Russia’s shameless attack...we are working hard on limiting the collateral damage of decoupling [Russia] from Swift so that it hits the right people. What we need is a targeted, functional restrictions of Swift.”

As another measure, the allies announced a commitment “to taking measures to limit the sale of citizenship—so-called golden passports— that let wealthy Russians connected to the Russian government become citizens of our countries and gain access to our financial systems.” The group also announced the formation this week of a trans-Atlantic task force to ensure that these and other sanctions on Russia are implemented effectively through information sharing and asset freezes. “These new sanctions, which include removing several Russian banks from Swift and sanctioning Russia’s central bank, are likely to cause serious damage to the Russian economy and its banking system,” said Clay Lowery, executive vice president of the Institute of International Finance. “While details on how the new sanctions affect energy are still emerging, we do know that sanctions on its central bank will make it more difficult for Russia to export energy and other commodities.” R achel Ziemba, an adjunct senior fellow at the Center for a New American Security, said that even without a complete Swift ban, “these measures will still be painful to Russia’s economy. They reinforce the measures already taken earlier this week by making transactions more complicated and difficult.” Ziemba says how much pain the sanctions render on the Russian economy will depend on which banks are restricted and which measures are taken to restrict the ability of the Central Bank to operate. “Regardless, these sort of escalating sanctions, removing banks from Swift, restricting the Central Bank, this will all make it more difficult to get commodities from Russia and will increase the pressure on the financial market.” Meantime, the US Embassy in Russia is warning Americans of multiple reports of non-Russian credit and debit cards being declined in Russia. In a tweet Saturday night, the American Embassy said the problem appears to be related to recent sanctions, imposed on Russian banks following the Russian invasion of Ukraine. The embassy says US citizens in Russia should be prepared with alternate means of payment should cards be declined. It also reminded US citizens that the State Department advises against travel to Russia. The Associated Press

PHL e-commerce platform operator to get ₧2.31B By Rizal Raoul S. Reyes @brownindio

LOBAL investment firm KKR & Co. Inc. recently announced it has committed to invest $45 million (roughly P2.31 billion at current exchange rates) in GrowSari Inc., a local B2B e-commerce platform serving micro, small and medium-sized enterprises (MSMEs) in the Philippines to lead its Series C funding round. Ashish Shastry, co-head of Asia Pacific Private Equity and head of Southeast Asia, KKR Singapore Pte. Ltd,, said the capital infusion in GrowSari will support its expansion into more regions across the Philippines and strengthen its financial services capabilities. “We are pleased to invest in GrowSari, an innovative company with tremendous potential to digitally transform the operations of Filipino MSMEs, who are crucial contributors to the country’s economy and a pillar of the business community. We are excited to support the GrowSari team to achieve their expansion ambitions.” Shastry explained. According to GrowSari CEO and

Co-Founder Reymund Erwin Rollan, they plan to use the fresh funding to accelerate “our presence nationally to more municipalities and cities in the Philippines.” “Our investments will be focused towards expanding in Visayas and Mindanao this 2022. This will bring us a step closer to our mission of creating a positive socio-economic impact to the lives of more MSME owners and the communities they serve,” Rollan said. “In addition, we are doubling down on our capabilities to improve the overall customer experience and look to expand our ability to provide sari-sari stores access to credit and basic financial services, which is a key pain point for MSMEs who have limited access.”

Great complement

ROLLAN added that the industry, operational and financial expertise and network of KKR “will be a great complement to the passion, dedication and strong culture of excellence that GrowSari has built over the years.” Louis Casey, KKR growth technology lead in Southeast Asia, noted that

Growsari is aligned with their vision to empower the MSMEs. “GrowSari is aligned with one of our core technology investment themes in Southeast Asia, which is supporting MSMEs with software and financial services. Reymund and the team at GrowSari are excellent operators who have built an impressive flywheel that is powered by a number of proprietary applications,” Casey said. “They have also built a very efficient and repeatable go-tomarket motion that is underpinning their impressive growth. We look to leverage our global experience, regional connectivity and flexible capital to help GrowSari achieve its ambitious growth objectives.” Growsari has recently raised funding from global financial and strategic investors, including Temasek-affiliated Pavilion Capital, Tencent, the International Finance Corp., JG Summit, Robinsons Retail Holdings Inc., Wavemaker Partners, Saison Capital, and the Investment and Capital Corp. of the Philippines.

Significantly oversubscribed

SHASTRY said the ongoing Series C round is significantly oversub-

scribed, having drawn keen interest from new and existing investors. The round’s final composition is currently being finalized. He added KKR’s investment in GrowSari will serve as a springboard for its next-generation technology strategy in Asia. Shastri said GrowSari is KKR’s latest investment into companies that augment the digital transformation of MSMEs through software and financial technology. KKR’s global investments in the sector include KiotViet, a merchant platform for MSMEs in Vietnam, Yayoi, a software developer, distributor, and support service provider for small and medium-sized enterprises (SMEs) in Japan, MYOB, a leading Australian online business management company, NetStars, the operator of Japan’s largest QR code payment gateway, Qonto, a leading European business finance solution for freelancers and SMEs in France, Cegid, one of the largest European providers of enterprise software headquartered in France, and Exact Software, a provider of business and accounting software in the Netherlands.

Explainer BusinessMirror

B4 Monday, February 28, 2022

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What does Ukraine invasion mean for energy bills?

THE Russian pipe-laying ship Akademik Tscherski, which is on deployment for the further construction of the Nord Stream 2 Baltic Sea pipeline, is moored at the port of Mukran on the island of Ruegen, Germany, on September 8, 2020. Jens Buettner/dpa via AP By David Mchugh

to be refined into gasoline, diesel fuel and used by industrial firms. Russian oil could be made up more easily than gas, analysts say. If there were supply disruptions, US companies could, in theory, increase oil production and export more oil to Europe, while sanctioned Russian oil might wind up in China.

The Associated Press

ven as gunfire sounded in Ukraine’s capital, natural gas kept flowing normally Friday through the major pipelines from Russia to Europe. But the invasion and accompanying sanctions are casting a shadow over longstanding energy ties, both for the coming weeks and longer term. The world is already facing high energy prices and a supply crunch that has hit consumers with high utility bills and pain at the gasoline pump. Russia’s attack on Ukraine has whipsawed energy markets, not least because Europe depends on Russian supplies of natural gas. Russia is also a major oil producer. Here are key things to know about the invasion’s impact on energy:

What’s the situation with oil and gas prices?

