BusinessMirror January 03, 2024 by BusinessMirror

Weak export demand, high rates bug PHL PMI By Cai U. Ordinario @caiordinario

SM Mall of Asia (MOA) welcomes 2024 with a vibrant Grand Mascot Parade, filling the MOA Complex with a kaleidoscope of colors, infectious laughter, and pure joy. Mascots representing SM Super Pets Club, Cyberzone, SM Markets, Toy Kingdom, and other partners, along with a grand finale firework showcase, added to the joyous atmosphere of the festivity. SM SUPERMALLS

LUGGISH demand from the country’s export markets and high interest rates are expected to be among the manufacturing sector’s headwinds for 2024, according to Standard & Poor’s (S&P) Global Market Intelligence. On Tuesday, S&P Global Market Intelligence said the country’s manufacturing Purchasing Managers Index (PMI) slowed to 51.5 in December 2023 from 52.7 in November last year. S&P noted that the improvement was modest but marked the weakest in the last quarter of 2023 on the back of lower new order growth.

“Sluggish demand from overseas markets and tight borrowing conditions across the country will act as headwinds as we move into 2024,” Maryam Baluch, an economist at S&P Global Market Intelligence, said. “That said, inflationary pressures are expected to pose less of a threat than seen at the start of 2023 despite gaining pace during December,” she added. S&P Global Market Intelligence said the increase in new order growth was the weakest in four months, while new export sales in December also declined. While this allowed firms to clear their backlogs, the think tank said it also led to a reduction in manufacturing jobs. Work-

in-hand declined for the sixth consecutive month in December. “The main concern in the sector remains the further curtailment of workforce numbers. Evidence of spare capacity and a cooldown in new order growth prompted redundancies,” Baluch said. In terms of costs, S&P Global Market Intelligence said higher input prices and output charges were observed on the back of higher fuel as well as material and logistics costs. Shipping costs increased due to supply-side issues that caused delays. The think tank said there was congestion and longer delivery time for imports. The think tank noted that w ith this, fir ms raised their

selling prices, leading to the highest inf lation increase since the last quarter of 2023 began. Earlier, the Philippine Statistics Authority (PSA) said the country’s manufacturing output in October 2023 posted its slowest growth in 17 months. The data showed the Volume of Production Index (VoPI) slowed to 1.7 percent in October 2023 from 9.9 percent in September and 6.7 percent posted in October 2022. The data also showed this was the slowest since the 0.6 contraction of the VoPI in May 2022. In 2023, the other month when the VoPI posted a growth of below 2 percent was in June, when it posted a growth of 1.8 percent.

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Wednesday, January 3, 2024 Vol. 19 No. 80

PHL EXIT PROCESS FROM FATF GREY LIST STALLS n

P25.00 nationwide | 2 sections 18 pages | 7 DAYS A WEEK

By Samuel P. Medenilla @sam_medenilla

HE country’s “grey” listing from the Financial Action Task Force (FATF) is expected to continue to cast a shadow in its investment prospects this year due to the existing gaps in the government’s money laundering and terrorist financing policies. During a press briefing in Malacañang on Tuesday, AMLC Executive Director Matthew M. David disclosed that “most” of the eight remaining deficiencies identified by the FATF were only “partly addressed.” “One is not yet properly addressed. And the most challenging action item is regarding terrorism financing prosecution,” he said. In a sectoral meeting on Tuesday morning, President Ferdinand R. Marcos Jr. ordered the AMLC and other concerned government agencies to swiftly address the remaining concerns raised by the FATF since it continues to pose “reputational risk,” which can prevent the country from attracting more investors. “ The Philippines is aiming to address all these deficiencies within 2024 and to trigger the exit process from this FATF grey See “FATF,” A2

TRANSIT TANGO Amid the bustling scene on Commonwealth Avenue, Quezon City, traditional jeepneys engage in a spirited tango, defiantly resisting the tide of modernization. The commuter’s stage sees a dynamic mix of AUVs, buses, and their “modern” counterparts, all vying for position to pick up passengers. This marks a significant moment in the PUV Modernization Program, as the deadline for operators to consolidate into cooperatives concluded on December 31, 2023. Those who missed the deadline now face restrictions, particularly on routes with a 60-percent application rate. However, routes with less than 60 percent or zero consolidation still retain the right to operate until January 31. NONOY LACZA

INTERNATIONAL TOURISTS SPENT $8.69B IN PHL IN ’23–DOT By Ma. Stella F. Arnaldo @akosistellaBM

Special to the BusinessMirror

HE Ph i l ippi nes re ceived some 5.45 mill i o n i nt e r n at i o n a l tourists in 2023, about 30 percent shy of the 8.26-million historic high arrivals in pre-pandemic 2019. In a news statement released by the Department of Tourism (DOT), foreign visitors also spent US$8.69 billion (P482.73 billion) in the country, just 6.6 percent

less than the $9.3 billion (P516.62 billion) they spent in 2019. (BSP reference rate: P55.55:$1) Of total visitor arrivals in 2023, foreign tourists accounted for 91.8 percent or 5 million while the rest, at 8.2 percent of total or 447,082 were overseas Filipinos, or Philippine passport holders per manently residing abroad. Under its National Tourism Development Plan for 2023-2028, the DOT had See “DOT,” A2

Economic Cha-cha, health, education vital in ’24–solon By Jovee Marie N. Dela Cruz @joveemarie

N economist-lawmaker has underlined five crucial areas that demand continued attention and emphasized the necessity of comprehensive reforms, including economic Charter change, to move the country ahead in 2024 and beyond. House Committee on Appropriations Senior Vice Chairperson Stella Luz Quimbo said the task ahead for 2024 is to pave the way for major, long-overdue structural economic reforms, including economic charter change. “In 2023, to uphold the interests of our constituents, we in the

“Amending our Charter, however, must go hand in hand with addressing other critical issues: the cost of power, the traffic problem, enforcing contracts, reliable internet speeds, and the development of human capital.”—REP. STELLA LUZ QUIMBO

19th Congress accepted this challenge; this new year, we shall do See “Cha-cha,” A2

PESO EXCHANGE RATES n US 55.4180 n JAPAN 0.3934 n UK 70.5582 n HK 7.0966 n CHINA 7.8078 n SINGAPORE 41.9993 n AUSTRALIA 37.7452 n EU 61.2147 n KOREA 0.0428 n SAUDI ARABIA 14.7801 Source:

BSP (2 January 2024)

Wednesday, January 3, 2024

BusinessMirror

₧800-B NIIP rolled out for insuring key govt assets By Jasper Emmanuel Y. Arcalas @jearcalas

HE rollout of the state’s inaugural national indemnity insurance program (NIIP), pegged initially at P800 billion, will enhance the country’s “financial resilience,” the Department of Finance (DOF) said. The Bureau of the Treasury (BTr) of f ic i a l ly implemented the NIIP at the start of the year, which provided insurance coverage “for strategically important government assets.” The pilot program of the NIIP covered 132,862 Department of Education (DepEd) school buildings

Cha-cha. . . Continued from A1

so again,” she said. “As our economy moves forward in 2024 and beyond, there is a growing consensus that reforms are needed in various areas to improve the state of our nation and to uplift the lives of the Filipino people. In the case of education and health, a proper assessment is necessary to determine the required reforms,” Quimbo said. In the case of economic liberalization, she said there is a consensus among experts and the business sector that the economic

nationwide with an approximate value of P800 billion. The Treasury shouldered the premium for the NIIP using the excess payout it got from the Catastrophe Bond. “Safeguarding our national assets is crucial to ensure the safety and readiness of the projects delivered by this administration for the Filipino people. This is just one of the many immediate actions we are taking to bolster our country’s financial resilience,” Finance Secretary Benjamin E. Diokno said on Tuesday. “ We a re sta r t ing t he yea r strong and well-prepared as we expect the realization of many more high-impact infrastructure

projects under the leadership of President Ferdinand R. Marcos, Jr.,” Diokno added. The state assets were insured by the state-owned Government Service Insurance System (GSIS). The NIIP, the Treasury said, would “cushion” government finances from “unexpected” losses arising from disasters like typhoons and earthquakes. The Treasury pointed out that a portfolio approach instead of a single-asset insurance purchase was used to “spread out the risk and maximize the available premium budget.” “This is just one of the many programs the BTr implements to

provisions of the 1987 Philippine Constitution should be liberalized. “Amending our Charter, however, must go hand in hand with addressing other critical issues: the cost of power, the traffic problem, enforcing contracts, reliable internet speeds, and the development of human capital. The bottom line is that we need to send a certain and predictable signal to the global investor community: the Philippines is ready, able, and willing to accept foreign direct investments,” she added. Speaker Martin Romualdez has said the House will focus this year on an agenda aimed at studying and reviewing proposals related to removing restrictions that hinder

the entry of foreign capital and investments into the Philippines.

Five challenges

ADDRESSING the challenges faced in 2023, Quimbo, meanwhile, outlined five critical areas that demand continued attention for sustained economic growth and progress: inflation, GDP growth, investments, education, and health. In January last year, Quimbo said the country witnessed a spike in inflation at 8.7 percent, driven by soaring costs in food, housing, and utilities, and the agricultural sector, particularly the rice market, faced severe inflation, peaking at 17.9 percent

enhance our resilience against disasters. Our vulnerability to natural disasters makes it imperative for us to act now and implement solutions that would help us become more resilient and recover faster,” Monetary Board Member (MBM) and former Treasurer of the Philippines Rosalia V. De Leon said. Meanwhile, OIC National Treasurer Sharon P. Almanza thanked the GSIS for making the NIIP, one of the BTr’s flagship programs, come to life. “We are glad to start the year strong with one of our flagship programs—the NIIP, finally being placed. The program will provide financial protection for our schools in the event of disasters,” Almanza said. “We are also grateful to the GSIS who continues to be our partner in finding appropriate solutions to protect government assets against unforeseen losses,” Almanza added. in September. “The government’s swift policy responses and improved import strategies have stabilized the situation, with expectations for further reductions in rice prices if productivity enhancements are achieved through the National Rice Program with a 2024 budget allotment of P30.9 billion,” she said. Also, Quimbo said second-quarter GDP growth was lower than expected at 4.3 percent, influenced by global economic challenges such as heightened inflation, slow growth, supply chain disruptions, increased demand, and geopolitical tensions. She said government initiatives and increased spending led to a recovery, with the latest GDP growth rate report showing a growth of 5.9 percent, accompanied by a 6.7-percent expansion in government spending. “For growth to be inclusive, however, it is crucial to maintain job creation efforts and minimize job losses during economic recovery,” the lawmaker said. In 2023, Quimbo said overall gross capital formation experienced a yearon-year decrease of 1.6 percent, partially offset by increased public spending in the third quarter. Foreign direct investments witnessed a significant downturn, registering a 15.9-percent decline compared to the previous year. Despite these trends, substantial commitments resulting from diplomatic missions underscore the importance of creating an attractive investment climate. “Despite these investment trends, there are substantial commitments that were fruits of diplomatic missions led by the President, including investments totaling $4.089 billion for eight projects, $790.58 million for 11 projects, and $398.17 million for nine projects as of December 21. This underscores the importance of creating a more attractive investment climate and competitive business environment,” she added. According to Quimbo, the recent Programme for International Student Assessment results reveal a need for urgent reforms in the education sector, as Filipino students lag behind their international counterparts. “It is hoped that the 10.16-percent increase in the education budget for 2024, as well as the roll-out of the MATATAG curriculum for basic education, will address this concern,” she added. With the State of Public Health Emergency lifted in July 2023, Quimbo said the focus shifts to building a resilient healthcare infrastructure and developing sufficient human resources for health. “A critical step towards this is to establish a robust and resilient healthcare infrastructure and develop sufficient human resources for health. This is supported by a 6.2-percent increase in the budget for the Health Facilities Enhancement Program in 2024,” she said.

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FATF. . . Continued from A1

listing,” David said. The FATF placed the country on its grey list in June 2021 after it identified deficiencies in the implementation of Philippine rules and regulations against money laundering and terrorist financing. It issued 18 action items the country needs to complete by January 2023 before it considers removing the country’s grey list status. Ten of the said action items were already fully implemented, while the remaining eight are still pending. The deficiencies are preventing the government from achieving its self-imposed deadline of exiting from the grey list by January 2024 under Memorandum Circular No. 37 of Malacañang issued in October.

Action plan deficiencies

AMONG the existing deficiencies are the effective risk-based supervision of Non-Financial Businesses and Professions (NFBP) that include lawyers, accountants, jewelry shops, casinos, real estate developers, and brokers. To address the matter, casinos operators are being urged to register with the Philippine Amusement and Gaming Corporation (Pagcor), while other NFBPs should do so with the AMLC. The FATF is also seeking to mitigate risks associated with casino junkets; push enhancement and streamlining of access to beneficial ownership (BO) information; step up money laundering and terrorism financing investigations and prosecutions; and demonstrate that proper checks are done in seaports and international airports to detect false declaration of currency. David said the Securities and Exchange Commission (SEC) already issued regulations as regards the submission of BO information, which Law Enforcement Agencies (LEA) can use in their

DOT. . . Continued from A1

targeted international arrivals of 4.8 million for 2023 under its baseline scenario, and 5.8 million under its medium scenario. In an interview with the BusinessMirror, Hotel Sales and Ma rket ing A ssoc i at ion c ha ir Margarita Munsayac expressed optimism for this year’s tourism prospects, but also outlined some challenges the industry faces. “Definitely 2024 will be a better year. Our traditional North Asia markets [e.g. Korea and Japan] will continue to grow. However, we need to address the challenges of airlines to roll out additional f lights especially in secondary airports like Cebu.” She added, “The Department of Tourism needs to have focused marketing on target markets so that products, routes and infrastructure will be aligned to ensure our destinations are ready to receive an increased number of tourists.” Munsayac echoed concerns raised by other hoteliers on government’s tourism marketing push. (See, “PHL is slowly regaining tourism stride, but issues still bug visitors,” in the BusinessMirror, January 1, 2024.) The DOT is targeting 7.7 million international arrivals this year.

Koreans top arrivals

A S p e r D O T d at a , South Korea remained the top source market for tourists with 1.44 million in 2023, and equivalent to 26.41 percent of total arrivals. It was followed by

investigations. As for the filing of charges, he said the government had secured convictions against those engaged in money laundering and terrorist financing. The AMLC official said there are currently still ongoing terrorist financing cases involving nongovernment organizations (NGO) and designated terrorist organizations that are receiving funds from abroad.

Exit process

DAVID said the President commended the ongoing efforts by the concerned agencies to address the said gaps. To accommodate the ongoing efforts, he said the window for the country to initiate the exit process from the grey list has been extended to the entire year by the government. He said the government is trying to remove the country’s grey list status since it raises the risk the country will be blacklisted by the FATF. The country’s blacklist status, he noted, will result in more expenses for overseas Filipino workers (OFW) in sending their remittances. The AMLC official also said the country’s grey list status can negatively affect the country’s credit rating and reputation from multinational lending institutions such as the World Bank and International Monetary Fund. “It might also affect foreign direct investment in the Philippines because if you don’t exit the grey list they [investors] might think that our AML/CTF [AML or AntiMoney Laundering/Counter Terrorism Financing system] system is not adequate enough or sufficient enough or strong enough,” David said. “Rest assured that all government agencies in charge of addressing all strategic deficiencies, 8 remaining strategic deficiencies are doing everything they can to complete the action items and for us, the Philippines, to eventually exit the grey list,” he added. the United States with 903,299 tourists (16.57 percent); Japan w ith 305,580 (5.61 percent); Australia with 266,551 (4.89 percent); and China with 263,836 (4.84 percent). Other top source markets Canada with 221,920 tourists (4.07 percent of total); Taiwan with 194,851 (3.57 percent); the United Kingdom with 154,698 (2.84 percent); Singapore with 149,230 (2.74 percent); and Malaysia with 97,369 (1.79 percent). “These numbers speak very well of the performance of the tourism industry under the Marcos Administration,” said Tourism Secretary Christina Garcia Frasco. “Since we took office, we have set our goals for the industry not only in terms of international visitor arrivals, but most importantly, the number of Filipinos, including their families, who will benefit from the opportunities generated by our constant and continuous efforts to make the industry prosper more than what we have aimed for. We assure the President, including our partners from the public and private sectors, that we will continue to realize the vision of this administration to make tourism a catalyst for economic growth and resurgence,” she added. In her yearend report, the DOT chief said 21,195 tourismrelated jobs were offered at the Trabaho, Turismo, Asenso Job Fairs–Trabaho Turismo Asenso Philippine Tourism Job Fairs, a collaborative effort by the DOT and the Department of Labor and Employment, last year. The agency, however, failed to say how many of the applicants actually landed the jobs offered at these fairs.

Wednesday, January 3, 2024

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

PHL working with Japan to ensure safety of Filipinos after earthquake, PBBM says By Samuel P. Medenilla & Rex Antony Naval

RESIDENT Ferdinand R. Marcos Jr. on Tuesday said the government will ensure the safety of Filipinos in Japan after it was hit by a magnitude 7.6 earthquake on New Year’s Day. “We are in close collaboration with the Japanese government to secure the welfare of our kababayans (nationals), who thankfully remain unharmed,” the Chief Executive said in a statement. Department of Migrant Workers (DMW) Officer-in-Charge Undersecretary Hans J. Cacdac they are now closely monitoring the status of 1,194 Filipinos, who are staying in the two prefectures near the epicenter of the earthquake. Of those affected, 469 are staying in Ishikawa and the remaining 725 are in Toyama. Cacdac said the bulk or 90 percent of the Filipino workers in the said quake-hit areas are employed in the manufacturing, welding and carpentry sectors, while the remaining 10 percent work as caregivers. In a Viber message, the DMW chief told the BusinessMirror that they have already received requests for help from the affected overseas Filipino workers (OFW). “There were two who sought assistance locating their [missing] relatives [in Japan], but they were later found,” Cacdac said. The Migrant Workers Office (MWO) in Osaka issued a separate advisory calling on the supervising organizations and principals to monitor the safety of their OFWs. “Likewise, a report on the condition of their workers or any incident involving Filipino workers due to the said natural calamity must be submitted,” MWO-Osaka head Elizabeth Estrada said in her issuance.

Damages

INITIAL reports showed at least 48 people died from the quake, which caused damages to buildings and roads. Marcos said the country is ready to provide aid to Japan as it deals with the latest disaster. “We have made the offer to assist in any way that we can. In the face of shared climate challenges within the Pacific Ring of Fire, we stand united with Japan and stay ready to provide support from the Philippines,” the President said.

Helplines activated

FOLLOWING the magnitude 7.6

earthquake, which jolted western Japan last Monday, the DMW activated Tuesday helplines for OFWs, who may have been affected by the incident. In an advisory, DMW said the concerned OFWs and their families may call the DMW-Overseas Workers Welfare Administration (OWWA) Japan Help desk at Hotline 1348 or +632-1348 (from abroad). It also noted they may also contact the DMW-MWO-Osaka Hotline numbers at +81 7022756082 and +81 7024474016. “The Department of Migrant Workers has activated a Helpline for overseas Filipino workers and their families affected by the earthquake in western Japan,” the DMW said.

AFP ready to extend help after quake

THE Armed Forces of the Philippines (AFP), meanwhile, said it is willing to help and provide assistance to its Japanese counterparts following earthquake. “In times of crisis, international cooperation becomes paramount, and the AFP expresses its readiness to collaborate with the JSDF (Japan Self-Defense Force) in any way deemed necessary,” AFP chief Gen. Romeo Brawner Jr. said late Monday night. He added that the AFP recognizes the severity of the situation, which was further increased by the subsequent issuance of major tsunami warnings. With this, Brawner said the AFP extends its support and sympathy to the Japanese people. “The AFP remains committed to fostering strong bonds of friendship and cooperation with the JSDF, united in our shared dedication to safeguarding the wellbeing of our respective nations and contributing to global peace and security,” he added. According to the United States Geological Survey, the powerful quake struck at 4:10 p.m. northeast of Anamize in Ishikawa, which prompted the Japan Meteorological Agency to issue tsunami warnings. Initial reports showed the earthquake also damaged houses and caused power disruptions in the affected areas. Based on the latest data of the Philippine Statistics Authority (PSA), 6.1 percent or 119,743 of the 1.963 million OFWs in 2022 were deployed in Japan.

18 communist fronts dismantled, 14 others weakened in ’23, military says

HE Armed Forces of the Philippines (AFP) announced it has succeeded in dismantling eight communist fronts and weakened 14 others in 2023. The success against the communist insurgency was mentioned in the military’s yearend report released by AFP public affairs office chief Col. Xerxes Trinidad. “The AFP has achieved a significant milestone by dismantling eight and weakening 14 guerilla fronts of the communist terrorist group (CTG). As of December, there are no more active CTG guerilla fronts. The continued focused military operations have resulted in the neutralization of 67 high-value individuals who belong to communist and local terrorist groups,” he added. Among the top leaders neutralized are Dionisio Macabalo, also known as “Muling/ Kardo,” who was the Secretary of the North Central Mindanao Regional Committee, and Farahudin Pumbaya Pangalian, also known as “Abu Zacharia,” who was the Amir of Daulah-Islamiyah Philippines and overall Amir Islamic State-East Asia. Trinidad also said these wins also reaffirmed the AFP ’s commitment to national security and regional peace aside from highlighting the way for a more “

dynamic and capable AFP in 2024.” In 2023, the AFP successfully neutralized 1,399 members of communist and local terrorist groups. “Additionally, they seized 1,751 firearms through capture, confiscation, recovery, or surrender. These accomplishments have significantly reduced the capability of these groups to carry out violent attacks against our security forces and local communities. As a result, the government can now safely implement its programs towards building a more progressive country,” Trinidad said. With these developments, the AFP is gradually shifting its focus towards territorial defense operations due to its achievements in internal security operations. “The AFP is putting more effort into guaranteeing awareness and security in the maritime domain. Throughout the year, the AFP conducted 28 rotation and reprovisioning (RORE) operations and 820 maritime and air patrols in the West Philippine Sea to effectively address security concerns. Such efforts led to an intensified bilateral engagement with our ally and partner countries following a rulesbased international order for a secured region,” Trinidad said. Rex Anthony Naval

High hopes for the days ahead: PBBM vows to ‘build better, and more’ in ’24 By Samuel P. Medenilla @sam_medenilla

RESIDENT Ferdinand R. Marcos Jr. said Tuesday he is confident his administration can sustain the gains it made last year despite the new challenges it will face in the coming months, including El Niño. In his 2024 New Year video message, the Chief Executive said the country could weather the new challenges of 2024 with the initiatives started by his administration last year, which included the completion of eight water supply projects. He noted another 147 additional water projects are now in the pipeline. “The hard-fought gains of 2023

have prepared us for whatever difficulties 2024 will present,” Marcos said. Last year, the government announced it is bracing for the harsh socio-economic impact of El Niño, which is expected to last until the first half of 2024, including possible droughts in most parts of the country. He assured the government has safety net programs such as the “Tulong Panghanapbuhay sa Ating Disadvantaged/Displaced Workers” (TUPAD) of the Department of Labor and Employment (DOLE), the Assistance to Individuals in Crisis Situation (AICS) of the Department of Social Welfare and Development (DSWD), and the Medical Assistance to Indigent Patients (MAIP) of the

Department of Health (DOH). The government will also provide assistance to farmers through seedlings, fertilizers, and fuel access. “Our social programs provide welfare armor to the vulnerable, but they also provide the means for them to overcome the very state that they find themselves in,” Marcos said.

Better services ASIDE from measures related to El Niño, the president also mentioned the other achievements made by the administration last year, including the construction of 33 additional health specialty centers, over 2,000 classrooms, and seven additional cold chain facilities.

Reenactment of laws for establishing College of Medicine programs in 4 universities lauded

ENATOR Christopher “Bong” Go commended President Ferdinand R. Marcos Jr. for signing into law several bills establishing College of Medicine programs in four state universities. Go, co-sponsor of these bills, stressed the broader impact of these legislative measures on the country’s future, particularly in healthcare. These bills were primarily sponsored by Senator Chiz Escudero, chairperson of the Senate Committee on Higher Education. “Ang pagpapatupad ng mga batas na ito ay isang patunay ng ating dedikasyon sa pagpapabuti ng sistema ng kalusugan sa Pilipinas. Nagbibigay ito ng pag-asa at oportunidad para sa mga kabataang Pilipino na nangangarap maging mga doktor,” said Go. A s chair person of the Senate

Committee on Health and Demography, Go also highlighted the longterm benefits of these laws, where more Filipinos will be given opportunities to pursue medical professions and increasing the potential of making the Philippines a hub for medical excellence. “These steps will bring long-term benefits to our country. We hope that in the future, we will not only be known as a nation that sends excellent health-care workers abroad but also as a hub of medical excellence right here in our own homeland,” he added. The new laws provide for the establishment of a College of Medicine in four distinct state universities. The first, Republic Act No. 11970, facilitates the creation of a College of Medicine at Benguet State University. RA 11971 similarly establishes

a medical college at Southern Luzon State University in Lucban, Quezon. RA 11972 provides for the establishment of a College of Medicine at the University of Eastern Philippines in Catarman, Northern Samar. Lastly, RA 11974 authorizes the formation of a medical college at Visayas State University in Baybay, Leyte. Go emphasized the role of these new institutions in catalyzing research and innovation in the field of medicine. He said, “The establishment of new colleges of medicine will also serve as centers of research and innovation that will contribute to the advancement of our health-care practices.” The passage of these laws is in line with Republic Act 11509 or the “Doktor Para Sa Bayan Act,” which Go co-authored and co-sponsored in the

His administration was able to secure renewable energy contracts with a total potential capacity of around 121,000 megawatts. To ensure the better delivery of services this year, the president vowed to improve the efficiency in government operations to prevent any delays in the delivery of public service. “We will continue to purge the government of rules that slow the delivery of public services because when projects get delayed, progress is denied by our people,” Marcos said. “We look forward to the new year with a pledge to build better, and more. We have set high hopes for the days ahead, and we know this can only be achieved with hard work,” he added.

Senate. RA 11509 establishes a medical scholarship and return service program for deserving students who want to pursue a degree in medicine in state universities and colleges. Building on his commitment to enhancing the Philippines’ healthcare education, Go also filed Senate Bill No. 191, the “Advanced Nursing Education Act of 2022,” which envisions a future wherein the nursing profession is fortified with relevant education, better career prospects, and a dignified existence. To this end, it will mandate community integration and immersion for students, with graduate programs built on the experiences and skills of the nurses for mastery, expertise, and leadership in practice, research, and education. Aside from the four above-mentioned new laws, Go also co-sponsored Republic Act 11973, which creates a College of Veterinary Medicine under the Bicol University in Ligao City, Albay.

AFP renews vow to secure PHL sovereignty in 2024

S it welcomes 2024, t he Armed Forces of the Philippines (AFP) vowed to enhance its efforts in protecting the country’s vast maritime waters and do its best to protect the nation’s sovereignty in these domains. “The AFP will ensure its presence and increase efforts in its maritime security to protect our sovereignty, sovereign rights, and jurisdiction

in our maritime domain,” it added. Also, the AFP said that it looks for ward to more joint activ ities with allied forces and like-minded nations that share the commitment to peace, security, and international cooperation. The military added that it would continue to improve itself and strive harder to be an “AFP that the Filipino people can trust and count on,

embodying the values of integrity, service, and dedication.” “At the beginning of a New Year, new challenges and opportunities a r ise, dema nd ing t he col lect ive efforts and expertise of the AFP. However, I am confident that we will r ise to t he occasion a nd overcome w h at e v e r ob s t a c l e s come ou r way,” A FP c hief Gen. Romeo Braw ner Jr. sa id.

As this developed, the AFP also announced that it is committed to building a more dedicated, profession a l , a nd moder n i zed A FP equipped to meet the evolving challenges of the 21st century. “Our efforts for internal security will be sustained to finally end the local threats and communist armed conflict,” it emphasized.

Rex Anthony Naval

Green jobs to lift more Pinoys out of poverty–NAPC chief

ETTER local government unit (LGU) coordination and increasing the number of green jobs will greatly help in lifting more people out of poverty, according to the National Anti Poverty Commission (NAPC). Citing their initial inventory of existing Local Poverty Reduction Action Plan, NAPC Secretary Lope B. Santos III disclosed they were able to determine many LGUs already have

programs for their poor constituents. “What we are now trying to catch up is for the synchronization, harmonization and convergence of the said programs with those from the national government agencies,” Santos said in Filipino. The NAPC chief said he is also hopeful the green jobs, which are part of the 8-point agenda of the Marcos administration, will provide better employment opportunities to indigents.

