BusinessMirror January 11, 2024 by BusinessMirror

WB downgrades ’24, ’25 GDP outlook for PHL

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HE Philippines is not expected to meet its growth targets any time soon as the World Bank downgraded its GDP outlook for the country for 2024 and 2025. In its January 2024 Global Economic Prospects (GEP) report, the Washington-based lender said the Philippine economy is expected to post a growth of 5.6 percent in 2023 and 5.8 percent in 2024 and 2025. The growth outlook for 2023 was downgraded by 0.4 percentage points, as earlier indicated by the World Bank in a previous report. GDP growth for 2024 and 2025 forecasts were downgraded by 0.1

percentage points, according to the latest GEP. “The projection downgrades mean that EAP [East Asia and the Pacific] output is now expected to fall even further below its prepandemic trend over the forecast horizon,” the World Bank report stated. “This reflects various headwinds facing private investment, including the lagged effects of monetary policy tightening, policy uncertainty—associated in some countries with government transitions—and rising indebtedness. Elevated public debt and reduced fiscal space are envisaged to constrain public investment growth,” the report also read.

Meanwhile, HSBC economist for Asean Aris Dacanay said the country’s GDP growth could average 5.3 percent this year and 5.8 percent next year. This will make the Philippines among the fastestgrowing economies in the Asean, second only to Vietnam. Dacanay said that while this growth estimate is below the government’s 6.5 to 7.5 percent target for this year and next year, this was still respectable and can be considered a feat, considering all the difficulties experienced by the country. He said these difficulties include high inflation, tight monetary policy, low export earnings, and lacking Foreign Direct Investments

(FDI), among others. “We had the highest, the biggest inflation problem in Asean. We had the tightest monetary policy in Asean. And yet, we are at a soft landing. Because again, mainly because we had this very resilient Filipino people, you know, joining the labor force to find all the, to make ends meet basically. And that is boosting the economy,” Dacanay said. Meanwhile, the GEP stated that growth in EAP is forecast to slow to 4.5 percent in 2024 and to 4.4 percent in 2025 due to the weakness of the Chinese economy. Exclud-

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Thursday, January 11, 2024 Vol. 19 No. 88

BSP: DOUBLE-DIGIT DIPS ■

P.  |     | 7 DAYS A WEEK

HIT OCT, 10-MO FDI FLOW B C U. O

@caiordinario

HE Philippines failed to attract more foreign investments as the latest data showed Foreign Direct Investment (FDI) inflows posted doubledigit contractions in October 2023, according to the Bangko Sentral ng Pilipinas (BSP). In a statement, BSP said FDI inflows declined 29.6 percent to $655 million in October 2023 and by 17.5 percent to $6.5 billion in the January to October 2023 period. “While FDI continued to record net inflows, the recent decline in levels reflects the adverse impact of persistent inflationary pressures and slowing global growth prospects on investor decisions,” BSP said. The October 2023 FDI inflow contraction of 29.6 percent marked the third consecutive month of decline. Data showed that FDI inflows in 2023 only turned positive in February with a growth of 11.2 perC  A

INDONESIAN President Joko Widodo and Philippine President Ferdinand Marcos Jr. walk past portraits of former Presidents Ferdinand Marcos Sr. and Diosdado Macapagal during his visit at Malacañang Palace in Manila on Wednesday, January 10, 2024. EZRA ACAYAN/POOL PHOTO VIA AP

PHL EYES 10% EXPORT GROWTH PHL, Indon deal on RE IN ’24, BUT PEDP WARRANTS 40% B A E. S J @andreasanjuan

HE Philippines is aiming to grow its exports by at least 10 percent in 2024, according to the Department of Trade and Industry (DTI). “Based on market projections, without any...business as usual, [growth is] about 10 percent. So definitely, we’ll try to achieve more than 10 percent for export growth,” DTI-Export Marketing Bureau (EMB) Director Bianca Pearl R. Sykimte told reporters recently. However, to be able to adhere to the targets set in the Philippine

Export Development Plan (PEDP) 2023-2028, Sykimte said the country’s exports need to grow by about 40 percent from 2023. “But to be able to catch up with our PEDP target of around $140 billion, 40 percent growth [is needed],” the head of DTI’s export marketing arm explained. This 10-percent export growth target set by the Trade department is higher than the 5 percent to 6 percent export growth projection of the Philippine Exporters Confederation Inc. (Philexport), the umbrella organization of Philippine exporters. C  A

to bank on private sector B S P. M @sam_medenilla

HE private sector will be playing a bigger role in addressing energy supply issues under a newly signed Memorandum of Understanding (MOU), which aims to promote renewable energy between the Philippines and Indonesia. President Ferdinand R. Marcos Jr. and Indonesian President Joko Widodo witnessed the presentation of the MOU after their bilateral meeting in Malacañang last Wednesday. Marcos lauded the signing of the new accord, which he attributed to

the country’s stronger diplomatic ties with Indonesia through their Joint Plan of Action (JPA), which was finalized in September 2022. “Through this MOU, our countries create a new synergy as we cooperate to achieve energy security,” he said. Under the agreement, the Department of Energy (DOE) noted business sectors of both countries will cooperate “during periods of critical supply constraints on energy commodities such as coal and liquefied natural gas [LNG].”

Related story on Second Front Page, A14.

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PESO EXCHANGE RATES US 55.8320 ■ JAPAN 0.3865 ■ UK 70.9569 ■ HK 7.1436 ■ SINGAPORE 41.9569 ■ AUSTRALIA 37.3069 ■ SAUDI ARABIA 14.8886 ■ EU 61.0355 ■ KOREA 0.0423 ■ CHINA 7.7882 Source: BSP (January 10, 2024)

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ing China, the EAP region could “strengthen modestly” at 4.7 percent in both 2024 and 2025. This will be fueled by “solid domestic demand, particularly private consumption” which the World Bank considers as the primary growth driver for the region. In the Philippines, consumption accounts for 70 percent of the country’s GDP. “Modest inflation, and in many cases robust labor markets supported by buoyant services activity, are anticipated to sustain household spending. In some economies, increased government spending, including on social protection and public sector wages, will also support demand,” the report stated.

Downside risks

HOWEVER, the World Bank said there are downside risks to its forecast for the region. These are trained on the weaker–thanexpected growth in China and heightened geopolitical tensions. The World Bank said there is also a chance that the conflict in the Middle East could escalate which could lead to greater uncertainty and disruptions in energy supply. The Washington-based lender also said other downside risks include prolonged global trade weakness, tighter-than-expected financial conditions, and climate change-related extreme weather events. “Elevated uncertainty or persistent trade weakness could lead to sustained sluggishness in investment growth and harm potential output growth in the region, which is already expected to soften. In contrast, stronger-than-expected growth in the United States presents an upside risk to the forecast,” the GEP stated. Cai U. Ordinario

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WEF report: climate, energy gap, inflation top PHL risks

B C U. O

@caiordinario

XTREME weather events and an economic downturn are among the top risks cited by Filipino experts, according to the World Economic Forum’s (WEF) 2024 Global Risk Report.

