BusinessMirror January 11, 2022 by BusinessMirror

DOE appeals coal export ban by Jakarta ‘Close borders, cut Omicron exposure risk’ By Lorenz S. Marasigan

@lorenzmarasigan

T C THe World »B7

France sees record 271,000 suu kyi’s convictions pile up covid-19 cases in single day with another 4-year sentence

By Cai U. Ordinario

HE@caiordinario Department of Energy (DOE) has submitted a formal the appeal to the governLOSING country’s borders ment of Indonesia to lift its coal is one of the most immediate export ban to the Philippines, courses of action the governthis to could jeopardize mentsaying must take prevent the lat-the Philippines’s coal-reliant power est Covid-19 variant, Omicron, from generation systems. reaching Philippine shores, accord local Energy Secretary Alfonso G. Cusi ing to economists. said he has IndoneT he new varexplained iant is a to threat, sian Minister of Energy & Mineral e s p e c i a l l y w it h t he hol id ay s Resources that the coming up andAfirin moreTasrif foreigners recent policy will be “detrimental being a llowed to travel to the to economies that currently Philippines, De La Sa lle Univer-rely on coal-fired power generation sit y economist Mar ia Ella Oplassyslike the Philippines.” toldtems BusinessMirror. Touted as usually the world’s The holidays bringlargest in thermal coal exporter, IndoneOverseas Filipino Workers (OFWs) suspend exports who sia are decided eager to to spend Christmas

with their loved ones, while foreigners living in temperate regions usually want to relax in tropical countries like the Philippines. This year’s influx of OFWs is expected to be heavier since many of them were unable to come home for the holidays in December 2020. “My recommendation is to protect the borders. Do not allow people with a history of travel to countries with “According to our suppliers, they have positive cases to enter,” Oplas said. of coal for at least two “Wesufficient shouldsupply be more restrictive. [We months.” —Meralco Head of Utility have to be] more protective in terms Economics Lawrence S. Fernandez of our measures.” Oplas said that while this will be for thetoentire month of Janua setback some industries, this ary no thanks to pines is highly is a fair measure considering that on coal, as placing reflected thisreliant could help prevent thein its monthly importation of 2.3 country in another strict lockdown,

million metric tons of coal from Indonesia last year. “Power generated from which, she said, the economy cancoal no comprises about 60 percent of the longer afford. country’s power he said. “It is better thatdemand,” we do protective Cusi also asked the Department preventive measures than get exof Foreign posed again. Affairs We have(DFA) a lot to to interlose,” cede and appeal through the Asean Oplas said. “We should do it now so Cooperation framework. that we can open just before Christ If it gets contained, we can open mas. it Meeting again.” with gencos The DOE’s Electric Industry Ateneo Center forPower Economic ReManagement and Energy Resource search and Development (ACERD) Development Bureaus schedAssociate Director Serare Percival uled to meet with the country’s K. Peña-Reyes said closing coal the power plant generators today, Tuescountry’s borders would be effecday,but “toshould discussstill potential strategies tive adhere to the and the way forward.” standards set by the World Health Sought for(WHO). comment, Manila Organization Electric Co. (Meralco) Head of UtilWhat is needed, Peña-Reyes told ity Economics Lawrence S. Fernanthis newspaper, is for travel restricdez said ban affect three of tions to bethe put in will place swiftly and

the power distributor’s suppliers. These are: San Buenaventura (455 MW), Quezon (440in for government to bePower proactive MW) and Panay Energy (70 MW). imposing them. Previous “Accordinginstances to our suppliers, whenthey the have sufficient supply of coal at country had the opportunity for to imleast two months,” Fernandez said. pose travel restrictions did not pre“In the comingofcouple of months, vent the spread Covid-19. That was we are assured that there willwas be not no mainly because the decision supply disruption.” made immediately, he said. “Kung He added that the Philippines papatay patay [If we’re may also opt to source from slow] and we get caughtcoal flat-footother countries aside from ed, [that’s risky] We were tooInredonesia, citingofAustralia, inactive instead proactive for before. stance. We should learn from that,” Peña However, Fernandez that Reyes said. “It’s a delicatenoted balancing there may be discrepancies in terms act. We need to push testing and of pricing. “We to wait and see tracing to be have properly informed what our generation suppliers will of our decisions. Blanket/shotgun tell us as to what will happen to approaches could have dire conseprices if they source from another quences on the economy.” [coal] supplier,” he said. See “Omicron,” A2

FDI STRONG NATLSUSTAIN GOVT BORROWINGS FOR 10 MOSIN DIP TO P2.75T GROWTH OCTOBER

n n

Tuesday, January 11,29,2022 17 17 No.No.52 95 Monday, November 2021Vol.Vol.

P25.00 P25.00nationwide nationwide||22sections sections18 20pages pages||

By Bianca Cuaresma By Bernadette D. Nicolas

No access to Omicron risk free RT-PCR spurs revival puts workers of quarantine in a quandary rules in PHL

@BcuaresmaBM @BNicolasBM

HE HE Bangko national Sentral ng government’s Pilipinas gross (BSP) on Monday borrowings as of reported a end-October shrank 98.9-percent rise by almost 6 percent in the country’s year-on-year to foreign direct P2.75 trillion. investments (FDI) in October, Latest data from the Bureau of the bringing the Treasury showed that the government’s gross borrowings country’s totalduring FDIthe 10-month period fell by 5.99 percent inflows above from P2.92 trillion a year the ago. With only two months left for P8-million mark. this year, the latest figure is already

equivalent to 89.6 percent of its P3.07-trillion borrowing program. Broken FDI todown, the country grew for borthe gross domestic fifth consecutive month in October rowings from January to October last yearat toP2.23 hit $855 million from settled trillion, down by the $430 million in the same month 5.08 percent from P2.35 trillion inin2020. 2020. This marked a 98.9-percent rise bulk year-on-year. The of the amount was sourced FDI are investments by from Fixed Ratemade Treasury foreign players to the Philippines Bonds (P1.19 trillion), followed by inshort-term the hopesborrowings of long-term return. from BangSince these are in the country for ko Sentral ng Pilipinas or BSP (P540 abillion), longer-term compared to their Retail Treasury Bonds/Preshort-term theRetail formyo Bonds counterpart, (P463.3 billion), eign portfolio investments (FPI), Onshore Dollar Bonds (P80.84 bilFDI usually jobs for Filipilion). In thecreates same period, there was nos and has a multiplier effect on also a net redemption of Treasury the economy. Bills amounting to P43.94 billion. Continued on A2 Net debt redemption means there were more debts repaid compared to the amount borrowed during the period. Meanwhile, gross foreign borrowings in the same period also contracted by 9.7 percent to P518.7 billion from last year’s P574.4 billion. This was raised through global bonds (P146.17 billion), program loans (P139.98 billion), euro-denominated bonds (P121.97 billion), a project loan (P86.41 billion), and yen-denominated samurai bonds (P24.19 billion).

T I

PEOPLE walk past the mural of Gat Andres Bonifacio at Manila City Hall Underpass. The country will celebrate the 158th birth anniversary of Filipino revolutionary hero Gat Andres Bonifacio on Tuesday, November 30. ROY DOMINGO

OVER 3-M FARMERS LISTED FOR P75-B COCO LEVY FUND By Jasper Emmanuel Y. Arcalas

@jearcalas

ORE than 3 million coconut farmers and workers are now registered with the government’s registry, which serves as the basis for the number of people to be covered by the utilization of the P75-billion coconut levy fund. Philippine Coconut Authority (PCA) Deputy Administrator Roel M. Rosales said about 3.11 million coconut farmers and farm workers have been registered with the government since it started up-

See “Borrowings,” A2

Bank depositors queue outside a branch in Valenzuela City as they beat banking hours. Most banks under Alert Level 3 areas have them. This allows everyone tobanking see hours programs astoPresident reduced while vowing keep servicingDuterte customers, who are listed in the registryasand if infections is expected sign the industry ROY DOMINGO Covid-19 have also to impacted staffing.

dating its registry following the enactment of the Coconut Farmers and Industry Trust Fund law. farmer doesn’t see his name then he Rosales explained that about shall coordinate with the PCA im500,000 coconut farmers and mediately,” he explained at a recent workers were added to the PCA’s dialogue with coconut farmers. 2018 list that had about 2.5 million “On the other hand, if people coconut farmers and farm workers. would see names on the list and The PCA’s next step is to conthey think they are not coconut By Jovee Marie N. dela Cruz min Diokno’s reassurances that duct an exclusion-inclusion profarmers or their details are incor@joveemarie the BSP will not make any drastic cedure by making the updated rect, they can report it to the PCA farmers’ registry public, providmoves to veer away from its acfor immediate action,” he added. N economist-lawmaker commodative monetary stance. ing everyone the opportunity to The PCA official noted that saidveracity that easing theSalceda said of that why the check the of theinflation list, Rocompletion theisinitial list will prevent Bangko SenDepartment of Agriculture’s efsales added. of coconut farmers registry would tral ng Pilipinas’s (BSP) “pandexforts to contain the African swine “The list will be posted in public be just in time for the expected it” or drastic from monfever, yield in key crops, spaces where exit people caneasy easily see rolloutincrease of coconut levy-funded etary policy amid the pandemic. and make markets more efficient House Committee on Ways and will be crucial to both monetary Means Chairman Joey Sarte Saland fiscal policy. 67.2329 6.4722 CHINA 36.8968 n AUSTRALIA cedanofHK Albay saidn that easing7.9013 in- n SINGAPORE “If we can lower inflation below flation, which recorded its slowest 3 percent, we will have plenty of 2021 year-on-year rate last Decemroom to keep our enabling moneber, at 3.6 percent, will “provide tary policy and perhaps pass a few plenty of policy room so that we revenue-generating measures,” don’t have to take [a] drastic exit Salceda said. from our easy monetary policy.” “There are signs that we will Salceda made the statement in see lower inflation in 2022, as response to BSP Governor Benjalong as we don’t overreact with

HE lack of access to free ReBy Samuel P. Medenilla verse @sam_medenilla Transcription-Polymerase Chain Reaction (RT PCR),NTER currently pitched several NATIONA L in concerns quarters, including lawmakers, as over the possible spread of the the Omicron variant sends daily more infectious Omicron CoCovid-19 logs toprompted new records, is vid-19 variant the govcreating complications for workers. ernment to reimpose mandatory facility-based For one, it isquarantine preventing for some all workers from accessing their benarriving passengers in the country. efits, said aPresidential labor group.spokesperActing son AsKarlo B. the Partido Manggagawa Nograles announced (PM) explained in a on on Sunday that thestatement Inter-Agency Monday, many workers are only Task Force for the Management given by their employers to of Emerging Infectious access Diseases antigen tests—understandably as (IATF) suspended the implementhese compared to 150RTtationareofcheaper its Resolution No. PCR from their employers. A (s.2021), effectively imposing stricter RT-PCR pr ice for ranges from protocols all inbound around P1,000 to P3,000. travelers. “Once workers are positive To note, IATF Resolution 150from antigen tests, they are imA had allowed fully vaccinated mediately barred from from Green working non-visa travelers List but cannot get sickness benefits areas to enter the country withfrom the need Employees Compensaout the for facility-based tion Commission [ECC] quarantine as long as theywhich secure only accepts RT-PCRTranscriptiontest results,” negative Reverse PM Chairman Renato Magtubo Polymerase Chain Reaction (RTsaid. PCR) test within 72 hours prior to“The out of this trap is for theirway departure. the government to provideclassified free RT“Except for countries PCR tests for workers,” he added. as ‘Red,’ the testing and quarantine

A2 development plan in early 2022. protocolsSee for“RT-PCR,” all inbound internaRosales said the PCA will not tional travelers in all ports of entry stop updating its list of coconut shall comply with the testing and farmers and enjoined them to regquarantine protocols for ‘Yellow’ ister in order to reap the benefits list countries,” Nograles said, citing of the decades-long idled coconut the provision of IATF Resolution levy fund. “We will not stop at 3.1 No. 151-A. Omicron variant]. revenues this year,” Salceda million. We[Covid-19 hope that more indiHe noted Hong Kong,added. which has When we loosened quarantine Last week, Diokno said theOmicron timviduals will register in our coconut confirmed a case of the and travel restrictions in Deceming of their monetary policy supfarmers registry,” he said. variant, will also fall under the Yelber,The prices also went down, even port unwinding or, as he dubbed updating of the coconut low list countries. with increased demand. That reit—the BSP’s “pandexit”—refarmers registry is mandated by The suspension of the rules for ally meansAct the(RA) price11524 issue is mains “very much uncertain” Republic orstill the “Green List” countries willatbe in aCoconut matter Industry of supplyTrust chains rather this time. Fund Act. effect from November 28, 2021 to than a matter of demand.” Diokno said See “3-M farmers,” A2 December 15,while 2021. they have Salceda also said the governalready broadly outlined their exit Continued on A2 ment should keep producers prostrategy, the monetary authority’s ducing and transporters transsubsequent moves will largely de36.2807 EU 56.5758 n SAUDI Source: BSPoutcomes (November 26, 2021) porting n goods, so it could see ARABIA pend13.4531 on economic and stable prices this year. not anchored on calendar dates. “On the other hand, if we im With the expected improvepose unreasonable restrictions, ment in the national government’s especially on the flow of goods, finances amid the recent upturn in expect to see prices shoot up, with economic activity, the BSP said it can significant consequences on both “look to gradually unwind” direct monetary policy, real growth, and funding support to the government. our ability to raise government Continued on A2

SOLON: EASING INFLATION KEY TO AVERTING ‘PANDEXIT’

PESO EXCHANGE RATES n US 50.4600

n JAPAN 0.4374 n UK

PESO exchange rates n US 51.2490

n japan 0.4432 n UK 69.6525 n HK 6.5721 n CHINA 8.0366 n singapore 37.8082 n australia 36.6994 n EU 58.1984 n SAUDI arabia 13.6562

Source: BSP (January 10, 2022)

News

BusinessMirror

A2 Tuesday, January 11, 2022

Robredo unveils stimulus plan for tourism recovery By Ma. Stella F. Arnaldo

‘T

@akosistellaBM Special to the BusinessMirror

OURISM is essential.” “This was the underlying message of Vice President and presidential aspirant Leni Robredo in a forum organized Monday by tourism professionals under the Turismo Para Kay Leni organization. “Your [sector’s] contribution to national development is invaluable; one cannot measure how much it reverberates to the many who have been helped by your sector,” she stressed. Among the programs she unveiled is the upgrading of micro, small, and medium enterprises (MSMEs) in the entire tourism value chain. “Many MSMEs were forced to close or let go of employees because of the pandemic, so they need access to financing through a government-assistance program. Our challenge now is to develop new business models and prepare for our recovery, bearing in mind that lockdowns and reopenings should be part of the preparations since Covid is here to stay. Our challenge is how to go beyond the rollercoaster ride and minimize the impact on our sector.”

Part of this program is a P100billion stimulus package for affected MSMEs. She said, “Our proposal is to give conditional grants to ensure the reduction of unemployment in the sector, establish government guarantee programs to enable MSMEs to easily access loan facilities, so in case of defaults, government will assist them.” The Philippine Statistics Authority says close to 100 percent of tourism and tourism-related enterprises are MSMEs.

Grants, guarantee programs as aid

Robredo pitched “unemployment insurance” to protect employees

losing their jobs, as well as investment skills and business development training. “Included in this is the development of new products, new services, and new business models, as well as learning programs for the private and public sectors for sustainable tourism governance.” She said it was vital for tourism development plans of local government units (LGUs) to include “a crisis management plan to prepare for disasters and what safety nets can be offered to those affected.” Robredo recalled Siargao local officials lamenting that, “They were just about to recover, then the typhoon hit.” Her administration will also “adopt the Safe Travel Stamp of the World Travel and Tourism Council [WTTC] for Department of Tourism [DOT]-accredited establishments and destinations.” This also includes “the use of the Asean Quality Standards and Certification Processes for facilities such as homestays, spa series and public toilets.” Robredo fielded questions from sectoral representatives. “I am committing my clean and honest governance until the smallest members of your sector. I will ensure that your voice will be heard because in my type of public service, I can’t claim a monopoly on having the

best programs. I believe the best programs for the sector will come from the sector itself, and the government will support these.” The forum attracted over 200 participants via Zoom and 3,600 viewers on Facebook livestream, including major tourism organizations and key leaders in the sector.

Stakeholders’ views

Her blueprint went well with stakeholders. “Generally, the proposed safety nets are commendable: livelihood insurance, socialized approach to loans, upskilling to qualify for next-level positions,” said Mariglo Laririt, Head of Environmental Sustainability Initiatives for El Nido Resorts. “But very significantly, it stood out that she walked into the talk very well-prepared. The details she dropped didn’t escape me, like knowing about the WTTC Safe Travel Stamp that is endorsed by the DOT to ascertain that an establishment adheres to international health standards. I was very impressed.” Flo Rivera, national president of the National Association of Independent Travel Agencies, noted, “VP Leni is obviously highly aware and sensitive of the needs of those in the laylayan, in the grassroots, so it is not difficult for her to understand the needs of tourism workers in the communities from the bangkeros to the tour guides.” What resonated with Randi Alampay, a professor at the UPAsian Institute of Tourism, was the “focus on MSMEs in tourism value chain development, the strengthening of local destinations, including capital development for LGUs in tourism planning and development, [and] resiliency and preparedness of tourism destinations [most of which] are sun-and-beach or nature-based, and very vulnerable to natural disasters.” Former Tourism Promotions Board COO Chicoy Enerio said, “On a macro level, moving forward with Green Tourism will likely be supported, but subject to clear government incentives and guidelines. [I also like that she] encourages stronger domestic tourism but with a culture of safety that is standard to all LGUs and tourism destinations.”

RT-PCR...

Continued from A1

Currently, the labor leader noted the government has yet to grant their request for a free accessible RT-PCR test for workers. “The demand for free testing, however, has not been heeded as the recent national budget conspicuously does not explicitly provide funds for it,” Magtubo said. Last weekend, however, Senate President Vicente Sotto III said in an interview with DWIZ that free testing can be provided for from the various budget subprograms for Covid response in the Department of Health’s 2022 budget, if only “there’s a will” to do so. For his part, Magtubo said the free RT-PCR test and “quarantine leaves” can be provided as benefits from ECC, Philippine Health Insurance Corporation (PhilHealth), and Social Security System (SSS). Magtubo said they plan to raise the issue during their dialogue with the Department of Labor and Employment (DOLE) later this week. He said they also encouraged organized labor to bring up the matter at their collective bargaining negotiations with their employers. “All of these are guaranteed in the OSH [Occupational Safety and Health] Law. Workers just need to claim our rights,” Magtubo said. Samuel P. Medenilla

www.businessmirror.com.ph

FDI SUSTAIN STRONG GROWTH IN OCTOBER Continued from A1

The BSP said the recorded increase in FDI net i n f lows i n Oc tober 2021 was mainly on account of the 78.5-percent growth in non-residents’ net investments in debt instruments to $637 million from $357 million in October 2020. Non-residents’ net investments in equity capital other than reinvestment of earnings likewise increased to $141 million from $1 million in the comparable month in 2020. The notable expansion was traced to the improvement in equity capital placements by 80 percent to $154 million from $86 million; and the decline in equity capital withdrawals by 84.1 percent to $13 million from $85 million. Equity capital placements during the month were sourced mainly from Japan, Singapore, and the United States. These

were channeled mainly to the manufacturing; electricity, gas, steam, and air-conditioning; and real estate industries. Reinvestment of earnings for the month amounted to $77 million, up by 7.1 percent from $72 million. T he strong FDI performance in October brought the 10-month FDI of the country to $8.14 billion, up 48.1 percent from the January to October period in 2020. Rizal Commercial Banking Corporation (RCBC) economist Michael Ricafort said FDI data could still improve for November and December of 2021. “For the coming months, FDI could still continue to go up amid better globa l economic prospects as some developed countries that are the major sources of FDI move towa rd s herd i m mu n it y,” Ricafort said.

Solon: Easing inflation key to averting ‘pandexit’ Continued from A1

In 2020, the BSP cut its main policy rates to record lows to provide massive support to the Philippines’ ailing economy due to the disruptions caused by the pandemic. In 2021, the BSP maintained this record low rate all throughout the year. “I don’t expect the BSP to pull out of its low-interest policy anytime soon. In fact, I don’t think there will be any changes during this quarter, and very possibly even the next one,” Salceda said. “Governor Diokno is right to say that the approach has to be outcomes-focused rather than calendar-based. At this point, I think the only thing that could force the BSP’s hand is out-of-control inflation, which I don’t see happening in the immediate term either,” Salceda added. Salceda said inflation will determine the country’s monetary and fiscal policy. “It is therefore very crucial that we keep inflation low. I gave a lecture last year which outlined inflation as the benchmark to watch in 2022. It goes without saying that GDP growth will be positive in 2022, probably at 5-7

percent. On the other hand, if inflation accelerates as it did mid2021, households will see lower real income growth, we will be able to afford fewer public services for the same budget, and the BSP might be forced to tighten credit,” Salceda explained. “So, inflation is the number to watch, and food inflation, in particular will be extremely important to both monetary policy and the real economic impacts of fiscal policy,” Salceda added. By experience, Salceda said inflation is also the main determinant of political space for fiscal reforms, particularly new tax increases. “In 2018, when rice inflation suddenly picked up, we could not pass any major tax reform packages. If the next President inherits a low-inflation environment, there will be political space for new taxes, perhaps on luxuries and on the rich,” Salceda said. “We simply do not have the political opening for new taxes when prices are high. So, if we want to do tax reforms early in the new President’s term, and I can tell you we need those reforms, we need to keep prices low,” he added.

Subic requires jab cards for entry as Covid-19 cases rise after holidays Continued from A10

Aside from requiring vaccination cards at the gates, the SBMA also limited the access of some public areas only to fully-vaccinated individuals. These include venues for meetings and social events, amusement parks and recreation venues, visitor or tourist attractions, venues for in-person religious gatherings, as well as restaurants, and gyms and personal care shops, which should all take in customers at 30 percent of their indoor capacity and 50 percent for outdoors. Unvaccinated persons, however, may be allowed in supermarkets and groceries where 30 percent maximum capacity should be maintained, and inside malls but “only for the purpose of accessing essential goods and services,” Eisma said. At the same time, the SBMA al-

lowed 70 percent maximum capacity for public transportation; 30 percent indoor capacity for faceto-face classes in higher schools; and 60 percent on-site capacity for government offices. Meanwhile, the SBMA prohibited the operation of karaoke bars, indoor entertainment venues, kid amusement places, and venues for contact sports except in bubbletype setup. Eisma said the Subic agency will enforce other measures that will arrest the current surge of Covid-19 cases in the greater Subic Bay area while encouraging stakeholders to get vaccinated for either basic doses or booster shots. “We intend to contain this upsurge with vaccines and sound science behind basic safety protocols like masking, handwashing and social distancing,” Eisma added.

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DFA temporarily shuts down 25 passport centers amid Covid rise By Malou Talosig-Bartolome

OME personnel of the Department of Foreign Affairs (DFA) have been infected by the highly transmissible Covid-19 Omicron variant, necessitating the temporary closure of 25 consular offices and mall sites, including the main office at the Aseana Business Park in Parañaque City. In a news statement, DFA said the operations of the consular offices (CO) in La Union, NCR East in SM Megamall, NCR North in Robinson’s Novaliches, Quezon City and the temporary off-site passport services (TOPS) also in Robinson’s Novaliches were temporarily suspended starting Monday until January 20. Last week, four COs and mall sites at SM Manila, Robinson’s Lipa, Tuguegarao and Robinson’s Magnolia were also closed for disinfection. Aside from passport application, these COs also handle Apostille Certification (“Red Ribbon”) applications. “Too many of our people at consular and TOPS falling sick,” Foreign Secretary Teodoro Locsin Jr. said in his tweet. Starting Wednesday, 17 more COs and TOPs that will be closed down for eight days • DFA Office of Consular Affairs at Aseana Business Park, Parañaque City • CO NCR Central • CO NCR Northeast • CO NCR South • CO NCR West • CO Antipolo • CO Angeles • CO Baguio • CO Dasmariñas • CO Iloilo • CO Lucena • CO Malolos • CO San Pablo • TOPS Newport Mall • TOPS Robinsons Las Piñas • TOPS Robinsons San Pedro Laguna • TOPS SM Manila Consular operations for these 25 consular offices and mall sites will resume on January 21. Passport applicants who were originally scheduled during the days of suspended operations will receive e-mail for their new schedule. DFA Undersecretary Brigido Dulay Jr. said emergency cases will be accepted during the suspension of operations and have assigned a downsized work force who will process these. “Our people will continue with back-end operations while isolated. Apologies to everyone. Omicron sucks,” Dulay tweeted. The DFA recorded 22-percent positivity rate among consular personnel who were tested, excluding those who reported having flu-like symptoms. “If we add close contacts, that is a large number of people who are advised to isolate,” Assistant Secretary Eduardo Meñez, chief of public diplomacy office, said. Locsin said he intends to pull out DFA personnel from other offices doing diplomacy work and assign them to these consular offices. “We’ll deploy more people out of diplomatic work; there is no more diplomacy these days unless you are a world power of which there are only seven with India and Pakistan. The rest are poseurs without puissance,” he tweeted Sunday.

Editor: Vittorio V. Vitug • Tuesday, January 11, 2022 A3

‘Do not sell Covid self-testing kits,’ Trade chief Lopez tells retailers By Tyrone Jasper C. Piad @TyronePiad

HE Department of Trade and Industry (DTI) told retailers to refrain from selling Covid-19 self-testing kits as these are not yet approved by the government for distribution. DTI Assistant Secretary Ann Claire Cabochan said at a Laging Handa briefing on Monday that the self-testing kits have “not been even given the proper certification from the Food and Drug Administration [FDA] to be sold here in

the Philippines.” This, despite the recent demand for the said products amid the Omicron-fueled surge in Covid-19 cases across the country. “Kaya hindi dapat talagang binebenta. Pwede nating habulin ’yung nagbebenta niyan online [It should not be sold. We can go after those selling self-testing kits online],” she warned. Cabochan said that the FDA has yet to complete its study on the matter. But she noted that the agency is fast tracking applications for certificate of product registration for the

said product. As for Covid-19 Reverse Transcription-Polymerase Chain Reaction (RT-PCR) testing and antigen tests, the trade official reminded laboratories to adhere to the standard retail price (SRP) amid the reports of overpricing due to the demand. SRP for RT-PCR tests in public hospitals is P2,450 while P2,940 for private. For antigen tests, SRP is at P960. Trade Secretary Ramon Lopez on Monday told reporters they are eyeing to release a lower SRP for said tests by Friday.

Meanwhile, Cabochan said it was expected for medicine inventories in drugstores to have normalized by now as manufacturers move quicker to replenish stocks. She said that the DTI has been coordinating with the drug manufacturers in resolving the earlier concerns on out-of-stock medicines like paracetamol. “We’re working very closely with them on this issue,” she said. Last week, DTI reported that pharmacy chain operators Mercury Drug and Watsons began replenishing inventories in their stores.

Lopez previously clarified that the perceived shortage of the medicines were only because of the timing of deliveries and not because of lack of supply for paracetamol and analgesics. Apart from popular brands Biogesic and Decolgen, Lopez earlier reminded the public there are other brands and generics available for the public to purchase. He also asked the consumers to only buy medicines from reputable drugstores to “ensure fair price according to suggested retail prices.”

Lockdown of unvaxxed oppressive, SC urges 2020/2021 Bar examinees to get shots unconstitutional-doctors group By Claudeth Mocon-Ciriaco @claudethmc3

HE Concerned Doctors and Citizens of the Philippines (CDC Ph) on Monday branded Metropolitan Manila Development Authority (MMDA) Resolution No. 22-01 that imposes enhanced restrictions on unvaccinated individuals as “unconstitutional” and particularly “oppressive” to the most vulnerable sectors of society. “This resolution flat out ignores the constitutionally-protected right of every Filipino to make independent, informed decisions that massively impacts their health and the well-being of their loved ones,” said Dr. Homer Lim, president of CDC Ph, in a news statement. Lim said that there are no medical studies on adverse long-term side effects of the vaccines currently being administered throughout the country and as such, vaccinations ought to be voluntary and not government-mandated. “Does the government have the authority to coerce its citizens to be injected with an experimental drug, without knowing the degree and severity of its long-term adverse effects?” Lim asked. He added: Will the government shoulder the medical costs and lost income for individuals who suffer long-term adverse effects from vaccines? If not, then the government must respect each individual’s right to self determination—the choice

of whether or not to receive these experimental vaccines.”

‘Not unconstitutional’

WHEN asked to comment, MMDA Chairman Benjamin “Benhur” Abalos Jr. said that the agency’s resolution is “not unconstitutional.” “No. I beg to disagree...other than parens patriae...ang state ay napakaimportante. We are on a crisis mode here,” Abalos, who is also a lawyer, told the BusinessMirror when sought for his reaction at an online news conference. Abalos also pointed out two things: This is only temporary; look at the data. “Sana maunawaan nila kung walang Omicron in two weeks, mag Alert Level 2, makalabas sila...walang problema. Sana ’yun ang isipin nila [Hope they will understand if there is no Omicron variant in two weeks they can go out]. Sa akin lang [For me] they are unvaccinated. Look at the data,” Abalos said citing that 85 percent of hospitalized critical and severe Covid-19 cases are unvaccinated while 93 percent who died never received Covid-19 vaccine. “Sana maunawaan nila na [I hope they will understand that] this is under the police power of the state,” he said stressing that due to Omicron variant, “in effect we are trying to protect the unvaccinated.”