A barrel of US benchmark crude oil shot past $100 Thursday after Russia invaded Ukraine. Natural gas prices also soared, even as operators say pipelines operated as usual. Prices for both dropped after US and European officials said sanctions against Russia would not interrupt energy supplies or payments through banks for shipments of oil and gas. Nonetheless, fears of a supply interruption have rattled people and the markets. Some gasoline stations in Poland saw lines or ran out of gas Friday as people afraid of the fighting in neighboring Ukraine rushed to fill their tanks. A government spokesman said Poland has plenty of fuel reserves. Ru ssi a accou nt s for more

than 30 percent of Europe’s gas for home heating, industry and generating electricity, and other potential supply sources are not adequately prepared to bridge the gap if Russian gas is curtailed, Rystad Energy analysts say. “A complete halt to gas exports from Russia is highly unlikely, but gas piped through Ukraine— which represents 8 percent of European supply—is very much at risk,” they said. Supplies of liquefied natural gas brought by ship from the US has helped relieve some of Europe’s gas shortage this winter, but it’s expensive. Meanwhile, natural gas prices in the US are approximately 60 percent higher than a year ago, according to Rystad.

What does it mean for consumers?

The conflict is adding to the surging energy prices already plaguing Europe and the US, crimping consumer spending and holding back economic growth. If oil prices rise to $120 per barrel and gas prices remain elevated, inflation would rise and slow economic growth this year, analysts at Berenberg bank say. Some analysts believe regular gasoline could climb to $4 a gallon on average in the US in the com-

What’s it mean long term?

A WORKER at a Ukrainian gas station in Volovets, western Ukraine, on October 7, 2015. The gas is still flowing from Russian even as bullets and missiles fly in Ukraine. But the war is raising huge questions about the energy ties between Europe and Russia. The conflict is helping keep oil and gas prices high due to fears of a possible reduction in supplies, and consumers will continue to face financial stress from that. AP/Pavlo Palamarchuk

ing months. “That’s going to create a lot of anxiety with consumers, and our government hasn’t come up with a solution to help families with rising gasoline prices,” said Mark Wolfe, executive director of the National Energy Assistance Directors Association. Lower-income families are hardest hit by high gasoline prices, because they’re more likely to have to drive to work, he said. “How do ordinary Americans plan for this? Their budgets are already tight.” In Europe, governments have rolled out cash subsidies for consumers hit by higher utility bills. Some heavy users of gas have shuttered or throttled back production, such as producers of fertilizer, which has become more expensive in turn. Farmers have seen higher costs to fuel their equipment and those costs will turn up in food prices as well. Some people who switched to discount providers—which rely on energy from wholesale markets— have been sticker-shocked with

sharply higher bills or had their contracts canceled when the supplier faced losses from high prices. Many US households also are struggling with high home heating bills, spending 40 percent more on home heating oil and natural gas compared with the same time last year.

Why didn’t sanctions target oil and gas from Russia?

US officials went out of their way to say that they are not seeking to block Russia’s energy shipments despite it being a mainstay of Russia’s budget and thus a chief source of funding for the Russian military attacking Ukraine. The reason: global energy supplies are tight and prices are high. Cutting off Russian oil would send prices soaring and worsen the inflation plaguing the US and Europe, while Europe would struggle to replace Russian gas.

Could gas supplies be totally cut off?

Europe is the biggest customer

for Russia's state-owned gas giant Gazprom, with 83 percent of its sales in 2020. Gazprom has sought to diversify by selling to China. But pipelines link much of its gas to Europe, and Russia has few liquefied gas terminals that would let it send gas to any destination with an import terminal. New connections to China are years away. “Russia’s capacity to divert gas flows to China is very limited now and by the time it grows, the EU will have other options,” said Alicia Garcia Herrero, chief economist for the Asia Pacific region at Natixis bank. Says Rystad Energy: “Russian gas exports bring in more than $300 million for the Kremlin each day—revenues they cannot afford to lose.” That’s why analysts have regarded a total gas cutoff by Europe or Russia as unlikely. The two sides need each other. Russia’s also a major supplier of crude oil to Europe, supplying more than 2 million barrels a day

The war has intensified questions about Europe's gas dependence on Russia. “The events of the last days show the imprudence of not having diversified our sources of energy and our providers in recent decades,” said Italian Premier Mario Draghi in parliament Friday. Europe's shortage of gas reserves this winter came about partly because Gazprom didn’t sell extra gas beyond its long-term contracts. That led to concerns that Russia was willing to use gas as leverage. The German government took a big step after the invasion by freezing the approval process for the Nord Stream 2 pipeline, which the US opposed as increasing Europe’s reliance on Russia. Yet finding new energy supplies will take years. Europe continues to need natural gas to fire its electricity plants until renewables are built up enough and to make up for falling domestic production. Analysts at Energy Intelligence say tight supply will likely keep prices high through the mid-2020s. The long-term answer is to double down on developing renewable energy to fight climate change, said Claudia Kemfert, energy expert at the German Institute for Economic Research in Berlin. “We are in a new era. There is a day before Russia invaded Ukraine and a day after,” Kemfert said. Prices for fossil energies are rising, and we are paying the price of the delayed energy transition.” “The best answer to fossil fuel wars is a significantly accelerated energy transition. It will bring peace.”

Style

BusinessMirror

www.businessmirror.com.ph

Editor: Gerard S. Ramos

• Monday, February 28, 2022

❶ MODEL

Vivienne Oesch in terno by PamPinay by Vorge

❷ MODELS

Laura Valentia and Roxanne Estella Bagon, with bags by Zarah Juan

PHOTOGRAPHED BY ROGER SCHNORF PHOTOGRAPHY MAKEUP BY STEPHANIE JEG

SOFÍA JIRAU in Victoria’s Secret’s “Love Cloud” intimates collection.

Sofía Jirau becomes first model with Down Syndrome to pose for Victoria’s Secret by ella ceron Bloomberg News LINGerIe retailer Victoria’s Secret & Co. is moving further away from its exclusionary casting choices of the past in a new advertising campaign that features a model with Down syndrome. The campaign, which promotes the company’s “Love Cloud” intimates collection, features 18 women with diverse backgrounds and identities. Sofía Jirau, who is also a designer, becomes the first model with Down syndrome to front a Victoria’s Secret campaign. She is joined by models including Adut Akech, Hailey Bieber, Paloma elsesser, and Imaan Hammam, as well as actor Miriam Blanco and Celilo Miles, a firefighter for the Nez Perce Tribe in Idaho. Also in the campaign is legacy supermodel Shalom Harlow, and Valentina Sampaio, who in 2019 became the first openly transgender model to work with the brand. “One day I dreamed of it, I worked for it, and today is a dream come true,” Jirau, who designs the line Alavett, wrote on Instagram. Gucci in 2020 cast ellie Goldstein, a model with Down syndrome, as a face of its beauty campaign. The bras and panties in the “Love Cloud” collection are available in six styles and several colors. While the bra sizes offered range from 32A to 40DDD, they fall short of the size options available from brands such as Rihanna’s Savage X Fenty, Kim Kardashian’s Skims and Nubian Skin. Those brands have found success in recent years by offering a larger range of sizes and skin tones to underserved customers—often in stark contrast to a much narrower standard of female beauty that was led by Victoria’s Secret. Raúl Martinez, the brand’s head creative director, said in a statement that the collection was “a major moment in the brand’s evolution” and “an important part of the new Victoria’s Secret standard we are creating.” It’s part of Victoria’s Secret move to overhaul its image, which has included leaving behind the so-called “Angels” that previously defined its image. Victoria’s Secret is following the fashion industry by using models that more accurately represent the population. Savage X Fenty has cast pregnant models in its fashion shows, and featured model Lyric Mariah, who has a limb difference, in campaign images. Skims, which is valued at $3.2 billion, worked with Paralympians. Independent brands have provided offerings to underserved communities, such as LGBTQ+ people, for years.