Based on the 19th edition of the report, apart from these, other top risks in the Philippines are energy supply shortage, inflation and infectious diseases. The top five short-term risks globally are misinformation and disinformation followed by extreme weather events; societal polarization; cyber insecurity; and interstate armed confict. “An unstable global order characterized by polarizing narratives and insecurity, the worsening impacts of extreme weather and economic uncertainty are causing accelerating risks—including misinformation and disinformation—to propagate,” said Saadia Zahidi, Managing Director, World

Economic Forum. “World leaders must come together to address short-term crises as well as lay the groundwork for a more resilient, sustainable, inclusive future.” The report, produced in partnership with Zurich Insurance Group and Marsh McLennan, draws on the views of over 1,400 global risks experts, policy-makers and industry leaders surveyed in September 2023. WEF said the results highlighted a predominantly negative outlook for the world in the short term that is expected to worsen over the long term. While 30 percent of global experts expect a higher chance of global catastrophes in the next two years, nearly two-

thirds expect this in the next 10 years, the report stated. Long-term risks, meanwhile, are extreme weather events; critical change to Earth systems; biodiversity loss and ecosystem collapse; natural resource shortages; and misinformation and disinformation. “The world is undergoing significant structural transformations with AI, climate change, geopolitical shifts and demographic transitions. Ninety-one percent of risk experts surveyed express pessimism over the 10-year horizon. Known risks are intensifying and new risks are emerging—but they also provide opportunities,” John Scott, Head of Sustainability Risk, Zurich Insurance Group, said. “Collective and coordinated cross-border actions play their part, but localized strategies are critical for reducing the impact of global risks. The individual actions of citizens, countries and companies can move the needle on global risk reduction, contributing to a brighter, safer world,” he added. The WEF said the findings argue that cooperation on urgent global issues could be in increasingly

short supply, requiring new approaches to addressing risks. It noted that two-thirds of global experts anticipate a multipolar or fragmented order to take shape over the next decade, in which middle and great powers contest and set—but also enforce—new rules and norms. The report, WEF said, calls on leaders to rethink action to address global risks. The report recommended efforts to train global cooperation on building guardrails for the most disruptive emerging risks, such as agreements addressing the integration of AI in conflict decision-making. The report also explored other types of action that need not be exclusively dependent on cross-border cooperation, such as shoring up individual and state resilience through digital literacy campaigns on misinformation and disinformation. These efforts also include fostering greater research and development on climate modeling and technologies with the potential to speed up the energy transition, with both public and private sectors playing a role.

PHL, Indon deal on RE to bank on private sector C  A

This was in contrast to previous energy-related agreements between

the two countries, which usually involved stateowned companies. The MOU will also facilitate collaboration on energy transition, renewable energy, demand-

side management, electric vehicles, and alternative fuels such as hydrogen, ammonia, and biofuels. Indonesia signed the MOU after implementing a coal export ban in 2022 since its local mines were unable to provide sufficient coal to its domestic power plants.

Other agreements

MARCOS said the country’s MOU with Indonesia on science and technology is also nearing completion. He urged the concerned Philippine and Indonesian government agencies to also fasttrack similar agreements, which will “unlock the economic potential” of the Bangsamoro Autonomous Region in Muslim Mindanao. “So, today, we also recognized Indonesia’s contribution to peace and development in the Southern Philippines,” the President said. “As Mindanao continues to reap the dividends of peace and democracy, we hope that Indonesia will continue to extend its helping hand to building the institutions of local governance, particularly in the Bangsamoro Autonomous Region,” he added. During their bilateral meeting, Marcos and Widodo also talked about regional events such as developments in the South China Sea (SCS) and Association of Southeast Asian Nation (Asean) cooperation initiatives. Both leaders agreed on the Asean unity and centrality and upholding the principles of international law, particularly the 1982 United Nation Convention on the Law of the Sea (Unclos) in resolving maritime territory disputes.

Widodo’s successor

Also on Wednesday, President Ferdinand R. Marcos Jr. said he is hopeful the country will

keep the momentum of its growing ties with Indonesia under the leadership of President Widodo’s successor. In his toast remark at the luncheon he hosted for Widodo, the chief executive said he is open to working with whoever will win in the February 2024 presidential polls in Indonesia. “I assure you, sir, that the Philippines will remain committed to working closely and actively with Indonesia as we nurture our bonds of kinship and elevate our relations to new heights,” Marcos said. This was echoed by Widodo, who is also optimistic that Indonesia and the Philippines can maintain regional peace, stability, and prosperity through Association of Southeast Asian Nations (Asean) unity and centrality. Marcos said he is thankful to Widodo, for hosting him during his state visit to Indonesia in September 2022. “Today, allow me to reciprocate your excellency’s generosity as the First Lady and I offer you the best of Philippine culture through today’s luncheon here in the President’s official home, Malacañan Palace,” the President said. During Widodo’s term, Marcos said the country and Indonesia enjoyed “extensive engagement.” Widodo first served as Indonesia’s president from 2014 to 2019, before he won reelection. His second five-year term will end this year. The frontrunner in Indonesia’s next presidential polls is Prabowo Subianto, a former special forces commander, who is running with Widodo’s son, Gibran Rakabuming Raka, as his vice president. The other two presidential contenders are Anies Baswedan, former Jakarta governor, and Ganjar Pranowo, the candidate of Indonesia’s ruling party, PDI-P.

PHL EYES 10% EXPORT GROWTH IN ’24, BUT PEDP WARRANTS 40% C  A

While she recognized the difficulty in attaining the country’s export growth goal for this year, Sykimte said the country is banking on attracting investments “to build our domestic capacities.” For his part, Trade and Industry Secretary Alfredo E. Pascual said in the same briefing that part of DTI’s strategy of increasing exports is “really to bring export-oriented foreign manufacturers to locate in the Philippines.” “And for them to bring along their suppliers as well, so we will develop an ecosystem here for manufacturing, especially in the areas of technology like the areas of semiconductor and electronic products where we already have existing advantages,” the Trade chief said. However, Sykimte noted that DTI is expecting a 4-percent decline for export of goods in 2023. She noted, however, that the agency is “much more optimistic” for export of services, as

it posted an increase of about 20 percent in the first nine months of the year or from January to September, “mainly driven by travel services.” She added, partly in Filipino, that “its increase was three-fold for the first nine months and of course,” she cited the “our sustained growth in the IT-BPM sector.” Data from the Bangko Sentral ng Pilipinas (BSP) showed that services exports in the country amounted to $34.73 billion in the January to September 2023 period, up 20.7 percent from the $28.78 billion recorded in the nine-month period in 2022. For export of goods in the nine-month period in 2023, data from the Philippine Statistics Authority (PSA) showed that merchandise export earnings amounted to $54.54 billion. PSA data showed, meanwhile, that the country’s export receipts from January to November 2023 amounted to $67.03 billion, down 8.4 percent from the $73.18 billion recorded in the 11-month period in 2022.

BSP: Doubledigit dips hit Oct, 10-mo FDI flow C  A

cent and July at 34.4 percent. BSP attributed the decline in FDI inflows in October 2023 to the 26.1-percent decrease in net investments in debt instruments to $504 million from $682 million. “Net investments in debt instruments consist mainly of intercompany borrowing/lending between foreign direct investors and their subsidiaries/affiliates in the Philippines,” BSP explained. “The remaining portion of net investments in debt instruments are investments made by nonresident subsidiaries/associates in their resident direct investors, i.e., reverse investment,” it added. BSP also said Nonresidents’ net investments in equity capital other than reinvestment of earnings declined by 54.4 percent to $74 million from $163 million. Data from the Philippine central bank also showed reinvestment of earnings also contracted 10.3 percent to $76 million from $85 million. “The bulk of the equity capital placements during the reference month originated from Japan, the United States, and Singapore,” BSP said. “These were directed mostly to the manufacturing; real estate; and financial and insurance industries.” FDI includes investment by a nonresident direct investor in a resident enterprise, whose equity capital in the latter is at least 10 percent and an investment made by a nonresident subsidiary/associate in its resident direct investor. BSP said FDI can also be in the form of equity capital, reinvestment of earnings, and borrowings. The BSP FDI statistics are distinct from the investment data of other government sources. BSP FDI covers actual investment inflows.

