BusinessMirror January 10, 2024

BusinessMirror A broader look at today’s business

JOBS DATA BETTER, BUT LABOR DROPOUTS RISE www.businessmirror.com.ph

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Wednesday, January 10, 2024 Vol. 19 No. 87

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

RESILIENT FAITH REVIVED: TRASLACION’S TRIUMPHANT RETURN IN MANILA In a poignant revival, the country witnessed the resurgence of the Black Nazarene’s feast, Traslacion, after a three-year hiatus due to the pandemic. The compelling photographs of BusinessMirror photographers Nonie Reyes, Bernard Testa, Nonoy Lacza and Roy Domingo portray the diverse tapestry of devotees, from different walks of life, uniting in unwavering faith as they clutch the sacred rope, weaving through the streets from Quirino Grandstand to Quiapo Church. The cancellation during the pandemic only fueled the fervor, with hundreds of thousands reclaiming the procession, touching the image of the Black Nazarene in belief of miracles. Beyond religious devotion, the lenses of these photographers illuminate a narrative of hope, resilience, and the enduring spirit of the Filipino people in the face of adversity. Story on Traslacion in A5 News

By Cai U. Ordinario @caiordinario

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HILE the overall employment numbers improved in November 2023, data from the Philippine Statistics Authority (PSA) showed millions of Filipinos, composed of mostly women, dropped out of the labor market due to household duties.

On Tuesday, the PSA said the number of unemployed Filipinos declined to 1.83 million, or an unemployment rate of 3.6 percent, the lowest since April 2005. (https://businessmirror. com.ph/2024/01/09/joblessrate-in-november-lowest-since2005-neda/) However, PSA data showed 8

million Filipinos did not participate in the labor force because they had to attend to household duties.

This is on top of the 11.966 million who are not in the labor force because they are in school.

“So may pagbaba tayo sa [So we’re seeing a decline in the] See “Jobs,” A2

‘COSTLIER FARES, POWER, OIL TO PROLONG BSP TIGHTENING’

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HE Bangko Sentral ng Pilipinas (BSP) is expected to maintain its tight monetary policy longer on the back of higher transportation fares, power rates, and oil prices, according to a US-based think tank.

In an economic brief, GlobalSource Partners country analysts Diwa Guinigundo and Wilhelmina Mana lac added that recent pronouncements from the Department of Trade and Industry (DTI) could also stoke inflation.

The DTI-Consumer Protection Group (CPG) said out of the 217 items in the SR P bu l letin, 29 percent or 63 items currently have pending price adjustments.

(Full story here: https://

b u s i n e s s m i r r o r. c o m . ph /2024/01/08/tradersrequest-for-price-adjustment-under-review/) “We believe that the BSP will maintain a higher interest rate for longer, precisely because first of all, it considers its previous monetary tightening is yet to fully take effect because of the long lags of monetary adjustments,” the think tank said.

“Upside risks to the baseline forecasts including global uncertainty remain dominant such that an early reset could trigger a price upsurge and upset inflation expectations,” it added.

However, Guinigundo and See “Costlier,” A2

PHL hopes PJEPA review will widen access to Japan

By Andrea E. San Juan

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@andreasanjuan

HE Philippines is hoping to conclude the general review of the free trade agreement with Japan, including improving market access by lowering tariffs on tropical fruit exports to Japan, among others.

Department of Trade and Industry (DTI) Undersecretary Allan B. Gepty told reporters last week that the general review for the Philippines-Japan Economic Partnership Agreement (PJEPA) is ongoing.

“But we are really advocating and pushing for Japan to fasttrack the general review and the pending issues and other interests that we would like to be covered under the treaty...to be concluded already,” Gepty told

reporters at a recent briefing.

While he did not divulge the “many issues and elements” that the Philippines intends to cover with respect to the trade agreement, the country’s trade negotiator said the Philippines has offensive interest in bananas.

“One of our priorities is the market access of bananas. Our producers are lobbying to improve their market access to bananas. And that includes also other tropical fruits which we are constantly advocating to be further improved,” Gepty said.

On Monday, Agriculture Secretary Tiu Laurel Jr. said in a statement that Manila looks at the review of PJEPA as a good initial opportunity “to discuss the Philippines’s appeal for lower See “PJEPA,” A2

PESO EXCHANGE RATES n US 55.5530 n JAPAN 0.3852 n UK 70.8301 n HK 7.1162 n CHINA 7.7665 n SINGAPORE 41.8415 n AUSTRALIA 37.3205 n EU 60.8472 n KOREA 0.0423 n SAUDI ARABIA 14.8138 Source:

BSP (9 January 2024)

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Wednesday, January 10, 2024

BusinessMirror

PHL, Asian countries to see slower growth–UK think tank

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By Andrea San Juan

@andreasanjuan

SIAN countries including the Philippines will likely pose slower economic growth in the fourth quarter of 2023, according to a UK-based think tank.

“After Q3 data mainly brought upside surprises in Asia, our activity trackers suggest Q4 data could bring the reverse—more downside growth surprises,” Oxford Economics said on Tuesday.

For the Philippines, the UKbased think tank said its economy could “also surprise the consensus to the downside, with a low growth rate by historical standards.”

Based on its trackers, Oxford Economics said the country’s gross domestic product (GDP) growth may slow to 4.5 percent growth in the fourth quarter of 2023, 0.5 percentage points lower than the 5 percent consensus forecasts.

Across countries in Asia, the UK-based think tank said softness is “most apparent” in consumer spending-related indicators.

“That continues a turn in the trend of consumers losing their gusto that started in Q3. We suspect that will persist in the coming quarters, with the lagged impact of tighter monetary policy still

feeding through, fiscal policy being tightened, and household balance sheets in need of some repair,” it noted.

The Philippines’s economic growth posted a growth of 5.9 percent in the July to September period or third quarter in 2023, according to the Philippine Statistics Authority (PSA).

With this, the country’s growth averaged 5.5 percent, just 0.5 percentage points shy from the lowend of the government’s full year target.

T he nat iona l gover nment, through the Development Budget Coordination Committee (DBCC) is targeting a growth of 6 to 7 percent in 2023.

According to Oxford Economics, data for the quarters leading up to the third quarter of 2023 showed a “clear trend” across the region. It noted that exports were “slumping” as global goods demand “fell back,” but the domestic consumer was helping to pick up

the slack, as pent-up demand was still being satisfied after a long pandemic.

“But Q3 data indicated a notable reverse in the trend, with consumer spending growth generally softening but exports performing much better than they had in over a year. Growth was also helped in a few places by spikes in government spending. GDP mostly surprised to the upside,” the think tank said.

For the Philippines, PSA said that on the demand side, household final consumption expenditure (HFCE) grew by 5 percent in the third quarter of 2023. This is the slowest growth since the first quarter of 2021 when HFCE contracted 4.8 percent.

Similarly, Government final consumption expenditure (GFCE), and Exports of goods and services posted growths of 6.7 percent and 2.6 percent, respectively. (Full story here: https://businessmirror.com.ph/2023/11/09/gdpup-5-9-in-q3/#:~:text=The%20 co u nt r y ’s%20 eco no m ic%20 growth%20posted,the%20government’s%20full%20year%20 target.)

T he U K-ba sed t h i n k t a n k pointed out that China is deemed as the “one big exception” in the trend across countries in Asia.

“Our tracker points to growth of over 7 percent in Q4, compared to 4.9 percent in Q3, though, the underlying data are decidedly mixed. Manufacturing is a key source of strength.”

www.businessmirror.com.ph

Costlier. . .

Jobs. . .

Continued from A1

Continued from A1

Manalac said they shared the BSP’s estimates that inflation will average 2 to 4 percent in the first part of 2024. Inflation could breach the 4 percent rate in the middle of the year, though.

“It will be helpful to the cause of inflation management if nonmonetary measures are more vigorously pursued, especially those involving agricultural and logistics support,” the analysts said. “It will be welcome news indeed if the December inflation record is replicated month after month this year.”

The analysts said, however, that keeping interests rate high for a longer period would not lead to “bad results in both output and employment.”

They said the economy’s growth in the past three quarters of 2023 cannot be ignored.

This is despite the fact that the 5.5-percent average GDP growth was slightly below the 6 to 7 percent target.

This growth rate was considered the fastest in the region.

The analysts also stressed that jobs data—unemployment and underemployment—have been improving.

“Dissonant voices on the policy front could create black noise in the market and could undermine faith in public policy,” Guinigundo and Manalac said.

L a st yea r, t he Nat ion a l Economic and Development Authority (Neda) said high interest rates could hurt local producers and slow down the country’s GDP growth.

Socioeconomic Pl anning Secretary Arsenio M. Balisacan said he is not in favor of further rate hikes, as inflation is being caused by supply side issues that jack up commodity prices. Such a situation, he said, does not call for monetary policy tightening.

Raising interest rates would also not lead to a competitive peso, he added. Balisacan said a weak peso is what the country needs to grow faster, since this will allow exporters and local producers to earn more, as well as increase the purchasing power of dollar earners and their families in the Philippines.

It is a misnomer, Balisacan explained, that a weak peso translates to a weak economy.

On the contrary, it allows sectors such as Business Process Outsourcing (BPO) and Overseas Filipino Workers (OFWs) to have greater purchasing power.

Cai U. Ordinario

PJEPA. . .

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tariff on bananas.”

Under PJEPA, the tariff on Philippine banana is set at 8 percent from April 1 to September 30, and then increased to 18 percent for imports between October 1 and March 31, DA said.

The DA is also seeking to revive the Japanese market for Philippine mangoes, the export of which had declined sharply since Japan adopted in 2011 stricter sanitary and photosanitary standards, especially the

number of persons that participated in the labor force. Ang malaking nag-contribute, ang mga household family duties ang sinasabi nilang reason. [The biggest contributor comes from those who state household family duties as the reason],” National Statistician Claire Dennis S. Mapa said in a briefing.

Most of those who cited “household family duties,” he noted, are female. “So those are two major reasons they did not participate [in the labor force]. They have household family duties and most of them are female, and second is schooling,” he added, partly in Filipino.

The National Economic and Development Authority (Neda) was quick to point this out and said the labor force participation rate slid to 65.9 percent from 67.5 percent in November 2022.

This translated to an estimated 51.47 million Filipinos aged 15 years and older in the labor force, lower than the 51.88 million in November 2022.

Based on the data, the number of those who said household duties prevented them from being part of the labor force increased by 930,000 compared to the 7.077 million recorded in November 2022.

For those in school, the PSA data showed the number represented an increase of 912,000 compared to the 11.054 million posted in November 2022.

Neda said the decline was mainly due to reduced participation of women at 55.4 percent from 57.8 percent; and young people at 34.4 percent from 40 percent in the labor force, influenced by family responsibilities and schooling.

participation rates.

It also noted that unemployment rates have dipped, including in the Philippines. But wage growth has remained broadly in line with its prepandemic trend.

“As wage growth has been modest, inflation is likely to remain mild and not have a bearing on monetary policy,” ANZ said.

The think tank also said lower unemployment rates represent structural development. It is expected to provide a stronger anchor to overall GDP growth and help cushion the impact of fluctuations in external demand over a longer time horizon.

Addressing gaps

RIZAL Commercial Banking Corporation Chief Economist Michael L. Ricafort said the trend in local unemployment rate data would still sustain especially at the 3-percent levels.

This is consistent with other Asean/Asian countries whose unemployment rate levels are at the 2 to 3 percent levels.

“This could be a new normal for the Philippines in a positive context amid the country’s relatively faster economic/GDP growth, slowing/easing headline inf lation, and favorable demographics,” Ricafort said.

Meanwhile, ANZ Research said Asian labor markets have been “surprisingly tight.” The think tank said the increase in labor demand has exceeded the increase in labor force growth and higher

NEDA Secretary Arsenio M. Balisacan said the government is keen on addressing gaps in the labor market through various strategies.

T h e s e i n c lu d e e x p a nd i n g t he d ig it a l economy, inc luding the digitalization of Micro, Small, and Medium Enterprises (MSMEs) and startups, to address the declining labor force and increase labor market gains in 2024 and beyond.

“Digitalization enables alternative work arrangements, particularly for the youth, women, and those in the creative sector. This will help address the declining labor force,” Balisacan said.

“We will take full advantage of the liberalization reforms intended to attract investments in the Philippines, especially in digital infrastructure. Upgrading our infrastructure will attract investments that generate high-quality jobs,” he added.

Balisacan said the government will further support a more productive, agile, and adaptive workforce by passing and implementing crucial regulatory reforms, such as the Apprenticeship Bill, Lifelong Learning Bill, and the Enterprise Productivity Act. He also underscored the need to establish a regulatory framework to allow alternative work arrangements, including part-time work, even in the formal economy.

“Allowing part-time work even in the formal sector will expand opportunities for lifelong learning, work experience in an organized setting, and coverage in social protection systems,” Balisacan said.

Meanwhile, the underemployment rate also eased to 11.7 percent in the same survey period from 14.4 percent in November 2022.

The number of underemployed persons, or those who expressed the desire to have an additional job and work hours, was estimated at 5.79 million in November, lower than the 7.16 million in November 2022.

maximum residue limit.

Meanwhile, Gepty noted that for Japan’s part, it has an offensive interest in industrial goods such as automotive products, which includes auto parts.

Asked about Japan’s concession on automotive products, Gepty said, partly in Filipino, “As always, they expect that if possible, to have zero for the positive tariff lines.”

The Philippines, Gepty explained, has a similar track, wishing to have zero rates for those covered by its offensive interest, “but it depends on the outcome of the negotiation.” Sometimes one’s “landing zone is either [you have] a timeline, a reduction, or sometimes it all depends on the sensitivity of the product—it will end up [still] positive [but] very minimal.”

The PJEPA is the first bilateral free trade agreement of the Philippines. It was signed in Helsinki, Finland by then President Gloria Macapagal-Arroyo and former Prime Minister

Junichiro Koizumi on September 9,2006. The Philippine Senate concurred with the ratification of the PJEPA on October 8, 2008 and the Agreement officially entered into force on December 11,2008.

The PJEPA covers, among others, trade in goods, trade in services, investments, movement of natural persons (MNP), intellectual property (IP), government procurement (GP), competition, and improvement of business environment (IBE).

According to Article 161 of the PJEPA, the Philippines and Japan shall undertake a General Review of the Agreement and its implementation and operation in 2011 and every five years thereafter, unless otherwise agreed by both parties.

According to DA, Japan is the second largest market for Philippine agri-food exports, enjoying a trade surplus of US$824 million in 2022.

At the end of the third quarter in 2023, Philippine agricultural trade with Japan posted a US$596.4-million surplus in favor of the Philippines, DA noted.

Employment trends

Wednesday, January 10, 2024

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

177 Metro policemen face illegal drugs charges–PBBM

By Samuel P. Medenilla

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@sam_medenilla

RESIDENT Ferdinand R. Marcos Jr. on Tuesday said the intensified government crackdown against illegal drugs resulted in the filing of charges against 177 police officers in Metro Manila.

In a video message posted on his social media account on Tuesday, the Chief Executive as-

sured government officials and personnel with alleged links to drug traffickers, including those

affiliated with the Philippine National Police (PNP), will not be spared from their anti-illegal drugs drive.

“That is why 177 police police officers have been charged with drug-related offenses. Including the planting of evidence, unlawful arrest, and excessive violence in NCR (National Capital Region),” Marcos said partly in Filipino.

This was on top of the 151,818 similar court cases filed with the Department of Justice (DOJ) from 2022 to 2023.

Marcos said 121,582 government officials and personnel with links to the illegal drug trade were already jailed.

L a s t Mond ay, he re p or t -

ed 27,968 barangays were declared clear from illegal drugs.

He also disclosed PNP’s efforts against drug-traffickers resulted in the confiscation of P10.4 billion worth of illegal drugs and the arrest of 56,495 suspects in 2023.

The President said his administration would continue to prioritize its anti-drug campaign since it is beneficial for many Filipinos.

“For us, these are not just good numbers, but also an improvement.

We are continuing to improve our communities and the lives of our citizens and we continue to try to prevent our youth from being involved in a drug-taking lifestyle,” Marcos said.

DOJ recommends filing of ‘terrorism’ raps vs 11 Reds over ambush of Army troops in Mindoro

By Joel R. San Juan @jrsanjuan1573

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HE Department of Justice (DOJ) has recommended the filing of criminal charges for alleged violation of Republic Act 11479 or the Anti-Terrorism Act of 2020 against 11 suspected members of the New People’s Army (NPA) for their alleged involvement in last year’s ambush of Philippine Army soldiers in Sablayan, Occidental Mindoro.

The accused were identified as Jovito Marquez, Antonio Baculo, Sonny Rogelio, Veginia Terrobias, Lena Gumpad, Job Abednego David, Jessie M. Almoguera, Reina Grace, Bethro Erardo Zapra

Jr., Daisylyn Castillo Malucon, and Yvaan Copuz Zuniga.

The Justice department said the accused’s main objective was to kill the government troops with the use of high-powered firearms and improvised explosive devices.

The incident happened on May 30, 2023 in Barangay Malisbong, Sablayan, Occidental Mindoro. “ The attack which resulted with no casualties among the Army personnel, has been characterized by investigating prosecutors as an act of terrorism,” the DOJ said.

“The intent behind the ambush was deemed to cause death, serious injury, and to instill a widespread atmosphere of fear,

thereby destabilizing the fundamental political, economic, and social structure of the Philippines,” it added.

However, the DOJ said, investigating prosecutors found no probable cause to charge the accused with illegal possession of firearms and explosives.

They also dismissed the complaint for war crimes under Republic Act 9851 (An Act Defining and Penalizing Crimes Against I nter n at ion a l Hu m a n it a r i a n Law, Genocide and Other Crimes A ga inst Humanit y…) aga inst the accused due to insufficient evidence.

The militar y reported that two NPA members were killed

‘Death of E. Samar NPA leader in encounter shows weakening insurgency movement’

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HE National Task Force to End Local Communist Armed Conf lict (NTF-ELC AC) on Monday said the death of another ranking New People’s Army (NPA) commander during an encounter with government forces in Borongan, Eastern Samar last Januar y 6 highlights the weakening insurgency movement.

“The death of Martin Colima (alias) Moki, top leader of the NPA subcommittee in Eastern Visayas Regional Party Committee (EVRPC), during combat operations

by Army troops in Eastern Samar should serve as an eye-opener for the remaining insurgents to lay down their arms, peacefully surrender and avail the government’s amnesty program,” NTFELCAC executive director Undersecretary Ernesto Torres Jr. said in a statement Tuesday.

Colima, who was facing a string of multiple heinous crime charges before the courts, and his men entered Barangay San Gabriel, Borongan City unaware of the residents’ dislike against the NPA and their allies.

Unknown to the NPA leader, the residents immediately reported their presence to nearby military units, triggering the clash that eventually killed Colima.

“The NTF-ELCAC called on the remaining members of Colima’s group to peacefully surrender and abandon the senseless armed struggle so as not to suffer the same fate like what happened to their leader,” Torres said.

The NTF-ELCAC chief said Colima’s death is proof of the weakened state of the NPA and the waning political influence of the Communist Party of the Philippines (CPP) on the Filipino masses

No damage reported in magnitude 6.7 quake in southern Mindanao

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AVAO CIT Y—A strong quake rocked the southern part of the Davao and Soccsksargen regions of southern Mindanao at dawn Tuesday but the Philippine seismic center said it was not expecting any damage.

Although the quake was measured at a strong magnitude 6.7, it happened in the Indonesian side, some 183 kilometers southeast of the Davao Region’s southernmost island of Balut.

It struck at 4:48 am at a depth of 94 kilometers as it was initially measured at magnitude 7.1, immediately sounding off a tsunami alert. The magnitude measurement was downgraded later to 6.7.

The Philippine Institute of Volcanology and Seismology (Phivolcs) said the quake was generated by the Sangihe Trench of Indonesia, the fault line shared by both the Sangihe Trench and the Halmahera Trench.

in geographically isolated and disadvantaged areas.

“Most importantly, the CPPNPA should accept the fact that in Samar every single barangay liberated by the government from the clutches of the CTGs (communist terrorist groups) through the ‘whole-of-nation and whole of government’ approach has been transitioning to become a haven of peace wherein economic development is being effectively spurred by the government,” he added.

Also, Torres said Colima’s death shows that these communities no longer welcome NPAs in their midst.

“There are no more ‘NPA mass bases’ to speak of that for decades the CTGs had exploited to the detriment of poverty-stricken residents in such communities,” he added. Rex Anthony Naval

“Geographically, the epicenter is in Indonesia but recorded by the Philippine Seismic Network and felt in Southern Mindanao. In the said epicentral area, the tectonic setting is complicated as there are two interacting trenches, the Halmahera and Sangihe Trenches.

The magnitude 6.7 event is generated by the Sangihe Trench in Indonesia,” the Phivolcs said.

The quake was felt at Intensity 4 in the towns of Malungon, Alabel, Kiamba, and Glan of Sarangani province, and Intensity 3 in Koronadal City and the towns of Tupi, and T’boli in South Cotabato.

Manuel T. Cayon

during their encounter with the soldiers from the 68th Infantry Battalion who were then conducting focused military operations in the area.

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Driver of cop linked to missing Batangas beauty queen yields

MISS Grand Philippines 2023 candidate Catherine Camilon FILE PHOTO FROM INSTAGRAM

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HE driver of the police officer implicated in the disappearance of Miss Grand Ph i l i p p i ne s 202 3 c a nd id at e Catherine Camilon in Batangas province last year surrendered to authorities on Tuesday for safety reasons.

In a report, Maj. Domingo Ballesteros, acting chief of the Balayan police, said 33-year-old Jeffrey Magpantay personally appeared at the station, accompanied by his live-in partner.

Magpantay turned himself in for preventive custody while facing charges of kidnapping and serious illegal detention, Ballesteros said.

The driver said he would feel safe under police custody.

Magpantay is the driver of Maj. Allan de Castro, the prime suspect in the case.

Ballesteros said Magpantay did not admit involvement in Camilon’s disappearance.

“He voluntarily submitted himself (for investigation). If there will be an investigation, he will be available. He is not hiding, he is willing [to cooperate regarding the case],” Ballesteros said.

De Castro is under PNP restrictive custody after being implicated in the disappearance of Camilon.

The Criminal Investigation and Detection Group -Calabarzon filed a case of kidnapping against de Castro, Magpantay and two John Does before the Batangas Provincial Prosecutor’s Office, which held three preliminary investigations in December.

In a phone interview, Ballesteros admitted that they have no legal grounds to arrest Magpantay as the case is still in the preliminary investigation stage and there is no arrest warrant yet.

“He submitted himself for investigation...He wants to be in the custody of the PNP for his own safety. We are not restricting or preventing him from leaving,” he added.

Camilon, a teacher in Tuy town, was last seen alive in October at a mall in nearby Lemery.

She last made contact with her family when she called up to say she was in Bauan and was going to a meeting in Batangas City. PNA

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Wednesday, January 10, 2024

Economy BusinessMirror

DA bans importation of poultry products from Belgium, France amid bird flu fears

By Jovee Marie N. dela Cruz @joveemarie

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he Department of A g r ic u lt u re (DA) banned the importation of live poult r y a nd p ou lt r y products, including wild birds, from Belgium and France following reports of Highly Pathogenic Avian Influenza (HPAI) outbreaks in domestic birds in the two European nations.

The bans are in response to notifications made to the World Organization for Animal Health (WOAH) by Belgium on December 1, 2023, and France on November

30, 2023.

In a statement on Tuesday, Agriculture Secretary Francisco Tiu Laurel Jr. emphasized the necessity of the import bans to prevent the potential introduction of HPAI-H5N1 into the Philippines.

“We’re doing this to protect the health of our local poultry population as well as poultry workers and consumers since H5N1 is a virus that can be transmitted to humans by infected animals,” he said.

Belgium and France, which share a border, almost simultaneously reported the bird flu outbreak in domestic birds to the WOAH. Belgium submitted its report on December 1, 2023 while

France on November 30, 2023.

The DA’s imposition of the ban will immediately stop the acquisition of both domesticated and wild birds from Belgium and France. The indefinite import bans also prevent traders from bringing in Belgian and French poultry products, including poultry meat, day-old chicks, hatching eggs, and poultry semen into the Philippines starting January 8, 2024.

Exceptions will be made for meat imports already in transit, loaded, or accepted before the ban, provided that the poultry was slaughtered or the products were produced on or before November 12, 2023 (for France) and November 16, 2023 (for Belgium). All imports beyond these dates, excluding heat-treated

products, will not be considered upon arrival in the country.

According to data, the Philippines’ total importation of poultry meat in 2022 witnessed a 1.57 percent increase compared to 2021, reaching 411,070 metric tons valued at $468,455,990.

Belgium constituted 2.60 percent of the overall imports, with no recorded imports from France.

In 2023, Philippine importation of poultry meat reached 426,620 metric tons valued at $418,130,353 which is a 3.78 percent increase compared to 2022.

France and Belgium account for 0.01 percent and 0.59 percent respectively of total imports.

The DA said the import bans would continue unless revoked by the agency.

Editor: Vittorio V. Vitug

House starts probe into issues plaguing PUVMP

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he House Committee on Transportation will begin its inquiry into the reported controversies surrounding the implementation of the Public Utility Vehicle Modernization Program (PUVMP) initiated by the previous administration today, Wednesday.

Antipolo City Rep. Romeo Acop, who chairs the House Committee on Transportation, said this initiative comes in response to the directive from Speaker Martin G. Romualdez, who instructed the committee to ascertain the validity of corruption allegations in the PUVMP based on reports reaching his office.

“We are responding to the directive of Speaker Romualdez to investigate these very serious allegations. We will just get the consensus of members of the committee so we can start our hearings by Wednesday,” Acop said.

“We cannot allow corruption to take root in the implementation of the modernization program. If we are to proceed with the modernization of our PUVs [pub-

lic utility vehicles], we must make sure there is not even a whiff of irregularity,” he added.

Even in the absence of a resolution or privilege speech specifically calling for an inquiry, Acop mentioned that they would proceed under Section 2 of the House Rules of Procedure Governing Inquiries in Aid of Legislation. This section grants committees the authority to initiate inquiries within their jurisdiction through a majority vote with prior authorization from the Committee on Rules.

Romualdez had previously referred to reports indicating potential collaboration between current and previous transport officials in negotiations for the importation of modern jeepney units to replace older ones.

Additionally, he urged the Department of Transportation to conduct a comprehensive review and extend the program, which mandates jeepney operators and drivers to join or form transport cooperatives.

Jovee Marie N. Dela Cruz

Libanan says lack of roadmap may have led to discontinuation of SHS programs in SUCs

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he controversy hound ing the Commission on Higher Education’s (CHED) discontinuation of the senior high school (SHS) program in state universities and colleges (SUC) reveals a significant absence of a welldefined roadmap, according to House Minority Leader and 4Ps party-list Rep. Marcelino Libanan.