Financial burden

MEANWHILE, Mari Kaimo, CDC

Ph Vice President, also criticized the MMDA resolution for imposing an additional financial burden on the poor, at a time when the incidence of poverty is at the highest rate in recent history. “Asking the unvaccinated to shoulder the costs of testing every two weeks is an oppressive financial burden on individuals and families that are at their financial breaking point because of the economic impact of this pandemic,” Kaimo said. Kaimo is referring to the provision in the MMDA resolution that requires the unvaccinated, “to undergo a Reverse Transcription Polymerase Chain Reaction [RT-PCR] test every 2 weeks at their personal expense and present a Covid-19 negative result prior to being admitted for work onsite.” “The costs of RT-PCR tests run in the thousands of pesos, and given the salary scales in the Philippines, a vast majority of unvaccinated workers cannot afford to shoulder additional expenses of this magnitude,” Kaimo said. “In effect, the IATF [Inter-Agency Task Force for the Management of Emerging Infectious Diseases] is using mandatory required testing as a financial cudgel to coerce unvaccinated workers to either take vaccines or face the prospect of financial ruin,” he added. However, Abalos said that the requirement of RT-PCR was stated in an IATF resolution that they just reiterated under MNC resolution.

By Joel R. San Juan

@jrsanjuan1573

HE Supreme Court (SC) on Monday urged all unvaccinated Bar examinees to get their jabs against Covid-19 before the Bar Examinations on January 23 and January 25, 2022. In its Bar Bulletin No. 32, S. 2022, the SC through Bar Examinations Bar chairman Associate Justice Marvic Leonen, said getting vaccinated may be necessary as protection against the highly-transmissible Omicron variant. “As an added layer of protection, especially against the new Omicron variant, all unvaccinated Bar examinees are also highly encouraged to get vaccinated before the Bar Examinations. This is for you as well as for your loved ones and the community,” Justice Leonen stressed. Leonen also reminded Bar examinees to self-quarantine starting Monday (January 10) as he and his staff will also go into self-isolation in order to prepare for the examination and to protect others against the spread of the virus. “We ask you to do your part to prepare, to protect yourself and to protect others. Now is not the time to be negligent. Being a Bar examinee does not mean that you cease to have empathy for the welfare of others. After all, being a lawyer is not really only about you: it is about being able to truly empower and serve,” Leonen said. A total of 11,790 law graduates are expected to take the 2020/2021 Bar

exams, which had been postponed twice due to the Covid-19 pandemic, and because of the recent strong Typhoon Odette that damaged several areas in the Visayas and Mindanao. Leonen reiterated his previous memorandum that Bar examinees who will test positive for Covid-19 both under an antigen test or RTPCR test will automatically be denied entry to their local testing centers. “This prohibition will apply to all positive cases, whether symptomatic or asymptomatic,” he pointed out. On the other hand, fully vaccinated examinees will undergo only one antigen test within 48 hours before the first examination. Those who will test positive under the antigen test will be required to comply with the guidelines of their local testing center’s local government unit. Unvaccinated examinees, on the other hand, will be required to present negative nasal or saliva RT-PCR test results taken within 72 hours before the first examination. Meanwhile, examinees who have recovered from Covid-19 will still be required to undergo an antigen test or RT-PCR test before the first examination. Examinees who present a positive test result but have since recovered from Covid-19 up to a month before the first Bar examination day will be required to present an affidavit stating under oath that they are considered by the local government unit as a “recovered” case and they have completed the required isolation period.

Anybody can avail of anti-Covid drugs from the City of Manila–Mayor Isko

ANILA Mayor Isko Moreno Domagoso has reiterated that non-Manila residents can avail of anti-Covid drugs from the Manila city government, which have sufficient supplies of Remdesivir, Tocilizumab, Baricitinib and Molnupiravir, the medicine currently in demand amid the current surge in Covid cases. “Sa ating mga kababayan na naghahanap ng gamot, welcome po kayo sa Maynila. Ang importante, mabuhay ’yung tao, mailigtas yung tao, kahit sino pa siya. Sa Maynila, walang mayaman, walang middle-class, walang mahirap. Lahat pantay-pantay. They can avail of these medicines. Basta mabuhay lang ’yung tao,” Moreno said. Moreno and his Manila City Hall

staff have been busy these past few days distributing boxes of Molnupiravir to individuals who have contracted the more-contagious but less deadly Omicron variant. Even patients from the other side of the political fence in need of Molnupiravir were surprised by the immediate response of the Manila city government as boxes of the anti-viral drug were immediately delivered right at their doorsteps. Molnupiravir is the first oral antiviral drug that is said to reduce the risk of hospitalization and death of Covid patients by 50 percent. It also prevents mild to moderate cases of Covid-19 from progressing into severe disease provided that the drug is taken during the first five days of infection.

Developed by Merck & Co Inc., (MSD), it has given the manufacturing rights to eight top generic manufacturers in the world for low and middle-income countries, including Faberco’s manufacturer, Aurobindo Pharma Ltd. Faberco has currently made Molnupiravir (Molnarz) available in the Philippines through Compassionate Special Permit (CSP) issued by the Philippine Food and Drug Administration. An initial 40,000 capsules of Molnupiravir were procured by the Manila city government and delivered to the Sta. Ana Hospital in November. Moreno said another delivery of Molnupiravir is expected by the end of January due to the high demand for the medicine amid the new surge

in Covid cases. “All they have to do is coordinate sa ating Manila Health Department or dun sa mga pino-post naming numero, tawagan lang nila at ide-deliver natin at ie-extend natin yung mga gamot laban sa Covid-19. Reseta lang talaga kailangan. Kasi we could not dispense without the prescription,” the 47-year-old presidential aspirant pointed out in a news statement. On Sunday, Aksyon Demokratiko vice presidential bet Dr. Willie Ong urged mayors to follow the lead of Mayor Isko and procure the lifesaving Molnupiravir as soon as possible to prevent further deaths as the Philippines grapples with the highlytransmissible Omicron variant. “Meron po akong appeal sa ating

butihing mayors, kasi kailangan focus tayo sa gamot. Sa ating mga butihing mayors, sa NCR [National Capital Region], sa probinsya, bumili na kayo ng gamot sa Covid,” the noted cardiologist and internist urged in a live video posted on his Facebook page. “Ang tunay na gamot sa Covid sa ngayon, meron tayong Molnupiravir na 30 percent effective, meaning na pag ibinibigay sa mild to moderate Covid patients, 30 percent less hospitalization, 30 percent less death,” Ong said. Ong made the appeal after noting that the Philippines recorded 265 fatalities last Saturday, a very worrisome development since South Africa, where Omicron was first detected, only recorded a high of 57 deaths in one day during their own surge.

Ex-AFP chief Gen. Lisandro Abadia, lead implementor of ‘Lambat Bitag,’ passes away at 83 By Rene Acosta @reneacostaBM

ET. General Lisandro Abadia, the senior Army officer who helped quell efforts mounted by soldiers loyal to then cashiered Army Col. Gregorio Honasan and the

late strongman Ferdinand Marcos to topple the government of Cory Aquino, has passed away. He was 83 years old. Thedeathoftheformerchiefofstaff of the Armed Forces of the Philippines (AFP) was confirmed by the military on Monday, although it did not provide

details surrounding his death. “The Armed Forces of the Philippines extends its sincerest condolences to the family and friends of General Lisandro Abadia, former AFP Chief of Staff,” the military said in a statement through its spokesman Col. Ramon Zagala.

“Appropriate military honors will be provided in recognition of the former Chief of Staff’s legacy and sacrifices as a soldier and head of the military,” it added. As then the operations chief of the military, Abadia help government forces in stopping a combination of

reformist and Marcos loyalist soldiers from completely taking over Camp Aguinaldo in one of the bloodiest coups in the country, thus saving both the military and the administration of President Aquino from falling into the hands of military rebel forces. The military credited Abadia for

professionalizing its ranks and even its promotion system when he led the uniformed service. “GeneralAbadiaservedastheCSAFP in the early 90s and has paved the way for the professionalization of the military and the return of meritocracy in its promotion system,” Zagala said.

A4 Tuesday, January 11, 2022 • Editor: Vittorio V. Vitug

Economy BusinessMirror

www.businessmirror.com.ph

Meralco cuts Jan power rates Metaverse vs data due to lower generation fees privacy protection By Lorenz S. Marasigan @lorenzmarasigan

USTOMERS of Manila Electric Co. (Meralco) will pay less this month, as the power distributor implemented a slight reduction in charges due to the lower generation fees from its suppliers. At a news briefing, Meralco spokesman Joe R. Zaldarriaga said overall rates for January went down by 7 centavos per kilowatt hour (kWh) to P9.7027 per kWh or about P15 for the total bill of residential customers consuming 200 kWh per month. “Basically, the driver of this decrease in overall electricity rates is the generation charge in January. It decreased by around 11 centavos per kWh on the back of lower costs from our Power Supply Agreements [PSAs] and Independent Power Producers [IPPs], which more than offset the higher charges from the Wholesale Electric-

ity Market [WESM],” he said. PSA and IPP rates registered reductions of P0.4375 and P0.0543 per kWh, respectively. The higher share of excess energy deliveries of AC Energy plants and lower coal prices contributed to the reductions. PSAs and IPPs provided 46.5 percent and 41.3 percent of Meralco’s energy requirement, respectively. WESM charges, on the other hand, increased by P0.8511 per kWh brought about by higher average capacity on outage in the Luzon grid. Meralco sources 12.2 percent of its power from WESM.

Summer outlook

MEANWHILE, Meralco Head of Utility Economics Lawrence S. Fernandez said the group expects demand for power in the Luzon grid to reach its highest level in the summer months.

“Typically, this is during late May or sometimes early June. In the case of Meralco, we’ve been preparing for this by proposing the conduct of two biddings for the supply for summer months,” he said. Collectively, the two auctions will supply Meralco with 350 MW of peaking and base load capacity in the summer. Meralco started the auction for 170 MW of peaking capacity last month. “Meralco, we also understand, proposed another bidding for 180 MW of base load power and this is to meet the base load requirements that are affected by the reduction of the supply of Malampaya gas as experienced consistently in 2021 and expected to persist this 2022,” Fernandez said. The utility is now awaiting the Department of Energy’s approval for the terms of reference of the auction for 180 MW of base load capacity.

CDA grants license to DTSC as 1st tech platform provider for co-ops By Manuel T. Cayon

@awimailbox Mindanao Bureau Chief

AVAO CITY—The Cooperative Development Authority (CDA) has granted a special license to DigiCoop Technology Service Cooperative (DTSC), to provide technology platform for online transactions. The CDA license issued to DTSC allows it to transform the country’s cooperatives from their traditional paper works and faceto-face transaction into the competitive

world of web and mobile banking capability, and provide ease to its members who want to transact financially from the comfort and safety of their homes or work places using only their gadgets. The CDA issued Memorandum 2021-14 in November last year, which includes guidelines for the registration of a Technology Service Cooperative (TSC), a special type of cooperative organized among registered cooperatives of all types and categories, the DigiCoop said. The new type of license was prompted by the current and preferred online transactions to avoid physical contact amid the Covid-19 pandemic, which would be beneficial to the cooperatives that are serving many Filipinos in the communities and the countryside. Under CDA’s TSC memorandum, DigiCoop is expected to introduce technological innovations, particularly in supporting members of its cooperative through e-commerce, portals, and innovative ways of bridging the gap in market access. “We are honored to be the first to organize

and apply for registration under this special type of cooperative. With this, DTSC env isions to offer e-commerce-related products to accelerate the digitization of cooperative operations among our members,” said Ann Cuisia, founding president and CEO of DTSC. Assistant Secretary Vidal Villanueva III, head of the CDA’s Credit and Financial Services, Banking, Insurance, and Credit Surety Fund Cooperatives Cluster, said that “this step is a response to the changing needs of the cooperatives sector and community in general.” “While some cooperatives—particularly the bigger ones—have already started their own digital systems, there is still room to improve their smaller counterparts’ access to online services. The special type of cooperative will give us the opportunity to build the digital infrastructure for our movement,” Villanueva shared. The DTSC leaders include Fr. Anton Pascual, executive director of Caritas Manila; Retired Gen. Gilbert Llanto (Ret.), chairperson of the ACDI Multipurpose Cooperative; Roy S. Miclat, president of 1 Cooperative Insurance System of the Philippines (1CISP); Isagani Daba, First Community Cooperative (FICCO) representative; and Traxion Technology Services Cooperative’s Ann Cuisia, visionary and proponent of the digiCOOP platform of DTSC. “As the first technology service cooperative in the country, DTSC aims to be a model cooperative federation for similar endeavors in the Philippines as well as in Asia and beyond,” Cuisia added.

By Henry J. Schumacher

F we’re not careful, the arrival of the metaverse could be way worse for data privacy than traditional social media already is, thanks to the tracking power of virtual reality (VR) and augmented reality (AR) technology. The concerns may be (mostly) manageable…but only if governments update laws, platforms stay transparent, and users push for features that obscure data collection, especially on physical reactions like eye movements.

Immersive identification

IN immersive worlds, new technologies will siphon up data at an increasingly granular level—a person’s gait, eye movements, emotions and more— putting far greater strain on existing safeguards. Privacy advocates are sounding the alarm on the metaverse: • The metaverse will be accessible through VR and AR, which could be used by companies to track users’ physical responses to advertising or other media. • At any given time, the way you move, the way you’re gazing, your pupil dilation, is giving away information to developers. • These data points could be used to create a user profile that details subconscious states, mental states, or a health issue before a person even recognizes them or seeks medical or psychological attention. In those instances, the data could be used to subtly manipulate users or even, if shared with third parties like an insurance company, lead to premium hikes. Data privacy laws will need to be updated to reflect changing technologies and their related privacy issues and economic possibilities.

Meta under microscope

IT seems impossible to discuss the metaverse without mentioning Meta (formally Facebook), which is trying to transform into a metaverse company. Unfortunately, Meta is notorious for alleged data abuses, paying billions in fines. For its part, Meta says that it has

pledged $50 million to outside researchers to focus on privacy and security on the platform, while its VR arm, Reality Labs, is issuing its own research grants. Considering that Meta has recently kept data hidden from outside researchers, expect the privacy community to keep a close eye on the company. It is good to see that companies are bracing for more regulatory scrutiny in 2022 as UK and European Union watchdogs in antitrust and data privacy collaborate. Joint policy initiatives between competition and data protection regulators picked up speed in 2021, aiming to crack down on how large companies use personal data. Some regulators are calling for greater alignment between antitrust and privacy oversight bodies to control corporate data misuse and prevent companies from using consumer data to gain an unfair competitive advantage. European regulators for data protection, competition, media and financial markets said that they will share expertise on data processing, artificial intelligence and other digital business areas, drawing on experiences from their own cases. The regulators said they would explore possibilities to jointly work on enforcement investigations. Regulators in Europe, the US and other regions are realizing that large tech companies have become very powerful and collected huge amounts of data, while rules on their behavior lag. Pending EU rules could add to the regulatory pressure on large datacentric companies. The draft digital markets act, which is currently in legislative negotiations, would introduce requirements on large digital companies, such as forcing them to offer data portability to end users. The legislation could be quite a significant game changer for the way digital platforms are regulated. European regulators’ growing interest in digital platforms is likely accelerated by regular reports of new high-profile data breach scandals. The European data protection regulator is organizing a conference in June on the future of privacy enforcement, hoping to gather feedback from participants to shape a new forum for digital regulation that includes privacy, competition, and consumer protection watchdogs. At the same time, it will be essential that the private sector in the Philippines works closely with the National Privacy Commission and the Philippine Competition Commission to safeguard privacy factors associated with data. Feedback would be very welcome; contact me at hjschumacher59@gmail.com

DAR reaches out to S. Leyte farmers affected by ‘Odette’ By Jonathan L. Mayuga @jonlmayuga

HE Department of Agrarian Reform (DAR) has provided relief assistance to two agrarian reform beneficiaries organizations affected by Typhoon “Odette” (international code name Rai) in San Francisco, Southern Leyte. DAR Eastern Visayas Regional Director Robert Anthony Yu led the team that brought tarpaulin for roofing, food and water supplies for members of the Tuno Farmers MultiPurpose Cooperative and the San Francisco Multi-Purpose Cooperative based in the said town that was severely affected by Odette. He said shirts and biscuits were also distributed to children in the area. The donations came from the employees of

DAR Regional Office and the different provincial offices. Yu said the DAR employees extended their help and prayers to the people of Southern Leyte as calls for help reverberated after the devastating typhoon. The DAR Samar Provincial Office, for instance, lent their generator set to DAR-Southern Leyte to allow them to have power or electricity. Typhoon Odette made its first landfall on 16 December 2021 and caused devastation to six regions in the country, specifically Mimaropa (Region 4B), Western Visayas (Region 6), Central Visayas (Region 7), Eastern Visayas ( Region 8), Northern Mindanao (Region 10) and Caraga damaging billions of pesos in the agriculture sector affecting over 61,000 farmers and fisherfolks.

BusinessMirror

www.businessmirror.com.ph

ESTABLISHMENT / ADDRESS No.

ESTABLISHMENT / ADDRESS

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

QUALIFICATION AND SALARY RANGE

ACCENTURE, INC. 7f, Robinsons Cybergate Tower 1, Pioneer St, City Of Mandaluyong RASHINKAR, NIKITA NAVAKETAN App/cloud Support Senior Analyst 1.

Brief Job Description: Overall azure platform management-billing, tagging, resource providers, level 1 and 2 troubleshooting, Microsoft support and escalation

Brief Job Description: Responsible for processing of information of company clients in Thailand.

Basic Qualification: Access managementresource group, approved services, storage, key vault, prim elevation Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Resolve financial disputes raised by the customer service and sales teams JIA, XIAO Bilingual Marketing Officer

Brief Job Description: Contribute in the implementation of marketing strategies MAH HUI JUAN Foreign Language Marketing Officer

Brief Job Description: Contribute in the implementation of marketing strategies HOANG THI LIEN Mandarin Customer Service Officer

Brief Job Description: Opens customer records by updating account information AMINOV, AMINJON Mandarin Hr Officer Brief Job Description: Managing employee development and trainings

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

Brief Job Description: perform president’s duties in his absence & whatever duties that may be assigned by the president

10.

Brief Job Description: Prepare airline and custom documentation LI, LIANGFANG Chinese Cargo Office Agent Brief Job Description: Prepare airline and custom documentation

Basic Qualification: Proficient in speaking, reading and writing in Mandarin

11.

Brief Job Description: Customer Service Representative

Basic Qualification: Proficient in speaking, reading and writing in foreign language Salary Range: Php 30,000 - Php 59,999

12.

Brief Job Description: Customer Service Representative

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

13.

Brief Job Description: Customer Service Representative

17.

18.

19.

Basic Qualification: High School graduate in Chinese curriculum, can speak and write fluent Chinese Mandarin, can operate computer Mandarin characters

Brief Job Description: Optimize CRM campaigns & newsletter based on performance and engagement data

LIU, JIAHUAN Mandarin Speaking Marketing Officer 15.

Brief Job Description: Optimize crm campaigns & newsletter based on performance and engagement data

Basic Qualification: Proficient in speaking, reading, and writing in mandarin Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in speaking reading and writing in mandarin Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Lead the team as department head, develop, establish and maintain relationships with new and existing Japanese customers doing business in the Philippines

SHIMAMURA, YUTA Vice President & Manager, Japanese Corporate Banking 2 20.

27.

Basic Qualification: JLPT N1 passer; Fluent in Japanese and English (Speak, read and write); At least 5 years working experience in the same field; Strong verbal, visual and written communication skills with the ability to explain approach to all levels of organization

Brief Job Description: Lead the team as department head, develop, establish and maintain relationships with new and existing Japanese customers doing business in the Philippines

Basic Qualification: Bachelor’s degree in business or related course, master’s degree preferred; at least 10 years’ experience working in a Japanese bank, preferably held a relationship manager position Salary Range: Php 150,000 - Php 499,999 Basic Qualification: Bachelor’s degree in business or related course, master’s degree preferred; at least 10 years’ experience working in a Japanese bank, preferably held a relationship manager position Salary Range: Php 150,000 - Php 499,999

SINNATAMBY, BRADLEY CALEB Global Business Services Manager 21.

Brief Job Description: • Lead the Senior Leadership Team, ensuring a can-do and no-surprises culture prevails.

Basic Qualification: • At least 6 years of relevant senior executive experience in high performing Financial Services or Shared Services Organizations • 3-5 years’ experience in leading high performing offshore operations. Salary Range: Php 500,000 and above

28.

22.

Brief Job Description: Presides at meetings of the Board of Directors and of the Stockholders and initiate the develop corporate objectives and policies and formulate long range projects, plans and programs. To manage of the business affairs and property of the corporation.

Basic Qualification: University Graduate at least ten(10) years relevant experience.

29.

QIU, YUANXI Mandarin Speaking Human Resource Officer 23.

Brief Job Description: Provide counseling and support on policies and procedures

Basic Qualification: Proficient in speaking reading and writing in mandarin

30.

KHANNA, MANAS Director Of Information & Technology 24.

Brief Job Description: Analyze and define existing and new technologies to recommend service strategy while ensuring that the capabilities of the interface meets customer satisfaction goals.

Basic Qualification: Experience in Computer Science or related field/ experience Salary Range: Php 150,000 - Php 499,999

Brief Job Description: Attracts potential customers by answering product and service questions; suggesting information about other products and services.

Basic Qualification: Fluent in Vietnamese (verbal and writteng skills) Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in Vietnamese (Verbal and written skills) Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in Vietnamese (Verbal and written skills) Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in Vietnamese (Verbal and written skills) Salary Range: Php 30,000 - Php 59,999

STRICKLAND CONSTRUCTION CORP. 30-c, Embassy Village, Cupang, City Of Muntinlupa Basic Qualification: Proficient in speaking, reading and writing in Mandarin

HUANG, JIAOYAN Mandarin Finance Officer 31.

Brief Job Description: Collect and enter data for various financial spreadsheets

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in speaking, reading and writing in Mandarin

ZHENG, SHASHA Mandarin Finance Officer 32.

Brief Job Description: Collect and enter data for various financial spreadsheets

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

TIAN XIA TECHNOLOGIES INTERNATIONAL, INC. Bldg. B Filinvest Cyberzone 6, Bay City, Barangay 76, Pasay City WU, YUEH-TING Chinese Admin Support Specialist 33.

Brief Job Description: Attracts potential customers by answering product and service questions; suggesting information about other products and services TANG, BO-YAO Chinese IT Specialist

34.

Brief Job Description: Attracts potential customers by answering product and service questions; suggesting information about other products and services GIENG MINH PHUNG IT Support Specialist

35.

Brief Job Description: Responsible for providing quality it supports of enterprise systems throughout the Chinese clientele. LEE JUN SHENG IT Support Specialist

36.

Brief Job Description: Responsible for providing quality it supports of enterprise systems throughout the Chinese clientele. NGUYEN THI PHUONG LAN IT Support Specialist

37.

Brief Job Description: Responsible for providing quality it supports of enterprise systems throughout the Chinese clientele. SIN HY LINH IT Support Specialist

38.

Brief Job Description: Responsible for providing quality it supports of enterprise systems throughout the Chinese clientele. YEW KAH HOU IT Support Specialist

39.

Brief Job Description: Responsible for providing quality it supports of enterprise systems throughout the Chinese clientele.

Basic Qualification: At lease 19 yrs. old. Ability to speak, write and communicate Taiwanese Salary Range: Php 30,000 - Php 59,999 Basic Qualification: At lease 19 yrs. old. Ability to speak, write and communicate Taiwanese Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in Chinese writing and speaking language Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in Chinese writing and speaking language Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in Chinese writing and speaking language Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in Chinese writing and speaking language Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in Chinese writing and speaking language Salary Range: Php 30,000 - Php 59,999

VPC CORPORATE SOLUTIONS INCORPORATED 11/f 100 West, Sen Gil Puyat Ave. Cor., Washington St., Pio Del Pilar, City Of Makati

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

SEQUENTIAL TECHNOLOGIES PHILIPPINES PVT. LTD., INC. 8th Floor E-commerce Plaza Building, #1 Garden Road Eastwood City Cyberpark, Bagumabayan, Quezon City

Brief Job Description: Attracts potential customers by answering product and service questions; suggesting information about other products and services.

PHAM MINH TAN Vietnamese Customer Service Representative

Salary Range: Php 500,000 and above

SEAGULL-WORLD INC. Unit 2807 28/f Cityland, Pasong Tamo Tower, 2210 Chino Roces Ave., Pio Del Pilar, City Of Makati

Brief Job Description: Attracts potential customers by answering product and service questions; suggesting information about other products and services

NGUYEN THUY HA Vietnamese Customer Service Representative

SAMSUNG ELECTRONICS PHILIPPINES CORPORATION 7th-10th Floor Science Hub Tower, 4 Mckinley Hill, Pinagsama, City Of Taguig CHU, MIN SU Director, Chairman And President

QUALIFICATION AND SALARY RANGE

LE VIET HIEN Vietnamese Customer Service Representative

ORICA SINGAPORE PTE LTD Level 11, Tower 2, Rockwell Business Center, Ortigas Avenue, City Of Pasig

Basic Qualification: Have skills in Chinese documentation Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Working with local Finance team to improve HQ governance in PH. Supporting HQ auditor. Supporting trainee from HQ team who comes to PH by collaborating with HR team in Japan and PH

IMAMURA, HIROKATSU Senior Vice President & Senior Manager, Corporate Banking

Basic Qualification: Have skills in Chinese documentation Salary Range: Php 30,000 - Php 59,999

Basic Qualification: JLPT N1 passer; Fluent in Japanese and English (Speak, read and write). At least 5 years working experience in the same field. Strong verbal, visual and written communication skills with the ability to explain approach to all levels of organization

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION HOANG ANH TUAN Vietnamese Customer Service Representative

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

MIZUHO BANK, LTD. - MANILA BRANCH Units 1-8, 25/f Zuellig Bldg., Makati Ave. Cor Paseo De Roxas, Urdaneta, City Of Makati

Basic Qualification: appointed position

INQUICK SERVICES INC. Unit 606 6/f Itc Bldg., 337 Sen. Gil Puyat Ave., Bel-air, City Of Makati

14.

No.

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

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

CHAN TENG SENG Mandarin Speaking Marketing Officer

Brief Job Description: Support from Manila in the construction and operation of Japan FSSC, and contribute to stable FSSC operation cooperating with Japan COE

YOSHIDA, YUSUKE Finance Specialist

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

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

Basic Qualification: Minimum 5 years managerial experience in a Financial Service Institution

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

Basic Qualification: Proficient in speaking, reading and writing in Mandarin

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

ZHOU, QING Customer Service Representative (CSR)

TOMITA, AKIKO Finance Specialist

Basic Qualification: Proficient in speaking, reading and writing in Mandarin

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

REN, JIAQIANG Customer Service Representative (CSR)

QUALIFICATION AND SALARY RANGE

LIXIL PHILIPPINES LTD. CO. (AMERICAN STANDARD) Unit 2201t To 2202t 22nd Floor Sm Aura Tower 26th St., Cor. Mckinley Parkway, Fort Bonifacio, City Of Taguig

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

FAREAST OUTSOURCE PROCESSING INC. 7th, 8th, 9th Flr. Nu Tower, Moa Coral Way, Barangay 76, Pasay City

CALVIN LEONARDO Customer Service Representative (CSR)

Brief Job Description: Develop advanced understanding of commercial treasury management products and services in support of the client’s needs

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

DEXIN INTERNATIONAL IMPORT AND EXPORT CORP. 534 Tomas Mapua St., 029, Barangay 298, Santa Cruz, City Of Manila JIN, LONG Chinese Cargo Office Agent

16.

Basic Qualification: Proficient in speaking, reading and writing in bilingual languages

DENSO TEN SOLUTIONS PHILIPPINES CORPORATION 2309-2310, B2 B4, 24th & 25th Flr. Hanston Square Bldg., 17 San Miguel Ave., San Antonio, City Of Pasig ABE, AKINORI Vice-president

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

SALIM, RAGHIB Client Service Sr. Manager

Basic Qualification: Experience in information processing in Thailand.

BLUE NIGHT LIVING SERVICES INC. Blk. 18 Lot 3 My Town Milan, Kalayaan Ave., Pitogo, City Of Makati FU, MING TAT Bilingual Finance Manager

ESTABLISHMENT / ADDRESS

JPMORGAN CHASE BANK, N.A.- PHILIPPINE GLOBAL SERVICE CENTER 23/f Net Plaza, 31st St. E-square Zone, Fort Bonifacio, City Of Taguig

ARINSO INTERNATIONAL PHILIPPINES, INC. 4/f Bldg. 1 Eton Cyberpod, Corinthian Ortigas Ave. Cor. E De Los Santos Ave., Ugong Norte 3, Quezon City NGAMSONG, SURATWADEE Process Specialist

No.

Tuesday, January 11, 2022

MANEELOET, ACHITA Thai-speaking Customer Service Officer 40.

Brief Job Description: Prepares product or service reports by collecting and analyzing customer information SONGTHANONDON, WARAPORN Thai-speaking Customer Service Officer

41.

Brief Job Description: Prepares product or service reports by collecting and analyzing customer information

Basic Qualification: Foreign language speaking Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Foreign language speaking Salary Range: Php 30,000 - Php 59,999 *Date Generated: Jan 10, 2022

SOMI UNLIMITED SOLUTIONS, INC. 10/f Tower 2 Double Dragon Plaza Bldg., Edsa Corner Macapagal Ave. St. Zone 10, District 1, Barangay 76, Pasay City IVAN PANGESTU Hr Officer 25.

Brief Job Description: Support the development and implementation of HR initiatives and systems LUU GIA HAN Hr Officer

26.