Sharing energy concerns, Mla, Jakarta ink deal C  A

Lotilla also noted that the Philippines has been a dependable market for Indonesian coal, accounting for nearly 98-percent share of total Philippine coal imports in 2022, consistently increasing from 88 percent in 2017. But following the failure of Indonesian coal mines to provide adequate supply to their domestic power plants and markets, the Indonesian government issued a coal export ban in January 2022. This forced countries like the Philippines to scramble for alternative sources of coal and caused coal prices to spike. The Philippines imported more than 80 percent of its coal requirements in 2023 and even more than 90 percent in previous years. Since then, the Philippines exerted diplomatic efforts to ensure a steady flow of coal supply from Indonesia. The latest among them were the bilateral meetings between Lotilla and Indonesian Energy Minister Arifin Tasrif during the Asia Zero Emission Community (AZEC) Ministers’ Meeting held in Tokyo in March 2023 and the 41st ASEAN Energy Ministers Meeting (AMEM41) in August 2023 held in Bali, Indonesia. During these engagements, Arifin reiterated his assurances to Lotilla of the continued and uninterrupted coal supply from Indonesia. Lenie Lectura

Thursday, January 11, 2024

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

Canadian Embassy, govt execs, think tank slate major cybersecurity event next week By Rizal Raoul S. Reyes @brownindio

HE Canadian Embassy in the Philippines on Wednesday said it would join Defense Secretary Gilbert “Gibo” Teodoro Jr. and Budget Secretary Amenah Pangandaman in the first major cybersecurity event of 2024 organized by international think tank Stratbase Institute. Canadian Ambassador to the Philippines David Hartman will lead the Canadian participation. According to Global Affairs Canada, the North American nation “works with allies and partners to improve cyber security at home and counter threats from abroad. This includes identifying cyber threats or vulnerabilities and developing capabilities to respond to a range of cyber incidents.” The two-day conference entitled, “Fortifying Cyber Cooperation Towards Digital Security,” will be held from January 16 and 17 in Makati City, in partnership with the Embassy of Canada in the Philippines. Key officials, experts, and stakeholders from the government, private sector, academe, diplomatic community, and civil society organizations are also expected to participate in the conference. Stratbase Institute President Professor Victor Andres Manhit explained that the conference emphasizes the need for a “whole-ofsociety” approach to ensure that the Philippines’ economic and national defense systems are resilient from cyber attacks this 2024 and beyond. “The Philippines is expected to continue its pursuit of digital transformation with a focus on promoting inclusive economic growth and safeguarding cyberspace. But it takes a whole-of-society to do this. The public and the private sector must be actively engaged to achieve a digitally transformed and competitive Philippines. That is the whole idea behind the conference,” Manhit said in a news statement. “A whole-of-Philippine society approach is critical to fully participate in the global digital economy and ensure cyber resilience. This approach opens the space for cooperation and innovation between

the public and private sectors, and with like-minded partners,” he added. Manhit noted that the National Security Policy Framework 2023– 2028 has identified cyber, information, and cognitive security as a national security interest and a national security agenda. Hence, Manhit said, the first day of the conference will focus on examining the current cybersecurity landscape of the Philippines, including policies and strategies to manage cyber risks, and different cyber-related issues in various sectors of the country, including cybercrimes and disinformation. “Collaboration between the public and private sectors is paramount. Working together in the pursuit of digital transformation offers a more promising platform for the Philippines. The private sector, as a key player in the emergence and development of technology, may lend its technological expertise and resources to contribute to the digital transformation agenda,” Manhit said. On the second day, the conference will explore how the Philippines can work with the international community on cybersecurity and discuss recommendations on how to strengthen cyber resiliency to achieve digital security in the Philippines. “A whole-of-society approach to ensure cyber resilience also requires investing in people and processes, not just technology. Building the capacities of the Filipino workforce requires strengthening ICT training through upskilling and reskilling as well as providing opportunities for professional development,” Manhit explained. “More importantly, engaging in bilateral, ‘minilateral,’ and multilateral partnerships is essential to creating a safe and secure cyber domain for the Philippines. The Philippines may look towards the cybersecurity strategies of partners, such as Canada and tailor such strategies to the needs of the country...Hopefully, after we spend two days in this conference, we can achieve and protect our national interest and realize accelerating systemic digital transformation in 2024,” he added.

PCG ships complete RORE ops in 3 WPS detachments By Rex Anthony Naval

HE Philippine Coast Guard (PCG) announced that two of its ships, the BRP Cabra (MRRV-4409) and BRP Sindangan (MRRV-4407), have successfully completed a rotation and resupply (RORE) mission for its personnel manning three detachments in the West Phil-

ippine Sea (WPS). “The said PCG vessels safely arrived at the Port of Buliluyan in Bataraza, Palawan, after delivering essential supplies to Coast Guard personnel deployed at PCG units situated in the Kalayaan Island Group, specifically at Lawak Island, Panata Island, and Pag-asa Island,” it added. These RORE operations took place

from January 3 to 9, the PCG said in a Facebook post Wednesday. PCG commandant Admiral Ronnie Gil L Gavan said Coast Guard facilities in the said islands would undergo improvements this year. He shared that the PCG will utilize its fiscal year 2024 additional budget for infrastructure development to boost response and monitoring ca-

pabilities in the WPS. Meanwhile, Coast Guard District Palawan commander, Captain Dennis Labay, lauded the personnel for their dedication to duty by actively serving in far-f lung Coast Guard units in the WPS, especially during the Holiday Season. “While we fully understand that it is part of their job, we also want to lift their morale by allowing them to see their families after performing their duties for the nation. Then, they will prepare and be ready to be deployed again,” he added. Members of the Philippine National Police-Maritime Group also supported the initiative.

House leaders tell senators to heed biz sector’s ‘clamor’ for economic Cha-cha By Jovee Marie N. Dela Cruz @joveemarie

HOUSE leader on Wednesday urged senators to pay heed to the business sector’s call for economic and investment reforms in the Constitution. Senior Deputy Speaker and Pampanga third District Rep. Aurelio Gonzales Jr. said he believes a Charter reforms could lead to the creation of more job and income opportunities for the people. He urged the Senate, historically resistant to Charter change, to consider the business sector’s plea for constitutional reform, emphasizing the potential for accelerated capital formation and economic growth. “So we are urging the Senate, which has consistently resisted any form of Charter change, to heed the clamor of the business sector. We can accelerate capital formation and hasten our economic growth for the

benefit of our people if we can introduce constitutional reform,” Gonzales said. He added the consistent refusal of senators to consider House initiatives for Charter reform has prompted many congressmen to push for the people’s initiative mode of proposing constitutional amendments, a mechanism that will bypass the Senate. “This means that there were an additional 260,000 of our labor force who got themselves employed in jobs created in the economy through investments. We could create more job and income opportunities for our people if we could attract more investments, especially funds from foreign investors,” Gonzales said. He said attracting more foreign investors is the goal of the House in pushing for amending the economic provisions of the Constitution, which restrict the flow of foreign capital into the country. Highlighting the support from various

business groups, including the Foundation for Economic Freedom, Gonzales pointed out reforming economic provisions has the backing from the Makati Business Club and other organizations. Gonzales made this call as response to the recent data from the Philippine Statistics Authority revealing a decrease in the number of unemployed Filipinos from 2.09 million in October to 1.83 million in November.