Libanan emphasized the need for CHED to establish a clear roadmap that outlines the desired outcomes and the necessary steps to achieve them.

“It has become apparent that the CHED, from the start, never had a roadmap with respect to the SHS programs of SUCs,” Libanan pointed out.

“They should have drawn up a clear roadmap defining the desired outcome and outlining the steps needed to get there,” he added.

Several members of Congress have criticized CHED for mandating SUCs to terminate their SHS programs. CHED’s justification revolves around the need for a legal basis and funding to sustain these programs.

Libanan, however, pointed out that many SUCs already operate as autonomous institutions with independent control over their academic programs.

“There are also SUCs, particularly those in the provinces, that might deem it necessary to have their own ‘feeder’ SHS

programs to supply them with high school graduates for specific college courses,” Libanan said.

“If this is a question of funding, we must also stress that Congress still enjoys the prerogative to provide appropriations on a case-to-case basis,” Libanan said, adding that the subsidy for every SUC is itemized in the annual budget.

Surigao del Norte Rep. Robert Ace Barbers earlier accused CHED officials of creating another problem for the education sector and overly focusing on minor technicalities.

Barbers said that CHED should be helping out the Department of Education (DepEd) by sustaining the SHS program in SUCs. The Makabayan bloc filed House Resolution 1533, initiating an inquiry into the recent directives from the DepEd and the CHED regarding the Government Assistance to Students and Teachers In Private Education (GASTPE) program.

The resolution aims to scrutinize these issuances in the context of ensuring the right to access quality education.

ACT Teachers Rep. France Castro emphasized the government’s lapse during the transition period, citing its failure to conduct comprehensive consultations with stakeholders before unilaterally discontinuing subsidies for affected students.

Jovee Marie N. Dela Cruz

Go welcomes allocation of addl budget for MinDA, CDA and NYC

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enator Christopher “Bong” Go has successfully pushed for considerable amendments to the national budget to bolster various developmental programs nationwide particularly to benefit the youth, cooperatives, and Mindanao.

As vice chairperson of the Senate Committee on Finance, his recent efforts have led to substantial financial allocations to three key agencies: the Mindanao Development Authority (MinDA), the Cooperative Development Authority, and the National Youth Commission.

According to Go, these amendments reflect his commitment to addressing the diverse needs of these sectors that are crucial to economic recovery and progress.

Through Go’s initiative, the Mindanao Development Authority (MinDA) was granted a P10 million allocation intended to Strengthening Indigenous People in Mindanao (STIP-Mindanao) Program.

This program is designed to empower the indigenous communities in Mindanao, providing them with the necessary resources and support to preserve their culture and improve their living standards.

The STIP-Mindanao Program is expected to be pivotal in fostering social inclusivity and cultural preservation.

“Mindanao holds a special place in our hearts, and we must continue to support initiatives that promote the welfare and empowerment of our Indigenous Peoples

in the region,” Go, ex-officio member of the MinDA Board of Directors, said.

“The STIP-Mindanao Program is a vital step in this direction, and I firmly believe that increasing its budget allocation will significantly enhance the lives and opportunities of our Indigenous communities,” he continued.

Meanwhile, Senator Go pushed for an additional P20 million for the Cooperative Development Authority (CDA) to strengthen government support for the cooperative sector.

This budget is allocated for the Human Capital Development Program for Cooperatives, which aims to provide financial assistance and capacity-building initiatives for qualifed cooperatives throughout the Philippines.

Go explained, “This program is seen as a critical step in enhancing the skills and competencies of cooperative members, thereby contributing to the country’s overall economic development.”

It can be recalled that Go co-authored Senate Bill No. 1855, which became Republic Act No. 11535, signed into law by former president Duterte in 2021.

Go also supported a P5 million budget amendment for the National Youth Commission (NYC) dedicated to the Philippine Youth Development Plan Advocacy Project, a program designed to engage and empower young Filipinos into community leaders.

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

News BusinessMirror

Wednesday, January 10, 2024

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2 lawmakers spar over election fund allocation in 2024 budget

By Jovee Marie N. Dela Cruz @joveemarie

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HE huge 2024 budget allotted for electoral exercises has sparked a word war between two House leaders.

T h e c h a i r o f t h e Ho u s e appropriations committee hit back at Albay Rep. Lagman for airing his suspicion that the huge budget allotted electoral exercises is related to plans to “railroad” Charter change (Cha-cha).

House Committee on Appropriations Chairman Rep. Zaldy Co clarified in a statement Tuesday that the P12 billion augmentation to Comelec’s initial P2-billion budget was granted at the request of the poll body.

TheproposedP19.4-billionbudget in the 2024 National Expenditure Program (NEP) was reduced by P17.4 billion by the Department of Budget

and Management before submission to Congress.

“Comelec Chairman George G a rc i a p e r s o n a l l y a p p e a l e d during the budget hearing in Congress to restore their budget.

Congressman [Joseph Stephen] Caraps Paduano, who presided over that meeting, attests that such a request was approved by the committee and reflected in the minutes. Was Congressman Lagman sleeping on the job that he missed it?” Co asked.

Co added that only P14 billion and not the entire P19.4 billion originally requested by Comelec was approved.

The balance of P5.4 billion was

included in the unprogrammed funds for future funding, he said.

He accused Lagman of maliciously portraying the Bicam as whimsically adding P12 billion to Comelec’s budget for Cha-cha, calling it another baseless accusation.

Co urged Lagman to demonstrate how Comelec’s P14 billion, or any portion of it, could be utilized for the proposed amendments to the 1987 Constitution.

Co emphasized that Comelec’s budget is exclusive to the agency, and no other entity, including Congress, can access or disburse any amount from it.

Co stated that if Lagman cannot substantiate his claims, he should refrain from making baseless statements.

He added that in the regular course of business, Comelec receives annual appropriations for its operations and to supervise the conduct of elections or special referendums like the recently defeated cityhood proposal of San Jose del Monte.

House members who passed away or were removed from office

also needed to be replaced, hence the need for special election funds, Co explained.

“Districts that lose representation for one reason or another deserve to have special elections where they can choose their leaders. That’s the purpose of the budget for the conduct and supervision of elections, referenda, recall votes, and plebiscites,” he added.

Lagman earlier said that the 2024 General Appropriations Act has a total of P14 billion for the “conduct and supervision of elections, referenda, recall votes, and plebiscites.”

He said the substantial budget, with P12 billion specifically earmarked for the Comelec, has sparked concerns and discussions re garding the mo t ives and implications behind such a significant financial allocation.

“The Charter change rampage has a surfeit of funds,” he noted. “The appropriations for these activities in the 2023 GAA were only P2 billion, which was increased by about 700 percent this year,” Lagman said.

Signing of new taxation law to boost foreign investors’ confidence to do business in Philippines–PCCI

By Andrea E. San Juan @andreasanjuan

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HE Philippine Chamber of Commerce and Industry (PCCI) expressed hope that the recent passage of the Ease of Paying Taxes (EOPT) law would encourage foreign investors to do business in the Philippines.

In a statement issued by the business group Tuesday, PCCI lauded the signing into law of the Republic Act No. 11976 or the Ease of Paying Taxes, as “this would encourage businesses to file their taxes properly and on time, paving the way for an increased government revenue collection.”

In particular, PCCI President Enunina Mangio expressed hope that the law would encourage foreign investors to do business in the Philippines.

“We need to harmonize and streamline our processes for us to attract investors into the country.

Otherwise, we will remain low in the ease of doing business,” she added.

According to PCCI, this law provides “classification” of taxpayers into micro, small, medium and large companies.

It also allows the filing of income tax returns electronically or manually with the Bureau of Internal Revenue (BIR) through any authorized agent bank or authorized software provider.

Further, the law eliminates the distinction between documentation and basis of sales of goods and services; and classification of valueadded tax (VAT) refund claims into medium and high-risk.

T he VAT re funds will be classified into low-medium, and

high-risk claims, which are based on the amount of VAT, refund claim, tax compliance history, and frequency of filing of VAT refund claims, among others.

Moreover, an invoice system will be implemented to accelerate VAT refunds. The Act also provides a 180-day period for the Bureau of Internal Revenue (BIR) to process general refund claims on erroneous or illegally collected taxes. (Full story here: https://businessmirror.com. ph/2024/01/09/off-to-a-good-startwith-eopt-signing-dof-chief/) While the implementing rules and regulations are yet to be released, the business group said Benedicta Du-Baladad, Director for PCCI’s Tax and Legislative Committee urged the BIR to intensify its information campaign to ensure that more people and companies are aware and

informed of the new law.

“We will be holding a series of info and education campaigns in partnership with the BIR to ensure that our members, many of which are small enterprises, are able to use this mechanism,” Du-Baladad said.

In relation to this, PCCI said it has an existing agreement with the BIR in promoting the sharing of knowledge and best practices in taxation policies and regulations to improve the Philippine business tax system through consultations and regular dialogues.

In a statement on Monday, Finance Secretary Benjamin E. Diokno said the EOPT Act was signed into law as RA 11976 by President Ferdinand R. Marcos Jr. last week to modernize the Philippine tax administration and strengthen taxpayer rights.

PHL honorary consul visits 17 OFW seafarers held in Yemen

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HE Philippine honorar y consul in Sana’a has been given consular access to the 17 Filipino seafarers who are being held by Houthis off the coast of Yemen.

Foreign Affairs spokesperson Ma. Teresita Daza said based on the visit, the Filipino crew of MV Galaxy Leader are being “treated well and in good health.”

Philippine Honorary Consul Moh a m me d S a l e h A l Ja m a l told the BusinessMirror that he boarded the MV Galaxy Leader on January 1.

“I met all the 17 Filipinos. They are good. They are given food, drinks, magazines, everything.

They are healthy, they are treated like guests,” Al Jamal said.

He sa id t he Hout hi-led government has even offered them to stay in a four-star hotel.

“But they ([OFWs] don’t want to stay in the hotel. They said they are more comfortable to stay inside their ship,” Al Jamal added.

The Houthis who control the capital Sana’a had earlier claimed responsibility for taking over MV Galaxy Leader, saying the ship is

owned by an Israeli tycoon.

Houthis said all Israeli ships plying the Red Sea would be the target of its military operation as a way to support the Palestinians in their cause against Israel.

T he Bahamas-reg istered vehicle carrier was passing the Red Sea last November when armed men boarded their ship and took all the 25 crew.

A l Ja m a l s a id a l l t he 17 Filipino crew have been allowed to contact their families in the Philippines once a week.

The DFA is coordinating with

t he D e pa r t me nt of M i g r a nt Workers and the manning agency on extending more provisions and welfare assistance for the seafarers.

The honorary consulate said he is now asking the help of the Philippine Embassy in Qatar and Oman to negotiate for the early release of the seafarers.

Qatar and Oman, he said, are hosting some key leaders of Hamas. They are hoping the Hamas would also convince the Houthis to release the Filipino seafarers. Malou Talosig-Bartolome

Barba named one of ‘23’s 50 most influential people in IP

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N T EL L E C T UA L P ro p e r t y Of f ice of the Phi lippines (IPOPHL) Director General Rowel S. Barba made it to Managing IP’s list of people who had made waves in the intellectual property (IP) scene in 2023.

Under the British media group’s 50 Most Inf luential People in IP 2023, Barba joins Tesla CEO Elon Musk, OpenAI CEO Sam Altman, Barbie (2023) Director Greta Gerwig, Singer-songwriter Ed Sheeran, US Supreme Court Associate Justice Sonia Sotomayor and other big names in the fields

of business, innovation, creativity and IP law and policy. Barba is also one of nine IP authorities picked.

Managing IP cited Barba’s leadership at IPOPHL as key to turning game-changing ideas into concrete policies, such as on siteblocking, geographical indications and strengthened enforcement work to keep the Philippines out of the US and EU’s IP watchlists.

M a n a g i n g I P a l s o not e d IPOPHL’s deepening role in the Asean region, showcased through its active work in driving multistakeholder partnerships in the

battle against counterfeiting and piracy and its successful two-year run of its leadership at the Asean Working Group on IP Cooperation.

The IPOPHL chief, admired for his can-do attitude, charismatic leadership st yle and genuine care for the wellness of each of the agency’s employees, has also helped sustain IPOPHL employees’ satisfaction in the workplace.

“It is an honor to be named as one of the luminaries in the world of IP and the big names that have made an indelible mark and legacy in their respective

fields,” Barba said.

“But the significant, exciting events unfolding in the IP landscape in the Philippines that are being felt in the Asean and in the world are not the workings of just one man. They are but the outcomes of the men and women at IPOPHL who amaze me everyday for their creativity and efficiency as individuals. As professionals, many of them work day-throughnight, behind-the-scenes, fueled only by knowing what they need to do to protect and promote the IPs of our inventors, artists and entrepreneurs,” he added.

A PRESS photographer take his up close and personal encounter with the Andas of the Black Nazarene as it passes through Vergara in Quiapo district. The feast of the Black Nazarene concides with the fiesta ng Quiapo. BERNARD TESTA/BM

Prayers for good health, thanksgiving: ‘Traslacion’ 2024 reaches 6-million devotees after three-year hiatus

By Patrick V. Miguel

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FTER a three-year hiatus, the Black Nazarene carriage has officially returned on the streets of Manila on Tuesday with around 6 million people following behind as a practice of their Catholic faith.

Earlier in December last year, Nazareno spokesperson Fr. Hans Magdurulang said around 22 million devotees were expected to take part in the procession, based on the crowd estimate in 2020, the last time the procession was held.

The procession was put on halt for three years—2021, 2022, and 2023—due to the Covid-19 pandemic. The tradition is a yearly practice in the Catholic faith, celebrating Señor Nazareno.

The procession began at 4:45 in the morning, with the image of the Black Nazarene departing from the Quirino Grandstand—on its way to Quiapo Church.

As of 10 a.m., the Quiapo Church Command Post reported that the crowd estimate in the procession is about 1,008,000. Meanwhile, at the Quiapo Church, 60,500 people were recorded.

In the succeeding hours, about 500,000 people counted in during the procession as reported by Quiapo Church authorities.

Other provinces and cities outside Metro Manila also joined in with the tradition, having their own masses and procession as part of the Black Nazarene rites.

These devotees came for the mass and the procession, with prayers in mind, carrying the faith that it would be answered.

Such as the case of Mae, 27, who has been a devotee for six years now. She did not ask much, for all she prayed for was good health for her and her family.

Asked about her observations in this year’s procession, she noticed that the people are more “eager” than before.

“Sobrang sabik po ng mga tao sa Nazareno [The people are very eager for the Nazareno rites],” she noted.

Ruth, 43, who has been a devotee since

the early 2000s, issued a similar comment, claiming that this year’s Traslacion is more notable because it happened after years without the procession.

“Siguro dahil matagal nang walang prosesyon, mas matindi ang pagdalo ng mga deboto. [Maybe because it has been so long without the procession, the arrival of devotees is more intense],” said Ruth.

This year, Ruth has prayed for financial stability, stating that the past few years during the pandemic has been a struggle for her family. She also came to show thanksgiving as her family is healthy and well.

The prayers of Mae and Ruth capture well what fellow devotee Carlo, 34, said about the meaning of being Nazareno’s faithful.

What does it mean to be a devotee?

Carlo answered: “Pasasalamat sa buhay… [at] paghingi ng tawad sa mga pagkukulang natin, tapos paghingi ng gabay. [Thanksgiving for life and asking for forgiveness for our shortcoming, and asking for guidance].”

Carlo has been a devotee since 2009, and asked for his child’s good health this year.

The prayers of the devotees are heard by Señor Nazareno, said Manila Archbishop Jose Cardinal Advincula at the midnight mass in Quirino Grandstand.

“Nakikita niya ang pagtitiis ng may sakit. Nakikita niya ang pagod ng mga manggagawa. Nakikita niya ang pagsisikap ng mga mahihirap. Nakikita niya ang sakripisyo ng mga tapat na lider at lingkod bayan. Nakikita niya ang pangungulila ng mga OFW at mga pag-aalala nila para sa mga mahal nila sa buhay,” said the Manila Archbishop.

[He sees the forbearance of the ill… the workers’ fatigue…the efforts of the poor...honest leaders and public servants’ sacrifices...the yearning of OFWs and their families’ worries] “Walang karanasan ng tao na hindi nakikita at nauunawaan ng Poong Hesus Nazareno,” said Advincula.

With Bernard Testa

DFA chief unaware of reported presence of ICC probers in PHL

By Malou Talosig-Bartolome @maloutalosig

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OREIGN Affairs Secretary Enrique Manalo said Tuesday he is unaware if International Criminal Court (ICC) prosecutors have entered the country to probe alleged extrajudicial killings during the administration of former president Rodrigo R. Duterte.

The Depar tment of Foreign Affairs (DFA) chief said he just heard “rumors” that ICC probers have started investigating Duterte’s antidrug campaign that allegedly killed thousands of drug suspects.

“I don’t know if they came here illegally. I have not received any report,” Manalo told reporters in a chance inter view after the PhilippineIndonesia dialogue in Makati.

Duterte’s lawyer and former spokesman Atty. Harry Roque earlier claimed that ICC probers had entered in the Philippines and coordinated with the lawyers of the victims late last year.

The Philippines withdrew its membership to the ICC after victims of EJK filed a case against Duterte.

But the ICC pre-trial chamber ruled that its probers could go ahead with the investigation during the period when the Philippines was still party to the Rome Statute.

“One of my former associateforeigners who is a member of the ICC has been to the Philippines. So, I have confirmation that these foreigners have been conducting investigations in the country which is in violation of our Constitution because we are no longer members of the ICC,” Roque said.

President Ferdinand R. Marcos Jr. said he is reconsidering rejoining the ICC, although he maintained that foreigners should not dictate on the Philippines who should be investigated or arrested.

“Should we return under the fold of the ICC? So that is again under study.

So we’ll just keep looking at it and see what our options are,” Marcos told reporters last month.

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Wednesday, January 10, 2024

TheWorld BusinessMirror

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

Israel kills elite Hezbollah commander in escalation linked to the war in Gaza

By Bassem Mroue, Wafaa Shurafa & Jack Jeffery

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The Associated Press

EIRUT—An Israeli airstrike killed an elite Hezbollah commander Monday in southern Lebanon, the latest in an escalating exchange of strikes across the border that have raised fears of another Mideast war even as the fighting in Gaza exacts a mounting toll on civilians.

The strike on an SUV killed a commander in a secretive Hezbollah unit that operates along the border, according to a Lebanese security official who spoke on condition of anonymity in keeping with regulations. The commander, Wissam al-Tawil, was a veteran of the Iranian-backed Lebanese force who took part in the 2006 crossborder kidnapping of two Israeli soldiers that triggered the last war between Israel and Hezbollah, an official in the group said.

He is the most senior Hezbollah militant killed since Hamas’ October 7 attack into southern Israel triggered all-out war in Gaza and lower-intensity fighting between Israel and Hezbollah, which has escalated since an Israeli strike killed a senior Hamas leader last week in Beirut.

US Secretary of State Antony Blinken, who is back in the region this week, appears to be trying to head off a wider conflict.

In other developments, Israel said it has largely wrapped up major operations in northern Gaza, though fighting and bombardment there continue. Israeli forces are now focusing on the central region and the southern city of

Khan Younis, where thousands more Palestinians fled.

Israeli officials say the fighting will continue for many more months as the army seeks to dismantle Hamas and return scores of hostages taken during the militants’ October 7 attack.

The offensive has already killed over 23,000 Palestinians, devastated vast swaths of the Gaza Strip, displaced nearly 85 percent of its population of 2.3 million and left a quarter of its residents facing starvation.

‘Sickening scenes’ in Gaza’s overwhelmed hospitals

MEDICS, patients and displaced people fled from central Gaza’s main hospital as fighting drew closer, witnesses said Monday.

Losing the facility would be another major blow to a health system shattered by three months of war.

Doctors Without Borders and other aid groups withdrew from Al-Aqsa Martyrs Hospital in Deir al-Balah, saying it was too dangerous amid Israeli bombardment, drone strikes and sniper fire.

That spread panic among people sheltering there. Thousands left, joining the hundreds of thousands

Pope Francis calls for ban on ‘despicable’ practice of surrogacy. He says it exploits mother and child

By Nicole Winfield The Associated Press

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OME—Pope Francis called Monday for a universal ban on what he called the “despicable” practice of surrogate motherhood, as he included the“commercialization” of pregnancy in an annual speech listing threats to global peace and human dignity.

In a foreign policy address to ambassadors accredited to the Holy See, Francis lamented that 2024 had dawned at a time in which peace is “increasingly threatened, weakened and in some part lost.”

Citing Russia’s war in Ukraine, the IsraelHamas war, the issue of migration, climate crises and the “immoral” production of nuclear and conventional weapons, Francis delivered a list of the ills afflicting humanity and the increasing violation of international humanitarian law that allows them.

But Francis also listed smaller-scale issues that he said were threats to peace and human dignity, including surrogacy.

He said the life of the unborn child must be protected and not “suppressed or turned into an object of trafficking.”

“I consider despicable the practice of so-called surrogate motherhood, which represents a grave violation of the dignity of the woman and the child, based on the exploitation of situations of the mother’s material needs,” he said.

Saying a child is a gift and “never the basis of a commercial contract,” he called for a global ban on surrogacy “to prohibit this practice universally.”

Vatican teaching opposes in vitro fertil-

ization, and Francis has previously voiced the Roman Catholic Church’s opposition to surrogacy, or what he has called “uterus for rent.” At the same time, however, the Vatican’s doctrine office has made clear that same-sex parents who resort to surrogacy can have their children baptized.

While commercial surrogacy contracts are common in the United States, including protections for the mothers, guarantees of independent legal representation and medical coverage, they are banned in parts of Europe, including Spain and Italy.

Russia’s war in Ukraine, and the threat to babies born to surrogate Ukrainian mothers, exposed the country’s thriving industry.

Ukraine is one of the few countries that allow surrogacy for foreigners.

Critics say commercial surrogacy targets women who are poor and from vulnerable communities. Supporters say surrogacy gives women a chance to provide children to childless couples, and that commercial contracts protect both the surrogates and the intended parents.

On Monday, the US Conference of Catholic Bishops quoted Francis’ words in explaining why the Catholic Church teaches that surrogacy “is not morally permissible.”

“Instead, we should pray for, and work towards, a world that upholds the profound dignity of every person, at every stage and in every circumstance of life,” spokesperson Chieko Noguchi said.

In his geopolitical roundup, Francis singled out Russia by name in noting the “large-scale war waged by the Russian Federation against Ukraine.” It marked an

THIS undated picture released by Hezbollah Military Media shows senior Hezbollah commander Wissam Tawil, who was killed in Kherbet Selem village, south Lebanon on Monday, January 8, 2024. An Israeli airstrike killed Tawil, who was an elite Hezbollah commander in southern Lebanon, the latest in an escalating exchange of strikes along the border that have raised fears of another Mideast war even as the fighting in Gaza exacts a mounting toll on civilians.

HEZBOLLAH MILITARY MEDIA, VIA AP

who have fled further south, said a hospital staffer, Omar al-Darawi.

Tens of thousands of people have sought shelter in Gaza’s hospitals, which are struggling to treat the continuous flow of wounded from Israeli strikes. Only 13 of Gaza’s 36 hospitals are even partially functional, according to the UN humanitarian office.

The Al-Aqsa hospital was struck multiple times in recent days, alDarawi said. After the pullout, large numbers of patients who cannot be moved were concentrated on one floor to be treated by remaining doctors. “They need special care, which is unavailable,” he said.

World Health Organization staff who visited Sunday saw “sickening scenes of people of all ages being treated on blood-streaked floors and in chaotic corridors,” WHO chief Tedros Adhanom Ghebreyesus said. “The bloodbath in Gaza must end.”

More dead and wounded arrive at the hospital each day as Israeli forces advance in central Gaza, backed by heavy airstrikes.

The military said Monday it had unusual break with Francis’ usual tendency to spare Moscow direct and public blame for the invasion when expressing solidarity with the Ukrainian people.

Francis was more balanced in his lament of Israel’s ongoing war in Gaza, condemning Hamas’ October 7 assault on southern Israel “and every instance of terrorism and extremism.” At the same time, he said the attack provoked a “strong Israeli military response” that had left thousands dead and created a humanitarian crisis in Gaza.

He called for an immediate cease-fire, including in Lebanon, and the liberation of hostages held in Gaza, and reiterated the Holy See’s position seeking a two-state solution for Israel and the Palestinians and an internationally guaranteed special status for Jerusalem.

In other comments, Francis: n Lamented various humanitarian and refugee crises in Africa, and without naming names blasted military coups and elections in several African countries marked by “corruption, intimidation and violence.” n Called for a “respectful diplomatic dialogue” with the Nicaraguan government to resolve what he called a “protracted crisis.” The government’s crackdown on the Catholic Church has resulted in the detention of dozens of priests and bishops.

The government has accused the church of aiding popular protests against his administration that he considered an attempted coup. n Called for the resumption, as early as possible, of Iran nuclear talks “to ensure a safer future for all.” Last month, the International Atomic Energy Agency said Iran had increased the rate at which it is producing near-weapons-grade uranium, reversing a previous slowdown.

uncovered a large Hamas site for building rockets in the nearby Bureij refugee camp.

Thousands have been fleeing the area, heading south. Fifteen members of the Ayash family crammed into a van with their belongings for the journey. “Along the way there was banging, missiles, bombing, and planes,” said Khawla Ayash.

Reaching Muwasi, a coastal area outside Rafah, they unloaded bags, blankets and thin mattresses and began setting up tents alongside other relatives.

The UN children’s agency UNICEF warned that 90 percent of Gaza’s children under 2 were consuming only bread and milk.

“As the threat of famine intensifies,” hundreds of thousands of children face severe malnourished, with some at risk of death, said Catherine Russell, UNICEF’s executive director. “We cannot allow that to happen.”

Dire conditions in the north

THE situation is even direr in northern Gaza, which Israeli forces cut off from the rest of the

territory in late October.

Entire neighborhoods have been demolished, and most of the population has f led. Tens of thousands who remain face shortages of food and water. The WHO said Sunday it has been unable to deliver supplies to northern Gaza for 12 days because of bombardment and the inability to guarantee safe passage with the Israeli military.

Israel still battles what it describes as pockets of militants.

An airstrike early Sunday flattened a four-story home filled with displaced people in the urban Jabaliya refugee camp, killing at least 70, including women and children, according to Mahmoud Bassal, a spokesman for Gaza’s civil defense.

There was no immediate confirmation from the Health Ministry, which has struggled to operate in the north.

Since the war began, more than 23,000 Palestinians have been killed, about two-thirds of them women and children, and more than 58,000 have been wounded, according to the Health Ministry in Hamas-run Gaza. The death toll does not distinguish between combatants and civilians.