Brief Job Description: Support the development and implementation of HR initiatives and systems

Basic Qualification: Fluent in Vietnamese (Verbal and written skills)

Any person in the Philippines who is competent, able and willing to perform the services for which the foreign national is desired may file an objection at DOLE National Capital Region located at DOLE-NCR Building, 967 Maligaya St., Malate Manila, within 30 days after this publication. Please inform DOLE National Capital Region if you have any information on criminal offense committed by the foreign nationals.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in Vietnamese (Verbal and written skills) Salary Range: Php 30,000 - Php 59,999

ATTY. SARAH BUENA S. MIRASOL REGIONAL DIRECTOR

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PHL signs Preah Sihanouk Ministerial Declaration for Asia ‘Blue Economy’ By Jonathan L. Mayuga @jonlmayuga

HE Philippines, through the Department of Environment and Natural Resources (DENR), has signed the Preah Sihanouk Ministerial Declaration in support of regional cooperation on coastal resilience to climate change and of PEMSEA 2030, which seeks to address plastic pollution and foster the Blue Economy in the region. Environment Secretary Roy A. Cimatu signed the ministerial declaration during the Seventh Ministerial Forum of the East Asian Seas (EAS) Congress 2021 recently, the DENR, through Growth Publishing, said in a news statement. “Being the most vulnerable region in the world to climate change, we need to enhance strategic partnerships under the existing mechanism which PEMSEA provides,” Cimatu said. PEMSEA stands for the Partnerships in Environmental Management for the Seas of East Asia.

The Philippines also reiterated its commitment to the Sustainable Development Strategy for the Seas of East Asia (SDS-SEA) 2022 to 2027. Cimatu said the need for regional cooperation in coastal management has intensified even in light of the Covid-19 pandemic along with the challenges of climate change. He said the Covid-19 pandemic and climate risks have been adversely affecting the Philippine economy. These have huge negative impact on national revenue, people’s livelihood, and the budget for environmental protection.

$8 billion in tourism revenues lost in 2020

THE Philippines lost in 2020 $8 billion in tourism revenues, including loss due to closure of beach resorts and Marine Protected Areas, Cimatu noted. This situation may continue wherein the Philippines may eventually lose 6 percent of its gross domestic product (GDP) due to climateassociated risks. “These have exacerbated the

funding gap on marine environmental protection,” Cimatu said at the EAS Congress 2021. PEMSEA 2030 is a decade-long program of collaboration in South East Asia for reducing marine plastic pollution, enhancing management of Marine Protected Area Network (MPAN), and adopting the SDS-SEA. The Philippines, Cimatu recalled, asserted before the 26th Conference of Parties (COP) that financing climate change mitigation and adaptation projects need three types of funding support. These are grants, investments by private businesses in climate-ready technologies, and subsidies for renewable energy. Investments in climate-friendly systems are a necessity. Or much more will be lost in national revenue because the destruction of the environment destroys natural resources that are a source of income, jobs, and livelihood. “Climate change exacerbates the current pressures that our coral reefs are experiencing. Based on a study, the Philippines is estimated to lose 6

percent of its gross domestic product every year until 2100 if it disregards the risks associated with climate change,” he said. The application of “ blended protection,” the protection of both land and sea (rivers), and environmental protection through “adaptive management” will be done in the Philippines.

Boracay bounces back

MEANWHILE, the DENR chief said the famous Boracay beach has bounced back in attracting tourists. This, despite its closure for six months in order for government to set up sewage treatment facilities and water improvement measures. “The renewed image of Boracay worldwide now provide the local government and communities with sustained tourism and livelihood,” he said. Likewise, despite the seemingly insurmountable task of cleaning the Manila Bay, DENR has started pursuing its rehabilitation. This cleanup includes cleanup of the 16 major rivers and 14 river outfalls that drain

into Manila Bay’s shores. “Massive cleanup and dredging of esteros, construction of solarpowered sewage treatment plants, relocation of informal settlers, and beach nourishment of the Baywalk are continuously being undertaken,” he said. “Significant reductions in fecal coliform counts were recorded at several monitoring stations in 2020,” Cimatu added. Cimatu said generating income through the “Blue Economy” has become imperative to support the protection of coastal and marine habitats. Blue economy is the concept of good stewardship of ocean and its resources. “To promote the Blue Economy, the Philippines continues to support sustainable tourism where we ensure the protection of coastal and marine habitats, resources and water quality as well as promote viable livelihood for coastal communities.” “The country further invests in more green ports using renewable energy, solar panel lighting, and the establishment of shore reception facilities,” he said.

Updated Retail Trade law to boost PHL economic recovery–Drilon By Butch Fernandez @butchfBM

HE Congress-approved remedial legislation updating the 22-year-old Retail Trade law signed by President Duterte this week was billed to propel the country’s quick economic recovery. Even opposition Senate Minority Leader Franklin M. Drilon struck an upbeat note as a principal author of the newly-signed Republic Act (RA) 11595, predicting it will “set the stage for the country’s economic recovery.” Lauding its “timely enactment,” Drilon depicted it as “a game-changer law that the country needs today to speed up our economic recovery.” “I am confident that our amendments to the Retail Trade Liberalization Act of 2000 will give the needed boost in our foreign direct investments.” “It will address a number of foreign investment roadblocks,” Drilon said, pointing out that the timely enactment of the measure will “boost the country’s chance to return to pre-pandemic economic growth level.” This, as the Minority Leader ac-

knowledged in a news statement that the country’s economy has become among the weakest in Southeast Asia due to the pandemic. He noted Monday the newlysigned Republic Act 11595 lowered the paid-up capital requirement in retail trade to P25 million from its previous limit of $2.5 million or roughly P125 million. Drilon added the new law likewise “relaxes the restrictions in foreign investments” by removing investment categories and setting an across-the-board minimum paid up capital investment equivalent to P25 million. Recalling that the threshold was designed to “protect small and medium enterprises in the country,” Drilon explained, “It will strike a balance between encouraging foreign investments and stimulating the development of the local retail sector.” The senator asserted that 22 years after the passage of RA 8762, “the Philippines still has a very poor retail trade investments portfolio,” recalling that as of 2021, there are only about 46 foreign retail corporations registered with the Department of Trade and Industry (DTI), or a growth of two

retailers per year since 2000. At the same time, the opposition lawmaker lamented since the enactment of the law, the share of wholesale and retail trade to total net foreign direct investments indicates that net investments inflows to the Philippines have been “very minimal” with an average annual growth of only 5 percent. Drilon rued that over a five-year period from 2012 to 2016, Southeast Asian nations received an average of $17 billion in foreign retail sector investment while, he noted, the share of the Philippine total during the same period averaged $107 million or 0.006 percent. Earlier, the Senate Minority Leader cited that in 2016 alone, the Philippines received only $101 million in foreign retail sector investment, while Thailand had $3.2 billion, Malaysia got $2.5 billion, Indonesia secured $2 billion, and Vietnam received $2 billion. Moreover, he added Singapore received over $8 billion, almost more than all other Asean economies combined, adding Singapore has no restrictions on foreign investment in retail and enjoys a per capita income of $88,000.

STAY HOME KIDS!

Photo shows a group of children on their way home in Parol street, Barangay San Roque in Cainta, Rizal. Barangay officials in Cainta, Rizal, discourage children from going out of their homes in the National Capital Region as Covid-19 cases soar, according to the latest Department of Health advisory. BERNARD TESTA

Legarda urges govt to boost agri production, cut importations By Jasper Emmanuel Y. Arcalas @jearcalas

EPUTY House Speaker and senatorial aspirant Loren B. Legarda on Monday said the government must intensify its efforts to boost domestic farm production and lessen dependency on importation. At a forum on Monday, Legarda, a former senator, said the government must put “emphasis and priority” in boosting domestic food production, particularly for small-scale farmers, over commercial-scale farms and importation. “We have more than 10 million small-scale farmers and if I am not mistaken we are the only Asean country that is a net importer of agricultural products,” she said in a virtual forum on Monday organized by a coalition of agriculture groups. “Our policy for so long has been focused on large-scale agriculture and importation. Why is it like that? We are rich in land and water. That is why it is important to focus on the needs of smallscale agriculture,” she added. Legarda noted that the budget for agriculture must be focused on providing correct production support that boosts farm yield while reducing production costs. Legarda cited that her home province of Antique was able to increase their rice yield by 30 percent despite the pandemic and even continues to export rice to nearby provinces due to proper production support. “We were able to do this by providing support to mechanization, coordinating with the Department of Agriculture, and linking producers from upland to the market centers,” Legarda, who represents the lone district of Antique, said. “We also gave them fair trade prices and provided their families with supplemental income. We have a lot of agricultural products, we do not need to import,” she added. Legarda also proposed that a higher budget must be allocated for crop insurance and credit programs of the government to protect farmers “in light of intensifying climate change.” She also disclosed that it is high time for farm production to adopt using “renewable energy” systems to lessen dependency on “expensive, imported” fossil fuel.

‘Odette’ may have affected 500,000 fisherfolk–group QC intensifies vaccination amid surge in virus cases

OOD advocacy group Tugon Kabuhayan on Monday pegged the total number of fisherfolk affected by Typhoon “Odette” (international code name Rai) to more than half a million with nearly 85,000 boats potentially destroyed. At a news briefing on Monday, the group estimated that the total number of fisherfolk, which includes fish vendors, affected by Odette at 535,419 out of the 721,063 fisherfolk registered in Regions 6, 7, 8, 9, 10 and Caraga. The group noted Region 7 recorded the most number of affected fisherfolk at 176,492 followed by Region 6 at 99,194. The number of fisherfolk affected by Odette in Region 8 reached 83,735 while 79,781 and 57,506 fisherfolk lost income in Caraga and Region 10, respectively. The group added that some 38,711 f i s he r fol k w e re a f fe c t e d b y Odette in Region 9. The group also estimated that about 84,954 boats across six

regions were potentially damaged by the typhoon. Based on the group’s estimates the number of boats that may have been damage per region are as follows: Caraga (8,080), Region 6 (13,495), Region 7 (29,351), Region 8 (18,603), Region 9 (5,000), and Region 10 (10,425). The group based its estimates on the Bureau of Fisheries and Aquatic Resources’ (BFAR) registry of municipal fisherfolk and boats. “Using these numbers as baselines, alongside with the pictures and videos of the aftermath of the typhoon, it is reasonable to believe that at a big percentage, if not all of the number of the listed fisherfolks are likely affected alongside with thousands of fishing boats,” the group said. “The baseline is so big that even if we assume that only 35 percent of these boats are lost or damaged, close to 40,000 boats need to be replaced or repaired,” it added. The group pointed out that the financial requirement to “repair

and replace” the damaged and lost boats alone may run to “hundreds of millions,” excluding the damaged fishing gears. The group proposed that the government and private sector work together to fast-track the necessary aid needed by affected fisherfolk. The group said it is now in communication with BFAR on where the private sector can come in to help in the interventions for affected fisherfolk. “The private sector should step up to complement the government’s rehabilitation effort, especially now that most government resources are being used in the Covid-19 response,” it said. Latest damage report by the Department of Agriculture (DA) puts the number of fisherfolk affected by Odette at 50,256 with an estimated income loss of at least P3 billion. The DA said the typhoon-damaged fisheries produce, fishing boats and gears, fishnets and gillnets.

Jasper Emmanuel Y. Arcalas

O help boost the immunity of its residents, the Quezon City government has intensified its vaccination program starting this week for all eligible individuals. The city government will be opening more vaccination sites across all six districts to accommodate its remaining unvaccinated residents as well as those whose booster shots are due. There will be a total of 36 regular vaccination sites, 21 special or popup sites, and 16 mall or establishment vaccination sites. Drive-thru vaccination sites will also be made accessible as well as house-to-house vaccination for the bedridden. “We will be actively looking for those who are still unvaccinated and encourage them to get their Covid-19 vaccine shots immediately so they can acquire protection against the virus, which has been raging again since the latter part of last month. This is on top of our duty to assist Covid-19 confirmed persons by treating them in our HOPE facilities or through our home care program, and to trace close-contact individuals,” Mayor Joy

Belmonte said in a news statement. Since face-to-face classes have been suspended by the national government, school grounds will be used as additional vaccination sites. The city will also put up permanent vaccination sites in different areas throughout the city, including malls, events venues, and other eligible sites. The city’s Mega Vaccination Site, Smart Araneta Coliseum, will also reopen its doors on Saturday, January 15. QC Task Force Vax to Normal Coordinator Dr. Maria Lourdes Eleria said, “Last year, we went all out to achieve our target of 1.7 million vaccinated adult individuals in record time. The same strategies will be implemented this time, including maximizing partnerships with the private sector such as malls and business establishments, churches, civic associations, and other stakeholders.” Some government agencies with offices in Quezon City are also coordinating with the city government for their vaccination rollouts.

All three local government hospitals, the Novaliches District Hospital, Quezon City General Hospital, and the Rosario Maclang Bautista General Hospital, shall also have vaccination areas within their compounds. Other private hospitals such as Providence Hospital and Montano Ramos Hospital will also assist in the city’s efforts through the Adopta-Barangay program where their health-care workers shall vaccinate residents of certain barangays. The Department of Health set a target of 47,803 individuals per day for vaccination, may they be for first doses, second doses, boosters, or pediatric vaccinations, for the month of January. Individuals may register to be vaccinated through the QC VaxEasy portal www.qceservices.quezoncity. gov.ph/qcvaxeasy. The city government also posts the vaccination sites and schedules regularly on their official web site (www. quezoncity.gov.ph) and official Facebook page (Quezon City Government). No walk-ins shall be accommodated.

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Tuesday, January 11, 2022

Despite rising infection rates, mayors maintain AL 3 in NCR

By Claudeth Mocon-Ciriaco

“We are consistently monitoring the region’s HCUR [health-care utilization rate] and we assure that the NCR mayors are ready in case the metrics show the need to escalate Metro Manila to Alert Level 4,” Abalos said, citing that the HCUR in the metropolis between January 8 and January 9 only noted a “slight increase” within the metrics for AL 3. Based on the Department of Health’s (DOH) statistics, Abalos said, ICU beds were at 51 percent last January 8 and rose at 52 percent last January 9. Isolation beds, on the other hand, went from 51 percent to 50 percent on the same dates. Ward beds noted an increase from 62 percent last January 8 to 65 percent last January 9. Ventilators, meanwhile, registered a decrease from 27 percent to 26 percent also

on the said dates. Based on monitoring, Abalos also noted that the public had been self-regulating in the past few days, citing less traffic on the road and lesser people in the malls. Further, Abalos underscored the importance of vaccination, citing records from the DOH that 85 percent of critical and severe Covid-19 cases and 93 percent of deaths are unvaccinated. As of January 8, there are 1 1 ,18 5, 8 01 i n d i v i du a l s o r 114.14 percent who got their first dose, while 10,534,251 individuals or 107.49 percent got their second dose. Meanwhile, a total of 924,593 booster shots were already administered as of

PHL logs record-high 33,169 new Covid cases on Monday; positivity rate at 46%

OFWs Kazakhstan safe but ‘traumatized’ as violent anti-govt protests intensify

he daily count of the Covid-19 cases in the Philippines rose to 33,169, setting a new record for a single-day increase for three consecutive days. The positivity rate is also an all-time high at 46 percent after 73,234 persons tested turned up positive for the virus. There were also 3,725 recoveries and 145 deaths recorded by the Department of Health. Of the total number of cases, 5.3 percent (157,526) are active, 93.0 percent (2,788,711) have recovered, and 1.74 percent (52,293) died. The DOH said that of the 33,169 reported cases, 32,972 (99 percent) occurred within the recent 14 days (December 28—January 10, 2022). The top regions with cases in the recent two weeks were the National Capital Region with 18,535 or 56 percent, Region 4A (7,443 or 23 percent), and Region 3 (3,403 or 10 percent). Of the 145 deaths, three occurred in November 2021 (2 percent), 18 in October 2021 (12 percent), 52 in September 2021 (36percent),22inAugust2021(15percent) 24 in July 2021 (17 percent), 13 in June 2021 (9 percent), 5 in May 2021 (3 percent), in March 2021 (1 percent), 1 in February 2021 (1 percent), and 6 in January 2021 (4 percent). All deaths recorded were from and Region 11. The late encoding of death information is due to the technical issue of COVIDKaya. “This issue is currently being coordinated with the Epidemiology and Surveillance Units to ensure information is up to date,” the DOH said. There were 86 duplicates were removed from the total case count. Of these, 73 are recoveries and 2 are deaths. Moreover, 124 cases that were previously tagged as recoveries were reclassified as deaths after final validation. All laboratories were operational on January 8, 2022 but 10 labs were not able to submit their data to the Covid-19 Document Repository System. Based on data in the last 14 days, the 10 labs contribute, on average, 6.2 percent of samples tested and 6.3 percent of positive individuals. Claudeth Mocon-Ciriaco

By Malou Talosig-Bartolome

ilipino workers in Kazakhstan are safe and so far, no one was reported hurt, although a number were “traumatized” having witnessed the violence during the chaotic anti-government protests during the past few days. “A number of Fi lipinos w itnessed a lot of violence in Almaty (capital of Kazakhstan),” Philippine Chargé d ’Affaires and Consul General to Moscow Robert Ferrer told the BusinessMirror in a video call interview. “They saw people being beaten up. Some saw automatic rifles being fired. They are really traumatized.” There is no Philippine embassy or Consulate in Almaty, but the Philippine Embassy in Moscow exercises jurisdiction over the former Soviet satellite. Moscow is 3,915 kilometers away from Almaty, which would take more than four hours to get by plane. The Embassy estimates there are 800 -1,000 Filipinos working in Kazakhstan, many of them undocumented as the country allowed

A small street-side bazaar is open to customers near Taft Rotonda in Pasay City on January 4, 2022, while the National Capital Region is under Alert Level 3. Metropolitan Manila Development Authority Chairman Benjamin “Benhur” Abalos Jr. on Monday said the Metro Manila Council currently sees no need to escalate the restrictions as the region’s health-care utilization rate and other data remain within the metrics for Alert Level 3. PNA photo by Jess M. Escaros Jr.

the said date. Abalos cited the threat of the Omicron variant as one of the factors that drove booster vaccination rates up. Meanwhile, Abalos advised asymptomatic to moderate cases to seek medical advice via telemedicine to avoid congestion of hospitals. He also asked for understanding from the unvaccinated, emphasizing that the Metro Manila Commission resolution restricting the mobility of unvaccinated individu-

the Filipinos to enter the Central Asian country without visas before the pandemic. The number could have increased to 1,500 in the past two years during the pandemic. Around 50 percent of these Filipinos are domestic helpers, while the rest are oil and gas workers, mining workers and English as Secondary Language teachers. A nationwide state of emergency has been declared in Kazakhstan as demonstrators who decry the steep increase in oil prices became increasingly violent. The government said nearly 8,000 were arrested, 2,000 injured during the past several days of violence last week. Ferrer said Filipinos in Almaty experienced inconvenience as food and water supplies have become scarce. They can still be contacted via WhatsApp and mobile phones although Internet and power supply were limited. The Embassy has not hoisted any alert level for evacuation contingency. However, they have already advised Filipinos to prepare for possible evacuation in case the violence has become more uncontrollable.

als was aimed to help them and it only applies when Metro Manila is under AL 3 or higher. Aba los likew ise appea led to the public not to panic, assuring them that the DOH, Inter-agency Task Force for the Management of Emerging Infectious Diseases, and local government units are on top of the situation. “We need the cooperation of all. Let us follow the guidelines set by the DOH and continue to observe minimum health protocols,” he said.

This includes identifying which roads are accessible and that can lead them out of conflict areas, the safest route to the airport, update their phone numbers and other contact details to the Embassy, search for alternative connection lines in case telecommunications were shut down, and keep themselves abreast on the latest news from official Kazakh government offices as well as other sources. “Sa kabila ng mga nangyayari sa bansang Kazakhstan, nais naming paalalahanan ang lahat na manatiling kalmado, maingat at mapagmatyag,” the Embassy said in its advisory dated January 6. The Embassy has asked Filipino community leaders to get in touch with their members and seek their cooperation. “Pakiusap ay iwasan po ninyo na makilahok sa mga pagtitipon at pagpupulong na may kinalaman sa pampulitikang sitwasyon ngayon sa Kazakhstan, at kung kinakailangan, ay makipag-ugnayan at makipagtulungan sa inyong mga employers at awtoridad,” the Embassy added.

‘Davao City won’t discriminate against unvaxxed residents’ By Manuel T. Cayon @awimailbox Mindanao Bureau Chief

AVAO CITY—This city would not enforce policies that would discriminate unvaccinated residents, including restrictions against their movement, except for actions coming from private and business establishments. Mayor Sara Duterte-Carpio clarified that there would be no city government policies that would require presenting vaccination cards for residents to travel saying, “We allowed our residents option to get vaccinated or not.” “So there is no point in discriminating them when we allowed them the option in the first place,” she said. “Because it is not mandatory, and we have given them the freedom to chose, why

Vaccines keep hospitalization at manageable levels–Dizon By Samuel P. Medenilla @sam_medenilla

etro Manila mayors have unanimously agreed to keep the National Capital Region (NCR) under Alert Level (AL) 3 amid recorded high numbers of Covid-19 cases, Chairman Benjamin “Benhur” Abalos Jr. of the Metropolitan Manila Development Authority (MNDA) said on Monday.

should we restrict them to go around?” However, business establishment may impose their own policies, such as requiring vaccination cards for people to enter their premises. “But I am pro-vaccination and I am asking our people to avail of the vaccines. But as I have said people here have the option not to get vaccinated,” she told a regular Monday public affairs program over the city government-operated Davao City Disaster Radio 87.5. She also clarified about the city government memorandum she earlier issued in September last year requiring all city government personnel to get their vaccination or face sanctions, such as suspension, for regular employees, and to be placed on the last preference for hiring, in the case of job orders and contract of service personnel.

“We only provided counseling on their confusion and hesitation, but that’s how far we can go in this memorandum,” she said. The city remained on Alert Level 2 but it was experiencing a surge since late last week. From a monthlong trend of less than five daily infection, the number went up to 32 on January 4, to 129 on January 8. It went down to 74 however, by January 9. Positivity rate remained under 10 percent. Meanwhile, Brig, Gen. Filmore Escobal, chief of the Davao regional police headquarters, announced that the regional office would be implementing a no vaccination-no entry policy in all the quarantine control checkpoints. A police statement said the move was in compliance to directive issued by National Police chief General Dionardo Carlos.

es p i te r a g i n g surge in Covid-19 cases nationwide, the number of hospitalizations among infected individuals is still within “manageable levels” due to the high vaccination rate in the country. Presidential Adviser for Covid-19 Response Secretary Vivencio “Vince” B. Dizon said fully inoculated individuals have lower r isk of hospit a l i z at ion compared to those unvaccinated. He said this makes the cou nt r y ’s Cov id-19 re sponse this year “ better off ” compared to that in the last two years. “ The vaccine is what saved us. So as you can see, even if we have many cases, our hospitals are not being overwhelmed,” Dizon said in Filipino in a televised interview on Monday. “Many get sick, but only with mild [symptoms] or [are] asymptomatic. This can be attributed to the vaccine,” he added. Based on the National Covid-19 Vaccination Dashboard website, the government was able to fully vaccinate 52.39 million of the country’s over 100 million population aga inst Cov id-19 as of January 9, 2022.

As of Monday, the Department of Health (DOH) already registered another 33,169 new Covid-19 cases, which brings the overall active cases in the country to 157,526. Hea lth officia ls noted that the loca l cases of the Omicron variant of the Covid-causing seve re ac ute res pi r ator y s y nd rome coron av i r u s 2 (SARS-CoV-2) and the increased public mobility during the Christmas holidays last month might have contributed to the surge. Utilization of intensive care units (ICU) beds nationwide remain relatively low at 38 percent. As for isolation beds, the utilization is at 41 percent, while for ward beds it is also at 41 percent. In the case of the utilization rate in the National Capital Region (NCR), which has the most number of new cases, the utilization rate is higher—52 percent for ICU beds, 54 percent for isolation beds, and 67 percent for ward beds. “Because many are now vaccinated, many of those who get sick with the new variant have mild [symptoms] or asymptomatic. And a proof of that is that hospital utilization does not increase that fast,” Dizon said.

BBM will most likely prevail in petitions, says Ateneo School of Government dean

RESIDENTIAL aspirant Ferdinand “Bongbong” Marcos Jr., will most likely prevail in the petitions to cancel his Certificate of Candidacy (COC) in the 2022 elections before the Comelec because of the “political doctrine” that needs to be decided by the people and not by the court. This was the view shared by lawyer Tony La Viña, former dean of the Ateneo School of Government, in a recent interview over ANC. The court, he said, cannot disqualify or dismiss a leading candidate that enjoys the support of the majority of the electorate. “There is also a strong argument why they should be dismissed. The ultimate one is a political question. Especially a leading candidate, you should not disqualify a leading candidate that seems to have the support of many people, because you are depriving the people of their choice. “That is political law 101: That certain things should be decided by the people and not by the courts,” said La Viña. Such was being taught in law school, particularly in the disqualification cases in the national polls, La Viña noted. “I teach Constitutional law, political law, and election law. When I teach this, I always tell my students, when you look at the disqualification cases, you look at the law of course, and the jurisprudence,” La Viña said. On the possible directions the Comelec and even the Supreme Court may take, he said: “I’m inclined to think that most likely Bongbong Marcos will prevail in the disquali-

fication cases, because more than anything, the political question doctrine. The court cannot decide this, it should be the people that should decide this.” Another legal argument for Marcos, which has been applied by the court many times, La Viña recalled, is the constitutional requirement on the qualifications of the president. “ The qualifications for president are laid down in the Constitution and it’s very simple. A voter, a citizen, a natural born citizen, 40 years, can read and write. That’s just very very basic. Now, that goes down to the question: is he a voter? Can he be considered a qualified voter, because that’s where the disqualifications can come in,” he explained. Earlier, other legal luminaries have opined that Marcos Jr., is qualified to run for president, and the cases are either weak or without legal basis. Atty. Emmanuel Samonte Tipon, a US-based Filipino lawyer and a former dean of Northwestern University College of Law, dismantled the issues raised in each of the petitions, now seven in all. Ateneo Law professor and former Justice Secretary Alberto Agra said that the disqua lif ication case aga inst Marcos has no basis and is unlikely to move forward. A similar view was aired by UST College of Law Dean Nilo Divina, who said the petition filed against Marcos’ COC would likely fail because it is defective in form and lacks sufficient legal basis.

A8 Tuesday, January 11, 2022 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Omicron variant: Beginning of the end?

he Department of Health on Monday reported 33,169 new Covid-19 cases, the country’s highest daily infection rate since the pandemic started. On Sunday, the OCTA Research Group said the positivity rate in Metro Manila has exceeded 50 percent for the first time—50.5 percent as of January 7, 2022. Department of the Interior and Local Government Secretary Eduardo Año said the recommendation to place the National Capital Region under more stringent Alert Level 4 status will be discussed in the succeeding meetings of the Inter-Agency Task Force for the Management of Emerging Infectious Diseases. BusinessMirror columnist Manny Villar cautioned against further mobility restrictions, saying it will dampen economic growth. “This is no time to panic,” Villar said. The Development Budget Coordination Committee last week said tighter mobility restrictions in the National Capital Region and its surrounding provinces would cost the economy P3 billion a week. The DBCC said the economic prospects for 2022 remain promising but they urged everyone to play their part in the recovery by getting vaccinated, availing of booster shots, and strictly adhering to the minimum public health standards to help support the gradual and safe reopening of the economy. (Read, Pandemic curbs likely to cost economy P3B a week–DBCC, in the BusinessMirror, January 7, 2022). From webmd.com: “The Omicron variant appears to cause less damage to the lungs, as compared to previous coronavirus variants, which could be why it causes less severe disease. In new studies on mice and hamsters, the Omicron variant led to less damaging infections and appeared to be limited to the upper airway, which includes the nose, throat, and windpipe. Previous variants often caused lung scarring and serious breathing issues. More studies need to be done, though scientists say the results offer hope. The Omicron variant appears to grow more slowly in the lungs. But researchers are still studying why the variant seems to be passed among people so easily and what that could mean as cases continue to surge across the world.” Experts said the Omicron variants lives in your nose and upper respiratory area, which is what makes it so contagious. But it isn’t able to bond with your lungs like the other variants, making it less fatal. Some experts see the Omicron variant as the beginning of the end of the pandemic. The hypothesis goes like this: Though it’s still early in the game for the Omicron variant, experts have been watching its every move, and it’s now clear that the variant is decidedly milder and significantly more contagious than previous strains. If enough people come down with infections, we may have enough collective immunity to make person-to-person spread unlikely. If the virus can’t transfer from host to host, it will eventually become a rare occurrence, like measles, only breaking out in small clusters from time to time. Fr. Nicanor Austriaco, a molecular biologist and an OCTA Research fellow, holds the same view, saying the Omicron variant is a “natural vaccine.” “This is the hope and the prayer. The Omicron is actually a blessing. It will be hard for one month, but afterwards, it should be a blessing because it should provide the population protection that we need everywhere,” he explained, adding that the Omicron variant may be “the beginning of the end” of the pandemic, but the public must still remain cautious.” As the highly contagious Omicron variant starts to take hold, it seems we have no choice but to ride the wave of record-breaking daily infections. There’s no telling how much more can the economy take if the authorities decide to go back to hard lockdowns again. Let’s hope the Omicron variant, indeed, signals the beginning of the end of the pandemic.

Since 2005

BusinessMirror A broader look at today’s business

A temporary setback Manny B. Villar

THE Entrepreneur

his is no time to panic. Rather, this is the time to look back at our economic gains in the fourth quarter and preserve these as we slog through this latest pandemic wave.