“These green jobs like renewable energy (RE) can create employment,” Lope said. Marcos was able to secure RE contracts with a total potential capacity of around 121,000 megawatts last year. Lope noted similar green jobs can also be produced in agriculture, forestry, and other sectors related to the environment. The International Labor Organi-

PHL consulate general in New York City honors Dr. Jose Rizal

ATIONAL hero Dr. Jose Rizal can best be honored by embodying the timeless values he stood for, according to Consul General Senen T. Mangalile at the recent commemoration of the 127th anniversary of Rizal’s martyrdom at the Bagumbayan Field in Manila. The Philippine Consulate General in New York marked the solemn occasion with a wreath laying ceremony at the Philippine Center in New York. The ceremony was attended by members of the Philippine Consulate in New York, Philippine Permanent Mission to the United Nations, the Knights of Rizal from various chapters, the Ladies for Rizal, and members of the Filipino-American community.

CONSUL General Senen T. Mangalile, assisted by Deputy Consul General Adrian Elmer S. Cruz, lay a wreath at the bust of Dr. Jose Rizal at the Philippine Center New York. PHILIPPINE CONSULATE PHOTO BY M.A. AQUINO-HERRERA

zation estimated the “green economy” would create 24 million new jobs worldwide. NAPC noted these initiatives together with ongoing programs from the national agencies, such as the Department of Social Welfare and Development and the Department of Labor and Employment will help the government reach its goal of reducing the country’s poverty rate to a single digit by 2028. Samuel P. Medenilla

In the wreath laying ceremony, Consul General Mangalile reminded everyone about how to best honor Dr. Rizal by constantly living the virtues he embodied as he blazed a trail in the Filipinos’ long struggle for freedom from over three centuries of colonial rule. A knighting ceremony for new members of the Knights of Rizal New York Chapter followed, as well as for new members of the Ladies for Rizal. Consul General Mangalile, Knight Grand Officer of Rizal, led the re-dedication ceremony for the Ladies of Rizal New York Chapter. Later that evening, the Consulate with the Knights of Rizal New York Chapter, hosted a symposium where three Filipino Artists, who are also members of the Knights of Rizal, shared their dedication, passion, and unwavering commitment to their art form and how they incorporate their being Filipino and Knights in their work.

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

Wednesday, January 3, 2024

Rep. Villafuerte sees ‘better year’ for Filipinos in 2024 T

LTO-NCR reports 4 percent revenue jump to ₧8.1B in ’23

By Jovee Marie N. Dela Cruz @joveemarie

SENIOR lawmaker expressed confidence that 2024 will be a “better year” for the nation as President Ferdinand R. Marcos Jr.’s socioeconomic reform agenda begins to make greater progress toward much higher public spending on social protection, infrastructure, and other priority programs that could translate to more jobs and greater financial support for poor and other underprivileged Filipinos. “I am looking forward to a fine year ahead for our people in 2024 on the back of expected bigger strides by President Marcos a year and a-half into office in his socioeconomic reform agenda of ensuring better lives for Filipinos and a prosperous and

peaceful Philippines on his watch,” Villafuerte said. Highlighting the allocation of nearly a tenth of the 2024 national budget (P5.768 trillion) for various financial aid programs targeting the poor and disadvantaged, Villafuerte sees this as evidence of the government’s dedication to accelerating poverty reduction. Villafuerte cited key provisions in the 2024 General Appropriations Act (RA 11975), including substantial funds for programs such as Ayuda sa Kapos Ang Kita (AKAP), Tulong PangHanapbuhay sa Ating Disadvantaged/ Displaced Workers (TUPAD), and Assistance to Individuals in Crisis Situations (AICS). Additionally, the budget includes a P49.8-billion allocation to double the monthly pension for around 4.1 million indigent elderly

Filipinos, as outlined in RA 11916. These allocations for safety nets include P60 billion for AKAP subsidy of a one-time cash aid of P5,000 for households with a monthly income of P23,000 or below; P30 billion for the TUPAD program of the Department of Labor and Employment (DOLE) on the provision of emergency jobs for displaced, underemployed, or seasonal workers; and P23 billion for the AICS program of the Department of Social Welfare and Development (DSWD) that provides medical, burial, food, transport, and other assistance to people in crisis. T he 2024 GA A also included a P49.8 -billion outlay that doubles the monthly pension of some 4.1 million indigent elderly Filipinos to P1,000, as prov ided for in R A 11916, or the Social Pension for

Danish board launches educational drive on European organic dairy in Philippines By Roderick L. Abad Contributor

HE Danish Dair y Board (DDB), an interbrand organization representing dairies in Denmark, launched a threeyear educational campaign called Organic Dair y PH, co-funded by the European Union (EU), to raise awareness about European organic dairy in the Philippines on the back of strong demand from the growing health-conscious market. Based on a recent study by Food Industry Asia, 94 percent of consumers surveyed actively check for nutrition information on packaging prior to their purchase of food or drink. The demand for dairy products in the Philippines is seen to increase by 3 percent, reaching 3.5 million metric tons in liquid milk equivalent by 2024, according to the United States Department of Agriculture. Organic dair y products, such as organic ultra-high temperature

(UHT) full cream milk, organic UHT low-fat milk, organic fresh milk, organic low-fat fresh milk, and organic cream cheese, are crucial in developing a nutritious diet for both adults and kids, as they are packed with essential nutrients, including protein, calcium, phosphorus, and vitamins like B2 and B12. They are produced holistically by prioritizing natural, sustainable practices. This approach adheres to strict standards that prohibit the use of synthetic fertilizers, pesticides, and genetically modified organisms. It centers on practices that promote animal welfare, preserve biodiversity and the environment, ensure a supply of safe and nutritious food, and mitigate climate impact. “Producing high-quality dair y products involves a deep respect for the land, the animals, and the consumers. It is about creating a harmonious, sustainable system that prioritizes quality without compromising on ethical standards. Through the cam-

paign, our aim is to help consumers understand what makes organic dairy naturally good, particularly the numerous benefits it delivers to our body and the environment,” said Ejvind Pedersen, manager for organic food and farming at Danish Agriculture & Food Council. DDB, likewise, seeks to empower them in making informed and satisfying choices when choosing organic dairy products. Included in the campaign are Tasting Days at leading supermarkets and grocery stores in Metro Manila until January 2024. Participating locations include Landers (Alabang, Arcovia, UP Town Center, BGC), SM Supermarket (Aura, Megamall), The Landmark Supermarket (Alabang, BGC, Makati, Trinoma), South Supermarket (Filinvest), and The Marketplace (Central Square, EDSA Shangri-La, Glorietta/ Makati, Greenbelt, Rockwell). Additionally, the group will hold VIP Consumer Classes, wherein attendees can deep dive into Europe’s

Toxic ‘lucky charms’ tainted with cadmium may be harmful to your skin, group warns

UCKY charms tainted with high levels of cadmium, a cancercausing chemical, are being sold in the market, ironically, “to bring good fortune.” But a waste and pollution watchdog said these lucky charms will not bring luck if these will be the cause of serious health problems. Popularized by Chinese beliefs,

these lucky charms, which come in beaded bracelets with red strings, sell like hotcakes as some people wear them to attract good fortune, especially as part of the New Year tradition. To usher in the New Year, the EcoWaste Coalition went to Quiapo, Manila, and purchased five bracelets costing P50 to P100 each from lucky

charm stores. The bracelets are mostly unlabeled and are adorned with metallic dragon charms, as 2024 is the wooden dragon year, according to Chinese astrology. The items were then subjected to chemical screening using a handheld X-ray f luorescence (XRF) analyzer, which detected cadmium above 100,000 parts per million (ppm) in the metallic charms. None of the analyzed bracelets provided a cadmium content warning to inform consumers that the products they are buying contain cadmium and may pose the risk of hazardous chemical exposure. Cadmium, a heavy metal with symbol Cd and atomic number 48, is classified as “carcinogenic to humans” by the International Agency for Research on Cancer (IARC) and is one of the 10 chemicals or groups of chemicals of major public health concern as per the World Health Organization (WHO). Cad mium is a lso inc luded in the Philippine Priority Chemicals List. However, cadmium in products, such as jewelry is not covered by the Chemical Control Order (CCO) issued in 2021 for cadmium and its compounds. Nonetheless, “the use of products not containing cadmium is encouraged (by the CCO) to prevent and minimize the release of cadmium to the environment.” Aside from being carcinogenic, cadmium is considered a reproductive and developmental toxicant that is linked to reduced birth weight, premature birth, stillbirth, miscarriage,

Indigent Seniors Act, which was co-authored by Villafuerte. A s the President himself announced during the signing of RA 11975, the national budget for the coming year details his government’s “battle plan in fighting poverty and combating illiteracy, in producing food and ending hunger, in protecting our homes and securing our border, in keeping people healthy, in creating jobs and funding livelihoods.” With the domestic economy projected to be the fastest-growing one in the region after that of Vietnam in 2024, Villafuerte said, “We should expect more jobs to be created and higher state revenues to be generated in the new year, which will enable the government to spend more on its priority programs that will benefit the people.

expertise in producing high-quality organic dair y, gain insights into their nutritional benefits, and learn tips on making meal plans and tasty dishes using such products. DDB will also partner with influencers as well as parenting and food communities on social media throughout the campaign for a more interactive and participative learning experience. To join, follow Organic Dairy PH on Facebook and Instagram for more updates on how to register. Participants in these activities will get an exclusive consumer kit, featuring the Naturally Good magazine published by DDB, which is rich in information on organic dairy production, along with easy and delicious recipes infused with organically sourced ingredients. “The Danish Dairy Board is thrilled to see more consumers in the Philippines embrace the quality and rich tradition of European organic dairy as a result of this campaign. We believe consumers deserve access to a diverse range of top-tier dairy options that not only offer exceptional taste but also adhere to stringent standards and sustainability practices,” said DDB Senior Marketing Manager Lars Witt Jensen. and congenital anomalies, as well as behavioral disorders and learning difficulties. In the European Union (RU), under EU Regulation 494/2011, cadmium in jewelry is restricted to 0.01 % (or 100 ppm) by weight of the metal in metal beads and other metal components for jewelry making, metal parts of jewelry and imitation jewelry articles and hair accessories, including bracelets, necklaces and rings, piercing jewelry, wrist-watches and wrist-wear, brooches and cufflinks. Cadmium-containing bracelets offered for sale in the Philippines would therefore be illegal to sell in Europe, the EcoWaste Coalition pointed out. Several governments in the regional bloc have banned or removed from the market jewelry products containing cadmium, which is, as the EU has warned to be “harmful to human health because it accumulates in the body, can damage the kidneys and bones and it may cause cancer.” Cadmium and other hazardous chemicals should not be present in products offered for sale in the marketplace, including products marketed to enhance luck, health, and prosperity, the EcoWaste Coalition said. To prevent cadmium exposure, the watchdog group advised consumers to insist on their right to chemicals in product information, and for manufacturers, importers, distributors and retailers to recognize such right by disclosing the identity of chemicals in their products. “Transparency in the chemicals that make up a product, as well as the hazards they pose to health and the environment, should be made mandatory in line with the consumers’ right to know,” the EcoWaste Coalition emphasized. Jonathan L. Mayuga

HE Land Transportation Office-National Capital Region (LTO-NCR) is gearing up for 2024, as its revenues grew by almost 4 percent to P8.1 billion in 2023 from P7.82 billion the year prior. With this development, LTO-NCR Regional Director Roque I. Verzosa III said he has instructed the office’s management committee to “engage in detailed activity planning for 2024” to ensure a continued positive trajectory. “We appreciate and acknowledge the efforts of all LTO-NCR employees who have contributed to this outstanding revenue collection,” he said.

“Let us ensure that our office will also be prepared for 2024 and for the challenges we will face.” In addition to regular programs, Verzosa said the LTO-NCR would intensify its focus on the Traffic Safety Unit (TSU), conducting extra road safety seminars for senior high school students. He noted that initiatives like LTO-on-Wheels and E-Patrol will be “enhanced” this year to reach a broader audience in the region. “We assure the public that we will continue to improve the services of LTO-NCR, “ Verzosa said.

Lorenz S. Marasigan

Libanan bares ₧200-M upgrade for Samar’s Borongan Airport

ORONGAN Airport will receive P200 million in fresh capital outlay for the upgrade of its aviation infrastructure, House Minority Leader and 4Ps party-list Rep. Marcelino Libanan revealed on Tuesday. “The amount of P200 million has been earmarked in the 2024 General Appropriations law to build up the infrastructure of Borongan Airport,” Libanan said. The airport serves Eastern Samar province and the coastal capital city of Borongan, which is a popular surfing spot. Libanan represented Eastern Samar’s lone congressional district for three consecutive terms before he was elected 4Ps party-list representative. “The airport’s improvement will facilitate the transfer of people and goods, and help bring in more tourists,” Libanan said. “Our goal is to increase the airport’s capacity to accommodate more

commercial flights,” Libanan said. A year ago, Philippine Airlines (PAL) began operating twice weekly Cebu-Borongan- Cebu f lights, enabling travelers from all over the country to easily reach Borongan. “ We look for ward to other airlines operating f lights in and out of Borongan,” Libanan said. The airport is currently undergoing a 200-meter extension of its 1.3-kilometer runway. Libanan, meanwhile, credited the Borongan City government led by Mayor Jose Ivan Dayan Agda for aggressively promoting sports tourism. “We all want Borongan to become the surfing capital of Visayas,” Libanan said. O v e r 1 5 0 c o m p e t it o r s f r o m ac ross t he Ph i l ippi nes recent ly participated in the Surf City Borongan Masters from November 24 to December 1, 2023, followed by the Second National Surf Summit from December 2 to 4.

Lawmakers urged to OK bills on ‘blue economy’

N the face of heightened global efforts to combat climate change, a lawmaker on Tuesday underscored the critical need for the 19th Congress to enact new legislation ensuring responsible management of the nation’s seas and coasts. Given the archipelagic nature and high vulnerability of economies like the Philippines to the severe impacts of climate change, Rep. LRay Villafuerte of Camarines Sur stressed the urgency for lawmakers to pass legislation that promotes sustainable development and safer use of the blue economy. Villafuerte pointed to “the urgency for lawmakers to pass a measure on a more sustainable and safer development of our blue economy by way of an overhaul of the National Coast Watch Council [NCWC] that shall take charge of crafting and implementing a ‘whole-of-government approach’ to protecting and conserving our maritime zones in the face of the ravages of climate change, such as steadily rising global temperatures and sea levels.” HB 9662 was one of the bills passed on the third and final reading by the House last December. The proposed legislation seeks to protect and conserve the Philippines’ marine and coastal ecosystems, promoting the well-being, prosperity, and security of present and future generations. Villafuerte urged swift congressional action on the blue economy bill, aligning with the commitments made by over 150 international leaders during the recent United Nations global climate summit in Dubai. The legislation aims to make the Philippines more resilient to climate impacts by concurrently safeguarding marine and coastal systems and fostering sustainable economic opportunities. The bill outlines that the Philippines will exercise sovereignty, sovereign rights, and jurisdiction in various maritime zones, including internal waters, archipelagic waters, territorial sea, contiguous zone, exclusive economic zone (EEZ), and continent

shelf. It proposes the reconstitution of the NCWC into the National Maritime Council (NMC), tasked with marine spatial planning, enhancing maritime domain awareness, and preserving ocean resources’ value and sustainability. The NMC’s proposed composition includes the Executive Secretary as chairperson and members from various government departments. Additionally, the bill suggests renaming the Coastal Watch Council Secretariat to the National Maritime Office, maintaining its responsibility of providing technical and administrative support to the Council. President Marcos has included the blue economy bill in the list of 58 priority bills since last year, supported by the LegislativeExecutive Development Advisory Council (LEDAC). Underscoring the importance of Philippine bodies of water, Villafuerte noted the vast marine territory spanning 2.2 million square kilometers and the extensive coastline, ranking second globally after Indonesia. He emphasized the bill’s aim to foster a whole-of-nation approach for the stewardship of seas and coasts, involving the national government, local authorities, academia, non-governmental organizations, the private sector, and the public. The blue economy concept, according to Villafuerte, entails a practical oceanbased economic model leveraging green infrastructure, technologies, innovative financing, and proactive institutional arrangements. The proposed legislation addresses the twin goals of protecting oceans and coasts while contributing to sustainable development and reducing environmental risks. The bill allocates an initial funding of P100 million for the Council, sourced from the Office of the President’s Contingency Fund. Subsequent budgets will be included in the annual General Appropriations Acts of the succeeding years. Jovee Marie N. Dela Cruz

BusinessMirror

www.businessmirror.com.ph

ESTABLISHMENT / ADDRESS No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE

No.

ASIAN INSTITUTE OF MANAGEMENT, INC. 123, Paseo De Roxas, San Lorenzo, City Of Makati 8.

DR. GERTH, FLORIAN Associate Professor 1.

Brief Job Description: The qualified candidate will teach in degree and special courses and conduct research in their specific fields with an emphasis on sustainability, digital transformation, and other specialized topics and serve in administrative functions as required.

LIOW SWEE LEE YVONNE Clinical Professor 2.

Brief Job Description: Teach in graduate and executive programs, develop and direct programs, design courses, conduct admission interviews for the program, serve in administrative functions.

Basic Qualification: PhD in Economics graduate, with at least 5 years of teaching experience in AACSB accredited schools, and with experience in curriculum planning, and managing programs. Salary Range: Php 150,000 - Php 499,999

Basic Qualification: Holder of a Master’s Degree in Marketing and Executive Master in Science in Marketing. With at least 10 years of managementlevel experience, extensive subject area knowledge and excellent communication skills.

10.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

LIU, XIAOHE Chinese Customer Service Brief Job Description: Customer support and data base services.

WANG, XIANBO Chinese Customer Service Brief Job Description: Customer support and data base services.

ZHANG, FEILONG Chinese Customer Service Brief Job Description: Customer support and data base services.

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

11. FW HOLDINGS CORPORATION 599, P. Ocampo St., Barangay 729, Malate, City Of Manila

LAM, KIN SUN Dim Sum Chef 3.

Brief Job Description: Accurately manage and resolve customer issues, answer customer support tickets and call in.

Basic Qualification: Knowledgeable on construction business, computer literate and excellent in cross cultural communication.

12.

Salary Range: Php 90,000 - Php 149,999

ZHOU, YUNLONG Chinese Customer Service Brief Job Description: Customer support and data base services.

TXIMPI, JONATHAN NSAVO Customer Service Representative Brief Job Description: Customer support and database services.

IT AMERICANO INC. 10/f Pacifica One Center Bldg., 2178 Chino Roces Ave., Pio Del Pilar, City Of Makati 13. JUNG, JONGPIL Multilingual IT Technical Coordinator

Brief Job Description: Act as a bridge between team members who speaking different languages, facilitating clear communication and understanding. Translate technical discussions, emails and documentation between team members in different languages to ensure a unified understanding of project requirements and goals.

Basic Qualification: College graduate. Fluent in Chinese-Mandarin language. With previous work experience in IT Coordination, IT Concepts and project management. Salary Range: Php 30,000 - Php 59,999

14.

MELVIN NGIAN YI HAO Malaysian Customer Service Brief Job Description: Customer support and data base services.

ONG DI SHEN Malaysian Customer Service Brief Job Description: Customer support and data base services.

LUCKY365 CONSULTING LIMITED CORP. U/18a 18f 18/f Trafalgar Plaza, 105 H.v. Dela Costa St., Bel-air, City Of Makati

HUANG, WEIZHI Chinese Speaking Customer Service Representative 5.

Brief Job Description: Provide clients with business solutions tailored to their company and industry needs.

Basic Qualification: Experience in technology, business, and marketing or client relations. Excellent in both Mandarin and English languages (written and spoken).

15.

NANG SAN NGIN Myanmari Customer Service Brief Job Description: Customer support and data base services.

GAN, YINGJU Chinese Customer Service Brief Job Description: Customer support and data base services.

Basic Qualification: Knowledgeable in computer applications with good verbal and written communications skills.

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: Knowledgeable in computer applications with good verbal and written communications skills.

No.

19.

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

Basic Qualification: Knowledgeable in computer applications with good verbal and written communications skills.

20.

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

Basic Qualification: Knowledgeable in computer applications with good verbal and written communications skills.

21.

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

Basic Qualification: Knowledgeable in computer applications with good verbal and written communications skills.

22.

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

Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999

23.

Basic Qualification: Knowledgeable in computer applications with good verbal and written communications skills. Salary Range: Php 30,000 - Php 59,999

24.

16.

17.

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

TIN MOH MOH LWIN Myanmari Customer Service Brief Job Description: Customer support and database services.

CAO THI THUY GIANG Vietnamese Customer Service Brief Job Description: Customer support and data base services.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

LO THE SIN Vietnamese Customer Service Brief Job Description: Customer support and database services.

LO, VAN DUC Vietnamese Customer Service Brief Job Description: Customer support and database services.

NGO, KIM LIEU Vietnamese Customer Service Brief Job Description: Customer support and database services.

NGUYEN, THI KIM HUE Vietnamese Customer Service Brief Job Description: Customer support and data base services.

SUNG, THI CUC Vietnamese Customer Service Brief Job Description: Customer support and database services.

THAN, THI THUY Vietnamese Customer Service Brief Job Description: Customer support and data base services.

Basic Qualification: Knowledgeable in computer applications with good verbal and written communications skills. Salary Range: Php 30,000 - Php 59,999

25.

TRAN, THI MY GIANG Vietnamese Customer Service Brief Job Description: Customer support and database services.

Basic Qualification: Knowledgeable in computer applications with good verbal and written communications skills. Salary Range: Php 30,000 - Php 59,999 26.

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

NEW ORIENTAL CLUB88 CORPORATION 1331 Pearl Plaza Bldg., 133 Quirino Ave., Tambo, City Of Parañaque Sky Garage Bldg., Aseana Avenue, Entertainment City, Tambo, City Of Parañaque

Wednesday, January 3, 2024

Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Knowledgeable in computer applications with good verbal and written communications skills. Salary Range: Php 30,000 - Php 59,999

VAN HONG HANH Vietnamese Customer Service Brief Job Description: Customer support and database services.

QUALIFICATION AND SALARY RANGE Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Knowledgeable in computer applications with good verbal and written communications skills. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Knowledgeable in computer applications with good verbal and written communications skills. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999

*Date Generated: Jan 2, 2024 In the ad material of Notice of Filing of Application for Alien Employment Permits published on December 28, 2023, the name of HUANG, ZENQIANG under the company FLASH EXPRESS SOFTWARE (PH) CO., LTD. INC., should have been read as HUANG, ZENGQIANG and not as published. In the ad material of Notice of Filing of Application for Alien Employment Permits published on December 29, 2023, the position of CHUNG, YU-CHU under the company SOCIALATEMYIND INC., should have been read as CHINESE SPEAKING CUSTOMER SERVICE REPRESENTATIVE and not as published. Any person in the Philippines who is competent, able and willing to perform the services for which the foreign national is desired may file an objection at DOLE National Capital Region located at DOLE-NCR Building, 967 Maligaya St., Malate Manila, within 30 days after this publication. Please inform DOLE National Capital Region if you have any information on criminal offense committed by the foreign nationals.

HUANG, WAN Chinese Customer Service Brief Job Description: Customer support and data base services.

Basic Qualification: Knowledgeable in computer applications with good verbal and written communications skills. Salary Range: Php 30,000 - Php 59,999

18.

HUYNH, BICH CHAU Vietnamese Customer Service Brief Job Description: Customer support and database services.

Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999

Wednesday, January 3, 2024

TheWorld BusinessMirror

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

Powerful earthquakes leave at least 48 dead, destroy buildings along Japan’s western coast By Hiro Komae & Yuri Kageyama

The Associated Press

AJIMA, Japan—A series of powerful earthquakes hit western Japan, leaving at least 48 people dead and damaging thousands of buildings, vehicles and boats, with officials warning people in some areas on Tuesday to stay away from their homes because of a risk of more strong quakes.

Aftershocks continued to shake Ishikawa prefecture and nearby areas a day after a magnitude 7.6 temblor slammed the area on Monday afternoon. Forty-eight people were confirmed dead in Ishikawa, officials said. Sixteen others were seriously injured, while damage to homes was so great that it could not immediately be assessed, they said. Japanese media reports said tens of thousands of homes were

destroyed. Government spokesperson Yoshimasa Hayashi said 17 people were seriously injured and gave a slightly lower death tally, while saying he was aware of the prefecture’s tally. Water, power and cellphone service were still down in some areas, and residents expressed sorrow about their destroyed homes and uncertain futures. “It’s not just that it’s a mess. The wall has collapsed, and you can see

A BUILDING collapses following an earthquake in Wajima, Ishikawa prefecture, Japan on Tuesday, January 2, 2024. A series of powerful earthquakes in western Japan damaged homes, cars and boats, with officials warning people on Tuesday to stay away from their homes in some areas because of a continuing risk of major quakes and tsunamis. KYODO NEWS VIA AP

through to the next room. I don’t think we can live here anymore,” Miki Kobayashi, an Ishikawa resident, said as she swept around her house. Their house was also damaged in a 2007 quake, she said. Japan’s military dispatched 1,000 soldiers to the disaster zones to join rescue ef for ts, Prime Minister Fumio Kishida

Israel pulling thousands of troops from Gaza in possible precursor to scaled-back offensive By Josef Federman, Wafaa Shurafa & Samy Magdy The Associated Press

ERUSALEM—The Israeli militar y confirmed Monday that it was pulling thousands of troops out of the Gaza Strip, a step that could clear the way for a new long-term phase of lower-intensity fighting against the Hamas militant group. The confirmation of the planned troop drawdown came the same day that Israel’s Supreme Court struck down a key component of Prime Minister Benjamin Netanyahu’s contentious judicial overhaul plan. While the plan is not directly connected to the war effort, it was the source of deep divisions inside Israel and had threatened the military’s readiness before the October 7 Hamas attack that triggered the ongoing war. Politicians warned against reigniting those divisions and harming the national unity that has prevailed throughout the Israel-Hamas war. Netanyahu has vowed to press ahead with the military offensive until Hamas is crushed and the more than 100 hostages still held by the militant group in Gaza are freed. But Israel has come under growing international pressure to scale back an offensive that has led to the deaths of nearly 22,000 Palestinians. US Secretary o f S t ate A n to ny B l i n ke n , w h o h a s repeatedly urged Israel to do more to protect Palestinian civilians, is expected in the region next week. In its announcement, the army said that five brigades, or several thousand troops, would be taken out of Gaza in the coming weeks. Some will return to bases for further training or rest, while many older reservists will go home. The war has taken a toll on the economy by preventing reservists from going to their jobs, running their businesses or returning to university studies. The army’s chief spokesperson, Rear Adm. Daniel Hagari, did not say whether the withdrawal of some troops reflected a new phase of the war. “The objectives of the war require prolonged fighting, and we are preparing accordingly,” he told reporters late Sunday. But the move is in line with the plans that Israeli leaders have outlined for a low-intensity campaign, expected to last

ISRAELI soldiers stand on top of a tank in a staging area at the Israeli-Gaza border in southern Israel on Monday, January 1, 2024. The army is battling Palestinian militants across Gaza in the war ignited by Hamas’ October 7 attack into Israel. AP/LEO CORREA

for much of the year, that focuses on remaining Hamas strongholds and “pockets of resistance.” Israel has said it’s close to operational control over most of nor thern Gaza, reducing the need for forces there. Yet fierce fighting has continued in other areas of the Palestinian territory, especially the south, where many of Hamas’ forces remain intact and where most of Gaza’s 2.3 million people have fled. Israel has vowed to crush Hamas’ military and governing capabilities in the ongoing war, which was sparked by the militant group’s October 7 attack on southern Israel in which 1,200 people were killed and 240 others were taken hostage. Israel responded with an air, ground and sea offensive that has killed more than 21,900 people in Gaza, two-thirds of them women and children, according to the Health Ministry in the Hamas-ruled territory, which does not differentiate between civilians and combatants in its count. The Israeli military says 173 soldiers have died since it launched its ground operation. Israel also says, without providing evidence, that more than 8,000 militants have been killed. It blames Hamas for the high civilian death toll, saying the militants embed within residential areas, including schools and hospitals. The war has displaced some 85 percent of Gaza’s population, forcing tens of thousands of people in overcrowded shelters or teeming tent camps in Israeli-

designated safe areas that the military has nevertheless bombed. Palestinians are left with a sense that nowhere is safe. With tensions high across the region, the United States announced Monday that it would send an aircraft carrier strike group home and replace it with an amphibious assault ship and accompanying warships.