Israel blames Hamas for civilian casualties because the group operates in populated residential areas, but the military almost never comments on the intended target in strikes that kill large numbers of civilians. The military says it has killed some 8,000 militants, without providing evidence, and says 180 of its own soldiers have been killed in the offensive.

Seeking to head off wider war

BLINKEN focused on preventing the war from spreading as he held talks in Gulf countries and Jordan over the past two days.

For the past three months, both Israel and Hezbollah have sought to limit their cross-border exchanges. Hezbollah appears

wary of risking an all-out war that would bring massive destruction to Lebanon.

But l a st week ’s k i l l i ng of Hamas’ deputy political leader, Saleh Arouri, in Beirut threatens to throw the two sides into an escalating spiral.

A Hezbollah rocket barrage hit a sensitive air traffic base Saturday in northern Israel in one of the group’s biggest attacks of the war—an “initial response” to Arouri’s killing, Hezbollah said.

Israeli leaders say their patience with Hezbollah rocket fire is wearing thin and that if diplomacy doesn’t stop it, they are prepared to go to war. They have expressed particular concern about the Radwan Force, the elite Hezbollah unit in which al-Tawil was a commander, which operates along the border.

Prime Minister Benjamin Netanyahu, visiting troops near the border, vowed to return security to the north.

“We prefer that this be done without a wider campaign, but that won’t stop us,” he said.

Hezbollah began firing rockets shortly after Hamas’ October 7 attack, saying it aimed to ease pressure on Gaza. Hamas and other militants killed about 1,200 people in southern Israel that day, mostly civilians, and took some 250 people hostage, over 130 of whom remain in captivity.

In the cross-border exchanges, nearly 200 people have been killed on the Lebanese side, mostly fighters but also 20 civilians.

On the Israeli side, five civilians and 12 soldiers have been killed and more than 150 injured. Tens of thousands of people in both countries have been driven from homes near the border.

Shurafa reported f rom Deir alBalah, Gaza Strip, and Jeffery from Cairo. Associated Press writers Kareem Chehayeb in Beirut and Samy Magdy in Cairo contributed.

US and UK say Bangladesh elections extending Hasina’s rule not credible

By Julhas Alam

The Associated Press

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HAKA, Bangladesh—The United States and the United Kingdom said the elections that extended Bangladesh Prime Minister Sheikh Hasina’s rule were not credible, free and fair.

Both countries, which have trade and development ties with Bangladesh, also condemned political violence that preceded Sunday’s election in which Hasina’s party won more than two-thirds of the parliamentary seats while turnout was low and the main opposition party boycotted.

“The United States remains concer ned by t he a r rest s of thousands of political opposition members and by reports of irregularities on elections day.

The United States shares the view with other observers that these elections were not free or fair and we regret that not all parties participated,” State Department spokesperson Mathew Miller said from Washington.

He urged Bangladesh’s government to credibly investigate reports of violence and hold those responsible accountable.

The UK said the democratic standards were not met consistently in

the lead-up to the election.

“Democratic elections depend on credible, open, and fair competition. Respect for human rights, rule of law and due process are essential elements of the democratic process. These standards were not consistently met during the election period. We are concerned at the significant number of arrests of opposition party members before polling day,” the UK’s Foreign, Commonwealth and Development Office said in the statement.

The US statement said it remains “committed to partnering with Bangladesh to advance our shared vision for a free and open Indo-Pacific, to supporting human rights and civil society in Bangladesh, and to deepening our people-to-people and economic ties.”

Bangladesh is an important partner of the US interest in the IndoPacific region along with neighboring India amid growing influence of China.

China, Russia, India and some other countries congratulated Hasina for the victory and pledged to continue to partner with the South Asian nation.

The statements came after Hasina said at a news conference Monday that the elections were free and fair.

Her ruling Awami League won 222 seats of 299 contested. Independent candidates took 62, while the Jatiya Party, the third largest, took 11 seats and three smaller parties got three seats. The result in one seat remained undeclared. The election of one seat was postponed because a candidate died.

The main opposition Bangladesh Nationalist Party led by former Prime Minister Khaleda Zia and its allies boycotted the election, and voter turnout was a low 41.8 percent. While election day was relatively calm, a wave of violence preceded the vote.

Zia’s party said more than 20,000 supporters had been arrested since October 28 when an anti-government rally turned violent in Dhaka. The government disputed the figures and said arrests were for specific charges such as arson and vandalism.

Bangladesh has a history of political violence, military coups and assassinations. Hasina and Zia governed the country alternately for many years, cementing a feud that has since polarized Bangladesh’s politics and fueled violence around elections. This year’s vote raised questions over its credibility when there are no major challengers to take on the incumbent.

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Wednesday, January 10, 2024

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Airlines report loose parts in door panels during inspections of Boeing Max 9 jets

By David Koenig, Claire Rush & Tom Krisher The Associated Press

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ORTLAND, Ore.—Federal investigators say a door panel slid up before flying off an Alaska Airlines jetliner last week, and they are looking at whether four bolts that were supposed to help hold the panel in place might have been missing when the plane took off.

The comments Monday from the National Transportation Safety Board came shortly after Alaska and United Airlines reported separately that they found loose parts in the panels—or door plugs—of some other Boeing 737 Max 9 jets.

“Since we began preliminary inspections on Saturday, we have found instances that appear to relate to installation issues in t he door plug—for e x a mple, bolts that needed add itiona l t i g h t e n i n g ,” C h i c a g o - b a s e d United said.

Alaska said that as it began examining its Max 9s, “Initial reports from our technicians indicate some loose hardware was visible on some aircraft.”

The findings of investigators and the airlines are ratcheting

up pressure on Boeing to address concerns that have grown since the terrifying fuselage blowout Friday night. A plug covering a spot left for an emergency door tore off the plane as it flew 16,000 feet (4,800 meters) above Oregon.

Boeing has called an online meeting for all employees Tuesday to discuss safety.

The company, which has had problems with various planes over the years, pledged to “ help address any and all findings” that airlines make during their inspections of Max 9 jets. Boeing has delivered more than 200 to customers around the world, but 171 of them were grounded by the Federal Aviation Administration on Saturday until the door plugs can be inspected and, if necessary, fixed.

The door plugs are inserted where emergency exit doors would be located on Max 9s with more than about 200 seats. Alaska and United have fewer seats in their Max 9s, so they replace heavy doors with the plugs.

The panels can be opened for maintenance work. The bolts prevent the mechanism from moving upward on rollers when the plane is in flight.

During Alaska Airlines flight

IN this photo released by the National Transportation Safety Board, NTSB Investigator-in-Charge John Lovell examines the fuselage plug area of Alaska Airlines Flight 1282 on Sunday, January 7, 2024, in Portland, Ore. A panel used to plug an area reserved for an exit door on the Boeing 737 Max 9 jetliner blew out Friday night shortly after the flight took off from Portland, forcing the plane to return to Portland International Airport. NATIONAL TRANSPORTATION SAFETY BOARD VIA AP

1282 on Fr id ay night, rol ler guides at the top of one of the plugs broke—for reasons the investigators don’t fully understand yet—allowing the entire panel to swing upward and lose contact with 12 “stop pads” that keep the panel attached to the door frame on the plane, NTSB officials said at a news briefing in Portland.

NTSB Chair Jennifer Homendy said the safety board was investigating whether four bolts that help prevent the panel from sliding

Hong Kongers in Taiwan firmly support the ruling party after watching China erode freedoms at home

By Kanis Leung & Johnson Lai The Associated Press

H

ONG KONG—As Taiwan’s presidential election approaches, many immigrants from Hong Kong, witnesses to the alarming erosion of civil liberties at home, are supporting the ruling Democratic Progressive Party.

Beijing’s crackdown on dissent in the financial hub has cemented their preference for a party committed to preserving Taiwan’s de facto independence and democratic values ahead of the January 13 vote.

While Taiwanese immigration policies have been less welcoming than some from Hong Kong anticipated, most remain steadfast in their support for the DPP, largely due to the party’s firm stance on autonomy from Beijing, according to interviews with 10 Hong Kongers, over half of whom moved to Taiwan after the 2019 anti-government protests.

Hong Tsun-ming, a protester who feared arrest and moved to Taiwan in 2019, told The Associated Press he looks forward to having a taste of deciding its fate. The election is a cherished voting opportunity he never had in Hong Kong, where the chief executive is picked by a predominantly pro-Beijing committee. He plans to support the DPP. Hong has thrown himself into local politics, committed to sharing lessons from Hong Kong.

“It’s to remind Taiwan not to follow the old path of Hong Kong,” said Hong, member of the pro-independence Taiwan Statebuilding Party, which did not field candidates in the presidential race.

Following Beijing’s imposition of a national security law on Hong Kong in 2020, Taiwan has stood out as a haven for free speech and liberties in the Chinesespeaking world. Over the last three years, tens of thousands of Hong Kongers have migrated to the self-ruled island, many dismayed by the rapid erosion of freedoms that had been promised to remain intact for 50 years in the former British colony after returning to Chinese rule in 1997.

As these immigrants establish new lives in Taiwan, some confront a reality tinged with frustration. Taiwan’s concerns over security risks posed by China, which views the island as a renegade province, have complicated application procedures.

That has resulted in residency denials for some, particularly those who worked in government-funded entities or companies with strong ties to Chinese businesses. The opacity and protracted process of securing permanent residency have also drawn criticism.

From Januar y 2020 to November 2023, over 37,100 Hong Kongers secured temporary residency, Taiwan’s National Immigration Agency reported. Just 5,700 others obtained permanent residency.

Alvin Tam, a first-time voter in the presidential election, was “a bit” disappointed with the DPP-led government after discovering the obstacles his fellow Hong Kongers face in Taiwan. But Tam, a forest therapist who settled in 2018, acknowledged the political factors involved.

He said national security and economic policy direction are his top considerations in voting for a president, and that led him to support the DPP’s ticket of Vice President William Lai and his running mate Bi-khim Hsiao, the former Taiwanese representative to the United States.

“Given our deep-seated resentment stemming from the troubles back home, I can’t see myself supporting any political party that is close with China,” he said.

Taiwan, with a population of 23 million, has never been governed by the People’s Republic of China. But the mainland’s ruling Communist Party insists on unification with Taiwan, by force if necessary.

China has warned that “’Taiwan independence’ means war.” Still, many Taiwan residents are undisturbed by that threat.

The DPP, which favors maintaining de facto independence, has led opponents in most polls. Its primary competitor, the Nationalist Party—also known as the Kuomintang or KMT—concurs with Beijing that both sides belong to a single Chinese nation. Another opponent, the smaller Taiwan People’s Party, has advocated resuming dialogue with China.

New immigrant Catherine Lui is unfazed

by China’s bellicose talk. Lui moved to Taiwan through an investment immigration scheme in 2022, seeking greater freedoms. She was impressed by President Tsai Ing-wen’s support for Hong Kong’s prodemocracy movement in 2019 and found resonance with the DPP’s commitment to democracy and freedom.

Four years ago, Tsai leveraged the Hong Kong protests as an argument against the “one country, two systems” framework that China uses to rule Hong Kong and has suggested for Taiwan. The turmoil in Hong Kong, 720 kilometers (450 miles) away, fortified Tsai’s campaign and played a significant role in her re-election.

Although Lui is not yet eligible to vote, she plans to support Lai by attending his campaign rally in Taipei and has been exploring the island’s vibrant political culture.

“If someone doesn’t like Tsai Ing-wen, people are free to use very harsh words,” she said. “That’s impressive.”

Bennis So, professor in the department of public administration at Taiwan’s National Chengchi University, said even though the DPP has its imperfections, many new Hong Kong immigrants tend to favor the ruling party, driven by concerns that the main opposition party’s immigration policies might be less favorable to them if it comes to power.

But the influence of Hong Kongers on the election outcome is likely to be limited as they make up a small percentage of the electorate, So said. Taiwan’s total electorate is an estimated 19.5 million. Official data indicate that from 2015 to 2022, 10,440 immigrants from Hong Kong and the neighboring casino hub of Macao have secured voting rights.

Some from Hong Kong are already actively engaged in Taiwan’s political landscape.

At 72, Chui Pak-tai, a former Hong Kong pro-democracy district councilor who secured Taiwan residency 11 years ago, is running for legislative office. Although he faces long odds, his campaign draws attention to the immigration challenges of the Hong Kong diaspora.

Chui was guarded about his choice for the presidential election. He spoke ardently, however, about the economic, political, and international relations expertise that Hong Kong immigrants can offer Taiwan. He also highlighted the shared need for willpower among Hong Kongers and Taiwanese in the face of Beijing’s pressure.

“Hong Kongers and Taiwanese have common needs,” he said. “Even if it’s just on a spiritual level.”

Lai reported from Taipei, Taiwan.

up on rollers were missing when the plane took off from Portland or whether they blew off “during the violent, explosive decompression event.”

The interior of the plane suf-

fered extensive damage, but pilots were able to return to Portland and land safely. Officials say there were no serious injuries among the 171 passengers and six crewmembers.

The lost door panel was found Sunday near Portland in the back yard of a school teacher’s home.

NTSB officials said it will be sent to the agency’s lab in Washington, D.C., for detailed study that might help pinpoint why the plug broke loose.

Alaska and United have canceled hundreds of flights since the weekend because of their grounded planes. Alaska has 65 Max 9s, and United has 79. The airlines waited until Monday before Boeing and the FAA completed instructions for how to inspect their planes.

The jet involved in Friday’s blowout is brand-new, having been put in service in November.

After a cabin-pressurization system warning light came on during

three flights, the airline stopped flying it over the Pacific to Hawaii.

Some aviation experts questioned why Alaska continued using the plane on overland routes until it figured out what was causing the pressurization warnings.

Homendy said Monday, however, that NTSB has seen no evidence to link the warnings with the blowout of the door plug.

The Max is the newest version of Boeing’s 737, a twin-engine, single-aisle plane that debuted in the late 1960s and has been updated many times. The 737 has long been a workhorse for airlines on US domestic routes.

Shares of Boeing fell 8 percent and Spirit AeroSystems, which installs the door plugs on Max jets, dropped 11 percent on Monday.

Koenig reported from Dallas and Krisher reported from Detroit. Associated Press reporter Terry Spencer in Fort Lauderdale, Florida, contributed to this report.

A8 Wednesday, January 10, 2024 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Volatile environment for global rice prices

A

lmost a year into the conflict in Eastern Europe, which started when Russia attacked Ukraine, rice prices in the Philippines were relatively stable, based on figures released by the Department of Agriculture on January 5, 2023. In its regular price monitoring, figures from the agency showed that regular milled rice ranged from P34 per kilo to P40 per kilo in markets in the National Capital Region. More importantly, the cheapest rice variety was available in all NCR markets monitored by the DA. Based on the same data set from the agency, the price of imported regular milled rice was slightly higher and averaged at P37.50 per kilo. Aside from being slightly expensive, the imported variant was available only in Malabon Central Market. The costlier imports—well milled and premium rice—were sold in all markets visited by the agency.

The average cost of local regular milled rice on January 5, 2023 did not breach the P40-per-kilo mark despite the spike in the price of inputs, particularly fertilizer, and fuel prices due to the war in Eastern Europe. This happened despite the slight decline in domestic unmilled rice production and restrictions put in place by exporters, such as India, in 2022. According to data from the Philippine Rice Research Institute, Philippine palay output in 2022 reached 19.76 million metric tons, lower than the 19.96 MMT in 2021.

In 12 months, the price of the same rice variety that is widely consumed by Filipinos will jump to an average of P51.50 per kilo, based on data from the DA. The average price of regular milled rice as of January 5 was more expensive by P14.50 compared with the 2023 level. What’s worrisome, based on data released by the agency, is that the cheapest variety was available only in four markets out of the 29 markets it monitored last week.

The cheapest imported variant—regular milled rice—was not available. The well milled and premium rice sourced from abroad were more expensive than those produced locally, based on figures from the DA. Prices averaged P54.50 per kilo and P58 per kilo for well milled and premium rice, respectively.

Poor weather, concerns over the impact of El Niño on output and trade restrictions have combined to put pressure on international rice prices. In a report last December, Bloomberg reported that rice prices reached a fresh 15-year high on mounting concerns that increased demand and the impact of El Niño will further tighten supplies of the grain. (See “Rice prices scale fresh 15-year high as supply risks linger,” in the BusinessMirror, December 25, 2023). The Food and Agriculture Organization of the United Nations also reported that international rice prices jumped by more than a fifth in 2023.

These factors plus the continued increase in the price of inputs due to the conflict in Eastern Europe are now punishing Filipino consumers in the form of high prices. It would do well for the DA to see to it that mechanisms are in place to prevent unscrupulous traders from unduly taking advantage of consumers. These mechanisms should include measures that would stop them from hoarding rice supply in their bid to increase their profits.

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Boeing 737 Max 9 inspections hit snag as United finds loose bolts

By Julie Johnsson, Siddharth Philip & Ryan Beene

B

oeing Co. took the first step toward returning its grounded 737 Max 9 jetliners to service, issuing guidance to airlines on what inspections are needed to prevent another midair fuselage blowout like the one on Alaska Airlines late last week.

But as initial maintenance checks begin, United Airlines Holdings Inc. said it had uncovered signs of “installation issues” in some of its aircraft, underscoring the scrutiny that Boeing and one of its largest suppliers face as investigators hunt for the cause of the accident.

“As operators conduct the required inspections, we are staying in close contact with them and will help address any and all findings,” Boeing said in a statement. “We are committed to ensuring every Boeing airplane meets design specifications and the highest safety and quality standards.”

Before the Federal Aviation Administration will allow the planes to return to the air, carriers must “complete enhanced inspections which include both left and right cabin door exit plugs, door components, and fasteners,” the FAA said

in a statement. “Operators must also complete corrective action requirements based on findings from the inspections prior to bringing any aircraft back into service.”

Alaska Air Group Inc. and United Airlines, the two biggest operators of the Max 9 variant, had earlier parked those aircraft after the January 5 accident, canceling hundreds of flights.

On Monday, United said it found loose bolts in multiple 737 Max jets after it began preliminary inspections on Saturday. But the carrier said it couldn’t yet carry out the final inspections needed to return the jets to service since it’s awaiting final sign-off on the full inspection process. The work will likely be more intensive than US regulators first signaled. United said it expects to have teams of five technicians working for “several hours” on each aircraft, although the length of tim-

ing required won’t be clear until the airline’s mechanics have completed work on more aircraft.

The Alaska Airlines mishap occurred when a door-shaped panel ripped out as Flight 1282 climbed out of Portland, Oregon. The aircraft reached an altitude of about 16,000 feet before turning around and landing back in Portland about 20 minutes after takeoff. No one was seriously injured, an outcome National Transportation Safety Board Chair Jennifer Homendy said was pure luck.

Stock slump

Boeing shares fell 8 percent in New York, their biggest decline since October 2022. Large supplier Spirit AeroSystems Holdings Inc., which makes the fuselage for the 737, slid 11 percent.

As Boeing contends with the latest blow to the reputation of its cash cow Max family, Chief Executive Officer Dave Calhoun canceled an annual executive retreat that was to have begun on Monday. Boeing leaders urged employees to tune in to an all-hands safety meeting to be webcast on Tuesday from the Renton factory where the 737 jets are built.

Stan Deal, Boeing’s commercial airplanes chief, and Mike Delaney, the company’s chief safety officer, urged staff to ask “ourselves what we can do individually and collectively to make safety and first-time quality the priority in all aspects of our business.”

The two executives sent employees a message confirming that the multi-operator message had been shared with airlines. They noted that the assembly of the door plug that’s being inspected is not found on other jets in the 737 Max family.

The latest incident, coming after a series of manufacturing and quality lapses at Boeing, erodes the nascent confidence that has been building around the company’s workhorse single-aisle jet, Bank of America analyst Ron Epstein said.

“In our view, Boeing needs to tread carefully and cautiously through this potential reputational minefield,” he said in a note to clients on Sunday.

“Some scrutiny must be saved for regulators as well, as the FAA is ultimately responsible for certificating these aircraft before delivery.” With assistance from Mary Schlangenstein /Bloomberg

Navigating geopolitical crossroads: A strategic vision for the Philippines in the South China Sea

By Henry Go

I

N the ever-evolving landscape of global geopolitics, a stark contrast is evident between the security-focused stance of advanced economies and the growth-oriented aspirations of emerging Asean members, including the Philippines. Amid this intricate scenario, the Philippines grapples with a territorial dispute with China, intensifying the challenge of aligning its priorities. Despite national initiatives refocusing on economic considerations through infrastructure projects, international trade roadshows, and proposed constitutional amendments, a palpable risk emerges: potential investors may harbor capital security reservations even before any actual conflict arises. This imminent danger emphasizes the delicate balance required to navigate the nation’s path amidst economic aspirations and geopolitical intricacies.

Confronted with this complex geopolitical scenario, the Philippines must adopt a strategic and pragmatic approach in dealing with China, drawing inspiration from nationalistic nations like Vietnam and Indonesia, which have successfully navigated territorial disputes through non-confrontational means. The key lies in prioritizing diplomatic channels over confrontational methods and focusing on initiatives that are not only viable but also sustainable.

The Philippines can draw insights from past diplomatic triumphs, such as resolving the territorial issue over Sabah with Malaysia and collaborating on disputed islands with Vietnam, providing valuable models to shape negotiation strategies for addressing South China Sea

(SCS) disputes.

As a longstanding and respected member of Asean, the Philippines carries the responsibility of preserving Asean unity by adopting a strategic and peace-oriented approach to address challenges in the SCS. However, the Philippines, despite its Asean membership, has independently embraced a proactive stance, including joint maritime patrols and military exercises with foreign powers in disputed seas. Additionally, the proposal for an independent Code of Conduct (COC) for the SCS diverges from Asean’s collaborative efforts, posing a potential challenge to regional unity.

To safeguard Asean unity, the Philippines must dismiss any notion that negotiations are time-consuming and resist the tempting allure

The Philippines can draw insights from past diplomatic triumphs, such as resolving the territorial issue over Sabah with Malaysia and collaborating on disputed islands with Vietnam, providing valuable models to shape negotiation strategies for addressing South China Sea disputes.

of employing military force with foreign support. Thorough consideration is essential. In the unlikely event of armed conflict with China, it is crucial to recognize that any foreign power using military force to protect the Philippines would violate the peremptory principle outlined in the UN Charter and established in customary international law. Article 2(3) of the UN Charter explicitly mandates the peaceful settlement of disputes among member countries, prioritizing international peace, security, and justice over any bilateral commitment, including Mutual Defense Treaties (MDTs) with other nations. Conversely, defensive actions by the Chinese coastguard, enforcing domestic law, do not qualify as the use of force in international relations. Therefore, an objective strategy rooted in peaceful negotiations aligns with legal principles and the dominating goal of stability in the South China Sea.

Essentially, adopting a strategic “friend to all, enemy to none” approach is imperative. The Philippines can leverage its independent foreign policy as a key strategic asset, providing flexibility in negotiations with China and avoiding complications in global power dynamics. This strategy underscores the importance of prioritizing diplomacy over military actions, potentially resulting in financial benefits through economic diplomacy. Furthermore, it positions the country as a proactive contributor to regional peace and stability, showcasing dedication to sustainable solutions and economic growth. This strategic vision not only safeguards national interests but also lays the foundation for a harmonious future. Through adept navigation of the complex geopolitical landscape, the Philippines emerges as a symbol of peace, fostering relationships and demonstrating the transformative power of principled negotiations.

In conclusion, the choice is clear and simple: invest billions in purchasing weapons, benefiting the military-industrial complex of foreign powers, or engage in regular multi-billion product sales to China, fostering economic growth.

The Philippines stands at a crossroads, and its strategic decisions will shape not only its future but also the regional dynamics in the South China Sea.

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Opinion BusinessMirror

Wednesday, January 10, 2024 A9

Russian billionaire and Pentagon under pressure over Defense Secretary Austin’s absence “Given the extremely serious Sotheby’s fight over ‘The military decisions that the United States is dealing with, including attacks on our troops by IranianLost Leonardo’ painting U backed proxies, the war in the

By Peter Martin

By Chris Dolmetsch & Ava Benny-Morrison

S

otheby’s abused its “privilege, power and reputation” to help dupe a Russian billionaire out of millions of dollars as he amassed a world-class art collection, a lawyer for the businessman argued on the first day of a closely watched trial in New York.

But the auction house says billionaire Dmitry Rybolovlev partly has himself to blame for allowing his old friend and Swiss art dealer Yves Bouvier to overcharge him for four rare works, including “Salvator Mundi,” a painting attributed to Leonardo da Vinci that set a record for the most expensive artwork ever sold in 2017.

The trial in Rybolovlev’s lawsuit against Sotheby’s began Monday before US District Judge Jesse Furman in Manhattan. The billionaire is seeking more than $232.5 million in damages.

“But money is not the only issue,” Rybolovlev’s attorney Daniel Kornstein said. “This is about public interest, it’s about people who are not just wealthy. Anyone could be a victim.”

The case will offer a rare glimpse into an often-opaque industry where middlemen broker art transactions between ultra-wealthy buyers and sellers who don’t always know each other’s identities. It also marks one of the final chapters in a long line of legal challenges Rybolovlev has launched around the world, attempting to hold Bouvier liable for defrauding him.

In its defense, Sotheby’s argued it had no idea Bouvier was lying to Rybolovlev about protracted negotiations with sellers in a bid to inflate the prices Rybolovlev would pay for artworks, including $184 million for Klimt’s “Water Serpents II” painting.

“He has good reason to be angry at himself for what happened to him,” said Sara Shudofsky, an attorney for the auction house. While Rybolovlev had amassed immense wealth running profitable companies, when it came to purchasing art, he didn’t take basic steps to protect his interests, she added.

That included trusting that Bouvier was acting as his agent without putting the terms in writing. As a result, Rybolovlev claims, he didn’t know Bouvier was buying artworks through Sotheby’s and then turning around to sell them to him at significant markups.

On top of the $6.4 million commission Bouvier made in relation to the four artworks at the heart of this case, Bouvier also pocketed $164 million from secret markups, Kornstein said.

‘The Lost Leonardo’

The legal saga began in February 2015 when Bouvier arrived at Rybolovlev’s residence in Monaco, thinking he was completing a deal for Mark Rothko’s “No. 6 (Violet, Green and Red),” which the billionaire had purchased for 140 million euros ($153 million) in August 2014. Instead, he was arrested on a complaint from the oligarch accusing Bouvier of overcharging him by about $1 billion for works by da Vinci, Rene Magritte and others. In the “Salvator Mundi” case, a company controlled by Bouvier bought the piece for $83 million and two days later, he sold it to Rybolovlev for $127.5 million.