❶

❷

The prime of PamPinay “Switzerland is the perfect place for PamPinay to take inspiration from. The Swiss fashion industry is not dependent on fads and trends. Swiss fashion is mainly classic and elegant designs with focus on quality, versatility and functionality. And that is exactly what PamPinay is about,” says the Nueva Ecija native. “We market to Filipino migrants but PamPinay is 100-percent made in the Philippines. So it will be available in the Philippines [@pampinay on Instagram, www.filipinoshoppingnetwork.com] and we are hoping that we will get support from the locals.”

PROUDLY Pinay visual artist is creating a fashionable blitz in Switzerland. She is Pamela Gotangco Hupp, the enterprising woman behind PamPinay, the international brand that makes wearable-art designs. “I am an autodidact. I became a professional visual artist in 2010. To date, I have participated in 54 group and solo shows in major cities worldwide. Previously, creating art was just a hobby and an avenue for personal expression,” says Pamela, 48, a graduate of Bachelor of Arts in Communication from Miriam College. “I had a very different career. I used to work for several major international airlines for many years. Then I was part of the team that brought the Internet via satellite in the Philippines in the late 1990s.” Pamela is one of the recipients of the 2021 Pamana ng Pilipino Award, a presidential award “conferred on overseas Filipino individuals, who, in exemplifying the talent and industry of the Filipino, have brought the country honor and recognition through excellence and distinction in the pursuit of their work or profession.” “I am truly honored. As a Filipina migrant, I took it as my responsibility to be an ambassador of our culture. Through my art, I am able to do that. So it really feels amazing when my country recognizes that sincere love and hard work,” shares Pamela. “Also, the award is like a pat on the shoulder from the motherland to all the Filipino migrants to keep shining in the global arena. For PamPinay, the award means that we are in the right direction. It definitely motivated me to be on top of my game.” I became familiar with Pamela’s awesome work because of our common friend, Rene Napenas of the National Commission for Culture and the Arts (NCCA), which is still celebrating National Arts Month. Through e-mail and Facebook Messenger, I was able to interview her in between her time at her studio and as wife to Matthias, a German now based in Zurich, and as mother to their children.

PANDEMIC RESPONSE “BACK in 2016, my partner Christian Belaro was already encouraging me to print my artworks on clothing. It did not materialize at that time as I saw no purpose in the project. It was never my plan to venture into lithography art but the printed art on PamPinay is something different. “Then Covid-19 paralyzed the world and many people lost ways to earn a living. I was thinking of innovative ways on how my art could create a positive impact on others. I have donated artworks that benefited some organizations helping the needy. However, this approach will never be a sustainable practice. “That’s when I realized I was ready to print my art on clothing. I am a visual artist whose medium is acrylic. Christian is a digital designer. I create the art and Christian translates it into digital form. Together, we finalize the design digitally before printing it. This way we will be able to provide income opportunities to women seamstresses in Manila while staying safely in their homes, support the weaving industry in Abra and somehow bring the feeling of the Philippines to the Filipino migrants who are terribly missing home.” Power of collaboration “I STRONGLY believe that we must channel the power of collaboration instead of competition in most of the things that we do. Three main brands came out of PamPinay and these are all products of collaborations. “First is a collaboration between me and Christian following the PamPinay philosophy, which revolves around classic and versatile, simple and functional, the one-sizefits-all highlights comfort and practicality. Featured in this collection is the binakol handwoven fabric by the master artisans of Abra. “Second is a collaboration with the Filipino indigenous artisans we call PamPinay Curated Treasures such as the traditional Ikat wraps from House of Abellas Art from Ifugao and scarves with hand-embroidered tribal characters from

PAMELA GOTANGCO HUPP (MAKEUP AND PHOTO BY STEPHANIE JEG)

Nelia Ardaniel’s Loomweaving Inc. from Abra. “The third and final collection is PamPinay Couture Collaboration. It was borne from our guiding principle of ‘Channeling the Power of Collaboration.’ The couture pieces have my original artwork digitally translated by Christian onto fabric. It aims to empower talented fashion designers based in the Philippines who lack the opportunity to show globally. It is a collaboration with Vorge Cunanan paying tribute to the rice harvests in the Mountain Province.” insPirations/influences/muses “MY choice of palette is a result of my being a global Filipina. The bold colors I use on my subjects represent my roots and for my intense love for Filipino culture and heritage. It is the influence of the fiesta, Santacruzan, the Ati-Atihan of the South and Panagbenga of the North. While the subtle colors I employ in the background imitate the hazy colors of winter or the fresh vibrant undertones of spring in countries with four seasons that I have called home. “Armando Giron I consider as my mentor. Also my Filipina Women’s Network sisters Zara Juan and Georgitta Puyat— empowered women whose personal style reflects their culture inspire me. “My muse has always been my daughter Francesca. I always make her try new designs. The daughter of Christian Belaro, Emma Lindroth, is also our muse. Both of them are the faces of PamPinay.” n

Dimples, Iya & Neri share how they get ‘me’ time

SHOWBIZ moms may have more resources at their disposal than most mothers but it’s also amazing how they manage to juggle all the roles they take on in real and reel life. Dimples Romana, for instance, is busy with being a mom to her kids and wife to her husband Boyet, her acting career, and brand endorsements, among other things. But she still finds the time to take short courses for self-improvement.