The Omicron variant by its nature is more virulent than the Delta strain of the Covid-19 as shown by the increasing number of daily cases recorded in the Philippines. But it is proving to be less deadly than the Delta variant so far, and I believe the number of cases will peak in January as our health authorities declared. Combatting the Omicron variant will require several health measures. First and foremost, we should keep the granular lockdowns that we instituted in the third and fourth quarters of 2021 that effectively contained the virus spread. The widespread lockdowns that we implemented in the past failed to stop rising infections. They, instead, shut down a big part of the economy and took away

millions of jobs. Our health measures should start with the unvaccinated individuals, who are the major source of the infection. I agree with the stern warning of President Rodrigo Duterte against unvaccinated individuals. Now is the time to penalize those who are refusing vaccination by restricting their mobility and reward those who have received vaccine doses. Health authorities have every right to confine those who have not received their jabs in their homes as a temporary measure, and as the latest pandemic wave rages. We may see fewer people in malls and restaurants, which is naturally bad for the economy. But this is just a temporary setback. As soon as Co-

The great painkiller

✝ Ambassador Antonio L. Cabangon Chua

John Mangun

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OUTSIDE THE BOX

T. Anthony C. Cabangon

wo years ago on January 8, 2020, the Philippine Stock Exchange Composite Index was at 7,736. We are about 8 percent lower today. We were four days away from the 2020 Taal eruption. My first editorial about the newly discovered virus in Wuhan, China was two weeks away. These were the news headlines on that day. “Solon urges gov’t to adopt animals affected by Australian bushfires.” “Inflation jumps to 2.5 percent in December.” “PHL dollar reserves rise to all-time high.” “6-million devotees seen flocking to Traslacion.” Seems like things were fairly calm and “normal.” Yet on that day I posted the following on Social Media. “Thoughts for the Day 1. T.G.Y.F. 2. Blood in the Street creates more profit opportunities than unicorns and rainbows. 3. Don’t try to pick the bottom.... let the bottom pick you. 4. Buy on pullbacks those issues that have recently been strong. BUT buy only when the price starts going up.

5. DO NOT buy issues that have broken support. See number 4. 6. T.G.Y.F” Looking back, I do not have the slightest knowledge of why I said those things. Yet also looking back, that may have been the most “brilliant” if not the most prescient words I could have written. Three months later in the middle of March, the stock market went as low as 4,040 and closed the month down 30 percent. And I do not have a clue as to why I gave that “advice.” But it applies “yesterday, today, and tomorrow” if you want to protect your cash and then make money. Note also that the stock market is not something that operates in its own unique cycle and rhythm. “Bad times” are always more profitable than good

The lost business opportunities and output from mobility restrictions are the bitter pills that we have to take under Alert Level 3. I believe, though, that we are more well prepared this time to manage the current spike, given our increased hospital capacity, the availability of vaccines and funding for booster shots. vid-19 cases drop and more people are vaccinated, we can shift back to Alert Level 2 from the current Alert Level 3 and reopen the economy again at a bigger scale. The easing of restrictions in the fourth quarter, especially toward the last two months of 2021, has perked up the economy. Filipinos troop to the malls and other shopping centers in revenge spending. Small businesses thrived and were able to re-hire their staff that earlier lost their jobs due to the pandemic. Many industries, especially dining venues and fast-food restaurants, were able to operate at much higher capacity, while some sectors hit hard since the pandemic started, like hotels and other tourism establishments, were allowed

I feel his pain. But if he had stayed around just long enough to read what I wrote on January 8, 2020, he might have turned a 42 percent stock market profit and built a new house in 2021. And maybe created jobs or given charity to the humanity he is so worried about. Making money is a great painkiller. times no matter what your business. Joseph made the Pharaoh a very rich ruler during the famine. A friend of mine in the US just bought a new car for his son, a Ford Bronco SUV. Tom Daniels lives in Florida but drove to New York State to make the purchase and had to pay a higher sales tax. Why? “Nothing available for a year anywhere you look and here is going for $20k over sticker price.” Gasoline prices are 57 percent higher but US domestic auto production is down. The Washington Post reported that the automotive industry may produce one million fewer cars than usual in 2021, largely due to the supply chain issues and chip shortages. You may want to note March 14/15, 2022. It marks Belarus Constitution Day, Hungary Revolution Day, Albania’s Summer Day, and

to operate again. The unemployment rate, as a result, dropped from 7.4 percent in October to 6.5 percent in November, the lowest level since the Covid-19 pandemic struck the Philippines. As the economy reopened and returned to greater normalcy, more people reclaimed their jobs and an increasing number of small enterprises restarted their operations. Per the report of the Philippine Statistics Authority last week, the November unemployment rate was the lowest since January 2021. The second lowest was in July 2021 at 6.9 percent, followed by 7.1 percent in March 2021 at 7.1 percent. The unemployment rate was highest in September 2021 at 8.9 percent, or during the peak of the Delta variant. The November data showed the number of unemployed fell to 3.16 million Filipinos from 3.50 million in October, or an additional workforce of 345,000 from the preceding month. Keeping Covid-19 at bay and easing the mobility restrictions are critical to reopening further the economy. The current restrictions under Alert Level 3, hopefully, will be temporary. The Philippine economy, See “Villar,” A9

Estonian Native language Day. It also marks a minor peak and then decline until April 2023 in the Economic Confidence Cycle. Do you remember the “Bubble Boy” Jesse Colombo who wrote in 2013, “Here’s Why The Philippines’ Economic Miracle Is Really A Bubble In Disguise”? Every prediction the guy made, including the demise of the Philippines and sub-$40 crude oil, was as accurate as if Nostradamus did it. Jesse disappeared for a while and then we find him back on SocMed with “2021 was a very dark year for me and I logged off social media in utter disgust. As someone who is deeply concerned about the direction that the world is heading, the past year was just too much to bear. I sunk into a deep state of despair and basically gave up on humanity and the future.” I feel his pain. But if he had stayed around just long enough to read what I wrote on January 8, 2020, he might have turned a 42 percent stock market profit and built a new house in 2021. And maybe created jobs or given charity to the humanity he is so worried about. Making money is a great painkiller. E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.

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What we would miss if PIFITA is not passed

To Sidney Poitier, with love Manny F. Dooc

TELLTALES

Atty. Donato U. Vergara III

Tax law for business

he administration’s Comprehensive Tax Reform Program is partially completed, thanks to the passage of the TRAIN Law and the CREATE Act. Yet, parts of this CTRP have not yet been enacted into laws, and their fates remain uncertain as the remaining sessions of the 18th Congress are dwindling. One of the remaining packages in the CTRP is the Passive Income and Financial Intermediary Taxation Act (PIFITA). The proposed law seeks to reform the taxation of capital income and financial services in the country, by redesigning the financial sector taxation into simpler, fairer and more efficient tax system. Some of its proposed changes were already adopted by TRAIN Law and the CREATE Act. But the other provisions on capital income and financial intermediation remain unchanged. And we will not realize a lot of these proposed reforms on the taxation of the financial sector if the bill is not passed. The first one is on the opportunity to simplify a very complicated tax structure. The current structure presents numerous tax base and tax rate combinations on financial income, financial intermediation services and financial transactions. The tax on income depends on so many factors and conditions, including the term of the instrument, the issuer, the currency involved and residency of the income recipient. Similarly, the stamp taxes vary depending on the instruments or transactions involved, the terms, the issuers, among other factors. All these result in the variations in the tax base and tax rates, even among comparable financial instruments and transactions. Also, the law would have minimized the practice of relying on the tax treatment as basis for making investment decision. Variations in tax treatment among sectors, or between financial institutions and non-financial institutions offering the same service and/or product, or between interests and dividends open the windows for arbitrage and leveraging. These disparities in tax treatment distort investment decisions considering that tax impositions overshadow all other considerations. The reform in the taxation of the financial system could help fuel and direct the movement of capital rightly to where they are most needed, and not dictated by taxation. Non-passage of the law also misses the opportunity to level the playing field. Our present system provides concessions or different tax treatments for certain transactions for some types of financial institutions compared to similar transactions of other financial institutions. There are exemptions, for example, which are enjoyed when issued by certain financial institutions but the same exemptions are not enjoyed when issued by other types of institutions. Also, the classifications among different financial institutions cause unequal treatment, for example, in the imposable business

Villar. . .

Continued from A8

however, will take some hit. Per the estimate of the interagency Development Budget Coordination Committee, the shift to Alert Level 3 in the National Capital Region and nearby provinces over rising Covid-19 cases will result in a gross value added loss of about P3 billion a week. The lost business opportunities and output from mobility restrictions are the bitter pills that we have to take under Alert Level 3. I believe, though, that we are more well prepared this time to manage the cur-

The reform in the taxation of the financial system could help fuel and direct the movement of capital rightly to where they are most needed, and not dictated by taxation. taxes where some are subject to the gross receipts tax, others are subject to the premium tax, and others to the value-added tax. These differences in business tax types have also varying impacts to the institutions and their respective clients/investors. The passage of the law would have also corrected the inequitable distribution of tax burden. Investments in equity and some forms of long-term instruments attract lesser taxes. Hence, those who have more money to place in this kind of investment tend to pay lesser taxes compared to working class individuals who are content with placing their funds in short-term investments with higher taxes. The non-enactment of the law also misses the opportunity to place the country at par with our neighbors in terms of competitive advantage. A comparison of the different taxes on capital income imposed by our neighbors shows that the Philippine tax on capital income remains the highest in the region. Considering this, the Philippine capital market remains uncompetitive and continues to lag behind our neighbors. And of course, putting in the reforms proposed under PIFITA will reduce costs from an administration and compliance perspective. Lesser costs translate to higher taxes. A number of reforms in our financial frameworks are already in place, with the common aim of expanding the capital market and building up financial capacity. Sadly, insofar as the areas of taxation of the capital market and financial services are concerned, no serious reform had been pursued much less a comprehensive one. The inclusion of the capital income and financial services in the CTRP saw an opportunity to achieve the must needed reform in this area. I fully subscribe to the proposal that this reform should be pursued to its final conclusion. The author is a senior associate of Du-Baladad and Associates Law Offices (BDB Law), a memberfirm of WTS Global. The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at donato.vergara@bdblaw.com.ph or call 8403-2001 local 320.

rent spike, given our increased hospital capacity, the availability of vaccines and funding for booster shots. The Philippines has administered 110.9 million vaccine doses as of January 5 this year, comprising of 57.3 million in first doses, 51.1 million in second or complete doses, and 2.5 million in booster shots. Thus, I believe we will overcome the Omicron variant in due time as the Philippines expands further the vaccination coverage. Neutralizing this latest surge will help preserve our recent economic gains. For comments, send e-mail to mbv_secretariat@vistaland.com.ph or visit www.mannyvillar. com.ph

N one of my forays in the secondhand bookstores at the mall, I found a treasure of a book. It was inserted in between heaps of children’s literature where no serious adult reader would scour. Obviously, it was left there by one who had browsed it to keep it from being discovered by others. Either he or she did not have the cash to buy it or decided to pick it up later when he or she gets the money. The book is entitled, “The Measure of a Man—A Spiritual Biography”, a candid memoir of the first black actor, Sidney Poitier, who won the Oscar Best Actor Award for his excellent performance in Lilies of the Field in 1964.

Poitier died on January 6, 2022 in his home in California. As USA Today had put it, Poitier had “starred in more than 40 movies, directed nine, and written four,” blazing a bright trail for other African-American actors to follow. For a colored man practicing his artistic craft in a highly racial environment, his achievement is an outstanding feat. No wonder that he was conferred the Life Achievement Award, the highest decoration given by the Screen Actors Guild. Poitier entertained his legions of fans across the world for more than five decades with his powerful screen presence. Who would forget the unforgettable characters he portrayed in memorable movies, which are now regarded as classics, like Lilies of the Field, In the Heat of Night, Guess Who’s Coming to Dinner, The Defiant Ones, A Patch of Blue and To Sir, With Love. His numerous works fed our fantasy and nourished our dreams when we were growing up. Poitier was one of the authentic heroes of my generation who had inspired the impoverished youth of many nationalities to rise above poverty. Poitier grew up in Cat Island in the Bahamas. The island is only 46

miles long and three miles wide, which he roamed and explored while still a child. Their house had no plumbing or electricity, but lovely beaches surrounded it; fruit-bearing trees, cassavas and bananas grew wildly in the forest. The rivers and seas teemed with fish. It was paradise without a refrigerator, radio, telephone or television. His clothes were made of the cloth from grain sacks. For livelihood, the family depended on their farm, which abundantly produced tomatoes. But when the exportation of tomatoes to Miami was banned, the family moved to Nassau, the capital of Bahamas, when Poitier was 10 years old. He quit school at 12 and joined a crew of laborers as a helper. His parents sent him to Miami to live with his older brother to keep him away from the rowdy street boys. But after a while, he fled to New York where he took all sorts of odd jobs to survive. He slept in paid toilets to pass the night and get shower. He misstated his age to join the Army, where he became an orderly in a medical detachment. He was discharged in 1945 and applied as an actor in the American Negro Theater. He was rejected on his first

Tuesday, January 11, 2022 A9

audition for a minor role. With just a few years of schooling, he could hardly read the script and his thick Bahamian accent disgusted the man in charge, who grabbed the script from him and said: “Don’t waste my time. Get yourself a job as a dishwasher.” So at 18, he was back as a dishwasher in New York, but this time he was determined to become an actor. A Jewish waiter in the restaurant where he worked took him under his wings and taught him how to read properly and pronounce words correctly. Each night at their quarters, the kind waiter tutored him. And he was accepted the second time around as an apprentice by the actors’ guild. He did very minor parts at the theater but he also worked as the janitor and errand boy. One time, the other Carribean young actor named Harry Belafonte could not play the lead role and the casting director tapped Poitier to replace Belafonte. Obviously, the director liked his performance and cast him in a Broadway play, Lysistrata. It played for several weeks and the critics did not like the show but they singled Poitier out as a “fresh comedic gift.” This led him to do other acting jobs in theater and gave him a break in the movies. He played a role in the movie No Way Out. This film was very memorable to him because it was the first movie seen by his parents, Reggie and Evelyn Poitier. He had his ups and downs but eventually he became a very successful actor. In 1967, three of his films—To Sir, With Love; Guess Who’s Coming to Dinner, and In the Heat of Night—were the No. 1, 2 and 3 top grossing films in the world, which made him a certified top box office star. In the 1970s, he directed several films. He was not only famous for his accomplishments as an actor and director but was also renowned for his works in the civil rights movement.

He supported the movement when celebrities avoided getting involved in human rights and anti-racial causes in the 1960s when the issue of racism was threatening to tear the country apart. He was around when President Lyndon B. Johnson signed the Civil Rights Act in 1964 and the Voting Rights Act of 1965, two of the most comprehensive civil rights legislation enacted by the US Congress. He helped elect President Barack Obama to become the first black president of America. He was knighted by Queen Elizabeth in 1974, and he was conferred the Presidential Medal of Freedom, the highest American honor by President Obama in 2009. Poitier ended his book by philosophically talking about the true measure of a man. “Luckily we puny individuals have only 75 or 82 or 96 years to look forward to, which is still a snap in the overall impenetrableness of time. So what we do is stay within the context of what’s practical, what’s real, what dreams can be fashioned into reality, what values can send us to bed comfortably and make us courageous enough to face our end with character.” He lived up to age 94. He had played the roles of a black man who had dealt with various characters of a colored individual existing in a dysfunctional society. He tackled difficult roles, which gave respectability to his people and enhanced their self-esteem. He overcame all the handicaps and had even taken a white woman, Canadian actress Joanna Shimkus, for his second wife who had given him two beautiful daughters. He was one of the highest paid actors in the world and a recipient of several acting awards both at home and abroad. He had done well and his entire life had measured up to the human values and high moral standards he had set for himself. And he met his death with character.

Stay home or work sick? Omicron poses a conundrum By Anne D’innocenzio & Dee-Ann Durbin AP Business Writers

S the raging Omicron variant of Covid-19 infects workers across the nation, millions of those whose jobs don’t provide paid sick days are having to choose between their health and their paycheck. While many companies instituted more robust sick leave policies at the beginning of the pandemic, some of those have since been scaled back with the rollout of the vaccines, even though Omicron has managed to evade the shots. Meanwhile, the current labor shortage is adding to the pressure of workers having to decide whether to show up to their job sick if they can’t afford to stay home. “It’s a vicious cycle,” said Daniel Schneider, professor of public policy at the Harvard Kennedy School of Government. “As staffing gets depleted because people are out sick, that means that those that are on the job have more to do and are even more reluctant to call in sick when they in turn get sick.” Low-income hourly workers are especially vulnerable. Nearly 80 percent of all private sector workers get at least one paid sick day, according to a national compensation survey of employee benefits conducted in March by the US Bureau of Labor Statistics. But only 33% of workers whose wages are at the bottom 10% get paid sick leave, compared with 95% in the top 10%. A survey this past fall of roughly 6,600 hourly low-wage workers conducted by Harvard’s Shift Project, which focuses on inequality, found that 65% of those workers who reported being sick in the last month said they went to work anyway. That’s lower than the 85 percent who showed up to work sick before the pandemic, but much higher than it should be in the middle of a public health crisis. Schneider says it could get worse because of Omicron and the labor shortage. What’s more, Schneider noted that the share of workers with paid sick leave before the pandemic barely

budged during the pandemic—50 percent versus 51 percent respectively. He further noted many of the working poor surveyed don’t even have $400 in emergency funds, and families will now be even more financially strapped with the expiration of the child tax credit, which had put a few hundred dollars in families’ pockets every month. The Associated Press interviewed one worker who started a new job with the state of New Mexico last month and started experiencing Covid-like symptoms earlier in the week. The worker, who asked not to be named because it might jeopardize their employment, took a day off to get tested and two more days to wait for the results. A supervisor called and told the worker they would qualify for paid sick days only if the Covid test turns out to be positive. If the test is negative, the worker will have to take the days without pay, since they haven’t accrued enough time for sick leave. “I thought I was doing the right thing by protecting my co-workers,” said the worker, who is still awaiting the results and estimates it will cost $160 per day of work missed if they test negative. “Now I wish I just would’ve gone to work and not said anything.” A Trader Joe’s worker in California, who also asked not to be named because they didn’t want to risk their job, said the company lets workers accrue paid time off that they can use for vacations or sick days. But once that time is used up, employees often feel like they can’t afford to take unpaid days. “I think many people now come to work sick or with what they call ‘allergies’ because they feel they have no other choice,” the worker said. Trader Joe’s offered hazard pay until last spring, and even paid time

off if workers had Covid-related symptoms. But the worker said those benefits have ended. The company also no longer requires customers to wear masks in all of its stores. Other companies are similarly curtailing sick time that they offered earlier in the pandemic. Kroger, the country’s biggest traditional grocery chain, is ending some benefits for unvaccinated salaried workers in an attempt to compel more of them to get the jab as Covid-19 cases rise again. Unvaccinated workers enrolled in Kroger’s health care plan will no longer be eligible to receive up to two weeks paid emergency leave if they become infected—a policy that was put into place last year when vaccines were unavailable. Meanwhile, Walmart, the nation’s largest retailer, is slashing pandemicrelated paid leave in half—from two weeks to one—after the Centers for Disease Control and Prevention reduced isolation requirements for people who don’t have symptoms after they test positive. Workers have received some relief from a growing number of states. In the last decade, 14 states and the District of Columbia have passed laws or ballot measures requiring employers to provide paid sick leave, according to the National Conference of State Legislatures. On the federal front, however, the movement has stalled. Congress passed a law in the spring of 2020 requiring most employers to provide paid sick leave for employees with Covid-related illnesses. But the requirement expired on December 31 of that same year. Congress later extended tax credits for employers who voluntarily provide paid sick leave, but the extension lapsed at the end of September, according to the US Department of Labor. In November, the US House passed a version of President Joe Biden’s Build Back Better plan that would require employers to provide 20 days of paid leave for employees who are sick or caring for a family member. But the fate of that bill is uncertain in the Senate. “We can’t do a patchwork sort of thing. It has to be holistic. It has to be meaningful,” said Josephine Ka-

lipeni, executive director at Family Values @ Work, a national network of 27 state and local coalitions helping to advocate for such policies as paid sick days. The US is one of only 11 countries worldwide without any federal mandate for paid sick leave, according to a 2020 study by the World Policy Analysis Center at the University of California, Los Angeles. On the flipside are small business owners like Dawn Crawley, CEO of House Cleaning Heroes, who can’t afford to pay workers when they are out sick. But Crawley is trying to help in other ways. She recently drove one cleaner who didn’t have a car to a nearby testing site. She later bought the cleaner some medicine, orange juice and oranges. “If they are out, I try to give them money but at the same time my company has got to survive,” Crawley said. “If the company goes under, no one has work.” Even when paid sick leave is available, workers aren’t always made aware of it. Ingrid Vilorio, who works at a Jack in the Box restaurant in Castro Valley, California, started feeling sick last March and soon tested positive for Covid. Vilorio alerted a supervisor, who didn’t tell her she was eligible for paid sick leave—as well as supplemental Covid leave—under California law. Vilorio said her doctor told her to take 15 days off, but she decided to take just 10 because she had bills to pay. Months later, a co-worker told Vilorio she was owed sick pay for the time she was off. Working through Fight for $15, a group that works to unionize fast food workers, Vilorio and her colleagues reported the restaurant to the county health department. Shortly after that, she was given back pay. But Vilorio, who speaks Spanish, said through a translator that problems persist. Workers are still getting sick, she said, and are often afraid to speak up. “Without our health, we can’t work,” she said. “We’re told that we’re front line workers, but we’re not treated like it.” D’Innocenzio reported

fromNewYorkandDurbinreportedfromDetroit

A10 Tuesday, January 11, 2022

‘3 NEW LIB LAWS WILL BOOST PHL WAGES SANS PAY HIKE’

HE passage into law of the Foreign Investment Act (FIA), Public Service Act (PSA), and the Retail Trade Liberalization Act (RTLA) will lead to better wages in the country without raising the minimum wage, according to the Department of Finance (DOF). In an economic bulletin on Monday, DOF Chief Economist Gil Beltran said the new laws will ensure jobs for Filipinos in the medium to long term. This can also open doors for better wages for Filipinos, many of whom are considered underemployed due to their desire for additional pay. Based on the latest Philippine Statistics Authority (PSA) data, the number of underemployed Filipinos increased 8.13 percent to 7.6 million in November 2021. “Medium to long term, the passage of the amendments to the FIA, Public Service Act, and the RTLA will help bring in more capital, generate more employment [and possibly better wages without having to raise the minimum wage], and make the economy more competitive,” Beltran said. “The recent signing into law of the amendments to the RTLA is a welcome development towards better economic recovery and

ultimately better employment opportunities,” he added. The DOF said the economy added more than 1.65 million jobs in November. The number of unemployed dropped by 345 thousand and those not in the labor force, by nearly 1.2 million. The employment rate consequently improved from 92.6 percent in October to 93.50 percent in November while the unemployment rate dropped from 7.4 percent to 6.5 percent over the same period. The November employment rate of 93.5 percent is the highest since January while the unemployment rate of 6.5 percent is the lowest over the same period. The number of employed topped 45.477 million in November, the highest since January and the number of unemployed dropped to less than 3.2 million, the lowest over the period. Further, employment rose in all of the economy’s industrial sectors. The agriculture sector added 391,000; industry, 93,000; and services, nearly 1.2 million. As of November of last year, the hotels and restaurants subsector employed more than 1.5 million persons, the highest for the first 11 months of the year. Cai U. Ordinario

PSA: 1-M workers displaced by closure of over 130K firms By Cai U. Ordinario

@caiordinario

ORE than a quarter of a million firms were deemed permanently closed between 2018 and 2021 and more than half of these firms closed during the pandemic, according to the Philippine Statistics Authority (PSA). Based on the 2021 Updating of the List of Establishments Preliminary Results, some 259,707 establishments were tagged with permanently closed status. More than half or 53.5 percent of these firms ceased operation within 2020 to 2021. This affected 1.052 million workers and more than a quarter of these workers are employed by firms based in the National Capital Region (NCR).

“The 2021 ULE was conducted generally to update the status and characteristics of establishments in the PSA’s List of Establishments [LE] and to provide information on the distribution of establishments and employment across areas and industries. The LE serves as the source of the sampling frame for all establishment-based surveys and censuses conducted by the PSA,” PSA ex-

plained. Based on the data, out of the 259,707 firms that closed, nearly half or 124,699 establishments were closed in 2020 and 14,144 firms were closed in 2021. The closure of these establishments affected 499,375 workers nationwide in 2020 alone while another 66,071 workers were affected in 2021. Of the firms that permanently closed between 2018 and 2021, PSA said 55,959 were based in NCR. The cities that posted the highest number of closed establishments were the City of Manila with 13,449 closed companies; Quezon City, 11,729; and Caloocan City, 6,810. However, data showed 33,183 firms closed in NCR in 2020 alone. This was driven by the closures in the City of Manila involving 8,788 establishments; Caloocan, 5,455; and Quezon City, 5,430 firms. In terms of employment, a total of 295,041 Filipinos working in NCR-based firms were affected by the closures. The cities with the highest number of affected workers were Quezon City at 75,238; City of Manila,

60,546; and Makati City, 30,930 workers. Based on the preliminary results, more than 1.08 million establishments were in operation and generated 8.57 million total employment during the reference year. Compared to the results of the 2018 ULE, the number of establishments increased by 7.7 percent while total employment declined by 5.2 percent.

NCR still hub

The National Capital Region (NCR) remained as the hub of business and industry with 201,080 establishments comprising 18.6 percent of the total number of establishments in 2021. More than one-third (33.6 percent) of the total employment was generated by these establishments. Next to NCR are two adjacent regions, Calabarzon, and Central Luzon, with 160,056 (14.8 percent) and 137,528 (12.7 percent) establishments, respectively. Calabarzon and Central Luzon also generated the next highest employment figures with 1.3 million and 0.84 million, respectively.

Subic requires jab cards for entry as Covid-19 cases rise after holidays By Henry Empeño

Correspondent

U BIC BAY FR EEPORT— Amid surging cases of Covid-19 since the holidays, the Subic Bay Metropolitan Authority (SBMA) on Monday began requiring vaccination cards from persons entering the Subic Bay Freeport Zone. SBMA Chairman and Administrator Wilma T. Eisma said the measure was needed to prevent further transmission of Covid-19 in the area and maintain the health and safety of stakeholders in this vital economic zone. Requiring vaccine certification, she said, was just one of the safety measures enforced by SBMA after the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) placed Olongapo City, along with Zambales, Bataan and 11 other areas in the country, under Alert Level 3 late last week. Consistent with IATF guidelines, interzonal travel and intrazonal movement are allowed in Subic, Eisma said, upon presentation of vaccination certificate showing completed doses. Unvaccinated persons, on the other hand, would have to show negative RT-PCR test results taken with 24 hours prior to arrival. The SBMA chief further ex-

plained that the SBMA considered interzonal travel as high risk because eight of the recent Covid-19 cases in the Freeport involved residents who reported travel to Metro Manila, while five others visited other areas outside of the Freeport. Monitoring by the SBMA Public Health and Safety Department showed that these 13 travelers had, in turn, transmitted the virus to 12 close contacts. Still two others were infected after receiving visitors from outside Subic, Eisma said. The active cases rose to a total 36 just after the holidays, causing some concern in Subic, which boasted of zero Covid-19 cases among its residents until Christmas day. “The rate of increase—36 cases in just two weeks—is quite alarming, so in consonance with IATF resolutions, we have put in place stricter border controls and prohibited certain activities that could further spread the virus,” Eisma said on Monday. “I have ordered our law enforcement officers to be thorough in checking for vaccination cards at the gates because we cannot afford another lockdown that would curtail business and industry in Subic. We have to be strict because we have to keep the local economy running, too,” she added. Continued on A2

A RETURNING overseas Filipino worker waits for her luggage before proceeding to the Overseas Workers Welfare Administration counter to have her papers processed for mandatory quarantine that the government is implementing, at the Ninoy Aquino International Airport on Monday, January 10, 2022. OFWs are also affected by the delayed results of their RT-PCR tests because of the sudden spike of coronavirus cases in the country, making it difficult for testing facilities to provide results on time. NONIE REYES

BDO starts offer of ₧5-B sustainability bonds By Bianca Cuaresma

B An SBMA law enforcer checks for vaccination cards of visitors to the Subic Bay Freeport on Monday, as the Subic agency began enforcing stricter border controls in the face of the Covid-19 surge.

@BcuaresmaBM

DO Unibank, Inc. announced on Monday that it is starting its offer of P5 billion worth of Peso-denominated Fixed-Rate ASEAN Sustainability Bonds. This is the first time that the bank will be issuing a Peso-denominated Sustainability Bond to both institutional and retail investors. It is, meanwhile, the bank’s third issuance under its P365-billion bond program. The bank said the bonds will have a tenor of two years and a fixed rate of 2.9 percent per an-

num. Interest is payable quarterly, calculated on a 30/360 basis. The minimum investment amount is P500,000 with increments of P100,000. According to BDO, the net proceeds of the issue are intended to diversify the Bank’s funding sources, and finance or refinance eligible assets under the Bank’s Sustainable Finance Framework. The offer period will run from January 10 to January 21, 2022, while the issue, settlement, and listing date is set for January 28, 2022. The bank reserves the right to adjust the timing of the offer as appropriate.

Standard Chartered Bank is the Sole Arranger, while BDO Unibank, Inc, BDO Private Bank, Inc., and Standard Chartered Bank are the Selling Agents of the proposed issue. BDO Capital & Investment Corporation is the Financial Advisor of the proposed issue. December 2021, the bank announced their plans to issue this peso-denominated sustainability bond to diversify its funding sources. The Bank had previously issued a $150-million green bond in 2017, with the International Finance Corporation (IFC) as the sole investor.

Just last month, the Bangko Sentral ng Pilipinas (BSP) urged banks to support the country’s energy transition and shift to mainstream sustainable finance in an effort to “climate-proof” the local financial statement. BSP governor Benjamin Diokno said banks should take on the green and sustainable path and lead supervised entities by example. “We have started integrating sustainability principles in our investment process with over $550-million investment in the Green Bond Fund managed by the Bank for International Settlements,” the governor said.