The piece set the art world on fire in 2011 when it was publicly revealed at The National Art Gallery in London, several years after it was discovered at an estate sale in New Orleans. The story became the subject of the documentary The Lost Leonardo.

The two men tangled in court proceedings in New York, Singapore and Switzerland over the next eight years before resolving their dispute last month. The criminal charges against Bouvier in Monaco were eventually thrown out in 2019 by a judge who found that the arrest was tainted, and Rybolovlev was

Two companies controlled by Rybolovlev sued Sotheby’s in October 2018 in federal court in New York, contending that it “materially assisted the largest art fraud in history.” The auction house in March won dismissal of most of the billionaire’s suit, but still faces claims that it aided and abetted fraud in the purchase of five works, including the da Vinci. charged with corruption in 2018 by newly appointed prosecutors after friendly messages between the billionaire’s lawyers and authorities were revealed.

Two companies controlled by Rybolovlev sued Sotheby’s in October 2018 in federal court in New York, contending that it “materially assisted the largest art fraud in history.” The auction house in March won dismissal of most of the billionaire’s suit, but still faces claims that it aided and abetted fraud in the purchase of five works, including the da Vinci.

“The question here that has broader implications beyond this case is whether an art advisor is a fiduciary of a collector,” said Judith Wallace, a partner at Carter Ledyard and chair of the firm’s art practice.

“That’s often an issue that, if poorly defined, can lead to misunderstandings after the fact.”

Art dealers

Several well-known New York art dealers, including Nicholas Acquavella, Warren Adelson and Sandy Heller, are expected to testify, alongside Samuel Valette, who was Bouvier’s relationship manager at Sotheby’s.

Rybolovlev contends Sotheby’s provided Bouvier with valuations and helped the dealer acquire the works and sell the pieces at inflated prices. Bouvier had maintained he wasn’t Rybolovlev’s agent, but bought the paintings on his own and resold them to the Russian businessman.

Sotheby’s argues that it was unreasonable for Rybolovlev to rely on the broker’s statements without seeking documentation and that the company simply facilitated purchases of art by Bouvier from private sellers. The auction house contends it didn’t know about Bouvier’s alleged fraud or any lies he told about prices and didn’t help him commit misconduct.

“Sotheby’s sold the artworks at issue in this case to Bouvier’s company, who paid for them and took title,” an attorney for the auction house, Marcus Asner, said in a statement before the trial.

“If Mr. Rybolovlev has a valid gripe, it’s against Bouvier, not Sotheby’s, because Mr. Rybolovlev is claiming that Bouvier’s the one who allegedly lied to him about the prices he, Bouvier, paid to buy the art.”

Federal prosecutors spent more than a year building a case against Bouvier, but closed the investigation after the billionaire sold the da Vinci work in November 2017 for $450 million, more than triple what he paid, Bloomberg reported in May 2018, citing people familiar with the probe.

An attorney for Bouvier didn’t immediately respond to an e-mail seeking comment.

Rybolovlev, 57, who has a net worth of $11.5 billion, made his fortune in the potash industry, selling two fertilizer producers for more than $7 billion in 2010 and 2011.

He owns a majority stake in the AS Monaco football club and has been a resident of Monaco for more than a decade. Bloomberg

S lawmakers demanded answers from the Pentagon after Defense Secretary Lloyd Austin failed to notify the White House about his hospitalization for four days, saying they weren’t satisfied with the explanation for his absence.

The Pentagon said Monday that Austin’s top staffers knew about the hospitalization on January 2, but did not notify the White House, Congress or the deputy defense secretary for several days. The Defense Department has still not disclosed why Austin was admitted to Walter Reed National Military Medical Center, or whether he was unconscious at any time during his multiday stay in intensive care, which began on New Year’s Day. “Given the extremely serious military decisions that the United States is dealing with, including attacks on our troops by Iranian-backed proxies, the war in the Middle East, and the ongoing aggression by Russia in Ukraine, it is inexplicable that the Secretary’s condition remains shrouded in secrecy,” Senator Susan Collins, a Maine Republican and vice chairman of the Appropriations Committee and Subcommittee on Defense, said in a statement.

Massachusetts Democrat Seth Moulton, a member of the House Armed Services Committee and a former Marine officer, said, “the fact that this occurred with the secretary of defense—and his own deputy, let alone the president, didn’t know—is astounding.”

The episode presents a problem

for President Joe Biden in an election year, highlighting dysfunction at the commanding heights of the US military machine. It has also thrust his intensely private defense secretary into a media storm and raised questions about whether he should resign.

Austin’s chief of staff, Kelly Magsamen, released a memo on Monday night detailing a 30-day internal review of practices for transferring authority from the secretary to his deputy and the accompanying process for notifying the president and other parts of the government.

It also put in place temporary practices around notification while the review is underway.

Representative Elise Stefanik, a New York Republican and frequent critic of the administration, called for him to step down, and Senator JD Vance, an Ohio Republican and Marine veteran, said he should be fired.

Others on Capitol Hill said they were withholding judgment.

The White House acknowledged on Monday that Austin made mistakes, but said his position was secure.

“The president respects the fact that Secretary Austin took ownership for the lack of transparency. He also respects the amazing job he’s

Middle East, and the ongoing aggression by Russia in Ukraine, it is inexplicable that the Secretary’s condition remains shrouded in secrecy,” Senator Susan Collins, a Maine Republican and vice chairman of the Appropriations Committee and Subcommittee on Defense, said in a statement.

done as defense secretary,” White House spokesman John Kirby told reporters. “There is no plans for anything other than for Secretary Austin to stay in the job.”

Pentagon spokesman Major General Patrick Ryder also acknowledged shortcomings on Monday. Ryder, along with Magsamen, was among the small group of officials who knew of Austin’s admission to Walter Reed the day after it happened, but chose not to make it public or to notify the rest of the government.

“I recognize that I should have tried to learn more and to press for an earlier public acknowledgment. So I offer my apologies and my pledge to learn from this experience,” Ryder said.

Still, senior Democrats—who have otherwise praised Austin for his role in marshaling US military aid to Ukraine—pressed publicly for assurances that the Pentagon would

improve.

“I remain concerned that vital chain of command and notification procedures were not followed while the secretary was under medical care,” Senator Jack Reed, a Rhode Island Democrat and Chairman of the Senate Armed Services Committee, said in a statement. “This was a serious incident and there needs to be transparency and accountability from the department.”

Late Monday, Ryder, the Pentagon spokesman, issued a statement saying Austin was in “good condition,” recovering well and no longer in intensive care. But he said there’s no specific date yet for his release from the hospital.

The lack of notification was unusual for a government department known for its attachment to procedures and protocol. Previous health episodes involving defense secretaries were reported almost immediately.

“The non-notifications are so out of character for DOD which has a highly organized system for notifications on the most routine and the most serious matters,” said Arnold Punaro, a former Marine Corps major general and Defense Business Board member.

Senator Dick Durbin, an Illinois Democrat, said it is “way to early” to talk about Austin’s resignation, adding that “there are still a lot of unanswered questions.”

“We need to know more,” Durbin said. “This is not over by a long shot.”

With assistance from Tony Capaccio, Courtney McBride and Erik Wasson /Bloomberg

A $32 billion rout may not be the end of Tencent’s woes

By Jeanny Yu

A

raft of proposed new Chinese gaming curbs has wiped out $32 billion from Tencent Holdings Ltd.’s stock. The declines may not be over, looking at moves in the options market.

In a bearish sign, put options open interest has been rising relative to call options on the shares of China’s most valuable firm and its smaller rival NetEase Inc. since Beijing unveiled plans for a new round of restrictions on December 22. The volatility skew shows investors have sharply pared their bullish positions on Tencent’s stock as they await the end of a consultation on the guidelines on January 22.

The draft rules are reviving memories of the harsh crackdown in 2021, and testing Tencent bulls that have navigated two years of turbulence in the stock. Investors are hedging bets even after Beijing softened its tone, pledging to review controversial mandates, approving a slew of new games and reportedly firing an important sector regulator.

“The market is not very sure whether removing a top official

means that any implementation of those rules can be withdrawn,” said Kenny Wen, head of investment strategy at KGI Asia Ltd. “After all, this decision might not have been made by just one person. So at this stage, it’s very hard to tell what the government is trying to do.”

Even after a brief rebound, Tencent’s shares remain some 8 percent lower than where they were before the proposed regulations were announced. The stock dropped 7.5 percent last year, compared with an 8.8 percent decline in the Hang Seng Tech Index.

Bets in the options market indicate that investors may be preparing for a worst-case scenario. The 29-page consultation paper encompasses 64 items, with one rule limiting the maximum amount that a player can spend on one game. Under the proposal,

warnings will pop up to caution users in the event of an irrational in-game expenditure.

Domestic games contributed about 21 percent to Tencent’s total revenue in the third quarter, according to the firm’s latest quarterly earnings, which also showed that mini-games helped to drive a recovery in margins. Data from Bloomberg Intelligence indicate that the company managed to grab market share from NetEase after launching its latest title, Dream Star.

Some say the drop in the shares is overdone and investors should consider boosting their positions.

The proposed gaming regulations are more likely intended to curb irrational spending instead of deterring consumption, JPMorgan Chase & Co. analyst Alex Yao wrote in a research note.

“We don’t think the measures are aimed at curbing the development of the industry,” said Jian Shi Cortesi, portfolio manager at GAM Investment Management, adding that she favors the sector’s leaders. “The proposed measures should lead to more sustainable revenue generation and

healthier competition for the whole gaming industry.”

Tencent has moved to arrest the decline in its stock, as it bought back a record HK$10 billion ($1.3 billion) of shares in December and accelerated the pace even further this month.

But that hasn’t been enough to reverse the bearish sentiment. Three of the top five options with the biggest open interest on the stock are put options, according to data compiled by Bloomberg. Even mainland investors, a reliable source of support during previous market routs in Hong Kong, turned net sellers on January 4, when Tencent was close to recouping almost all the losses posted since December 22, according to Hong Kong stock exchange.

“The policy uncertainty will remain an overhang on Tencent and other players’ shares in the near term, until investors get full clarity on how these draft rules will be implemented,” said Willer Chen, analyst at Forsyth Barr Asia Ltd. “The wild share moves demonstrated investors’ concerns about regulatory tightening.” With assistance from Akshay Chinchalkar/Bloomberg.

India travel platform suspends Maldives trips as row worsens

By Karen Leigh & Chris Kay

O

ne of India’s biggest online travel platforms halted bookings to the Maldives, amid an increasingly fraught diplomatic spat that began when officials in the tourism-dependent island nation derided Indian leader Narendra Modi on social media.

“Our company is entirely homegrown and made in India,” Prashant Pitti, co-founder of EaseMyTrip, wrote on X, the platform formerly known as Twitter. “We have decided that we will not accept any bookings for Maldives.”

With Indians the biggest group of visitors to the Maldives, the spat threatens a key sector of the economy in the strategically important archipelago of more than 500,000 people that sits west of Sri Lanka.

Subhash Goyal, the founder and chairman of STIC Travel Group— one of India’s biggest tourism groups —told Bloomberg News that while there haven’t been a wave of cancellations by Indians set to go on expensive vacations in the Maldives, “future bookings will definitely be

impacted” by the row. He also urged tour operators and airlines to boycott travel to the Maldives.

The fallout comes on the back of growing tensions between India and the Maldives since a new president, Mohamed Muizzu, came to power last September. He wants India to remove its troops from the island nation and has sought to build closer ties with China. Muizzu is currently on a fiveday visit to China, where he’s expected to meet President Xi Jinping.

Both India and China have invested heavily in upgrading the Maldives’ infrastructure and extending loans to its government.

‘A clown’

The row was triggered after Modi made a visit to Lakshadweep, an In-

dian archipelago of 36 islands that lies north of the Maldives, to promote domestic tourism.

A deputy minister in the Maldives posted on the social media platform X about Modi’s visit, calling him a “clown” and a “puppet of Israel.” The post appears to have been later deleted and was condemned by the Maldives Association of Tourism Industry.

“India is one of our closest neighbors and allies,” the group said in a statement. “India has also been a consistent and significant contributor to the tourism industry of the Maldives.”

The deputy minister and two other government officials were suspended on Sunday for their social media posts, according to Press Trust of India.

The original image of Modi walking on a Lakshadweep beach has since sparked a local social media frenzy to promote the Indian territory as a tourism alternative to the Maldives.

Another travel booking platform, MakeMyTrip, said it had seen a 3,400 percent rise in on-platform searches

for Lakshadweep since Modi’s visit and would launch a new “Beaches of India” campaign for local travelers.

Pitti of EaseMyTrip wrote on X that he wanted Lakshadweep to become an international destination.

At the same time, it will likely take a while for the area to compete with the Maldives.

The Indian islands so far lack a lot of the 5-star hospitality that the Maldives offers and make take about a year to really develop as a destination, said Goyal, who added that the “connectivity is not there.”

While Maldives scores on infrastructure and marketing, Indian hotel brands can step up to boost local beach destinations, according to a January 7 post on X by Radhika Gupta, chief executive officer at Edelweiss Asset Management Ltd. “I am obsessed with the potential of a Indian tourism and have always wondered why we have to pay so much to go Maldives when we have Lakshadweep and Andaman,” she wrote in the post. With assistance from Nasreen Seria and Debjit Chakraborty /Bloomberg

A10 Wednesday, January 10, 2024

IRONY: RICE PRICIER IN AREAS WITH HIGHER POVERTY RATES

W

HOLESALE rice prices were high in regions that recorded poverty rates above the national average, according to the latest data released by the Philippine Statistics Authority (PSA).

The PSA said wholesale regular milled rice prices nationwide averaged P45.83 per kilo. This was a 30.8-percent year-on-year growth rate.

The highest was in Central Visayas at P54.21 per kilo. The poverty rate in the region was at 31 percent in the first semester of 2023, higher than the 22.4 percent national average.

Other regions that recorded high regular milled rice prices were the Davao region and Bicol region that saw wholesale prices average P49.06 per kilo and P48.43 per kilo.

Poverty incidence in the Davao region was at 27.2 percent and in Bicol region at 32.9 percent in the first six months of 2023.

Wholesale regular milled rice prices in Central Visayas posted a 40.9percent increase in December 2023; Davao region, 44.7 percent; and Bicol region, 33.9 percent.

Meanwhile, wholesale well-milled rice prices averaged P49.11 per kilo nationwide. The region that recorded the highest cost was also Central Visayas at P57.15 per kilo, which marked a 39.6-percent year-on-year growth.

This was followed by four regions with an average of above P51 per kilo.

These regions were Davao, Eastern Visayas, Zamboanga Peninsula, and Bicol region where the price aver-

aged P51.59 per kilo; P51.39 per kilo; P51.26 per kilo; and P51.08 per kilo, respectively.

In terms of poverty incidence, Eastern Visayas had a poverty rate of 33.7 percent while Zamboanga Peninsula had a poverty incidence of 38.2 percent in the first semester of 2023.

Meanwhile, wholesale rice premium prices averaged P53.23 per kilo.

This marked a 27.2-percent year-onyear growth in 2023.

The data showed premium rice prices were highest in Central Visayas and averaged P59.72 per kilo; followed

by Bicol region at P56.96 per kilo; Zamboanga Peninsula, P53.96 per kilo; and Cagayan Valley, P53.10 per kilo.

The PSA data also showed that wholesale special rice prices averaged P54.14 per kilo. This marked a 17.4-percent year-on-year growth.

EasternVisayas recorded the highest average wholesale premium rice prices at P58 per kilo, followed by Cagayan Valley at P57.85 per kilo; and National Capital Region at P56.04 per kilo.

PSA said the monthly data on the wholesale selling prices for agricultural commodities are obtained from the results of the Wholesale Selling Price Survey conducted every week of the reference month.

Wholesale price refers to the price of commodity transacted in bulk for further resale or processing. It is the actual “spot” transaction price received usually by the wholesalers, distributors or marketing agents for large lots but net of discounts, allowances, and rebates. Cai U. Ordinario

PHL factory growth faster at 1.9% in November–PSA

T

By Cai U. Ordinario

The PSA also said the manufacture of transport equipment saw a 17.1- percent annual increase, from 5.8 percent annual increment in October 2023.

The manufacture of chemical and chemical products posted a 2.4 percent annual drop from 10.9 percent annual decline in October 2023.

“Of the remaining 19 industry divisions, six registered year-onyear increases in November 2023.

In contrast, 13 industry divisions posted annual declines during the period,” PSA said.

“The highest annual drop was observed in manufacture of machinery and equipment except electrical at 27 percent,” it added.

facture of food products registered an annual drop of 5.0 percent in November 2023.

This was slower compared to its annual decline of 5.7 percent in October 2023. In November 2022, VoPI for manufacture of food products recorded an annual increase of 7.7 percent.

The slower annual decrease of VoPI in the manufacture of food products in November 2023 was driven by the slower annual decrease in the manufacture of other food products industry group at 6.8 percent during the month from 23.9-percent annual decrement in the previous month.

Other contributors to the slower year-on-year decrease of VoPI for manufacture of food products were the slower annual decline noted in manufacture of vegetable and animal oils and fats at 15.1 percent in November 2023.

PSA said the annual decrease of 32.6 percent in the previous month, and the annual increase noted in the processing and preserving of fish, crustaceans and mollusks at 1.1 percent in November 2023 from an annual decline of 4.5 percent in the previous month.

VoPI for food

Capacity utilization rate

@caiordinario

HE country’s manufacturing sector posted growth of 1.9 percent in November 2023, according to the latest data from the Philippine Statistics Authority (PSA).

Based on the Monthly Integrated Survey of Selected Industries (Missi), the Volume of Production Index (VoPI) in November 2023 was faster than the annual growth rate of 1.5 percent in October 2023.

However, the sector’s November 2023 performance was slower than the 6.4 percent rate posted in November 2022.

“The higher annual growth of the VoPI in November 2023 was mainly brought about by the same top three industry divisions that contributed to the higher annual rate of VaPI during the period,” the PSA said.

The data showed the manufacture of beverages posted a decline of 11.6 percent. However, this improved from the 34.4-percent decline in October 2023.

MEANWHILE, the VoPI for manu-

MEANWHILE, PSA data showed

the average capacity utilization rate for the manufacturing section in November 2023 was reported at 74.8 percent from 74.3 percent in the previous month.

All industry divisions reported capacity utilization rates of more than 60 percent during the month.

The top three industry divisions in terms of reported capacity utilization rate were manufacture of machinery and equipment except electrical at 80.8 percent.

The manufacture of transport equipment reached 80.8 percent and manufacture of rubber and plastic products, 79.9 percent.

“The proportion of establishments that operated at full capacity (90 percent to 100 percent) was 24.2 percent of the total number of responding establishments. Meanwhile, 41.5 percent operated at 70 to 89 percent capacity, and 34.4 percent operated below 70 percent capacity,” PSA said.

The Missi report is the Production Index and Net Sales Index. It continues to monitor the production, net sales, inventories, and capacity utilization of selected manufacturing establishments to provide flash indicators on the performance of the manufacturing sector.

Mla asks Jakarta anew for clemency for OFW on death row Veloso

By Malou Talosig-Bartolome @maloutalosig

F

OREIGN Affairs Secretary Enrique Manalo has asked his Indonesian counterpart, Retno L.P. Marsudi, to have his government spare Filipino domestic worker Mary Jane Veloso from the death penalty.

Manalo said he raised this during his bilateral meeting with Marsudi prior to the 7th Philippines-Indonesia Joint Commission for Bilateral Cooperation (JCBC).

In 2010, the Indonesian court convicted Veloso for bringing 2.6 kilo-grams of cocaine in her luggage. She was sentenced to death and was about to be executed when then President Susilo Bambang Yudhoyono granted her and other drug convicts temporary reprieve.

The Philippine government had strongly lobbied Jakarta for her to be allowed to testify against the human traffickers who set her up for a non-existent job and provided the luggage with the secret compartment holding the drugs. Jakarta at that time held off the execution on the expectation that a successful prosecution of the case against the illegal recruiters would help both countries nail the international drug syndicate preying on jobseekers.

However, when President Joko Widodo took office, he recalled the presidential reprieve and resumed death sentences on drug suspects.

“It’s always been our position for the Indonesian government to grant clemency (to Veloso) and it’s up to their government to decide,” Manalo told reporters in a brief side interview.

Veloso claimed she was not aware that she was bringing illicit drugs when a recruiter asked her to bring a luggage to Indonesia. However, the court was not convinced she had no prior knowledge that she had drugs in her possession when she entered Indonesia.

Manalo said he updated Minister Marsudi about the case filed by the Department of Justice against the recruiters of Veloso.

Asked if President Marcos Jr. will raise this again during his bilateral meeting with President Widodo on Wednesday, Manalo replied that he does not want to preempt what President Marcos would like to discuss.

Widodo is expected to arrive Tuesday night in Manila for a threeday official visit.

JCBC Meeting

THE two foreign ministers cochaired the JCBC, the primary dialogue mechanism to enhance bilateral cooperation between Manila and Jakarta.

Both sides reviewed the five-year plan of action to implement ways to improve cooperation on political and security; border issues; regional and global issues; economic cooperation; sociocultural and peopleto-people exchange; and judicial and consular matters.

“We committed to continue implementing our Plan of Action towards further elevating our bilateral relations to new heights, especially as we mark the 75th Anniversary of Philippines-Indonesia Diplomatic Relations this year,” Secretary Manalo said in a press conference following the JCBC. Both sides also exchanged views on regional and international issues, including the South China Sea, the situation in Myanmar, and in the Middle East, among others.

“Our time-honored partnership has positively evolved in a way that enables us to address the many developments through the years in our bilateral relationship, as well as the changing regional and global landscapes. I have no doubt that through the JCBC, the Philippines and Indonesia will achieve much more success in the future,” according to Secretary Manalo.

DOG MEAT BAN Animal rights activists attend a protest rally supporting the government-led dog meat banning bill at the National Assembly in Seoul, South Korea, Tuesday, January 9, 2024. South Korea's parliament on Tuesday passed a landmark ban on production and sales of dog meat, as public calls for a prohibition that have grown sharply over concerns about animal rights and the country's international image. AP/AHN YOUNG-JOON

LTFRB: Co-ops pick modern jeepney models

By Lorenz S. Marasigan @lorenzmarasigan

T

HE decision on the procurement of modern jeepney models will rest solely with the cooperatives and operators, not the government. The Land Transportation Franchising and Regulatory Board (LTFRB) made this clear on Tuesday as the agency chairman, Teofilo Guadiz III, said it comes as part of the ongoing Public Utility Vehicle Modernization Program (PUVMP).

He emphasized the agency’s noninvolvement in the decision-making process regarding the selection of jeepney units and manufacturers.

“The choice and purchase of modern jeepneys are up to the cooperatives. The government has no say on which unit they buy or from which

country it originates,” Guadiz explained, highlighting the autonomy granted to jeepney cooperatives.

Guadiz noted that cooperatives have the freedom to source their vehicles from a range of manufacturers, whether local, from Japan, China, or other countries.

He said the government “will not meddle in this process and [it] should be fully handled by the cooperatives.”

“They can buy locally-made, from Japan, China, or any other country. It’s entirely up to the cooperatives, not the government,” he asserted. “We also ensure that the primary aspect to consider in shifting to modern jeepneys is the safety and roadworthiness of the new jeepney units to provide better service to the commuters.”

Additionally, the LTFRB clari-

fied that transportation cooperatives possess the liberty to select from Department of Trade and Industry (DTI)-approved manufacturers that comply with the Philippine National Standards.

“The DTI provides a list of manufacturers who meet the Philippine National Standards. The decision on whom to choose rests entirely with them. It’s their call. They have full autonomy,” said Guadiz.

Currently, the Philippines has 32 models of modern jeepneys in operation, comprising both locally manufactured and assembled units.

The PUVMP, initiated by the Philippine government in 2017, aims to overhaul the nation’s public transportation system, particularly focusing on jeepneys, the backbone of public transit in the Philippines.

The PUVMP aims to modernize and unify the fragmented public utility vehicle industry, emphasizing the replacement of older vehicles with those meeting Euro 4 emissions standards.

The program’s objectives include changing the franchising system, introducing new routes, and providing education to drivers.

The program was fully implemented on January 1, after the government sat firm on its deadline for industry consolidation last December 31.

Commuter groups and networks and driver organizations have called on the government to delay the implementation of the program, as this will result in a significant loss in transport supply, which they argue has already been insufficient to meet the current demand.

Companies Wednesday, January 10, 2024

Editor: Jennifer A. Ng

B1

BDO issues sustainability bonds for the second time

L

By VG Cabuag

@villygc

ender BDO Unibank Inc. on Tuesday said it has again issued peso-denominated, fixed-rate sustainability bonds with a minimum aggregate issue size of P5 billion.

This marks BDO’s second pesodenominated sustainability bond offer following the P52.7-billion issue in January 2022.

“The net proceeds of the latest issuance will be used to diversify the bank’s funding sources, and finance and refinance eligible assets as defined in the bank’s sustainable finance framework,” the bank said.

The proposed issuance has a tenor of 1.5 years and bears a coupon rate of 6.025 percent per annum.

The minimum investment amount is P500,000, with additional increments of P100,000 thereafter.

The offer period runs from January 9 to 22, while the issue, settlement and listing date will be on

January 29.

BDO said it reserves the right to amend the terms and the timing of the issuance as it deems necessary.

Standard Chartered Bank is the sole arranger on the said issuance, with BDO and Standard Chartered Bank as the selling agents. BDO Capital and Investment Corp. as the financial advisor.

BDO earlier said its income for January to September 2023 grew 34 percent to P53.9 billion from P40 billion in 2022. The said income was backed by broad-based growth across its core businesses.

This resulted in a return on common equity of 15.1 percent compared with 12.4 percent in the same period

Photo from www.bdo.com.ph/

last year.

Net interest income rose to P137.4 billion with customer loans growing by 7.5 percent year-on-year to P2.7 trillion and deposits expanding 12 percent to P3.4 trillion.

Non-interest income settled at P57.9 billion, supported by various fee-based and treasury and foreign exchange businesses.

Pre-provision operating profit reached P80.6 billion, with revenue growth continuing to outpace cost growth.

Non-performing loan (NPL) ratio remained at 1.99 percent despite the

higher interest rate environment, while NPL coverage improved to 176 percent.

The bank said it continues to set aside provisions in line with its conservative credit and provisioning policies.

Common equity went up to P494.3 billion given continued profitable operations. Book value per share increased 13 percent to P93.83.

Capital adequacy ratio and common equity tier 1 ratio rose to 15.6 percent and 14.5 percent, respectively, with ample capital buffers from regulatory minimum levels.

B2

Companies BusinessMirror

Wednesday, January 10, 2024

BTI to install kiosks in other outlets of Southstar Drug

B

By VG Cabuag

@villygc

TI Payments Philippines Inc., an operator of Pay&Go kiosks in the country, has partnered with Gokongwei-led Southstar Drug to install the said machines in their outlets nationwide.