“I want to better equip myself when I’m talking about brands I endorse and represent,” said the 37-year-old. Aside from self-improvement, one of Dimple’s gifts to herself is a healthier lifestyle. “I learned that when you try to lead a healthier lifestyle, it has to start with little steps.” She admitted that sometimes, she can spread herself too thin and it got to a point where she wanted to lay low after completing the soap opera Kadenang Ginto. “I’ve been working since I was young. I got married at a young age. It’s so easy to be burned out so I really made an effort to be healthy. That really helped me,” said Dimples during the online media event to formally introduce her as Santé Barley Max’s new endorser. Santé Barley Max is barley grass harvested at a young age and produced in powder and capsule forms. The barley grass powder used for Santé Barley Max is certified organic by BioGro, New Zealand’s largest and best-known certifier for organic produce and

products. Santé Barley Max comes in capsule and powder form. Dimples usually drinks the powder dissolved in some water. “I’ve been drinking Santé Barley Max for a year and I’m very happy with it,” said Dimples. We also caught up with two more showbiz moms—Iya Villania Arellano and Neri Naig Miranda—during an event for baby products brand Babyflo. Iya and her husband Drew Arellano have three kids with another little one on the way, while Neri and Chito Miranda have two children and will soon adopt Neri’s niece Pia. During the #SayaNgAlagangBabyflo campaign launch of baby products brand Babyflo, Iya and Neri credited their husbands for giving them the support they need to be efficient moms and homemakers. “I have an exceptionally supportive husband. He helps make sure I have time for myself when I need it,” said Neri. She said Chito even tells the kids that “mommy

needs time for herself” when she’s in the room and they want to enter. Iya said she is very low maintenance when it comes to her hair and skin care. “I actually don’t like the time I need to give to go to the salon. That takes about four hours, and this is why I like to have hair that’s easy to maintain.” What she needs time for is her fitness routine. “I’m happy to get my daily workout in and that for me is all the daily ‘me’ time I need. When I feel that I need an extra boost, then every once in awhile I’ll schedule a date lunch with a friend, plus some shopping therapy on the side. But that only happens about once or twice a month so it’s easy to work that into my schedule,” said Iya. During the event, Babyflo launched their new look with playful designs. I’d just like to share that Babyflo’s blue baby cologne has been a favorite since I was in high school and I’m glad to see that even though the packaging is now different, it still smells as good.

B6 Monday, February 28, 2022

SMDC’s Calm Residences: A steadfast investment to fulfill your dreams

EGARDLESS of whatever stage in life you are in, investing in an SM Development Corporation (SMDC) property guarantees a future of security for you. The minimum capital outlay, alone, opens doors to immeasurable lifestyle opportunities — for those looking to start a family, a home to set the pace; for those in search of a new environment, a hearth to change your space; and perhaps, for those eager for financial contingency, a reliable source of passive income, and in turn, a ladder to help you climb your goals and aspirations. Discover why Calm Residences, in particular, not only brings the best out of Santa Rosa lifestyle, but also merges the city's promise of business opportunity with SMDC's legacy of real estate service excellence.

Solace in Suburban Living

WITH such a prime, suburban location, Santa Rosa is within reach to fundamental places of interest. Reputable schools such as Xavier School and De La Salle University - Laguna Campus, and the impending University of Santo Tomas - Laguna and University of the East - Laguna reside in the area. Hospitals, malls, and other commercial centers, as well, lie within the sprawling green spaces of the city — all together,

promoting not only a well-rounded lifestyle, but even a competitive one. Santa Rosa also offers a plethora of employment, business, and investment opportunities. In 2010, industrial locators in the fields of manufacturing, food processing, and business process outsourcing multiplied from 21 to 102, most of which are situated in the seven Philippine Economic Zone Authority (PEZA)-registered industrial estates. The businesses generated a combined employment of 100,000, and contributed almost eight billion dollars to the country's export earnings. Easily accessible from the city, as well, are major thoroughfares such as the South Luzon Expressway (SLEX) and the Manila-Cavite Expressway (CAVITEX), which give invaluable access to Metro Manila and other key destinations such as Tagaytay City.

Sanctuary of Stillness

CARRYING SMDC's unique brand of ‘the good life,’ Calm Residences yearns to provide its homeowners with tranquility and wellness, above all else. Residents are granted with generous choices of lifestyle activities. Relish the lush greeneries at various pocket parks, pavilions, and gardens. Give in to the inviting resortstyled swimming pool, or perhaps

get fit at the designated sports area. Brought together, such facilities not only encourage relaxation and recreation, but also promote a culture of camaraderie within the community.

Security in Stability

CALM Residences extends a sense of calm not only to its residents but also to its cared-for investors. A recent study by Leechiu Property Consultants showed that SMDC developments in Santa Rosa have a Compound Annual Growth Rate (CAGR) of up to 23 percent. This means investors at Calm Residences can expect healthy capital appreciation, factoring the rapid development and commercialization of the area, as well as SMDC’s industry-leading offerings. Maximize the returns of your investment, hassle-free, with SMDC Prime Key Leasing, your professional and dependable partner in managing your SMDC property. Whether it is personal success, financial security, or sustainable living you envision, one thing is for sure—that a real estate investment with SMDC offers you maximum calm, confidence, and convenience as you carve a path from dreams to reality. To know more, visit https://smdc. com/properties/calm-residences/.

Richmonde Hotel Ortigas welcomes back diners with gastropub concept

JUST a few of the must-try bar chow: (left) bangers and mustard potatoes; (center) shrimp scampi; and (right) pulled pork quesadilla

FTER a prolonged hiatus due to the pandemic, Richmonde Hotel Ortigas welcomes back diners to a new concept to re-introduce its after-office specials. Keeping in mind the needs of the metro’s ever busy workforce, the hotel created a safe and cozy space for them to relax, unwind, and catch-up with friends. And by merging its all-day dining restaurant’s gastronomic delights with its bar lounge’s drink specials, the Richmonde Gastropub was born! Serving an all-new menu of gourmet bar food created by Executive Chef

Tristan Galang and his kitchen team, the gastropub presents must-try items like Queso Fundido, Shrimp Scampi, Pulled Pork Quesadilla, Bangers and Mustard Potatoes (choice of veal bratwurst or Hungarian sausage), and Blue Marlin Ceviche. Best-sellers like Angus Burger, Beef Salpicao, and Gamberoni Pizza are also making a comeback to pair with your favorite wine, spirit, or cocktail. If you’re not much of a drinker, no need to worry because lightweights can still join the gang in toasting to good times ahead with the gastropub’s very own handcrafted caramel and butter

beer. Featured cocktails include Deconstructed Mimosa, Little Kiss Crusher, and the ever-popular Sangria. To celebrate the return of hotel regulars and welcome newbies, Richmonde Gastropub lets wine lovers and beer drinkers enjoy extended fun with unlimited wine pours for two hours straight for only PhP 800, and a free bottle of local beer for every 4 bottles ordered. Richmonde Gastropub is available daily from 4pm to 10pm at the 2nd floor of Richmonde Hotel Ortigas. For inquiries and table reservations, call +632 8638 7777 or +63 917 534 4352 or email richmondecafe@gmail.com. As the initial venture of leading real estate company, Megaworld Corporation, into the hospitality business, Richmonde Hotel Ortigas is a proud local brand that opened in 1999 at the heart of the then-burgeoning Ortigas Center. It is now a member of the steadily growing stable of homegrown brands under the Megaworld Hotels and Resorts group. For more information on Richmonde Hotel Ortigas, log on to www.richmondehotelortigas.com.ph and for the latest news on the hotel, follow @RichmondeHotelOrtigas on Facebook and Instagram.