Economic policies

SURIGAO del Norte Rep. Robert Ace Barbers, meanwhile, said the drop in the country’s unemployment rate means that the Marcos administration’s economic policies are working. “The President and his economic team, and their allies in Congress, principally the House of Representatives, are on the right track. The newest data indicated that the

economy has created more than 200,000 jobs,” he said. Barbers said investments are the principal driver for creating new job and income opportunities for the people, adding investments play a crucial role in creating new job opportunities and income for the people. He said the decrease in unemployment reinforces the House initiative to ease the “restrictive” economic provisions of the Constitution. “More foreign investments will mean more jobs, more economic activities and more income for our people,” he said. He added that the Charter’s economic provisions restrict foreign capital inflow “because they contain a cap on foreign ownership and investment that cannot be lifted or amended by any law.” “That’s why constitutional amendments focused on the economic provisions are urgently needed,” Barbers added.

Widodo seeks PBBM support for purchase of anti-submarine aircraft from Indonesia By Samuel P. Medenilla @sam_medenilla

NDONESIAN President Joko Widodo urged President Ferdinand R. Marcos Jr. to support the possible procurement of Indonesian-made anti-submarine aircraft by the Philippine Navy. He also asked Marcos to help resolve the issue on the special safeguard (SSG) duties imposed by the country on coffee imported from Indonesia. The Indonesian leader made the appeals after his bilateral talk with Marcos in Malacañang on Wednesday as part of his three-day official visit in the country this week.

Coffee SSG

“I also seek your Excellency’s support related to the purchase of the anti-submarine warfare aircraft for the Philippine Navy from Indonesia,” Widodo said. The country has received a similar proposal from India, which offered to supply choppers to the Philippine Coast Guard (PCG), as part of its ongoing efforts to boost national maritime security. During their meeting, Marcos and Widodo also agreed to strengthen border cooperation and to accelerate the revisions in the 1975 Philippine-Indonesia border patrol and border crossing agreements. They also discussed the settlement of the Philippines and Indonesia continental shelf boundaries.

ASIDE from security matters, Widodo also raised the issue of market access, particularly related to the SSG duties on Indonesian instant coffee. “In the field of economy, in order to enhance trade we have agreed to continue to open market access and Indonesia seeks the Philippines’ support related to special safeguard measures on Indonesian coffee products,” Widodo said in his joint news briefing with Marcos. The country has been implementing the SSG since 2018 to protect local coffee makers from the cheaper Indonesian coffee. Last March, the government said the SSG will remain in effect since some Indonesian

coffee is still below the so-called “trigger price” of P203.74 per kilogram. Indonesia questioned before the World Trade Organization (WTO) the country’s “trigger price” for its instant coffee, which it maintained should only be P154.85 per kilogram. As of press time, Malacañang has yet to announce the position of Marcos on the said requests from Widodo, whose second term in office is about to end later this year. Widodo said he decided to visit the country to celebrate the 75th anniversary of Philippine-Indonesia diplomatic relations this year. Widodo is the first state leader received by Marcos for 2024.

our contribution to Brigada Eskwela 2023 and we look forward to participating and contributing to future initiatives and opportunities in the education center,” Ambassador Fluss explained. A vacant space in BTES-A was transformed into a library that signifies the strong bond of friendship between Israel and the Philippines. The library is filled with educational materials, a TV set, water dispenser, fans, bean bags and tables, and other amenities to make learning comfortable and exciting for the pupils of BTES. Around 2,000 students are currently enrolled in BTES and they will have free access to the Jerusalem Learning Resource Center. In a message delivered by Taguig City

Mayor Lani Cayetano, through her representative Councilor Jomil Bryan Serna, the mayor said, “This remarkable initiative, made possible through the sponsorship of the Embassy of Israel in the Philippines, is truly a blessing for our community and sets a positive tone for the year ahead. It will serve as a hub for knowledge, lifelong learning, and community engagement. This also reflects Israel’s belief in the transformative power of education, a sentiment that resonates with the values of our city. We express our heartfelt gratitude to the Embassy of Israel for their kind deeds and dedication in providing our students with this invaluable learning resource.” Ambassador Fluss and Councilor Serna

also entertained the kids by reading the story of David and Goliath inside the library. Despite the ongoing challenges faced by Israel against Hamas, Israel is committed to strengthening its relations with the Philippines. Ambassador Fluss thanked the Philippines for standing in solidarity with Israel since the horrific events on October 7th. He also called on Filipinos to support the call to bring back home the 132 hostages still kept in Gaza by Hamas. The unveiling ceremony of the Jerusalem Learning Resource Center held on January 9 was attended by the city government representatives, local government unit officials, and BTES faculty members, parents, and pupils.

Go prioritizes health towards more inclusive development Israel Embassy launches Jerusalem Learning Resource Center in Taguig

HE stor y of Marilou Vizcayno, a 40-year-old single mother from Caloocan City, highlights the impact of the Malasakit Center program, an initiative spearheaded by Senator Christopher “Bong” Go, which seeks to consolidate and streamline access to medical assistance from various government agencies, providing a one-stop shop for Filipinos in need of financial support for health care. Marilou, living in Barangay Santa Quiteria, Caloocan City, narrated the challenges she faced after the birth of her daughter, Francheska Ann or “Iska,” 10, who was diagnosed with Down Syndrome. The journey began with uncertainty and fear. “No’ng ipinanganak ko po siya, unang kita ko po sa kanya, parang sabi ko,‘may something’,” Marilou recalled, indicating her initial intuition about her daughter’s condition. The confirmation of Down Syndrome was a turning point for Marilou, who already faced the challenges of being a solo parent. “Syempre, kinabahan, natakot na... iniisip ko kung may nagawa ba akong mali,” she expressed, articulating the common concerns of any parent in her situation. The Malasakit Center at the Philippine Children’s Medical Center in Quezon City became an essential source of hope for Marilou, offering much-needed support for her daughter’s regular checkups and medical needs. “Ngayon kasi, narinig ko ‘yung about sa Malasakit Center,” she said, explaining her decision to transfer to the hospital with a Malasakit Center. The center provided medical and financial relief, which is essential for parents like Marilou.