Battles in the south

IN Khan Younis, a city in southern Gaza that Israel says is a key Hamas stronghold, residents reported airstrikes and shelling in the west and center of the city. Combat was also reported in urban refugee camps in central Gaza, where Israel expanded its offensive last week. An Associated Press reporter saw at least 17 bodies, including those of four children, at a hospital in the central town of Deir alBalah after a missile struck a house. “It’s our routine: bombings, massacres and martyrs,” said Saeed Moustafa, a Palestinian from the Nuseirat camp. Gaza’s Health Ministry said Monday that 156 people had been killed in the past day. The Israeli military said an airstrike killed Adel Mismah, a regional commander of Hamas’ elite Nukhba forces, in Deir al-Balah. In Israel, Kibbutz Be’eri, one of the communities hit by Hamas on October 7, announced Monday that Ilan Weiss, who was thought to have been kidnapped, is now believed to be dead. Weiss’ daughter, Noga Weiss, 18; and wife, Shiri Weiss, 53; were held in captivity in Gaza and released on

said Tuesday. “Saving lives is our priority and we are fighting a battle against time,” he said. “It is critical that people trapped in homes get rescued immediately.” A quake with a preliminary magnitude of 5.6 shook the Ishikawa area as he was speaking. Firefighters were able to bring a fire under control in Wajima City, November 25 during a weeklong cease-fire.

A test for unity

THE Israeli Supreme Court’s landmark decision to strike down part of Netanyahu’s planned judicial overhaul could reopen the fissures in Israeli society that preceded the war against Hamas. The plan sparked months of mass protests and rattled the cohesion of Israel’s military. Those divisions were largely put aside after October 7. Benny Gantz, a rival of Netanyahu’s who joined the three-member War Cabinet, called on all sides to put aside their differences and focus on the war. “These are not days for political arguments. There are no winners and losers today,” he said. In Monday’s decision, the court narrowly voted to overturn a law that prevents judges from striking down government decisions they deem “unreasonable.” The law passed in July was the first part of the government’s plan to curb the authority of unelected judges.

Regional tensions

THE fighting in Gaza has threatened to spread across the region. Israel has engaged in near-daily battles with Hezbollah militants in Lebanon, to Israel’s north, and struck Iranian-linked targets in neighboring Syria as well. Israel’s warplanes and drones struck several areas in southern Lebanon, including a strike on the village of Kfar Kila that killed three people, state media and security officials said. Hezbollah said the three were some of its fighters. Since the latest exchange of fire began along the Lebanon-Israel border on October 8, 133 Hezbollah fighters and around 20 civilians have been killed in Lebanon. Meanwhile, Iranian-backed Houthi rebels in Yemen have fired long-range missiles at Israel and attacked civilian cargo ships in the Red Sea. The United States has sent warships to the Mediterranean and Red Seas, providing protection for Israel and underscoring concerns that the fighting could widen. On Monday, the US Navy announced that after months of extra duty at sea, the USS Gerald R. Ford aircraft carrier strike group would head home. The Ford will be replaced by the amphibious assault ship the USS Bataan and its accompanying warships. Magdy reported from Cairo and Shurafa from Deir al-Balah, Gaza Strip. Associated Press writers Melanie Lidman in Jerusalem and Tara Copp in Washington contributed to this report.

which had reddened the sky with embers and smoke. Nuclear regulators said several nuclear plants in the region were operating normally. A major quake and tsunami in March 2011 caused three reactors to melt and release large amounts of radiation at a nuclear plant in northeastern Japan. News videos showed rows of collapsed houses. Some wooden structures were flattened and cars were overturned. Half-sunken ships floated in bays where tsunami waves had rolled in, leaving a muddied coastline. On Monday, the Japan Meteorological Agency issued a major tsunami warning for Ishikawa and lower-level tsunami warnings or advisories for the rest of the western coast of Japan’s main island of Honshu, as well as for the northern island of Hokkaido. The warning was downgraded several hours later, and all tsunami warnings were lifted as of early Tuesday. Waves measuring more than one meter (3 feet) hit some places. The agency warned that more major quakes could hit the area over the next few days.

People who were evacuated from their houses huddled in auditoriums, schools and community centers. Bullet trains in the region were halted, but service was mostly restored by Tuesday afternoon. Sections of highways were closed. Weather forecasters predicted rain, setting off worries about already crumbling buildings and infrastructure. The region includes tourist spots famous for lacquerware and other traditional crafts, along with designated cultural heritage sites. US President Joe Biden said in a statement that his administration was “ready to provide any necessary assistance for the Japanese people.” Japan is frequently hit by earthquakes because of its location along the “Ring of Fire,” an arc of volcanoes and fault lines in the Pacific Basin. Over the last day, the nation has experienced about a hundred aftershocks. Kageyama reported from Tokyo. Videographer Richard Columbo contributed from Wajima.

S. Korean opposition leader stabbed in the neck by a knife-wielding man By Hyung-Jin Kim & Jiwon Song The Associated Press

EOUL, South Korea—South Korea’s tough-speaking liberal opposition leader, Lee Jae -myung, was stabbed in the neck by an unidentified knife-wielding man during a visit Tuesday to the southeastern city of Busan, police said. Lee, 59 and the head of the main opposition Democratic Party, was taken to a nearby hospital for treatment. Police and emergency officials said he was conscious and wasn’t in critical condition, but his exact status was unknown. The attack happened when Lee walked through a crowd of journalists and others after finishing a tour of the site of a new airport in Busan. The attacker, posing as a supporter, approached Lee, saying he wanted to get his autograph, and then stabbed Lee in the neck with a knife, according to Busan police. Lee slumped to the ground, where a person pressed a handkerchief to his neck to stop the bleeding. A witness, Jin Jeong-hwa, told YTN television that Lee bled a lot. Videos circulated on social media showed the suspect, wearing a paper crown reading “I’m Lee Jae-myung,” being chased and tackled by several people. Police said officers arrested the man on the spot. During questioning, he refused to identify himself or say why he attacked Lee, according to Yonhap news agency. Lee’s Democratic Party called the incident “a terrorist attack on Lee and a serious threat to democracy.” It called on police to make a through, swift investigation of the incident. Par ty spokesperson Kwon Chilseung told reporters at Pusan National University Hospital that Lee’s jugular vein was believed to have been damaged and there was concern over the large amount of bleeding. He said Lee was being airlifted to a hospital in Seoul for surgery. Hospital officials would not comment on Lee’s condition. President Yoon Suk Yeol expressed deep concern about Lee’s health and ordered authorities to investigate the

attack, saying such violence would not be tolerated, according to Yoon’s office. Lee lost the 2022 presidential election to Yoon by 0.7 percentage point, the narrowest margin ever recorded in a South Korean presidential election. Since his election defeat, Lee has been a harsh critic of Yoon’s major policies. Last year, Lee launched a 24-day hunger strike to protest what he called Yoon’s failure to oppose Japan’s release of treated radioactive wastewater from its crippled Fukushima nuclear power, his mishandling of the country’s postpandemic economy and his hardline policies on North Korea. Lee faces an array of corruption allegations, including one that he provided unlawful favors to a private investor that reaped huge profits from a dubious housing project in the city of Seongnam, where Lee was mayor for a decade until 2018. Lee has denied legal wrongdoing and accused Yoon’s government of pushing a political vendetta. Last September, a South Korean court denied an arrest warrant for Lee over the allegations, saying there wasn’t a clear risk that he would destroy evidence. The court hearing was arranged after South Korea’s opposition-controlled parliament voted to lift Lee’s immunity to arrest, a move that reflected growing divisions within his Democratic Party over his legal troubles. Lee, who served as governor of Gyeonggi province, which surrounds Seoul, is known for his outspoken style. His supporters see him as an anti-elitist hero who could reform establishment politics, eradicate corruption and solve growing economic inequality. Critics view him as a dangerous populist who relies on stoking divisions and demonizing his conservative opponents. Lee is also known for his self-made success story. He worked in a factory as a boy, an experience that left him with an arm disability. He later made his own way through school and passed the country’s notoriously difficult bar exam to work as a human rights lawyer. Lee joined a predecessor of the Democratic Party in 2005. Previously a political outsider, he rose sharply amid public anger over an explosive 20162017 corruption scandal that eventually led to the ouster of then conservative President Park Geun-hye.

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Biden and Trump are poised for a potential rematch that could shake American politics By Steve Peoples

AP National Political Writer

ACONIA, N.H.—US presidential elections have been rocked in recent years by economic disaster, stunning gaffes, secret video and a pandemic. But for all the tumult that defined those campaigns, the volatility surrounding this year’s presidential contest has few modern parallels, posing profound challenges to the future of American democracy. Not since the Supreme Court effectively decided the 2000 campaign in favor of Republican George W. Bush has the judiciary been so intertwined with presidential politics. In the coming weeks, the high court is expected to weigh whether states can ban former President Donald Trump from the ballot for his role in leading the Jan. 6, 2021, insurrection at the US Capitol. Meanwhile, a federal appeals court is weighing Trump’s argument that he’s immune from prosecution. The maneuvers are unfolding as prosecutors from New York to Washington and Atlanta move forward with 91 indictments across four criminal cases involving everything from Trump’s part in the insurrection to his efforts to overturn the 2020 election and his hush money paid to a porn actress. Depending on how Trump’s appeals play out, he could be due in court as early as March 4, the day before Super Tuesday, raising the unprecedented prospect that he could close in on the GOP nomination from a courtroom. On the Democratic side, President Joe Biden is seeking reelection, as the high inflation that defined much of his first term appears to be easing. But that has done little to assuage restless voters or ease widespread concerns in both parties that, at 81, he’s simply too old for the job. And at least three serious candidates who have launched outsider presidential bids threaten to scramble the campaign and eat into the support from independent voters who were critical to Biden’s success in 2020. Facing such uncertainty, few expect the traditional rules of politics to apply in 2024. Jim Messina, who managed former President Barack Obama’s reelection, said Trump could very well defeat Biden in the fall, even if the former president is in prison. “We just don’t know,” Messina said. “Everyone in the world knows, especially me, that this election is going to be really, really close.”

Implications for abortion, immigration and US role in the world

THE results will have long-term implications on everything from the future of abortion rights and immigration policy to the role of the US in the world. A Trump victory would raise the possibility of the US largely abandoning Ukraine as it seeks to repel Russia’s invasion. Domestic politics could also test Biden’s commitment to Israel, a policy that threatens to erode his standing with young voters and people of color who are critical elements of his coalition. One of the few certainties at this point is that Biden is a virtual lock to be the Democratic nominee again, facing only token opposition in this year’s primary despite overwhelming concerns within his own party about his physical and mental fitness. And though a few rivals are fighting furiously to stop Trump, he is well positioned to win the GOP nomination for the third consecutive election. The strength of the GOP opposition to Trump will become clearer on January 15 when the Iowa caucuses launch the nomination process. Trump holds a commanding lead in most national polls, although former U.N. ambassador Nikki Haley and Florida Gov. Ron DeSantis are fighting to stop him. That hasn’t been easy, however, as DeSantis has struggled to connect with voters and has embraced culture war topics that often left him competing for the same base of support as Trump. And Haley’s pitch as a more sensible, moderate candidate was threatened last week when she was pressed on the cause of the Civil War and didn’t mention slavery. Allies of DeSantis and Haley privately concede that their best chance to wrestle the nomination away from Trump would come in a long-shot push for a contested convention in Wisconsin in July. Many leaders in both parties are already convinced that Trump will be the GOP nominee. More than 90 House Republicans, 18 senators and seven governors have endorsed Trump. Haley and DeSantis have secured the endorsements of just six House Republicans, no senators and two governors combined. “This will be one of the earliest primaries wrapped up in my lifetime,” Rep. Elise Stefanik, R-N.Y., who endorsed Trump back in November 2022, said in an interview. “I’m already focused on the general election.... There is going to be a political earthquake next November.”

Biden vs. Trump

PUBLIC polling strongly suggests that voters do not want a rematch between Trump and Biden. Most US adults overall (56 percent) would be “very” or “somewhat” dissatisfied with Biden as the Democratic presidential nominee in 2024, according to a poll conducted last month by The Associated Press-NORC Center for Public Affairs Research. A similar majority (58 percent) said they would be very or somewhat dissatisfied with Trump as the GOP’s pick. Perhaps because of such apathy, some voters simply don’t believe Biden and Trump will end up on the general election ballot, despite strong evidence to the contrary. That’s an idea that conservative strategist Sarah Longwell, who founded the Republican Accountability Project, says she hears regularly during weekly focus groups with voters across the political spectrum. “Voters really aren’t thinking about it, so they don’t see the thing that’s coming right at us — the most likely scenario, which is Trump vs. Biden,” Longwell said. “But Trump is so dangerous.... I wish the level of urgency from everybody matched the reality of where we are headed.”

Threats to democracy

WHILE concerns about Biden are centered on his age, Trump has increasingly embraced authoritarian messages that serve as clear warnings of his plans to dismantle democratic norms if he returns to the White House. Echoing strongmen leaders throughout history, Trump has framed his campaign as one of retribution and has spoken openly about using the power of government to pursue his political enemies. He has repeatedly harnessed rhetoric once used by Adolf Hitler to argue that immigrants entering the US illegally are “poisoning the blood of our country.” He said on Fox News last month that he would not be a dictator “except for day one. “ And he shared a word cloud last week to his social media account highlighting words like, “revenge,” “power” and “dictatorship.” Biden, like his party more broadly, has leaned into concerns about the future of democracy should Trump return to the White House, but that has done little to improve his standing. Early polls reveal weakness among core segments of his coalition, including voters of color and young people. People on Biden’s team do not fear that his base will defect to Trump in the general election, but they privately worry some of the Democratic president’s supporters may not vote at all. They’re betting that Biden’s achievements, which include landmark legislation on gun control, climate change and infrastructure, will eventually help overcome pervasive concerns about his age. Ultimately, however, Biden’s campaign believes that voters will rally behind the president once they fully understand that Trump could realistically return to the White House.

‘This election will be a choice’

ATLANTA Mayor Andre Dickens, who sits on Biden’s advisory council, said the president’s reelection campaign “knows it can’t take any vote for granted,” which is why the campaign has already invested heavily in efforts to mobilize Biden’s diverse coalition. “This election will be a choice—a choice between a president who has delivered historic results for the American people and someone who poses an existential threat to our democracy and freedoms,” Dickens said. “We will win in November once we fully make the case, explain the stakes and make the choice clear.” Meanwhile, there is a sense of deep uncertainty on the ground in Iowa and New Hampshire, where Republican presidential candidates in particular have been showering primary voters with attention for much of the last year. Rodney Martell, a 65-year-old Republican from Loudon, New Hampshire, said he’s ready for the voting to begin. He’s supporting Haley’s primary bid, but said he’d support Trump in the general election if he had no other choice—even if Trump is a convicted felon. Martell said he doubts the 2024 election will ultimately be a rematch of Trump and Biden, however: “Honestly, if it comes to that kind of race again, I think it could get pretty ugly.” More than 1,000 miles or 1,600 kilometers to the west, Susie Fortuna offered a similar assessment during a recent Haley campaign event in Coralville, Iowa. Fortuna lives in Bloomfield Hills, Michigan, but she was in Iowa to visit family. She isn’t convinced that Biden and Trump will emerge as their party’s nominees, either. The political year ahead, she said, feels “unsettling.” “I feel like there are things out there that we don’t know yet, to be honest,” Fortuna said. The Associated Press writers Holly Ramer in Concord, New Hampshire, and Hannah Fingerhut in Davenport, Iowa, contributed to this report.

Wednesday, January 3, 2024

A8 Wednesday, January 3, 2024 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

PHL still at the mercy of global food traders

here seems to be no end in sight for the war in Eastern Europe, which started in February 2022 when Russian forces attacked Ukraine. The uncertainty caused by this conflict continues to rattle markets, although some governments have already made adjustments to shield their citizens from its fallout. Unfortunately, policy tweaks and interventions to ensure the food supply of certain nations, such as export restrictions, have exacerbated the difficulties that confronted countries dependent on imports, like the Philippines. The Houthi rebels attacking merchant ships in the Red Sea is the latest international development that threatens to further upend the global commodity trade. The Red Sea is a vital global trade route and according to The Times of Israel, it is a busy waterway with ships traversing the Suez Canal to bring goods between Asia and Europe. Container ships bringing food products like palm oil and grain also pass through the Red Sea (See, “How are Houthi seizures in the vital Red Sea shipping lane impacting global trade?” The Times of Israel, December 14, 2023). Apart from these developments, the Philippines continues to grapple with challenges that hinder its farm sector from significantly increasing its production. These challenges include the El Niño phenomenon, which could potentially dry up farmlands and slash rice output this year. Also, the local livestock sector has yet to eradicate the African swine fever, a fatal hog disease that almost decimated the local pig population. It is true that one of the President’s campaign promises was to minimize imports and prop up the local agrifood sector. Unfortunately, the current administration’s hands are practically tied when it comes to beefing up the domestic food supply simply because the country’s dependency on imported food products has been increasing during the past three decades. The issuance of Executive Order (EO) 50, which extended the validity of lower tariffs on rice, corn, and meat products, is in a way an admission that the country is still in need of imports to ensure its food security (See, “PBBM issues EO extending lower food tariffs,” in the BusinessMirror, December 27, 2023). EO 50 allows traders to bring in rice, corn and meat products at lower tariff rates until December 31, 2024. The EO’s goal is to maintain current food prices and manage inflationary pressures. This is because food is still one of the top drivers of inflation, particularly in 2022, when food inflation rose by double digits. Initiatives such as the issuance of EO 50 must be complemented by efforts to significantly increase domestic food production. Geopolitical tensions as well as disruptions in global trade have shown that the Philippines should start reducing its dependence on foreign sources to strengthen food security and to “manage inflationary pressures.” Sans critical interventions that would allow the local farm sector to increase its productivity and contribution to GDP, the country would remain hostage to international traders who thrive on volatility and profit from geopolitical tensions. Since 2005

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Building a nation Mark Villar

THE BUILDER BusinessMirror is proud to introduce a new addition to our esteemed roster of columnists: Senator Mark A. Villar. A former congressman and secretary of the Department of Public Works and Highways, he was elected to the Senate in 2022 and now serves as the Deputy Majority Leader. Under his term at the DPWH from August 1, 2016 to October 5, 2021, about 29,264 kilometers of roads were constructed, maintained, widened and rehabilitated; 5,950 bridges were constructed, widened, upgraded and strengthened; and 11,340 flood mitigation structures were built. In the 16th Congress, he chaired the House Committee on Trade and Industry and authored 76 bills and 20 resolutions. Before joining the government, he was the chairman of Crown Asia Corporation. He has a Bachelor of Science degree in Political Science, Philosophy and Economics from the University of Pennsylvania and Master in Business Administration from the University of Chicago Booth School of Business. Welcome aboard, Senator Villar! We eagerly anticipate the valuable contributions you will make to our newspaper, enriching our understanding of the issues that shape our nation and propel the country’s economic growth.

am embarking on a new initiative—writing a column to share my insights as a builder for progress and of visions that I feel are best for our countrymen.

The economy, of course, will take centerpiece in these essays. When we talk of progress, it’s all about the economy, the interest of our workers and the quality of life of every Filipino. I shall devote my discourse to the raging and relevant economic and business issues affecting Filipinos and the consumers, in general. Like the previous column pieces that my father —former Senate President and House Speaker Manuel B. Villar—penned in this same newspaper corner, I will try to be objective

as much as possible and share his optimism on the Philippines. My stint as chief of the Department of Public Works and Highways during the term of President Rodrigo Duterte helped me a lot in appreciating the role of the economy in nation building, especially the many infrastructure projects that the men and women of the department implemented. As Filipinos welcome 2024 with cautious optimism, it’s worth reflecting on our past achievements

We all know that apart from adopting well-crafted policies, it is the execution of the plan that could spell success for a country seeking to become more competitive. This means we should focus more on implementation or actual building of projects, if we want to elevate our economy to greater heights. and identifying areas for improvement to build a brighter future for the nation. We all know that apart from adopting well-crafted policies, it is the execution of the plan that could spell success for a country seeking to become more competitive. This means we should focus more on implementation or actual building of projects, if we want to elevate our economy to greater heights. In the 21st century, developing world-class infrastructure is crucial for any nation trying to get ahead of the pack. China, for instance, is investing heavily in infrastructure projects to the tune of trillions of dollars to propel its economy. The Philippines, on its part, has aspirations of becoming an upper-middleincome economy within a few years. Achieving the goal requires significant investments in roads, bridges and other infrastructure projects. I am glad that President Ferdinand Marcos Jr. signed Republic Act 11975 allocating a P5.768-trillion government budget for 2024, which the Senate and the House of Representatives approved on time as a Christmas gift for all of us. This

No longer the king of the road

The group of writers, artists, designers, photographers, technologists, and other Filipino Creatives said: “The plea is not against modernization. We should strive for progress but only progress that’s sensitive to all stakeholders. This is not just about the jeepneys anymore, it’s about how we can be humane in the process of progress as a nation.”

Of course, the Land Transportation Franchising and Regulatory Board (LTFRB) says there will be enough vehicles for the masses because, first, there are already consolidated entities plying major thoroughfares and, second, because there are other modes of transport like taxis, buses, and ride-share vehicles that commuters can use.

Jeepney was recently formed to encourage the public to “Strike Where You Stand” by signing the online petition (bit.ly/savethejeepney2023), joining the online poster exhibit (bit.ly/ filipinocreativesfightback), and supporting the campaign by spreading the word. The campaign was able to mobilize 7,000 petition signatories as of noon of December 31, 2023. The coalition was formed by Purveyr, Kwago, the Freelance Writers’ Guild of the Philippines, Makò Micro-Press, Mayday Multimedia,

Atty. Jose Ferdinand M. Rojas II

RISING SUN

any of us do wonder what awaits the commuting public once work and school resume after the holidays. The deadline that the government has set for PUV franchise consolidation under the Public Utility Vehicle Modernization Program (PUVMP) has passed (December 31, 2023). And according to transport groups, there will be more than 28 million commuters who will have limited access to public transport after this. Transport group Piston says otherwise: LTFRB is unprepared not just for the loss of public transportation but also for the massive job displacement that this move will cause. Aside from the transport groups, certain sectors are not letting go without a fight. An Ad Hoc Coalition of Filipino Creatives to Save the

budget focuses on economic and social services as well as infrastructure development that aim to create jobs, enhance mobility and help the poor. The timely approval by Congress ensures critical funding for economic and social services, as well as infrastructure development, aimed at job creation, improved mobility and poverty alleviation. It will certainly support the economic growth projection of 6.5 percent to 7.5 percent in 2024. If we are to attain the medium-term growth target of 6.5 percent to 8.0 percent between 2025 and 2028, we need to raise more revenues and allocate higher budget for infrastructure. The Department of Education (DepEd) and the Department of Public Works and Highways (DPWH) will receive the largest allocations of P924.7 billion and P822.2 billion, respectively, in the 2024 budget. This underscores the Marcos administration’s focus on both educating the future workforce and laying the foundation for sustainable economic growth. In 2023, government infrastructure spending reached P1.42 trillion, or about 5.8 percent of our gross domestic product. Maintaining this level of investment in excess of 5 percent of GDP is crucial in achieving our development goals. Roads, bridges, railways, ports, airports, water and sanitation systems, irrigation facilities, flood-mitigation projects, power plants and IT networks are investments that will yield long-term economic benefits. Ongoing infrastructure projects have created thousands of jobs, not only in construction but also in supSee “Villar,” A9

Tarantadong Kalbo, Czyka Tumaliuan, Didi Nyunyu, Dan Matutina, Raffy Lerma, Marvin Conanan, Roma Estrada, Jilson Tiu, and Niño Oconer, among others. They have expressed unconditional solidarity with transport groups, operators, commuters, and all advocates of mobility and climate justice in the nationwide call for President Ferdinand Marcos, Jr. to reassess the PUVMP and revoke the December 31 deadline. According to the coalition, around 200,000 drivers and operators face the threat of job loss after the said deadline. The group of writers, artists, designers, photographers, technologists, and other Filipino Creatives said: “The plea is not against modernization. We should strive for progress but only progress that’s sensitive to all stakeholders. This is not just about the jeepneys anymore, it’s about how we can be humane in the process of progress as a nation. Modernization is possible without leaving people See “Rojas,” A9

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Opinion

Electric tax

Collaboration not intervention

BusinessMirror

f it ain’t broke, don’t fix it.” We have heard this a thousand times. Indeed, this adage runs true in many cases until there are compelling reasons to “rock the boat” and shake up things.

For those who struggled this year, either with a death of a loved one, a career change, an end of a relationship, or financial hardship, let’s all look forward to a blessed 2024. Without realizing brokenness, we cannot achieve true blessedness. Hence, I greet everyone a happy “Broken New Year.”

(US, Iran, etc) to the detriment of the non-combatants in the region. Fixing things forcibly by direct intervention is a failure as exhibited by the Taliban in Afghanistan and the Viet Cong in Vietnam. Other countries cannot just force their might over others in the same way parents cannot impose their will on their adult children! Intervention can only produce changes in entities with supposed autonomy as far as assumptions hold true. In the case of my children, I have surrendered my attempts to intervene on their careers and personal lives. Of course, we all want the best for them, as we seem to know what’s best for them. But a better way to guide any “fixing solution”, whether involving countries or children, is to collaborate with them. Collaboration produces more enduring results. Reaching a consensus among affected groups, though not required, is needed for the purpose of “owning” the idea and the process. As the year changed, 2023 to 2024, most people I know want to introduce changes in themselves,

while some would stick to “not fixing what is not broken.” Whether diets or exercises, whether discarding old habits and making new ones, it requires intentionality in purpose. To start any change, it starts with awareness. We need to be conscious of what’s our current state and a vision of what we want to be in the future. In our spiritual lives, we should accept the fact that we are broken and need some “fixing,” internally most especially. But fixing is far different from tweaking. In his book, “Finding Jesus,” author Matthew Kelly said that “tweaking is selective and selfish, while transformation is total and selfless.” Changing requires a mental approach to achieve physical results. It also includes collaborative effort with those people sent our way, most importantly, with the Holy Spirit, which was sent to our lives when Jesus Christ eventually fulfilled His mission here on earth. The Spirit within us will not intervene but rather collaborate with us once we exercise our free will. The words broken and blessed

Atty. Irwin C. Nidea Jr.

Siegfred Bueno Mison, Esq.

Tax law for business

urrently, however, there are conflicting decisions on the treatment of electric cooperatives, for income tax purposes. One decision maintains that non-stock, non-profit electric cooperatives that are registered with the National Electrification Administration (NEA) but are not registered with the Cooperative Development Authority (CDA) are exempt from income tax. Another decision opines that the grant of income tax exemption has already been repealed. In the case of Misamis Oriental II Rural Electric Service Cooperative, Inc. (MORESCO-II), v. CIR (CTA Case No. 10145), the Court of Tax Appeals has confirmed that an electric cooperative that is registered as a non-stock non-profit, registered with NEA but is not registered with CDA is permanently exempt from income tax. The Court in this case discussed that there are two types of benefits given on this type of electric cooperative under PD 269 (Presidential Decree Creating the NEA). First, it is entitled to a permanent exemption from payment of income taxes during its existence. Second, it is exempt from payment of all national and local taxes, fees, charges, or costs involved in any court or administrative proceeding in which it may be a party, as well as duties or imposts on importation of materials for its operations. In the same case, it was ruled that Republic Act 10531 (An Act Strengthening the NEA) gives an electric cooperative the option to remain as a non-stock, non-profit cooperative and it will be governed by the provisions of PD 269, as amended by RA 10531. The CTA ruled that the law gives an electric cooperative three options as regards registration. First, it may choose to remain as a non-stock, non-profit cooperative. Second, it may convert itself into a stock cooperative and register under the CDA. Third, it may convert itself into a stock corporation registered under the Securities and Exchange Commission (SEC). Each choice shall equally carry with it certain consequences. According to the Court, if an electric cooperative elects the first option, it may remain a non-stock, non-profit entity governed by the provisions of PD 269, as amended by RA 10531. However, it will not be entitled to the incentives under RA 6939 (An Act Creating the CDA). The said law provides that all other laws inconsistent with its provisions are considered repealed and that nothing in its provisions shall constitute a repeal or amendment of PD 269. The Court also emphasized that RA 10531 is essentially an amendment of the provisions of PD 269. Although several amendments were made to PD 269, Section 39 of the decree that granted income tax exemption to electric cooperatives was retained. Considering the above repeals, the conditional restoration of an electric cooperative’s income tax exemption made by Fiscal Incentive Review Board (FIRB) Resolution No. 24-87 was already disregarded in favor of fully restoring the benefits of electric cooperatives under PD 269. The Court further ruled that RA 10531 is essentially an amendment of the provisions of PD 269. It emphasized that although several amendments were made to PD 269, Section 39 of the decree that granted income tax exemption to electric cooperatives was retained. Thus, electric cooperatives that are registered with it are still exempt permanently from the payment of income taxes.