Concepcion welcomes metro mayors’ decision on NCR alert level downgrade

RESIDENTIAL Adviser for Entrepreneurship Joey Concepcion welcomed the Metro Manila mayors’ unanimous vote to downgrade the National Capital Region (NCR) to Alert Level 1 starting March 1. “It is a must that we bring NCR down to Alert Level 1,” Concepcion said. “With positivity rates in the NCR now below the levels set by the WHO, the NCR is ready. We hope that the IATF will consider this recommendation,” he said. Concepcion shared data from OCTA Research showing the positivity rate in the NCR decreasing to 4.9 percent as of February 21, or below the WHO’s recommended 5 percent levels for governments to consider reopening. OCTA Research observed that this is the first time since December 26 and prior to the Omicron wave that the positivity rates fell below the WHO recommended levels. The independent research group also reported that the NCR remains at very low risk, with ADAR (or the seven-day average of new cases per 100,000) decreasing to 2.85, while the reproduction number remains stable at 0.21, or at very low levels. “Easing restrictions here will be instrumental in how the country will recover and achieve a 6.5 percent GDP growth rate in the first quarter,” he said. With the new data from OCTA Research, he said that an earlier easing of restrictions is becoming more feasible. “As mobility happens, economic activity follows. We already saw how it can

improve our GDP to 7.7 percent when we opened up in the fourth quarter. If we hit the high 5’s or even 6 in the first quarter, that would be great. And with the elections in the second quarter, there will be even more activity,” he said. “We cannot allow our debt-to-GDP ratio to go beyond 60 percent, and for that to happen we have to have mobility,” he said. He expressed optimism that alert levels may eventually be lifted altogether, saying that a state of public health emergency may no longer be necessary given there are currently no variants of concern, the country has achieved a higher vaccination rate, and healthcare utilization rates remain low. Concepcion reiterated, though, that even with easing of restrictions, vaccinations should continue, and people should observe the minimum public health and safety protocols to prevent key indicators from going up again.

International Day of Education 2022 celebrated with diverse learning programs

NE of the largest global providers of customer experience (CX) products and solutions, Sitel Group®, marked the International Day of Education 2022 this February by reinforcing its commitment to making upskilling and development a top priority in line with its Employee Promise of Learn, Lead & Grow. The global BPO provides learning programs in diverse formats suited to meet the needs of a wide variety of learners. These programs are available for Sitel Philippines associates and upcoming customer experience professionals, students, out-of-school youth and the community. The International Day of Education is a United Nations-sponsored occasion that promotes education as a fundamental human right and highlights its role in building a sustainable future. Sitel Group believes in this mission and the importance of continuous learning. Because of this, the company crafts programs that teach not only essential BPO skills like communication and customer service but also digital skills building and

new technologies. These upskilling programs, such as Sitel Academy, Learn, Nexus and the LEADS University Team Leader Program, are designed to help customer service professionals keep up-to-date with the fastpaced, continuously evolving industry that is increasingly becoming more digital. They also give associates a competitive edge in building their careers. Sitel Academy is the flagship learning program of Sitel Philippines. It is a free skills development program that caters to applicants who have the potential but did not initially meet the skills requirements for the job. The program consists of lessons on technical skills such as BPO fundamentals and soft skills such as critical thinking and empathetic listening. Program graduates are reassessed until they are hired. Sitel Academy is also offered to students in partner universities, interns and managers from other fields looking to switch to BPO. Other programs are Track Training and MyAcademy where learners of all levels can find programs suited to their needs and boost their career development.

Invest wisely with a multi-purpose health cleaning machine from Gruenheim

lanning to buy a new vacuum cleaner? Look no further as there is brand that not only cleans your surroundings; it also keeps your family healthy. That brand is Gruenheim.

Gruenheim GmbH & Co. KG was founded in 2014 and is based in Stuttgart, Germany and is a subsidiary of Luckner & Lahusen Group GmbH & Co. KG. Its direct distributor in the Philippines is Gruenheim Philippines Inc. The line of high-end, ecological, innovative and premium home appliances includes Gruenheim Vacuum cleaning system which makes use of pure water filter technology; Gruenheim Steam cleaning system with innovative industrial technology; and Gruenheim Air Freshener, among others. Its best seller is the Gruenheim Vacuum Cleaner, which uses ecological pure water filter technology. This multipurpose health cleaning machine serves as an air purifier, air disinfectant, air santizer, aromatizer and air medication all rolled into one. It can also dry vacuum the floor, ceiling, wall, curtains or blinds and

window screens. The vacuum cleaner can also be used to shampoo carpets, sofas, mattresses and even chairs. It has the capacity to remove 99.9 percent of harmful fine dust from the air. It is not only user friendly; it is also energy consumption friendly. What’s more is that the Gruenheim vacuum cleaner is used by cleaning services locally and globally. And that’s another interesting idea to look into – the business side of it. For more information, call 0917 5984968 or email gruenheimph@gmail.com.

www.businessmirror.com.ph

Marketing Sociality bites BusinessMirror

Monday, February 28, 2022 B7

PR Matters

By: Margarita Locsin-Chan

Brand & Business: Ninja Van goes the extra mile with Google Cloud to fulfill vision of tech-enabled, end-to-end logistics management for businesses in Southeast Asia

MANILA, PHILIPPINES—Ninja Van, Southeast Asia’s leading logistics provider, is extending its multi-year collaboration with Google Cloud to help businesses of all sizes seize digital growth opportunities and overcome supply chain disruptions. By running its platform and applications on Google Cloud’s scalable, secure and open-source infrastructure, Ninja Van aims to strengthen its leadership in last-mile courier services and expand upstream into supply chain management solutions. Backed by the likes of Europe’s largest parcel delivery network GeoPost/DPDgroup and global investment firm B Capital, Ninja Van has operations in Singapore, Malaysia, Indonesia, Thailand, Vietnam, and the Philippines. It is now the trusted delivery partner for close to two million businesses and handles around two mil-

lion parcels daily across Southeast Asia. To facilitate onshore or nearshore production and distribution for businesses in the region, Ninja Van recently launched Ninja Direct, a procurement concierge that offers services like supplier sourcing and management, customs clearance, financing, and shipments tracking. “Retailers have shifted toward e-commerce strategies as opposed to selling through physical stores, especially with the pandemic forcing consumers to shop online more than ever before. With disruptions to the traditional flow of raw materials and finished goods, there’s also an urgent need for adaptive micro supply chains that allow businesses to ‘make where they sell ’ and fulfill orders quicker,” said Shaun Chong, Co-Founder and Chief Technology Officer, Ninja Van. “We chose Google Cloud because of its proven ability to help us scale reliably and innovate at high velocity, as we address the region’s end-to-end logistics management needs.”