Companies

Editor: Jennifer A. Ng

Tuesday, January 11, 2022

PCC scrutinizes fewer M&A deals due to higher threshold

By Tyrone Jasper C. Piad

@TyronePiad

he Philippine Competition Commission (PCC) assessed only four merger and acquisition (M&A) transactions amounting to P470 billion in the past year due to the increase in the notification threshold. PCC Chairperson Arsenio M. Balisacan, in a year-end report, said two of these transactions were approved while the other two were withdrawn as these were exempted from compulsory notification. The transactions involved firms from real estate, finance and insurance and transportation and storage. The 2021 figure is much lower compared to the 26 M&A notifications amounting to P909 billion recorded in 2020. The competition watchdog attributed the fewer M&A reviews last year to a higher threshold for compulsory merger notification. “The merger notification thresholds of P50 billion for the Size of

Person and Size of Transaction remain in force under the Bayanihan to Recover as One Act (Bayanihan 2 Act) enacted by Congress in 2020. As such, we received only four M&A notifications for the entire 2021,” Balisacan said. Prior to this, PCC set the thresholds at P2.4 billion for transaction size and P6 billion for size of party. Meanwhile, PCC’s Competition Enforcement Office (CEO) is currently undertaking one preliminary inquiry and 18 full administrative investigations (FAI). The PCC unit opened 10 FAIs last year to look into complaints involving firms in the telecommunications, water, energy and health industries.

The competition authority said it filed two formal complaints, which will proceed to adjudication, against a tourism firm and a healthcare company. Both are alleged to be involved in price-fixing cartels, which is prohibited under the Philippine Competition Act. It has processed over a hundred complaints relating to internet service providers after launching its ISP Task Force in March last year. Most of these were resolved via voluntary compliance while few others are still under review. PCC recalled it issued three show cause orders last year to a major real property developer and its property manager following the efforts of the said task force. “These interventions are expected to result in greater consumer empowerment, lower prices, and better service quality as ISPs compete more vigorously for consumers,” Balisacan said. “The transition to work-fromhome arrangements, the rise of remote methods in delivering healthcare and education, and the increasing use of digital platforms for everyday transactions underscore the need to safeguard

competition in sectors that support such activities.” As of December 26, 2021, CEO had looked into 869 enforcement inquiries and complaints, including those of possible cartels and abuses of dominance. “The [CEO] seeks to protect vulnerable consumers and businesses from anti-competitive agreements and conduct, especially during times of economic hardship and uncertainty,” Balisacan said. This year, PCC said it will continue to prioritize the monitoring of the following essential sectors: e-commerce, health and pharmaceuticals, food and agriculture, energy and electrcity, insurance, construction, water and telecommunications. Balisacan said the agency will initiate motu proprio merger review of transactions to know if such may have substantially lessened competition. “There is no doubt that healthy competition—one that leads to better prices, more choices, greater quality, and the emergence of innovative solutions to economic challenges— must be an integral component of our development strategy moving forward.”

SC voids RTC ruling against MRTDC T he Supreme Court (SC) has declared null and void the decision issued by the Regional Trial Court (RTC) of Makati City enjoining the Metro Rail Transit Development Corp. (MRTDC) from entering into a new agreement with another firm to manage the advertising activities along Edsa MRT-3. In a 13-page decision penned by Associate Justice Ramon Paul Hernando, the SC’s Third Division also reversed and set aside the resolution issued by the Court of Appeals which dismissed the petition filed by MRTDC seeking to nullify the writ of preliminary injunction issued by the Regional Trial Court of Makati City on June 14, 2012 in favor of Trackworks Rail Transit Advertising, Vending and Promotions, Inc. Trackworks was engaged by MRTDC in 1998 to undertake the conceptualization, design, development, construction, installation, maintenance, repair, replacement, promotion, packaging and/or sale of advertising space/media, promotional events and activities, and research projects authorized by MRTDC for five years. Trackworks agreed to pay MRTDC

Zoomcar unveils car-sharing platform

ndian online automobile sharing provider Zoomcar announced the launch of Zoomcar Host, the Philippines’ first-ever car sharing marketplace, allowing vehicle owners to monetize their cars by offering them for lease on its platform. With Zoomcar Host, Filipinos can rent out their automobiles from a sixhour to six-month period and generate additional income when not in use. In the first three months upon signing up, the company will offer guaranteed payment for every hour that their vehicle is listed, even if it’s booked or stays idled. After such time, owners enter a revenuesharing model wherein they share the total booking amount. The portal also features a simple onboarding process, starting with online registration and an onboarding call. Following this are a complimentary car health check-up and installation of state-of-the-art safety devices, which would take no more than one day. No warranties are to be voided during the onboarding process. Roderick L. Abad

a percentage share of its gross revenues or the minimum guaranty in the amount of P32 million for the first year up to P39 million for the fifth year. On March 11, 2005, MRTDC and Trackworks executed an Agreement to Renew Contract for Advertising Services to extend the effectivity of the original contract to 10 years, or until December 31, 2015. The parties agreed to a substantial increase in the percentage share and minimum guaranty to be paid by Trackworks for years six to 15 of the contract. However, Trackworks defaulted in the payment of its obligation, thus, MRTDC demanded in writing for Trackworks to immediately pay its outstanding obligation of P276.97 million as of February 28, 2009. Despite repeated demands, Trackworks failed to fully pay its obligations under the contract, prompting MRTDC to terminate its contract with the former, resulting in the filing of cases and arbitration proceedings. On March 15, 2010, the Regional Trial Court of Pasig City denied the petition filed by Trackworks seeking

the issuance of an injunctive relief and/or status quo and clarified that the proceedings before it are stayed or suspended until such time that the parties conclude their arbitration and an arbitral award is rendered. On April 28, 2010, Trackworks filed a petition for certiorari, prohibition and mandamus before the RTC of Makati City. It prayed for the issuance of a temporary restraining order (TRO) and/or writ of preliminary injunction restraining MRTDC and Media Puzzle Inc. (MPI) from circulating any documents regarding the termination of the advertising contract and the appointment of an agent to manage the advertising activities along EDSA MRT-3; and prohibit the Secretary and Assistant Secretary of DOTC from issuing any kind of permit to MRTDC and MPI with respect to advertising rights. The Makati RTC ruled in favor of Trackworks in a decision issued on June 14, 2012 which was affirmed by the CA. However, the SC said the Makati RTC violated the doctrine of judicial stability when it took cognizance of Trackworks’ petition for certiorari, prohibition and mandamus

despite the fact that the said case involved the same parties and the subject matter fell within the jurisdiction of the RTC of Pasig City from which the case originated. The SC said the Makati RTC should have dismissed Trackworks’ petition for lack of jurisdiction as the RTC of Makati City “is bereft of any authority to nullify the orders of the RTC of Pasig City, a coordinate and co-equal court.” “Thus, Trackworks’ petition for certiorari, prohibition and mandamus filed before the RTC of Makati City was improper and in glaring violation of the doctrine of judicial stability. The RTC of Pasig City’s denial of the injunctive relief sought by Trackworks in its Orders dated January 4, 2010, March 15, 2010 and May 28, 2010 and all other incidents arising therefrom, may not be interfered with by the RTC of Makati City,” the Court said. “Consequently, the RTC of Makati City has no jurisdiction over Trackworks’ petition, rendering all the proceedings therein, as well as the June 14, 2012 Decision and other orders issued thereon, void for lack of jurisdiction,” it added. Joel R. San Juan

Courts affirm warrants of arrest served against Emily Yanson

he municipal courts in Bacolod City and Cagayan de Oro City have affirmed the warrants of arrest they issued against Emily Yanson for alleged perjury and falsification of public documents. Charges were filed against Yanson in connection with the financial statements and general information sheet of Rural Transit Mindanao Inc. and Bachelor Express Inc., which are under the Yanson Group of Bus Companies. In an order dated November 15, 2021, the Municipal Trial Court Branch 7 of Bacolod City affirmed the warrants of arrest against Yanson for three counts of perjury and three counts of falsification of public documents. It also denied her motion

for leave of court with urgent motion for reinvestigation and to recall warrants of arrest. “There is no need to conduct reinvestigation and, subsequently, recall the warrants of arrest as this court, in the exercise of its judicial function, is convinced that there exists probable cause against the accused,” the Bacolod Court said. The court said that “the resolution of the extrajudicial settlement is not indispensable to determine the issue in these instant criminal cases.” Meanwhile, the Municipal Trial Court Branch 3 of Cagayan De Oro also affirmed the warrants of arrest issued against Yanson for five counts of perjury and eight counts of falsification of public documents.

In a joint order dated January 5, the court denied Yanson’s motion for suspension of proceedings and holding in abeyance the issuance of and/ or recall warrants of arrest. Acting on Yanson’s motion, the court said the issues in the cases of falsification of public documents and perjury are different from the issues raised in the civil case and the intra corporate cases. “The making of untruthful statement in falsification and perjury is the actus reus or the guilty act which is the basis of the said crimes. This act is independent and not intimately related to the issues in the civil and corporate cases as this involved the mental state of accused at the time the crimes were committed,” it said. VG Cabuag

Colliers: Govt should extend WFH scheme

roperty consultant Colliers Philippines urged the government to extend the work-fromhome (WFH) arrangement until such time that companies feel confident with the health and safety of their employees. Colliers said the rise in Covid-19 cases may delay the back-to-office (BTO) plans of many companies, as the health and safety of their workers remain to be their paramount consideration. It added that the surge in Covid-19 cases has thrown another monkey wrench into the rebound of the global economy. Initial studies have shown that despite being “milder” and less likely to lead to severe outcomes, Omicron’s ability to spread more easily and evade immunity from vaccinations and previous infections is a cause for concern. This variant has quickly become the dominant strain in many countries, leading to record-high case numbers and business disruptions. Colliers said the sudden jump in the number of cases of the Omicron variant will require officials and business leaders to reimplement

and recalibrate restrictions to keep the workplace safe with minimum disruption to businesses. “The threat of business disruption can be mitigated by implementing and complying with protocols that can arrest the surge of cases and protect workers,” said Kevin Jara, Associate Director of Office ServicesTenant Representation at Colliers. “As seen throughout the pandemic, officials and business leaders continue to find ways to balance keeping the workplace safe while ensuring business continuity. Several companies continue to provide flexibility for their employees, such as allowing them to work from home, especially during case surges.” In the case of the IT-BPM sector, Jara said many occupiers registered with the Philippine Economic Zone Authority (Peza), have implemented the agency’s memorandum circulars allowing registered business enterprises (RBEs) to conduct their business activities outside the ecozones. “If not for this ongoing surge, many RBEs may have already started BTO in the first quarter of 2022,” said Jara. Rizal Raoul Reyes

Cirtek announces US unit’s foray into Hawaii

This BusinessMirror file photo shows employees working at Cirtek Holdings Philippines Corp.’s facility in Biñan, Laguna. Nonie Reyes

uintel USA Inc., a unit of Laguna-based Cirtek Hold i n g s Ph i l ip pi ne s Corp., on Monday said it has entered the Hawaiian market, rolling out 5G capabilities in the American state as part of its coverage in North America. Quintel, which makes telecom base station antennas for telecommunications firms, said it will support the islands with its new antenna portfolio which it said is outperforming its competitors in many aspects. “The 5G NR launch is the first in Hawaii using the 850 band. Our antennas provide independent tilt option when using these dual band radios. This means that the network optimization can independently control the coverage footprint of 5G which is in the 850 band and the 4G in the 700 band,” it said. Quintel said it will release its line of products to help increase the network’s data throughput. “Quintel has delivered its first batch of orders from Hawaii and will continue to help the island state improve its network in 2022 as the telco continues with its infrastructure upgrades to support the market’s growing wireless demand,” the company said. “As part of its growth strategy, Quintel continues to expand through consistent new product introductions, innovations and closely working with customers

on developing specific and tailored product solutions that addresses market challenges, nuances, and individual intricacies per customer in providing progressive wireless solutions.” Quintel said last year that it is ramping up the production of its 5G antennas after regulators in the United States awarded new telecommunication spectrum to carriers. The company said it expects 5G subscription to grow from around 200 million in 2020 to about 3 billion in 2025, while the global number of connected devices is projected to increase to 43 billion in 2023, a threefold increase from 2018. By 2025, the total amount of traffic carried on mobile networks will grow to 4,150 exabytes, and 58 percent is likely to come from 5G where Quintel is engaged in. Cirtek is raising funds locally to support the growth of Quintel and its other units. In December, the company raised some P2.5 billion from the sale of preferred shares to be classified as class B-2 subseries C or D shares at the Philippine Stock Exchange. The initial dividend rate of the preferred class B-2 subseries C shares has been set at 6.5864 percent per annum while that of the subseries D shares has been set at 7.7506 percent per annum. VG Cabuag

Companies BusinessMirror

Tuesday, January 11, 2022

Covid-19 drug maker to get incentives from govt–BOI

By Tyrone Jasper C. Piad

@TyronePiad

he Board of Investments (BoI) has approved the application for registration of a Bulacan-based producer of Molnupiravir, an oral therapy for Covid-19 patients, whose production may commence this month. The agency said Lloyd Laboratories Inc. recently expanded its production facility to produce the said Covid-19 drug, shelling out P24 million to produce one million 400-milligram capsules of Molnupiravir per year. The suggested retail price for the locally produced drug is P65 per pill, which is cheaper by P35 to P85 compared with its imported counterpart, the BoI said in a statement. The project, categorized as “All Qualified Activities Relating to the Fight against the Covid-19 Pandem-

ic-Essential Goods,” was granted incentives under the Corporate Recovery and Tax Incentives for Enterprises Act. In producing the drug, Lloyd Laboratories acquired a direct technology transfer from India-based integrated pharmaceutical organization Optimus Pharma. “Based on the interim results of the Phase III Clinical Trials of Optimus Pharma conducted in India for orally administered Molnupiravir capsules on patients with mild symptoms, the addition of Molnupiravir

SPNEC board approves hike in capital stock

he board of Solar Philippines Nueva Ecija Corp. (SPNEC) has approved the increase in the company’s authorized capital stock to 50 billion shares from 10 billion shares, subject to stockholder and regulatory approvals. This would prepare SPNEC for asset-for-share swaps with Solar Philippines Inc., its parent firm, and additional capital raises to expand its solar project portfolio, subject to third-party valuations and approvals. The company is planning to have further consultations and a stockholder’s meeting on this proposal. This comes in light of “strong investor interest” in SPNEC’s stock, which had over P5 billion in trading

over the past month and became the PSE’s best-performing IPO of 2021, closing the year up 28 percent. “We are thankful for the level of interest in SPNEC, even as a single pre-operating project. At the same time, we note the feedback that adding our already operating or contracted projects would make SPNEC even more attractive. We wish to take this opportunity to give our public shareholders this option, in the interest of advancing SPNEC’s value and profitability,” Solar Philippines founder Leandro L. Leviste said. “We see that other companies have successfully listed assets through share swaps, and we support SPNEC doing the same if that is what our public shareholders want.” VG Cabuag, Lorenz S. Marasigan

to the standard of care (SOC) significantly results in faster clinical improvement in reducing viral load. It also resulted to a significantly higher proportion of patients achieving RTPCR negative results on Days 5 and 10,” the BOI said. “In Vietnam, Stella Pharma, which Optimus Pharma also supported in terms of technology transfer conducted a Clinical Trial which has also shown promising results with RT-PCR negativity on Day 5 at 75.4 percent.” The Food and Drug Administration (FDA) issued the drug manufacturer a Compassionate Special Permit. However, it is limited to supplying Recuenco General Hospital a total of 20,000 capsules for a year or until November 2022. For wider availability, Lloyd Laboratories also applied for a certificate of product registration (CPR) with the FDA. “We coordinated with and received a commitment from Health Secretary Duque, without prejudice to the FDA action, to look into the

CPR application of Lloyd Laboratories,” Trade Secretary Ramon M. Lopez said. Meanwhile, BOI Managing Head and Trade Undersecretary Ceferino Rodolfo encouraged more pharmaceutical firms to manufacture medicines deemed as “strategic products.” “We invite other pharmaceutical companies to look at this model and how we can replicate it in order to further fill-in the gaps not only in our fight against the pandemic but also in providing more affordable critical medicines and health products to Filipinos,” Rodolfo said. “The project’s approval is, of course, subject to relevant rules and regulations and whatever flexibilities afforded by our laws.” “During times of national emergencies—whether due to natural calamities or global health crises--the importance of having local capability to supply critical and strategic products only serve to remind us of the imperative of ensuring the development of our local manufacturing industry,” Lopez said.

mutual funds

January 10, 2022

NAV

One Year Three Year Five Year

per share Return*

Y-T-D Return

Stock Funds ALFM Growth Fund, Inc. -a

224.41

-0.98%

ATRAM Alpha Opportunity Fund, Inc. -a

-5.27%

-2.41%

-3.72%

1.5995

20.78%

2.25%

3.44%

-3.89%

ATRAM Philippine Equity Opportunity Fund, Inc. -a 3.1067

-0.73%

-8.98%

-5.19%

-4.05%

Climbs Share Capital Equity Investment Fund Corp. -a 0.75

-6.21%

-7.1% n.a.

-0.86%

First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.7509 1.09%

-4.83% n.a.

-2.59%

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

1.36%

-3.59%

-0.43%

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

0.7513

-0.66%

-5.2%

5.0028

-3.47% -3.89% -4.09%

MBG Equity Investment Fund, Inc. -a

93.79

-6.91%

-7.36% n.a.

PAMI Equity Index Fund, Inc. -a

46.0107

-1.49%

-4.08%

-0.88%

-4.4%

Philam Strategic Growth Fund, Inc. -a

482.07

-1.14%

-3.83%

-1.32%

-3.72%

-0.68%

1.14% n.a. n.a.

-3.89%

Philequity Alpha One Fund, Inc. -a,d

1.1175

Philequity Dividend Yield Fund, Inc. -a

1.3407

14.94%

0.6%

1.98%

-1.15%

Philequity Fund, Inc. -a

35.1928

1.53%

-3.07%

0.19%

-3.83%

0.9028

-1.02%

-4.44% n.a.

4.743

-0.72%

-3.39%

-0.31%

-4.39%

Philippine Stock Index Fund Corp. -a

792.15

-0.89%

-3.4%

-0.35%

-4.39%

Soldivo Strategic Growth Fund, Inc. -a

0.7214

0.28%

-7.19%

-3.29%

-4.15%

Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.6187

-0.03%

-5.4%

-1.72%

-4.15%

Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.9028 -1.32%

-3.73%

-0.57%

-4.42%

United Fund, Inc. -a

-3.66%

0.27%

-3.74%

-3.17%

0.13% -4.39%

Philequity MSCI Philippine Index Fund, Inc. -a Philequity PSE Index Fund Inc. -a

3.3089

-0.11%

ALFM

-4.1%

Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 106.5858

-0.61%

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

$1.1182

-10.98%

6.21%

5.41%

-0.74%

Sun Life Prosperity World Voyager Fund, Inc. -a $1.8004

7.26%

16.08%

11.36%

-2.49%

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

1.67

-0.72%

-0.7%

-0.68%

-1.3%

ATRAM Philippine Balanced Fund, Inc. -a

2.2343

-2.08%

-0.69%

-0.47%

-2.07%

First Metro Save and Learn Balanced Fund Inc. -a 2.6372

0.5%

-0.1%

1.08%

-2%

First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.2076

4.64% n.a. n.a. -0.67%

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

1.9733

0.29%

1.4%

1.51%

-2.15%

PAMI Horizon Fund, Inc. -a

3.6812

-2.62%

1.02%

0.35%

-2.23%

Philam Fund, Inc. -a

16.4635

-2.61%

0.5%

0.26%

-2.27%

Solidaritas Fund, Inc. -a

2.0735

-0.89%

-0.91%

0.15%

-2.26%

Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.5482 -0.62%

-2.09%

-0.42%

-2.71%

Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9688

-5.22% n.a. n.a.

-2.12%

Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.9133

-3.49% n.a. n.a.

-3.3%

Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.9003

-3.21% n.a. n.a.

Sun Life Prosperity Dynamic Fund, Inc. -a

4.69%

0.928

-0.91%

-0.08%

-3.6% -2.75%

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

$0.03742

-4.25%

1.9%

1.09%

PAMI Asia Balanced Fund, Inc. -b

$1.0546

-10.66%

4.09%

3.3%

-1.17%

4.16%

11.45%

8.38%

-1.78%

Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,2 $1.183 -0.16%

6.16%

4.25%

-1.3%

0.03%

Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.7168

-1.37%

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

374.42

0.94%

2.9%

2.58%

ATRAM Corporate Bond Fund, Inc. -a

1.8849

-0.85%

0.56%

0.07%

0.01%

Cocolife Fixed Income Fund, Inc. -a

3.2454

0.95%

2.93%

3.88%

0.04%

Ekklesia Mutual Fund Inc. -a

2.2527

-1.84%

1.87%

1.49%

0.05%

First Metro Save and Learn Fixed Income Fund,Inc. -a 2.426 -1.04%

3.12%

1.88%

Philam Bond Fund, Inc. -a

4.96%

1.55%

-0.08% -0.01%

4.3922

-5.1%

Philam Managed Income Fund, Inc. -a

1.319

-0.09%

3.9%

2.83%

Philequity Peso Bond Fund, Inc. -a

3.9712

-0.38%

3.91%

2.67%

0.14%

Soldivo Bond Fund, Inc. -a

1.0285

-1.11%

4.69%

2.01%

0.03%

Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1815

-0.53%

4.58%

3.24%

-0.19%

-1.2%

3.72%

2.59%

-0.16%

Sun Life Prosperity GS Fund, Inc. -a

1.7278

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

$489.1

1.11%

2.9%

2.47%

-0.1%

ALFM Euro Bond Fund, Inc. -a

Є219.71

0.14%

1.15%

0.99%

-0.14%

ATRAM Total Return Dollar Bond Fund, Inc. -b $1.1979

-6.26%

1.95%

1.59%

-0.5%

First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0259 -1.89%

1.32%

0.87%

-0.38%

PAMI Global Bond Fund, Inc -b

$1.0139

-7.25%

-0.74%

-0.82%

-0.87%

Philam Dollar Bond Fund, Inc. -a

$2.471

-2.49%

4.15%

2.45%

-1.38%

Philequity Dollar Income Fund Inc. -a

$0.0622539

-0.08%

2.97%

1.97%

-0.06%

-2.45%

2.92%

1.26%

-1.88%

Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.136

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

2.56%

0.02%

First Metro Save and Learn Money Market Fund, Inc. -a 1.0581 0.95% n.a. n.a.

131.22

1.06%

0.04%

Sun Life Prosperity Peso Starter Fund, Inc. -a,1 1.3161

0.04%

1.47%

2.74% 2.56%

2.53%

Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0607

0.76%

1.43% n.a.

0.01%

Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d 1.3857

20.94% n.a. n.a. 0.2%

Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -a,d

$0.97

-2.02% n.a. n.a.

www.businessmirror.com.ph

PSE STOCK QUOTATIONS

January 10, 2022

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

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

43.8 124.6 94.6 25.35 9.36 55 17.42 20 19.96 110.5 99.9 1.58 4.05 0.81 210.2 2,600

44.8 125 94.7 25.4 9.39 55.2 17.84 20.15 19.98 111 100 1.63 4.07 0.88 215 2,700

43.55 121.3 91.9 25.5 9.32 53.1 17.44 20.05 19.94 105.1 90.4 1.57 4.07 0.8 210.2 2,600

44.75 125 95.5 25.6 9.5 55.2 17.44 20.2 19.98 113.3 102 1.58 4.07 0.8 210.2 2,600

43.55 121.3 91.05 25.25 9.32 52.4 17.44 19.96 19.94 105.1 90.4 1.57 4.07 0.8 210.2 2,600

44.75 125 94.7 25.4 9.4 55.2 17.44 20.2 19.98 111 99.9 1.58 4.07 0.8 210.2 2,600

600 26,500 1,287,610 159,736,874 1,540,450 145,520,264.50 14,300 365,170 33,200 310,980 5,396,570 294,021,617.50 6,000 104,640 68,000 1,360,081 13,000 259,736 1,597,890 175,068,077 387,180 38,197,593.50 15,000 23,670 1,000 4,070 18,000 14,400 100 21,020 5 13,000

INDUSTRIAL

AC ENERGY 9.63 9.64 9.17 9.71 9.07 9.64 26,328,600 250,498,419 ALSONS CONS 1.06 1.08 1.03 1.13 1.03 1.09 31,000 32,700 ABOITIZ POWER 30.15 30.35 29.3 30.35 29.3 30.35 1,132,000 33,996,495 BASIC ENERGY 0.55 0.56 0.53 0.56 0.53 0.55 10,757,000 5,818,420 FIRST GEN 28 28.35 27.5 28.4 27.4 28.35 422,500 11,808,865 FIRST PHIL HLDG 70 71.8 71.8 71.8 69.9 70 36,760 2,571,646.50 MERALCO 306 306.4 306 307 304 306.4 136,030 41,682,624 24.55 24.75 24.3 25.2 23.9 24.75 1,459,900 36,007,355 MANILA WATER 3.24 3.25 3.22 3.25 3.19 3.24 671,000 2,163,980 PETRON 10.58 10.84 10.78 10.86 10.78 10.86 10,400 112,444 PHX PETROLEUM SYNERGY GRID 12.98 13 12.78 13.1 12.7 12.98 1,329,300 17,175,536 19.1 19.34 19.3 19.42 19.1 19.1 181,100 3,476,724 PILIPINAS SHELL 13.84 13.86 13.84 13.9 13.84 13.86 141,400 1,959,430 SPC POWER SOLAR PH 1.29 1.3 1.18 1.31 1.18 1.29 213,296,000 269,977,280 AGRINURTURE 4.84 4.85 4.78 4.95 4.78 4.85 228,000 1,114,030 AXELUM 2.85 2.9 2.85 2.9 2.85 2.9 101,000 292,420 CENTURY FOOD 27.45 27.5 27.75 28.15 27.15 27.5 806,000 22,301,285 DEL MONTE 14.8 14.98 14.6 15 14.6 15 14,500 213,918 DNL INDUS 8.9 9 8.47 9.35 8.47 9 5,915,800 52,521,814 EMPERADOR 19.82 19.84 19.88 19.88 19.7 19.82 2,654,600 52,605,080 69.4 70 70.5 70.5 69.15 70 95,240 6,639,471.50 SMC FOODANDBEV 0.6 0.62 0.6 0.62 0.6 0.62 212,000 131,400 ALLIANCE SELECT FRUITAS HLDG 1.15 1.17 1.17 1.17 1.15 1.15 3,980,000 4,605,950 111.5 112 109.3 113 109 112 15,750 1,740,400 GINEBRA 221 222.8 214 222.8 214 222.8 849,060 187,548,392 JOLLIBEE 1.18 1.2 1.15 1.19 1.15 1.18 7,918,000 9,278,340 KEEPERS HLDG LIBERTY FLOUR 25.95 28.45 28.6 28.6 28.6 28.6 3,300 94,380 MAXS GROUP 6.34 6.36 6.36 6.4 6.32 6.36 85,300 542,181 MG HLDG 0.15 0.152 0.147 0.15 0.147 0.15 160,000 23,670 MONDE NISSIN 15.92 15.98 16 16.14 15.92 15.92 9,503,000 151,775,112 SHAKEYS PIZZA 9.82 9.9 9.75 10.02 9.75 9.9 393,700 3,904,660 ROXAS AND CO 0.64 0.65 0.65 0.67 0.64 0.64 1,401,000 918,160 RFM CORP 4.62 4.65 4.6 4.65 4.6 4.65 4,000 18,460 0.101 0.104 0.1 0.101 0.1 0.101 1,170,000 117,630 SWIFT FOODS UNIV ROBINA 127.7 128.4 127.3 128.6 127 127.7 734,940 94,136,577 0.71 0.72 0.72 0.72 0.7 0.71 971,000 681,860 VITARICH CEMEX HLDG 1.03 1.04 1.03 1.03 1.02 1.03 792,000 813,050 14.66 14.8 14.76 14.8 14.76 14.8 48,400 715,436 EAGLE CEMENT 6.36 6.48 6.32 6.49 6.32 6.48 43,200 275,624 EEI CORP HOLCIM 5.36 5.5 5.31 5.5 5.31 5.5 33,500 178,861 MEGAWIDE 5.01 5.02 5.01 5.05 5.01 5.01 264,600 1,329,686 PHINMA 20 20.25 20 20 20 20 37,000 740,000 TKC METALS 0.77 0.84 0.76 0.77 0.76 0.77 140,000 106,600 VULCAN INDL 0.8 0.83 0.78 0.84 0.78 0.8 2,021,000 1,633,800 CROWN ASIA 1.7 1.74 1.73 1.74 1.73 1.74 50,000 86,720 1.33 1.5 1.39 1.41 1.39 1.41 11,000 15,430 EUROMED MABUHAY VINYL 4.03 4.29 4.29 4.29 4.29 4.29 2,000 8,580 PRYCE CORP 5.6 5.7 5.61 5.69 5.6 5.69 41,100 230,838 20 20.05 20.05 20.05 20.05 20.05 9,700 194,485 CONCEPCION 2.18 2.2 2.14 2.22 2.14 2.2 508,000 1,111,540 GREENERGY 8.82 8.88 8.46 8.94 8.46 8.88 434,700 3,811,945 INTEGRATED MICR 0.69 0.7 0.68 0.69 0.68 0.69 39,000 26,670 IONICS PANASONIC 5.97 5.99 5.98 5.99 5.97 5.99 23,300 139,511 SFA SEMICON 1.08 1.09 1.09 1.09 1.07 1.07 177,000 190,320 CIRTEK HLDG 3.58 3.6 3.52 3.72 3.51 3.6 1,612,000 5,872,270

HOLDING & FRIMS

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

0.88 5.36 860 58.45 11.8 7.7 0.86 0.39 0.385 5.12 8.09 7.5 528 57 0.63 3 9.78 3.85 2.85 1.2 1.08 940 111 123.3

0.9 5.41 862 58.5 11.82 7.85 0.89 0.405 0.49 5.18 8.1 7.79 533 58 0.66 3.03 9.8 3.87 3.09 1.29 1.09 945 111.1 126.9

0.9 5.41 829 56.6 11.5 7.7 0.86 0.405 0.385 5.07 8 7.5 524 56.2 0.67 2.97 9.66 3.82 2.83 1.29 1.09 932 112.5 123.3