In the case of Misamis Oriental II Rural Electric Service Cooperative Inc. (MORESCO-II), v. CIR (CTA Case No. 10145), the Court of Tax Appeals (CTA) has confirmed that an electric cooperative that is registered as a non-stock non-profit, registered with NEA but is not registered with CDA is permanently exempt from income tax.

Rojas . . .

all PUJs that are at least 15 years old will lose their franchise and will no longer be allowed to operate legally as public utility transportation. By the middle of this week, we are going to find out if the government is, indeed, prepared for the effects of this program’s implementation.

continued from A8

behind. Pro-poor does not mean antiprogress, we just want an equitable way to go about it, where everyone is valued.” Once the program takes effect,

The case of Zambales Electric Cooperative v. CIR (CTA Case No. 10165), on the other hand, opposes the ruling laid down in the Moresco Case. In this case, the CTA ruled that FIRB Resolution No. 24-87 categorically states that income from electric service operations and other sources including the interest income from bank deposits and yield or other monetary benefit from bank deposits and yield and other similar arrangements shall remain taxable. Pursuant to the authority granted to it under EO No. 93, the FIRB restored the tax and duty exemption privileges of electric cooperatives granted under the terms and conditions of PD No. 269, as amended, but revised the scope and coverage of the privileges that have been restored, by stating that the “income from electric service operations and other sources shall remain taxable.” The Court cited the case of Davao Oriental Electric Cooperative, Inc. v. The Province of Davao Oriental (GR 17090), where the Supreme Court recognized the validity of FIRB Resolution No. 24-87 and applied it to said case, although it involved an assessment of real property tax. According to the CTA, there is nothing in RA No. 10531 that states that the income tax exemption of electric cooperatives under PD No. 269, as amended, has been totally reverted or restored. Thus, electric cooperatives registered with the NEA are subject to income tax with respect to income derived from (1) electric service operations; and (2) other sources. Between these two conflicting decisions by the CTA, one will ultimately prevail when the cases reach the Supreme Court. Ultimately, however, it is the consumers and clients of these electric cooperatives that will bear the burden of tax or enjoy the relief of tax exemption. It is thus important that Congress intervenes and clarifies the law for it may take years of motions and appeals to the courts before these cases are decided with finality by the Supreme Court. The author is a senior partner of Du-Baladad and Associates Law Offices, a member-firm of WTS Global. The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at irwin.c.nideajr@ bdblaw.com.ph or call 8403-2001 local 330.

Wednesday, January 3, 2024 A9

THE PATRIOT

‘I

The business model for Blockbuster Video was not “broke” until it was broken when it refused to entertain acquiring Netflix. Nokia phones were not “broke” until they became outdated by technology. In the corporate world, there are great examples how the saying “If it ain’t broke, don’t fix it” brought disaster to an otherwise stable and healthy company. Hence, I have seen companies intentionally place change management as part of their continuing process to “fix things” before it becomes too late. These days, the decision to change course is just as crucial as the decision to do business as usual. Since fixing things require a process, patience and discernment become integral in the journey towards change. When it comes to fixing, the situation in the Middle East is definitely broken and needs fixing since peace remains elusive given the deeply rooted antagonism between Israel and Palestine. Several peace accords have tried to fix the issue but to no avail. This latest war has unnecessarily escalated due to certain decisions made by world leaders

High energy prices deter investments LITO GAGNI

week ago, Thailand announced the projected investment of four Japanese car manufacturers amounting to 150 billion baht equivalent to $4.54 billion, to be spread out over the next five years.

The country’s high cost of electricity is the biggest factor why foreign investors look elsewhere and it is high time that the Marcos administration focuses on this so that our economic growth need not only depend on consumption, which does nothing to improve or expand our industries.

The investment will be for the manufacture of electric vehicles as the world transitions from combustion engines as part of a global thrust to combat climate change. The four Japanese car manufacturers are Toyota Motor, Honda Motor, Isuzu Motors, and Mitsubishi Motors. That huge investment that skipped the Philippines just goes to show that the high energy prices we have here remains a deterrent to the entry of foreign direct investments that would not just result in more jobs and more revenues for the country but will also potentially reduce poverty incidence. The country’s high cost of electricity is the biggest factor why foreign investors look elsewhere and it is high time that the Marcos administration focuses on this so that our economic growth need not only depend on consumption, which does nothing to improve or expand our industries. Consumption-led economic

growth, where families of overseas workers spend the remittances they receive for goods and services (think mall shopping), is not sustainable. It is investment-driven growth that sustains a country’s economic momentum. Our country needs new industries to sustain its growth, especially with the rise in population, and this can only come about from the entry of foreign investments. We have so far made inroads into cutting down red tape where a law had to be passed to ensure compliance. But the electricity rates remain a big stumbling block for the entry of investors. Energy prices in the country have gone up sky-high, eclipsing even that of Japan’s. In fact, we have the highest energy prices in Asia. One study compared the Philippines’ energy prices at 18.1 US cents per kWh against Japan’s 17.9 US cents per kWh. So, for the four Japanese car manufacturers it does not make sense for them to

locate in the Philippines due to the high costs of electricity. We need not wonder anymore why foreign investors skip the country and instead choose other Asean members. Given the same plate of investment incentives and subsidies that we offer to investors that other Asean neighbors also offer, we are becoming an investment pariah in the region. It would do well for the Marcos administration to look at all the angles in the energy sector to determine where costs can be reduced to lure foreign investors into the country. There’s a need to precisely identify where is the “bottleneck,” so to speak, so that the inflow of investment will not just come in trickles, hampered by the high cost of doing business due to high power rates. In a sense, we should not “electrocute” the investors willing to put their money here and set up industries that help us achieve the kind of growth we needed, which create jobs for our exploding population. We

Villar . . .

these projects, mobility would have been a lot more challenging during the holiday period when many families moved around the country. The upcoming openings of the LRT Line 1 extension to Cavite and MRT Line 7 are equally crucial. Further expansion of mass transit systems like the Metro Manila Subway and the North-South Commuter Railway is essential to provide efficient public transportation. Similar infrastructure investments should be equally prioritized in rapidly growing cities in the south like Cebu, Davao, Iloilo, Bacolod and Cagayan de Oro. Projects like the Bataan-Cavite Interlink Bridge, South Luzon Expressway extension to Quezon, CaviteBatangas Expressway and TPLEX extension to the Ilocos Region are on

the pipeline and, upon completion, will significantly improve the Philippines’ competitiveness in attracting investments, facilitating the movement of goods and people, boosting tourism and enhancing overall mobility experience. In the Visayas and Mindanao, plans are underway to build the Visayas High Standard Highway, Davao City Coastal Road, Panay-GuimarasNegros Island Bridges Project, Samal Island-Davao City Connector Bridge, Metro Cebu Expressway and Mindanao Railway, among others. To address traffic congestion in the business districts of Makati, Ortigas and Fort Bonifacio, the development of new commercial hubs in the northern and southern areas of Metro Manila is worth considering.

continued from A8

port sectors like transportation, logistics, manufacturing, banking and finance, food and trade. Projects like Skyway Stage 3, the Nlex-Slex Connector and bike lanes across Metro Manila improved mobility during the reopening of economic sectors in 2023. Other notable projects that were recently completed include Nlex Harbor Link, Manila Cavite Toll Expressway, C-5 South Link Expressway, Cavite Laguna Expressway and its interchanges, Central Luzon Link Expressway, Tarlac-Pangasinan-La Union Expressway and Cebu Cordova Link Expressway (CCLEx). If not for

seem to be oxymoronic yet the Bible tells us, “The Lord is close to the brokenhearted and saves those who are crushed in spirit.” (Psalms 34:18) Believers understand what it means to be broken and feel defeated, but they are blessed since God becomes closer to them in the process. Our God is always with us, especially in our times of trial. I know I got closer to Him when my father died this year. A part of me got broken when I lost my father who has given me so much in this world. But such brokenness led me to be closer to my Heavenly Father in the process. For those who struggled this year, either with a death of a loved one, a career change, an end of a relationship, or financial hardship, let’s all look forward to a blessed 2024. Without realizing brokenness, we cannot achieve true blessedness. Hence, I greet everyone a happy “Broken New Year.” Erratum: In my last column, I talked about a certain “Gerald Sanchez” as the Bar Flunker Who Never Quit. His last name is “Chavez” and not “Sanchez.” And his Roll Number is 92012. 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.

should have a more attractive way of inviting them to try our shores by minding the country’s energy prices. When foreign investors look at their options in finding the place they will invest in, our country is tops on many fronts: English speaking, hospitable people, a kind and caring community, and a young labor force. We fail on two fronts, red tape and energy prices, but the former we can easily deal with, the latter is more difficult hurdle. The Philippines need not be left behind in terms of foreign direct investments that augur well for a sustainable economic growth. We should direct our efforts to address the country’s high energy prices so that even companies that are now rushing to the exit doors in China due to the rise in wages can be enticed to put up their plants here. This New Year, it would do well for the government to resolve this important issue that does not only deter foreign investments but also local investments as well. Many companies have been complaining about the high energy prices that stunt their own growth. Local entrepreneurs have for the longest time cited the high cost of electricity, which prevents them from expanding their businesses. There is a wide disconnect between the country’s geothermal energy and hydroelectric power resources to the high cost of electricity. It does not make sense at all; a fact that is not lost on foreign investors. I am sure that once these projects are in place, our economy would be more competitive and keep its status as the fastest-growing economy in Southeast Asia. We must acknowledge the efforts of previous administrations in laying the groundwork for modern infrastructure projects through policy and prioritization. Now, it’s time for the younger generation to take up the mantle of building a prosperous Philippines. Let us honor our parents’ aspirations by transforming their vision into tangible and solid projects that benefit all Filipinos. For feedback e-mail to senatormarkvillar@ gmail.com or visit our web site: https://markvillar. com.ph

A10 Wednesday, January 3, 2024

INFLATION, JEEPNEY PHASEOUT, WATER TOP ISSUES IN ’24–IBON

HE government must address the rising cost of food products, reconsider the phasing out of jeepneys, and stop the privatization of public services to arrest the water rate hike: these are among the highlights of a wish list for consumers issued on Tuesday by independent think tank IBON Foundation, Inc. It dubbed the wish list Samahan at Ugnayan ng Mga Konsyumer pasa Ikauunlad ng Bayan (SUKI) for 2024. The 2024 wish list of Filipino consumers included 16 items. Asked about the three priorities on the list, SUKI Spokesperson and Head of Development Studies in UP Manila Reginald Vallejos told the BusinessMirror in a viber message on Tuesday that the government should prioritize implementing efficient public mass transportation, stopping the privatization of public services, and addressing the rising cost of food products. On public mass transportation, Vallejos said,“This is in relation to [Public Utility Vehicle] PUV Phaseout which has an immediate effect on commuters and consumers.” Meanwhile, he also noted that consumers want to see the government address the “effects of inflation, shrinkflation, rising cost of food products, continuing importation and food insecurity of Filipinos.” The consumers’ wish to stop the privatization of public services, Vallejos explaned, is in response to the water rate hike this 2024 for Maynilad and Manila Water. “There is a need to check on the renewed concession agreements and capital expenditures of Maynilad and Manila Water vis-a-vis the staggered rate hike, as well as the rate hike of JVAs [joint venture agreements] like that of [San Jose del Monte City Water District] SJDM and the massive privatization of local water districts nationwide.”

Aside from these three priority items in their wish list, Vallejos said Filipino consumers also noted the need to, “Stop laws undermining public interest.” As he consulted with members of SUKI, Vallejos said they noted that such laws which need reviewing include the Public Services Act amendments, which allow full foreign ownership of public services including transport and telecommunication. This, the members said, “could worsen unaffordability because it will be run for profit.” Another measure that“undermines”public interest, the SUKI members noted, pertains to the concession agreements governing Metro Manila private water firms’ operation of water services “wherein consumers’ bills include past and future expenses [even including works that have yet to be carried out], and fees [that should not be passed on to consumers].” According to the consumer group, the government should also look into the Rice Tariffication law, which it said “has not cheapened rice but harmed local rice industry much.” Likewise, Vallejos noted that consumers are concerned with importation measures like Executive Order No. 50 or the measure maintaining the temporary tariff rates of agricultural products such as rice and corn amid the El Niño phenomenon and the import duties of rice, corn and meat of swine (fresh, chilled or frozen) amid the“continuing prevalence”of African Swine Fever. Vallejos said members of the consumer group are contesting some economic reforms such as the [Tax Reform for Acceleration and Inclusion] TRAIN and [Corporate Recovery and Tax Incentives for Enterprises] CREATE laws. “TRAIN LAW squeezes citizens via taxes, and then there’s CREATE which reduced corporate income tax obligations corporations that’s why government has lost revenues,” Vallejos said. Andrea E. San Juan

Supply woes, geopolitics to crimp ’24 exports growth

By Andrea E. San Juan @andreasanjuan

HE Semiconductor and Electronics Industries in the Philippines Foundation, Inc. (SEIPI) said it expects flat growth for electronics exports in 2024 due to supply issues and geopolitical factors amid hopes by local exporters that the electronics industry will drive the country’s exports earnings this year. In a viber message sent to the BusinessMirror on Tuesday, SEIPI President Danilo C. Lachica said the semiconductor and electronics industry is seeing a “flat” growth this year due to “Inventory correction, Global Economic and Political factors.” This, he said, after the Philippine Exporters Confederation Inc. (Philexport) chairman George Barcelon said in a recent statement that “I think the electronics sector is the one that will push up the numbers.”

Barcelon said the country’s exports could grow 5 to 6 percent in 2024 as the electronics goods “expand” its shares and the United States economic growth “rebounds.” “We are talking to some of the exporters, they are hopeful. Probably, if we can get a midpoint of 5 to 6 percent increase, I think it would be good. One of the key exports, in electronics, they (industry players) are expanding....We may not immediately feel it,

but they are expanding,” he said in a recent statement issued by Philexport. According to latest Philippine Statistics Authority (PSA) data, electronics exports earnings from January to October 2023 amounted to $34.54 billion, down 8.6 percent from the $37.81 billion recorded in the 10-month period in 2022. In October 2023 alone, electronics exports earnings reached $3.62 billion or 56.9 percent of the country’s $6.37-billion exports pie in the said month. In 2022, Seipi clocked in $49.09 billion worth of export earnings, a 6.88-percent annual growth from the $45.93 billion recorded in 2021. For 2023, Lachica said in a recent interview, “We’re looking at maybe $45 to $46 billion carried over to 2024 and flat at that rate.” Meanwhile, Sergio R. OrtizLuis Jr., the president of Philexport, earlier noted the change in the dynamics of the growth drivers of exports for 2024 as he noted the decline in exports earnings of the semiconductor

industry in 2023. “Well, semiconductors are a big [part of our exports], and they don’t expect to meet their original target; so it’s services that will make up for it,” he stressed. In fact, Lachica said in an earlier interview, the industry revised its projection for 2023 from flat to a decline of around 9 to 10 percent in exports, compared to the industry’s $49-billion export sales in 2022. The Seipi head said the board lowered the industry’s growth projection for 2023 on the back of inventory correction issues and the global headwinds. In 2023, the country’s exports path experienced the same trend as the electronics exports, the industry with the largest chunk in the exports pie, as Trade officials said exports receipt in 2023 would unlikely hit the $126.8-billion target set in the Philippine Export Development Plan (PEDP) which can be attributed to the “changing geopolitical situation” and the “volatile” international trading environment.

Companies BusinessMirror

Editor: Jennifer A. Ng

Wednesday, January 3, 2024

PHL company registrations Jollibee hikes stake in owner touch new high in ’23–SEC

By VG Cabuag

of Tim Ho Wan

@villygc

he Securities and Exchange Commission (SEC) on Tuesday said it has set a new record in terms of company registrations last year.

The agency said 46,445 firms successfully registered using its Electronic Simplified Processing of Application for Registration of Corporation (eSPARC) from January to November 2023, surpassing the previous record of 42,936 for the entire 2022. “In the past five years, the SEC has fiercely advocated for digital transformation to achieve efficiency and accessibility in the corporate sector. The back-to-back record highs seen in 2022 and 2023 for company registration prove that we are succeeding in making doing business easier in the Philippines,” SEC Chairman Emilio B. Aquino said. “As we start a new year, the SEC

is ready to further take advantage of automated processes in place, as well as develop new systems, to ensure the smooth delivery of services to the transacting public.” Domestic stock corporations accounted for almost three quarters or 34,140 of newly registered firms, indicating positive business sentiment, according to the SEC. A total of 9,727, or 21 percent, are domestic non-stock corporations and 2,453, or 5 percent, are partnerships, while the rest are foreign stock and non-stock corporations. Of the newly registered firms, 36 percent or 16,734 are domestic stock corporations with less than 5 incorporators, and about 14 percent are one-person corporations (OPCs).

BusinessMirror file photo

The enactment of Republic Act 11232, or the Revised Corporation Code of the Philippines, in 2019 paved the way for the formation of OPCs and corporations with less than five incorporators. The old Corporation Code had required at least five incorporators. More than a third of newly registered firms hailed from Metro Manila at 18,342. This was followed by Region 4-A at 7,217 (16 percent) and Region 3 at 5,107 (11 percent). Outside Metro Manila, the largest number of newly registered firms came from Central Visayas

and the Davao Region at 3,443 (7 percent) and 1,969 (4 percent), respectively. Some 85 percent are from the services sector, with the wholesale and retail trade industry group registering 9,859, followed by other service activities at 9,756. The SEC said it attributes the higher number of new registrations to the success of its digital initiatives, starting with the launch of eSPARC in April 2021 and its subsystem, the One Day Submission and Electronic Registration of Companies in September 2021.

Vista Land sets $2-B MTN program V illar-led property developer Vista Land and Lifescapes Inc. is tapping the offshore debt market via a $2-billion medium-term note (MTN) program. The dollar-denominated bonds will be issued by its unit, VLL International Inc. The amount, interest rates, and terms are yet to be finalized. “Accordingly, the issuer is expected to execute a program agreement to be dated on or about December 29, 2023 with DBS Bank Ltd. and

HSBC, as dealers, for the offer, sale and issuance of the notes, which are guaranteed by the company and its subsidiaries namely Brittany Corp., Crown Asia Properties Inc., Camella Homes Inc., Communities Philippines Inc., Vistamalls Inc. and Vista Residences Inc., together with other ancillary agreements,” Vista Land said in its disclosure. Vista Land earlier said its income in January to September 2023 went up by 70 percent to P8.21 billion from

last year’s P4.82 billion. As of the end of the third quarter of 2023, the company launched 27 projects with an estimated project value of about P40 billion. “We are delighted with our results, as we remain optimistic with the industry for the rest of the year with the strong GDP growth of 5.9 percent coupled with sustained growth in overseas Filipino remittance and revenge spending from consumers, all of which contributed to the

positive performance of the group,” Vista Land Chairman Manuel B. Villar Jr. said. He said the company launched more projects in 2023, which allowed its reservation sales to rise by 10 percent to P53.1 billion. “As we move forward, our aim is to maximize our existing resources specifically our land as we remain committed to our mission of building communities across the Philippines that stand the test of time.” VG Cabuag

ollibee Foods Corp. (JFC) has increased the size of its capital commitment to the private equity fund that owns the Tim Ho Wan brand by 28 percent to S$450 million (about P18.93 billion) from the previous S$350 million to bankroll its store expansion. The said fund upsize will be carried out by Jollibee’s wholly owned unit, Jollibee Worldwide Pte. Ltd. (JWPL), to Titan Dining LP, the private equity fund which owns the brand and the stores. Jollibee said it will be used to fund the store expansion plans and working capital requirements of Tim Ho Wan and the completion of other projects. JWPL’s participating interest in Titan will also increase to 92 percent from 90 percent, through the purchase of a 2-percent participating interest of another limited partner in the fund for S$7.7 million. With the increase in fund size, JWPL’s total commitment to the fund will amount to S$414 million. “These amendments are necessary to support the growth expansion of Tim Ho Wan, other brands and other future food and beverages concepts that will be part of Titan’s portfolio,” Jollibee said. Jollibee first invested S$45 million in Titan in May 2018 to own a 45-percent participating interest in Titan which has the master franchisee of Tim Ho Wan in the Asia Pacific region. The company said that by investing in the fund, it would have the opportunity to acquire a substantial ownership of Tim Ho Wan’s master franchise in the Asia Pacific region through a purchase mechanism provided for in the investment agreement. To prepare for this eventuality, the company has set up a franchise operation of Tim Ho Wan in Shanghai, in China. In October 2019, JWPL’s capital commitment to Titan increased to S$120 million, its participating interest increased to 60 percent and

the fund size of Titan was doubled to S$200 million. Titan also expanded its assets by acquiring at about this time the Tim Ho Wan brand and trademarks. In October 2020, Jollibee’s participating interest in Titan increased again to to 85 percent after JWPL purchased the 25 percent participating interest of another investor in the fund for a total consideration of S$36.3 million. In August 2021, Jollibee purchased the remaining 15 percent of other investors in Titan. On November 1, 2021, JWPL entered into an amended limited partnership agreement with Titan to increase the fund size to S$250 million. Additional investors also joined the fund with a 10 percent participating interest in Titan. JWPL’s total commitment increased to S$225 million, which comprised 90 percent of the increased fund size and total commitments. In September 2022, the fund size of Titan increased from to S$350 million with JWPL’s commitment to the fund amounting to S$315 million. Jollibee has two joint ventures with Titan for Tim Ho Wan in China, and for operations of Tiong Bahru Bakery and Common Man Coffee Roasters in the Philippines. Tim Ho Wan has 19 restaurants in China, mostly in Shanghai. The company said it plans to expand Tim Ho Wan in Mainland China with a target of reaching 100 restaurant outlets in the middle term. Tim Ho Wan operates a total of 78 outlets in Asia, mostly franchised stores with the largest concentration in Mainland China at 19, in Taiwan at 16, in Hong Kong at 5 and in Macau at 2, Singapore at 11 and the Philippines at 9. On November 13, 2019, Jollibee has formed a joint venture with Dim Sum Pte. Ltd., establishing Hong Yun Hong (Shanghai) Food and Beverages Management Co. Ltd., which serves as the franchisee operating Tim Ho Wan stores in China. VG Cabuag

PSEi rises on first trading day of ’24 CEB completes aircraft FDC ₧10-B bond float deliveries gets nod of regulator

ebu Pacific (CEB) said it finished 2023 strong as it completed its 19 aircraft and engine deliveries for the year, fulfilling its goal to improve its operations and address the growing demand for air travel. Of the latest aircraft deliveries for November and December, 2 are Airbus A330neo, while the rest are A321neo, A320neo, and A320ceo. These brand-new aircraft have increased CEB’s commercial fleet size to 77. “Cebu Pacific achieved a historic milestone with a record number of aircraft deliveries this year. These additions to our fleet not only bolster our capacity to fly more passengers but also underscore our commitment to ensure every Juan gets to fly to their destinations,” Alex Reyes, CEB Chief Strategy Officer, said in a statement. To further boost its capacity, CEB also signed last December 5 a damp lease agreement with Bulgaria Air for 2 Airbus 320 CEO aircraft that will service two domestic routes—Cebu and Davao—in line with continued postpandemic air travel recovery.

(From left) Philippine Stock Exchange (PSE) Technology Division Head Philip A. Driz, PSE Capital Markets Development Division Head Mark Frederick V. Visda, PSE General Counsel Atty. Veronica V. Del Rosario, PSE COO Atty. Roel A. Refran, PSE President and CEO Ramon S. Monzon, PSE Issuer Regulation Division Head Atty. Marigel M. Baniqued-Garcia, Securities Clearing Corporation of the Philippines COO Renee D. Rubio, PSE Finance Division Head Roberto Jose R. Jimenez and PSE Market Operations Division Head Roel M. Villanueva. Contributed photo

hare prices surged during the first trading day of the year on Tuesday, with the benchmark Philippine Stock Exchange index (PSEi) rising by 104 points to 6,554.04. “We welcome 2024 with hopes of a better performance for the stock market. We are also optimistic that our regulator will continue to support the initiatives we will introduce to boost participation and liquidity in the market,” PSE President and CEO Ramon S. Monzon said. “The possibility that inflation rate would settle within the 2 percent to 4 percent target of the government in December lifted market sentiment. Investors were also waiting for some economic data set to be released this week, including the S&P Global

Philippines Manufacturing PMI and labor force survey,” said Claire Alviar, research analyst at Philstocks Financial Inc. Stock trading volume, however, was still anemic, as it reached only P3.65 billion. Most of the sub-indices ended in the green, led by the broader All Shares index that rose 41.38 points to 3,465.97, the Financials index gained 7.73 to 1,746.61, the Industrial index increased 85.71 to 9,161.62, the Holding Firms index surged 217.37 to 6,323,37, and the Services index was up 37.45 to 1,642.44. In contrast, the Mining and Oil index fell 114.50 while the Property index declined 19.33 to 2,835.61. SM companies were the most top traded firms for the day. SM Invest-

ments Corp. gained P10 to close at P882, but property developer SM Prime Holding Inc. lost P0.60 to P32.30 and lender BDO Unibank Inc. fell P2.70 to P127.80. Solar firm SP New Energy Corp. rose P0.02 to P1.34, Metropolitan Bank and Trust Co. added P1.85 to P53.15 while Ayala Land Inc. was up P0.10 to P34.55. Top gainers were Anchor Land Holdings Inc., Paxys Inc., Berjaya Philippines Inc., Aboitiz Equity Ventures Inc., AbaCore Capital Holdings Inc. and Xurpas Inc. Top losers, meanwhile, were Lodestar Investment Holdings Corp., Roxas Holdings Inc., Metro Alliance Holdings and Equities Corp. A, Global-Estate Resorts Inc., Jolliville Holdings Corp., Raslag Corp. and SBS Philippines Corp. VG Cabuag

ilinvest Development Corp. (FDC), the holding firm of the Gotianun Group, on Tuesday said it has obtained approval from the Securities and Exchange Commission (SEC) for its P10-billion bond issuance. The SEC has approved FDC’s fixed-rate bonds comprising a base offer of P7 billion with an oversubscription option of up to P3 billion. The issuance, scheduled for February 7, will be the first tranche of the company’s new 3-year shelf registration amounting to P32 billion. The net proceeds will be allocated to partially finance the company’s maturing bonds amounting to P7 billion and other capital expenditure requirements amounting to P3 billion. “The approval of our bonds paves the way for an enticing and stable investment opportunity for investors while funding the company’s expansion,” FDC President and CEO Rhoda A. Huang said. “We are also pleased that PhilRatings has assigned a PRS Aaa rating to our proposed bond issuance. This rating is reflective of our current financial performance and underscores our commitment to drive growth through our diverse

business holdings.” According to PhilRatings, key considerations in assigning the said ratings were FDC’s conservative and professional management, the proven track record and established brand names of its main contributing subsidiaries, and its stable revenue stream from its diversified business portfolio. FDC earlier reported that its attributable net income in January to September 2023 grew 57 percent to P5.9 billion from P3.8 billion last year. Its performance was driven by a 26-percent increase in total revenues and other income to P64.6 billion, from the previous year’s P51.1 billion. “We are pleased to report the strong performance of our portfolio with an impressive broad-based growth in revenues and profit across all our business segments in banking, real estate, hotels, power and sugar despite the challenges of high interest and inflation rates. With enhanced business strategies and execution, and a resilient organization, we look forward to sustaining, if not accelerating, our growth in 2024 and the years ahead,” Huang said. VG Cabuag

Companies BusinessMirror

Wednesday, January 3, 2024

SPNEC fast-tracks ₧200-B solar farm in Central Luzon

By Lorenz S. Marasigan

@lorenzmarasigan

P New Energy Corp. (SPNEC) is “expediting” the development of its P200-billion solar farm in Nueva Ecija and Bulacan, bannering it as the “world’s largest solar project.” Implemented by its subsidiary Terra Solar Philippines Inc., the Terra Solar Project involves the installation of over 5 million solar panels with a capacity of 3500 MW and 4000 MWh of battery storage. According to SPNEC, work has “begun on clearing the site, which will eventually cover approximately 3,500 hectares in Nueva Ecija and Bulacan.” The project in Central Luzon is expected to generate over 5 billion kWh annually, or an estimated 5 percent of the total volume of the Philippine grid and 12 percent of its total demand. The first phase of the project is scheduled to be delivered by the first quarter of 2026. “To meet this timeline, SPNEC is expediting its site clearing activities ahead of the construction of the project’s interconnection facilities with the national grid and the installation of over 5 million solar panels,” the company said in a statement. The company secured more than 3,000 hectares for its proj-

ects in Nueva Ecija and Bulacan, centered around the pasturelands in the town of Peñaranda. SPNEC has already completed the solar panel installation for the first of its Nueva Ecija solar developments in the same town. The company claimed that Terra Solar will be “larger than India’s Bhadla Solar Park and China’s Golmud Solar Park, currently the world’s largest solar farms at over 2.2 GW.” “This would also exceed the capacity of all grid-connected solar projects operating in the Philippines combined at over 1.5 GW according to the Department of Energy’s latest figures as of 2023,” according to SPNEC. This development came after MGen Renewable Energy Inc. (MGreen) completed its P15.9billion investment in SPNEC, an infusion that will be used for the Terra Solar Project. MGreen is the renewable energy development arm of Meralco Powergen Corp., a wholly-owned subsidiary of the Manila Electric Co.