Freeing up talent to drive innovation and impact

Ninja Van consistently evaluates whether it is making efficient use of its technical talent. This means determining how the cloud can empower

WWW.PEXELS.COM

N a recent event hosted by the International PR Association’s Philippine Chapter, newly installed President Etsuko Tsugihara used a word I had not heard before—sociality, and from her talk and the discussion that day, it seems it is one that we will be using more going forward. Sociality is defined by the Cambridge Dictionary as “the fact of living in an organized way as a society” and Tsugihara emphasized on sociality in terms of Generation Z, defined as those aged 10-25, and their interest in the United Nations 17 Sustainable Development Goals (SDG) as what they believe is critical to their core, what they base their decisions on and what will likely formulate policy for governments around the world going forward into a millennialled world. While this is an understandable development in a world that has been riddled with immense social, cultural, and political changes since the turn of the century, what is worrying—and I speak perhaps as an “elder”—is the idealism that the generation expects and the difficulty in attaining such goals, without sacrificing the quality of life they have and enjoy, and perhaps take for granted, now. An example of a spanner being thrown in the works of the Generation Z is the Covid pandemic. A generation used to being social and mobile and always connected suddenly found itself closed off not just from the world, but even as microscopically from their own families at a time when those ties and support systems are needed most. Several articles and studies have been published on the mental impact of the pandemic on this age group and the demotivation they have felt. Many, even among the very young, are experiencing stress-related disorders brought about by anxiety over socialization and economic issues. The

young feel cut off and the older don’t know where they are going. According to an Ernst and Young article in January 2021, the pandemic was then “poised to be a generation-shaping event” and it seems it already is, particularly for the generation that is “coming of age” amid what they termed as a “dramatic socioeconomic tumult”. Two years on and despite the world now slowly going back to “business as usual”, the anxiety and distress remain and for some are a stark reality considerably different from the dream life they envisioned in pre-pandemic times. For the elder Gen Zs who are entering the work force, life’s bitter pills have been hard to swallow. In the US for example, a Hays article from October 2021 found that more than half are still living with their parents, far from the emancipation often anticipated in

its 150 engineers, developers and data scientists to build products that add value to the business, instead of spending time managing complex IT infrastructure. With Google’s open cloud approach, Ninja Van’s technical teams are free to choose the tools they need to accelerate software development and scale more efficiently—while also reducing technology risk. For instance, by using Google Cloud’s open-source data processing platform—which integrates seamlessly with its data scientists’ preferred external data visualization tools, Ninja Van’s teams can comfortably process terabytes of data daily to support the company’s business needs. To create its NinjaChat chatbot and simulate the quality and immediacy of in-person interactions, Ninja Van’s developers turned to Google Cloud’s open-source and pre-built virtual agents to bring the feature to life in a month, rather than spend three months building a machine learning framework from scratch. “From a chatbot that enhances customer experiences to algorithms for fuel-saving route opt i m i z at ion—t hese are amongst the hundreds of new features released by Ninja Van each day. By automating

post-university life. Many aren’t even gainfully employed and are drowning in debt. Closer to home in Asia, a Channel News Asia report in November 2021 lumped the Millennial and Gen Z generations together and called them the Covid generation. While the impact has been less in Singapore than in other countries because of the countr y’s responsiveness and quick pivot to home learning and logistics-based businesses, this population has still felt the effects of the pandemic, citing “insecurity” over their futures and the need to revisit and rethink their plans and dreams. With these concerns at the forefront of their minds, it may be difficult for Generation Z to focus externally on their passions and core belief systems when their very survival hangs in the balance.

application deployment and upgrades using Google Kubernetes Engine (GKE), our technical teams can avoid engaging in manual backend configurations and stay laser-focused on innovation,” said Chong. “We’re actively hiring to bolster our technology teams in the region. Once we have the talent in the door, it makes zero sense to have them recreate code that exists and is ready-touse, or manually select servers with the right vCPUs or RAM to deploy each application. We appreciate that Google Cloud puts open-source at the center of its solutions, while GKE does a great job at making sure things happen automatically. These allow us to avoid lockin, reduce costs and truly give our in-house talent the ability to make more meaningful contributions to the business,” added Chong.

Security and Zero Downtime to Enable 24/7 Operations

According to a study by Google, Temasek, and Bain & Company, Southeast Asia’s ecommerce gross merchandise value was projected to have doubled in 2021 to exceed US$120 billion and is expected to reach US$234 billion by 2025. As Ninja Van continues to help retailers compete in this fast-growing market and

For example, the goal to “reduce inequality within and among countries” was tested when vaccines were first introduced. The more affluent countries were first in line, and some took to hoarding them, bringing about calls for vaccine equality as late as December last year. With your very existence on the line, which path would you choose? It is precisely this tug-of-war between values that have been formed from a hyperconnected world that now burdens the generation that only two years ago felt empowered to change the workings of the world. To this end, Etsuko recommends a shift in mindset and the way we communicate and plan communications for this generation to reflect their influenced thinking, as well as their new realities. Whereas pre-Covid the plan

expand its services upstream, reliability and data protection remain top priorities. The demand for Ninja Van’s services have grown by three times during the pandemic. Whether it is preparing for major online sales events like Singles’ Day, responding to sudden surges in demand because of merchants running ad hoc campaigns, or making thousands of software upgrades each year, Google Cloud’s dynamic autoscaling capabilities enable Ninja Van’s website and mobile applications to handle 10 times the normal traffic with a smooth user experience, before scaling down to reduce costs when additional computing resources are no longer needed. “Having benefited from security solutions that are designed by default into Google Cloud’s infrastructure, such as end-to-end encryption and automated patching against vulnerabilities like Apache Log4j 2, we will now work with Google Cloud’s security specialists on additional ways to reinforce our zero trust security model,” said Chong. “Technology is the bedrock of Ninja Van’s 24/7 operations, so zero downtime is critical for avoiding delivery delays or backlogs. Security has also always been a top priority, but