0.92 5.41 864.5 58.95 11.84 7.9 0.89 0.405 0.385 5.19 8.18 7.5 536 58.45 0.67 3 9.83 3.88 3.09 1.29 1.09 960 112.5 126.9

0.86 5.36 823 54.85 11.48 7.7 0.86 0.405 0.385 5.01 7.9 7.5 521 56 0.63 2.92 9.6 3.79 2.83 1.29 1.08 931.5 110.5 123.3

0.9 5.36 860 58.5 11.8 7.85 0.89 0.405 0.385 5.1 8.09 7.5 528 57 0.66 3 9.8 3.85 3.09 1.29 1.09 940 111 126.9

4,627,000 6,800 152,300 2,736,050 2,432,400 105,900 6,000 110,000 20,000 915,300 8,237,600 19,100 243,080 1,377,200 82,000 114,000 1,105,900 14,770,000 7,000 3,000 29,000 247,910 114,120 120

4,088,920 36,783 130,098,250 158,965,097 28,521,684 816,170 5,220 44,550 7,700 4,655,128 66,444,894 143,250 128,644,025 79,122,421.50 51,730 336,990 10,733,238 56,744,290 21,370 3,870 31,600 235,589,160 12,677,471 14,832

PROPERTY ARTHALAND CORP 0.61 0.64 0.6 0.64 0.6 0.61 297,000 178,610 ANCHOR LAND 5.68 6.48 5.68 6.48 5.68 6.48 400 2,432 AYALA LAND 34.3 34.5 33.85 34.55 33.75 34.5 6,478,800 222,214,975 AYALA LAND LOG 6.35 6.38 5.99 6.5 5.82 6.38 14,282,600 90,920,443 ARANETA PROP 0.93 0.96 0.96 0.96 0.96 0.96 4,000 3,840 AREIT RT 49.95 50 50.1 50.7 49.8 50 1,073,410 53,703,561 A BROWN 0.76 0.78 0.76 0.79 0.76 0.79 587,000 458,310 0.72 0.73 0.73 0.73 0.73 0.73 80,000 58,400 CITYLAND DEVT 0.095 0.102 0.103 0.103 0.095 0.102 16,040,000 1,523,950 CROWN EQUITIES CEB LANDMASTERS 2.82 2.83 2.81 2.83 2.81 2.83 251,000 707,840 0.395 0.4 0.395 0.4 0.39 0.4 320,000 126,150 CENTURY PROP 7.05 7.08 7.1 7.1 7 7.08 93,900 663,281 DOUBLEDRAGON 1.78 1.79 1.79 1.79 1.78 1.79 2,027,000 3,618,250 DDMP RT DM WENCESLAO 6.65 6.68 6.6 6.7 6.6 6.68 41,400 276,648 EMPIRE EAST 0.25 0.26 0.26 0.26 0.25 0.25 30,000 7,700 EVER GOTESCO 0.315 0.32 0.31 0.32 0.31 0.32 5,600,000 1,760,750 FILINVEST RT 7.58 7.6 7.5 7.6 7.5 7.6 5,663,500 42,610,706 FILINVEST LAND 1.09 1.1 1.09 1.1 1.08 1.1 3,097,000 3,398,260 GLOBAL ESTATE 0.95 0.96 0.96 0.96 0.96 0.96 643,000 617,280 8990 HLDG 11.28 11.5 11.24 11.76 11.2 11.5 694,600 7,976,738 1.13 1.17 1.17 1.17 1.13 1.13 361,000 414,240 PHIL INFRADEV CITY AND LAND 0.85 0.87 0.86 0.87 0.84 0.87 74,000 64,200 3.1 3.14 3.09 3.14 3.04 3.14 36,052,000 111,268,660 MEGAWORLD 0.228 0.23 0.228 0.232 0.226 0.228 6,000,000 1,369,970 MRC ALLIED 19.48 19.5 19.48 19.5 19.44 19.5 847,000 16,506,730 MREIT RT 0.345 0.35 0.34 0.345 0.34 0.345 130,000 44,350 OMICO CORP PHIL ESTATES 0.5 0.51 0.51 0.51 0.5 0.51 669,000 335,430 PRIMEX CORP 2.07 2.08 2.02 2.08 2.01 2.08 1,367,000 2,821,650 RL COMM RT 8.15 8.18 8.18 8.19 8 8.18 3,595,900 29,315,135 ROBINSONS LAND 18.04 18.06 17.96 18.06 17.82 18.06 908,700 16,352,502 PHIL REALTY 0.201 0.202 0.202 0.202 0.202 0.202 20,000 4,040 ROCKWELL 1.45 1.51 1.5 1.5 1.5 1.5 2,000 3,000 STA LUCIA LAND 2.69 2.85 2.85 2.85 2.85 2.85 9,000 25,650 34.25 34.4 33.1 34.5 33.1 34.4 4,921,400 168,028,475 SM PRIME HLDG 0.58 0.61 0.6 0.6 0.57 0.57 108,000 61,990 SOC RESOURCES 1.08 1.09 1.09 1.09 1.08 1.09 7,000 7,610 SUNTRUST HOME VISTA LAND 3.45 3.54 3.43 3.54 3.41 3.5 860,000 3,009,220 SERVICES ABS CBN 12.7 12.78 12.5 12.82 12.5 12.78 93,400 1,189,490 GMA NETWORK 13.66 13.68 13.7 13.72 13.52 13.66 776,400 10,566,824 MANILA BULLETIN 0.42 0.43 0.415 0.43 0.415 0.43 40,000 16,900 MLA BRDCASTING 8.01 10 10.5 10.5 9.51 10 9,200 92,305 GLOBE TELECOM 3,240 3,248 3,260 3,260 3,162 3,240 86,285 278,102,990 PLDT 1,822 1,827 1,840 1,848 1,808 1,822 95,485 174,094,595 APOLLO GLOBAL 0.072 0.073 0.073 0.074 0.071 0.073 68,270,000 4,935,230 31.9 32 31 32.2 30.75 32 4,578,400 145,255,800 CONVERGE 2.34 2.39 2.4 2.4 2.33 2.39 68,000 160,900 DFNN INC DITO CME HLDG 4.98 4.99 4.97 5.03 4.9 4.99 6,643,000 33,137,170 1.41 1.63 1.41 1.41 1.41 1.41 30,000 42,300 IMPERIAL NOW CORP 1.19 1.21 1.17 1.21 1.16 1.21 835,000 993,540 0.32 0.325 0.305 0.32 0.305 0.32 2,930,000 924,200 TRANSPACIFIC BR 2GO GROUP 7.51 7.75 7.51 7.8 7.51 7.75 10,700 80,967 CHELSEA 1.62 1.64 1.61 1.65 1.61 1.64 238,000 388,920 CEBU AIR 41 41.2 40.5 41.4 40 41.2 132,800 5,410,005 INTL CONTAINER 198.9 199.5 193.8 199.8 193.4 199.5 570,190 112,926,060 LBC EXPRESS 21.85 23 22.55 22.55 22.5 22.5 2,300 51,765 LORENZO SHIPPNG 0.91 0.92 0.91 0.91 0.91 0.91 50,000 45,500 MACROASIA 5.2 5.24 5.1 5.26 5.07 5.24 602,700 3,092,257 0.85 0.86 0.87 0.87 0.86 0.86 36,000 31,020 HARBOR STAR ACESITE HOTEL 1.55 1.65 1.56 1.65 1.56 1.65 8,000 12,660 DISCOVERY WORLD 1.73 1.83 1.79 1.83 1.72 1.83 121,000 217,130 0.46 0.48 0.46 0.46 0.46 0.46 390,000 179,400 WATERFRONT CENTRO ESCOLAR 6.5 6.95 6.96 6.96 6.96 6.96 200 1,392 FAR EASTERN U 535 550 550 550 550 550 20 11,000 IPEOPLE 6.98 7.54 6.98 6.98 6.98 6.98 100 698 STI HLDG 0.315 0.345 0.34 0.345 0.315 0.315 3,270,000 1,036,900 BELLE CORP 1.33 1.35 1.32 1.33 1.32 1.33 1,518,000 2,003,940 BLOOMBERRY 6.34 6.35 6.1 6.35 6.09 6.35 2,020,200 12,721,273 PACIFIC ONLINE 1.77 1.81 1.77 1.77 1.77 1.77 1,000 1,770 LEISURE AND RES 1.42 1.46 1.46 1.46 1.41 1.41 5,000 7,150 PH RESORTS GRP 0.73 0.74 0.72 0.76 0.72 0.74 270,000 199,060 0.43 0.435 0.43 0.435 0.43 0.435 720,000 310,450 PREMIUM LEISURE 5.75 6.63 5.75 5.75 5.75 5.75 20,000 115,000 PHIL RACING PHILWEB 1.84 1.89 1.81 1.9 1.81 1.89 193,000 362,960 ALLDAY 0.59 0.6 0.59 0.61 0.59 0.6 35,518,000 21,138,290 5.4 5.58 5.31 5.4 5.31 5.4 33,900 181,956 BERJAYA 8.83 8.84 8.7 9.19 8.6 8.84 1,320,100 11,773,671 ALLHOME METRO RETAIL 1.4 1.42 1.44 1.44 1.4 1.4 605,000 847,250 PUREGOLD 36.55 36.75 36.75 37.4 36.55 36.55 2,657,300 98,252,495 ROBINSONS RTL 57.05 57.1 55.5 57.8 55.5 57.05 988,490 56,443,699 PHIL SEVEN CORP 86.1 90 90 90 86 86 8,800 759,290 SSI GROUP 1.07 1.09 1.06 1.09 1.06 1.07 2,153,000 2,321,240 WILCON DEPOT 29.8 29.95 29.95 30.3 29 29.8 1,818,200 54,072,960 0.226 0.236 0.236 0.236 0.236 0.236 10,000 2,360 APC GROUP EASYCALL 4 4.2 4 4.2 4 4.2 8,000 33,000 IPM HLDG 6.9 7 7 7 7 7 1,500 10,500 MEDILINES 1.07 1.09 1.07 1.13 1.04 1.07 8,571,000 9,258,810 0.495 0.5 0.5 0.5 0.49 0.495 7,362,000 3,629,385 PRMIERE HORIZON MINING & OIL

ATOK 6.4 6.7 6.28 6.7 6.28 6.7 521,000 3,432,448 APEX MINING 1.6 1.61 1.53 1.61 1.53 1.61 3,016,000 4,794,580 ATLAS MINING 6.03 6.05 6 6.06 6 6.05 590,600 3,562,676 BENGUET A 5.03 5.25 5.02 5.02 5.02 5.02 1,000 5,020 BENGUET B 4.85 5.06 4.85 4.85 4.85 4.85 1,000 4,850 CENTURY PEAK 2.7 2.75 2.7 2.78 2.52 2.78 412,000 1,085,640 2.09 2.1 2.04 2.1 2.02 2.09 1,253,000 2,600,840 FERRONICKEL 0.183 0.2 0.183 0.183 0.183 0.183 20,000 3,660 GEOGRACE LEPANTO A 0.138 0.139 0.132 0.139 0.13 0.139 4,510,000 594,080 LEPANTO B 0.13 0.134 0.138 0.138 0.134 0.134 180,000 24,320 MARCVENTURES 1.26 1.28 1.28 1.32 1.25 1.26 1,760,000 2,256,940 1 1.02 1 1.02 1 1.02 6,000 6,060 NIHAO NICKEL ASIA 5.1 5.13 5.07 5.15 5.05 5.1 1,280,500 6,531,497 ORNTL PENINSULA 0.77 0.79 0.75 0.78 0.75 0.78 597,000 454,020 PX MINING 5.12 5.14 5.06 5.14 5.05 5.14 333,200 1,688,522 SEMIRARA MINING 24.15 24.2 23.6 24.4 23.1 24.15 2,814,100 67,152,525 UNITED PARAGON 0.007 0.0072 0.0065 0.0073 0.0065 0.0072 74,000,000 517,900 ORNTL PETROL A 0.01 0.011 0.011 0.011 0.01 0.01 6,900,000 70,400 ORNTL PETROL B 0.01 0.011 0.01 0.01 0.01 0.01 100,000 1,000 0.0095 0.0098 0.0096 0.0096 0.0095 0.0095 9,000,000 85,600 PHILODRILL PXP ENERGY 5.8 5.99 5.85 5.99 5.78 5.8 170,900 1,000,355 PREFFERED HOUSE PREF B 99.9 100.9 100 100 100 100 11,630 1,163,000 ALCO PREF D 512 525 512 512.5 512 512.5 900 460,850 BRN PREF A 102.2 104 104 104 104 104 400 41,600 CEB PREF 40.5 41 40.5 40.95 40.5 40.5 63,000 2,563,150 DD PREF 100.8 101.9 101.9 101.9 100.8 100.8 11,730 1,182,538 EEI PREF A 102.1 104.9 102.3 104.9 102 102.1 22,500 2,307,610 EEI PREF B 105.5 106.5 106.3 106.8 105.5 106.8 82,950 8,761,474 102.1 105.2 105.2 105.2 105 105.2 10,500 1,104,500 FGEN PREF G GTCAP PREF A 1,011 1,030 1,030 1,030 1,030 1,030 6,050 6,231,500 98.5 101 100.5 101 100.5 101 1,570 158,070 MWIDE PREF 2B PNX PREF 3B 100.9 101 101 101 101 101 1,750 176,750 PNX PREF 4 995 998 998 998 998 998 370 369,260 PCOR PREF 3A 1,034 1,060 1,060 1,060 1,060 1,060 20 21,200 PCOR PREF 3B 1,090 1,119 1,110 1,110 1,090 1,090 180 198,450 SMC PREF 2F 79.05 79.65 79 79 79 79 34,970 2,762,630 SMC PREF 2H 76.1 76.5 76.05 76.1 76.05 76.1 4,500 342,300 SMC PREF 2I 78 78.9 78.6 78.8 78.6 78.8 46,570 3,667,202 SMC PREF 2J 76.45 77 76.5 76.5 76.5 76.5 28,110 2,150,415 SMC PREF 2K 75.85 76.5 76 76.9 75.85 75.85 1,310 99,530 TECH PREF B2C 51 52 51 51 51 51 210,000 10,710,000 53.55 53.6 53.55 53.55 53.55 53.55 1,000 53,550 TECH PREF B2D PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 12.12 13 13.46 13.46 13 13 1,600 21,076 GMA HLDG PDR 13.16 13.5 13.14 13.3 13.14 13.16 43,900 579,856 WARRANTS TECH WARRANT 0.83 0.84 0.8 0.84 0.8 0.84 636,000 523,750

19,446,659 15,817,787.50 47,003,769.50 -104,640 -202,171 42,261,882 709,752.50 6,400 21,020 13,000 -33,221,922 -5,320,885 -46,460 4,135,955 -2,448,949.50 11,371,530 -7,177,360 894,940 -3,283,640 -779,850.00 49,868 -146,280 611,330.00 -2,277,345 8,280,601 6,940,346 -5,841,781 74,800 723,553 -86,428,474 479,490.00 94,380 -115,635 36,207,900 -1,330,699 643,220 4,550 5,555,441 -29,840 295,404 4,248 -849,331 86,720 -56,100 -188,470 615,350 914,914 646,180 1,496,600 -1,868,560 -63,450,765 3,115,612 -36,130 2,019,974.00 807,827 -78,611,070 12,826,472 -15,000 2,026,448 -6,321,110 -45,517,180 -5,360,559 27,000 -33,468,355 -519,167 -3,840 8,272,110.50 -50,700 10,950 -61,990 -11,900 21,955 422,130 315,000 10,169,607 2,660,680 -24,520 52,200 544,000 -385,810 140,270 -1,500 -1,238,000 5,935,548 51,566 47,990,060 -57,190.00 1,989,590 -41,884,700 -63,460,170 370,220.00 58,314,695 8,020,200 3,480.00 -25,600 -1,216,395.00 6,469,612 2,255 -1,057,843 10,980 -1,960,050 3,031,804 1,460 -42,560 4,300 -82,700 -2,680 6,873,506 -700,040 -23,935,425 21,786,189 -56,850 -290,860 -17,543,195 110,110 -49,550 -22,440 312,100 91,000 937,540 1,136,320.00 51,200 -192,844.00 -157,582.00 4,769,510 95,700 -2,359,350 6,231,500 - 13,000 -39,420 -160,720

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

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

SMALL & MEDIUM ENTERPRISES

ALTUS PROP ITALPINAS KEPWEALTH MERRYMART

19 1.17 2.88 2.32

19.84 1.19 2.89 2.33

EXHANGE TRADE FUNDS

FIRST METRO ETF

108.4

109

18.8 1.12 2.88 2.31

19.88 1.19 2.88 2.35

18.8 1.12 2.88 2.3

19 1.17 2.88 2.33

16,300 591,000 29,000 2,198,000

308,628 685,500 83,520 5,100,360

23,040 312,940

107.5 109 106.8 108.4 9,550 1,027,804 178,208

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Banking&Finance

Rising cases, Fed signal sway securities buyers

HE national government raised P15 billion in treasury bills (T-Bills) amid an increase in investor appetite for bills with short tenors, according to the Bureau of the Treasury (BTr). National Treasurer Rosalia De Leon told reporters after the auction last Monday that the market “flocked to short tenors given rising [Covid-19] cases and [the] Fed’s [US Federal Reserve] imminent aggressive rate hikes.” Based on Treasury’s data, the government raised P5 billion from the 91-day T-bills. The total bids received reached P23.7 billion. The Treasurer admitted there was a “bias toward short term tenors.” The market was also expecting additional liquidity from the P25-billion redemption this week.” Monday’s auction saw bids for the T-bills nearly 5-times oversubscribed as total submitted bids reached P73.6 billion. The auction saw the securities fetching lower average rates at 0.969 percent for the 91-day T-

bills, 1.121 percent for the 182-day papers and 1.468 percent for the 364-day notes. “Full award with high bid to cover and lower rates offered,” De Leon said explaining investors’ mood was also swayed as “December inflation dropped to 3.6 percent. In terms of the 182-day T-bills, the government also raised P5 billion while the total bids submitted reached P24.98 billion. For the 364-day notes, the government raised P5 billion but received total bids of P24.9 billion. The government was able to trim outstanding debt to P11.93 trillion (as of end-November last year). Nonetheless, that is still beyond the government’s expected level of P11.73 trillion for 2021. Latest data released by the Treasury showed that the current debt stock dipped by P39.7 billion or 0.3 percent from P11.97 trillion as of end-October, mainly due to the net redemption of domestic securities and favorable foreign exchange rates. Cai U. Ordinario

set) unveiled a historical marker on the Binondo Business Center of China Banking Corp. in time for the bank’s 101st anniversary celebration. The site of the bank’s original headquarters in 1920s at the corner of Juan Luna and Dasmariñas Streets, the Binondo Business Center successfully underwent a restoration project, gaining the National Museum’s certification as an important cultural property and the National Historical Commission of the Philippines’s nod marking the Binondo business center as a heritage site. With Diokno are executives of China Bank. Photo courtesy OF China Banking Corp.

Fed hike frenzy sends global yields surging

rates in October got beat up when yield-curve control was scrapped. But it’s a new year now, and omicron is with us, big time, so some investors may consider wading back in to buy bonds here.” Treasuries extended losses from the London open, with 5-year yields rising as much as four basis points to 1.54 percent, the highest level in two years. US yields had jumped across the curve on Friday after the release of December’s payroll data. Bond investors are being whiplashed globally as central banks take steps to remove extraordinary stimulus across developed economies. Australia’s yield spiked up in late October after third-quarter data showed underlying inflation was faster than economists predicted. The yield on the April 2024 bond climbed as high as eight times the RBA’s stated target of 0.1 percent for the security under its yield-curve control policy, convincing it to scrap the program at its November meeting. Bloomberg News

By Cai U. Ordinario

@caiordinario

HE Bureau of Customs (BOC) raised P1.5 billion (about $29.2 million at current exchange rates) in additional revenues through post-clearance audits the agency conducted last year.

According to the Post Clearance Audit Group (PCAG), the amount was part of the 349 audit notice letters it issued and was 25-percent higher

than revenues collected from the previous year. The group is optimistic it will be able to legally collect more revenues

V-shaped rebound

“THE reason behind the rise is likely that banks have got sufficient loan projects at hand, so that they no longer need to swap the bills with each other at a loss to meet the lending quotas,” Sealand Securities Co. analysts led by Jin Yi wrote in a Monday note. For loans based on banker’s acceptances maturing in one or three months, the interest rates rose to above 2.68 percent Thursday, the figures show, the highest since the end of June, according to data compiled by Changjiang Securities Co. For loans based on bills maturing in six months, the interest rate has

from post-clearance audits with pending status from 2019 to 2021. The PC AG stated there are 55 demand letters amounting to P12.47 billion, which have become final and executory for failure of the audited importers to contest the same. The BOC said these are now being referred to the agency’s lawyers for filing of the necessary collection suit. The PCAG, headed by Assistant Commissioner Vincent Philip C. Maronilla, and the BOC under the leadership of Commissioner Rey Leonardo B. Guerrero, emphasized the importance of post-clearance audits and the additional revenues

these generate especially as the nation continues to address the impact of Covid-19 on the economy and the people’s health. Last year, the BOC raised P1.2 billion as part of the 168 audit notice letters issued for 2020. At the start of 2021, there were 26 demand letters being collected amounting to an estimate of P12 billion, 18 amounting to P5 billion that were undergoing motion for reinvestigation and/or reconsideration that time. There were also eight demand letters amounting to P6.9 billion that remained unpaid and was for referral to the BOC’s legal service for filing of a collection suit.

Nat Re repeatedly feted as Asia’s best reinsurer

Re quoted the CMG as saying. The awards considered companies’ “business successes, investment in talent, innovation, digital capabilities, client support, CSR [corporate social responsibility],” as well as how they went “above and beyond the call of duty.” According to Nat Re, it was also recognized as the “Most Reliable Reinsurer of the Year Asean 2021” at the “World Business Outlook Awards.” Earlier in 2021, Nat Re reaped the following accolades: “Best Reinsurance Service Provider;” “Reinsurer of the Year Asia;” and, “Best Reinsur-

ance Company Asia 2021” by several publishing groups outside the Philippines. In corporate governance, Nat Re was also named by the Institute of Corporate Directors group as one of the country’s “Top 15 Insurance Commission-Regulated Companies” out of a 119 total, winning with two “Golden Arrows” for its good corporate governance practices, based on the “Asean Corporate Governance Scorecard.” Nat Re said it also received the “Best Corporate Governance (Reinsurance) award at The Global Eco-

nomics Awards (Insurance Category)—the only Philippine awardee in the said category in 2021. “We at Nat Re are honored to receive all these recognitions from local and international awarding bodies in 2021. They are a testament to the hard work and dedication put in by our company during a most challenging year,” Nat Re President and CEO Allan R. Santos was quoted in a statement as saying. “Guided by our purpose, we will continue delivering the best reinsurance solutions and championing the goals of our stakeholders.”

Fintech start-up Pine Labs SSS to give calamity aid eyes $500M in US IPO to ‘Odette’-hit members

INE Labs Pvt, an Asian digital payments provider backed by Sequoia India and Mastercard Inc., is moving ahead with preparations for a US listing and seeks to raise about $500 million, according to people familiar with the matter. The company has filed confidentially with the US Securities and Exchange Commission for an initial public offering in New York as soon as in the first half of this year, the people said. The listing could give Pine Labs a valuation of about $5.5 billion to $7 billion, they said, asking not to be identified because the matter is private. Goldman Sachs Group Inc. and Morgan Stanley are the lead banks on the deal, the people said. Considerations are ongoing and details such as the size and timing could still change, the people said. A representative for Singaporebased Pine Labs didn’t respond to requests for comment, while representatives for Goldman Sachs and Morgan Stanley declined to comment. Bloomberg News reported in August that Pine Labs is considering an IPO in 2022. Led by Chief Executive Officer mrish Rau, the company in July raised about $600 million from investors including Fidelity Man-

agement & Research Co. and BlackRock Inc., according to a statement. The company said it was targeting a public offering within 18 months and has been operationally profitable for several years—a rarity among the new crop of Indian fintechs. The startup, which offers solutions for in-store and online payments as well as prepaid, loyalty and “pay later” programs, is valued at $3 billion, Rau said at the time. The deal was followed by an additional $100 million in funding from Invesco Developing Markets Fund. It also counts Temasek Holdings Pte, PayPal Holdings Inc. and Actis Capital among its other investors. India’s largest commercial bank, the State Bank of India, invested $20 million in the startup earlier this month. Pine Labs serves over 150,000 merchants in India, the Middle East and Southeast Asia. The company has expanded both organically and via acquisitions including consumer fintech platform Fave last year. The digital payments gateway and commerce platform, whose main operations are in India, supports payments for enterprise customers including Apple Inc., McDonald’s Corp. and Starbucks Corp. Bloomberg News

Chinese interbank rates signal pick-up in loans to firms

HINESE banks are scaling back loans to each other in a sign that they are likely lending more to companies and households as they tend to do at the start of each year. The interest rate Chinese banks paid to borrow from other banks using corporate paper as collateral climbed above 2.6 percent late last week, according to data from the Shanghai Commercial Paper Exchange. That rate fell to near zero levels last month as banks vied to lend money to each other to meet government quotas, and rising rates may indicate that financial institutions are now making more actual loans instead.

Editor: Dennis D. Estopace • Tuesday, January 11, 2022

BOC raises additional ₧1.5B from post-clearance audits

HE National Reinsurance Corp. of the Philippines (Nat Re) announced it capped 2021 on a high note as it was honored by a Singaporean publisher with a top region-wide award, along with other awards from other organizations. The country’s national reinsurer was named “Asean [Association of Southeast Asian Nations] Reinsurer of the Year during the excellence award of a division of the Charlton Media Group (CMG). “The awards are designed to recognize the most talented people and firms across the region,” Nat

MARK OF HISTORY Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno (center and in-

OND yields are soaring globally in line with Treasuries as investors preparing for the first Federal Reserve interest-rate hike of the pandemic era set aside concern the outbreak will slow their already fragile economies. Australia’s bond market—already a focal point during last year’s global spike in yields—is busy selling off even as a spiraling omicron outbreak pushes analysts to further trim forecasts for the nation’s economic growth. The rout Down Under comes as traders bet the Reserve Bank of Australia will follow the Fed in raising rates, despite expectations inflation in the smaller economy will be well below the elevated US levels. “The contrast between a hawkish Fed and the more cautious RBA approach should mean there’s scope for Australian bonds to outperform,” said Andrew Ticehurst, rates strategist at Nomura Holdings Inc. in Sydney. “There may be some reluctance after those who went long Aussie

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rebounded to 2.67 percent, which is the highest since early July, according to Changjiang. With the economy facing the challenges of a slumping housing market, sluggish consumption and increasingly widespread Covid outbreaks, China’s central bank has vowed greater support for growth. Over the past month the People’s Bank of China has cut the amount of cash banks need to keep in reserve, guided lenders to lower a benchmark lending rate, and regulators also called on banks to increase loans to the property sector in the first quarter to ease

a liquidity crisis. The government is also stepping in, pushing faster sales of infrastructure bonds to pay for spending and reportedly encouraging state-owned property firms to take market share from stressed rivals to limit the spread of contagion from the debtstricken industry. Fitch Ratings Ltd. expects China’s loan growth to reach about 12 percent this year, a similar level to 2021, on the back of a “gradual” recovery in mortgage and lending to real estate developers, more credit extended to small firms and infrastructure, as well as green loans. Bloomberg News

HE Social Security System (SSS) announced last Monday it will offer a calamity assistance package to members and pensioners affected by Typhoon Odette starting January 14, 2022. The SSS said it has allotted P2.18 billion for the implementation of the calamity assistance package, which will benefit an estimated 236,509 active members and pensioners in the typhoonaffected areas. SSS President and CEO Aurora C. Ignacio was quoted in a statement as saying that the package consists of a calamity loan assistance program (CLAP) and direct house repair and improvement loan (DHRIL) for members and the 3-month advanced pension for pensioners in areas affected by Typhoon Odette as declared by the National Disaster Risk Reduction and Management Council (NDRRMC). Members and pensioners in Mimaropa, Western Visayas, Central Visayas, Eastern Visayas, Northern Mindanao and Caraga, as well as other areas that may be declared by the NDRRMC to be under the state of calamity due to typhoon, can avail of the package, the SSS said. “It is unfortunate that the recent typhoon affected the daily lives and livelihood of our members and pensioners in these several areas,” Ignacio was quoted as saying. “Through the SSS calamity assistance package, we can extend financial aid to our members and pensioners as they try to recover from the effects of Typhoon Odette.” SSS said it will offer the CLAP for its members and the 3-month Advance Pension to its pensioners until April 13, 2022. Meanwhile, the DHRIL will be open to qualified members for one year upon issuance and effectivity of SSS Circular 2021-020.

CLAP

THE SSS said that under the CLAP, qualified members can avail of a loan amount equivalent to 1-month salary credit (MSC) computed based the average of their last 12 monthly salary credits (MSCs) rounded up to the nearest thousand or the amount they applied for, whichever is lower. To qualify, affected members must meet the following requirements: n Have a My.SSS account; n Have at least 36 monthly contributions, six of which should be posted

within the last 12 months before the month of filing of application; n A resident of a calamity-stricken area declared by the NDRRMC and suffered damage or loss to their properties due to Typhoon Odette; n Have not been granted any final benefit such as permanent total disability or retirement; n Have no outstanding Loan Restructuring Program (LRP) or CLAP; and, n If employed, the member’s employer must certify the CLAP application through online My.SSS facility. Interested members can apply for CLAP using their respective My.SSS account. Approved loan proceeds will be credited to member-borrower’s account through the members’ registered Unified Multi-Purpose Identification (UMID) – Automated Teller Machine (ATM) Card, their active accounts with a Philippine Electronic Fund Transfer System and Operations Network (PESONet) participating bank, or their Union Bank of the Philippines (UBP) Quick Cards registered in the Disbursement Account Enrollment Module (DAEM), which can be found on their My.SSS accounts. The loan is payable in equal monthly installments for 24 months or two years. It has an interest rate of 10 percent per annum and the service fee of 1 percent of loan amount is already waived. The first loan amortization will start in the second month following the date of the approval of the loan. For example, their loan was approved on January 21, 2022. They will start paying their loan amortization by March 2022. On the other hand, the loan’s payment deadline is every last day of the month following the applicable month, but in case it falls on a weekend or holiday, payment may be made on the next working day. Late payments will incur a 1 percent penalty per month.