Alsons receives special recognitions for ‘exemplary WESM compliance’

he Alsons Power Group, a key player in the Mindanao energy landscape, earned multiple accolades at the WESM Compliance Officers Conferment and Annual Compliance Awards (WCACA) held on at the Banquet Hall A & B of Wack Wack Golf and Country Club in Mandaluyong, Metro Manila. These awards recognize the company’s outstanding commitment to adhering to the Wholesale Electricity Spot Market (WESM) compliance rules, particularly as new Trading Participants in Mindanao. These recognitions also reflect Alsons Power’s dedication to ensuring a reliable and efficient power supply to meet the increasing energy demands. Alsons Power’s Mapalad Partners Inc. Digos Modular Diesel Power Plant ranked first in the oil-based resource category. Meanwhile, Alsons Power’s Sarangani Energy Corporation placed 2nd and 3rd in the coal resource category.

Currently, Alsons Power operates 4 power facilities with a combined capacity of 468 megawatts, illuminating over 8 million lives across 14 cities and 11 provinces in Mindanao. In line with the global efforts to reduce carbon emissions, the power generation firm is expanding its power portfolio with a number of hydro and solar projects not only in Mindanao but also in the Visayas region. WESM in Mindanao, which began commercial operations this year, serves as a venue for efficient scheduling, dispatch, and settlement of energy transactions in the Mindanao grid. It supports the government’s goal of improving the reliability of electric power supply in the country. Organized by the Philippine Electricity Market Corp. (PEMC), WCACA recognizes power generators’ commitment to complying with WESM rules while offering their maximum available capacity.

www.businessmirror.com.ph

PSE STOCK QUOTATIONS

January 2, 2024

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

ASIA UNITED BDO UNIBANK BANK COMMERCE BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PHIL NATL BANK PSBANK SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FIRST ABACUS FERRONOUX HLDG IREMIT MEDCO HLDG MANULIFE NTL REINSURANCE PHIL STOCK EXCH SUN LIFE

32.5 127.7 7 104.3 30.9 8.58 53.05 18.5 54 71.95 49 1.4 2.54 0.58 2.73 0.395 0.086 1,130 0.36 176.8 2,720

32.75 127.8 7.25 105.8 30.95 8.59 53.15 18.52 55.75 72 49.05 1.41 2.57 0.6 2.87 0.5 0.099 1,200 0.435 177 2,730

32.5 129.6 7.27 104 30.9 8.53 51.35 18.46 55 71.5 50.3 1.4 2.65 0.6 2.74 0.485 0.086 1,130 0.36 175.3 2,720

33.3 129.9 7.27 105.8 31 8.58 53.15 18.5 55.75 72.7 50.3 1.41 2.65 0.6 2.89 0.485 0.086 1,130 0.385 176.8 2,730

32.5 126.7 7.25 104 30.9 8.52 51.35 18.46 54 71.5 48.6 1.38 2.53 0.6 2.73 0.485 0.086 1,130 0.36 171.1 2,720

32.5 127.8 7.25 105.8 30.95 8.58 53.15 18.5 55.75 72 49.05 1.41 2.54 0.6 2.73 0.485 0.086 1,130 0.385 176.8 2,730

5,100 2,490,270 3,800 1,153,110 30,000 99,000 2,869,980 84,000 5,580 56,410 53,580 87,000 24,000 205,000 14,000 10,000 30,000 410 60,000 2,670 115

167,185 317,972,124 27,554 120,934,459 929,630 847,378 151,512,980.50 1,553,680 308,180 4,066,953.50 2,652,715 121,000 62,030 123,000 38,620 4,850 2,580 463,300 22,650 470,139 312,950

INDUSTRIAL

ACEN CORP 4.29 4.3 ALSONS CONS 0.54 0.56 ALTERNERGY HLDG 0.77 0.78 ABOITIZ POWER 37.65 37.7 RASLAG 1.19 1.2 BASIC ENERGY 0.181 0.184 FIRST GEN 17.8 17.88 FIRST PHIL HLDG 62.7 62.95 JOLLIVILLE HLDG 6.38 8 MERALCO 397.4 399 MANILA WATER 18.28 18.5 PETRON 3.5 3.54 PETROENERGY 4.6 4.88 REPOWER ENERGY 7.02 7.1 SEMIRARA MINING 30.4 30.5 SYNERGY GRID 6.38 6.55 SHELL PILIPINAS 10.82 10.84 SPC POWER 6.95 7 SP NEW ENERGY 1.33 1.34 AGRINURTURE 0.8 0.81 AXELUM 2.28 2.3 CENTURY FOOD 30.95 31 DEL MONTE 6.18 6.22 DNL INDUS 6.29 6.3 EMPERADOR 20.85 20.9 SMC FOODANDBEV 50.1 51 FIGARO COFFEE 0.6 0.61 ALLIANCE SELECT 0.46 0.5 FRUITAS HLDG 0.96 0.97 GINEBRA 165.8 166 JOLLIBEE 254 255 KEEPERS HLDG 1.44 1.45 LIBERTY FLOUR 13.5 15.5 MAXS GROUP 3.28 3.39 MONDE NISSIN 8.45 8.48 SHAKEYS PIZZA 9.81 9.86 ROXAS AND CO 0.455 0.47 RFM CORP 2.99 3 ROXAS HLDG 0.54 0.74 SWIFT FOODS 0.054 0.062 UNIV ROBINA 122.9 124 VITARICH 0.5 0.51 CEMEX HLDG 0.91 0.95 EC VULCAN CORP 0.59 0.6 EEI CORP 5.9 5.94 MEGAWIDE 3.07 3.08 TKC METALS 0.4 0.47 CROWN ASIA 1.55 1.56 EUROMED 0.71 0.74 PRYCE CORP 5.2 5.3 GREENERGY 0.23 0.231 INTEGRATED MICR 3.12 3.19 IONICS 1 1.01 SFA SEMICON 2.2 2.27 CIRTEK HLDG 1.56 1.6

Photo from www.spnec.ph

HOLDING & FRIMS

MUTUAL FUNDS

January 2, 2024

NAV

One Year Three Year

Five Year

per share Return*

Y-T-D Return

Stock Funds ALFM Growth Fund, Inc. -a

210.75

1.07%

-2.47%

-3.53%

-0.32%

1.473

9.58%

3.91%

0.44%

1.87%

0.77%

ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.9459

1.06%

-2.03%

-5.47%

-2.18%

Climbs Share Capital Equity Investment Fund Corp. -a 0.6952 -0.59%

-5.08%

-4.83% n.a

First Metro Consumer Fund, Inc. -a

-5.28% n.a

-0.08%

-2.56%

-0.68%

ATRAM Alpha Opportunity Fund, Inc. -a

0.6257

-3.53%

-5.51%

First Metro Save and Learn Equity Fund, Inc. -a 4.6307-0.42% -2.14%

-0.96%

-0.25%

First Metro Save and Learn Philippine Index Fund, Inc. -a 0.6924-1.24% -3.74% n.a n.a MBG Equity Investment Fund, Inc. -a

85.42

13.42%

-5.7%

PAMI Equity Index Fund, Inc. -a 42.9123

-0.64%

-2.88%

-2.71% n.a

-1.08%

Philam Strategic Growth Fund, Inc. -a

447.36

0.67%

-2.92%

-2.77%

-0.26%

-1.03%

Philequity Dividend Yield Fund, Inc. -a

1.2054

2.58%

1.05%

-0.79% n.a

-0.07%

Philequity Fund, Inc. -a

1.03%

-1.1%

-1.69%

1.53%

33.6374

-6.04% n.a

-0.93%

-1.71% n.a n.a

-1.03%

Philequity PSE Index Fund, Inc. -a

4.5107

0.34%

-1.99%

-1.88%

1.34%

-1.05%

Philippine Stock Index Fund Corp. -a

750.52

0.21%

-2.17%

-1.96%

1.37%

-1.05%

Soldivo Strategic Growth Fund, Inc. -a 0.6858

1.74%

-1.56%

-4.46% n.a

-0.75%

Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.3647

-0.32%

-0.25%

-2.44%

-3.69%

Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.851 -0.11%

-2.48%

-2.27% n.a

United Fund, Inc. -a

0.75%

-0.67%

-0.07%

-2.33%

-2.46%

-0.62%

0.66%

Philequity MSCI Philippine Index Fund, Inc. -a 0.8669 2.13%

3.0916

-1.07% -0.27%

-0.64% -1.07%

Primarily invested in Peso securities (units) COL Equity Index Unitized Mutual Fund, Inc. -a 1.0556-0.06% n.a n.a n.a

-1.04%

COL Strategic Growth Equity Unitized Mutual Fund, Inc. -a,2 1.0048 n.a n.a n.a n.a -0.49% Philequity Alpha One Fund, Inc. -a

1.0191

Philippine Stock Index Fund Corp. -a

911.1

-2.61%

-2.43% n.a n.a

0.24%

0.17% n.a n.a n.a

-1.05%

Exchange Traded Fund (shares) First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c101.940.81%

-1.77%

-1.64%

2.06%

-1.05%

Primarily invested in foreign currency securities (shares) -3.47%

-11.91%

-2.31%

-1.49%

Sun Life Prosperity World Voyager Fund, Inc. -a $1.6613

ATRAM AsiaPlus Equity Fund, Inc. -b

$0.8224

16.66%

-0.23%

8.49% n.a

1.51% 0.11%

Balanced Funds Primarily invested in Peso securities (shares) ATRAM Dynamic Allocation Fund, Inc. -a 1.5122

1.85%

-3.23%

-1.75%

-1.41%

-1.13%

ATRAM Philippine Balanced Fund, Inc. -a 2.2139

5.16%

-1.05%

First Metro Save and Learn Balanced Fund, Inc. -a 2.4977

-0.31%

0.04%

0.52%

-0.95%

-1.67%

-0.37%

First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.1904

-1.6%

-1.31% n.a n.a

-0.72%

-0.4%

0% NCM Mutual Fund of the Phils., Inc. -a

1.933

2.44%

-0.58%

0.96%

1.67%

PAMI Horizon Fund, Inc. -a

3.5557

3.36%

-2.1%

0.12%

0.87%

-0.65%

Philam Fund, Inc. -a

15.5631

2.79%

-2.79%

-0.44%

0.51%

-0.61%

Solidaritas Fund, Inc. -a

2.028

2.08%

-1.02%

-0.43%

1.23%

-0.57%

-0.56%

Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.4074

2.34%

-1.57%

-1.38%

0.12%

Sun Life Prosperity Dynamic Fund, Inc. -a 0.9043

0.62%

-0.38% n.a

-0.37%

2.89%

-0.4%

Primarily invested in Peso securities (units) Sun Life Prosperity Achiever Fund 2028, Inc. -a 0.94022.73%

-2.76% n.a n.a

-0.35%

Sun Life Prosperity Achiever Fund 2038, Inc. -a 0.84711.38%

-3.72% n.a n.a

-0.78%

Sun Life Prosperity Achiever Fund 2048, Inc. -a 0.82570.39%

-3.99% n.a n.a

-0.82%

Primarily invested in foreign currency securities (shares) Dollar Fund Builder, Inc. -a $0.03322

2.53%

-5.29%

PAMI Asia Balanced Fund, Inc. -b$0.9147

8.89%

-1.17%

0.24%

-0.09%

-6.8%

-0.29%

-0.82%

1.22%

Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.2937

11.64%

-1.65%

5.35%

Sun Life Prosperity Dollar Wellspring Fund, Inc. -a $1.0424

7.29%

-3.61%

1.72% n.a

2.98%

Cocolife

0.12% 0.1%

Bond Funds Primarily invested in Peso securities (shares) ALFM Peso Bond Fund, Inc. -a 390.5

3.3%

1.71%

2.61%

2.21%

-0.01%

ATRAM Corporate Bond Fund, Inc. -a

1.9088

1.81%

0.15%

0.53%

-0.02%

Cocolife Fixed Income Fund, Inc. -a

3.3253

3.63%

1.13%

2.28%

3.75%

-0.05%

Ekklesia Mutual Fund, Inc. -a 2.2861

4.61%

-0.18%

-0.02%

1.42%

1.38%

First Metro Save and Learn Fixed Income Fund, Inc. -a 2.4573

2.77%

0.06%

2.15%

Philam Bond Fund, Inc. -a

1.86%

0.86%

-0.16%

4.2979

3.81%

-2.45%

1.09%

Philam Managed Income Fund, Inc. -a

1.3732

4.07%

1.29%

3.06%

1.77%

-0.07%

Philequity Peso Bond Fund, Inc. -a

4.0366

4.34%

0.29%

2.79%

1.61%

-0.02%

Soldivo Bond Fund, Inc. -a

3.25%

0.19%

3.3% n.a

-0.02%

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

1.0496

3.3125

5.3%

1.09%

3.68%

2.18%

Sun Life Prosperity GS Fund, Inc. -a

4.34%

0.27%

2.82%

1.54%

-0.08%

1.7693

-0.07%

-0.08%

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

1.0073 n.a n.a n.a n.a

0.02%

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

$495.24

3.15%

0.77%

2.01%

2.54%

ALFM Euro Bond Fund, Inc. -a Є213.99

2.06%

-0.8%

ATRAM Total Return Dollar Bond Fund, Inc. -b$1.04273.3%

0.13%

0.85%

-0.02%

-6.6%

-1.51%

0.18%

First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0249 5.06%

-2.18%

PAMI Global Bond Fund, Inc. -b$0.8572

-4.76%

Philam Dollar Bond Fund, Inc. -a

$2.3198

-7.7%

-3.7%

0.13%

0% n.a

-3%

0.11%

6.41%

-2.98%

1.34%

2.02%

2.04%

-0.75%

1.34%

1.61%

-0.01%

Sun Life Prosperity Dollar Abundance Fund, Inc. -a $2.834

4.13%

-4.2%

-0.27%

0.71%

Philequity Dollar Income Fund, Inc. -a $0.0609173

ALFM

0.4%

-0.11%

Money Market Funds Primarily invested in Peso securities (shares) ALFM Money Market Fund, Inc. -a 136.87

2.72%

1.78%

2.52%

2.04%

0.01%

First Metro Save and Learn Money Market Fund, Inc. -a 1.1083 3.23%

1.88% n.a n.a

Sun Life Prosperity Peso Starter Fund, Inc. -a 1.37552.77%

2.45%

1.98%

2.02%

0.01%

Primarily invested in Peso securities (units) ALFM Money Market Fund, Inc. -a 104.58

4.09% n.a n.a n.a

0.02%

Primarily invested in foreign currency securities (shares) Prosperity Dollar Starter Fund, Inc. -a $1.0973

2.63%

1.36%

1.56% n.a

Sun Life

0.02%

Feeder Funds Primarily invested in Peso securities (units) ALFM Global Multi-Asset Income Fund, Inc. -a 43.11241.01% n.a n.a n.a Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a 1.4687

19.2%

1.0001 n.a n.a n.a n.a

0.02%

Primarily invested in foreign currency securities (Units) ALFM Global Multi-Asset Income Fund, Inc. -a $0.80271.61%

-6.44% n.a n.a

a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. 2 - Launch date is October 6, 2023.

-0.67%

c - Listed in the PSE.

3 - Launch date is May 25, 2023.

“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.”

0.95 715 49.9 11.2 11.6 0.385 4.73 9.86 5.45 600 3.27 40 5.3 0.455 9.1 2.78 893.5 110.4 101.8

4.38 0.57 0.79 38 1.24 0.185 17.9 62.95 8.96 399.8 18.6 3.55 4.9 7.1 30.55 6.62 10.84 7 1.4 0.81 2.3 31.05 6.49 6.32 20.95 51.5 0.61 0.46 0.97 169 255 1.48 15.96 3.39 8.52 9.9 0.47 3 0.66 0.054 124 0.52 0.97 0.6 5.95 3.09 0.405 1.56 0.71 5.31 0.233 3.26 1.03 2.27 1.63

4.24 0.54 0.75 37.05 1.2 0.178 17.4 62.3 8.3 395 18.2 3.5 4.9 6.89 30.05 6.34 10.8 6.95 1.32 0.76 2.28 30.15 6.16 6.25 20.75 49.95 0.6 0.46 0.96 166 250 1.44 12.18 3.37 8.3 9.84 0.455 2.99 0.66 0.054 117 0.47 0.9 0.59 5.8 3.06 0.4 1.56 0.71 5.2 0.223 3.12 1 2.15 1.51

4.3 0.57 0.77 37.7 1.2 0.184 17.8 62.7 8.3 399 18.28 3.5 4.9 7.1 30.4 6.55 10.84 6.95 1.34 0.81 2.28 31 6.22 6.29 20.85 51 0.61 0.46 0.96 166 255 1.45 15.96 3.37 8.45 9.86 0.455 3 0.66 0.054 124 0.51 0.91 0.59 5.9 3.07 0.4 1.56 0.71 5.3 0.231 3.12 1 2.27 1.6

9,540,000 18,000 236,000 799,700 138,000 1,310,000 554,000 53,290 10,600 142,280 74,500 55,000 25,000 122,200 2,037,900 690,600 250,200 22,900 131,829,000 13,401,000 32,000 783,500 138,900 887,900 211,500 6,220 970,000 20,000 127,000 66,850 374,020 3,294,000 1,900 24,000 9,493,700 23,400 860,000 87,000 22,000 210,000 1,176,240 35,000 95,000 162,000 561,200 68,000 100,000 12,000 15,000 102,300 16,140,000 108,000 762,000 445,000 330,000

40,860,480 9,870 181,650 30,162,140 165,760 237,550 9,659,658 3,340,740.50 92,876 56,654,624 1,367,306 193,710 122,500 857,436 61,983,385 4,460,174 2,708,158 159,182 177,796,950 10,620,730 73,340 24,065,180 870,512 5,589,425 4,409,965 317,882 585,970 9,200 123,000 11,222,481 94,866,720 4,776,100 27,024 81,050 80,017,490 230,672 392,650 260,840 14,520 11,340 142,993,881 16,860 88,000 96,800 3,310,059 209,250 40,200 18,720 10,650 538,608 3,729,090 337,580 764,350 992,380 519,000

148,410 2,850.00 -5,819,045 -18,400 6,831,326 18,810 24,442,928 -213,324 -6,960 13,980 17,751,755 -648,092 -2,410,650 9,471,790 124,120 6,900 -1,322,475 -134,440 -2,377,997 -888,310 15,340 -8,040 9,200 -6,790 -4,793,532 47,774,696 4,269,810 -6,760 -20,518,781.00 226,720 -168,000 69,570,331 24,640 20,000 880,800 59,450 -

0.86 685 47.6 11.22 11.66 0.38 4.62 9.78 5.35 588.5 3.27 39.75 4.99 0.39 8.98 2.78 888 110.8 96.1

0.95 715 49.9 11.22 11.66 0.38 4.82 9.86 5.35 600 3.27 40.75 5 0.395 9.12 2.87 896 110.8 96.1

0.85 685 47.55 10.58 11.4 0.38 4.62 9.75 5.35 584 3.27 38.9 4.99 0.39 8.98 2.78 879.5 105.5 96.1

0.95 715 49.9 11.2 11.4 0.38 4.72 9.85 5.35 600 3.27 40 5 0.395 9.1 2.78 882 110 96.1

7,526,000 140,590 2,220,600 2,064,000 13,700 60,000 181,000 1,305,300 2,000 238,580 50,000 1,877,600 8,800 20,000 1,645,000 25,000 548,660 388,970 20

6,938,580 99,270,190 109,119,910 22,775,968 157,366 22,800 852,550 12,800,489 10,700 142,140,465 163,500 75,187,325 43,922 7,850 14,871,471 70,200 483,615,375 42,335,541 1,922

4,536,930 18,016,725 25,674,950 16,092,162 23,940 683,190 -1,257,688.00 91,584,025 36,785,550 1,760,659 75,447,465 2,575,092 -

PROPERTY ANCHOR LAND 4.75 5.69 5.7 5.7 5.69 5.69 3,000 17,080 AYALA LAND 34.55 34.6 34.2 34.55 34.15 34.55 4,393,800 151,268,660 AYALA LAND LOG 1.73 1.74 1.77 1.8 1.73 1.74 634,000 1,110,570 ARANETA PROP 0.97 1 0.96 1 0.96 1 51,000 49,940 AREIT RT 33.35 33.4 33.4 33.75 33.35 33.35 259,500 8,712,525 A BROWN 0.62 0.68 0.66 0.68 0.65 0.65 37,000 24,390 CITYLAND DEVT 0.69 0.7 0.69 0.69 0.69 0.69 14,000 9,660 CEB LANDMASTERS 2.5 2.53 2.47 2.5 2.46 2.5 57,000 141,170 CENTURY PROP 0.27 0.28 0.28 0.28 0.27 0.28 1,490,000 409,350 CITICORE RT 2.57 2.58 2.57 2.58 2.56 2.58 1,217,000 3,133,290 DOUBLEDRAGON 7.6 7.7 7.52 7.7 7.52 7.7 135,800 1,038,079 DDMP RT 1.22 1.23 1.22 1.23 1.21 1.23 1,629,000 1,991,770 DM WENCESLAO 4.83 5.16 5.16 5.16 5.16 5.16 1,000 5,160 EMPIRE EAST 0.123 0.125 0.128 0.128 0.123 0.125 250,000 31,240 EVER GOTESCO 0.275 0.29 0.275 0.29 0.275 0.29 760,000 213,000 FILINVEST RT 2.61 2.62 2.64 2.64 2.61 2.62 849,000 2,228,510 FILINVEST LAND 0.6 0.61 0.59 0.6 0.58 0.6 2,119,000 1,268,790 GLOBAL ESTATE 0.85 0.9 0.87 0.87 0.85 0.85 83,000 71,090 8990 HLDG 8.6 9.2 9.23 9.26 9.23 9.26 15,600 144,214 GOLDEN MV 812.5 875 829 875 829 875 5,720 4,871,665 PHIL INFRADEV 0.51 0.56 0.55 0.56 0.5 0.56 267,000 141,520 CITY AND LAND 0.75 0.76 0.76 0.76 0.76 0.76 25,000 19,000 MEGAWORLD 1.97 1.98 1.97 1.99 1.96 1.98 6,779,000 13,417,870 MRC ALLIED 1.3 1.37 1.3 1.38 1.29 1.37 135,000 177,940 MREIT RT 12.46 12.48 12.3 12.68 12.3 12.48 753,300 9,434,336 PREMIERE RT 1.53 1.54 1.54 1.54 1.53 1.54 91,000 140,090 RL COMM RT 4.9 4.95 4.89 4.96 4.89 4.9 933,000 4,588,370 ROBINSONS LAND 15.8 15.9 15.8 15.9 15.68 15.9 1,132,200 17,925,120 ROCKWELL 1.36 1.41 1.36 1.41 1.36 1.41 2,000 2,770 SHANG PROP 3.65 3.68 3.65 3.69 3.65 3.68 41,000 150,620 STA LUCIA LAND 3.3 3.4 3.4 3.4 3.4 3.4 10,000 34,000 SM PRIME HLDG 32.3 32.4 32.95 33.2 32.25 32.3 11,373,000 368,578,145 SOC RESOURCES 0.35 0.53 0.355 0.355 0.355 0.355 20,000 7,100 VISTA LAND 1.67 1.69 1.68 1.69 1.67 1.69 265,000 446,340 VISTAREIT RT 1.67 1.7 1.67 1.7 1.66 1.66 201,000 336,270 SERVICES ABS CBN 4.61 4.67 4.75 4.75 4.59 4.67 283,000 1,315,270 GMA NETWORK 8.52 8.54 8.4 8.53 8.4 8.52 536,500 4,554,248 MANILA BULLETIN 0.23 0.235 0.231 0.231 0.23 0.23 40,000 9,210 GLOBE TELECOM 1,733 1,735 1,721 1,737 1,721 1,735 17,365 30,052,745 PLDT 1,273 1,275 1,273 1,296 1,271 1,275 34,205 43,698,200 APOLLO GLOBAL 0.013 0.014 0.013 0.014 0.013 0.014 9,900,000 131,800 CONVERGE 8.5 8.54 8.38 8.59 8.38 8.5 2,084,200 17,700,051 DFNN INC 3.08 3.09 3.09 3.09 3.08 3.09 15,000 46,340 DITO CME HLDG 2.37 2.38 2.35 2.43 2.35 2.37 906,000 2,142,160 NOW CORP 1.11 1.14 1.12 1.14 1.1 1.11 655,000 728,150 TRANSPACIFIC BR 0.138 0.142 0.146 0.146 0.138 0.139 60,000 8,530 ASIAN TERMINALS 15.04 15.48 15.48 15.48 15.48 15.48 3,900 60,372 CHELSEA 1.48 1.49 1.47 1.5 1.46 1.49 86,000 127,160 CEBU AIR 32.5 32.55 32.5 32.65 32.35 32.5 63,000 2,045,370 INTL CONTAINER 252 256 241.2 256 240 256 585,700 147,493,690 MACROASIA 3.95 4 4 4.05 3.95 3.95 487,000 1,943,320 METROALLIANCE A 0.395 0.51 0.46 0.46 0.395 0.395 20,000 8,550 PAL HLDG 5.08 5.29 5.07 5.08 5.07 5.08 10,600 53,843 HARBOR STAR 0.74 0.75 0.76 0.76 0.74 0.75 58,000 43,500 BOULEVARD HLDG 0.061 0.063 0.061 0.063 0.058 0.063 1,480,000 89,600 IPEOPLE 7 7.34 7.34 7.34 7.34 7.34 200 1,468 STI HLDG 0.485 0.49 0.485 0.49 0.485 0.49 8,430,000 4,129,800 BELLE CORP 1.17 1.19 1.17 1.19 1.17 1.19 55,000 64,770 BLOOMBERRY 10 10.06 9.8 10.06 9.8 10.06 1,580,200 15,817,055 PACIFIC ONLINE 4.8 4.91 5.07 5.3 4.8 4.8 7,267,000 36,356,340 PH RESORTS GRP 0.87 0.88 0.87 0.88 0.85 0.88 1,251,000 1,076,390 PREMIUM LEISURE 0.66 0.67 0.62 0.67 0.62 0.67 35,003,000 22,860,210 DIGIPLUS 8.17 8.18 8 8.35 7.9 8.18 4,085,300 33,552,731 PHILWEB 1.66 1.73 1.68 1.73 1.66 1.66 130,000 217,450 ALLDAY 0.157 0.16 0.156 0.157 0.155 0.157 2,850,000 445,610 BERJAYA 7 8.5 8 8.5 8 8.5 15,100 128,300 ALLHOME 1.18 1.19 1.12 1.2 1.11 1.19 3,908,000 4,537,580 METRO RETAIL 1.2 1.27 1.28 1.28 1.2 1.28 14,000 16,960 PUREGOLD 27.1 27.2 26.9 27.3 26.9 27.1 271,500 7,371,320 ROBINSONS RTL 40.3 40.7 39.65 40.9 39.55 40.7 137,800 5,557,150 PHIL SEVEN CORP 74.5 76.2 75 75 75 75 770 57,750 SSI GROUP 2.4 2.41 2.27 2.44 2.2 2.4 5,907,000 14,087,770 UPSON INTL CORP 1.62 1.63 1.66 1.66 1.66 1.66 2,000 3,320 WILCON DEPOT 21.6 22 21.2 22 20.9 22 1,612,400 35,259,705 APC GROUP 0.216 0.23 0.217 0.229 0.216 0.229 60,000 13,100 MEDILINES 0.315 0.325 0.315 0.315 0.315 0.315 20,000 6,300 PAXYS 1.03 1.47 1.47 1.47 1.47 1.47 2,000 2,940 PRMIERE HORIZON 0.161 0.165 0.162 0.162 0.161 0.161 440,000 71,220 SBS PHIL CORP 4.56 4.83 4.85 4.85 4.55 4.55 11,000 51,250 MINING & OIL ATOK 4.81 5.5 5.79 6 5.5 5.5 2,800 16,230 APEX MINING 3.06 3.09 3 3.1 3 3.06 3,570,000 10,921,680 ATLAS MINING 3.46 3.53 3.55 3.55 3.5 3.5 327,000 1,145,060 BENGUET A 4.81 4.83 4.75 4.89 4.73 4.83 221,000 1,064,070 BENGUET B 4.84 4.88 4.7 4.88 4.7 4.88 31,000 148,700 CENTURY PEAK 3.2 3.4 3.46 3.46 3.2 3.4 128,000 414,590 FERRONICKEL 2.04 2.07 2.07 2.07 2.05 2.07 325,000 670,910 LEPANTO A 0.078 0.08 0.082 0.082 0.078 0.078 3,080,000 244,390 LEPANTO B 0.077 0.082 0.08 0.08 0.08 0.08 100,000 8,000 MANILA MINING A 0.0046 0.0047 0.0047 0.0047 0.0046 0.0046 3,000,000 13,900 MARCVENTURES 1.05 1.08 1.05 1.08 1.05 1.05 251,000 269,170 NIHAO 0.55 0.81 0.55 0.55 0.55 0.55 93,000 51,150 NICKEL ASIA 5.24 5.27 5.38 5.38 5.22 5.27 936,600 4,938,618 ORNTL PENINSULA 0.62 0.63 0.63 0.63 0.62 0.63 55,000 34,330 PX MINING 3.27 3.31 3.23 3.32 3.19 3.31 1,105,000 3,594,210 ENEX ENERGY 4.8 5.23 6.1 6.1 5.26 5.26 5,000 27,520 ORNTL PETROL A 0.0079 0.008 0.0081 0.0081 0.0079 0.008 3,000,000 24,000 PHILODRILL 0.0076 0.008 0.0076 0.0076 0.0076 0.0076 5,000,000 38,000 PXP ENERGY 3.77 3.89 3.9 3.97 3.65 3.89 233,000 875,110 PREFFERED HOUSE PREF B 94.05 95 95 95 95 95 3,010 285,950 ACEN PREF B 1,060 1,080 1,080 1,088 1,080 1,080 150 162,750 AC PREF B2R 485.6 496 486.6 486.6 486.6 486.6 1,000 486,600 BRN PREF A 97 98 97.9 98 97.9 98 2,360 231,238.50 CEB PREF 32.45 33 33 33 33 33 1,400 46,200 DD PREF 93.75 94.35 94.35 94.5 94 94 21,490 2,023,702.50 JFC PREF B 900.5 943 942 942 942 942 40 37,680 MWIDE PREF 4 91 91.7 91 91 91 91 100 9,100 MWIDE PREF 5 100.1 101.4 101.3 101.3 101.3 101.3 2,000 202,600 PNX PREF 3B 23.45 24.95 23.45 24.95 23.45 24.95 300 7,185 PCOR PREF 3A 975 990 970 980 970 980 1,560 1,514,200 PCOR PREF 3B 975 980 980 980 975 980 1,220 1,195,060 PCOR PREF 4C 992 1,010 973 973 973 973 10 9,730 SMC PREF 2F 72.2 72.95 72.5 72.5 72.5 72.5 20,240 1,467,400 SMC PREF 2I 70.6 72.85 72.85 72.85 72.85 72.85 4,020 292,857 SMC PREF 2J 67 67.95 67.95 67.95 67.95 67.95 500 33,975 SMC PREF 2K 66 69 68 68 68 68 500 34,000 SMC PREF 2L 77 78 77 77 77 77 2,800 215,600 SMC PREF 2N 77 78 76.5 77 76.5 77 86,750 6,637,350 SMC PREF 2O 77 78 78.5 78.5 76.75 76.75 36,550 2,825,742.50 TECH PREF B2D 48.5 48.8 48.8 48.8 48.8 48.8 200 9,760 ABS HLDG PDR GMA HLDG PDR