was to fulfill their travel bucket lists, the life choices they now face must be carefully considered in our messaging and communicating. Sensitivities such as lack of job opportunities must be carefully merged with the generational interest in a sustainable, SDGcentric existence. The challenge today is to be able to continue communicating with Generation Z in terms that are relevant to them, while ensuring that they do not lose sight of today’s realities, particularly the difficulties and complexities, but still ensuring that this generation that will lead the world in no time at all, remains optimistic about life through and post Covid and are empowered to fulfill their dreams and push their SDG-agenda forward to fruition. And then there are those of that generation who do not have the same access to information as those from more affluent and developed countries. These are those who do not have the luxury of even knowing what the SDGs are about, much less base their life choices on them. What about them? How do they fit into the concept of sociality? Perhaps that question can be pondered on in a subsequent event. For now, it is something to think about. PR Matters is a roundtable column by members of the local chapter of the United Kingdom based International Public Relations Association (Ipra), the world’s premier association for senior professionals around the world. Margarita LocsinChan is an overseas Filipino in Singapore currently engaged in volunteer work with various organizations in the Philippines, Singapore and the United Kingdom. We are devoting a special column each month to answer the reader’s questions about public relations. Please send your comments and questions to askipraphil@gmail.com.

as our brand becomes more visible and we connect with more third-parties after expanding upstream, we’re making a deliberate effort to strengthen how we protect our customers’ data. Whether it’s ensuring uptime or preserving customer trust, the team at Google Cloud have been true partners in addressing our pain points. Our extended relationship will see Ninja Van run all our workloads on Google Cloud, as the team continues to play a key role in our next phase of growth,” added Chong. “We’re proud to have played a part in Ninja Van becoming a leading end-to-end logistics management provider and one of the most admired technology unicorns,” said Ruma Balasubramanian, Managing Director, Southeast Asia, Google Cloud. “By investing in world-class talent and relentless innovation, the company is well-positioned to deliver the just-in-time production and distribution capabilities that businesses need to satisfy contemporary consumers’ desire for product variety and immediacy. Google Cloud will continue to uphold our high standards in reliability, collaboration, openness and security, as we support Ninja Van’s vision of connecting Southeast Asia to a world of commerce possibilities.”

FOR UKRAINE

Players display a banner on the invasion of Ukraine before kickoff of the French League One match between Paris Saint Germain and Saint-Etienne at the Parc des Princes Stadium in Paris on Saturday. AP

Ancajas loses super fly crown to Argentinian

| Monday, February 28, 2022 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

By Josef Ramos

ERWIN ANCAJAS’S five-year reign as International Boxing Federation (IBF) super flyweight champion ended on Sunday after the Filipino slugger absorbed a unanimous decision loss to Fernando Daniel Martinez of Argentina at the Cosmopolitan in Las Vegas in Nevada. Ancajas engaged with the unbeaten Martinez with a barrage of punches as he went for the kill in the 12th but couldn’t unleash a knockout punch to keep his title. With his loss, Ancajas, who praised his tormentor after the fight, was dropped from the roster of Filipino world boxing champions that include World Boxing Council titleholders Mark Magsayo (featherweight) and Nonito Donaire Jr. (bantamweight), World Boxing Organization king JohnRiel Casimero (bantamweight) and International Boxing Federation titlist Rene Cuarto (minimumweight). “I’m very happy to fight an Olympian, he’s a great challenger and very determined, it’s a great experience,” Ancajas said. “But I’m willing to fight him again in a rematch. I will prepare for him, and do my best whatever it takes.” Ancajas clinched the IBF belt following a unanimous decision victory over Puerto Rican McJoe Arroyo at the Philippine Navy Headquarters in Taguig City in September 2016. He successfully defended his belt nine times until Sunday in Las Vegas. The fighter from Panabo City wasn’t agile with his punches late in the fight but managed to land right hooks to the head that staggered the 30-year-old Martinez, a 2016 Rio Olympian, in 11th and 10th rounds. They weren’t enough to convince the judges though as the Argentinian piled up points early on and earned scores of 118-110, 118-110 and 117111 for the unanimous decision win. Martinez remained undefeated in 14 bouts with eight knockouts. Ancajas, who fights under MP Promotions headed by Sean Gibbons, dropped to only his second loss in 37 professional fights marked by 22 knockouts and two draws. Ancajas, 30, landed just 192 of 816 punches thrown while Martinez hit his target 427 out of 1,046 times.

Astrolabio wins atop Dubai ring

Sports BusinessMirror

INCENT ASTROLABIO beat ageing former world champion Guillermo Rigondeaux of Cuba via a unanimous decision to clinch the World Boxing Council international bantamweight belt on Sunday at the Marina in Dubai. Astrolabio, 24 of General Santos City, floored the 41-year-old Rigondeaux with left jab-right straight combination in the eighth round to set up the unanimous decision win. “He [Rigondeaux] thought he could endure the punches so he tested it and paid for it,” Astrolabio’s trainer and Coach Nonoy Neri told BusinessMirror via internet call. “After that knockdown, Vincent [Astrolabio] assaulted him and Rigo started hugging and running.” The victory was the 17th in 20 fights for Astrolabio, who highlighted his record with 12 knockouts so far. Rigondeaux (20-3 record with 13 knockouts) suffered stinging backto-back losses since his split decision defeat to World Boxing Organization bantamweight titlist JohnRiel Casimero last August 14 in Carson, California. Josef Ramos

SCRIBES PRAISE CHAMPS PAALAM

PETECIO

HREE Olympic medalists, three professional boxers, a pole vaulter and billiards king make up a staked Major Awards roster the Philippine Sportswriters Association is giving out during its Annual Awards Night on March 14 at the Diamond Hotel in Manila. Tokyo Games boxing silver medalists Carlo Paalam and Nesthy Petecio and bronze medalist Eumir Felix Marcial lead the cast in the gala event again dubbed as the San Miguel Corp.PSA Annual Awards Night. Joining the three are world champion boxers Nonito Donaire Jr., Johnriel Casimero and Jerwin Ancajas, as well as pool ace Carlo Baido, young tennis sensation Alex Eala and world-class pole vaulter

MARCIAL

DONAIRE

Ernest John “EJ” Obiena. Donaire showed he’s not yet done atop ring after he won the World Boxing Council bantamweight title by dethroning Nordine Oubaali in a fourt-round stoppage in Carson, California, in May 2021. He became the oldest champion in the 118-pound division at 40. Later in the year, he retained his crown behind a similar fourth round knockout of compatriot Reymart Gaballo. Filipino golden girl Hidilyn Diaz banners the entire 2021 honorees as the recipient of the prestigious Athlete of the Year award to be handed out by the oldest media organization in the country during the gala night also backed by Milo, Philippine Basketball Association, 1Pacman, Rain or Shine, ICTSI, Chooks To Go, Smart, Philippine Racing Commission and the MVP

Barreto swims way to 2 gold medals

IGUEL BARRETO topped the men’s 100 and 400 meters freestyle to close out his campaign in style at the 2022 Philippine Swimming Inc. National Open on Sunday at the Teofilo Yldefonso Swimming Complex in Malate, Manila. A standout of the Ayala Harpoons Swim Club, Barreto won the 800 in eight minutes and 51.01 seconds and surprised himself with a personal best of 53.03 in ruling the 100.