The partnership has already seen the deployment of 50 Pay&Go kiosks across various Southstar Drug locations, including 20 stores in Luzon, five in the Visayas and 25 in Metro Manila.

This will complement over 1,700 existing Pay&Go kiosks throughout

the Philippines.

The kiosks make available a range of financial transactions, including bill payments, mobile top-ups, and e-money cash-ins, making essential financial services more accessible to customers.

“The deployment of Pay&Go ki-

osks in Southstar Drug stores is a critical move towards enhancing financial service accessibility in the Philippines. This partnership reflects our commitment to empowering Filipinos with convenient financial services and aligns with our vision of building an extensive network that will support the country’s financial ecosystem,” Dan Ibarra, CEO of BTI Payments, said.

Southstar Drug general manager Mariel Crisostomo is also optimistic about the partnership.

“Incorporating Pay&Go services into our network will significantly improve our customer service and accessibility. This integration not only enriches our offerings but also positions us to better meet the progressive needs of our customers, enhancing their overall experience in our stores,” Crisostomo said.

This collaboration represents a significant step in combining retail

and financial services, catering to the evolving consumer preferences in the Philippines. Data from Bangko Sentral ng Pilipinas indicate that digital payments are on track to reach 50 percent of total retail payments in the country by the end of the year.

BTI Payments and Southstar Drug said they were both dedicated to expanding this initiative, aiming to increase the reach of these essential services. This partnership is expected to set a precedent for future collaborations in the retail and financial sectors, paving a model that can bring greater financial access in the Philippines.

Southstar Drug is one of the largest drugstore chains in the Philippines. It operates several store concepts, from stand-alone dedicated pharmacies to stores inside supermarkets, and pharmacies with selfservice convenience sections.

Ericsson names new chief for PHL

T

of leading our talented teams in Singapore, Brunei and Philippines and working with our customers in these markets to ensure that they stay at the forefront of 5G developments. We will leverage Ericsson’s technology leadership to contribute to the technological advancement and economic growth of these markets,” Ode said.

He has over 17 years of experience within Ericsson, having previously held pivotal roles such as the Acting Head of Customer Unit Northern and Central Europe, and Head of GCU Telia Company. Lorenz S. Marasigan

ech giant Ericsson announced on Tuesday the appointment of Daniel Ode as the Head of Ericsson for the Philippines, Singapore, and Brunei.

Concurrent to this position, Ode was also appointed the Head of Global Customer Unit (GCU) Singtel Group in Market Area Southeast Asia, Oceania & India (MOAI).

This appointment places Ode at the helm of Ericsson’s operations in these key markets, tasked to reinforce the company’s position in the region.

“I am delighted to take on the role

MUTUAL FUNDS

January 9, 2024

NAV

One Year Three Year

Five Year

Y-T-D

per share Return*

Return

Stock Funds 2.3%

-1.72%

1.4903

7.12%

4.01%

0.05%

2.01%

1.96%

ATRAM Philippine Equity Opportunity Fund, Inc. -a 3.0019

ALFM Growth Fund, Inc. -a

215.14

1.85%

-1.38%

-5.68%

-2.06%

Climbs Share Capital Equity Investment Fund Corp. -a 0.7043

1.32%

-4.15%

-5.09% n.a

First Metro Consumer Fund, Inc. -a

-4.8%

-5.51% n.a

2.35%

-2.89%

0.94%

ATRAM Alpha Opportunity Fund, Inc. -a

0.6409

-5.02%

First Metro Save and Learn Equity Fund, Inc. -a 4.7062-0.12%

-3.6%

-1.58%

-0.3%

1.1%

-0.2%

First Metro Save and Learn Philippine Index Fund, Inc. -a 0.7082-0.48% -2.17% n.a n.a MBG Equity Investment Fund, Inc. -a

85.4

12.27%

-5.36%

PAMI Equity Index Fund, Inc. -a 43.9749

0.25%

-1.99%

-2.82% n.a

1.37%

-2.12%

-0.21%

1.16%

-1.09% n.a

1.11%

Philam Strategic Growth Fund, Inc. -a

457.24

Philequity Dividend Yield Fund, Inc. -a

1.2197

2.4%

1.5%

Philequity Fund, Inc. -a

1.69%

-0.32%

-1.86%

Philequity MSCI Philippine Index Fund, Inc. -a 0.88492.38%

-1%

34.3283

2.01%

-6.24% n.a -2.87% 1.56%

1.03%

-2.03%

1.32%

4.6188

1.18%

-1.12%

Philippine Stock Index Fund Corp. -a

768.78

1.08%

-1.29%

1.45%

1.35%

Soldivo Strategic Growth Fund, Inc. -a

0.6952

1.74%

-1.13%

-4.65% n.a

0.61%

Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.4307

0.14%

-1.77%

-0.24%

Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8717 0.77%

-1.6%

-2.4% n.a

United Fund, Inc. -a

0.58%

1.38%

0.69%

-1.61%

-2.71%

1.65%

1.11%

Philequity PSE Index Fund, Inc. -a

3.1555

1.03%

0.64%

-2.55% n.a -2.1%

0.81%

1.44%

-3.85%

1.31% 1.34%

Primarily invested in Peso securities (units) COL Equity Index Unitized Mutual Fund, Inc. -a 1.08090.81% n.a n.a n.a

1.33%

COL Strategic Growth Equity Unitized Mutual Fund, Inc. -a,2 1.0192 n.a n.a n.a n.a 0.94% Philequity Alpha One Fund, Inc. -a

1.0288

-3.78%

-2.35% n.a n.a

1.19%

Philippine Stock Index Fund Corp. -a

933.21

1.04% n.a n.a n.a

1.35%

Exchange Traded Fund (shares) First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c104.43861.7% -0.88%

-1.77%

2.15%

1.38%

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

$0.8037

-8.94%

-13.83%

-2.91%

-1.65%

-0.8%

Sun Life Prosperity World Voyager Fund, Inc. -a

$1.6314

14.31%

-0.94%

7.43% n.a

-1.69%

Balanced Funds Primarily invested in Peso securities (shares) -0.66%

-0.08%

ATRAM Unicapital Diversified Growth Fund, Inc. -a,41.5193

2.99%

-3.34%

-2%

-1.35%

-0.67%

First Metro Save and Learn Balanced Fund, Inc. -a 2.5191

ATRAM Philippine Balanced Fund, Inc. -a 2.2367

6.02%

-0.27%

-1.35%

-0.67%

0.63%

0.07% -0.69%

0.45%

First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.1921

-1.08%

-1.07% n.a n.a

0.89% NCM Mutual Fund of the Phils., Inc. -a

1.957

0.91%

1.65%

PAMI Horizon Fund, Inc. -a

3.5896

3.72%

-1.71%

0.39%

0.81%

0.29%

Philam Fund, Inc. -a

15.7105

3.4%

-2.41%

-0.35%

0.47%

0.33%

2.052

2.35%

-0.64%

-0.47%

Solidaritas Fund, Inc. -a

-0.15%

-0.18%

0.67%

1.25%

0.6%

Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.4343

2.13%

-1.29%

-1.59%

0.17%

Sun Life Prosperity Dynamic Fund, Inc. -a

0.88%

-0.63% n.a

0.25%

0.91

2.84%

0.38%

Primarily invested in Peso securities (units) Sun Life Prosperity Achiever Fund 2028, Inc. -a 0.9463.49%

-2.55% n.a n.a

0.26%

Sun Life Prosperity Achiever Fund 2038, Inc. -a 0.85941.81%

-3.16% n.a n.a

0.66%

Sun Life Prosperity Achiever Fund 2048, Inc. -a 0.83930.95%

-3.37% n.a n.a

0.82%

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

$0.03295

PAMI Asia Balanced Fund, Inc. -b$0.8926

-3.01%

2.23%

-5.53%

-8.89%

-0.98%

-1.4%

0.19%

-2.61%

-1.23%

-0.9%

Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.2178

9.33%

-2.34%

4.51%

Sun Life Prosperity Dollar Wellspring Fund, Inc. -a $1.0247

5%

-4.26%

1.09% n.a

2.78%

-1.65% -1.6%

Bond Funds Primarily invested in Peso securities (shares) 2.6%

2.26%

0.04%

ATRAM Corporate Bond Fund, Inc. -a

1.9103

1.73%

0.16%

0.53%

0.08%

0.08%

Cocolife Fixed Income Fund, Inc. -a

ALFM Peso Bond Fund, Inc. -a

390.7

3.3364

3.38%

3.63%

1.75%

1.24%

2.31%

3.78%

0.29%

Ekklesia Mutual Fund, Inc. -a 2.2767

4.63%

-0.27%

1.33%

1.44%

-0.43%

First Metro Save and Learn Fixed Income Fund, Inc. -a 2.4503 Philam Bond Fund, Inc. -a

2.63%

-0.01%

2.06%

2.68%

-2.57%

2.44%

0.98%

-0.57%

Philam Managed Income Fund, Inc. -a

1.3794

4.4%

1.47%

3.24%

1.82%

0.39%

Philequity Peso Bond Fund, Inc. -a

4.0483

0.51%

0.27%

Soldivo Bond Fund, Inc. -a

3.08%

4.2801

2.73%

1.76%

3.22% n.a

-0.04%

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

3.3022

4.89%

1.07%

3.53%

2.27%

Sun Life Prosperity GS Fund, Inc. -a

4.09%

0.3%

2.68%

1.65%

-0.36%

1.0494

1.7645

4.78%

1.18%

0.3%

-0.35%

-0.39%

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

1.0093 n.a n.a n.a n.a

0.22%

Primarily invested in foreign currency securities (shares) ALFM Dollar Bond Fund, Inc. -a $495.03

3.09%

0.77%

1.98%

ALFM Euro Bond Fund, Inc. -a Є213.88

2.07%

-0.85%

0.14%

ATRAM Total Return Dollar Bond Fund, Inc. -b$1.0342.39%

2.55% 0.84%

-0.04% -0.07%

-6.82%

-1.76%

First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0248 4.64%

-2.06%

-0.08% n.a

PAMI Global Bond Fund, Inc. -b$0.8522

-1.41%

-0.48%

Philam Dollar Bond Fund, Inc. -a

-0.94% $2.2788

Philequity Dollar Income Fund, Inc. -a $0.0609503

-7.96%

-3.87%

-0.7%

5.1%

-3.48%

1.86%

-1.76%

1.7%

-0.73%

1.34%

1.6%

0.05%

1.41%

-5.07%

-0.89%

0.42%

Sun Life Prosperity Dollar Abundance Fund, Inc. -a $2.7502

0.83%

0.13%

0%

-3.06%

Money Market Funds Primarily invested in Peso securities (shares) ALFM Money Market Fund, Inc. -a 136.96

2.77%

1.79%

2.51%

2.05%

0.08%

First Metro Save and Learn Money Market Fund, Inc. -a 1.1093 3.29%

1.91% n.a n.a

Sun Life Prosperity Peso Starter Fund, Inc. -a 1.37672.82%

2.45%

2.01%

2.04%

0.09%

0.09%

Primarily invested in Peso securities (units) ALFM Money Market Fund, Inc. -a 104.73

4.18% n.a n.a n.a

0.16%

2.63%

1.43%

1.57% n.a

0.13%

Feeder Funds ALFM Global Multi-Asset Income Fund, Inc. -a 43.0116-0.53% n.a n.a n.a 1.4534

18.1%

0.9959 n.a n.a n.a n.a

-0.4%

Primarily invested in foreign currency securities (Units) ALFM Global Multi-Asset Income Fund, Inc. -a $0.7963-0.54% a - NAVPS as of the previous banking day.

1 - Launch date is August 22, 2023.

-7% n.a n.a

b - NAVPS as of two banking days ago.

2 - Launch date is October 6, 2023.

FINANCIALs

ASIA UNITED BDO UNIBANK BANK COMMERCE BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FERRONOUX HLDG NTL REINSURANCE PHIL STOCK EXCH VANTAGE

1,472,420 940,173,499 184,004 394,138,620 22,795,010 375,909 377,805,510.50 1,289,154 18,397.50 20,260 23,459,343 17,918,705 31,770 55,410 60,820 74,800 166,740 16,940

293,485,206 117,660 83,637,494 25,040 182,679,675 542,122 2,787.50 180,052.50 -4,731,835 102,660 -

INDUSTRIAL ACEN CORP 4.44 4.48 4.57 4.62 4.44 4.44 11,788,000 53,122,800 ALSONS CONS 0.55 0.57 0.55 0.55 0.55 0.55 300,000 165,000 ALTERNERGY HLDG 0.79 0.8 0.79 0.8 0.79 0.8 311,000 248,670 ABOITIZ POWER 38.05 38.1 38.2 38.3 38 38.1 924,300 35,325,495 RASLAG 1.2 1.23 1.25 1.26 1.25 1.26 22,000 27,550 BASIC ENERGY 0.186 0.195 0.196 0.199 0.185 0.195 650,000 125,760 FIRST GEN 17.94 17.96 17.94 18 17.86 17.96 509,300 9,149,962 FIRST PHIL HLDG 64.5 64.75 64.5 64.5 64 64.5 32,520 2,095,129 JOLLIVILLE HLDG 4.95 6 5.6 5.6 5.6 5.6 3,000 16,800 MERALCO 391 393.6 395 397 391 391 126,860 49,843,524 MANILA WATER 19.02 19.06 18.78 19.08 18.76 19.02 1,503,000 28,531,924 PETRON 3.39 3.45 3.4 3.48 3.39 3.45 35,000 119,190 4.45 4.64 4.65 4.65 4.65 4.65 1,000 4,650 PETROENERGY REPOWER ENERGY 7.41 7.45 7.12 7.45 7.12 7.45 253,400 1,879,624 SEMIRARA MINING 31.5 31.6 31.95 31.95 31.6 31.6 1,093,700 34,749,060 7.44 7.5 7.95 8.15 7.36 7.44 7,813,500 60,094,822 SYNERGY GRID 11.1 11.12 11.02 11.16 11.02 11.12 57,200 635,766 SHELL PILIPINAS 7 7.18 7.2 7.2 6.98 6.98 27,400 193,226 SPC POWER 1.28 1.29 1.29 1.32 1.26 1.29 80,828,000 104,296,100 SP NEW ENERGY 0.7 0.71 0.71 0.71 0.69 0.7 3,980,000 2,788,630 AGRINURTURE 2.28 2.3 2.28 2.3 2.28 2.28 69,000 157,910 AXELUM CENTURY FOOD 32.5 32.65 32.05 32.7 32 32.5 1,390,100 45,118,030 6.11 6.19 6.38 6.39 6.05 6.18 44,300 272,954 DEL MONTE DNL INDUS 6.52 6.57 6.6 6.65 6.51 6.57 545,500 3,580,195 EMPERADOR 20.85 20.95 21 21.05 20.85 20.9 729,800 15,277,670 SMC FOODANDBEV 50.2 50.25 50 50.3 49.9 50.25 14,960 748,845.50 FIGARO COFFEE 0.65 0.66 0.64 0.66 0.64 0.66 6,874,000 4,462,410 FRUITAS HLDG 0.91 0.92 0.9 0.92 0.9 0.91 887,000 809,970 GINEBRA 166 168.2 166.5 168.5 166 168.2 21,210 3,522,897 JOLLIBEE 253 254.8 257.2 258.2 253 253 487,960 124,481,388 KEEPERS HLDG 1.41 1.42 1.42 1.43 1.41 1.42 1,554,000 2,200,360 MAXS GROUP 3.33 3.36 3.4 3.4 3.29 3.36 99,000 330,260 MG HLDG 0.1 0.11 0.1 0.11 0.1 0.11 30,000 3,100 MONDE NISSIN 8.66 8.68 8.69 8.88 8.68 8.68 1,627,500 14,206,173 9.99 10 9.99 10 9.99 10 87,200 871,618 SHAKEYS PIZZA 0.43 0.435 0.435 0.435 0.43 0.43 210,000 90,450 ROXAS AND CO RFM CORP 2.99 3 3 3 3 3 136,000 408,000 0.58 0.67 0.6 0.6 0.58 0.58 38,000 22,400 ROXAS HLDG SWIFT FOODS 0.058 0.061 0.062 0.062 0.057 0.058 60,000 3,540 UNIV ROBINA 120.9 121 122.4 124.2 121 121 805,340 98,295,027 0.53 0.55 0.53 0.56 0.51 0.53 195,000 102,000 VITARICH VICTORIAS 3.1 3.28 3.27 3.28 3.27 3.28 2,000 6,550 CEMEX HLDG 0.96 0.98 0.99 0.99 0.96 0.99 225,000 219,700 EC VULCAN CORP 0.69 0.71 0.72 0.75 0.68 0.7 617,000 434,280 6.2 6.26 6.3 6.4 6.2 6.26 708,100 4,454,512 EEI CORP MEGAWIDE 3.18 3.2 3.19 3.2 3.16 3.19 745,000 2,376,410 TKC METALS 0.435 0.48 0.435 0.45 0.435 0.45 20,000 8,850 CROWN ASIA 1.52 1.56 1.56 1.56 1.52 1.52 51,000 77,880 EUROMED 0.75 0.79 0.75 0.75 0.75 0.75 126,000 94,500 PRYCE CORP 5.23 5.29 5.18 5.3 5.18 5.29 18,900 99,735 CONCEPCION 13.72 14.46 14.48 14.48 14.48 14.48 3,500 50,680 GREENERGY 0.249 0.25 0.237 0.255 0.237 0.249 32,390,000 7,988,570 INTEGRATED MICR 3.07 3.09 3.1 3.11 3.07 3.07 442,000 1,364,400 IONICS 1.1 1.12 1.13 1.13 1.1 1.12 1,602,000 1,781,310 SFA SEMICON 2.4 2.43 2.43 2.45 2.4 2.44 368,000 897,350 CIRTEK HLDG 1.84 1.86 1.88 1.91 1.84 1.84 297,000 553,880

-16,317,480.00 39,600 -23,426,145 -1,407,224 -3,116,966 17,865,696 3,390 -1,618,645 -7,562,695 -599,094 -4,332 25,691,480 -817,110 26,397,225 -66,649 -598,192 4,284,985 -232,645 2,541,475 37,060,502 -142,520 -53,030 2,957,463.00 411,878 -399,000 -46,801,553 28,800 -460,900 -54,230 -3,138 -15,928 -573,880 -715,240 -150,280 18,800

HOLDING & FRIMS

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

33.9 133.6 6.98 104.8 31.4 8.51 55.3 18.7 54.1 21.45 73.95 46.05 1.38 2.64 2.74 0.38 178 0.77

1.05 696 48.6 11.68 11.68 0.42 0.38 4.78 9.98 5.45 606.5 3.45 41.65 0.39 4.28 8.91 2.69 0.93 899 114 96.4 0.25 0.083

33.95 134.6 7.09 105 31.6 8.56 55.4 18.82 55.75 23 74 46.3 1.41 2.65 2.75 0.42 178.4 0.8

1.06 705 49 11.7 11.98 0.44 0.39 4.8 9.99 5.59 607 3.5 41.7 0.44 4.35 8.94 2.74 0.97 900 114.8 102 0.27 0.086

33.5 134.3 6.9 104 31.3 8.52 54.3 18.7 55.75 22.8 73.1 46.95 1.38 2.62 2.78 0.4 178 0.77

1.09 697 50.1 11.58 11.92 0.42 0.385 4.83 9.99 5.59 610 3.45 42.5 0.395 4.3 9 2.79 0.97 897 109.5 102 0.25 0.083

33.9 136 7.29 105.8 31.5 8.56 55.9 18.82 55.75 23 74.15 47 1.41 2.65 2.79 0.42 178 0.77

1.09 711 50.1 11.76 12 0.42 0.385 4.83 10.12 5.59 616 3.5 43.05 0.435 4.3 9.06 2.79 0.97 904 115 102 0.25 0.083

33 133.3 6.9 104 31.3 8.51 54.3 18.7 55.75 21.3 73.1 45.65 1.38 2.62 2.75 0.4 177 0.77

1.05 696 48.6 11.58 11.68 0.42 0.38 4.75 9.98 5.59 602.5 3.45 41.7 0.39 4.3 8.91 2.69 0.97 895 109.3 102 0.25 0.083

33.9 133.6 7.29 105 31.5 8.56 55.4 18.82 55.75 23 74 46.05 1.41 2.65 2.75 0.4 178 0.77

1.06 696 48.6 11.7 11.68 0.42 0.38 4.78 9.99 5.59 607 3.5 41.7 0.435 4.3 8.91 2.7 0.97 900 114 102 0.25 0.083

44,000 6,970,520 26,500 3,750,170 727,900 44,100 6,806,630 68,800 330 900 317,050 388,700 23,000 21,000 22,000 180,000 940 22,000

3,198,000 124,450 651,990 2,222,100 63,600 30,000 200,000 362,000 4,654,200 400 175,520 62,000 4,227,500 120,000 5,000 2,601,800 81,000 7,000 202,320 408,300 10 50,000 370,000

3,377,590 87,389,680 31,956,605.50 26,017,340 761,904 12,600 76,250 1,728,870 46,571,350 2,236 106,905,790 215,950 177,504,425 47,850 21,500 23,289,169 220,260 6,790 182,180,630 45,923,300 1,020 12,500 30,710

PROPERTY AYALA LAND 34.45 34.5 34.3 35 34.3 34.5 13,545,500 469,514,470 AYALA LAND LOG 1.86 1.88 1.88 1.91 1.88 1.88 288,000 545,040 ALTUS PROP 9.02 9.38 9.28 9.4 8.99 8.99 17,400 156,626 ARANETA PROP 0.98 0.99 0.97 1 0.96 0.99 1,691,000 1,643,380 AREIT RT 33.5 33.55 33.15 33.9 33.15 33.5 341,900 11,450,350 A BROWN 0.65 0.68 0.67 0.67 0.65 0.65 100,000 65,550 CITYLAND DEVT 0.72 0.73 0.69 0.73 0.69 0.73 42,000 30,030 CROWN EQUITIES 0.065 0.066 0.064 0.065 0.064 0.065 250,000 16,210 CEB LANDMASTERS 2.59 2.6 2.58 2.6 2.58 2.6 231,000 598,290 CENTURY PROP 0.27 0.275 0.28 0.28 0.27 0.275 3,570,000 975,200 CITICORE RT 2.59 2.6 2.6 2.6 2.59 2.6 3,764,000 9,784,010 DOUBLEDRAGON 8.11 8.14 8.12 8.15 8.03 8.14 139,000 1,130,890 1.21 1.22 1.23 1.23 1.2 1.22 1,351,000 1,640,450 DDMP RT 5.2 5.29 5.3 5.3 5.29 5.29 8,000 42,340 DM WENCESLAO EMPIRE EAST 0.123 0.125 0.124 0.125 0.123 0.123 170,000 20,950 EVER GOTESCO 0.28 0.29 0.275 0.29 0.275 0.29 210,000 58,900 2.92 2.94 2.91 2.94 2.91 2.92 664,000 1,942,210 FILINVEST RT FILINVEST LAND 0.67 0.68 0.65 0.68 0.64 0.67 6,733,000 4,475,540 0.84 0.85 0.85 0.85 0.85 0.85 300,000 255,000 GLOBAL ESTATE 8990 HLDG 8.8 9.19 8.93 9.2 8.93 9.2 79,400 720,926 PHIL INFRADEV 0.54 0.57 0.54 0.59 0.54 0.54 557,000 315,900 KEPPEL PROP 4.86 6.87 6.88 6.88 6.88 6.88 100 688 CITY AND LAND 0.74 0.77 0.76 0.77 0.74 0.74 125,000 93,010 MEGAWORLD 2.01 2.02 2.02 2.03 2.01 2.02 13,394,000 27,085,910 MRC ALLIED 1.4 1.45 1.45 1.47 1.4 1.45 257,000 372,640 MREIT RT 12.6 12.62 12.72 12.72 12.62 12.62 273,200 3,462,844 PHIL ESTATES 0.325 0.35 0.32 0.345 0.32 0.345 80,000 26,850 PREMIERE RT 1.55 1.56 1.56 1.56 1.56 1.56 333,000 519,480 PRIMEX CORP 2.36 2.56 2.45 2.51 2.45 2.51 2,000 4,960 RL COMM RT 5.05 5.06 5.02 5.06 5.01 5.05 515,400 2,599,631 ROBINSONS LAND 16.22 16.24 15.98 16.28 15.98 16.24 14,045,600 227,099,098 ROCKWELL 1.4 1.41 1.41 1.42 1.4 1.4 61,000 85,750 SHANG PROP 3.77 3.78 3.75 3.78 3.75 3.78 280,000 1,056,450 STA LUCIA LAND 3.03 3.47 3.48 3.48 3.48 3.48 2,000 6,960 33.5 33.85 33.4 34.15 33.4 33.5 9,926,100 335,393,120 SM PRIME HLDG 2.29 2.39 2.38 2.38 2.38 2.38 4,000 9,520 VISTAMALLS SUNTRUST RESORT 0.76 0.8 0.76 0.8 0.75 0.8 75,000 56,870 1.79 1.8 1.78 1.81 1.77 1.79 1,638,000 2,913,550 VISTA LAND 1.71 1.72 1.71 1.71 1.7 1.71 124,000 211,940 VISTAREIT RT