WARRANTS

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

0.91 709.5 49 10.92 11.4 0.38 4.72 9.85 5.35 596.5 3.24 39.95 5 0.395 9.09 2.77 882 110 96.1

4.38 0.54 0.78 37.3 1.2 0.178 17.4 62.3 8.96 395 18.6 3.55 4.9 6.99 30.3 6.55 10.82 7 1.33 0.76 2.3 30.9 6.49 6.3 20.75 51 0.6 0.46 0.97 166 252.2 1.48 15.9 3.37 8.37 9.88 0.46 3 0.66 0.054 117 0.51 0.97 0.6 5.95 3.08 0.405 1.56 0.71 5.3 0.229 3.26 1 2.21 1.6

PHIL. DEPOSITARY RECEIPTS

-0.86%

9.14% n.a n.a

-0.01%

1 - Launch date is August 22, 2023.

ABACORE CAPITAL AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL ANSCOR ATN HLDG A COSCO CAPITAL DMCI HLDG FILINVEST DEV GT CAPITAL HOUSE OF INV JG SUMMIT KEPPEL HLDG A LODESTAR LT GROUP PRIME MEDIA SM INVESTMENTS SAN MIGUEL CORP TOP FRONTIER

TECH WARRANT

-3,330.00 -160,389,106 -6,387,853 21,630 642,996 83,558,503 989,750 -80,300 -322,618 -863,886 463,300 6,832 299,300

5,700 112,878,995 348,810 -397,570 9,850 8,250 175,320 -133,490 -17,400 141,980 18,120 -329,310 2,525,890 2,252,916 771,040 -1,988,318 -79,255,260 1,670 297,575 10,040,685 3,387,532 9,260 293,850 2,240 13,932 -1,091,295 66,933,288 204,950 4,500 9,800 10,690 2,479,569 437,920 -101,140 -208,740 7,158,881 -2,665,040 4,108,615 -1,458,360 -9,000 -83,350 1,660 2,518,670 1,470 9,700 -1,468,160 -6,920 -17,850 -434,241.00 81,250 -9,100 -69,300 -38,625 -

4.24 4.59 4.23 4.6 4.23 4.6 11,000 8.3 8.37 8.3 8.33 8.3 8.33 51,600

50,230 428,319

-4,600 63,119

0.265

39,350

0.29

0.26

0.29

0.26

0.29

150,000

SMALL, MEDIUM & EMERGING

0.38 0.39 0.38 0.39 270,000 102,700 38,000 0.74 0.77 0.74 0.77 42,000 32,100 0.95 0.98 0.95 0.97 67,000 64,490 0.7 0.7 0.67 0.68 212,000 144,890 1.02 1.03 1.01 1.02 159,000 161,810 -4,080 0.192 0.214 0.192 0.211 1,020,000 215,860 2,110

EXHANGE TRADE FUNDS

102.7 103.7 102.4 103.7 24,240 2,494,636 530,924

BALAI FRUITAS CTS GLOBAL HAUS TALK ITALPINAS MERRYMART XURPAS

FIRST METRO ETF

0.38 0.75 0.94 0.67 1.01 0.193

103.2

0.39 0.77 0.95 0.68 1.02 0.211

103.7

www.businessmirror.com.ph

Entrepreneur

Four salesmaker Tips for 2024 The Sales leadership coach Coach Lex

appy New Year! For sure, you’re getting ready to embark on getting your business up and running in no time. According to a recent Pulse Asia survey, 92 percent of Filipino adults are hopeful and optimistic for the new year. And why not? The economy is getting stronger and is even projected to grow further by 2024. But how do you grow your business amidst a pool of competition? Here are four sales-maker tips for 2024. Tip#1. Always be on the lookout for opportunities Here’s a news flash for everyone—opportunities abound! That’s right, opportunities are everywhere. In most cases, opportunities do not present themselves, or sometimes they do, but usually without fanfare. Normally, golden opportunities are presented through problems and challenges that we face. You just need to have a keen sense of discernment and an open mind. At the same time, continually lift your lids (or work on improving yourself), so that when it comes, you’re ready for it. Tip#2. Endeavor to understand your customers and collaborate with them Sincerely endeavor to understand your customers not just on the business level, but even up to what they value the most in life. Then offer to partner with them in adding value to what they value the most, through the business that you bring. Be thoughtful, creative and develop a perceptive mindset, always looking for opportunities to serve them better. Remember, your customers will only begin to care about what you know and provide, once they know that you truly care about them. Tip#3. Create a good experience and a lasting positive impression Bear in mind that your business with a particular customer is not just a one-time thing. Hence you sustain your relationship by providing the best customer experience throughout the business cycle, and even beyond. This will leave a positive impression and eventually, an increase in your customer’s share of heart. A good experience and a lasting positive impression normally result to long-term business relationships. Tip#4. Be proactive and ask the right questions, every time Sales-makers are purposive in all business undertakings. And this is why you need to be proactive by asking the right questions all the time. Always be closing by using questions, and more importantly, by applying up-selling and cross-selling skills. As mentioned earlier, opportunities usually do present themselves. And the best way to uncover opportunities is by asking questions! Likewise, understanding your customers and knowing what they truly value in life cannot happen through mere observations. You need to ask questions. As Anne Burrell, a well-known TV personality in the US, once said, “Part of being successful is about asking questions and listening to the answers.” Apply these four sales-maker tips and get ready for a successful and prosperous new year. God bless! Alexey Rola Cajilig is the President of ARCWAY Consultancy Inc. and Executive Director of ARC DOCENDI. He is a Sales Leadership Coach, Strategic Sales Operations Consultant, Christian Motivational Speaker, Human Ecologist and Author of The effective Seller. He is also the creator of ARCH Styles, a behavioral and personality assessment tool. If you have questions and suggestions, you may send an e-mail to salesleadershipcoachlex@gmail.com.

BusinessMirror

Editor: Vittorio V. Vitug • Wednesday, January 3, 2024 B3

Entrepreneur establishes app to fill need for freelance technicians on call By Rizal Raoul S. Reyes

@brownindio

Contributor

efore they joined Teko, the largest network of freelance technicians in the country, Benjo and Jomar were working as appliance technicians with the major appliance service companies. Although they were fully employed, the two technicians were receiving the minimum wage rate. In fact, Jomar used to transfer from one appliance service center to another hoping to get a bigger salary. However, these companies paid their technicians almost the same rate. But Benjo and Jomar’s fate took a 360-degree turnaround when their friends urged them to check the Teko app. Teko is now the largest network of freelance technicians in the country composed of over 3,000 partner technicians, according to Teko COO and co-founder Chris Teodoro.

In 2018, Benjo checked out the Teko app that eventually provided significant changes in his work and family life. “By joining Teko, my life improved tremendously as I am now earning above the minimum wage,” he said in Filipino. “Teko helped me and my fellow technicians especially during the pandemic as we were able to work with higher pay enabling us to have enough income during those challenging times.” Initially, Jomar was reluctant to

join Teko because of his previous experiences of getting a low salary. However, his pessimism shifted, as he is now able to buy the things he needs. Since he joined Teko in 2018, Jomar was able to buy things, such as a motorcycle and other things in a span of six months. After a year with Teko, he was able to acquire a property. In 2019 and 2020, Jomar was able to complete the payment for his two motorcycles though an installment plan for his two motorcycles. Aside from providing employment, Jomar commends Teko for reskilling the technicians through additional training programs.

Giving the technicians a heavy lifting

Teodoro said freelance technicians are generally underappreciated and underpaid. Moreover, they have very limited means of marketing themselves, get a low trust level from their customers, and the vast majority are not fully maximizing their earnings potential. As a response, Teodoro co-founded Teko in 2017 to be the support partner for freelance technicians. “We deal with the customers, their schedule, and help with procurement of parts and materials through the

Baguio small business owners see better year ahead with govt training

Customers of a coffee shop along Session Road in Baguio City play board games, which are additional offerings of the cafe. Shop owner Guil Ocampo said his training under the Department of Trade and Industry’s “Kapatid Mentor Me” program is a big help in his business’ operation. Photo courtesy of Ginto

AGUIO CITY—Small businesses that opened right before the Covid-19 pandemic have high hopes of better opportunities, especially with the capacity building training from the Department of Trade and Industry (DTI). Guil Ocampo, a young entrepreneur in his mid-30s who is operating a coffee shop along Session Road here, is hopeful of good prospects for another year after seeing good signs in recent months and after undergoing management and financial preparation training from DTI’s “Kapatid Mentor Me” (KMM) program. He said the KMM training “was a big change in the set-up [of my business]” since it allowed him “how to view the daily sales for a long-term situation.” “Knowing how to make the financial report and interpret it, and how to properly run the business without encountering problems with government regulatory offices are also important factors. More importantly, having the confidence that I know what I am doing in managing the business is a big boost,” he said in Filipino. Ocampo joined the KMM program in 2022, when he nearly lost ev-

erything and realized the need to be equipped with additional knowledge. “I was unemployed after resigning from work to start a business and my life’s savings were drained from opening the cafe and moving to another location along Session Road,” he shared. Ocampo and his friends opened their business in Feb. 2020 in a hotel near Wright Park after seeing the potential of a coffee-related business while doing documentaries as a government media practitioner. Around a month later, a nationwide lockdown was declared due to the pandemic, prompting the immediate closure of the establishment. Ocampo tried to continue operating by adopting a delivery service as there were no dine-in clients. He said the pandemic taught him a lesson—to cooperate and collaborate with other businesses. The current location of his coffee shop was used as a drop-off area for cosplay items.To date, the venue houses not just a coffee shop that allows its customers to play board games but also a place where cosplayers can display and sell their costumes and other items. Similarly, Florence Aquino, 45,

and her sister opened a mini grocery in 2021 on the ground floor of their family residence in Irisan. Like Ocampo, she and her sister first opened a small milk tea and fruit shop at the university belt in January 2020, but which also became a casualty of the pandemic. Aquino was forced to attend the KMM training in 2022 since her sister cannot attend because she was working as a nurse at the local health office. “The mentoring program of your specific venture was very helpful. It will allow you to take a glimpse at the future while standing in the present,” she said in Ilocano. Samuel Gallardo, assistant director of DTI-Cordillera in an earlier interview, said the KMM program is a regular activity of the agency that is being implemented with the help of stakeholders from the private sector who serve as mentors. “This is a good opportunity to be trained as an entrepreneur since this allow the business to flourish. Everything that will make a person well-rounded in knowing how to start, run the business and improve it are provided free to trainees,” he said. PNA

various partnerships we have with manufacturers and distributors,” said Teodoro. “Teko firmly believes that technicians are underappreciated and underpaid, and a paradigm shift was needed to change this. We are at the forefront of that goal,” Teodoro said. He added Teko’s role is to provide back-office support to the technicians, and this allows the technician to focus on his job. “Because of the groundwork we’ve laid for the past seven years, Teko is now the largest network of freelance technicians in the country, and are highly rated as well. This in turn drives a focused marketing campaign that is able to generate jobs to all our partner technicians, constantly and consistently,” he said. “We are proud to be able to say that Teko technicians are some of the most competent and highest earning technicians in the country [and quite possibly the Southeast Asia region],” he added. Teodoro said an average Teko Partner Technician earns about P60,000 per month. Nevertheless, this may depend on the individual technician’s level of activity. “We have almost a dozen techs that have broken P5 million gross earnings in a few years working with Teko,” he said.

Teko’s basic services like air-con cleaning, installation, and others are market based and derived from our deep research and expertise in the industry. When it started, Teodoro recalled Teko conducted research on all the competitor rates and based its rates on prevailing market rates. “Today, most of our competitors actually follow our rates, because we are transparent and post them on our website. For example, our window type air-con cleaning rate is P875, which is inline with the market. “We are not the lowest, but we believe our rates reflect the best value for the type of convenience, trust, and services we provide online booking, warranty protection, property protection, high level of customer support,” Teodoro explained. Teodoro reiterated that Teko provides the networking with the local customers and which makes the company proud because it can keep technicians to work in the country and be with their families, while helping provide them with higher income and quality of life than they would normally earn had they gone overseas. “We pride ourselves in providing higher than OFW wages while keeping them in the country,” he said.

Farmers, MSMEs harness digital tech to boost livelihood skills

LDT and its wireless unit Smart Communications Inc. (Smart) have ushered 14,442 farmers, fisherfolk, co-operatives, and micro, small and medium-sized enterprises (MSME) towards digitalization through their tech-enabled solutions this year, a 40 percent increase from 2022. “Under our livelihood advocacy, PLDT and Smart have enabled farmers, fisherfolk, cooperatives, and MSMEs nationwide to participate in the digital economy. We have also helped boost their productivity and eventually increase their income,” said Stephanie V. Orlino, AVP and Head of Stakeholder Management Team at PLDT and Smart. This year, 11,464 MSMEs and cooperative members have undergone a digital upskilling training under the PLDT Group’s eBiznovation, reaching a total of 21,105 local entrepreneurs since it started. PLDT and Smart’s Digital Farmers Program (DFP) have strengthened the digital literacy of 2,796 farmers, youth, agri-extension workers, farm field schools, and other stakeholders, another milestone for the year. To date, DFP has extended the benefits of using technology in agriculture to 9,351 Filipino farmers with over 300 trainings rolled out. This is made possible by the strong collaboration with partners, such as the Department of Trade and Industry and the Department of Agriculture through its Agricultural Training Institute (DA-ATI). “Working together with our stakeholders, including the likes of digital giant TikTok Shop, and from the public sector, such as DTI and

our long-time partner DA-ATI, we continue to provide capacity building sessions, digital and e-commerce solutions, specific product offerings for farmers, fisherfolk, MSMEs, and co-operatives and our network of thousands of load retailers to further boost their digital literacy and livelihood opportunities,” said Jay C. Lagdameo, VP and Head of Corporate Relationship Management at PLDT Enterprise. Empowering farming communities and local enterprises through digital tools and mobile technologies towards sustainable agriculture and inclusive growth is a key priority of DFP and eBiznovation. “To respond to the gap between the existing digital ecosystem and farming communities, DA-ATI has partnered with PLDT and Smart to strengthen the digital literacy among farmers and fisherfolk. This is also aligned with the digitalization push of the national government, to modernize and upscale agriculture through technology,” said Engr. Remy Recoter, Director of DA-ATI. PLDT and Smart’s efforts to promote inclusive technologies that can help boost livelihood opportunities among farmers, fisherfolk, cooperatives, and MSMEs aim to contribute to the UNSDG #1 No Poverty, #2 Zero Hunger, and #8 Decent Work and Economic Growth. This also underscores the Group’s support to the government’s Go Digital Pilipinas Movement. PLDT is a founding member of the Digital Infrastructure pillar of the presidential Private Sector Advisory Council, which seeks to uplift the lives of Filipinos through adoption of digital services.

Photo shows farmer-beneficiaries practicing their new skills in doing business through tech-enabled solutions.

Banking&Finance

Wednesday, January 3, 2024 • Editor: Dennis D. Estopace

BusinessMirror

www.news.businessmirror@gmail.com

Record-high Customs’ collection linked to ‘streamlined’ processes T

By Jasper Emmanuel Y. Arcalas

@jearcalas

HE Bureau of Customs (BOC) announced its total revenue collection last year rose yearon-year by 5.56 percent to over P900 billion—a new record-high—on the back of “streamlined” processes that led to more efficient collection.

BOC Assistant Commissioner Vincent Philip C. Maronilla said the bureau hit its 2023 internal collection target of about P901 billion with a surplus of “more than” P10 billion. With that, the BOC has collected at least P911 billion in 2023, about P48 billion over the nearly P863 billion it earned in 2022. Furthermore, the full-year revenue performance of the Customs bureau exceeded the P874.2 billion

target set by the Development Budget Coordination Committee (DBCC) for the BOC in 2023. Maronilla, also the bureau’s spokesman, said during a recent news briefing the BOC achieved its collection “because of the streamlining of our processes and of course improved revenue efficiency.” He added that the agency “tried to locate the loopholes and plug it through some scientific method that we worked on together with some of

the private sector representatives and other stakeholders.” Furthermore, Maronilla explained that “increased” trade and collection across the country’s ports contributed to the higher revenue collection in 2023. “What is good here is that the local businessmen in other ports invested to improve the respective ports. Our government is also slowly investing in our ports to increase economic activities in their respective areas. And we are projecting to have an increase in those, improvement in those will also result in an increase in the revenue for the Bureau of Customs,” he said. This year, the DBCC expects the BOC to collect at least P1 trillion in revenues. Maronilla expressed optimism that the bureau would be able to achieve the full-year 2024 target if the “macroeconomic” projections by the DBBC materialize. “If we continue on our track to further improve our revenue efficiency and improve our processes... we are projecting to collect a trillion

pesos and I think even surpass it,” he said. Maronilla pointed to “global and local economic conditions” as factors that hindered the BOC from hitting P1 trillion in revenue collection last year. “It was [beyond the control] of the bureau and, of course, of everyone. There were [also] factors that did not really happen,” he said. Maronilla didn’t cite the enabling factors. He said, however, that the BOC has digitized nearly 99 percent of its operations at the end of last year. “We are looking [at] the remaining… a little bit of one-percent remaining. The problem is in the integration of other systems” with the BOC, Maronilla said. “There are entities that are not yet interlinked with the system of the Bureau of Customs.” The BOC official didn’t name these entities. Nonetheless, Maronilla said, the bureau’s goal this year, “since we have digitized our processes, is to integrate these processes so that there would be one cohesive process.”

‘24 GAA flagged for unprogrammed appropriation By Jovee Marie N. dela Cruz @joveemarie

LBAY Rep. Edcel C. Lagman raises concerns over the 2024 General Appropriations Act (GAA) as it suffers from a constitutional infirmity due to excess unprogrammed appropriation. Last Tuesday, Lagman contended that the bicameral conference committee inserted a staggering P449.5 billion in excess of the unprogrammed appropriations recommended by the president in the National Expenditure Program (NEP). This year’s GAA, which took effect on January 1, suffers a constitutional infirmity insofar as the bicameral conference committee inserted P449.5 billion in excess of the unprogrammed appropriations of P281.9 billion recommended by the president in the national budget, Lagman said through a statement his office issued on January 2. The lawmaker also cited the failure of President Ferdinand R. Marcos Jr. to exercise his veto power. “The president’s utter failure to veto the excess items aggravates the constitutional defect.” Lagman, hence, is advocating for a constitutional challenge before the

Supreme Court to rectify the fatal flaw and provide guidance to Congress and the president in future budget seasons. “Consequently, a constitutional challenge before the Supreme Court is in order to cleanse the GAA of a fatal defect and give guidance to the Congress and the president in the future budget seasons,” he said. The constitutional basis of Lagman’s objection lies in Section 25(1) of Article VI, which unequivocally states that “Congress may not increase the appropriations recommended by the President for the operation of the government as specified in the budget [NEP].” He argued that this prohibition extends to both programmed and unprogrammed appropriations, as outlined in the 2024 NEP recommending P5.768 trillion for programmed appropriations and P289.1 billion for unprogrammed appropriations. According to the lawmaker, breaching the total of both appropriations goes against the constitutional mandate. “The prohibition on the Congress from increasing the appropriations recommended by the president covers both the programmed appropriations, which have available budget sources,”

Shared prosperity

O advance beyond noble intentions, some business leaders are actively promoting the “Covenant for Shared Prosperity” to be signed by business organizations and companies. Sure, it’s still commitment in words but there will be the conscious effort to monitor each other’s pledge and commitment, to be accountable for some specific results, to be honorable in one’s own voluntary declaration. The Covenant frames and synthesizes the overarching problem of our Philippine Society today in this way: “We realize that our country, like many other countries around the world, is suffering from gross inequality not only in economic and financial terms but also in the social, environmental and political aspects of our national life. This gross inequality in our Society has been with us for generations fueled by greed; illegal and unethical practices; callousness to the needs of our communities, especially those at the bottom of the Pyramid; and indifference to Mother Earth by some among us. We look to end these practices.” Beautiful words that lead to nowhere, some hecklers will say. And of course the cynics will always be cynics, even sarcastically dismissive. But I think we have hardheaded single-minded proponents here, so they continue to declare:

Finex free enterprise Santiago F. Dumlao Jr. “We believe that a way to address inequality in all its forms in our society and to enhance the dignity of human beings and, thus, achieve inclusive development is for our organizations to collectively mobilize our human, technical, economic and financial resources to ensure ethical wealth creation and the sharing of prosperity with all our stakeholders.” And who are these stakeholders? In accustomed analytical approach, these business leaders have identified them: 1. Employees 2. Customers 3. Suppliers 4. Community 5. Environment 6. Stockholders In a recent workshop, specific action commitments were established for each stockholder group, metrics were developed to measure performance towards commitments and against identified benchmarks and target compliance dates

Lagman explained. He added it also covers the unprogrammed appropriations, which have only contingent budget sources limited to the release of new loan proceeds for foreign assisted projects, revenue collections from new tax laws and the increase in non-tax revenue collections over target. The lawmaker said the 2024 NEP recommended total programmed and unprogrammed appropriations “cannot be breached by the Congress.” In emphasizing the need to adhere strictly to the Constitution, Lagman rejected any distinction between programmed and unprogrammed appropriations. He said that Congress cannot exceed the ceiling set by the Constitution for both categories. Lagman also criticized the historical misinterpretation that only the totality of programmed appropriations is subject to the congressional ban. “Through the years, the errant interpretation is that only the totality of the programmed appropriations cannot be increased by the Congress so much so that it is the unprogrammed appropriations that have been invariably increased annually to accommodate even partisan and pet projects that are subsequently funded and

were self-imposed. For example, to implement shared prosperity with Employees, the Commitments are: 1. Recruit, train and develop our employees and managers to be the best they can be irrespective of gender, alma mater, age, ethnicity and religion; 2. Provide just compensation and benefits; 3. Promote meritocracy; 4. Encourage work-life harmony. The Measures are: 1. Allocate 5 percent (the benchmark) of total people cost to training; 2. Have a “Performance Evaluation System” based on performance scorecards (the benchmark); 3. Develop an “Employee Satisfaction Index,” making a semestral survey (an effective feedback mechanism); 4. Establish compensations levels equivalent to a Living wage for employees receiving below P30,000 a month. Yes, there is specificity in commitments and practical guidance for implementation, for each stakeholder group. Will this approach work out successfully to meet the expectations of proponents? My answer is, it can. I do not underestimate the power of single-minded conscience- driven business leaders. The “Covenant for Shared Prosperity” was launched by the Management

released during the fiscal year under the suspicious, or even spurious, claim that contingent funding has been realized,” he said. “What is worse is the scheme of transferring funded projects to the unprogrammed appropriations in order to accommodate pet projects that are then assured of funding.”