Malasakit Centers bring together representatives from the Department of Social Welfare and Development (DSWD), Department of Health (DOH), Philippine Health Insurance Corporation (PhilHealth), and Philippine Charity Sweepstakes Office (PCSO). These one-stop shops aim to support impoverished patients in covering their hospital expenses and reducing costs to the least possible amount. Go is the principal author and sponsor of Republic Act No. 11463, or the Malasakit Centers Act of 2019, which institutionalized the Malasakit Centers program. Currently, 159 Malasakit Centers are operational nationwide, poised to assist with patients’ medical expenses. The DOH reports that the Malasakit Center program has already provided aid to around 10 million Filipinos. For many Filipino families, the cost of health care can be a daunting barrier. Marilou’s story is a testament to this struggle, “Mahirap po, hindi po alam kung saan po tatakbo,” she admitted, reflecting on the difficulties faced without the support of Malasakit Centers. “Maraming salamat po kay Sir Bong Go dahil may mga ganyang malalapitan po gaya ng itinaguyod ninyong Malasakit [Center],” she added. The story of Marilou and Iska is one among many, symbolizing the broader impact of Malasakit Centers across the Philippines. It is a narrative of hope, resilience, and the power of concerted government action to make health care accessible and affordable for every Filipino, especially those in dire need.

HE Embassy of Israel in the Philippines unveiled the Jerusalem Learning Resource Center at Bagong Tanyag Elementary School (BTES)—Annex A. This project is part of the Embassy’s support in the recent Brigada Eskwela 2023 of the Department of Education (DepEd). Ambassador of Israel to the Philippines Ilan Fluss personally visited the school for the official turnover of the Jerusalem Learning Resource Center. “Named after the heart of Israel which is Jerusalem, our capital, this library is a humble donation and an unwavering commitment we share towards nurturing the minds of the future generation,” Ambassador Fluss said. “This center is

Rep. Duterte fumes over new Charter-change drive, ₧2-B district budget cut

AVAO CITY—The lawmakerson of former president Rodrigo R. Duterte dissuaded city residents here from signing any papers that would support fresh moves to amend the Constitution. “I am against this people’s initiative (PI) as this is not the people’s voice but the voice of a few who wanted to perpetuate themselves in power,” Duterte’s eldest son Rep. Paolo “Pulong” Z. Duterte said in a statement on Wednesday. He also revealed that PBA Partylist Rep. Margarita “Migs” Nograles is reportedly “spearheading the Charterchange movement in Davao City.” The Charter-change drive has

generated varied reactions—from the television advertisements this week to reports about relief goods being used to persuade residents in the barangays—to sign papers purporting their support to Charter change. “To all Dabawenyos, do not sell your soul for a mere P100 or P10,000 in exchange for your signature. If you want to follow the minions of the person dreaming to be great in Congress to perdition that is your choice,” he said. The younger Duterte also expressed his dismay over the slashed allocation for his legislative district. “I also would like to inform all Dabawenyos, most especially in my

district, that the House leadership has taken out P2 billion from your NEP (National Expenditure Program) budget for the district and left only a measly P500 million for Dabawenyos this year,” he added. Addressing “all congressmen ganging up on us,” he said he would not yield to pressures “because I will not starve to death if you take my budget away.” “Ang kawawa is yung mga Dabawenyos na bumoto kay PBBM (Pity on those who voted President Ferdinand R. Marcos Jr.),” he added. Duterte said, “I also heard from reliable sources that even the senators are explicitly requested to re-

frain from putting projects in my district.” “Hindi ako luluhod sa inyo para mabigyan ng proyekto lalo na at may 30 percent pang kinukuha ang isang pekeng panginoon…Again, ang kawawa ay ang mahal kong mga Dabawenyo (I will not kneel before you just to be given projects that are automatically slashed by 30 percent to be given to the fake Lord. Again, those who stand to suffer are the Davaoeños),” he said. “I have kept my silence all through these months since I do not want my constituents to suffer from the dirty politics in the House of Representatives,” he said. Manuel T. Cayon

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

Thursday, January 11, 2024

Meralco opens Jan with ₧0.0846/kWh power rate hike By Lenie Lectura @llectura

OWER rates will slightly go up by P0.0846 per kilowatt hour (kW h) this month, br ing ing t he overa l l rate to P11.3430 per kWh from P11.2584 per kWh in December. For residential customers consuming 200 kWh, the adjustment

is equivalent to an increase of around P17 in their total electricity bill. The overall rate increase was primarily due to the higher generation charge, which went up by P0.1136 to P6.6468 per kWh from P6.5332 per kWh last month, owing to higher cost of power from the Wholesale Electricity Spot Market (WESM) and Independent Power

Producers (IPPs). Data showed that WESM charges went up by P0.5611 per kWh due to higher average capacity on outage in the Luzon grid, which increased by around 418 megawatts (MW). Charges from IPPs also increased by P0.1384 per kWh due to higher fuel costs of First Gas plants, Sta. Rita and San Lorenzo, resulting from the use of imported

liquefied natural gas (LNG) in the testing and commissioning of its LNG terminal. WESM and IPPs accounted for 20.5 percent and 36.5 percent, respectively, of Meralco’s total energy requirement for the period. Tempering the increase was a P0.1522 per kWh reduction in charges from Power Supply Agreements (PSAs) with the lower charg-

Group urges Senate to frontload passage of bill vs online piracy

CITIZENS advocacy group on Wednesday denounced the delay in the passage of a law that would intensify the drive against online pirates who have

been stealing from the Philippine creatives industry, depriving creative workers of just rewards, and exposing our people to cyberthreats.

“No less than the President has certified the Online Site Blocking Act as a priority,” said CitizenWatch co-convenor, lawyer, and former lawmaker Christopher Belmonte in a news statement. Further, Belmonte said he was surprised by the apathy displayed by the members of the Senate. “I do not understand the inertia of the Senate when it comes to bills like this that truly matter in people’s everyday lives,” he said. The bill seeks to amend the Intellectual Property Code and to give the government, through the Intellectual Property Office of the Philippines (IPOPHL) and Internet

Service Providers (ISP), greater powers to curb the rampant illegal streaming of copyrighted content. In the House of Representatives, House Bill 7600 authored by Albay Rep. Jose Sarte “Joey” Salceda has successfully been passed. The Senate, however, has seen some hesitation and lukewarm attention to Senate Bill 2150 authored by Senator Jose “Jinggoy” Estrada Jr. and Senate Bill 2385 by Sen. Ramon “Bong” Revilla Jr. In fact, the Senate Committee on Trade, Commerce, and Entrepreneurship chaired by Senator Mark A. Villar has not even had a single hearing to discuss the merits of the

es from Emergency PSAs (EPSAs) with Therma Luzon Inc. and South Premiere Power Corp. and higher excess energy deliveries from some PSAs, which were priced at a discount. Share of PSAs for the December supply month was at 43 percent. Meanwhile, transmission and other charges registered a net reduction of P0.0290 per kWh. The collection of P0.0364 per kWh Feed-In Tariff Allowance (FIT-All) remains suspended as

directed by the Energy Regulatory Commission (ERC). Passthrough charges for generation and transmission are paid by Meralco to the power suppliers and the grid operator, respectively, while taxes, universal charges, and FIT-All are all remitted to the government. Meralco’s distribution charge, on the other hand, has not moved since the P0.0360 per kWh reduction for a typical residential customer beginning August 2022.