Advance pension

Retirement, disability and survivor pensioners under the social security program and disability and survivor pensioners under the Employees’ Compensation (EC) program pensioners may apply for a 3-month advance pension. Interested SS and EC pensioners must be residents of the typhoon-affected areas declared by NDRRMC.

Tuesday, January 11, 2022 • Editor: Gerard S. Ramos

Art

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Today’s Horoscope

❶ To Own What Was Lost, Tammy de Roca

By Eugenia Last

❷

Angle of Reflection, Annie Pacaña

CELEBRITIES BORN ON THIS DAY: Amanda Peet, 50; Mary J. Blige, 51; Kim Coles, 60; Naomi Judd, 76. Happy Birthday: Embrace change, and turn your ideas into opportunities. Take the plunge, and live up to your expectations. Step outside your comfort zone. Trust yourself, not someone else. Make this year memorable, and you'll gain insight into who you are and what you can do. Let your imagination lead the way and your intuition keep you on track. Your numbers are 9, 17, 20, 26, 31, 39, 45.

❶

➋

‘It is here in my heart and mind and memories’ strictly by appointment only.

“When I think of death, and of late the idea has come with alarming frequency, I seem at peace with the idea that a day will dawn when I will no longer be among those living in this valley of strange humors. I can accept the idea of my own demise, but I am unable to accept the death of anyone else. I find it impossible to let a friend or relative go into that country of no return. Disbelief becomes my close companion, and anger follows in its wake. I answer the heroic question, ‘Death where is thy sting?’ with ‘It is here in my heart and mind and memories.” —Maya Angelou, Wouldn’t Take Nothing for My Journey Now

nyone who has had to deal with the loss of a loved one understands the weight of these words. The inconsolable grief. The debilitating void. Two artists draw from their experiences and explore the theme in separate presentations at Mono8 Gallery. The pair of solo exhibitions were extended until January 14 as Metro Manila was put under Alert Level 3. Visits to the gallery are

Tammy de Roca, ‘In the Next Lifetime, We Will Meet Again’ Visual artist Tammy de Roca reaches beyond colors in creating images. She uses textures— elements that the eyes can feel—to carve depth and meaning in her paintings, sculptures and other artistic expressions. In her latest solo show, De Roca continues with her series of landscapes and seascapes using texture. These places, these scenes are but figments of the artist’s imagination, envisioned as locations where she can reconnect with her departed loved ones. It’s a list that includes her late grandfather, whose birthday coincided with the day of the show’s opening. In the Next Lifetime, We Will Meet Again thus presents poignant sceneries that reflect and evoke a gentle sense of longing, where the waves crash softly on embracing rocks. This is especially felt in the pieces pensively titled And Enough as well as And I Hope This is the Ending We Were Hoping For. Annie Pacaña, ‘No Words’ Where most feel grime and hear a cacophony of car horns, Annie Pacaña sees something else. The resident of Metro Manila “aestheticizes the visual chaos” in the capital by capturing and presenting image projections as abstract illustrations. In No Words, the artist probes the duality of the meaning of reflection. The first explores the theme as a law of physics, with artworks produced from Pacaña’s analysis of how light falls on a

plane in terms of how the work may be viewed and interpreted. Her second play on reflection is as a thought process. The artist explains in the show’s exhibition note that she used to count cars passing by with her father for feasibility studies for putting up gasoline stations. “His sudden passing [last] year brought me back to that moment of watching cars go by and marking a line for each,” the artist writes. “A line for each that passed in front of me in a moment, until numbness sets in. What do we gain in every loss and what do we lose in every gain?” The artist then dissected one of her presented works, Angle of Reflection, which involves a single wall projection and its multiple reflections on a pool of windshields. The resulting, abstracted image projected is a processed experience from photographs she took of wires laid down in an infinity loop on the street. She says the work presents “that bewildering moment and all that I have been through in recent years.” “No matter what, we persist with all the learnings in tow,” she writes. “...The viewer may stay awhile, watch and reflect. A space of contemplation is offered for those who have been tested.” Next up on Mono8 Gallery are solo exhibitions featuring three young artists: Victoria, whose practice is influenced by analytical cubism and abstract expressionism; Jem Magbanua, who explores how places and people shape each other’s conditions through mutual points; and Veronica Lazo, whose works serve as commentaries that respond to the contexts of the times.

Art exhibit to benefit Typhoon Odette survivors The Araneta Group’s J. Amado Araneta Foundation (JAAF) and Gateway Gallery bring together 16 local artists for A Time to Build, a group art exhibit for the victims of Typhoon Odette. It features 30 artworks, with one sculpture and 29 two-dimensional works such as photos, ink drawings, and multimedia works. The title was inspired by the Biblical verse Ecclesiastes 1-3: “To everything, there is a season, and a time for every purpose under heaven: a time to be born and a time to die, a time to plant and a time

to uproot, time to kill and a time to heal, a time to break down and a time to build.” Participating artists for A Time to Heal are Gari Apolonio, Glenda Carlota, Diane Romero, Jenny Cortes, Joseph Espino, Lea Zoraina Lim, Anna Lumpas, Ian Maigan, Perfecto Mercado, Chressa Yee Rufon, Elisa Certeza Rufon, Wilfredo Rufon, Peter Samillano, Noel San Andres, Pete Velasquez, and Wencyl Mallari. The exhibit was opened for public viewing at the Gateway Gallery (5th Floor Gateway Tower, Araneta

City). The exhibit catalog is available upon request, and proceeds of artwork sales will be donated to the typhoon victims. JAAF is the social development arm of the Araneta Group dedicated to the vision and legacy of the company’s founder. It manages Gateway Gallery, Araneta City’s art museum devoted to the promotion of Philippine culture, heritage, and art. More information about the exhibit is available via 8588-4000 local 3800.

ARIES (March 21-April 19): Monitor the changes going on around you. Don't make a move until you feel comfortable. Choose intelligence and practicality over being first. Focus on getting things right the first time. Take better care of your health and wellbeing. HHH

TAURUS (April 20-May 20): You'll have trouble making up your mind. Don't expect others to agree with you or offer help without getting something in return. Put more effort into the way you look and present what you have to offer. Romance is featured. HHH

GEMINI (May 21-June 20): You'll have the right idea, but getting others on board won't be so easy. Don't waste time trying to convince others to see things your way. Move forward alone, and let your achievements speak for you. HHH

CANCER (June 21-July 22): Partner with someone who has as much to contribute. The changes you bring about will encourage you to expand your knowledge and skills to keep up with trends. Time spent with someone you love will enhance your relationship. HHHH

LEO (July 23-Aug. 22): Concentrate on what you want to achieve. Physical action will be rewarding and ensure that you get things done to your specification. Refuse to let someone take over or disrupt your plans. Reap the rewards by doing your own thing. HH

VIRGO (Aug. 23-Sept. 22): Go where the action is, then listen and observe. The information you receive will help you decide on your next move. Don't let someone disrupt your plans. Go about your business, and let others do as they please. HHHHH

LIBRA (Sept. 23-Oct. 22): Resolve financial and domestic matters. Think outside the box, and you'll come up with a plan that will save you money and encourage a positive change. Do what's best for you, regardless of what others say and do. HHH

SCORPIO (Oct. 23-Nov. 21): Do what you need to do. If you are wishy-washy, you'll confuse others, making it more difficult to finish what you start. Be open to suggestions, and do the legwork necessary to make beneficial adjustments. Romance is favored. HHH

SAGITTARIUS (Nov. 22-Dec. 21): Don't mess around when it comes to the facts. Spell out precisely what you want to say, and when someone gives you a hazy response, ask direct questions. Find out where you stand, and make decisions based on facts. HHH

CAPRICORN (Dec. 22-Jan. 19): Consider your options and do your homework. Have a goal in mind. Carving out a path that will make your every move count will ease stress and build confidence. Verify and process information before you act on it or pass it along. HHHHH

AQUARIUS (Jan. 20-Feb. 18): Sit tight and listen carefully. Don't pass along information if you can't verify the facts. Consider what you can do to make a difference. Volunteer for a cause you believe in or reach out to someone who needs help. HH

PISCES (Feb. 19-March 20): Less talk and more action will help you gain momentum. The way you handle others will display your nerve to be a leader. Stop worrying about what others think; do what you know is the right thing to do. HHHH Birthday Baby: You are energetic, creative and persistent. You are confident and helpful

Universal Freestyle 2 by Billy and Molly Bratton The Universal Crossword/Edited by David Steinberg ACROSS 1 Breakbetween notes 5 Features of feet 9 "Como estas?" response, often 13 The fossil Big Al, once 16 Indie pop singer Parks 17 Hypothetical body beyond Pluto 18 Grain tower 19 Audio player 20 Relates (with) 22 Just slightly cooked 23 Big cheese 24 “That's false!” 27 Whip up 28 Librarian's rebuke 29 L.A.’s region 31 Plucked instruments 33 Usher in? 35 ___ and true 37 Shade darker than turquoise 38 Passion 40 Map close-up 42 The record-holding cat Creme Puff's was 38 years

3 Sign the back of 4 45 Made embarrassed 47 Prepare, as a factory 48 Orange skin 49 Con artists' accomplices 50 Their tails have scales 54 Mani's partner 55 Online blurb that may include your pronouns 57 He was trapped in a net with Aphrodite 58 Where to “find” the McCrepe 59 ___ lover's pizza 60 Necklace bit 61 Recipe division DOWN 1 Laser-focused 2 Spanish for “she” 3 High-five noise 4 Exfoliation products 5 Spud nugget 6 Eighth of a cup 7 "Red" Viking

8 Early riser? 9 Layer under nail polish 10 Liqueur invented in Dublin 11 Actor who appeared on Time’s cover with the quote “I’m fully who I am” 12 Apt time given this clue's number 14 Family cars, often 15 Placed atop 21 Twelfth of a foot 23 Young adult novel in which campers dig 24 Rae of The Hate U Give 25 “You’ll be OK” 26 “That's news to me!” 27 Michael of The Muppet Christmas Carol 30 Like a good apple 32 Snow day transport 34 One lets you earn checks for doing chores 36 Left in the lurch 39 It's called in class 41 NYC museum in Ocean’s Eight

4 Oxidizes 4 46 Security devices 48 Jordanian city named one of the New Seven Wonders of the World 49 Flood with messages 50 Trackpad alternatives 51 “A likely story!” 52 Have a nice meal 53 Miso dish 56 Caught in a ___ of lies Solution to today’s puzzle:

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Golden Globe Awards carry on, without stars or a telecast By Lindsey Bahr The Associated Press

If the Golden Globe Awards aren’t on television, will anyone care? That’s just one of the uneasy questions facing the embattled Hollywood Foreign Press Association, which was scheduled to proceed with its film awards Sunday night without a telecast, nominees, celebrity guests, a red carpet, a host, press or even a livestream. In a year beset by controversy, the self-proclaimed biggest party in Hollywood was reduced to little more than a Twitter feed. Members of the HFPA and some recipients of the group’s philanthropic grants gathered at the Beverly Hilton Hotel for a 90-minute private event starting at 9 pm ET Sunday. The names of the film and television winners were revealed to the world in real time on the organization’s social-media feeds and web site. Special emphasis, it was underscored, were given to their charitable efforts over the years. That the organization proceeded with any kind of event came as a surprise to many in Hollywood. The HFPA came under fire after a Los Angeles Times investigation revealed in February ethical lapses and a stunning lack of diversity— there was not a single Black journalist in the 87-person group. Studios and PR firms threatened to boycott. Tom Cruise even returned his three Golden Globes, while other A-listers condemned the group on social media. They pledged reform last year, but even after a public declaration during the 78th show, their long-time broadcast partner NBC announced in May that it would not air the 2022 Golden Globes because “change of this magnitude takes time and work.” The broadcaster typically pays some $60 million for the rights to air the show, which ranks among the most-watched awards shows behind the Oscars and the Grammys. Though often ridiculed, Hollywood had come to accept the Golden Globes as a legitimate and helpful stop in a competitive awards season. And for audiences around the world, it was a reasonably lively night, with glamorous fashion, major stars, the promise of champagne-fueled speeches, and hosts—from Tina Fey and Amy Poehler to Ricky Gervais—that regularly poked fun at the HFPA. After the NBC blow, it was widely expected that the HFPA would simply sit the year out. Hollywood studios and publicists also largely opted out from engaging with the group as they had in years past, with some declining to provide screeners of films for consideration. When nominees were announced last month, few celebrated publicly. This year Kenneth Branagh’s semi-autobiographical drama Belfast, about growing up during the Troubles, and Jane Campion’s The Power of the Dog, a gothic Western set in 1925 Montana with Kirsten Dunst and Benedict Cumberbatch, both received a leading seven nominations, including best picture. HBO’s Succession led the TV side with five nominations, including nods for best drama. Many A-listers got acting nominations as well, including Will Smith (King Richard), Kristen Stewart (Spencer), Leonardo DiCaprio (Don’t Look Up), Denzel Washington (The Tragedy of Macbeth), Ben Affleck (The Tender Bar) and Lady Gaga (House of Gucci). In a normal year, the nomination would be added to promotional campaigns and advertisements, but this year most chose to not acknowledge the nod. The press association claims that in the months since its 2021 show, it has remade itself. The group has added a chief diversity officer; overhauled its board; inducted 21 new members, including six Black journalists; brought in the NAACP on a five-year partnership; and updated its code of conduct.

Editor: Gerard S. Ramos

• Tuesday, January 11, 2022

Sidney Poitier: A trailblazing life in his own words By Jake Coyle

The Associated Press

EW YORK—As a trailblazing actor to generations of Black performers in Hollywood, Sidney Poitier often spoke about his larger off-screen role. Poitier, who died Thursday at the age of 94, entered the film industry at a time when portrayals of African Americans were generally stereotypical. But Poitier, who refused to play such caricatures, emerged as a matinee idol, an Oscarwinning actor and one of the most potent and graceful screen presences of his time, paving the way for countless who followed him. In interviews and in his 2000 autobiography The Measure of a Man, Poitier spoke and wrote about the hardships, responsibilities and importance of his historic ascent in Hollywood. Here are excerpts of Poitier in his own words through the years. “There was almost no frame of reference for us except as stereotypical, one-dimensional characters.... Not only was I not going to do that, but I had in mind what was expected of me—not just what other Blacks expected but what my mother and father expected. And what I expected of myself.... To walk through my life as my own man.”—From a 2000 interview with Oprah Winfrey. “OK listen, you think I’m so inconsequential? Then try this on for size. All those who see unworthiness when they look at me and are given thereby to denying me value—to you I say, I’m not talking about being AS GOOD as you. I hereby declare myself BETTER than you.”—From his memoir. “I felt very much as if I were representing 15, 18 million people with every move I made.”—From his memoir. “It’s a choice, a clear choice. If the fabric of the society were different, I would scream to high heaven to play villains and to deal with different images of Negro life that would be more dimensional. But I’ll be damned if I do that at this stage of the game.”—On playing heroic, altruistic characters, from a 1967 interview. “I can tell you what I think the flak was about. For a long time, I got all the jobs—one picture after another after another. And the roles I played were very unlike the average Black person in America at the time. The guy always had

President Barack Obama presents the 2009 Presidential Medal of Freedom to Sidney Poitier during ceremonies in the East Room at the White House in Washington on August 12, 2009.

a suit, a tie, a briefcase! He was a doctor, lawyer, police detective. Middle-class. The characters weren’t reflective of the diversity of Black life. I don’t know that I wouldn’t have had resentments myself, had I been an actor on the outside looking in.”—On criticism of his on-screen persona, from a 1995 interview with the Washington Post. “In the original script, I looked at him with great disdain and, wrapped in my strong ideals, walked out,” he wrote. “That could have happened with another actor playing the part, but it couldn’t happen with me.”—On returning a white man’s slap in 1967’s In the Heat of the Night, from his memoir. “I was happy for me, but I was also happy for the ‘folks.’ We Black people had done it. We were capable. We forget sometimes, having to persevere against unspeakable odds, that we are capable of infinitely more than the culture is yet

willing to credit to our account.”—On becoming the first Black actor to win an Oscar in 1964, from his memoir. “I was part of an influence that could be called paving the way. But I was only a part of it. I was selected almost by history itself. Most of my career unfolded in the 1960s, which was one of the periods in American history with certain attitudes toward minorities that stayed in vogue. I didn’t understand the elements swirling around. I was a young actor with some talent, an enormous curiosity, a certain kind of appeal. You wrap all that together and you have a potent mix.”—From a 1992 interview with the Times of London. “Those of us that go before you glance back with satisfaction and leave you with a simple trust. Be true to yourselves and be useful to the journey.”—Accepting the AFI Lifetime Achievement Award in 1992.

Dingdong Dantes showcases acting chops in ‘I Can See You: AlterNate’ 2020 Seoul International Drama Awards Asian Star Prize winner Dingdong Dantes is back on GMA primetime as he portrays for the very first time a dual role in the latest installment of the hit drama anthology I Can See You: AlterNate. The new miniseries, airing on January 10, narrates the story of a refined man whose marriage will be tested when his wife unknowingly cheats with someone who looks completely like him and is apparently his long-lost twin brother. “Isa ito sa mga pinakamahirap na nagawa ko talaga. Hindi lang siguro sa trabaho ko bilang artista pero sa buhay din in general dahil ang daming elemento na kaakibat ng experience na ito. Isa na diyan, first time ko na maka-experience ng mahabang lock-in taping and be away from my family for 30 days,” said Dingdong, who plays identical twins Nate and Michael. “Plus, the fact na mahirap yung [dual] role. Pero iyon din naman iyong hinihingi ko sa sarili ko kapag pumipili at nagko-commit ako sa isang bagay, ‘yung sana mas mahirap ‘to kaysa sa mga nagawa ko na in the past, in order to challenge myself as an actor. All other elements combined, yung hirap na ‘yun nag pay-off naman. Lumabas kami sa taping bubble nang very fulfilled dahil we were able to tell a compelling story in the context of a very challenging time,” he added.

Joining the stellar cast of I Can See You: AlterNate are dramatic actress Beauty Gonzalez as Sheila, Nate’s wife; seasoned actress Jackie Lou Blanco as Carmencita, Nate’s foster mother; versatile actress Joyce Ching as Angie,

Michael’s younger sister; and acclaimed actor and director Ricky Davao as Lyndon, Nate’s foster father. Top director Dominic Zapata, who helms the compelling miniseries, praised both Dingdong and Beauty for their acting dynamics: “This is the first time Dingdong and Beauty met and worked with each other. But since ganoon yung acumen nila sa kanilang craft, kaya nilang magbatuhan ng linya on Zoom, tapos kapag in-person na they allow it to organically form habang nangyayari yung eksena. It gets even better as the day progresses. Iyon ‘yung masarap panoorin. In fact, by the end of the lock-in, kahit ang hirap ng taping, nabitin ako. Kasi na-enjoy ko talaga. Hindi siya dumali in terms of the amount of work, but it’s just so enjoyable you forget na napapagod ka. If there’s a lot of joy and love, it shows in the work. Definitely, this is one of those projects where it’s evident.” I Can See You: AlterNate is under the supervision of GMA Entertainment Group Production heads led by Lilybeth G. Rasonable, SVP for Entertainment Group, and Redgie A. Magno, FVP for Drama. I Can See You: AlterNate airs at 8:50 pm on GMA’s prime-time block. Viewers abroad can also catch the program via GMA Pinoy TV. More information is available at www.GMANetwork.com.

Darryl Yap is in a league of his own

The irreverent and irrepressible filmmaker Darryl Yap turned 35 over the weekend and he continues to up the ante with every new project he commits himself to. Last year alone, he had around 10 titles to his credit, which included Pornstar 2, Barumbadings, Sarap Mong Patayin, Ang Babaeng Walang Pakiramdam, Gluta, Ang Manananggal na Nahahati ang Puso and one movie with megastar Sharon Cuneta, titled Revirginized. “For a few weeks during the last quarter of 2021, I was really bent on taking a short break from filmmaking so I can attend to my other passions, and I was continuously barraged by calls asking when I could start my next project,“ he told us. It was definitely not a case of burn out, because Yap’s energy cannot seem to get dissipated even when he is multitasking. He merely wanted to take a few steps back so he could see the bigger picture and plan ahead. Yap is not

only a rare creative and content genius but his business acumen is also sharp, strong and superior. He is aware that 2022 is the year of the elections and this is an area where his virtuosity can be maximized. He has millions of followers in his social-media accounts (his Vincentiments account has more than 6 million subscribers) and many politicos who are seeking government posts this May and their tacticians are running after Yap and those like him who are not just influencers but also strategists and concept executioners. “Oh, yes, choosing who to be associated with in the coming elections is not much different from choosing what movie I will do next. I need to like and understand the subject and be fully convince about the feasibility and the winnability of anything I will put my heart and mind and soul into,” he explained. We had the opportunity to get to know Yap last year and we continue to be impressed with his brilliant young mind, his spectrum of amazing ideas, his wit, his knowledge about both history and current events, his sense of family and his non-negotiable values. When at work, Yap has to like the people he is working with. “A healthy and fun environment is always a must on my set. The people, whether actors or production staff, should be pleasant, straightforward, respectful and team players. They should come in prepared. These are non-negotiables, ‘pag nag-attitude ka sa set ko, wala ng next time.” For 2022,

he has four projects that he is excited about: Seoulmeyt, Biglang Rich Bisaya, Buuba Jr., and Pokpok with a Purpose. When not at work, Yap values his alone time. He worked hard to reach whatever status he has at present. “I am

fortunate to be able to enter the big doors that opened for me and be able to seize the opportunities that came my way. I’m glad I was patient and focused and realistic, and I really worked hard. Whatever it is I am enjoying now is a manifestation of what I put to my mind years ago. Self-love is never wrong especially when one knows he worked hard for it. Mas satisfying kasi alam mong deserve mo. One trait of Yap’s that I admire is his love for his family. They are tucked away in quiet Zambales and Yap makes sure that they are comfortable in many aspects of their lives. Yap is also building a three-storey residential home for them in Olongapo City. He is also fond of dogs, which he says humans can learn a lot from. “Dogs love unconditionally. They give so much of themselves to their masters. They are loyal. He has a giant poodle named Bambino, a pair of American Cocker Spaniels named Promise and Precious, a Frenchie and a few other breeds. During the recent holidays, Yap quietly shared his blessings to many, especially to those he did not know but needed to be reminded that kindness and generosity are still prevalent even during these challenging times. And he continues to touch many people’s lives. Perhaps that is why he is blessed. Darryl Yap’s heart is in the right place. His mind is brilliant. He is fun. He is fierce. He is formidable. He is fearless. He is indeed in a league of his own.

B6 Tuesday, January 11, 2022

Bayani and Pag-Asa unveiled at DoubleDragon Meridian Park

OWERING 64 feet or about six storeys high, posted along the entrance of DoubleDragon Meridian Park, stands a refreshing new installation of public art depicting a figure of a young person named “BAYANI”. Not far down the road is another installation of public art waving at passersby along EDSA named “PAG-ASA”. Dedicated to the Filipino youth, the sculptures symbolize the future of the country as the young median age of the Philippine population is one of the key driving forces that fuel economic growth. It also symbolizes the aspiration of making the Philippines into one of the largest economies in the world within the next few decades. The ultra-modern stainless steel sculptures were designed by globally renowned Filipino artist Jefrë Figueras Manuel, also known as “JEFRË”. “The Filipino words BAYANI and PAG-ASA are a huge inspiration to create sculptures in this region of the Philippines. You need one and the other. The idea of a hero wouldn’t exist without hope and with hope, you can become a hero,” says Filipino artist JEFRË. “I believe that the Filipino youth have the potential to be recognized as active participants in worldwide activities, hence the globe for the head. They’re both composed of very hard metal that is polished and brushed to perfection - very much like the story of the Filipino youth,” added JEFRË.

These larger than life iconic sculptures are set to soon become a selfie destination and a national landmark along the Bay Area. Public art is a distinguishing part of the landscape and adds meaning to the DD Meridian Park development. With these installations, DD Meridian Park will have a stronger sense of place and identity. The company is confident that this landmark modern art tribute to the Filipino youth will be embraced and valued by the public and that they will identify and be inspired with the heroism and hope that it intends to impart. “We hope that this tribute to the Filipino youth, Bayani and Pag-asa, will in some way or another spark inspiration in our

hearts and minds to remind all of us that the Philippines has what it takes to become a highly prosperous first world country,” said DoubleDragon and DDMP REIT Inc. Chairman Edgar “Injap” Sia II The Philippine economy is forecasted to become one of the world's largest economy by 2050. The reasons cited are the young median age of the Philippine population as well as the geographic advantage, the natural resources advantage among other key elements. The future growth of the Philippines will be fueled by its young population. The Filipino youth armed with a deep sense of heroism and hope is expected to catapult the Philippines’ ranking jump higher among other countries in the World.

Garbage pickers, recyclers help win the war against plastic waste would otherwise be bound for landfills and dumpsites, trash is reduced.

Recycling to Survive: Miguel Sabaño

N one of the pioneering analyses of plastics, the world’s scientists calculated that humanity has produced 8.3 billion metric tons of plastic, 75% or 6.3 billion metric tons of which has become plastic waste. Along with discarded metal, rubber, paper and glass, the vast majority of plastics lie in landfills or float silently in our rivers, lakes and oceans. There’s so much plastic lying around that scientists are proposing this era to officially be termed the Anthropocene, an epoch completely dominated by humans marked on the fossil record not by fossilized bones, but plastic. Though humanity’s ability to produce waste still outstrips its ability to manage it, Pinoy waste pickers and junkshops are helping turn the tide in their own way in partnership with Environmental Management for the Seas of East Asia (PEMSEA).

The Picker: Sherwin Salazar

“THE best time to hunt for scrap is right after homeowners leave their garbage out, but before government collection trucks arrive, usually between 10PM to 7AM. The sooner you can pick through garbage for good finds, the better,” shares Sherwin Salazar, a 38year old mangangalakal or waste picker. Sherwin is a master of the trade, having been a waste picker for 25 years. His parents separated early, so he learned to fend for himself. While other kids dreamed of the latest toys or videogames, Sherwin ‘hunted for treasure’ in Cavite’s garbage dumps. He started with a big old sack that weighed so much before having his own

wooden kariton (pushcart). One day, he noticed a mambobote or bottle picker using a pedicab to haul heaps of bottles, prompting him to ask his boss, the junkshop owner, if they could invest in one. With the pedicab, he could finally visit villages to get the best items like broken washing machines, air conditioners and other appliances. The garbage of others – plus his own grit – allowed Sherwin to raise a family. “I’m not ashamed to be called a mangangalakal or basurero. I’m proud of it, because I was able to provide honorably for my family, while putting my children through school and bringing them to nice places.”

The Junkshop Owner: Arles Gozar

“TRASH is cash,” explains Arles Gozar, who runs the Angela Mae Junkshop in Dasmariñas. “I employ anywhere from nine to 15 people part-time to help pick and pack garbage that waste pickers bring here.” Every few minutes, a picker brings in choice pickings in exchange for cash at the junkshop. Most valuable of all is tanso or copper, sold at PHP355 per kilogramme (KG), followed by sibak or hard plastic (PHP15/KG), bakal or scrap metal (PHP14/KG), yero or corrugated iron sheets (PHP11/KG), bote or plastic bottles (PHP10/KG), lata or tin cans (PHP8/KG) and karton or cardboard (PHP4/KG). Junkshops like Arles’ provide a vital solution in the world’s quest to minimize waste – by recycling, upcycling or otherwise making use of items which

LIKE many people living in a shantytown called Tulay Kwatro at the northern tip of Kawit in Cavite, Miguel Sabaño, now 57, once relied on nearby brackish-water fishponds for food and livelihood. This changed when some of Cavite’s fishponds were converted into offshore gambling centers. Miguel and many others found themselves unemployed. “Now all we have are these scrap rubber tires,” he laments. Making use of their time when no better jobs like construction arise, Miguel and the residents of his community while away the hours ripping out endless rows of polyester or nylon threads which give motorcycle tires and inner tubes their pliable structure. Once cleaned, the tubes and tires sell for PHP20/KG. Being large and durable, rubber tires take anywhere from 50 to 100 years to decompose naturally. Instead of being dumped into landfills, they can be shredded and turned into chips, powder, cement or fuel. Used tires can also be turned into tables, chairs, garbage bins, plant pots, sandals and other useful products, providing further income for communities which can find creative uses for them.

PEMSEA’s Project ASEANO

PROJECT ASEANO aims to develop and promote sound and sustainable measures to reduce the impacts of plastic pollution and their implications on socioeconomic development and the environment. The project focuses on the city or municipal level, with Cavite’s Imus River as one of two project sites. The results of the project will be synthesized into an LGU training manual, toolkit and best practices handbook of policy, monitoring tools and technologies for plastics management that can be used as a reference by LGUs in Cavite, the rest of the Philippines, plus the entire ASEAN region.

PLDT Enterprise achieves Premier Partner status, expands agreement with Google Cloud

HROUGH its ICT arm ePLDT, PLDT Enterprise achieved Premier Partner status and recently earned Partner Expertise in Business and Professional Services, Energy and Utilities, Global Public Sector – Education, and Financial Services. ePLDT, one of the leading enablers of digital solutions in the Philippines, has also earned four more Expertise designations from Google Cloud, recognizing that it has demonstrated proficiency and has exhibited customer success through the combination of experience in a specific industry or product. ePLDT’s recently-earned Google Cloud expertise includes Business and Professional Services, Energy and Utilities, Global Public Sector – Education, and Financial Services. These show the company’s ability to meet Google Cloud’s customers evolving needs in today’s cloud-first world.