Anti-inflationary measures

HOUSE Committee on Appropriations Chairman Elizaldy S. Co has said the increase in unprogrammed funds is aimed at anti-inflationary measures for near-poor Filipino citizens. Expressing optimism about excess revenues, Co underscored the significance of unprogrammed funds, which, according to him, would directly benefit near-poor Filipino citizens. He said that unprogrammed funds are not a novel concept and expressed hope for surplus revenues to expand assistance programs for Filipinos. The focus on social services balance is a key aspect of this year’s budget, as Co outlines various priorities, including programmed initiatives like the “Ayuda sa Kapos ang Kita” program, assistance to individuals in crisis situations, free medical assistance, housing, legacy projects for specialty hospitals and certain loan payments.

Association of the Philippines (MAP) and 25 other business networks—the Financial Executives Institute of the Philippines among them—in November 2020. As an end-note, I noticed during my participation in the workshop that shared prosperity was usually equated with economic prosperity, meaning, personal well-being in a material sense, i.e., food, shelter, clothing, employment, economic opportunity and money. But what about such intangible but very real “state of prosperity” as justice? Prosperity is the human condition of “freedom to be oneself,” the condition of equal opportunity to enjoy one’s basic human rights. As basic as food, water and shelter, is justice—access to justice and equal treatment under the rule of law. I continue to hear reverberating in my ears, something I heard at PCP II (Second Plenary Council of the Philippines) years back: “Our greatest problem in the country is not poverty. It is injustice.” Something to think about and ponder as we start the year 2024. Introspectively. Heedfully. Hopefully.

Santiago F. Dumlao Jr. is the Secretary General of the Association of Credit Rating Agencies in Asia and chairman of the market governance board and market policy committee of the Philippine Dealing & Exchange Corp. His views do not necessarily reflect those of the BusinessMirror’s.

T-bills yields ‘corrected higher’ on rate signals

HE national government kickstarted its domestic gross borrowing program this year on a high note as it raised P17 billion from the tender of Treasury bills (Tbills), P2-billion higher than what it programmed on Tuesday. The Bureau of the Treasury (BTr) on Tuesday made a full award and even exceeded its P15 billion programmed auction of three-tenor T-bills. According to the Treasury, the auction was 2.7-times oversubscribed, attracting P39.9 billion in total tenders. That prompted the committee “to double the accepted volume of non-competitive bids for the 182-day T-bills,” the BTr said on Tuesday after the auction. “With its decision, the Committee raised P17.0 billion compared to the P15.0 billion initial program,” the Treasury added. The Treasury raised the full amount of P5 billion each from the 91-day and 365-day T-bills on top of the P7-billion upsized award for the 182-day debt papers. Auction results showed that the 182-day T-bills received the most bids with a total offer of P14.36 billion followed by the 91-day T-bills at P13.36 billion total bids. The 365-day T-bills fetched a total offer of P12.225 billion from investors. The average rate for the 91-day T-bills settled at 5.14 percent with a range of 4.88 percent to 5.4 percent. The 182-day T-bills saw its yield averaging at 5.578 percent. The government security’s rates were between 5.328 percent and 5.85 percent.

Investors’ average rate for the 365-day T-bills, meanwhile, was at 5.829 percent with a yield range of 5.498 percent to 6.07 percent. Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the T-bills average auction yields “corrected higher” for the second straight auction following lukewarm signals from the Bangko Sentral ng Pilipinas for a policy rate cut soon. “However, the major offsetting positive factors: the markets/Fed Funds Futures indicated a possible pause in Fed rates for the rest of 2023 and even priced in possible Fed rate cut/s as early as March or May 2024 and Fed rate cuts that could total by more than -1.50 in 2024 that could be matched locally, as a leading indicator,” Ricafort said. The Treasury targets to raise as much as P195 billion in January from the combined tender of T-bills and Treasury bonds. The national government has set its borrowing plan this year at P2.46 trillion, some P253 billion more than last year’s P2.207 trillion gross borrowing plan, based on state budget documents. This year’s borrowing program would still follow a 75:25 mix in favor of domestic sources. The Marcos Jr. administration would borrow P1.853 trillion from the domestic market through the sale of T-bills and T-bonds. The Treasury will tender a total of P51.050 billion worth of T-bills and P1.802 trillion worth of T-bonds for the entire 2024. Jasper Emmanuel Y. Arcalas

Bitcoin topped $45,000; first time in nearly 2 yrs

A sign for Bitcoin trading hangs on a shop in this Monday, January 9, 2023 photo. For the first time in nearly two years, the cryptocurrency surpassed $45,000. CREDIT: Bloomberg News

ITCOIN surpassed $45,000 for the first time in nearly two years as anticipation of an approval of an exchange-traded fund investing directly in the biggest token intensified. The cryptocurrency jumped as much as 4.3 percent to its highest level since April 6, 2022, and traded at $45,355 as of 12:25 p.m. Singapore time. Other tokens also advanced with Ether, the second biggest, rising as much as 2.6 percent. Bitcoin has risen over 20 percent since the start of December as a Jan. 10 deadline for the US Securities and Exchange Commission to give its blessing for a spot ETF Bitcoin draws closer. There’s a fear of missing out among some traders in the US and Europe ahead of the looming approval and investors have started “buying on January 1, first thing New Year’s morning,” said Hayden Hughes, cofounder of social-trading platform Alpha Impact.

‘Nerves of steel’

OPTIONS traders had been betting

on Bitcoin hitting $50,000, riding on the spot ETF optimism. A major correction is unlikely given the broader bullish sentiment and the upcoming halving, said Cici Lu McCalman, founder of blockchain adviser Venn Link Partners, referring to a process that cuts the quantity of Bitcoin that miners receive per block reward in half. “I think traders would need nerves of steel to short BTC,” she said. The halving–sometimes referred to as halvening–is planned for April and happens once every four years or so. The coin hit records after each of the last three halvings. Bitcoin’s near 160 percent rebound last year partially repaired some of the damage caused by a precipitous 2022 crash that reverberated around the crypto industry. The token outperformed global stocks and gold over the period but remains below its 2021 pandemic-era record of almost $69,000. Bitcoin is already looking like it will be the best performing asset of the year (same as last year). Bloomberg News

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Editor: Gerard S. Ramos • Wednesday, January 3, 2024

Avoiding the Peter Principle PHOTO BY CHRISTINA @WOCINTECHCHAT. COM ON UNSPLASH

HE Peter Principle was introduced in 1968 by Dr. Laurence J. Peter, a sociologist, to describe what he observed in most organizations. His principle states: that “In a hierarchy, every employee tends to rise to his level of incompetence.” This basically means that people are promoted to a level where they are no longer able to meet the demands of the new role. For example, a teacher who has consistently been rated highly by their students and the management is promoted to become a supervisor. But when she took on the role, she realized that while she was good at being a teacher, she did not know how to manage others. Without proper guidance and training, she will feel frustrated and miserable. The Peter Principle is fairly common in most organizations. It happens when employees are promoted until they reach a level where their previous skills and abilities are no longer useful to their new role. It becomes worse when one gets promoted because they are visible to the management because they talk well or know the right people. The danger with promoting people based on their current skill is that you will end up promoting people with little to no qualifications for the new role. The problem is compounded when these employees are evaluated on other metrics that do not directly relate to their job, like always being present or working well with others. It worsens when these employees stay in position, and they remain to be incompetent but not enough to get themselves fired. If this problem is not addressed, the organization can end up with incompetent employees who do the bare minimum. So, how do you ensure that your team does not fall victim to the Peter Principle? The first thing you can do is to have a succession plan for your team. You do this by first identifying what are the needed competencies of all positions in your team so that you can create an inventory of knowledge, skills, and abilities for each of them. When you evaluate your team, you then evaluate them based on the checklist of competencies for their current position, and then you also need to start evaluating them using the checklist for the next position. In this way, you can determine which of them are ready for the next role. Doing an inventory of your team’s competencies will also help you map their professional development. If several people are ready for the next role, you can send them to workshops, provide oneon-one coaching, or give them special projects that will help them develop their skills and abilities. One of my previous mentors divided her team into three subgroups and assigned one member to be the point person for each subgroup. Little did they know that they were already being trained to lead others, and she was able to observe what each of the subgroup leaders needed to learn to become effective managers. She then used her observations to create a development plan which she

later used to determine who will replace her as the manager. Work with your human resources to develop a professional development plan for each position. You need to work with them in researching learning opportunities in your industry and in developing competency-based training and development programs for your team. They can also provide insights in how you can manage the professional development of your team and help you expand your workplace intervention tools. You also need to acknowledge that there are intangibles when it comes to promoting people. What is written in the job description is an attempt to make the position as clear as possible for the person holding it. But as you go up the corporate ladder, you will notice that the focus of the work transitions from technical to how you work with others, or your soft skills. In your inventory of competencies, do not forget to add behavioral qualifications because just because a person is competent in the technical aspects of the role does not mean that they will do as well in how they deal with others. Make sure that their behavior and attitude is aligned with the organization’s core values. You also need to have regular feedback sessions with individual team members so you are apprised of their difficulties and provide guidance as needed. The annual performance review is not enough to properly evaluate your team. You need to have quarterly or even monthly catch-up sessions to understand their challenges, how they overcome those challenges, and what you can do to help them. This also gives you the opportunity to identify which skill or ability they need to work on. This also helps you determine their learning curve so you know when to push and motivate them, and when to provide coaching and mentoring. But the most important part in all of this is to

be critically honest of your team’s outputs and accomplishments. You need to be aware of your own bias because these get in the way of properly evaluating everyone in your team. You may work easily with some members of your team and find it difficult to work with others. If you play favorites, you deprive yourself of the opportunity to develop your best team members and allow mediocre team

members to bring your group down. As a leader, your position demands for you to evaluate your team as honestly as you can so you can also develop and provide the proper intervention to help them maximize their potential. A team’s success will only be as good as their leader. As John C. Maxwell, author and renowned leadership expert, once said, “Everything rises and falls on leadership.” ■

PHILIP STEIN MARKS 20 YEARS IN PHL WITH STANDOUT RELEASES LUXURY watchmaker Philip Stein is celebrating 20 years of blending health and wellbeing with topnotch craftsmanship by presenting outstanding collections that make anyone feel and look their best. It’s rounding out this milestone year with the new limited-edition Philip Stein 20th Anniversary Speed watch. With only 200 pieces produced, this rare and special design comes with a turquoise blue dial with indices adorned with 11 baguette lab diamonds totaling 0.50 carats. It has automatic movement with a date window at 3 o’clock, sapphire scratch-resistant glass, and a 50-meter water resistance feature. The watch is housed inside a luxurious wooden box with a certificate of authenticity signed by Will Stein, president of Philip Stein Inc., and Emerson Yao, managing director of Lucerne Group. This new design is a fitting final showpiece for the luxury wellness watch brand’s landmark year in the Philippines, especially following a series of standout releases.

The brand also partnered with Disney on its 100th year to release two limitededition watches exclusively available in the Philippines. The Disney x Philip Stein collection includes the iconic Mickey Mouse donning a classic barong on the dial, a fitting nod to all Filipino Disney fans. The other design features Mickey in his signature ensemble—in striking red shorts, large yellow shoes, and white gloves—instantly adding a charming touch to any look. The collection is produced in a limited series of 500 pieces per design. Experience harmony within and the ultimate precision of Philip Stein timepieces with the watchmaker’s latest noteworthy collections. More information about curated collection of luxury wellness watches from Philip Stein is available at shop. lucerneluxe.com.

PHILIP Stein has launched its firstever collection for men this year. Speed highlights vintagesports sophistication with the popular integrated bracelet.

Color of the Year 2024: Peach Fuzz on fashion, beauty, interior, and design GENTLE and nurturing, the color of the year 2024 ushers in kindness and tenderness. Peach Fuzz (Pantone 13-1023), softly nestled between pink and orange, is centered on the human experience. Its all-embracing spirit enriches the mind, body and soul, calls for a moment of stillness and sanctuary, and inspires peace and healing from within. The Pantone Color Institute—the specialist unit that highlights the seasonal runway colors, forecasts global color trends, and advises color for product and brand visual identity—believes that this quiet and sophisticated tint depicts one’s desire for belongingness. “In seeking a hue that echoes our innate yearning for closeness and connection, we chose a color radiant with warmth and modern elegance,” Pantone Color Institute executive director Leatrice Eiseman shared. “It resonates with compassion, offers a tactile embrace, and effortlessly bridges the youthful with the timeless.” Pantone Color Institute vice president Laurie Pressman elaborated that the Color of the Year is reflective of a global lifestyle trend. “It is a color we see crossing all areas of design,” she stated. “It serves as an expression of a mood and an attitude on the part of consumers, a color that will resonate around the world, a color that reflects what people are looking for, a color that can hope to answer

what people feel they need.” Fashion designer and industry expert Roxoanne Bagano-Dizon explained that Peach Fuzz aligns with the 2024 fashion trends, with a shared emphasis on comfort, self-care, and mindfulness through soothing

tones and relaxed styles. It conveys a message of tactility and cocooned warmth with a visually arresting approach from apparel to accessories. Sueded, velvety, quilted, and furry textures come on top of the list. “It evokes a sense of luxurious touch, which we can embrace with sumptuous peaches, delicate marabou feathers, and lustrous vintage satins and silks,” Bagano-Dizon expounded. To add a touch of serenity to the wardrobe, the De La Salle-College of Saint Benilde (DLS-CSB) School of Environment and Design (SED) educator recommended exploring the various shades of Peach Fuzz. “Discover the one that complements your unique skin tone, allowing you to personalize and enhance your fashion choices,” she added. Garment options range from sweaters, blouses, or dresses for a soft look. Accessories such as scarves, handbags, or shoes bring a subtle pop, while statement pieces like coats, tailored suits, and jumpsuits make for an elegant do. “Mix and match,” Bagano-Dizon advised. “Combine Peach Fuzz with other complementary options such as soft pastels or earthy tones for a harmonious look.” Poetic and romantic, Peach Fuzz likewise reigns in the hair and beauty departments. The lightness promises an ethereal and reflective finish to hair with

a natural rosy glow that flatters complexions across various undertones. The surprisingly versatile pigment enlivens the skin and adds warmth to the eyes, lips and cheeks. It likewise allows for an assortment of lipstick, blush, skin tone and contouring options. Pair with earthy browns for a fresher and more youthful look while deep reds and plums lean towards the dramatic. Nail designs with a touch of Peach Fuzz likewise express innocence and sweetness. The cozy shade also lends a welcoming ambiance to home interiors. It fosters a feeling of tranquility and provides spaces for relaxation, whether on a painted wall, in décor, or as patterns and accents. It likewise makes its presence in graphic applications, packaging, and multimedia design both in physical and digital. It channels thoughts of delicate tastes and scents, and is an inviting shade for diverse products, from food and beverage to cosmetics and accessories. The selection process for the Pantone Color of the Year undergoes meticulous trend analysis spearheaded by the institution’s team of experts. It seeks new color influences on a global scale that encompasses what’s in and popular in the entertainment and film, art, fashion, design, and travel industries as well as new technologies, lifestyles, playstyles, and socio-economic conditions, among many others.

FASHION designer and industry expert Roxoanne BaganoDizon

Wednesday, January 3, 2024

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GOTYME NOW HAS 2M CUSTOMERS, ON TRACK TOWARD PROFITABILITY

IGITAL bank GoTyme Bank, a joint venture between the Gokongwei group of companies and multicountry digital banking group Tyme, reached the two million customer milestone on December 22, 2023 beating its target for the end of 2023. Driving its success is its award-winning phygital model that has allowed it to deliver preferred banking services to all Filipinos. Nate Clarke, GoTyme Bank president and CEO, said, “In merely 14 months since the start of our commercial operations, we have reached two million customers. The better news is that this growth is translating into deep adoption: GoTyme ranks 7th among local banks in monthly Instapay volume [per Bancnet], 7th in active debit cards [per Euromonitor], and 5th in finance apps [per data.ai]. Further, we recently surpassed P10 billion in outstanding deposits.” GoTyme Bank is consistently ranked in the top five finance apps in both Apple App Store and Google Play Store in the country by data.ai, a leader in mobile market data app analytics and solutions. Clarke credits GoTyme Bank’s sustained growth to its phygital model that combines a well-established digital system with physical and human banking, seamlessly integrating the convenience of digital technology with human-led interactions. This has allowed GoTyme to extend preferred banking services to every Filipino, and not just the top 5 percent of the population. Its 462 kiosks, strategically placed in Robinsons retail outlets and other locations all over the country, are supported by a team of 1,400 bank ambassadors (BAs). Together, these kiosks and BAs contribute significantly to two-thirds of GoTyme’s customer acquisition.

This puts GoTyme Bank on track toward profitability, having prioritized innovation and customer acquisition in its first year of operations. Clarke is happy to share that GoTyme Bank “is ahead of plan in financial and operational metrics.” He is confident that GoTyme will hit its profitability target in 2025, three years after its commercial launch. “Our focus on providing preferred banking to all Filipinos through our phygital model will pave the way to unlocking the Filipino financial potential,” he says. GoTyme’s emphasis on human interaction and support ensures that customers feel understood and that their needs, and even desires, are acknowledged and met. Its use of technology as a tool for inclusion and accessibility streamlines processes and products to cater to all its customers, including small entrepreneurs. It is equally heavily invested in its human workforce and its tech capabilities like artificial intelligence (AI). AI automates tasks like research, lead generation, and fraud detection, among other things, toward improved efficiency. Clarke notes, “For improving customer service, AI capabilities allow us to analyze our customers for us to predict their needs and behaviors. For enhancing cybersecurity, AI can identify shadow data, monitor irregularities in data access, and sound alerts to security threats. At heart, however, our interactions remain human to human.” GoTyme has also adopted cutting-edge technology that it keeps upgrading to strengthen cybersecurity controls. It employs high levels of encryption throughout its platform and conducts automated security checking of its code with a tool for analyzing software for bugs and vulnerabilities. It works with NICE Actimize, the

leading global provider of financial crime, risk, and compliance solutions, while continually educating its customers on the secure use of digital banking platforms and encouraging them to set up features such as multifactor authentication, SMS or email alerts, and fraud monitoring. With AI dominating the current conversation, data-driven AI capabilities allow GoTyme Bank to analyze customer needs at a granular level, putting it in a better position to predict human needs and behaviors more accurately. “This way, we get to know more what our customers need and what they like,” says Albert Tinio, GoTyme Bank co-CEO. “In turn, this leads us to develop improved services or products.” He also makes a case for heavily investing in humans. “We believe in human interactions, in making connections, in building relationships, in making our customers feel that they are heard, that they are understood, and that their concerns and issues will have solutions,” says Tinio. “And this is because we empathize. We feel them—it’s all about the emotional connection and trust in the end, especially for highly sociable Filipinos.” “Opening a GoTyme account is not an intimidating experience,” Tinio says. “There is zero discrimination in our operations. This is also the reason we invest in personal bankers (PBs) so that when customers have inquiries or issues, they will not be speaking with bots but with real people with real solutions.” Tinio adds, “We promise that we will continue to be your human digital bank. As we get to know more of your needs and wants, we press on with offering you secure, accessible, affordable and innovative products and preferred banking experience to help you unlock your financial potential.”

Four Points by Sheraton debuts in PHL with opening in Palawan

OUR Points by Sheraton, part of Marriott Bonvoy’s extraordinary portfolio of 31 hotel brands, announced the brand’s entry into the Philippines with the opening of Four Points by Sheraton Palawan Puerto Princesa on the island of Palawan. The new hotel, the first Four Points by Sheraton property in the country, is located along beautiful Sabang Beach, about 70 kilometers or a 90 minutes-drive northeast of Puerto Princesa City. The hotel is set to welcome “bleisure” travelers, or travelers who combine business and leisure, and families to one of the country’s most gorgeous island destinations that has retained its untamed wilderness, giving it a reputation as being “the Philippines’ last frontier.” Nicknamed “The City in a Forest,” Puerto Princesa is famed for its breathtaking scenery with plenty of natural, cultural, and historical sites to explore, including the Subterranean River National Park, a UNESCO World Heritage site. Four Points by Sheraton Palawan Puerto Princesa is located at the heart of the natural reserve and is surrounded by long stretches of palm-lined white sand beaches, dense jungle, ancient mangroves, and limestone mountains. The area offers many opportunities for adventure, from its 8.2 kilometer-long Underground River to explore, the Sabang Mangrove Forest to paddle through, jungle paths to hike, crystal-clear waters to snorkel in, and day trips by boat to the nearby isles. “We are delighted to debut the first Four Points by Sheraton in the Philippines with the opening of Four Points by Sheraton Palawan Puerto Princesa,” said Duke Nam, Area Vice President, Korea and Philippines, Marriott International. “Palawan is a destination that offers unparalleled cultural and natural adventure, allowing our Four Points brand philosophy of ‘Travel. Reinvented’ to shine. The new hotel welcomes guests with everything they need,

including modern guest rooms, genuine service, and an authentic sense of the locale in one of the Philippines’ must-visit destinations.” Taking its design cues from its lush tropical setting on 5.25 hectares of unspoiled beachfront and the surrounding 22,000 hectares of protected marine area, the hotel invites guests to enjoy the luxury of space, and kick back and relax with a modern, breezy, open-air ambiance. Throughout the hotel, spaces are framed by natural brick and wood, locally inspired high-timbered ceilings, and comfortable soft furnishings in palettes of sand, emerald, and blue that echo the shades of the beaches, forests, ocean, and sky. The hotel offers 168 guest rooms, each featuring the signature Four Points by Sheraton Four Comfort Bed, modern marble-floored bathrooms, complimentary Wi-Fi, and balconies with scenic views of the mountains and beaches. Suite rooms offer increased flexibility with 47 square meters and a 65-inch flat-screen TV. Two restaurants and a pool bar allow guests to explore the delightful cuisine of Puerto Princesa, inviting them to embrace a true farm-to-table dining experience featuring the best of local ingredients. Guests can dine outdoors by the sea at Evolution, the hotel’s all-day dining restaurant with an open kitchen and live cooking stations. Italian restaurant Il Fiore also features al fresco seating, where guests can enjoy upscale Italian cuisine and creative cocktails with the fresh ocean breezes of Sabang Beach. The best accompaniment for every meal is a local craft beer straight from the tap, courtesy of the Four Points by Sheraton signature Best Brews™ selection, which showcases the area’s culture and authentic flavors through locally brewed beers. The hotel’s 1,367 square meter swimming pool, with the iconic Pool Bar right in the middle, is the ideal spot to relax and sip cocktails. Guests can

work out at any time at the hotel’s 24/7 fitness center and wind down at the sauna or in-house spa. For families traveling with young children, the playground at the Kids Club makes for an exciting hangout. For events, Four Points by Sheraton Palawan Puerto Princesa offers outdoor open-air setups, perfect for social gatherings such as weddings, parties, and concerts. Indoor venues for meetings will be available in 2024, offering complimentary fast Wi-Fi and equipped with the latest audiovisual technology. “Sabang Beach is the perfect destination for solo travelers, groups or families looking for adventure off the beaten path, and to wake up every day in the middle of a UNESCO World Heritage site,” said Dietmar Platz, General Manager, Four Points by Sheraton Palawan Puerto Princesa. “Our hotel is ideally situated for enjoying all of it together with the outstanding hospitality of Four Points by Sheraton, and we look forward very much to welcoming guests to discover and explore this uniquely beautiful destination.” The new hotel is approximately 75 kilometers from Puerto Princesa Airport and a 90-minute direct flight away from Ninoy Aquino International Airport in Manila, making this destination easily accessible to local and international travelers. Be one of the first to make Four Points by Sheraton Palawan Puerto Princesa your home for the holidays this December. This season of year-end celebrations, the hotel is offering a special rate for guests staying on December 31, 2023 to January 1, 2024. This New Year’s Eve promotions include a Deluxe Garden view room, breakfast for two, and dinner for two. Rates start at P18,100++ per night. Stays can be booked at FourPointsPalawan.com For more information, please visit FourPointsPalawan.com

Yamaha duo of Mascardo, Mauricio read for reset in 2024 season

HE UMA Racing MMR Yamaha Philippines team continues their quest to bring back the elusive UB150 ARRC Championship to the country after a rough 2023 season. The last time it was in the hands of the Filipinos was in 2019 when McKinley Kyle Paz ruled the category. This off-season will be important for the duo as they prepare for the rigors of a new season where their category is packed with the best talents in Asia. The recently concluded season was no walk in the park. The return of toptier veterans in the division raised the level of competition to a new level. Mascardo, who was 3rd overall in the 2022 season, could not duplicate his feat this time around. An injury made him miss the 3rd round in Sportsland SUGO International Circuit, Japan which cost him valuable points and his momentum for the season. This was evident in round 4 and 5 where he had a DNF in race 2 for both circuits. April usually finishes in the top five to ten range but after the injury he would slide back to as low as 16th place. His highest position for the season was 5th place in race 1 of the final round. It was the same thing for Mauricio who struggled against a stronger field of riders in the ARRC. Wanting to have a better outing than in 2022 where he finished 25th overall, he would be hampered by a string of DNFs to start the season. It was a difficult campaign for Gian who could only crack the top 10

once with a 6th place finish in race 1 of the third round. Things were looking good for him in race 2 when he recorded the fastest lap. Unfortunately, he would be forced to retire from the race. The Yamaha Philippines racing team will now use this break to get themselves back on track and prepare for the 2024 racing season. They will be back with a vengeance in the ARRC and will do everything possible to return to the top.

STRENGTHENING Partnerships Seated from left are Visayan Electric President and COO Engr. Raul C. Lucero; AboitizPower SAVP for Human Resources Belen B. Catanduanes; AboitizPower Distribution COO Anton Mari Perdices; Cebu Institute of Technology - University (CIT-U) President Engr. Bernard Nicolas Villamor; and CIT-U VicePresident for Academic Affairs Atty. Corazon Evangelista - Valencia sign a MOA and a MOU for CIT-U, as witnessed by AboitizPower team members, some of whom are CIT-U alumni.

AboitizPower Distribution to empower more opportunities for aspiring electrical engineers

HE distribution business group of Aboitiz Power Corporation (AboitizPower) strengthened its long-standing relationships with universities in the Visayas and Mindanao with a shared vision to boost industry-based research and prepare the talent pipeline of electrical engineers. AboitizPower, through its distribution utilities, signed memorandums of agreement (MOA) and memorandums of understanding (MOU) with Mindanao State University-Iligan Institute of Technology, the University of Mindanao, Notre Dame University, University of San Jose-Recoletos, and Cebu Institute of Technology-University during ceremonies held in the latter part of 2023. These signings formalized a long-established scholarship program for electrical engineering students, which includes the offering of employment opportunities to deserving graduates. “Our collaboration is a testament to our belief in the power of education, research, and technological advancement. By pooling our resources, expertise, and aspirations, we aim to catalyze change, not just in the energy sector, but in the lives of the people we serve,” said AboitizPower Distribution Utilities

COO Anton Perdices. “Our vision for [these] partnership[s] extends far beyond training and scholarships. It’s about fostering a generation of engineers equipped with knowledge, practical experience, and an innovative spirit,” he added. “This initiative not only promotes academic excellence but also cultivates a pipeline of skilled professionals ready to contribute to the energy sector’s growth.” The strengthening of such partnerships with universities draws inspiration from the distribution business group’s massive transformative purpose of empowering the growth of the cities and communities it serves, well beyond the provision of a reliable and cost-effective electricity supply. Earlier this year, a Philippine Power Industry HR Forum presented by the American Chamber of Commerce of the Philippines, Inc. and AboitizPower indicated that skills and competency gaps or mismatch, a limited talent pool, and difficulty in retaining talent due to global and local competition are the most cited challenges in the human resources field of the Philippine energy sector.