A red card for Russia FOLLOWING its invasion of Ukraine, not only has Russia’s offensive been badly blunted but they have become international pariahs. They are not only taking a beating on the battlefield, but

“I’m very thankful that I achieved a personal best,” Barreto said. “I was surprised with that.” Pierre Chan and Jordan Lobos also dished out stellar performances. The QC Buccaneers bet Chan won the 50m backstroke in 26.91, while BEST Main’s Lobos touched first in the 200m breaststroke in 2:21.77. Jass Mojdeh, 16 and also of BEST Main, took control in the last 50 meters to edge veteran Chloe Daos in the

CASIMERO

ANCAJAS

Sports Foundation. After two years, the Awards Night will finally be held face-to-face again, although attendance is still going to be on a limited 50 percent capacity in compliance with the government’s safe and healthy protocols, according to PSA president Rey Lachica, sports editor of Tempo. The other awardees are golf ace Yuka Saso and world champion gymnast Carlos Yulo (President’s Award), Philippine Olympic Committee president Abraham “Bambol” Tolentino (Executive of the Year) and basketball legends Robert Jaworski Sr. and Ramon Fernandez (Lifetime Achievement Award). Still to be announced are the National Sports Association of the Year, Manok Ng Bayan, Citations and a special Excellence in Leadership Award. final race of the meet—the women’s 200m butterfly—in 2:19.90. Mervien Mirandilla took the men’s 200m butterfly for BEST Main in 2:11.18. All-Star Swim Club annexed two races with Hannah Sanchez and Xiandi Chua taking the women’s 800m freestyle in 9:58.65 and the 100m freestyle in 59.26 seconds, respectively. Thanya Dela Cruz of the Harpoons capped her day with a victory in the 200m breaststroke in 2:45.42, while QC Buccaneers’ Mishka Sy also topped all the women’s backstroke races with a 31.89-second finish in the 50m.

THE freestyle is Miguel Barreto’s forte. also in media and social media. In the sports world, UEFA has shown them the red card by stripping St. Petersburg as the site of this year’s UEFA Champions League (it is now in Paris) while Russian club Spartak Moscow’s home stand has been relocated to a neutral venue. Poland, Sweden and the Czech Republic have taken the position of not wanting to play any Russian team in the Fifa World Cup Qualifiers. Formula 1 has also canceled this year’s Russian Grand Prix. The International Olympic Committee (IOC) has urged sports bodies to also cancel or move all international sporting events scheduled in Russia and Belarus as they are complicit in the attacks on Ukraine. Many other sports from skiing, tennis, curling and biathlon have cancelled all their events in Russia. When people say that sports and politics should not mix—and I have been one of them—this is a case of too much is enough.

OBIENA

EALA

BIADO

ROS PEDROSA and Mikaela de Guzman show strong form despite long layoff from tournament play.

Pedrosa, De Guzman bag singles titles in badminton tournament

OS PEDROSA and Mikaela de Guzman posted contrasting victories to clinch the men’s and women’s singles titles of the MVP Second Badminton Cup recently at the Olympic Badminton Center in Ugong, Pasig City. The two mainstays of Smash Pilipinas proved their mettle in the respective finals against their opponents to clinch the championship trophies in the tournament backed by Smart, MVP Sports Foundation, the Philippine Olympic Committee, Philippine Sports Commission, Leisure and Resorts World Corporation, Metro Pacific Investments, Concrete Stone Corp. and Robinsons Land. Pedrosa took down Jewel Angelo Albo in a thrilling three setter by completing a comeback in the one hour and 20-minute duel, 16-21, 2115, 21-16. Playing out of National University (NU), Pedrosa emphasized that veteran experience and game management were the keys to winning another title after his run at the 2019 Smart National Open.

As the IOC pointed out, this is the third time Russia has breached the Olympic Truce. Georgia was invaded during the 2008 Sumer Olympics. Crimea was annexed after the 2014 Winter Olympics. And now, after the last Olympics in Beijing, Ukraine. While no Russian athlete had something to do with the invasion, the punitive measures in sports follow the financial and economic sanctions levied against the Russian Federation. Even Russians themselves have gone out in the open to protest the war including tennis star Andrey Rublev who scrawled on the camera, “No war please” after winning his semifinals match in the Dubai Tennis Championships. Football teams Manchester United and Watford, prior to the Premier League match, all came to the pitch with a sign calling for peace. I have not seen this kind of response to outright thuggery and injustice. And it is sad. What is scary now is although Vladimir Putin’s gambit of

“I always learn each time I compete,” Pedrosa said. De Guzman, on the other hand, fended off Jaja Andres, 21-14, 21-17, to bag the women’s title. “At first, I prepared mentally for this tournament myself with the help of my coaches in the national team, and of course, coach Kennie Asuncion, because this is my first time playing again this year,” said De Guzman, the University Athletic Association of the Philippines Season 82 Rookie of the Year, said. Pedrosa and De Guzman pocketed P25,000 each. Fellow national team members Thea Pomar and Nicole Albo dominated the women’s doubles by coming out unscathed against University of the Philippines’s Lea Inlayo and Susmita Ramos, 21-15, 21-8. NU standouts Solomon Padiz Jr. and July Villabrille closed out the action-packed three-day tournament with a rousing threesetter over veteran internationalist Paul Pantig and new partner Christian Bernardo, 21-13, 19-21, 22-20, in the men’s doubles final.

quickly taking Ukraine has stalled, it is not over. He is going all in on this. Unless a miracle happens and he finds a way out of this (and survives), this war will go on. And he will push harder. What is frightening is what he could do if his back is against the wall. His allowing the internet to thrive in Ukraine has backfired. If he was trying to show the world of Russian’s might then it had the opposite effect. Soldiers who were confused why they were in Ukraine. Burning military equipment and now, thousands of dead soldiers. Even allies such as Kazakhstan have refused to send soldiers into the fray. Germany has changed its anti-war stance and is sending ammunition to Ukraine’s defenders. And all the fears that the Eastern European countries or even countries like Finland and Sweden are no longer far-fetched but real. China, another aggressor, no doubt, has been taking notes. There is no way anyone can predict how this will end. We can only hope that it will be good for all. Russia included.