proposed law. “Our senators have to act when they resume their sessions in two weeks and before they break again for the Lenten Season,” Belmonte pointed out. “I believe the urgency of the bill has already been established by the President and the strong clamor of the IPOPHL, the entertainment and content creation stakeholders, the telecoms industry, and internet service providers.” Belmonte also urged the government, through legislation, to assert the importance of protecting original creations and recognizing the contribution of artists in all aspects of creative production. “Imagine the heights that we could achieve if we were not hobbled by the menace of piracy,” Belmonte said, citing the success of the recent Metro Manila Film Festival as an example. “The festival showcased the creative spirit and innovative spirit of Filipinos despite the reign of foreign-made films and the availability of streaming services, and after the slump caused by the pandemic,” he pointed out. According to the IPOPHL, video piracy could cause an estimated $1 billion in annual revenue loss by 2027 if left unchecked. Meanwhile, research firm Media Partners Asia, in a 2022 study, said video piracy deprived the Philippine video industry of $781 million. In 2020, during the height of mobility restrictions, the film industry’s estimated

losses were at P11 billion. Latest data from the Philippine Statistics Authority (Q3 2023) showed real potential with the entertainment, recreation, and arts sector contributing P52.8 billion in Gross Value-Added (GVA) to the Philippine economy, a substantial 15.5 percent yearon-year growth. The creatives sector was also the second top-performing economic sector in 2023, next only to the accommodation and food service activities sector and surpassing other industries. “Workers in our creative sector need our support and protection lest they become disenfranchised,” Belmonte said. “Without their creations, the damage is not just economic, the deterioration of innovative thought and creative expression will weaken the nation’s socio-cultural development.” Belmonte added that the use of pirated content also exposes users to cybersecurity threats and endangers their privacy, digital assets, and even financial information. “Allowing cyber thieves to profit from the hard work of others and incentivizes more theft of intellectual property,” Belmonte said. “We call on our good legislators in the Senate to act expeditiously on the Online Site Blocking Act as every day that online piracy sites are allowed to operate, is a big blow to what should be a thriving economic driver of the Philippine economy.” Rizal Raoul S. Reyes

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

News BusinessMirror

Thursday, January 11, 2024

Experts push ‘effective’ industrial, trade policies to boost PHL exports By Andrea E. San Juan @andreasanjuan

OCAL economists said the government should develop an “effective” trade and industrial policies that would take advantage of the country’s demographic transition, among others, to boost the country’s exports.

They issued the recommendation after the Philippine Statistics Author ity (P SA) disclosed on Wednesday that the trade deficit in November 2023 rose by 26.3 percent to $4.69 billion. Data showed that this is the widest trade gap in seven months. The gap stemmed from the import receipts which grew 0.02 percent to $10.82 billion and the export earnings, which declined to $6.13 billion by 13.7 percent in November 2023. Imports posted a positive growth in November 2023 for the first time in nine months, while exports have been posting a decline for three consecutive months or since September 2023. Ateneo de Manila University economist L eonardo L anzona explained that exports are declining because“thereishardlyanygovernment

program that is encouraging their development.” Lanzona also noted that the trade gap could point to “much of what is exported is based on imports as domestic resources are not being utilized either to enhance comparative advantage or develop ideas that can create products demanded in the market.” De La Salle University economist Maria Ella Oplas echoed Lanzona’s statement as she told the BusinessMirror “even our manufacturing industry is highly dependent on importation of raw materials. Hence, whatever we export, is also made up of imported materials.” With this, Lanzona cited the need to leverage on the demographic transition that is occurring in the country right now to bring about a

“structural transformation” in the country’s economy with respect to trade. “As the population reaches a stage where a significant proportion of people are in their working ages, it is necessary to develop a comprehensive and effective trade and industrial policy,” Lanzona said in a Viber message on Wednesday to the BusinessMirror. He noted that while there may have been a “bad experience” concerning industrial policies in the past, the country “cannot simply rely on markets to bring about this structural transformation.” Failing to take advantage of the working population in the country, he noted, “means that we lose our chances of benefiting from this demographic transition that comes only once in our nation’s history.” Recognizing the country as being “import dependent,” Oplas noted that “there is a lot to fix internally” as she raised the food security issue in the country. “Wehaveaveryinefficientagriculture sector. It costs a lot to produce, for example rice, probably because of the presence of scrupulous intermediaries like the informal credit providers that take advantage of our farmers and maybe our local banks who are not scared of the Agri-Agra law requiring them to allot capital for our farmers,” Oplas said. She also pointed out that the youth no longer see the “value-added” in going into the agriculture sector and instead opting for careers away from

the sector as “a lot of farm lands are converted to subdivisions.” “Government should really prioritize the agriculture sector…make it promising for people to go back to the provinces and venture on agri,” Oplas said, stressing that the government should make available efficient technologies by “mechanizing ” farmers, protecting farmers from informal traders, among others in order to address production issues, especially in the agriculture sector. Further, Oplas prodded the government to support the country’s local scientists and inventors “so that new, more efficient technologies can be uncovered and used to make our production competitive.” She also underscored the need to promote the country’s automotive industry, as the country is “rich” with mechanical engineers. But, Oplas said, “The problem is we only assemble.” “So if we can bring back automotive back, it will not only spur export but create employment and local economic activity,” she said. Shifting from domestic to global issues, George Manzano, former tariff commissioner, told the BusinessMirror “the bulk of the export slowdown for the month is weak electronic exports.” “The market for electronic products worldwide, particularly gadgets, has been soft. It appears that consumers are buying electronic products but not at the pace of the pre-pandemic,” Manzano said. He cited geopolitical tensions,

which include maritime risks, such as the incidents in the Red Sea, as the factors that “weaken” international demand. From January to November 2023, PSA disclosed that the country’s export earnings amounted to $67.03 billion, an annual decline of 8.4 percent from the $73.18 billion recorded in the 11-month period in 2022. In the 11-month period, electronics exports amounted to $37.98 billion, down 10.4 percent from the $42.37 billion recorded in Januar y to November 2022. Still, in November 2023 alone, electronic products continued to be the country’s top exports with earnings of $3.44 billion or 56.1 percent of the country’s exports pie. This was followed by other manufactured goods with an export value of $334.42 million, with 5.5 percent share in the exports pie and other mineral products with $230.93 million or 3.8 percent share. In terms of export destination, PSA noted that exports to the United States comprised the highest export earnings amounting to $970.22 million or 15.8 percent share to the country’s exports in November 2023. This was followed by Japan with $949.66 million, or 15.5 percent share; People’s Republic of China, with $821.53 million or 13.4 percent share; Hong Kong, with $721.54 million or 11.8 percent share and Republic of Korea with $326.48 million or 5.3 percent share.

Panay outages can happen again, DOE tells lawmakers Deputy Minority Leader Risa Hontiveros urged NGCP officials to address claims of their “action or inaction” during the brownouts’ critical hours, and their reported failure to provide real-time system profile updates despite having access to the supervisory control and data acquisition (Scada) system. “If our probe confirms the negligence or incompetence of NGCP in its obligation as system operator of our nation’s power grid, it is time for the Senate to review the NGCP’s legislative franchise,” Hontiveros said. Besides Garin, Undersecretary Rowena Cristina Guevarra and Assistant DOE Secretary Mario Marasigan also gave senators some insights on the problem. to implement a comprehensive plan of action and a more sustainable solution to the energy supply in the region. For his part, Sen. Francis “Chiz” Escudero wants to review the Philippine Grid Code to prevent similar incidents in the future. In the current situation,

power plants can make an unscheduled shutdown if it affects only frequency but it is silent about unbalance and voltage. “These things need to be clarified so that protocols can be established to avoid similar incidents from occurring in the future,” Escudero said.