To date, ePLDT has Google Cloud Expertise in three main areas, including Product Technology, Solutions Portfolio, and Industry Verticals. These are composed of seven Google Cloud Expertise designations in Google Cloud Productivity, Work Transformation, Business and Professional Services, Energy and Utilities, Global Public Sector – Education, and Financial Services.

Elevate your home’s overall interior design and functionality with XTREME appliances

S Filipinos welcomed 2022, most of us are starting — or even began their annual home improvements — to adapt to the interior design trends of the year. With the past two years of a global pandemic which had been difficult for most of us, it is essential to create a space that is comfortable and effective. Luckily, these 2022 interior design trends resonate with this sentiment in creating a home that is more modern yet sustainable while enabling our personal style to lead the way. XTREME Appliances, the country’s leading one-stop shop appliance brand, is here to help you elevate your home’s overall interior design and functionality.

Multifunctional Spaces

AS the global pandemic has normalized the remote work setup, expect that working from home setup will remain a fixture in most Filipino households. Thus multipurpose room is still a must-have for this year. Having a comfortable working environment is essential, that’s why investing in premium quality airconditioners should be highly prioritized. XTREME Cool Split Type Inverter Aircon can do its job in providing a pleasant working space while saving electrical consumption of up to 60 percent. To achieve a more effective working space, having a 10L XTREME Home Coffee Machine is also highly recommended, especially to caffeine-lovers out there.

Neutral Colors

STICKING to something simple yet classy is a smart choice in solving your interior design dilemmas. If you want to retain your neutral-colored interior, XTREME Appliances offers a wide range of appliances that perfectly complement your vision for each part of your home. For your kitchen, opt for neutralfriendly appliances such as black, silver, or gray. The 90CM XTREME Home Gas Range boasts a classic aesthetic that fits just right in every design. You can add a 20L XTREME Home Microwave ‘Moon’ Oven and 6.5L XTREME Home Digital Fryer to

make your kitchen look attractive while requiring minimal effort. For your living room, watching your favorite Netflix show on your 65” XTREME Android TV won’t hurt your overall neutral look. In fact, this can add a little accent with its black frameless aesthetic.

Outdoor aesthetics

THIS year, enhancing your outdoor spaces might be best for you. Living in a global pandemic for nearly two years now is tiring and drowning, that’s why leveraging your outdoor space where you and your family can spend time together is a wise choice. Portable appliances such as the 10L XTREME Home Air Cooler can be beneficial for your outdoor chitchat since summer is coming in just a couple of months from now. You might want also to consider setting up your laundry space outdoor — just to expand your household’s living and kitchen space. Place your XTREME Cool Front Load Washer and Dryer in an openair area to achieve an ‘al fresco’ laundry moment — just make sure it is safe from any weather circumstances that may have a direct effect like heavy rain and direct sunlight.

Thematic Styles

ONE of the most challenging factors to decide upon is the overall theme of your house interior. For an industrial-looking interior, which capitalizes on metal, woods, and pipes, a combination of stainless steel, black or white will work perfectly. To match your industrial-looking household, the 1.9L XTREME Home Electric Kettle is a good choice for your kitchen countertop because of its stainless steel body. If you’re looking for an oven that complements your concrete-filled aesthetics, the 45L XTREME Home Electric Oven is an ideal cherry on top with its black metallic finish. Keep updated about XTREME Appliances. Follow its Facebook, Twitter, Instagram, TikTok accounts and join the official online community on Facebook, XTREME Fam. Visit XTREME on Website, Lazada, and Shopee e-commerce.

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

The World

China places Tianjin on partial lockdown after Omicron found

EIJING—The numbers are small, but the major port of Tianjin may be facing China’s first local outbreak of Omicron of any size, less than a month before the Winter Olympics open in nearby Beijing. State broadcaster CCTV said the government has divided Tianjin and its 14 million residents into three levels of restrictions, starting with lockdown areas where people are not allowed to leave their homes at all. In control areas, each household is allowed to have one family member leave to buy groceries every other day, while in prevention areas, people must remain inside their immediate neighborhoods. Buses and trains from Tianjin to Beijing have been suspended and people are being told not to leave the city unless they have pressing business. The city began mass testing of all its residents on Sunday after a cluster of 20 children and adults tested positive for Covid-19, including at least two with the omicron variant. Another 20 people tested positive on Sunday, bringing the total to 40. Officials said earlier that the virus has been circulating so the number of cases could rise. China has stepped up its strict zero tolerance strategy in the run-up to the Olympics, which open February 4. The Chinese capital is 115 kilometers (70 miles) northwest of Tianjin and many people regularly travel back and forth by car or on a high-speed rail link that takes less than one hour. Elsewhere, millions of people are being confined to their homes in Xi’an and Yuzhou, two cities that are farther away but have larger outbreaks traced

to the Delta variant. Residents of Xi’an have been under lockdown for more than two weeks, but the number of new cases in the city of 13 million fell to just 15 on Monday in a sign that restrictions could soon be lifted. Yuzhou is a city of about 1.1 million people in neighboring Henan province. Another 60 cases were reported Monday in Henan, two of them of the omicron variant, found in the city of Anyang and apparently brought from Tianjin by a college student on December 28, state media outlet The Paper reported. The provincial capital of Zhengzhou has been conducting mass testing and closed its schools. Another 24 cases were reported in the city on Monday. The first two cases confirmed in Tianjin were a 10-year-old girl and a 29-year-old woman working at an after-school center. Both were infected by the omicron variant. In subsequent testing of close contacts, 18 others tested positive and 767 tested negative as of Saturday night. Those infected include 15 students from 8 to 13 years old, the after-school center staff member and four parents. The citywide testing is to be completed over two days. Tianjin has also closed some subway stations on two lines to try to prevent further spread. China had reported about a dozen Omicron cases previously, most among people who had arrived from abroad and were isolated. In one case in mid-December, the infection was not detected until after the person had completed two weeks of quarantine, and it spread to a few close contacts in the southern city of Guangzhou. AP

Russia and US hold working dinner to open Geneva talks

ENEVA—A top Russian diplomat predicted “difficult” talks with the United States this week after attending a working dinner with US officials in Geneva on Sunday as part of the kickoff to a string of meetings in three European cities this week, with ties at a low over Russia’s military buildup near Ukraine. Russian Deputy Foreign Minister Sergei Ryabkov and other Russian officials met for over two hours with US Deputy Secretary of State Wendy Sherman, the head of the US delegation, and her team at the luxury residence of the US ambassador to the Conference on Disarmament that overlooks Lake Geneva. The dinner was a prelude to a broader discussion between the two teams at the US mission in Geneva starting Monday—culminating a string of meetings both virtual and in person among US officials, their Western allies, and Russian leaders in recent days and weeks as tensions over Russian pressure against Ukraine have grown. “We plunged into the substance of the forthcoming issues, but the talks are going to be difficult,” Ryabkov told reporters as he left the dinner meeting. “They cannot be easy. They will be business-like. I think we won’t waste our time tomorrow.” State Department spokesman Ned Price said that during Sunday’s dinner Sherman “stressed the United States’ commitment to the international principles of sovereignty, territorial integrity, and the freedom of sovereign nations to choose their own alliances,” a reference to Ukraine and its aspirations of joining NATO. Sherman “affirmed that the United States would welcome genuine progress through diplomacy,” Price said in a statement. The talks are seen a first step toward rekindling dialogue as ties have worsened because Russia has deployed an estimated 100,000 troops along its border with Ukraine. Concerns have

risen about a broader Russian military incursion in the country. Russian President Vladimir Putin’s government has laid out a list of demands, such as seeking guarantees that the NATO military alliance won’t seek to expand any further eastward to countries like Ukraine or Georgia, which are former Soviet republics. “The Russian side came here with a clear position that contains a number of elements that, to my mind, are understandable and have been so clearly formulated—including at a high level—that deviating from our approaches simply is not possible,” Ryabkov said. Asked whether Russia was ready for compromise, he said: “The Americans should get ready to reach a compromise.” US Secretary of State Antony Blinken told ABC’s “This Week” on Sunday he didn’t expect any breakthroughs in talks with the Russians in Geneva or during conversations in Brussels, at a meeting of the NATO-Russia Council, and at the Organization for Cooperation and Security in Europe in Vienna later this week. The United States and other Western allies have pledged “severe costs” to Russia if it moves against Ukraine. “The question really now is whether President Putin will take the path of diplomacy and dialogue or seeks confrontation,” Blinken said, suggesting that a Russian move deeper into Ukraine might run counter to Moscow’s interests in the long run. “If Russia commits renewed aggression against Ukraine, I think it’s a very fair prospect that NATO will reinforce its positions along its eastern flank, the countries that border Russia,” he told ABC. Russia was coming into the talks seeking a clearer understanding of the US position, and cited signals from Washington that some of the Russian proposals can be discussed, Ryabkov said earlier Sunday, according to state news agency Tass. AP

BusinessMirror

Tuesday, January 11, 2022

Suu Kyi’s convictions pile up with another 4-year sentence

ANGKOK—A court in Myanmar sentenced ousted leader Aung San Suu Kyi to four more years in prison on Monday after finding her guilty of illegally importing and possessing walkie-talkies and violating coronavirus restrictions, a legal official said.

Suu Kyi was convicted last month on two other charges and given a fouryear prison sentence, which was then halved by the head of the militaryinstalled government. The cases are among about a dozen brought against the 76-year-old Nobel Peace Prize laureate since the army seized power last February, ousting her elected government and arresting top members of her National League for Democracy party. If found guilty of all the charges, she could be sentenced to more than 100 years in prison. Suu Kyi’s supporters and independent analysts say the charges against her are contrived to legitimize the military’s seizure of power and prevent her from returning to politics. Monday’s verdict in the court in the capital, Naypyitaw, was conveyed by a legal official who insisted on anonymity for fear of being punished by the authorities, who have restricted the release of information about Suu Kyi’s trials. He said she was sentenced to two years in prison under the ExportImport Law for importing the walkietalkies and one year under the Telecommunications Law for possessing them. The sentences are to be served concurrently. She also received a two-year sentence under the Natural Disaster Management Law for allegedly violating coronavirus rules while campaigning. Suu Kyi was convicted last month on two other charges—incitement and breaching Covid-19 restrictions— and sentenced to four years’ imprisonment. Hours after that sentence was issued, the head of the militaryinstalled government, Senior Gen.

Min Aung Hlaing, reduced it by half. Suu Kyi’s party won a landslide victory in a 2020 general election, but the military claimed there was widespread electoral fraud, an assertion that independent poll watchers doubt. Since her first guilty verdict, Suu Kyi has been attending court hearings in prison clothes—a white top and a brown longyi skirt provided by the authorities. She is being held by the military at an unknown location, where state television reported last month she would serve her sentence. The hearings are closed to the media and spectators and the prosecutors do not comment. Her lawyers, who had been a source of information on the proceedings, were served with gag orders in October. The military-installed government has not allowed any outside party to meet with Suu Kyi since it seized power, despite international pressure for talks including her that could ease the country’s violent political crisis. It would not allow a special envoy from the Association of Southeast Asian Nations, of which Myanmar is a member, to meet her. The refusal received a rare rebuke from fellow members, who barred Min Aung Hlaing from attending its annual summit meeting. Even Cambodian Prime Minister Hun Sen, who took over as the regional group’s chair for this year and advocates engagement with the ruling generals, failed to meet her last week when he became the first head of government to visit Myanmar since the army’s takeover. The military’s seizure of power was quickly met by nonviolent nationwide demonstrations, which security forces quashed with deadly force, killing over

Myanmar’s leader Aung San Suu Kyi leaves the International Court of Justice after the first day of three days of hearings in The Hague, Netherlands, on December 10, 2019. A court in Myanmar on Monday, January 10, sentenced the country’s ousted leader, Suu Kyi to 4 more years’ imprisonment after finding her guilty of illegally importing and possessing walkie-talkies and violating coronavirus restrictions, a legal official acquainted with the cases said. AP/Peter Dejong 1,400 civilians, according to a detailed list compiled by the Assistance Association for Political Prisoners. Peaceful protests have continued, but amid the severe crackdown, an armed resistance has also grown, to the point that UN experts have warned the country could be sliding into civil war. “The Myanmar junta’s courtroom circus of secret proceedings on bogus charges is all about steadily piling up more convictions against Aung San Suu Kyi so that she will remain in prison indefinitely. Senior Gen. Min Aung Hlaing and the junta leaders obviously still view her as a paramount political threat who needs to be permanently neutralized,” said Phil Robertson, deputy Asia director for Human Rights Watch. “Once again, Aung San Suu Kyi has become a symbol of what is happening to her country and returned to the role of political hostage of military hellbent on controlling power by using intimidation and violence,” Robertson said in a statement. “Fortunately for her and the future of Myanmar, the Myanmar people’s movement has grown well beyond just the leadership of one woman, and one political party.” Suu Kyi was charged right after the military’s takeover with having improperly imported the walkietalkies, which served as the initial justification for her continued detention. A second charge of illegally possessing the radios was filed the

Drugmakers meet with EMA on jabs targeting Omicron

urope’s drugs regulator is meeting with four leading Covid-19 vaccine makers to discuss potential trials for shots targeting the fast-spreading Omicron variant, the agency’s executive director said. Representatives of Pfizer Inc., Moderna Inc., Johnson & Johnson and Novavax Inc. will sit down with the European Medicines Agency in coming days for talks on the matter, Emer Cooke told Bloomberg in an interview Friday. The discussions will precede a virtual meeting scheduled for Wednesday between a global group of regulators, co-chaired by the EMA and US Food and Drug Administration. That gathering will seek to improve coordination between agencies on approaches to the trials, she said. “What we still don’t know is whether Omicron is going to be replaced by something else, which could mean that you could put all your focus on Omicron, only to realize—by the time the vaccines were ready—that something else was more prevalent,” said Cooke,

60, who took the helm at the EMA just over a year ago. We’re “trying to see what we can do right now to be prepared for where we think we might be once the trials come through.” Cooke told the European Parliament in November that regulatory approval for a variant-specific vaccine could be completed in three to four months after the companies begin development, raising the possibility that shots could be authorized as soon as the spring. She said Friday that the timeline was unchanged, but questions around how the trials would be run and measured against the efficacy of existing booster doses still need to be resolved. Data so far suggest that while Omicron is highly contagious, it isn’t sparking a surge in severe disease or hospitalizations. Because booster shots are already providing a high level of protection against the strain, any vaccine targeting Omicron would need to outperform those existing shots in trials to be worth pursuing, Cooke said.

Covid treatments

Nor is Omicron the only variant to consider. Delta still accounts for about half of infections across the region, she said, although Omicron is now responsible for close to 95 percent of cases in some countries. Beyond vaccines, the EMA is also evaluating Covid treatments. A green light for Pfizer’s antiviral pill, paxlovid, could come this month, according to Cooke. The regulator is examining more data on Merck & Co.’s Covid pill after concerns were raised over its impact on unborn children, with a decision likely in February, she said. While the pandemic is consuming much of Cooke’s time and energy, she highlighted three specific areas where change is needed beyond the crisis: more pregnant and lactating women need to be included in clinical trials; very small trials should be stopped and combined into larger studies to produce more meaningful data; and regulators, policy-makers and scientists need better coordination.

Bloomberg News

following month. The radios were seized from the entrance gate of her residence and the barracks of her bodyguards during a search on February 1, the day she was arrested. Suu Kyi’s lawyers argued that the radios were not in her personal possession and were legitimately used to help provide for her security, but the court declined to dismiss the charges. She was charged with two counts of violating coronavirus restrictions during campaigning for the 2020 election. She was found guilty on the first count last month. She is also being tried by the same court on five counts of corruption. The maximum penalty for each count is 15 years in prison and a fine. A sixth corruption charge against her and ousted President Win Myint in connection with granting permits to rent and buy a helicopter has not yet gone to trial. In separate proceedings, she is accused of violating the Official Secrets Act, which carries a maximum sentence of 14 years. Additional charges were also added by Myanmar’s election commission against Suu Kyi and 15 other politicians in November for alleged fraud in the 2020 election. The charges by the military-appointed Union Election Commission could result in Suu Kyi’s party being dissolved and unable to participate in a new election the military has promised will take place within two years of its takeover. AP

Sri Lanka seeks Chinese debt restructuring amid crisis

O L O M B O , S r i L a n k a —T h e president of debt-ridden Sri Lanka on Sunday asked China for the restructuring of its loans and access to preferential credit for imports of essential goods, as the island nation struggles in the throes of its worst economic crisis, partly due to Beijing-financed projects that don’t generate revenue. President Gotabaya Rajapaksa told visiting Chinese Foreign Minister Wang Yi that it would be “a great relief to the country if attention could be paid on restructuring the debt repayments as a solution to the economic crisis that has arisen in the face of the Covid-19 pandemic,” according to a statement from his office. RajapaksaaskedWangforaconcessionary credit facility for imports so that industries can run without disruption, the statement said. He also requested assistance to enable Chinese tourists to travel to Sri Lanka within a secure bubble. Wang and Prime Minister Mahinda Rajapaksa, the president’s brother, later visited Colombo’s Port City, a reclaimed island developed with Chinese investment, where they opened a promenade and inaugurated the sailing of 65 boats to commemorate the 65 years of diplomatic relations between the two countries. AP

AUSSIE JUDGE REINSTATES NOVAK’S VISA

ELBOURNE—An Australian judge has reinstated tennis star Novak Djokovic’s visa, which was canceled after his arrival last week because he is unvaccinated. Circuit Court Judge Anthony Kelly also ordered the government on Monday to release Djokovic from Melbourne hotel quarantine within 30 minutes of his decision. Government lawyer Christopher Tran told the judge after the ruling that the minister for Immigration, Citizenship, Migrant Services and Multicultural Affairs, Alex Hawke, “will consider whether to exercise a personal power of cancellation.” That would mean Djokovic could again face deportation and could miss the Australian Open, which starts on January 17. The Australian government canceled 34-year-old Djokovic’s visa shortly after he arrived in Melbourne late Wednesday to play in the Australian Open because officials decided he didn’t meet the criteria for an exemption to an entry requirement that all non-citizens be fully vaccinated for Covid-19. Djokovic, who court documents say is unvaccinated, argued he did not need proof of vaccination because he had evidence that he had been infected with the coronavirus last month. Australian medical authorities have ruled that a temporary exemption for the vaccination rule can be provided to people who have been infected with Covid-19 within six months. Circuit Court Judge Anthony Kelly noted that Djokovic had provided officials at Melbourne’s airport with a medical exemption given him by Ten-

Sports BusinessMirror

| Tuesday, January 11, 2022 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

SUPPORTERS of Serbia’s Novak Djokovic dance and sing outside the Park Hotel in Melbourne. AP nis Australia, which is organizing the tournament, and two medical panels. “The point I’m somewhat agitated about is what more could this man have done?” Kelly asked Djokovic’s lawyer, Nick Wood.

Wood agreed with the judge that Djokovic could not have done more. Transcripts of Djokovic’s interview with Border Force officials and his own affidavit revealed a “repeated appeal to the officers with which he

PAALAM: A BOXER AND A BUSINESSMAN

By Josef Ramos

HIS young man Carlo Paalam—one of the country’s four medalists at last year’s Tokyo Olympics—knows not only when and where to land a solid punch or bob his head and sway his body to avoid getting a solid blow. A scavenger when he was a kid, Paalam knows pretty well where he’ll invest the millions he raked in after clinching a boxing silver medal in Tokyo—he’s now the proud owner of a two-storey commercial building that sits on a 200-square meter lot in Zone

clear where Djokovic relocated to during his hearing. He did not appear on screen in the first hours of the virtual hearing. Djokovic’s lawyers submitted 11 grounds for appeal against his visa cancellation. The lawyers described the cancellation as “seriously illogical,” irrational and legally unreasonable. Lawyers for Home Affairs Minister Karen Andres said in their submission that if the judge ruled in Djokovic’s favor, officials might cancel his visa a second time. They said the vaccination requirement could only be deferred for arriving travelers who have had a Covid-19 infection if their illness was acute. “There is no suggestion that the applicant [Djokovic] had ‘acute major medical illness’ in December” when he tested positive, the written submission said. The virtual hearing crashed several times because of an overwhelming number of people from around the world trying to watch the proceedings. At one point, an expired court link was apparently hacked and broadcast pornography, The New Daily News web site reported. Djokovic is a nine-time Australian Open champion. He has 20 Grand Slam singles titles, a men’s record he shares with Roger Federer and Rafael Nadal. AP

10 Upper Carmen in his hometown of Cagayan de Oro City. “It’s one of the fruits of my hard labor as an athlete since I competed in the 2018 Asian Games,” said the 23-year-old Paalam, whose men’s flyweight bronze medal in Jakarta earned him P950,000. “I saved my money from my tournament successes since 2018 until the Tokyo Olympics,” he said. “I’m really inspired to train and work harder for the next Olympics in Paris to achieve more.” Counting his gold at the 2019 Southeast Asian Games which went up to P850,000 and the millions,

yes P24.5 million in total cash from multiple sources he banked from his Olympic silver medal in Tokyo, Paalam is now a living a life that’s a far cry from his pre-teens when he and his siblings collected scrap in Cagayan de Oro which they could sell only to put food on the dinner table. “I first bought a 200-square-meter lot in 2018 after the Asian Games but construction began after the 2019 SEA Games,” he said. “It took me years to complete it because I don’t have enough budget. So after the Olympics when I got enough money, I finished the work immediately.”

was dealing that to his understanding, uncontradicted, he had done absolutely everything that he understood was required in order for him to enter Australia,” Wood said. Djokovic has been under guard in

hotel quarantine in Melbourne since Thursday, when his visa was canceled. But the judge ordered that the world No. 1-ranked tennis player be released from hotel quarantine during his court hearing. It was not

The commercial building includes his own mini-grocery he aptly named Paalam Store and complete with the Olympic rings on its signage. It also has nine rooms that could be rented out as residential pads on the second floor and commercial spaces for lease with an adequate parking space on the first floor. “I asked my parents to take care of our business, store and apartment while I’m away,” he said. His eldest sister Charmilyn will manage the store and supervise the completion of the whole establishment. Paalam is now with his national teammates in the Association of Boxing Alliances at the Philippine Sports Commission training facility inside the Teachers’ Camp in Baguio City.

Besides the cash incentives, Paalam has his own house-and-lot—just like fellow Olympics medalists Nesthy Petecio (silver, boxing), Eumir Felix Marcial (bronze, boxing) and, of course, Hidilyn Diaz (gold, weightlifting)—in Tagaytay City courtesy of Philippine Olympic Committee President Rep. Abraham “Bambol” Tolentino and Senator Francis “Tol” Tolentino. Each of the medalists also has another house from the National Housing Authority in their hometowns. Besides the commercial building, Paalam also plans to go into the livestock business like breeding cows, poultry and goats—all he intends to put up in and around Cagayan de Oro. “My heart belongs to Mindanao,” he said.

Thompson ‘can’t help himself’ in Warriors’ win over Cavaliers

CARLO PAALAM is now a proud owner of a two-storey commercial building in Cagayan de Oro City.

AN FRANCISCO— Klay Thompson couldn’t wait to get his first shot up after more than twoand-a-half years away. Thompson’s running layup 40 seconds into Golden State’s 9682 victory over Cleveland on Sunday night

Miado faces Japan’s Senzo in Singapore

EREMY “JAGUAR” MIADO wants to insert his name into world champion Joshua Pacio’s radar when he fights Japanese Senzo Ikeda in One Championship’s first tournament for 2022 dubbed “Heavy Hitter” on Friday at the Singapore Indoor Stadium. But Miado, 29, has to tackle Ikeda’s grappling and takedown expertise before thinking of a possible title fight against his compatriot Pacio (20-3 win-loss record) later this year. “If the opportunity comes once I defeat Senzo Ikeda, why not? That’s a title shot but I’m not expecting that to happen,” said the Albay pride Miado, who has been training in Bangkok since early last year. “My focus for now is to give my fellow Filipinos a good fight against Ikeda.” A legitimate grappler, Miado said he focus on his ground techniques or striking to counter Ikeda’s takedown attempts in the strawweight encounter. “I will take him seriously because his techniques are awkward,” added Miado, who defeated Chinese Li Tao Miao a second-round via technical knockout last October 29 in One Championship’s NextGen also in Singapore. “I’m expecting to knock him out in the second or third round.

I hope to counter him.” Ikeda, 39, is sporting an 11-5-1 win-loss-draw record. Robin Catalan, meanwhile, will battle Elipitua “The Magician” Siregar of Indonesia in a non-title flyweight bout. “I’m preparing to counter his wrestling moves and try my best to knock him out,” said Catalan (10-7 record), who lost his last fight via a first-round rear-naked choke to Ryuto Sawada of Japan January last year. Pacio, meanwhile, is building on his techniques aside from his conditioning while waiting for his next opponent—the winner between Japanese Hiroba Minowa (13-2) and American Jarred Brooks (17-2) on January 28 also in Singapore. “I want to level up every single day to stay on the top of the food chain of the strawweight division,” said Pacio, who predicted a possible win by the Japanese over Brooks if the fight goes the distance. “I think if the fight goes out at round three, I will go for Minowa because of his great conditioning.” Josef Ramos

was a sign that the five-time AllStar is feeling just fine—even if coach Steve Kerr drew up the play for someone else. “He wasn’t shy, was he?” Kerr said. “Not that we would ever expect Klay to be shy. I drew up the first play not for him but for him to catch it and move it on. I should have known better.” Thompson finished with 17 points in his return from two devastating injuries on a night when he was the toast of San Francisco. Thompson was 7 of 18 from the field and 3 of 8 from three-point range. He added three rebounds,

an assist and a steal in 20 minutes, walking off the court to a thunderous ovation followed by chants of “Klay! Klay!” from the Chase Center crowd. As for the first play? Thompson said he couldn’t help himself. “I was so excited I saw a lane to the basket that I just took the opportunity,” Thompson said. ” After that I thought it was going to be one of those nights where I might be unconscious. I did not shoot as well as I wanted to but I’m so happy I can even look at the stat sheet and see my name there. It’s been a long run. I’m not going to say it equivalent to winning a championship but it was pretty close.” AP

Miller tapers down in Idaho

SA MILLER wraps up his preparations for the Beijing Winter Olympics at the Sun Valley Resort’s Western Region Elite Tournament starting on Tuesday until Friday in Idaho. The country’s lone bet to Beijing, Miller placed seventh (slalom) and 13th place (giant slalom) in last week’s Snow King race in Jackson, Wyoming. The 21-year-old FilipinoAmerican will try to improve on his times for the Beijing Games which open on February 4 under strict health and safety protocols. “No matter what he does in Idaho, he’s already in for the Beijing Winter Olympics,” Philippine Ski and Snowboard Federation President Jim Palomar Apelar said on Monday, adding that Miller’s formal inclusion would be released on Saturday by the International Ski Federation. “And whatever the outcome from his last and current races, Miller will surely gain valuable experience that he can use in Beijing,” Apelar said. Miller made the FIS threshold of 160 points to join 151 other athletes in Beijing. He accumulated 96 points in slalom and 93 points in giant slalom to qualify for his second straight Winter Olympics. He wound up 70th out of 110 participants in giant slalom in 2018 Pyeongchang with a time of two minutes and 49.95 seconds. Figure skater Michael Martinez was the only other Filipino in the South Korea Games. The basic seven-member Team Philippines that includes Miller is expected to arrive in Beijing on January 28. Josef Ramos

Living under a rock

KLAY THOMPSON’S running layup 40 seconds into the game is a sign that the five-time AllStar is feeling just fine. AP

FORGIVE my ignorance Baltimore Ravens fans, especially supporters of quarterback Lamar Jackson. Aside from the San Francisco 49ers rookie quarterback Trey Lance, only Russell Wilson of the Seahawks, Patrick Mahomes of the Chiefs, Kyler Murray of the Cardinals and the GOAT himself, Tom Brady of the Buccaneers are the only other QB’s I’ve been following. This young man is a running back in a quarterback’s body and maybe vice-versa. He won the Heisman Trophy in only his sophomore year in college at the University of Louisville. He’s the youngest quarterback in league history to start in a National Football League (NFL) postseason game. According to an American football web site, “Jackson became the Ravens’ starting quarterback in his rookie season after an injury to incumbent Joe Flacco and clinched a division title with the team, also becoming the youngest NFL quarterback to start a playoff game at age 21. The next year, Jackson set the season record for quarterback rushing yards and led the league in touchdown passes en route to clinching the top seed of the American Football Conference (AFC). For his success, he became the second unanimous Most Valuable Player (MVP) and the fourth African-American quarterback to win the award. Jackson followed up his MVP campaign by becoming the first quarterback to have multiple 1,000 yards rushing seasons while leading the Ravens to a

third consecutive playoff run.“ He runs like a gazelle and his athletic ability is off the charts. There are reports that Jackson clocked in a 4.34 40yard dash time in 2017 at Louisville which would have been the fastest time in NFL history for a quarterback. Other records Jackson set, according to the same American football webpage, “Jackson joined Aaron Rodgers (2019) and Joe Montana (1989) as the only players in the Super Bowl era with 15-plus completions, 3-plus passing touchdowns, 1-plus rushing touchdowns, and a perfect passer rating in a single game.” Jackson is only the third quarterback in NFL history to produce two perfect passer ratings in the same season with the aforementioned Montana and Rodgers the first and second respectively. At 6-foot-3 and almost 220 lbs, he has the rare combination of size and speed for a quarterback. In 2019, Jackson became the second youngest player in NFL history to win the MVP award. He’s also only the fourth African American quarterback win MVP. Not knowing who Lamar Jackson is and what his exploits have been as an NFL quarterback with the records he’s broken is like having been living under a rock indeed.