SERVICES ABS CBN 4.85 4.87 4.83 4.99 4.83 4.87 1,201,000 5,902,850 GMA NETWORK 8.87 8.9 8.91 8.92 8.85 8.87 510,800 4,543,135 MANILA BULLETIN 0.205 0.235 0.234 0.234 0.234 0.234 30,000 7,020 GLOBE TELECOM 1,726 1,730 1,722 1,751 1,722 1,730 67,175 116,468,270 PLDT 1,297 1,299 1,295 1,300 1,281 1,297 60,870 78,933,945 APOLLO GLOBAL 0.013 0.014 0.014 0.014 0.013 0.014 16,800,000 231,100 CONVERGE 9.34 9.35 9.68 9.8 9.32 9.35 7,693,800 72,940,036 DFNN INC 3.12 3.24 3.24 3.25 3.24 3.25 162,000 526,390 DITO CME HLDG 2.49 2.5 2.48 2.54 2.45 2.5 3,925,000 9,835,970 NOW CORP 1.2 1.21 1.18 1.24 1.17 1.2 635,000 765,460 TRANSPACIFIC BR 0.134 0.139 0.134 0.139 0.134 0.139 590,000 79,650 ASIAN TERMINALS 15.28 15.96 15.96 15.96 15.22 15.26 9,400 143,834 1.43 1.48 1.41 1.48 1.41 1.48 400,000 587,890 CHELSEA CEBU AIR 33.2 33.4 33.15 33.7 32.9 33.4 298,900 9,949,415 246.4 250 249 251.6 246.4 246.4 1,185,580 294,942,386 INTL CONTAINER 17 18.2 17 17 17 17 300 5,100 LBC EXPRESS 0.55 0.62 0.55 0.55 0.55 0.55 5,000 2,750 LORENZO SHIPPNG MACROASIA 4 4.02 4.05 4.05 3.99 4 490,000 1,965,160 0.52 0.54 0.52 0.52 0.52 0.52 109,000 56,680 METROALLIANCE A HARBOR STAR 0.76 0.77 0.77 0.77 0.77 0.77 19,000 14,630 ACESITE HOTEL 1.72 1.87 1.72 1.72 1.7 1.72 151,000 257,870 BOULEVARD HLDG 0.062 0.063 0.063 0.063 0.062 0.062 2,590,000 160,590 GRAND PLAZA 6.9 9.75 6.84 9.75 6.84 9.75 1,300 9,183 WATERFRONT 0.38 0.42 0.38 0.42 0.37 0.42 1,560,000 585,450 FAR EASTERN U 561.5 597.5 597.5 597.5 597.5 597.5 60 35,850 IPEOPLE 7.01 7.32 7.32 7.32 7.32 7.32 5,000 36,600 STI HLDG 0.46 0.47 0.47 0.47 0.455 0.47 5,580,000 2,577,150 BELLE CORP 1.19 1.2 1.2 1.2 1.19 1.2 32,000 38,360 BLOOMBERRY 10.24 10.26 10.16 10.36 10.12 10.24 3,857,000 39,495,212 PACIFIC ONLINE 4.23 4.24 4.28 4.39 4.23 4.23 575,000 2,463,670 PH RESORTS GRP 0.86 0.88 0.86 0.88 0.86 0.88 267,000 232,200 PREMIUM LEISURE 0.67 0.68 0.67 0.69 0.66 0.68 14,883,000 10,037,690 DIGIPLUS 8.17 8.18 8.3 8.3 8.1 8.17 2,346,200 19,235,825 PHILWEB 1.75 1.78 1.78 1.79 1.75 1.75 120,000 212,160 0.161 0.162 0.162 0.164 0.161 0.161 5,710,000 923,430 ALLDAY ALLHOME 1.2 1.22 1.25 1.27 1.18 1.22 3,303,000 4,023,190 1.22 1.26 1.26 1.26 1.25 1.26 25,000 31,410 METRO RETAIL PUREGOLD 27.9 27.95 28.25 28.35 27.75 27.95 1,482,400 41,555,470 40.4 40.45 40.6 41.25 40.45 40.45 868,900 35,404,260 ROBINSONS RTL 75 76.25 76.25 76.25 76.25 76.25 50,280 3,833,850 PHIL SEVEN CORP 2.68 2.69 2.77 2.77 2.65 2.69 884,000 2,403,780 SSI GROUP 1.55 1.64 1.6 1.69 1.6 1.69 8,000 13,430 UPSON INTL CORP 23.85 24 23.6 24.8 23.6 24 3,247,100 77,938,490 WILCON DEPOT 2.16 2.94 2.1 2.15 2.1 2.15 5,000 10,700 EASYCALL 0.32 0.325 0.325 0.325 0.32 0.32 240,000 77,550 MEDILINES PRMIERE HORIZON 0.174 0.176 0.177 0.177 0.173 0.174 680,000 118,270 SBS PHIL CORP 4.3 4.44 4.3 4.45 4.3 4.44 47,000 204,660

MINING & OIL APEX MINING 2.83 2.84 2.97 2.97 2.84 2.84 14,558,000 41,844,130 ATLAS MINING 3.43 3.45 3.45 3.45 3.42 3.42 1,201,000 4,141,220 BENGUET A 4.79 4.81 4.71 4.83 4.71 4.81 164,000 786,130 BENGUET B 4.78 4.98 5.17 5.17 5.17 5.17 13,000 67,210 FERRONICKEL 2.17 2.19 2.18 2.2 2.17 2.19 270,000 590,000 LEPANTO A 0.076 0.078 0.08 0.08 0.075 0.078 1,560,000 117,850 LEPANTO B 0.076 0.078 0.078 0.078 0.078 0.078 20,000 1,560 MANILA MINING B 0.0044 0.0048 0.0047 0.0047 0.0047 0.0047 1,000,000 4,700 MARCVENTURES 1.02 1.04 1.03 1.07 1.03 1.04 803,000 838,210 NIHAO 0.6 0.66 0.6 0.6 0.6 0.6 59,000 35,400 NICKEL ASIA 5.07 5.08 5.12 5.12 5.07 5.07 4,589,500 23,291,336 0.64 0.65 0.66 0.67 0.65 0.65 79,000 51,700 ORNTL PENINSULA PX MINING 3.2 3.21 3.21 3.26 3.2 3.2 1,356,000 4,358,460 5.3 5.4 5.4 5.4 5.2 5.4 8,500 45,252 ENEX ENERGY ORNTL PETROL A 0.0079 0.008 0.008 0.008 0.0079 0.008 8,000,000 63,700 PXP ENERGY 3.85 3.87 3.86 3.86 3.84 3.85 102,000 392,510

PREFFERED HOUSE PREF B 95 98 97.9 98 97.9 98 3,750 367,485 DD PREF 94.2 94.9 94.8 94.8 94.15 94.5 650 61,370 EEI PREF A 90.05 94.95 94.95 94.95 94.95 94.95 600 56,970 EEI PREF B 96.1 97 96.9 96.9 96.9 96.9 2,000 193,800 JFC PREF B 910.5 925 915 915 915 915 10 9,150 MWIDE PREF 4 93.15 93.2 93.15 93.15 93.15 93.15 670 62,410.50 PNX PREF 4 210.4 226 226 226 224.8 225 70 15,754 PCOR PREF 3A 980 992 991 991 991 991 50 49,550 PCOR PREF 3B 980 999 999 999 999 999 10 9,990 SMC PREF 2F 72.95 73 72.75 72.95 72.75 72.95 5,500 401,125 SMC PREF 2I 70.4 72.75 70.1 72.8 70.1 72.75 6,800 483,517.50 SMC PREF 2J 67.15 67.9 67.95 67.95 67.9 67.9 20 1,358.50 77.85 78 78 78 77.85 77.85 15,780 1,229,357 SMC PREF 2O TECH PREF B2D 48.25 48.5 48.5 48.5 48.5 48.5 8,000 388,000

ABS HLDG PDR 4.5 4.55 4.59 4.59 4.5 4.5 192,000 874,130 GMA HLDG PDR 8.31 9

TECH WARRANT

-1.09%

8.25% n.a n.a

-1.05% Sun Life Prosperity World Income Fund, Inc. -a,1

January 9, 2024

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

WARRANTS

Primarily invested in Peso securities (units) Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a

PSE STOCK QUOTATIONS

PHIL. DEPOSITARY RECEIPTS

Primarily invested in foreign currency securities (shares) Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0985

www.businessmirror.com.ph

-1.46%

c - Listed in the PSE.

3 - Launch date is May 25, 2023.

4 - Renaming was approved by the SEC last May 21, 2020 (formerly, ATRAM Dynamic Allocation Fund, Inc.).

0.3

0.325

-

-

-

-

-

-23,100 -5,671,675 -19,131,011.50 3,643,792 3,594 -76,340 -25,571,535 50,803,245 -38,648,735 -11,132,299 -6,790 67,563,855 37,624,422 209,265,870 9,500 482,485 52,350 -4,970 82,880 1,882,400 -105,720.00 -138,060 -2,900 300,070 18,500 2,794,570 -611,026 29,640 -13,336 -57,364,526 3,780 -6,960 6,929,660 -38,290 -184,770 25,650 40,680,280 41,997,415 5,549,484 -9,720 316,720 -2,677,025 36,420,934 -5,100 -80,300 -8,208 524,900 -4,760 -13,394,754 -359,550.00 -896,180 9,032,211 -367,680 7,309,830 -24,061,085.00 -3,794,200 494,120 -8,450 37,564,680 8,600 -34,200.00 -2,268,490 80,920 16,560 1,134,461 339,000 -77,000 -514,080 -

-

-

SMALL, MEDIUM & EMERGING

0.435 0.435 0.415 0.415 360,000 149,600 0.76 0.76 0.74 0.75 1,212,000 898,420 0.96 0.96 0.93 0.93 345,000 321,740 0.68 0.69 0.68 0.69 48,000 32,650 1.53 1.53 1.53 1.53 2,000 3,060 0.058 0.061 0.058 0.061 300,000 17,700 1.07 1.08 1.04 1.06 829,000 873,660 0.203 0.212 0.203 0.206 300,000 62,130

EXHANGE TRADE FUNDS

104.5 105.3 104.5 104.9 19,280 2,022,748 -102,452

BALAI FRUITAS CTS GLOBAL HAUS TALK ITALPINAS KEPWEALTH LFM PROP MERRYMART XURPAS

0.415 0.74 0.93 0.68 1.56 0.057 1.05 0.206

0.43 0.76 0.95 0.69 1.59 0.061 1.06 0.238

8,840 3,210 -

“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.”

FIRST METRO ETF

104.8

104.9

www.news.businessmirror@gmail.com

Lender’s AI, analytics technology catch fraud

B

Y using a combination of artificial intelligence (AI) and graph analytics, the Union Bank of the Philippines (PSE: UBP) detected fraudulent transactions.

UBP data scientist Abigail A. Antenor said last Tuesday the new method the lender tested showed that 19 percent more fraudulent transactions were detected by applying fraud indicators to include second and third degrees, with 80 percent saved for the turnaround time.

Antenor said the breakthrough is timely, as fraudsters are continuously becoming more innovative in executing attacks, especially those directed at banking systems and their customers.

“With this, we have further proven that AI can significantly augment our ability to spot patterns in transaction flows, detect malicious activities, and prioritize suspicious accounts for further investigation,” said Adrienne G. Heinreich, head of UBP’s AI Center of Excellence.

Developed by Heinreich’s team, the new method provided “nuanced insights into fraud, which can potentially improve systems to effectively mitigate financial risks and enhance decision-making processes, making them more accurate, faster, and efficient,” Antenor said.

She explained the lender used graph analytics to scrutinize the intricate relationships between transactions.

For instance, fraudsters often involve intermediary accounts to secretly facilitate money laundering across a network. By expanding their analysis to three degrees of connection instead of just the first degree, the bank has minimized the risks associated with different fraudulent activities.

“Examining the influence of an account within a network is one pattern we seek to identify. The technique we employed to assess this is by measuring its centrality,” Antenor said.

She added that the approach enabled the bank to quantify the number of connections associated with each account, identify those acting as middlemen, and evaluate their proximity to other accounts to determine the speed of fund transfers. Subsequently, they studied how these measures correlate with fraud in different degrees of connection previously mentioned, to determine which indicator is most relevant in those scenarios. Rizal Raoul Reyes

Banking&Finance BusinessMirror

@brownindio

E

ight out of 10 Filipinos had experienced more accessibility on formal credit options in 2023, according to a new survey commissioned by consumer finance company Digido Finance Corp.

Of the 80 percent, the survey said 42 percent claimed there are no changes to the degree of accessibility and claims to be usually approved when applying for formal credit, while the remaining 38 percent said their access to formal credit has improved in 2023 compared to 2022.

Digido said the survey indicated Filipinos’ lingering behavior of borrowing from both formal and informal sources. At the time of inquiry, 57 percent of respondents had at least one outstanding loan from a formal lender, with non-bank financial institutions (NBFIs) with an online component making up 31 percent, followed by traditional banks’ branches (25 percent), digital banks (14 percent), offline NBFIs (13 percent) and apps or web sites of traditional banks (9 percent). Meanwhile, 48 percent, borrow from friends or family members.

Respondents, meanwhile, pointed out that easy application process (60 percent), convenient repayment methods (50 percent) and high probability of approval (47 percent) as

B3

BOC 2023 collection hits ₧883.624B

T

By Cai U. Ordinario

@caiordinario

HE digitalization efforts and anti-smuggling drive of the Bureau of Customs (BOC) allowed the agency to exceed its collection targets for the year.

BOC said its collections reached P883.624 billion as of December 31, 2023. This was 1.08-percent or P9.459-billion higher than the P874.166-billion target.

This also presented a 2.46 percent or P21.205 billion increase compared to last year’s revenue collection of P862.419 billion.

“In 2024, expect the Bureau to continue modernizing its customs administration and processes to effectively curb illicit trade, generate more revenues to fund the government’s priority development projects, ensure the protection of our consumers, and enhance the country’s ease of doing business,” Finance Secretary Benjamin E. Diokno said.

BOC’s Post Clearance Audit Group (PCAG) Collections from January to December 31, 2023 also increased by 6.43 percent or P118.424 million to P1.959 billion.

Meanwhile, majority or 91.56 percent representing P1.793 billion of the total additional revenue was collected from Prior Disclosure Program (PDP) Applications.

The remaining P166.286 million was collected from other audit findings. The PDP collection for 2023 is 12.58 percent or P200.285 million higher compared to the collection in the same period last year.

Further, the sale of forfeited goods conducted through public auctions from January to December 31,

2023 generated P164.503 million in revenues.

Cases

IN 2023, the BOC recorded four conviction cases on the unlawful importation of general merchandise, cigarettes, and agricultural products.

From January to December 31, 2023, the BOC’s efforts resulted in the confiscation of P43.295 billion worth of smuggled commodities.

As part of the BOC’s monitoring efforts and post-evaluation of importers and brokers, the Bureau revoked the accreditation of 118 importers and 46 customs brokers found to be in violation of the provisions stipulated in the Customs Modernization and Tariff Act from January to December 31, 2023.

In order to uphold a highly efficient customs bureau, the BOC has likewise made sure to safeguard the integrity of its operations by filing criminal charges against erring employees.

The BOC has issued a total of 19 show-cause orders against errant employees from January to December 31, 2023.

Meanwhile, 94 personnel are ei-

ther under investigation or have been investigated. Sixteen of these are facing administrative charges. Moreover, 14 employees have been suspended, while one has been disciplined.

Going digital

THE BOC said these improvements in collection was supported by various efforts, including digitalization. The agency has digitalized 161 out of 166 customs processes or a 96.99-percent digitalization rate.

The One-Stop Electronic Travel Declaration System (E-Travel System) in collaboration with the Department of Information and Communications Technology (DICT) was launched on November 21, 2023 to allow travelers and crew members to declare dutiable goods prior to their arrival.

The BOC also said its overstaying Cargo Tracking System now provides data on disposition activities, such as auction, condemnation, or donation of all overstaying containers in all ports.

Last year, BOC also introduced the National Customs Intelligence System (NCIS), a web site that gathers intelligence data from various sources to enable informed decision-

making analysis and more responsive policies.

Several initiatives in the pipeline include the BOC e-Pay Portal System, the e-Auction System, and the Automated Export Declaration System (AEDS).

The BOC’s modernization initiatives have driven the Philippines to rank second-best among Association of Southeast Asian Nations (ASEAN) member states in the 2023 United Nations Global Survey on Digital and Sustainable Trade Facilitation, scoring 87.1 percent.

Partners

THE BOC has also made progress in the implementation of the Authorized Economic Operator (AEO) Program as well as strengthening international partnerships.

The BOC signed a Mutual Recognition Arrangement (MRA) with the General Administration of Customs of the People’s Republic of China on the AEO Program on January 3, 2023.

The agency also signed the Philippines-Hong Kong AEO Mutual Recognition Arrangement during the AEO Expert Mission and Symposium on November 29 to 30, 2023.

Nonbank EMI included in PhilPaSSplus

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HE Bangko Sentral ng Pilipinas (BSP) has onboarded OmniPay Inc. to the roster of financial institutions that settle high value transactions safely and instantly through the enhanced Philippine Payments and Settlements System (PhilPaSSplus).

BSP said OmniPay (formerly PVB Card Corp.) is the first nonbank electronic money issuer (EMI) designated as a direct peso “real time gross settlement” (RTGS) payment system participant. Aside from Discover and Diners Club International, OmniPay is also a principal member and licensee of UnionPay, JCB, Eurogiro and BancNet. “Giving nonbank electronic money issuers access to the RTGS system is in accordance with the National Payment Systems Act, authorizing the BSP to determine the institutions that are allowed to participate in payment systems owned and oper-

TAX INFO This undated photo courtesy of the Bureau of Internal Revenue shows BIR personnel

at the booth set up by the bureau, through its Public Information and Education Division, during the 3-day Ease of Doing Business Convention organized by the Anti-Red Tape Authority from November 29 to December 1, 2023 at the Philippine International Convention Center. The BIR said the booth enabled the bureau “to showcase its electronic services and other streamlining initiatives to a diverse audience comprised of entrepreneurs, corporate executives, public servants and the general public.” CREDIT: Bureau of Internal Revenue

Formal lenders remain accessible–poll

By Rizal Raoul S. Reyes

Editor: Dennis D. Estopace • Wednesday, January 10, 2023

the key factors that have influenced their decision in applying for a formal credit source in 2023. Moreover, Digido noted that other positive factors include convenient repayment schedule (43 percent), application through mobile app (42 percent) and attractive interest rate (30 percent).

Preferences are similar among all income groups and regions.

Assessing their payment habits in 2023 compared to 2022, 64 percent of surveyed Filipino borrowers self-report that they always pay their loans on time, whilst 36 percent of respondents say they have missed repayments.

In terms of type of formal credit, personal loans were the most popular formal credit option, with 54 percent of respondents having one in 2023 due to its flexibility and variety of use.

‘Buy now, pay later’ is the second most popular type of loan (12 percent), followed by credit cards (6 percent) and business loans (6 percent). Notably, 24 percent of respondents did not avail formal credit in 2023, an increase from 15 percent in 2022.

In terms of the amount of loans availed, 40 percent of respondents said that the amount of loans taken out last year decreased compared to 2022. The share of respondents for whom the amount of loans has increased is at 28 percent. Moreover, 41 percent of respondents would like to raise the borrowing limit, indicating a signifi-

cant portion of demand.

Digido noted 57 percent of respondents intend to take out a new loan this year, while 19 percent of consumers already have plans in place to do so.

Meanwhile, 38 percent, indicate they will avail a loan if the need arises. Notably, 76 percent of Filipino borrowers are satisfied with their experience from formal lending institutions.

About 56 percent of respondents also cite online as their preferred channel for obtaining formal credit compared to 37 percent who prefer offline modes. Demand for online channels is highest in the National Capital Region and the middle income group, likely due to the higher standard of living and degree of digitization.

According to the survey, the room for improvement in terms of customer experience for all formal credit institutions remains, with 48 percent of respondents also stating that loan rates need improvement, 35 percent preferred a better repayment schedule, and 33 percent would like to use more repayment methods.

Digido interviewed 1,500 Filipino borrowers that had formal or informal credit at the time of inquiry. An equal number of men and women took part in the survey, with respondents from all age groups (18+), income groups, employment groups and regions, suggesting the high reliability of the study results and applicability to the Philippine population as a whole.

ated by it and those that can open an account with the BSP for settlement purposes,” Assistant Governor Mary Anne P. Lim said. Lim, to note, also heads the BSP’s Peso RTGS Management Committee.

The BSP said the extension of the PhilPaSSplus access “signals an era of a more inclusive national payment system,” where nonbank financial institutions can make efficient and low-risk funds transfers without an existing RTGS participant sponsoring them into settlement.

Direct access to the PhilPaSSplus allows nonbanks to benefit from the efficiency and safety of sending, receiving and maintaining funds with the central bank.

“As direct participation in the Peso RTGS payment system is expected to become more diverse based on global trends, the BSP has rules in place to safeguard the entire Peso RTGS payment system,” Lim said.

The BSP is among the first central banks that have initiated broader direct access of nonbank entities to central bank settlement services.

International standard-setting bodies have started developing access guidelines to ensure that the attendant risks remain manageable while payment systems continuously evolve amidst the emergence of new players and breakthrough financial technologies.

There are now 236 institutions using the PhilPaSSplus to settle large value transactions and retail payment clearing results arising from ATM, InstaPay, PESONet and check transactions.

These institutions include universal and commercial banks, thrift banks, rural banks, digital banks, nonbank quasi-banks, clearing switch operators, financial market infrastructures and nonbank EMI participants. Cai U. Ordinario

Economic scenarios for the ‘Year of the Wooden Dragon’

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ORTUNE tellers and economists come up with their forecasts at the beginning of each year to give a glimpse of what’s in store for individuals, nations and markets in the next 12 months. Based on the Oriental horoscope, most of the predictions revealed that the “Year of the Dragon”–particularly 2024, the Wooden Dragon year–will bring prosperity, authority and favorable outcomes.

In its 2024 Philippine Economic Outlook, the European Chamber of Commerce of the Philippines (ECCP) cited the World Bank’s forecast that the country’s gross domestic product (GDP) is estimated to grow by 5.8 percent this year. The ECCP hosted the forum last month to provide guidance to the business community on how to calibrate strategies and plans amidst tighter financial conditions and adverse external pressures.

The International Monetary Fund (IMF) is optimistic that the Philippines’s GDP will reach 6.0 percent in 2024 with fiscal policymaking, environmental factors and geopolitics playing a major role in deciding the country’s economic direction. In its latest report released last December 15, the IMF Executive Board predicted that accelerated public investment and improved external demand for Philippine exports will fuel the robust growth.

According to the IMF report, “the government’s infrastructure program, opening up of sectors to greater foreign investment and private sector participation through PPP modalities will gradually crowd in private investment and help realize a growth potential of about 6.0 percent to 6.5 percent over the

Finex free enterprise Joseph Araneta Gamboa medium term.”

Two economists belonging to the academe agreed with the IMF’s forecast. Dean Roberto Martin N. Galang of the Ateneo de Manila University’s John Gokongwei School of Management believes that the manner in which the government navigates geopolitical issues, such as the territorial dispute in the West Philippine Sea, shall have a huge bearing on the attainment of economic growth targets.

University of Santo Tomas’s Economics Department Chair Carlos L. Manapat said the Philippines is likely to remain a net importer in the short term and aggressively pushing the export sector forward will positively affect the country’s economic numbers. “If the IMF’s expectations come true, then its growth forecast for the Philippines is attainable,” Manapat shared during a media interview.

International credit rating agencies have also expressed confidence in the country’s macroeconomic fundamentals. This is evidenced by our continued investor-grade credit ratings while many other economies experienced downgrades in 2023.

Fitch Ratings foresees that our medium-term growth “will be considerably stronger than the median of similarly-rated peers,” while

Moody’s deemed that the country will have a “rapid economic growth relative to peers, complemented by the stabilization and eventual reversal of the deterioration in fiscal and debt metrics.” S&P’s stable outlook reflects its “expectations that the Philippine economy will maintain healthy growth rates and the fiscal performance will materially improve over the next 24 months.”

A study of top Wall Street firms’ outlooks for 2024 conducted by an Australian think tank showed three recurring investment themes. There is a general agreement that central banks worldwide, notably the US Federal Reserve, have managed to engineer a “soft landing” scenario where interest rates were raised just enough to tame inflation and avoid a recession.

Another consensus was that geopolitical factors would play a biggerthan-usual role this year. Major issues include the wars in Ukraine and Gaza as well as hostile relations between China and Taiwan. Also to be considered are the following markets that surveyed strategists found most promising: India, Japan and Mexico.

Among the firms in the survey were JP Morgan, Blackrock, Morgan Stanley, Lazard, Merrill Lynch and Goldman Sachs. On the whole, their research teams are cautiously optimistic about 2024 but believe that returns are likely to be more modest than 2023 with pockets of outperformance in certain sectors.

Joseph Gamboa is the vice-chair of the Finex Ethics Committee and director of Noble Asia Industrial Corp. The views expressed herein do not necessarily reflect the opinion of these institutions and the BusinessMirror. #FinexPhils www.finex.org.ph.

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Wednesday, January 10, 2024 • Editor: Gerard S. Ramos

Image BusinessMirror

www.businessmirror.com.ph

Manager burnout

TODAY’S HOROSCOPE

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Hrithik Roshan, 49; Goerge Foreman, 74; Reneé Rapp, 23; Rod Stewart, 78.

PHOTO BY HERNAN SANCHEZ ON UNSPLASH

HAPPY BIRTHDAY: Avoid temptation by aligning yourself with stable, hardworking people.

Put your energy into something that counts, and dedicate your time to helping others and making the world around you a better place. Leave nothing to chance; it’s up to you to keep things copacetic if you want everything to fall into place. Don’t wait; change begins with you. Your numbers are 4, 18, 25, 27, 30, 36, 41.

ARIES (March 21-April 19): Refuse to let your emotions step in and ruin things for you. Put your ego aside and do what you do best. Let the results speak for you, and you’ll sidestep interference from someone who can make your life difficult. ★★★

I

F employees experience burnout at least once in their life, imagine the pressures people managers face as they balance management expectations with the demands of their team. When stress becomes unbearable, managers will have low motivation and constantly find themselves dragging their feet to go to work. Even worse, they become less compassionate and empathetic to their team, and will often find it difficult to regulate their emotions. When a manager feels like she has lost control of managing herself and her team, she might already have burned out.

This is not surprising considering the increasing demands of top management on the productivity and efficiency of their employees. With the incessant demand to do better than last year, managers are hard-pressed to meet increasing targets for the current year, but without any additional tools or resources. Add to that is the need to maintain their team’s well-being by ensuring they have work-life balance and that tasks are equitably distributed. All of these can take a toll on a manager. If the burnout is not addressed, it can lead to more issues and problems.

Aside from the increased expectations on managers to meet increasing targets and the additional work hours spent on meeting them, many managers also have competing tasks that demand their attention. Often, managers spend more time looking after their team but neglect to take care of themselves. Add to that are unfair performance reviews and other expectations that do not fall within their job descriptions. All of these lead to increased stress levels and if not managed well will result in burnout. As a manager, how do you avoid it?

Most of the time, your own manager will give you more and more work unless you say “no.” Every year, you and your manager will set targets for the year and develop a strategy to meet all of them. Now is a good time to discuss and agree with your manager on how additional work will feed into your evaluation, or which of the tasks can be dropped in favor of new and urgent tasks from the top management. You need to clarify expectations with your own manager and negotiate on how additional and immediate tasks are managed.

TAURUS (April 20-May 20): Be observant, but don’t think everyone else has answers or insight into what you can or should do next.

Only you can be the one to decide your strengths and weaknesses. Compensate for your shortcomings by sharing what you have to offer.★★★

There are some cases when you also need to set expectations with your own customers – whether internal or external. There are instances when a project can be better handled by another group other than your own team and you should endorse them to these departments. As a manager, you need to protect your team from tasks and projects that do not fall within your scope. Otherwise, you will be overstretching not just your team but also yourself.

Knowing how to filter tasks and saying “no” to projects that do not fall within the ambit of your team helps you manage your resources better and focus your team’s resources to meet its own goals.