NGCP: We followed protocols

AT the hearing, NGCP said it should not be held liable for not imposing manual load dropping (MLD) prior to the multiple power plant shutdown incidents in Panay. NGCP said it simply followed protocols set by ERC in responding to shutdowns that led to the Panay subgrid blackout last January 2. Citing its own records and system data, NGCP saw no abnormality in system voltage from the time between the shutdown of PEDC (Panay Energy Development Corp.) 1 at 12:06PM and the subsequent shutdown of PCPC (Palm

PRC extends medical help for some 800 devotees during Black Nazarene rites By Claudeth Mocon-Ciriaco @claudethmc3

HILIPPINE Red Cross (PRC) Chairman and CEO Richard Gordon on Wednesday reported that the humanitarian organization provided medical care for some 800 injured devotees during their four-day operation for the Feast of the Black Nazarene. The PRC personnel and assets were stationed along the grand procession since January 7. “Mass gatherings can strain any medical operation due to the demand for services and that is why we have been preparing since December. I salute and thank all the volunteers and staff of PRC for a job well done. They had to stay and eat at first aid stations for more than two days just to provide medical care to devotees,” Gordon said as he lauded over a thousand PRC volunteers who showed up to help during the operation, including volunteer doctors, nurses, Emergency Response Unit, Emergency Medical Teams, and trained RC143 volunteers, who endured long hours of duty to ensure the safety of devotees.

“The majority of them had to join the large crowd to check and look for patients who might go unnoticed due to the large number of people. This success wouldn’t be possible without them. Salute to all! Let’s all apply these lessons learned unto our next operations,” said Gordon. Among earlier recorded cases of PRC include individuals who suffered dizziness, hypertension, sprains, fractures, and those requiring assistance in looking for missing companions. The PRC attended to a pregnant woman experiencing contractions and assisted a vendor who had sustained a burn on his hand due to an unmanaged LPG. Gordon also explained the rationale behind PRC’s consistent and intense preparation for the annual event, saying, “The first rule of any of our operations is to prevent injury.” For her part, PRC Secretary-General Dr. Gwen Pang agreed with him, stating that it is “better to over-prepare than to be underprepared.” Dr. Pang also advised the devotees to prioritize rest, eat nutritious food, stay hydrated, attend to wounds and health conditions, and consult with doctors before resuming their activities.

Concepcion Power Corp.) at 2:19PM. NGCP also cited the Philippine Grid Code (PGC), section 6.2.3.4: In instances where there is an unplanned outage of a plant but the system remains stable, manual corrective intervention should not be imposed to anticipate the occurrence of a second event. According to NGCP, this only means that the rules prohibit disengaging loads manually, or disconnecting thousands of households from their supply of power, as recommended by the Department of Energy and the Independent Electricity Market Operator of the Philippines (IEMOP), in anticipation of a subsequent grid event. “There was no system indication justifying a manual load drop or disconnecting end-users—households, business, industries—from the system to regulate voltage during the two-hour period. Had we disengaged loads without any trigger from the system, we may have also been questioned for doing so, as this clearly violates the PGC. Our actions at the time of the incident were undertaken within protocols and in compliance with established rules,” said NGCP. While NGCP said it was ready to transmit power as early as January 2, it

took PCPC 59 hours to synchronize back to the grid at 1:33AM of January 5. PCPC declared stable operations shortly before 1:00PM the same day, or almost three days after it shut down. Once PCPC operations stabilized, the supply of power to Panay consumers also stabilized. No power supply incidents in Panay have been reported since.

‘Nationalize power’

AT the House of Representatives, Deputy Minority Leader and ACT Teachers Partylist Rep. France Castro suggested that the power sector be nationalized so that service, not profit, is the primary motive of entities such as the NGCP, generation companies, and distribution utilities like MORE Electric and Power Corp., owned by the Razon group. According to Castro, when a blackout occurs, accountability becomes blurred, while the three interconnected components of the electricity sector could collaborate to prevent or mitigate such incidents. She said the failure of generation companies was the root of the problem, pointing to issues with Panay Energy Development Corporation (PEDC) Unit 1, which experienced a sudden shut-

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down due to boiler feed problems. Castro also called attention to the NGCP, and questioned the adequacy of reserve capacity in the Visayas, especially in the Panay subgrid, and inquired about NGCP’s efforts to contract new generation capacity. She raised concerns about why smaller electric cooperatives could secure new capacity contracts while NGCP struggled to do the same. On distribution, Castro criticized MORE Electric for not implementing automatic load dropping (ALD) or manual load dropping (MLD) during the Panay blackout. In light of the proposal for the Maharlika Investment Corporation to invest in the NGCP after the widespread power outages for days on Panay Island, Kabataan Partylist Rep. Raoul Manuel floated the idea of the national government taking over NGCP. “Maharlika investing in NGCP, a private grid corporation owned by China and two Filipino billionaires, will only line the pockets of the rich and the powerful amidst its role in the Western Visayas blackouts. Why not directly use people’s funds to nationalize NGCP instead?” Manuel said.

P1.83B allotted for PHL tourism promotions in ‘24 By Ma. Stella F. Arnaldo @akosistellaBM Special to the BusinessMirror

THE Department of Tourism (DOT) is receiving 84-percent less funds this year for its branding and marketing campaign efforts, based on documents from the Department of Budget and Management (DBM). As per the General Appropriations Act of 2024, the DOT’s branding campaign program was cut to P200 million from last year’s P1.27billion allocation. By object of expenditure, the DOT has been allocated P327.92 million for advertising expenses from the agency’s total budget of P2.98 billion this year. The lower branding campaign allocation this year could be due to the awarding of more than P700 million in promotions and marketing projects in 2023, despite the initial fiasco surrounding the launch of the DOT’s new “Love the Philippines,” which replaced the highly successful “It’s More Fun in the Philippines” slogan. (See, “DOT bids out P700-M projects under ‘Love the PHL’ campaign,” in the

BusinessMirror, September 22, 2023.) It does have access to a P4.6-billion Tourism Development Fund sourced from the accreditation, identification card, sticker and code fees, but release of these funds have to go though a more stringent process under the law.

More funds for TPB though

HOWEVER, the Tourism Promotions Board (TPB), the DOT’s marketing arm, has been allocated additional funds of P360 million for its marketing and promotions program this year. This is aside from the P1.27 billion in annual appropriations the government firm can tap from the Tourism Promotions Fund, 25 percent of which is sourced from 50 percent of national government’s share from the Philippine Amusement and Gaming Corp. (Pagcor), and 25 percent from the national government’s share from airports and seaports. This, plus the DOT’s budget brings the total promotions budget of the country to P1.83 billion ($33 million), significantly less than what other Southeast Asian nations spend to market their country to international travelers.

Many of these countries spend at least $50 million a month on tourism promotions. In a Viber message to the BusinessMirror, TPB Chief Operating Officer Maria Margarita Montemayor Nograles confirmed that TPB didn’t ask for the additional budget, “but they [lawmakers] are very supportive of us and really want us to ramp up promotions.” Traditionally, the TPB handles the marketing and promotions of the Philippines in traditional tourism markets (South Korea, the United States, Japan, Australia, China, Taiwan, the United Kingdom, Singapore, and Malaysia), while the DOT handles promotions in so-called “opportunity markets” or those which have been growing in arrivals between 10 and 40 percent. The latter include: the Mediterranean countries (Italy, Spain, Israel, Turkey); Western Europe (Austria, Norway, Germany, France, the Netherlands, Switzerland); Southeast Asia (Indonesia, Malaysia, Singapore, Thailand, Vietnam); the Middle East (Kuwait, Qatar, Bahrain, the United Arab Emirates, Saudi Arabia); as well as Russia and the Commonwealth of Independent States.