Balikbayans experience extraordinary homecoming at NAIA with Smart, MIAA

HRISTMAS is the season of love and giving, and for overseas Filipinos, a time to come home to family. This year, PLDT wireless unit Smart Communications, Inc. (Smart) brought back its annual Grand Salubong at the Ninoy Aquino International Airport to let them feel the extra warm Pinoy Christmas as soon as they arrive in the Philippines. “This is one of the ways we celebrate our OFWs, our modern-day heroes, for their hard work. Being a former OFW myself, I understand the personal sacrifices we must make to provide for our families while away from home. The fact that OFW remittance inflows greatly contribute to the country’s GDP and stimulate trade exports from the Philippines to the host country is incidental to this. We also want our balikbayans to enjoy delightful, uniquely Filipino Christmas treats right when they arrive at the airport to make them feel that indeed, there’s no place like home. Balikbayans come home with a heightened sense of nostalgia, often cherishing reconnecting with home. We would like them to feel at home as soon as they step off the plane,” said John Y. Palanca, FVP and Consumer Sales Head at PLDT and Smart. With the partnership of the Manila International Airport Authority (MIAA), Smart had set up booths at the Arrivals area of Terminal 1 and welcomed OFWs with local treats such as bibingka and ready-todrink coffee, and gift baskets that they took home as pasalubong to their families. Thirty-eight-year-old Liz who has been working in Dammam for 15 years was all smiles when she received her gift from Smart. “I’m so happy and grateful for this surprise that greeted me on my return home,” she said. Forty-four-year-old Daniel who works in Riyadh as a service engineer, also received a surprise from

the telco. “We truly appreciate whatever gift we receive, especially during Christmas. We’re very thankful,” he said. Aside from treats, they were also serenaded by a band to add to the holiday cheer. “We are glad to be a part of Smart’s Grand Salubong for our OFWs, as part of our goal to make travelling more enjoyable for passengers arriving at NAIA. We hope that through this activity, we can help light their hearts with joy as they celebrate Christmas in the country,” said Arnel Atis, Terminal Manager of NAIA Terminal 1. Apart from taking care of OFWs with Christmas treats, Smart also empowered them with fastest and best mobile network according to Ookla, during their stay in the country. They can post online their memorable Christmas vacation with loved ones using their Smart and TNT mobile numbers with a wide range of value-packed data offers suited for their digital needs. Local and foreign tourists arriving at NAIA can also get their Smart SIMs or eSIMs at the Smart kiosk in any of the terminals. Alternatively, inbound tourists may also order it ahead of arrival from the Smart Online Store and get the QR code containing the eSIM right away. Smart has also made it easy and hassle-free for tourists who have 5G SIMs and 5G-capable devices to connect to Smart’s 5G network when they visit the country, especially during the Christmas holidays. Smart’s initiatives to serve and honor overseas Filipinos, and to connect people and communities across the country are aligned with the Group’s commitment to the Government’s overall digitalization thrust and are also in support of the United Nations Sustainable Development Goals (UNSDG) particularly SDG No. 9 – Industry, Innovation, and Infrastructure. z

BusinessMirror

Editor: Tet Andolong

Wednesday, January 3, 2024 B7

ESG to grow bigger in 2024 E By Rizal Raoul S. Reyes

xpect the growth of environment, social and governance (ESG) in 2024 as more landlords will realize that having the platform will attract more tenants particularly the multinational corporations when they establish their operations in the Philippines.

“I believe more and more landlords will embrace ESG moving forward as our customers are demanding and expecting more from landlords in ESG compliance and performance,” NEO chief executive officer Raymond Rufino told the BusinessMirror in an email interview. “That said, we have so much work to do to promote more ESG commitments and priorities from landlords. Many are still at the very start of their journeys, we need to challenge and motivate them to have more ambitious goals and targets,” Rufino added. According to Investopedia. Com, ESG refers “to a set of standards for a company’s behavior used by socially conscious investors to screen potential investments.” Further, it pointed out that environmental criteria determine if a company safeguards the environment, including corporate policies addressing cli-

mate change, for example. Social criteria, meanwhile check how it manages relationships with employees, suppliers, customers, and the communities where it operates. Governance tackles a company’s leadership, executive pay, audits, internal controls, and shareholder rights.

NEO and ESG In the part two of the article “Walking the talk: Office landlords as partners for sustainability, culture, and purpose” authored by Vincent Bisuña, Lira Moncada, and Kath Taburada of Colliers’ Meaningful Insights on the Global Occupier Outlook Report, Rufino emphasized the important role of the landlord in materializing ESG’s drivers to returning to office (RTO). He added community integration has also been a central tenet of NEO’s philosophy. According to Rufino, NEO started an in-house events team

Filinvest Land launches latest amenity area at Sandia Homes

NEO 7

to constantly be on the move to bring in that important sense of belonging to tenants, something that many believe is key to a successful RTO strategy, not to mention the benefits on workplace culture. He said these various events are aligned with NEO’s philosophy— sportsfests, dance competitions, engaging seminars, workshops, and holiday-themed activities are just some of the ways they develop that sense of belonging within the NEO community. NEO has partnered with the tenants in these events through its feedback system that allows them to give their inputs to suggest future activities and improve current ones. Rufino said the initiatives have become so successful that some employees would come to work at the NEO office buildings to attend the tenant events.

NEO 6

“To NEO, it is important that they are more than just a provider of walls, aircon, lights and floors.” They say, “Mr. Tenant, I am here to achieve your vision and mission and your goals; I am not just a physical space provider, I am literally your business partner…if I can improve the productivity of all your people by them being in this office, I’m helping you achieve your ambition and your goals,” Rufino said. While implementing mandates looks easy on paper, the authors said “luring” employees back— without compromising their enthusiasm and retention—has become a big challenge for many office occupiers. In an effort to address this, many have focused on new initiatives related to ESG (Environmental, Social, and Governance, DEI (Diversity, Equity, and

By Roderick L. Abad

ILINVEST Land, Inc. (FLI) has inaugurated the newest amenity area of its Sandia Homes residential development in Tanauan City, Batangas, signifying it’s continued thrust of raising the quality of living for its residents in Southern Luzon. “The unveiling of our amenity area at Sandia Homes is a testament to our dedication to providing not just homes, but a complete living experience that enhances the well-being of our residents. These amenities are more than just recreational spaces; they are designed to foster a sense of community, promote wellness, and enrich the lives of those who call Sandia Homes their home,” said Ethel Balicanta, vice president (VP)-brand product head for housing at FLI. Fostering a vibrant and enriching community, the amenity area boasts an array of facilities designed to improve the residents’ quality of life. These are carefully curated as focal points for community engagement, offering residents a space to unwind, socialize, and stay active within the comfort of their neighborhood. The clubhouse is ideal for gath-

n the ever-evolving landscape of real estate, excellence is a beacon that guides industry leaders toward success. RLC Residences’ projects and initiatives emerged victorious as a developer this 2023 bagging a total of 39 accolades from local and international award-giving bodies. “Receiving all these recognitions is truly an honor for us at RLC Residences. We are humbled that all our projects and efforts are being recognized on such a large scale and we share this success to everyone behind RLC Residences who have tirelessly worked to bring all these to life,” says John Richard Sotelo, Senior Vice President and Business Unit General Manager of RLC Residences.

For NEO, creating a positive work environment aside from being a space provider has already been part and parcel to their total offering even before the pandemic, or as they call it, #theNEOway. NEO believes that the solution for these challenges is not found in the polar extremes but in the middle. They say that hitting the right “balance” will be a unique journey for each company’s culture and acknowledge that both work-

how smart home features are important to their everyday life, and more. All the efforts of the team are paying off, given that these properties are now being recognized here and abroad,” shares RLC Residences Senior Director, Marketing Head and Chief Integration Officer Karen Cesario.

Award-Winning Developer

RLC Residences Branch Head for Dubai Office Mari Lorinie Catabay (right) receives the Quality Achievements Awards from European Society for Quality Research

Award-Winning Developments erings and social events, while the basketball court encourages a healthy lifestyle and camaraderie among neighbors. The playground area, on the other hand, is envisioned as a vibrant hub for children to play and explore, promoting growth and development in a safe environment. Meanwhile, the swimming pool lends a refreshing escape to relax and engage in leisure activities. Sandia Homes (under the smartvalue Futura by Filinvest brand) offers high-quality 266 residential units for sale, featuring lot sizes ranging from 60 to 75 square meters. W it h t h e b r e at ht a k i n g Mt . Makiling and the Tagaytay City Ridge at the backdrop, the scenic setting best complements its well-designed living spaces. This vertical project is strategically located, giving easy access to vital amenities such as schools, churches, and recreational areas, making daily life convenient and hassle-free for its residents. Since it’s near the South Luzon Expressway, Sandia Homes is only 10 minutes away from Tanauan City proper and nearby Sto. Tomas City, further amplifying its accessibility.

#TheNEOWAY

from-home and in-office work both serve different modes of work that afford employees more options for either deep, focused work or collaborative and social activities. According to Rufino, “the base and foundation of what the company is doing is to ensure that first, tenants are entering a safe, secure, and resilient environment” further noting that, without this crucial first step, the game is already “over” as tenants will not come in the first place if they feel like they are at risk (i.e., in contracting illness, or may fall victim to fire hazards) every time they enter the building. “If you want to bring people back to the office, the first thing you need to get in all their heads is, ‘we’ve made an effort to make sure that your safety and your health are being prioritized,’ said Rufino.

A Year to Remember: RLC Residences closes the year with 39 international and local recognitions

PRESENT during the official opening and blessing of the new amenity area of Sandia Homes in Tanauan City, Batangas, on December 14 are (from left) Louie Carandang, vice president (VP) regional project head for Luzon housing at Filinvest Land Inc. (FLI); Ma. Theresa “Maitet” Collantes, representative of Batangas third district; Sonny Perez Collantes, mayor of Tanauan City; Precious Agojo, chieftain of Barangay Cale and ABC president; and Ethel Balicanta, VP-brand product head for housing at FLI.

Inclusion), and employee engagement, as well as refreshing their office spaces to entice employees to work in the office. It is more important than ever for office landlords to take a more proactive approach in incentivizing RTO initiatives in partnership with their tenants.

Over the years, RLC Residences has been guided by its mission to deliver beautiful, well-designed condominiums that they can proudly call their own. From building architecture, specific unit features, to sizes and types of amenities, all these and more were recognized this year as RLC Residences’ roster of developments in Metro Manila, Rizal, and Cebu gained multiple accolades from various award-giving bodies here and abroad. Newly launched premium condominiums Le Pont Residences and Mantawi Residences are both recognized by DOT Property Awards here in the Philippines and across Southeast Asia, receiving Best Luxury Condominium Development and Best High-End Lifestyle Condominium trophies, respectively. The former also won Philippines and Southeast Asia’s Project of the Year, a category solely determined by votes from homeseekers, while the latter was awarded by Lamudi Philippines’ The Outlook 2023: Philippine Real Estate Awards as the Best Premium Condo - Visayas and Mindanao. Newly-finished The Residences at The Westin Manila, a luxury high-rise condo in Ortigas, received the Best Luxury Condo Development (Metro Manila) by PropertyGuru Philippines Property Awards. Lamudi Philippines’ The Outlook 2023: Philippine Real Estate Awards also named the property Best Wellness-Focused Development of the Year in

recognition of its amenities guided by Westin’s Six Pillars of Well-Being. The property was also given the Gold Award for High Rise Buildings Category from FIABCI Philippines Property & Real Estate Awards, along with The Sapphire Bloc as the Silver Award for High Rise Buildings Category. Woodsville Crest, the developer’s nature-inspired, future-ready condominium in Parañaque City, was named Best Smart Home Development both in Luzon and across Asia by PropertyGuru Property Awards. Significantly, the property also received Best Apartment/Condominium Development Philippines award from the prestigious Asia Pacific Property Awards. Sierra Valley Gardens, a mid-rise smart home-ready condominium within a destination estate in Cainta, Rizal, and SYNC, a four-tower high-rise property along C5 Road in Pasig City, were awarded Best Smart Urban Community and Best Smart Home Condominium by DOT Property Philippines respectively. Significantly, Sierra Valley Gardens also got the Best Condo Development (Luzon) trophy while SYNC received the Highly Commended - Best Integrated Work-From-Home Development citation from PropertyGuru Philippines Property Awards. “We started building these developments with our consumers in mind—what they look for in a home, how big of a unit do they need,

The residential division of Robinsons Land Corporation has received numerous accolades both in local and international scenes because of its dedication to provide buyers and residents homes and services that they can truly be proud of. With its portfolio of lifestyle-centered developments in key areas in the country, RLC Residences was named Best Lifestyle Developer in the Philippines by PropertyGuru Philippines and Asia Property Awards. The same award, but this time across Southeast Asia, was also given by DOT Property Awards, along with Best Developer in Metro Manila and Cebu local citations. Similarly, Lamudi Philippines’ The Outlook 2023: Philippine Real Estate Awards cited the developer as the Silver Awardee-Best Developer Visayas and Mindanao. Its sustainable efforts were also recognized, as Carousell Property Awards named RLC Residences as Best Sustainable Developer of the Year, while European Society for Quality Research awarded the Quality Achievements citation to the brand. Its innovative solutions also garnered the Digital Innovator of the Year and Special Recognition Award for Innovation from The Outlook and DOT Property Awards, respectively. Moreover, International Business Magazine Awards, a UAE-based publication, also cited RLC Residences as Real Estate Developer of the Year and Best Property Development Company in the Philippines. Ultimately, its mother company Robinsons Land was also named Developer of the Year both by FIABCI Philippines Property & Real Estate Awards and PropertyGuru Philippines Property Awards, along with the Best Developer Visayas also from PropertyGuru Philippines. The company’s President and CEO Mr. Frederick D. Go was also hailed as Achiever’s

Circle Awardee of FIABCI Philippines in recognition of his remarkable contribution to the country’s real estate industry. “We at RLC Residences consider ourselves fortunate for the guidance of our President and CEO, Mr. Frederick D. Go. We are grateful to be part of Robinsons Land’s mission to build things better and make life more meaningful for the Filipino people—no matter where they are in the world,” mentions Sotelo.

Award-Winning Initiatives 2023 has been a very busy yet productive year for RLC Residences, as the brand introduced various projects to the market who are in search of their dream home investment. These efforts, aside from producing remarkable results, also gained its own citations for these impressive planning and executions. At the awarding ceremony of Marketing Excellence Philippines 2023, four campaign initiatives of RLC Residences were put into the spotlight. Its first campaign of the year for the launch of Le Pont Residences garnered the Gold Award in Excellence in Launch Marketing category. Meanwhile, Mantawi Residences’ events and launches as well as its influencerled initiatives won the Silver trophy for Excellence in Influencer/KOL Marketing and Bronze in Excellence in Event Marketing. As for the campaign for SYNC, the award-giving entity awarded the Silver recognition under the Excellence in Integrated Marketing division. With all the impressive results generated by the brand this 2023, JG Summit Holdings awarded RLC Residences as the Rising Star across the conglomerate in the Business Outperformance category. “It truly is a collective effort of the whole RLC Residences—everyone within the business unit who have worked hard so that we can be where we are right now. At the same time, all these won’t be possible without our clients who have been our number one inspiration to deliver a home that they envision for themselves and their loved ones,” says Cesario. For more info on RLC Residences, check out the brand’s web site rlcresidences.com, and follow their official Facebook and Instagram accounts.

Sports

ERNEST JOHN “EJ” OBIENA continuously puts the Philippines on the world sports map.

BusinessMirror

B8 | W

ednesday, January 3, 2024 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

ERNEST JOHN ‘EJ’ OBIENA:

ATHLETE OF THE YEAR! T

HE credentials of the 28-year-old Tondo-born pole vaulter Ernest John “EJ” Obiena in a 12-month span was indeed impressive, highlighting his accomplishments by winning gold medals in three major international tournaments in record-breaking fashion. He made history anew in the World Athletics Championships by becoming the first Filipino to join pole vault’s ultra-elite 6.00-meter club and then capped off the year by finishing as the No. 2 ranked athlete in his sport. Obiena was also the first to book a berth in the 2024 Paris Olympics— the first Filipino to do so—with a silver-medal effort in a tournament in Sweden, just a day after the qualifiers for Paris began. Those glowing achievements truly are hard to ignore especially in a year when many firsts were recorded in Philippine sports history. Thus, Obiena has been chosen as the sole recipient of the Athlete of

ABY MARAÑO (right) and Ara Galang are wearing red this time.

the Year trophy in the San Miguel Corp. (SMC)-Philippine Sportswriters Association (PSA) Awards Night. Gilas Pilipinas ending 61 years of frustration by bagging the basketball gold in the Hangzhou Asian Games, the Filipinas national team scoring a historic win in its FIFA Women’s World Cup debut and the pair of Margarita “Meggie” Ochoa and Annie Ramirez achieving a double gold for jiu-jitsu also in Hangzhou were all considered for the prestigious award. But Obiena got the nod of the members of the country’s oldest media organization composed of print and online sportswriters headed by its president, Nelson Beltran, sports editor of The Philippine STAR. ArenaPlus will be presenting the blue-ribbon event with the Philippine Sports Commission, Philippine Olympic Committee, PLDT/Smart and Milo as major sponsors. Also backing the event are the Philippine Basketball

In between, he also qualified for Paris by clearing the bar at 5.82 meters in the Diamond LeagueBauhaus Galan in Sweden and won numerous other tournaments during the season. By the end of 2023, Obiena shot from No. 6 previously to the world’s second best behind Armand “Mondo” Duplantis.

HE Yvonne S. Kindangen-Quiambao Foundation Inc. (YKQ Foundation) recently signed a sponsorship agreement with the De La Salle Santiago Zobel School Inc. (DLSZ) for the rehabilitation of the football field in its Alabang campus. YKQ Foundation Chairman Anthony Quiambao led the signing ceremony with DLSZ President Br. Bernard Oca FSC, last November 28, 2023, at the main DLSZ school campus located in Ayala Alabang, Muntinlupa City. The ceremony was witnessed by key DLSZ officials Rafael Javier Reloza (Senior Vice President), Ma. Teresa Castañeda (Director, Administrative Services), Joneil Dulay (Head, Risk Management Compliance Audit) and Ricky Sabino (Head, Advancement and Linkages), and representatives from YKQ Foundation and STRADCOM, Atty. Josephine Pagdanganan (Legal Counsel), John Paul Bailon (AVP/Advisor for Strategy and Head-Corporate Resource Group), Margarita Ivy Garcia (Head, Community Relations), Dione Guevarra (Manager, Compliance for Investment and Commercial Affairs), and Lorie Bundoc (Corporate Spokesperson). DLSZ’s football field will be named “DLSZ—JULIUS CAESAR KINDANGEN QUIAMBAO FOOTBALL FIELD” with a dedicatory marker to honor his contribution. The sponsorship agreement for the rehabilitation of the football

“They’ve [fans] known me as a player with a very big heart. Very passionate, vocal and a leader, so I want them to expect that from me,” Maraño said. “I bring all of those to Chery Tiggo.” “I go all-out all the time, give my best in training everyday,” Galang said. Former F2 Logistics players Ivy Lacsina (Nxled) and Dawn MacandiliCatindig (Cignal) have also signed with other teams.

‘Linsanity’ in town

Former National Basketball Association player Jeremy Lin arrives in Manila on Tuesday ahead of the New Taipei Kings’ East Asia Super League game against the Meralco Bolts on Wednesday at the PhilSports Arena.

ALT LAKE CITY—Jordan Clarkson came off the bench to post the first regular-season triple-double by a Utah player since 2008, leading the Jazz to a 127-90 win over the Dallas Mavericks on Monday night. Clarkson had 20 points, 11 assists and 10 rebounds—the first triple-double of his career—and the first for the Jazz in a regular-season game since Carlos Boozer had one on February 13, 2008, a stretch of 1,256 games. Also, Clarkson’s triple-double was the first in more than 40 years for a Jazz player coming off the bench, dating to February 5, 1983, when Mark Eaton had 12 points, 14 rebounds and 12 blocked shots. “It was a very cool little milestone to put on my list,” Clarkson said. The 31-year-old Clarkson achieved the tripledouble in his 685th regular-season game, and 728th game of his career. He was a second-round pick, 46th overall, in the 2014 draft by Washington before being traded to the Los Angeles Lakers. He was traded to the Cleveland Cavaliers in 2019 and moved to the Jazz in 2019. Clarkson had several near-misses in the fourth quarter before grabbing his 10th, and final rebound with 2:28 left. He wrapped up the ball, called timeout and then his teammates and Jazz fans erupted with cheers. “All the way up to the rebound, I was a little nervous,” Clarkson said. Clarkson’s triple-double is the latest step away from a reputation as a gunner he gained earlier in his NBA career. “He’s adapted to a new role and he’s really trying to expand how he contributes to winning,” Jazz coach Will Hardy said. “It’s not just about scoring points. If I could have

picked somebody on our team right now to break the streak, it would have been Jordan.” Simone Fontecchio paced the Jazz with 24 points. Lauri Markkanen added 17 points and John Collins chipped in 15. Walker Kessler had team-highs of 10 rebounds and four blocks, along with 11 points. Utah won a fourth straight home game and avenged a 50-point loss to Dallas in December.

Osaka oozing with confidence NAOMI OSAKA, the four-time Grand Slam tennis champion from Japan, has become the cynosure of all eyes as she embarks on a comeback after nearly a 16-month absence. She did not disappoint. Given a wild card in the ongoing Brisbane International, Osaka defeated Germany’s Tamara Korpatsch, 6-3, 7-6(9), in a New Year’s Day drama barely six months after becoming a mother. The tournament is serving as an aperitif of the Australian Open January 14 to 28 in Melbourne, the traditional home of the year’s first of four majors. Osaka, 26, who delivered daughter Shai in July, spent only 39 minutes to win the first set. But just when it seemed she was in for a cruise, the 84th-ranked Korpatsch fought back in the second set. It was then that Osaka had to dig deep from her experience, bucking two set points with the default poise of a

major winner, before finally delivering her signature blistering forehand for the win. “Looking back on the match,” Osaka said, “honestly, I’m very proud of myself. I feel like I played at a pretty good level.” She waxed emotional. “I just really appreciate people coming out, and cheering for me,” she said, “because I feel like there was a time I was just a little kid trying to watch my role models play. So, it feels really surreal sometimes to be playing on these courts.” She spoke of gratitude. “The last couple of years that I played before I had my daughter, I didn’t return as much love as I was given,” Osaka said. “I feel like that’s what I want to do in this chapter.” Osaka left tennis in September 2022, citing mental health concerns following her withdrawal from the second round of the Pan Pacific Open in Tokyo.

field amounts to P26.5 million and covers exclusive naming rights and sponsorship of the facility for a period of 20 years. Rehabilitation works include the supply and installation of field turf, drainage rehabilitation and general maintenance. Besides the football field donation, Quiambao also made a personal pledge of P10 million for the rehabilitation of the DLSZ sports pavilion which includes the painting, waterproofing and upgrading of its sound system. The football field agreement was witnessed by Alloprene Angelo Adlawan, Trustee of YKQ Foundation and a member of DLSZ HS Batch 1991, while the sports pavilion contract was witnessed by Dave Macias, a member of DLSZ HS Batch 1993. During the signing ceremony, Brother Oca and the DLSZ delegation expressed their gratitude for the support given by the YKQ Foundation and particularly thanked Quiambao for the generous donation to the DLSZ, which is also celebrating its 45th anniversary. Yvonne S. Kindangen-Quiambao Foundation Inc. is a non-stock, non-profit organization. It supports causes related to children’s welfare and provides assistance in the areas of education, health, disaster and calamity. De La Salle Santiago Zobel School is a member of De La Salle Philippines (DLSP), a new districtwide network of 16 Lasallian schools in the country.

YVONNE S. KINDANGEN-QUIAMBAO Foundation Inc. chairman Anthony Quiambao (third from left) seal the sponsorship agreement with De La Salle Santiago Zobel School Inc. president Br. Bernard Oca FSC. With them are (from left) Alloprene Angelo Adlawan, Dave Macias, Rafael Javier Reloza, Ma. Teresa Castañeda and Joneil Dulay.

Clarkson posts Utah’s 1st triple-double since 2008 as Jazz storm past Mavericks

Maraño, Galang bringing big act to Crossovers

HERY TIGGO scored a coup on Tuesday as the Crossovers signed both Aby Maraño and Ara Galang for the 2024 Premier Volleyball League (PVL) season. The two were previously with F2 Logistics which disbanded last month. “I’m excited to be part of Chery Tiggo, I feel like I’m behind the when driving to greater speed,” said the 31-year-old Maraño. Galang, 28, said:“I’m very thankful for this opportunity with Chery Tiggo and super excited to be teammates with other players with Tyang [Maraño].” Maraño’s familiar with the Crossovers who were once her teammates in the national team. “We were together in the national team—Mylene Paat, Jasmine Nabor, Shaya [Adorador], Eya [Laure], [Jennifer] Nierva and a lot more,” she said. “I’m so excited to be working with these players.” Maraño and Galang vowed to help the Crossovers to their first title since the 2021 Open Conference.

Association, Premier Volleyball League, Rain or Shine and 1-Pacman Partylist Rep. Mikee Romero. Obiena, son of former athletes Emerson and Jeanette Uy, is the first track athlete to be honored with the prestigious award since long jumper Marestella Torres in 2009. He emerged the undisputed pole vault king in Asia in 2023—he set new records in the Cambodia Southeast Asian Games (5.65 meters), Asian Athletics Championships (5.91 meters) in Thailand and in Hangzhou 5.90 meters. Obiena then raised the ante by becoming the first Filipino pole vaulter to win a silver medal in the world championships in Budapest. He did 6.0 meters in another podium finish following his breakthrough bronze medal in the 2022 worlds in Oregon. Earlier, he finally joined pole vault’s ultra-elite 6.00-meter club and won gold at the Sparebanken Vest Bergen Jump Challenge in Norway, becoming the first and only Asian athlete to achieve the feat.

YKQ Foundation gives DLSZ football pitch new look

“I would say right after Tokyo…I was thinking about retirement because I felt like all my joy went away for the sport,” Osaka said. She didn’t watch any tennis until last year’s Wimbledon. “But then I thought, I’ve played tennis since I was three and there’s so many more things that I want to do.” She said Shai’s birth changed her approach to tennis. “I think in the time I had been away, I appreciated the

The Jazz have won eight of their last 11 games. “Eighty-seven point swing is kind of wild,” Markkanen said. “It feels good to start the year off right.” Luke Doncic led the Mavericks with 19 points, 14 assists and six rebounds. Jaden Hardy hit five 3-pointers and scored 17 points for Dallas who lost to the Jazz for just the second time in eight meetings. “We just couldn’t get in a rhythm with that zone, the box-and-one and the different defenses that they played tonight,” Dallas coach Jason Kidd said. “We knew what was coming. We just didn’t execute or capitalize on it tonight.” Kyrie Irving returned to action after missing 12 games with a bruised heel and finished with 14 points, nine rebounds and four assists. Irving admitted feeling a nervous in his first game back. “It’s my first time in my career I’ve had this type of injury and it was unique and I wasn’t sure how long I was going to be out,” Irving said. “There was no structural damage done to it, but it was, achy, and I don’t want to say [I was] humbled, but you realize that the injury is a lot more significant when you can’t get your other shoe on.” The Jazz got an early spark from Fontecchio, who scored 12 of Utah’s first 14 points. He made five baskets overall in the first quarter— including three 3-pointers. Fontecchio’s early scoring set the stage for a 16-7 run that put the Jazz up 37-26 going into the second quarter. Kessler and Clarkson punctuated Utah’s run by scoring a pair of baskets apiece over four straight possessions. The Mavericks trimmed a 12-point deficit to 70-67 early in the third quarter after Derek Lively II dished to Hardy for a corner 3-pointer and followed with back-to-back baskets. Fontecchio and Markkanen threw down back-to-back dunks to stop the 9-0 Dallas run. The Jazz pulled away for good behind a 16-4 run to extend its lead to 97-79 early in the fourth quarter. Clarkson scored or assisted five of six Utah baskets during the decisive run. UTAH’S Jordan Clarkson drives against Dallas’s Dwight Powell. AP

sport a lot more,” she said. “I think definitely becoming a mum changed my mindset a lot.” She faces today a formidable opponent in former tormentor Karolina Pliskova, the 2021 Wimbledon finalist. Their last meeting in 2020 in Brisbane saw Pliskova survive the opening-set loss and save match points to win, 6-7, 7-6, 6-2, in the semifinals. Prone to emotions, Osaka would need to put her nerves under control if she intends to avenge her loss to 16thranked Pliskova. “I think I’m a lot more open-minded now, a lot more patient, but also I feel a lot stronger physically,” Osaka said. We will see. THAT’S IT EJ Obiena deserves the Athlete of the Year award from the Philippine Sportswriters Association (PSA). Besides being the Asian Games champion with a recordshattering leap, Obiena has also installed himself the world No. 2 pole vaulter—a feat no Filipino, or Asian for that matter, has ever achieved. And so, to PSA president Nelson Beltran, good job! Cheers!