As someone managing other people, you also need to stop being reactive and to adopt a solution-based approach to new and additional tasks. Not everything that is given by your own manager is a top priority. If you get easily flustered by new tasks, the best thing to do is to stop and understand the objective of the additional tasks so you can determine which ones are urgent and prioritize accordingly. If a task can be done in less than five minutes, do them right away so your to-do list becomes shorter and you can allocate your time for those needing more time. Put the three priority tasks on top of your list so you know which ones should be finished within the day. This will help you focus and evaluate which parts of the tasks can be done by other team members.

If something can be delegated, do so. But do not delegate just because you can. You should always consider your team and their workload. Ensure that tasks are assigned to those who have the requisite knowledge and skill to complete it. If you have the

luxury of time, use it as an opportunity to teach other members on how to do the task.

In scheduling tasks, you also need to know which parts of the day you work best so you can do the heavy lifting during those times. Some people work better in the morning when there are only a few people around, while some work best in the afternoon when they are surrounded by coworkers. Depending on the tasks, some people work better in a room by themselves, while others need to have people around. Know your work style so you can pattern your tasks based on how physically and mentally active you are throughout the day. Understanding your energy levels can help you plan your tasks better and reduce dependency on external motivations to get through the day.

All in all, you need to be fit as a manager. You need to invest in your well-being by having physical activities that you enjoy doing, hobbies that help you develop new skills, and family and friends who make you feel safe and secure. Remember that you need to look at your well-being holistically because a healthy manager can deal with the daily stresses more effectively and become a model for their team on how to handle competing priorities.

Managers are more prone to burning out given the pressures they get from both the top management and their team. If you do not manage your stress well, your team will eventually become burned out themselves.

By setting clear expectations, carefully evaluating tasks assigned to your team, and planning well to meet targets, you avoid overburdening your team and provide them an environment where they can become the best they can ever be. ■

Dr. MJ Torres reveals key elements behind her vibrant way of living CAN one indeed have it all in life? In a world where the demands of the daily grind often overshadow self-care, we find inspiration in individuals who manage to maintain a perfect harmony between their career, personal life, and skin’s radiance. Meet Dr. MJ Torres of The Zen Institute, who graciously shares her daily routine, passion, and her latest innovation.

Ever wondered how a multifaceted individual like Torres keeps the balance? It all starts with a vigorous workout, lasting 30 to 45 minutes. Whether it’s a brisk run around her neighborhood, a treadmill session at home, or dedicated time at the gym, she believes that mornings are the most magical part of the day. Following her workout, she briefly visits the head office to check in and

align with her team, preparing herself to dive into her passion—greeting and treating her clients. When asked how she manages her demanding schedule at the clinic, she simply states that “finding time for everything is the key.”

In her free time, Torres cherishes moments spent with her children, friends, and loved ones, making sure she also finds time for outdoor activities. Her vibrant life revolves around bonding with her loved ones and exploring the great outdoors.

Despite her busy schedule, Torres exudes a natural radiance that doesn’t go unnoticed. Her secret? She practices what she preaches by following a daily skincare regimen, incorporating skin treatments, and indulging in a rejuvenating drip once a week.

Torres’ outdoor hobby, scuba diving, led her on a quest for the perfect sunblock.

Her need for a product that offered effective skin protection while allowing her to clear her scuba diving mask without causing eye irritation resulted in the creation of Ultrablock. It took time, dedication, and thorough research and development to perfect the formulation.

Ultrablock provides immediate protection, thanks to the inclusion of titanium dioxide, a physical sunblock.

Notably, there’s no need to wait for a 30-minute period before sun exposure.

Additionally, Ultrablock ensures hydration through the use of aloe vera, preventing skin dehydration and sunburn. Moreover, it offers skin rejuvenation benefits with the presence

of alpha-tocopherol, effectively repairing sun-damaged skin, reducing fine lines and wrinkles, making it an essential daily choice for addressing the signs of aging.

With an impressive SPF rating of 70, Ultrablock offers superior protection without the potential discomfort associated with higher SPF levels like SPF 100. This not only protects your skin but also provides additional skincare benefits.

The amazing product is readily available at the Zen/Vietura Clinic. Moreover, you can conveniently purchase it through their social media channels on platforms like Instagram and Facebook. For those who prefer online shopping, Ultrablock is also available on popular e-commerce platforms, like Lazada and Shopee.

GEMINI (May 21-June 20): Hunker down and don’t stop until you are satisfied with the results.

Consider your dreams and push forward. It’s OK to be different and to trust and believe in yourself.

Say what’s on your mind and let the chips fall where they may. ★★★★

CANCER (June 21-July 22): Find a method that works for you. Limit your intake and dimmish your responsibilities. Moderation will help you turn chaos into gratification. Know what you want and be intent on following through with your plans.

Peace and love conquer all. ★★

LEO (July 23-Aug. 22): Stop worrying about what others do. Put your heart into what you know and do best. Don’t let compliments go to your head, causing you to offer too much to something that doesn’t benefit you. Take care of your needs first. ★★★★★

VIRGO (Aug. 23-Sept. 22): Seize the moment, do your thing and bask in the glory.

You’ve got whatever you choose to conquer if you don’t hesitate or overreact. A strategic plan executed with precision will change the way others see you and how you see yourself. ★★★

LIBRA (Sept. 23-Oct. 22): Emotional challenges will surface if you let things get to you. Size up situations before you launch a counterattack. Ask questions and take the initiative to bring about positive change. Say no to temptation. ★★★

SCORPIO (Oct. 23-Nov. 21): You know how to play, but losing doesn’t come easy.

Don’t let anger seep in and manifest into something you cannot control. Challenge yourself physically and exhaust all feelings that can lead to trouble. ★★★

SAGITTARIUS (Nov. 22-Dec. 21): Spend more time nurturing what you’ve worked so hard to acquire. Good relationships take work, and building a solid home base takes ingenuity and cash. Look for a unique way to get the most out of what’s available. ★★★

CAPRICORN (Dec. 22-Jan. 19): Observe, calculate and adjust. Having a flexible attitude will encourage positive change. Don’t put up with wasteful people, hangers-on and those taking advantage of your kind heart. Stay focused on doing what’s right and best for everyone. ★★★★★

AQUARIUS (Jan. 20-Feb. 18): Take the reins and charge forward independently.

Waiting around for others or taking a role as a follower, not a leader, will not get you where you want to go. You’ll find your calling if you are frank about your quest. ★★

PISCES (Feb. 19-March 20): Take a unique approach to something you long to master.

The skills you gain will raise your value and escort you down a path that encourages you to be passionate about life. Someone you least expect will offer sage advice. ★★★★ BIRTHDAY BABY: You are energetic, playful and generous.

You are novel and entertaining.

‘you’re the man!’ BY MARGI STEVENSON

The Universal Crossword • Edited by David Steinberg/Anna Gundlach/Adrian Johnson/Jared Goudsmit ACROSS 1 Coke or Pepsi 5 Black out, in a way 11 Lines on a map: Abbr.

14 Competitor of Thrifty 15 Verdi opera in which Iago is a baritone 16 Ump’s call 17 “Watch your mouth!”

19 ___-Wan Kenobi 20 Lure 21 What to do when you don’t know the words to a song 22 Superfan 23 Achy 24 Wins the lottery, say 26 Doing nothing 28 Pet name that sounds like a body of water 29 Song of praise 32 Peke squeak 34 Real Housewives icon Giudice 37 Abu Dhabi’s land, for short 38 Ideal guy, or a hint to the end of 17-, 24-, 48- or 61-Across 40 Upholstery problem

41 “See ya!”

43 Golfer’s prop 44 (Hey! Over here!)

45 Uncle, in Spanish 46 Run like heck 48 “You’re about as important as a white crayon” and others 53 Obscures, with “up” 56 Verifiable 57 ___ Paulo, Brazil 58 Faux family name in punk rock 60 Snitch 61 Human line?

63 Absorbed, as a cost 64 Siamese intoxicant 65 Poi source 66 Shortest answer from a Magic 8 Ball 67 Perturbs 68 Biblical garden DOWN 1 One might say “Happy Birthday” in frosting 2 Hot spots 3 Deceive 4 Medicine cabinet staple 5 Mechanical repetition

6 List ender: Abbr.

7 India’s second-most populous city 8 Certain Native Alaskan 9 Mollusks in linguine alle vongole 10 Heavy weight 11 A&W and Barq’s 12 Home of the Burj Khalifa 13 Undercover operation 18 Like chilled coffee 22 Antares or Polaris 24 Successor 25 “Suuure...”

27 U-shaped stringed instrument 29 Busy airport 30 “Whoopee!”

31 Rom-com staples 33 Set (against) 34 What you used to be?

35 Bro’s sibling, maybe 36 Well-chosen 38 Initial advice for busybodies?

39 Understands 42 Triathlon ride 44 Raise in rank 47 Way out there 48 Go off course

49 Very ticked off 50 Red-and-blue graphic on election night 51 Talks wildly 52 Everybody’s opposite 54 Become spoiled 55 Sleeper’s sound 58 Freestyles over a beat, perhaps 59 Berkshire boarding school 61 Critical hospital dept.

62 Small songbird Solution to today’s puzzle:

Show BusinessMirror

www.businessmirror.com.ph

Editor: Gerard S. Ramos • Wednesday, January 10, 2024

‘Oppenheimer’ dominates Golden Globes, ‘Poor Things’ upsets ‘Barbie’ in comedy

C UNPLEASANT

THERE is no doubt the actress is very good at what she does.

Her projects are almost always critically acclaimed and she always shines in them. However, not all of her projects are commercial successes. Those who know her attribute is to her not-so-congenial character. She may be a professional but as a person, she’s difficult to handle. She’s not very pleasant or civil and she doesn’t treat people well. When her last project didn’t do well in the box office, she blamed everybody but herself while her co-star graciously hosted a block screening to add to ticket sales.

KOREAN STAR IN MANILA

THERE are rumors that a female Korean star will soon sign up with a local agency. This isn’t the first time the Korean star, an idol, tried to work here. But this is the first time that she will sign up with an agency based in the Philippines. The news is that the girlfriend of an actor is threatened by this piece of news. The actor reportedly has small crush on the Korean star, and his girlfriend is afraid that her living in the country could bring them closer together. The actor cheated on his former girlfriend with his current one so understandably, she knows what he’s capable of.

IS SHE A USER?

THE actress and the male starlet have history. They were both in a reality show together and she always liked him but the show’s producers wanted him in a loveteam with another girl. So they went their separate ways and years later, they’re working together again. They’ve also become a couple even if they had to dump their partners to get there. The thing is that the male starlet’s family doesn’t like the actress. They prefer his former girlfriend, to whom they’re very close. They also aren’t sure if the actress is sincerely in love with the male starlet, or if she’s just using him for her career. However, they can’t do anything because he is very much in love with her.

HOMOPHOBE

THE actor’s name recently trended on social media because a lot of people remembered how hot he was as a young man.

But this was short-lived as someone remembered an incident involving him and a gay boy from a showbiz family. The actor allegedly exhibited extreme homophobic behavior against the gay boy and even when cornered by people pointing out what he did, he never apologized for his actions. Because of this, the actor was informally blacklisted in the industry to the point that the only roles he could get are supporting ones.

By Jake Coyle The Associated Press

HRISTOPHER NOLAN’S blockbuster biopic Oppenheimer dominated the 81st Golden Globes, winning five awards including best drama, while Yorgos Lanthimos’ Frankenstein riff Poor Things pulled off an upset victory over Barbie to triumph in the best comedy or musical category.

If awards season has been building toward a second match-up of Barbenheimer, this round went to Oppenheimer.

The film also won best director for Nolan, best drama actor for Cillian Murphy, best supporting actor for Robert Downey Jr. and for Ludwig Göransson’s score.

“I don’t think it was a no-brainer by any stretch of the imagination to make a three-hour talky movie—“R” rated by the way—about one of the darkest developments in our history,” said producer Emma Thomas accepting the night’s final award and thanking Universal chief Donna Langley.

Along with best comedy or musical, Poor Things also won for Emma Stone’s performance as Bella, a Victorian-era woman experiencing a surreal sexual awakening. “I see this as a rom-com,” said Stone. “But in the sense that Bella falls in love with life itself, rather than a person. She accepts the good and the bad in equal measure, and that really made me look at life differently.”

Lily Gladstone won best actress in a dramatic film for Martin Scorsese’s Killers of the Flower Moon.

Gladstone, who began her speech speaking the language of her native tribe, Blackfeet Nation, is the first Indigenous winner in the category.

“This is a historic win,” said Gladstone. “It doesn’t just belong to me.”

The Globes were in their ninth decade but facing a new and uncertain chapter. After a tumultuous few years of scandal, the Hollywood Foreign Press Association was dissolved, leaving a new Globes, on a new network (CBS), to try to regain its perch as the third biggest award show of the year, after the Oscars and Grammys. Even the menu (sushi from Nobu) was remade.

“Golden Globes journalists, thank you for changing your game, therefore changing your name,” said Downey in his acceptance speech.

It got off to a rocky start. Host Jo Koy took the stage at the Beverly Hilton International Ballroom in Beverly Hills, California. The Filipino American stand-up hit on some expected topics: Ozempic, Meryl Streep’s knack for winning awards and the longrunning Oppenheimer. (“I needed another hour.”)

After one joke flubbed, Koy, who was named host after some bigger names reportedly passed, also noted how fast he was thrust into the job.

“Yo, I got the gig 10 days ago. You want a perfect monologue?” said Koy. “I wrote some of these and they’re the ones you’re laughing at.”

HI, BARBIE

DOWNEY’S win, his third Globe, denied one to “Kenergy.” Ryan Gosling had been seen as his stiffest competition, just one of the many head-to-head contests between Oppenheimer and Greta Gerwig’s Barbie. The filmmakers faced each other in the best director category, where Nolan triumphed.

It was two hours before Barbie, the year’s biggest hit with more than $1.4 billion in ticket sales, won an award on Sunday. Billie Eilish’s What Was I Made For? took best song, and swiftly after, Barbie took the Globes’ new honor for “cinematic and box office achievement.” Some thought that award might go to Taylor Swift, whose Taylor Swift: The Eras Tour also set box-office records. Swift, though, remains winless in five Globe nods.

Margot Robbie, star and producer of Barbie, accepted the award in a pink gown modeled after 1977’s Superstar Barbie.

“We’d like to dedicate this to every single person on the planet who dressed up and went to the greatest place on Earth: the movie theaters,” said Robbie.

Barbie and Oppenheimer, two blockbusters brought together by a common release date, also faced off in the best screenplay category. But in an upset, Justine Triet and Arthur Harari won for the script to the French courtroom drama Anatomy of a Fall. Later, Triet’s film picked up best international film, too.

Though the Globes have no direct correlation with the Academy Awards, they can boost campaigns at a crucial juncture. Oscar nomination voting starts on Thursday, and the twin sensations of Barbenheimer remain frontrunners.

Other contenders loom, though, like Poor Things and The Holdovers.

Paul Giamatti and Da’Vine Joy Randolph both won for Alexander Payne’s The Holdovers. Giamatti, reuniting with Payne two decades after Sideways, won best actor and Randolph won for her supporting performance as a grieving woman in the 1970s-set boarding school drama.

“Oh, Mary, you have changed my life,” Randolph said of her character. “You have made me feel seen in so many ways that I have never imagined.”

Hayao Miyazaki’s The Boy and the Heron won best animated film, an upset over Spider-Man: Across the Spider-Verse.

‘SUCCESSION’ AND ‘THE BEAR’ LEAD TV WINNERS

THE final season of Succession cleaned up on the television side. It won best drama series for the third time, a mark that ties a record set by Mad Men and The X-Files. Three stars from the HBO series also won:

Matt Macfadyen, Sarah Snook and Kieran Culkin.

“It is bittersweet, but things like this make it rather sweeter,” said Succession creator Jesse Armstrong.

Hulu’s The Bear also came away with a trio of awards, including best comedy series. Jeremy Allen White won for the second time, but this time he had company. Ayo Edebiri won her first Globe for her leading performance in the Hulu show’s second season. She thanked the assistants of her agents and managers.

“To the people who answer my e-mails, you’re the real ones,” said Edebiri.

Beef won three awards: best limited series as well as acting awards for Ali Wong and Steven Yeun.

The Globes also added a new stand-up special award. That went, surprisingly, to Ricky Gervais, who didn’t attend the show he so often hosted. Some expected Chris Rock to win for Selective Outrage, his stand-up response to the Will Smith slap.

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CLOCKWISE: Meryll Streep; Ayo Edebiri and Jeremy Allen White; Emily Blunt and John Krasinski; Bradley Cooper, Kevin Costner, Jeffrey Wright and, Gerta Gerwig and Noah Baumbach.

THE GLOBES COMEBACK

A FEW years ago, the Golden Globes were on the cusp of collapse. After The Los Angeles Times reported that the HFPA had no Black members, Hollywood boycotted the organization.

The 2022 Globes were all but canceled and taken off TV. After reforms, the Globes returned to NBC last year in a one-year deal, but the show was booted to Tuesday evening. With Jerrod Carmichael hosting, the telecast attracted 6.3 million viewers, a new low on NBC and a far cry from the 20 million that once tuned in.

The Golden Globes were acquired by Eldridge Industries and Dick Clark Productions, which Penske Media owns, and turned into a for-profit venture. The HFPA (which typically numbered around 90 voters) was dissolved and a group of some 300 entertainment journalists from around the world now vote for the awards.

Questions still remain about the Globes’ long-term future, but their value to Hollywood studios remains providing a marketing boost to awards contenders.

(The Oscars won’t be held until March 10.) This year, because of the actors and writers strikes, the Globes are airing ahead of the Emmys, which were postponed to January 15.

With movie ticket sales still 20-percent off the prepandemic pace and the industry facing a potentially perilous 2024 at the box office, Hollywood needed the Golden Globes as much as it ever has.

The most comical evaluation on the Globes came from presenters Will Ferrell and Kristen Wiig, who blamed the awards body for the constant interruption of a song they found irresistible while otherwise solemnly presenting best actor in a comedy or musical movie.

A furious, dancing Ferrell shouted: “The Golden Globes have not changed!” n

GMA Pictures, GMA Public Affairs’ ‘Firefly’ is Metro Manila Film Festival’s Best Picture LIGHTS shone undoubtedly bright for Firefly at the 2023 Metro Manila Film Festival (MMFF) Gabi ng Parangal on December 27, as the film took home three major awards among 15 nominations, including this year’s Best Picture nod.

Produced by GMA Pictures and GMA Public Affairs, Firefly likewise bested nine other entries in two more categories: Best Screenplay, which was won by GMA Public Affairs senior AVP and Firefly creator Angeli Atienza, and Best Child Performer which was conferred to GMA Sparkle child star Euwenn Mikaell. The coming-of-age road trip drama is GMA Network’s official entry to this year’s MMFF. It follows the story of Tonton (Euwenn), a young boy on a journey to find the mystical island of

fireflies from his mother’s bedtime stories. Together with the companions he meets along the way, they set out on a quest of their dreams in search of the fireflies.

The film is also top-billed by award-winning actress Alessandra de Rossi, who was nominated for Best Supporting Actress as Tonton’s mother in the film. Earning Best Supporting Actor nominations as well were Dingdong Dantes (who played the young Tonton) and Epy Quizon. Ysabel Ortega, Miguel Tanfelix, Cherry Pie Picache, Yayo Aguila, Kokoy de Santos, and Max Collins complete the ensemble.

Senior vice president for GMA Pictures and first vice president for GMA Public Affairs Nessa Valdellon shares her pride for Firefly’s recent MMFF achievements: “This means so much to GMA Public

Affairs. Firefly is a story about a small boy with a big and heartfelt dream. It’s also the story of GMA Public Affairs, this small team that could.”

Behind the success of Firefly is Maria Clara at Ibarra director Zig Dulay, who heartwarmingly dedicates the film to his late mother. “Siya ang nagsilbing patunay sa akin na totoo ang mga superheroes na napapanood sa mga pelikula,” shared Dulay, who was also nominated for Best Director.

In its special screening on December 12, Firefly received touching praises from GMA celebrities and personalities, including award-winning broadcast journalists Jessica Soho, Howie Severino, and Kara David, who all commended Firefly for its powerful and moving storytelling.

FIREFLY director Zig Dulay and GMA Network senior vice president Atty.

Annette GozonValdes

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Wednesday, January 10, 2024

www.businessmirror.com.ph

HILTON CLARK SUN VALLEY RESORT RECOGNIZED AS ASEAN TOURISM STANDARDS 2024 AWARDEE

GRAND ballroom

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ILTON Clark Sun Valley Resort recently announced its recognition by the Association of Southeast Asian Nations (ASEAN) Tourism Standard Awards-ASEAN MICE Venue 2024 in the Meeting Room category. This accolade highlights the hotel’s commitment to providing world-class facilities and services for the MICE industry within the ASEAN region.

Evaluated based on the ASEAN MICE Venue Standards (AMVS) criteria encompassing physical setting, technology, and services, Hilton Clark Sun Valley Resort

has been selected as one of the recipients this year.

Hilton Clark Sun Valley Resort offers more than 1,600 square meters of flexible function space, including a pillar-less grand ballroom, junior ballroom, and meeting rooms for any occasion.

The Grand Ballroom, one of the largest in the city, has an area of 1,010 square meters and can accommodate up to 760 in a banquet setting. It is a spacious and elegant event space characterized by its vast, unobstructed interior and is divisible into three smaller sections.

The Junior Ballroom is a charming and versatile event space that offers an intimate and elegant setting for gatherings on a smaller scale. It has an area of 481 square meters and can accommodate 360 guests in a banquet setting. Both function spaces have their own foyer and VIP room.

The hotel places a high priority on environmental responsibility. Hilton Clark Sun Valley Resort’s policies include energy-efficient practices, waste reduction initiatives, and a commitment to sourcing locally and responsibly. The hotel also offers Carbon Neutral Meetings as part of the “Meet with Purpose” program.

“We take immense pride in being recognized as one of the ASEAN MICE Tourism Standard awardees. Being acknowledged as a standout meeting venue in the ASEAN region motivates us to maintain our commitment to excellence.

We are dedicated to continue innovating and setting new benchmarks in the MICE industry.” shares Denise Molintas, hotel General Manager.

The official award ceremony is scheduled for January 26, 2024 in Lao PDR, where Hilton Clark Sun Valley Resort will be formally presented with the ASEAN Tourism Standards Award.

Selecta CEO retires, to lead new hospitality, restaurant group

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FTER an illustrious 33-year career as the Managing Director and CEO Selecta, John Concepcion has announced his retirement from the iconic ice cream brand. Concepcion’s visionary leadership and unwavering dedication have played a pivotal role in establishing Selecta Ice Cream as the market leader in Southeast Asia.

Under his leadership, Selecta Ice Cream has achieved remarkable success, becoming the number one market share holder in the highly competitive ice cream industry in the region.

His strategic thinking, innovative approach, and commitment to excellence have left an indelible mark on Selecta, earning the brand widespread recognition and consumer loyalty.

As Concepcion bids farewell to Selecta, he is set to embark on a new and exciting journey in his career. Leveraging his extensive expertise gained over three decades in the multinational company, he will focus his efforts on leading The Standard Hospitality Group to greater success in hospitality and restaurant management. Armed with a strategic vision for growth and expansion,

he aims to spearhead the opening of 100 new stores within the next three years, propelling The Standard Hospitality Group to new heights.

In 2011, he made a bold foray into the restaurant industry with the launch of YABU House of Katsu. Building on the success of Yabu, he introduced the globally acclaimed ramen brand, Ippudo in 2014. This strategic move marked the ascent to prominence of The Standard Hospitality.

Since its inception, The Standard Hospitality Group has solidified its position in the hospitality

and restaurant management industry. Presently, it operates six internationally renowned brands— Yabu, Ippudo, Kiwami (including Hannosuke and Hachibei), and Elephant Grounds—spread across 39 locations. This diverse portfolio attests to the group’s commitment to delivering unparalleled dining experiences and its status as a key player in the hospitality landscape.

Reflecting on his journey with Selecta and his upcoming role at The Standard Hospitality Group, Concepcion expressed gratitude for the incredible team at Selecta and excitement for the new challenges that lie ahead. He stated, “I am immensely proud of what we have achieved at Selecta, and I am eager to continue my passion for excellence and innovation with The Standard Hospitality Group as we look forward to an exciting journey of growth and success.”

This new chapter comes at a time of celebration for Concepcion, who leaves behind a legacy of success at Selecta and embraces a future filled with greater possibilities for The Standard Hospitality Group.

SM Foundation officially turns over its 107th school building to the South Central Integrated School in San Fernando, La Union.

SM Foundation spreads social good with 107th school building in La Union

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VERCROWDING is a major challenge faced by public schools in the Philippines. With limited resources and a large student population, classrooms often become crammed, hindering effective learning and individual attention. The SM Foundation’s School Building program directly addresses this by providing muchneeded classrooms, particularly in low-income communities.

As a testament to its staunch advocacy in promoting quality education in the Philippines, the SM Foundation inaugurated its 107th school building at the South Central Integrated School in San Fernando, La Union, on January 4, 2024.

This two-story, four-classroom structure will be a welcome addition to the community, alleviating the burden of classroom overcrowding and providing a conducive learning environment for 200 Grade 7 students.

The new school building at South Central Integrated School is more than just bricks and mortar. It stands as a symbol of hope and opportunity for the students who will learn within its walls.

T he building is ful ly fur nished w ith

armchairs (including left-handed options), teacher’s desks and chairs, panoramic whiteboards, wall fans, and wall clocks. To ensure inclusivity, the structure includes a PWD ramp and a PWD-friendly comfort room with handrails and necessary amenities.

The SM Foundation also prioritizes the safety and well-being of students and staff.

The building is equipped with fire alarms and emergency lights in key areas, ensuring a quick response in case of emergencies.

To promote a healthy learning environment, a ten-faucet handwashing facility and overhead water tank have been installed.

Dedicated rooms for a guidance office, art gallery, and a prayer room further enhance the school’s functionality and cater to the diverse needs of the community.

SM Foundation’s impact extends beyond constr ucting schools, resonating in enhanced safety, nurturing learning spaces, and a broader commitment to educational empowerment. Building not just structures but opportunities, the foundation stands as a beacon of hope, illuminating a path to a brighter, more inclusive future for countless students nationwide.

Uptown Bonifacio introduces new culinary, retail experiences for 2024 Morton’s The Steakhouse

FOODIES and connoisseurs can prepare for a lavish dining experience as Morton’s The Steakhouse gears up to open its doors. Renowned for its prime steaks, fresh seafood, and impeccable service, Morton’s promises an unparalleled culinary journey where every dish is a symphony of flavors meticulously crafted to perfection. GF, Eastgate

Crocs

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PTOWN Bonifacio is set to refine the city’s dining and shopping scene with the introduction of new establishments this 2024. These additions promise to delight guests with a wide range of offerings, further solidifying the premier lifestyle destination’s reputation as a go-to landmark for upscale experiences.

8Cuts

DINERS can indulge their taste buds with the ultimate burger experience as 8Cuts, a renowned burger joint from The Moment Group, prepares to make its debut at Uptown Bonifacio. Known for its exceptional blend of high-quality beef and creative flavor profiles, 8Cuts promises a gastronomic adventure that will redefine everyone’s burger expectations. GF, One Uptown Residences

Mamou + Mamou Meats

A CULINARY legacy continues as Mamou, a household name in the Philippine culinary scene, is finally set to grace Uptown with its presence. Famous for its sumptuous steaks and timeless comfort food, Mamou brings its signature dishes and warm ambiance to the heart of the city. Guests better get ready to savor the flavors of tradition and indulgence.

GF, One Uptown Residences

Muji

JAPANESE minimalism meets urban living with the simplicity and elegance of Muji’s lifestyle products and offerings. Known for its strippeddown and functional designs, Muji offers a wide array of products, from home essentials to fashion items, all reflecting a harmonious blend of aesthetics and practicality. 2F, Uptown Mall

UPTOWN Bonifacio continues to build on its reputation as the ultimate destination for fashion aficionados with the arrival of Crocs. Known for its iconic and comfortable footwear, Crocs made its way back into the fashion scene with its wide range of modern styles suitable for every lifestyle.

2F, Uptown Mall

Plains & Prints

PLAINS & PRINTS is an iconic Filipino fashion brand celebrated for its timeless elegance and sophisticated designs. From chic casual wear to exquisite evening ensembles, this beloved boutique is set to redefine fashion, inviting customers to elevate their wardrobe with unparalleled grace and poise. 2F, Uptown Mall

Chili’s

DINERS can treat themselves to a fiesta of flavors as Chili’s, the renowned Tex-Mex restaurant, is set to make its grand entrance into the lifestyle hub of the city. Known for its sizzling fajitas, mouthwatering burgers, and signature margaritas, Chili’s brings a festive and vibrant dining experience to every meal. Whether guests are craving bold and spicy or classic and hearty, Chili’s has something for every palate. 3F, Uptown Mall

PLDT Group expands mental health awareness to indigenous communities

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ASTOR Benny Capuno, a tribal leader in Porac, Pampanga, knows all too well the great distress his Ayta community goes through when an earthquake strikes.

In April 2019, a 6.1-magnitude earthquake devastated Porac, affecting hundreds and killing 10, five of whom were from the Ayta community. For Capuno, it reminded him and the community of the fragility of life, especially since the same town was devastated by the 1991 Mount Pinatubo eruption. It also reminded him of the mental well-being of those who survived.

So when the community partnered with PLDT and Smart, they co-developed a Psychological First Aid Program that catered to the mental health needs of the community.

According to Capuno, the Psychological First Aid Training enhanced the awareness of the community to better address future psychological needs.

Capuno serves as a mamuun or tribal leader of the Indigenous People’s Political Structures in CADT 123 or the ancestral domain of the Ayta MagIndi and Ayta MagAntsi in Porac, Pampanga.

“We are really grateful because we learned

that we also have the capacity to address the mental health needs of our community.

Through the training, we learned how to listen. We learned that we can fight the difficult things that are happening to us. We learned to understand the meaning of what is happening around us and how we can overcome and strengthen these. We learned in those aspects, and we now we know that we, ourselves, can overcome these situations,” he said.

“Those situations where we experience nervousness and fear, it was a new awareness for us. We are very happy because we are open to learning new awareness and that we learned more about the psychological health care because we thought it was something that we cannot learn ourselves, but then, we learned how it’s possible. That it is possible for us to do it and it is possible for us to implement this kind of initiative,” Capuno added.

Promoting mental health strength as fundamental to digital wellness is a key part of PLDT and Smart’s continuing commitment to help the Philippines contribute to the UN Sustainable Development Goal (UNSDG) #3 that stands for good health and well-being.

BusinessMirror

Editor: Tet Andolong

Wednesday, January 10, 2024 B7

Mall owners must maximize consumers’ willingness

By Rizal Raoul S. Reyes

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o maximize the benefits from the economic rebound in 2024, mall operators should fully harness the consumers’ willingness to visit brick-and-mortar mall spaces and join in various activities held in malls’ activity centers, according to property management firm Colliers Philippines.

One of Fogo de Chao’s specialties is its Brazilian barbecue

“Mall operators should seize demand from foreign retailers planning to enter the country by taking into account their size and fit-out requirements,” Bondoc added.

Renovate or dissipate Joey Roi Bondoc, research director of Colliers Philippines mentioned that wedding fairs, concerts, bazaars, and even housing summits can encourage more consumers to visit malls, stay longer, and even spend more.

“Mall operators and retailers should closelycoordinate in curating events that are usually held in malls’ activity centers,” said Bondoc.

Greater interest from foreign retailers Bondoc said that foreign retailers are eager to get more physical space in anticipation of greater consumer spending after the slowdown caused by the pandemic.

“We attribute this to improving consumer demand on the back of sustained macroeconomic expansion as well as enactment of measures that further relax the country’s retail regulatory environment,” Bondoc explained.

Appointment of new OSAPIEA head a welcome development for housing sector–SHDA

By Roderick L. Abad

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HE Subdivision and Housing Developers Association (SHDA) Inc. lauded the appointment of Frederick D. Go, chief executive officer (CEO) of Robinsons Land Corp., as head of the Office of the Special Assistant to the President for Investment and Economic Affairs (OSAPIEA).

Given his character, education, experience and achievements, his designation will bode well with the housing industry key stakeholders, business community, and the entire economic sector, according to SHDA Chairman Arlene Keh. For SHDA President Arch. Leonardo Dayao, such appointment as well as his installation as head of the Economic Development Group, and his supervisory command of the Department of Finance, the National Economic and Development Authority, and the Department of Trade and Industry (DTI), will be instrumental in helping and strengthening further the government’s efforts to formulate, advocate, and push for critical policy reforms that will address the challenges raised by the SHDA in housing production and the overall economic concerns the country is facing.

Possessing integrity and high moral value, SHDA Vice President Atty. Joy Z. Manaog said that Go is an industrious and experienced executive who is aware of the choke points and economic challenges.

He noted that the newly named OSAPIEA head will be able to synchronize economic policies and programs, and also aid and improve a stronger alliance between the public and private sector participants in the overall economic growth and development.

Apart from a major social intervention, the housing industry has been pump priming the national progress and development with its high impact on employment and valuable multiplier effect on the economy.

Being an organization that has long been partnering with the government in addressing the country’s housing need and promoting a vibrant housing sector, SHDA is committed to work with Go and the OSAPIEA to address urgent housing and economic issues, all with the end in view to help the government in achieving welfare and productivity and overall economic development.

Bondoc urged developers to utilize their renovation or expansion projects to expand food and beverage tenants and upgrade other retail features such as cinemas and activity centers. For Colliers, developers recommend that pockets of vacancies in their malls to host more lifestyle-oriented retailers to attract more consumers and balance the rising popularity of online shopping in the country.

“In our view, redesigning of physical mall spaces should be complemented by the improvement of retailers’ online shopping platforms. We see a continued reconfiguration of physical mall spaces and we expect this trend across Metro Manila malls even after the bolstered retail spending during the festive Q4 2023,” Bondoc said.

Fogo de Chao’s Churrasco grill is another dish to watch for the local foodies.

Sign of confidence in the local market 2023 was a banner year for the Bistro Group as it opened 23 restaurant concepts and over 180 stores.

The optimism will be carried into 2024 as Bistro will open new international and local brands as a sign of bullishness in the local food and beverage market.

Bistro Group president Jean Paul Manuud said the restaurant chain will open the widely popular Morton’s Steakhouse in the first quarter of 2024. Founded in Chicago in 1978, it has over 60 locations in the US and around the world. It serves the USD prime-aged steaks forming part of its core menu, along with fresh seafood, hand-picked produce, delicious appetizers and desserts.

Moreover, the Bistro Group will also launch in the same period the Fogo de Chão, an internationally renowned restaurant founded in Southern Brazil in 1979. Manuud said Fogo de Chão elevates the centuries-old cooking technique of churrasco—the art of roasting highquality cuts of meat over an open flame

—into a cultural dining experience of discovery. He pointed out its entry into the Philippine market indicates the next step in Fogo’s growth plans as the company accelerates expansion in domestic and international markets. The Bistro Group joins Fogo’s existing international franchise partners in Mexico and the Middle East.

Manuud said the Bistro Group will introduce homegrown restaurant concepts from Filipino, Chinese, Western to Mediterranean cuisines.

He said the My South Hall at Conrad S Maison will upgrade the food hall dining experience with the introduction of new concepts including Sarap+ Bistro Filipino, Frat Boys & Sons that serves burgers, wings and salads; Xi Nen Hotpot and the return of Wickd Milk Tea. Also in the offing are the launch of Chinese restaurant/bar Red Lotus by Modern Shang and a new Mediterranean brand by Spanish Chef Alfredo Rodriguez of Bistronomia.

Manuud said the group will be opening more branches of existing concepts, expanding brands that are scalable and whose business models can be replicated with ease.

By keeping pace with the changing demands of the local market and enhancing customer experience, he emphasized that the company has increased its food and beverage footprints opening multiple stores in major malls and free-standing venues in Metro Manila and in the provinces as well (Clark, Pampanga and Bacolod City).

He said the Bistro Group also attributes their staying power to its resilience, quality of food, the dedication of the workforce and service and value.

“I’d like to believe that our resilience during critical times has prepared us well to pursue our growth targets,” Manuud said. No second thoughts about it, “quality makes or breaks a restaurant. That is why this is a priority in the back of the house and front of the house staff,” Manuud said.

Guide to Property Investments to Make in 2024 in the Philippines

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anila, Philippines—Real estate continues to be a wise investment in 2024, as projections and property sales are increasing. Reports say this is due to strong economic growth, steady property demand, and the government’s commitment to developing more infrastructures.

With the real estate market set to experience a boom in 2024, now is the time to invest in a condominium. Condominiums are ideal homes because of their proximity to commercial establishments, a suite of on-site amenities, and round-the-clock security.

Bonifacio Global City (BGC) is one of the country’s leading central business and lifestyle districts. Located in the heart of Taguig City, BGC is home to multinational companies, lush parks, open spaces, shopping centers, and dining options. An active street life and public art around the city add personality and charm.

BGC’s central location makes investing in a property here an exceptional idea.

Those who want to match its international allure may invest in Aurelia Residences, a limited collection of bespoke homes inspired by the sprezzatura, an effortless and understated sense of classic Italian elegance. Recently awarded the Best High Rise Condo Development in Asia at the PropertyGuru Property Awards 2023, this property offers breathtaking skyline views of the Manila Golf Club, Manila Polo Club, and Forbes Park, making it one of the most coveted addresses in the Philippines.

Pasig is a bustling metropolis filled with lifestyle destinations like Kapitolyo, a neighborhood known for its cafes, restaurants, and watering holes. Pasig is also known as a green city due to its environment-friendly efforts, like building parks and bike lanes. With the Ortigas Center, the city is a bustling community with diverse options for work and play.

Investors who want to enjoy this vibrant community may want to build their home at Haraya Residences. Residents can experience utmost privacy at this vertical gated village in Bridgetowne Estate while enjoying access to the township’s establishments and the wider Pasig area. The beautifully appointed abodes have Italianinspired loggias or covered outdoor spaces, so homeowners can soak in the views of the green city and beyond.

Investors who want to express their individuality may purchase a unit at Laya

by Shang Properties. Laya is a canvas for self-expression, with modern spaces that give residents the room to design their

own homes. It’s perfect for those who want everything within reach: commercial centers, corporate headquarters, and the best weekend haunts.

Mandaluyong is fondly known as the shopping mall capital of the Philippines because of its commercial centers like Shangri-la Plaza, SM Megamall, and The Podium. Besides being a shopping haven, Mandaluyong has a thriving commercial center with offices and open spaces like the Greenfield District.

Amidst this bustling city is Shang Residences at Wack Wack, an exclusive resortinspired residential property which was named as the Best Luxury Development

in Metro Manila in 2023 by Carousell Property Awards. It is set in splendidly landscaped gardens and neighbors the iconic heritage The Wack Wack Golf & Country Club. This peaceful residence offers some of the city’s most sought-after views: sweeping vistas over two 18-hole championship golf courses or toward the dramatic Makati skyline.

To learn more about Shang Properties, visit the website at shangproperties.com and follow Shang Properties on its official social media pages: @ShangProperties on Instagram and Facebook, @ShangPropertiesOfficial on YouTube, and Shang Properties on LinkedIn.

Sports

GOLD medalists Annie Ramirez (left) and Margarita “Meggie” Ochoa (right) with, bronze medalist Kaila Napolis.

BusinessMirror

THE partnership between Tiger Woods, golf’s biggest star, and the powerful Swoosh brand is ending after 27 years. AP

Jiu-jitsu stars Meggie, Annie lead PSA major awardees A

SIAN Games gold medalists Margarita “Meggie” Ochoa and Annie Ramirez, along with Asian champion Carlos Yulo will be among the recipients of Major Awards in the San Miguel Corp.-Philippine Sportswriters Association (SMC-PSA) Awards Night on January 29.

Ochoa and Ramirez accounted for half of the four gold medals Team Philippines won in the 19th edition of the Asian Games in Hangzhou by topping the women’s 48 kgs and -57 kgs, respectively, as jiu-jitsu scored a double in the continental showpiece.

Not to be outdone, Yulo was a force to reckon with in the Asian Artistic Gymnastics Championships in Singapore after winning all three gold medals for the Philippines in floor exercise, parallel bars and vault on top of two gold medals in the 32nd Southeast Asian Games in Cambodia.

Together, they make up the compact 11 athletes who will be recognized with a Major Award by the country’s oldest media organization headed by its president, Nelson Beltran, sports editor of The Philippine Star.

Joining them are billiards’ Chezka Centeno, Johann Chua and James Aranas, golf’s Miguel Tabuena, bowling’s Zach Sales Ramin, champion horse Big Lagoon, jockey John Alvin Guce and horse owner Vice Governor Leonardo “Sandy” Javier.

Set at the grand ballroom of the Diamond Hotel, the traditional Awards Night is presented by the 24/7 sports app in the country, ArenaPlus, along with major sponsors Philippine Sports Commission, Philippine Olympic Committee, PLDT/Smart, Milo and Cignal.

Also backing the gala night are the Philippine Basketball Association, Premier Volleyball League, 1-Pacman Partylist Rep. Mikee Romero, and

Rain or Shine.

Centeno will be honored for capturing the WPA World 10Ball Women’s Championship in Klagenfurt, Austria, behind a 9-5 victory over Han Yu of China in the finals, while Chua and Aranas did the same in Lugo, Spain, when they turned back the German pair of Joshua Filler and Moritz Neuhausen, 11-7, to give the country its fourth World Cup of Pool title.

The 29-year-old Tabuena, a one-time PSA Athlete of the Year, is recognized for ruling the DGC Open of the 2023 Asian Tour by rallying back from six shots behind to win the crown by a single stroke, and eventually, finished second in the Order of Merit at the end of the season.

Ramin excelled as the first male Filipino bowler to rule the Singapore International Open and the youngest winner at 17 since the inception of the meet in 1965.

And in horse racing, Big Lagoon emerged as the Horse of the Year following a historic run that had the six-year-old bay colt becoming only the fifth back-to-back winner of the Philippine Racing CommissionPhilippine Charity Sweepstakes Office Presidential Gold Cup at Metro Turf Club in Malvar, Batangas.

Guce, Big Lagoon’s regular rider, will be awarded the Jockey of the Year trophy.

Javier, meanwhile, will be acknowledged as Horse Owner of the Year for his long-time dedication to the racing industry, which also saw his entry Vavavoom ruled the PSA Cup at the Metro Turf.

Brodeth, Gomera Masters Top 8 tennis tourney champions in Iloilo

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IMI BRODETH and Mcleen Gomera booked emphatic victories to dominate the premier division of the Masters Top 8 Tennis Championships at the Iloilo Sports Complex courts in Iloilo City over the weekend.

Brodeth swept the Group A elims, including a 6-2, 6-4, 11-9 escape against wild card Jasmine Jaran from Bacolod then the Ormoc City ace toppled AJ Acabo in the crossover semis. In the finals, she repeated over Jaran, 6-3, 6-0, to claim the girls’ 18-and-under crown in the week-long event that featured the top-ranked players in four age-group categories in the Palawan Pawnshop junior circuit last year.

Gomera likewise flashed top form to top Group B elims, breezed past Group A No. 2 Chad Cuizon from Cebu in the semis before thwarting Group A topnotcher Kendrick Bona from Puerto Princesa, 6-4, 6-1, to nail the boys’ 18-and-U diadem in the event sponsored by Gov. Arthur Defensor Jr. and presented by the Province of Iloilo.

Other winners in the tournament,

supported by the Iloilo Sports Development and Management, headed by Ma. Janelyn Fundal and Ray Cabarles, were Jana Diaz of Imus, Cavite and Ormoc’s Kenzo Brodeth (16-and-under); Iloilo’s Lorraine Jallorina and Lexious Cruz of Nueva Ecija (14-and-under); and Naga City’s Maristela Torrecampo and Claudwin Tonacao from Bogo City, Cebu.

Diaz also swept the Group A elims, downed Queen Villa in the semis then crushed Ma. Niña Torrejos, 6-0, 6-3; while Kenzo Brodeth likewise ripped the Group A field in the elims, got past Frank Dilao in the semifinals then thwarted Benedict Lim, 6-4, 6-4, in the tournament which ushered in the new season of the country’s longest talent-search sponsored by Palawan Pawnshop president and CEO Bobby Castro.

Jallorina also scored three wins in the Group B elims, bested Group A No. 1 Ave Policarpio in the semis then repelled Cadee Dagoon, 6-2, 6-4; while Cruz likewise posted three victories in the elims, defeated Adrian Rodriguez in the semis then blasted Anthony Castigador, 6-0, 6-2.

Nadal listening to his body RAFAEL NADAL out of the Australian Open?

If yes, what a shame.

Nadal’s expected return is one of the top storylines

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ednesday, January 10, 2024 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

Tiger Woods-Nike partnership ends IGER WOODS has gone from “Hello, world,” to saying goodbye to Nike.

Woods ended months of speculation by making it official Monday that the partnership between golf’s biggest star and the powerful Swoosh brand is ending after 27 years, a move that raises questions about the future of both in the sport.

Woods in a social media post thanked Nike cofounder Phil Knight for his “passion and vision” that brought them together when he turned pro.

“Over 27 years ago, I was fortunate to start a partnership with one of the most iconic brands in the world,” Woods wrote. “The days since have been filled with so many amazing moments and memories, if I started naming them, I could go on forever.”

Mark Steinberg, his agent at Excel Sports, confirmed the end of the deal that began in 1996 when Woods turned pro after winning his third straight US Amateur.

HE Samahang Basketbol ng Pilipinas (SBP) announced the designation of Erika Dy as the federation’s Executive Director.

After proving to be an effective leader during her role as the Deputy Event Director of the FIBA Basketball World Cup 2023, Dy will now oversee the strategic planning of the SBP and lead the implementation of its programs, which will be in line with FIBA’s continued push to grow the sport of basketball in the country.

“We’re very excited to work with Erika as she brings new energy into the federation,” SBP President Al Panlilio said. “We worked closely with her during the FIBA Basketball World Cup and saw up close what she brought to the table. With her experience as a basketball player, a coach, a sports advocate, and one of the primary implementers of the World Cup, we know she is capable of broadening the imprint of the SBP.” Before working with the SBP, Dy had stints with the

B8 | W

“I guess, hello world, huh?” a 20-year-old Woods said at the Greater Milwaukee Open.

Nike launched a “Hello, World” campaign two days later, and Woods lived up to the hype. Within eight months, he already had four wins, including the watershed Masters victory that made him the first golfer of Black heritage to win a major.

“It was time for the next chapter,” Steinberg told The Associated Press.

“Amazing run. Great partnership.”

Nike also posted to social media, saying in a photo, “It was a hell of a round, Tiger.”

“Tiger, you challenged your competition, stereotypes, conventions, the old school way of thinking,” the Nike post was captioned. “You challenged the entire institution of golf. You challenged us. And most of all, yourself. And for that challenge we’re grateful.”

Woods signed a five-year deal worth $40 million when he turned pro. It was shocking money at the time to most in the industry except Nike, and his father.

“Chump change,” the late Earl Woods once said, and he was proven correct. Woods renewed the deal believed to be worth over $100 million in 2001. His eight-year deal in 2006 was reported to be $160 million, and his latest deal was signed in 2013 for a reported $200 million.

As recognizable as any athlete in

SBP appoints Dy executive director University Athletic Association of the Philippines as the Licensing Committee Chair and Managing Director and with Ateneo as the Assistant Athletic Director and head coach of the women’s basketball team.

Dy holds a Master’s Degree in Sports Management from Columbia University and is also a Californialicensed attorney. Because of these proficiencies and her deep experience in basketball, she was named by FIBA as the Legal Commission Chairwoman last October.

“It’s an honor to be entrusted by the SBP with this role,” said Dy after formally signing her contract, flanked by SBP President Panlilio and Vice President Ricky Vargas.

“Basketball has been a huge part of my life and I’m thankful to be given the opportunity to give back to the sport and the basketball community.

The SBP has done so much since its founding led by Chairman Emeritus

Manny V. Pangilinan and it is exciting to join the federation at such a pivotal time.”

the world, Woods became the face of Nike Golf and had his own “TW” brand.

On the golf course, Woods set records as the youngest to win the Grand Slam at age 24, the only player to hold all four major titles at the same time and his 15-shot win at the US Open, the largest margin for a major in golf history.

But there were signs in recent years of a fractured relationship.

Woods returned from his February 2021 car crash that shattered bones in his right leg by wearing FootJoy shoes, saying it was a better feel considering his injuries.

Woods remained in them—Nike has a long history making shoes—even until the PNC Championship last month that he played with his son.

When asked about his deal with Nike, Woods replied, “I’m still wearing their product,” and sternly repeated the phrase when asked if this was the end of his deal.

More than just a face, Woods unwittingly delivered big moments for Nike, none greater than his 2005 Masters victory when he hit a pitch from below the 16th green that went up the slope and then rolled back toward the hole. The ball hung on the edge for a full second—the swoosh in full view— before it dropped. It remains one of the most famous moments in golf›s mostwatched tournament. AP Dy wasted no time and is already working alongside Head of Coaches’ Academy Jong Uichico, Grassroots Program Director Norman Black, 3x3 Program Director Eric Altamirano, and Institutional Support Director, Anton Gonzales.

SAMAHANG Basketbol ng Pilipinas president Al Panlilio said (right) and chairman Ricky Vargas (left) sign up Erika Dy.

Morant’s season with Grizzlies over with shoulder injury

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A MORANT’S season is over, with the Memphis Grizzlies announcing Monday night that their star guard needs surgery to repair a tear in his right shoulder.

Morant got hurt in practice on Saturday, the Grizzlies said. The two-time All-Star was in a sling for the Grizzlies’ game against Phoenix on Sunday, and then the news came a day later about how serious

JA MORANT’S sustains the injury on practice. AP

in world tennis. And then this, the left-hander suddenly becoming questionable—if not irreversibly out of commission—for the year’s first Grand Slam event.

Hobbled by injuries every now and then as he is spring chicken no more, Nadal said on social media on Sunday, January 7, that he felt unwell again one week before the major’s opening.

Medical tests on him in Melbourne revealed a new hip injury, albeit a small tear in a hip muscle. He said he would need to fly home to Spain for treatment.

Nadal, 37, hurt his hip flexor last year in the Aussie Op en during a second-round loss to obscure Mackie McDonald, causing the Spaniard to miss the rest of the season.

After an operation in June, Nadal, the Aussie Open champ in 2009 and 2022, ended a 12-month hiatus with a warmly-applauded appearance at Brisbane International serving as the aperitif to the Melbourne major.

After winning two matches last week, Nadal, a 22-time major champion, took a medical timeout in the third set

the issue us.

“Following ongoing soreness and instability, Morant underwent an MRI that revealed an underlying labral tear,” the Grizzlies said.

Morant missed the first 25 games of the season while serving a National Basketball Association (NBA) suspension for displaying a gun on social media—his second such suspension in less than a year, after missing eight games last season for a similar offense.

He returned from the 25-game suspension and averaged 25.1 points in nine games, with the Grizzlies going 6-3 in those contests.

The Grizzlies are 7-20 without Morant this season, are 4 1/2 games

against Jordan Thomson—leading to a quarterfinal loss on January 5.

And then Nadal posted the following on January 7: “Hi all, during my last match in Brisbane I had a small problem on a muscle that as you know made me worried.

Once I got to Melbourne I have had the chance to make an MRI and I have micro tear on a muscle, not in the same part where I had the injury and that’s good news. Right now I am not ready to compete at the maximum level.”

The seemed to have slammed the door shut on his Aussie Open stint.

Before this, the former world No. 1 has had injuries on his knees, left foot and left wrist. Pundits attribute this to his punishing style of play, endlessly punctuating his game with always trying to retrieve impossibly irretrievable shots.

The recent injury he absorbed while battling Thomson was the result of a killer third match in four nights that lasted nearly three-and-a-half hours. It came after straightset victories over Dominic Thiem and Jason Kubler.

out of the final play-in spot in the Western Conference and now have to go the rest of the way without their best player. A playoff push, with Morant, didn’t seem completely unreasonable. Without him, the long odds just got much longer.

It seems as though the severity of the shoulder issue caught the Grizzlies off-guard. On Sunday, Grizzlies coach Taylor Jenkins said Morant was dealing with soreness and even went as far as to say he it would be a game-time decision against the Suns.

Morant is in the first season of a five-year, $197 million contract. He’s earning about $34 million this season, though lost about $7.6 million of that because of the 25-game suspension. AP

Nadal has really become old at 37. He knows it. He can feel it.

“A lot of things can be happening in a body like my body after a year without playing tennis,” Nadal said. “I have worked very hard during the year for this comeback and as I always mentioned my goal is to be at my best level in three months.”

Almost as sure as night follows day, that tiny tear in his hip muscle has just halted that goal.

THAT’S IT I raise a glass to Erika Dy for being appointed Executive Director of the Samahang Basketbol ng Pilipinas (SBP).

She earned it after having made her mark as Deputy Event Director of the recent Fiba World Cup. Said SBP president Al Panlilio: “Erika will bring new energy into the federation. We worked closely with her during the World Cup and saw up close what she brought to the table. With her experience as a basketball player, a coach, a sports advocate, and one of the primary implementers of the World Cup, we know she is capable of broadening the imprint of the SBP.” Cheers!