Low public spending, El Niño may slow Mindanao growth, business leader says By Manuel T. Cayon

@awimailbox

AVAO CITY—An El Niño dry spell episode and low government expenditure in Mindanao could pull down economic growth of this southern Philippine island, a business leader here said. Arturo Milan, the co-chairman of the Davao Regional Development Council and a former head of the city and Mindanao business chambers, said Mindanao could not possibly reach the same splendid level as it did last year, when it posted a gross domestic product growth rate of 7.2 percent, from the nongrowth years of the Covid-19 pandemic. Milan said the expected worst episode of the El Niño in the last two decades that is expected to begin in summer this year could be a single devastating drawback to the island economy, which banks on agriculture as its main driver of the economy. However, the second drag to pull the economy backwards is the low government spending, which Milan said happened on the first year of the Marcos administration, a far cry from the robust spending during the previous administration. He said this year’s budget of P5.7 trillion may be huge “but we still have to know how much of this is to be sourced from loans or to be generated by raising or finding new source of taxes, and how much could be funded by funds generated from our collections.” Last year, expectation for the first railway in Mindanao was thrashed after the Philippine government dropped the funding deal with China for the three major railway projects in the country. This was worth $5 billion and Mindanao also sustained the nonimplementation of two other power generation projects that would rely on China’s loan deal. “At most, Mindanao would only manage to grow between 5.5 percent to 6 percent,” he told a regular news briefing here at the Abreeza Mall organized by the Mindanao Development Authority. What the generally poor government expenditure expected this year is being offset by the private sector, that he said, would ride high on the robust performance of the outsourcing companies, the expected increase in remittances by migrant workers coming from Mindanao and the continuing demand for real-estate properties across the island. “The bright spot is the business process outsourcing, which exhibits continued growth in the cities of Mindanao,” Milan said, adding this would generate more and additional jobs and in turn, trigger more consumer spending to spur the growth of the local economy. Second, he said, “there has been report of increasing number of residents from Mindanao going out abroad to work.” “This would only mean that we should expect additional remittances to flow back to Mindanao, and like the trend in the BPO, would also have more families the means to spend for their needs,” Milan added. The third bright spot in Mindanao “is the nonstop growth in the real estate sector in Davao City and in the other cities of Mindanao.” “The real estate is still growing as people search for more opportunities,” he added. Milan, who is also a board member of the Regional Development-Private Sector Representative for Mindanao of the National Economic and Development Authority, said Mindanao is seeing the private sector stepping up for a low public spending that it has experienced since last year.

‘Love’ activation at London’s busiest station

NOGRALES added the “Love the Philippines” advertising will remain under the DOT under its Branding and Marketing Communications unit. “We work with DOT foreign offices with our global placements from key and strategic markets that TPB handles,”she said.“Usually the placements we do are part of trade show enhancements or joint promotions initiative, like event dailies during ITB Berlin, destination billboards for World Travel Market in London, etc.,” she explained. Meanwhile, on January 6, the DOT office in the UK held a “Love the Philippines” activation at the London Underground Waterloo Station, with digital screens showing award-winning Philippine destinations like Boracay and Intramuros, and featured a short program with a Filipino singer and performers of traditional Filipino dances. The Waterloo station is the largest and busiest station in Britain’s subway system. Despite the lack of direct flights to the Philippines, the UK is one of the country’s top source markets for tourists with 154,698 arrivals recorded in 2023. Prior to the pandemic, there were 209,206 tourists from the UK. (See, “International tourists spent $8.69 billion in PHL in 2023–DOT,” in the BusinessMirror, January 3, 2024.)

BusinessMirror

Thursday, January 11, 2024

ESTABLISHMENT / ADDRESS

ESTABLISHMENT / ADDRESS No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

QUALIFICATION AND SALARY RANGE

No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

3D ANALYZER INFORMATION TECHNOLOGIES INC. 7-8/f Double Dragon Plaza, 255 Edsa Cor. Macapagal Blvd., Barangay 76, Pasay City HTET KO MYINT Customer Service Representative - Mandarin Speaking

Brief Job Description: Attracts potential customers by answering products and service questions and suggesting information about other products and services. Maintains customer records by updating account information in Mandarin format.

NWAY NWAY HTET Customer Service Representative - Mandarin Speaking

ZHANG, ZHANCHAO Mandarin Dredger Navigation Controller Basic Qualification: Fluent in spoken & written Mandarin language and other dialect spoken in other parts of China.

Brief Job Description: The Mandarin Dredger Navigation Controller will be a strategist and a leader able to steer the company to the most profitable direction while also implementing its vision, mission and long-term goals.

Basic Qualification: Fluent in spoken & written Mandarin language and other dialect spoken in other parts of China.

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: Proven experience as a Mandarin Dredger Navigation Controller, familiarity, knowledge, and awareness of machinery and heavy equipment used by the company, and demonstrable experience in developing strategic business plans. Salary Range: Php 30,000 - Php 59,999

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

JIANG, XINBO Mandarin Dredging & Reclamation Quality Inspector 10.

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

Brief Job Description: The Mandarin Dredging & Reclamation Quality Inspector will be a strategist and a leader able to steer the company to the most profitable direction while also implementing its vision, mission and longterm goals.

www.businessmirror.com.ph

Basic Qualification: Proven experience as a Mandarin Dredging & Reclamation Quality Inspector, familiarity, knowledge, and awareness of machinery and heavy equipment used by the company, and demonstrable experience in developing strategic business plans.

No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

HOANG THI XUAN Chinese Speaking Data Entry Clerk 18.

Brief Job Description: Gather data and capture the information into databases.

KUANG, LIJUN Chinese Speaking Data Entry Clerk 19.

Brief Job Description: Gather data and capture the information into databases.

LI, CHEN Chinese Speaking Data Entry Clerk 20.

Brief Job Description: Gather data and capture the information into databases.

Salary Range: Php 30,000 - Php 59,999 ACCENTURE, INC. 7f Robinsons Cybergate Tower 1, Pioneer St., Barangka Ilaya, City Of Mandaluyong WANWANG, RANYA Customer Service Senior Analyst

Brief Job Description: Responsible for the activities assigned by the Collection Manager. Process A/R billings, adjustments and write-offs. Understand and perform Accounts Receivable supervisory role if and when needed.

Basic Qualification: Master’s Degree holder. With at least 2 years of work-related experience in a similar field. With advanced Thai language proficiency.

LIANG, LINGBING Mandarin Dredging Pump Mechanic Specialist 11.

Brief Job Description: The Mandarin Dredging Pump Mechanic Specialist will be a strategist and a leader able to steer the company to the most profitable direction while also implementing its vision, mission and long-term goals.

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

AM-PRO IMPORTS MARKETING CORP. 16e Residenza Suites, 429 Shaw Blvd., Addition Hills, City Of Mandaluyong HONG, TENGHUI Supply Chain Manager

Brief Job Description: Supply Chain Managers are responsible for overseeing and managing company’s overall supply chain and logistics strategy and operations in order to maximize the process efficiency and productivity. In addition, they play a crucial role in developing and maintaining good relationships with vendors and distributors.

PAN, FAMIAO Supply Chain Manager 5.

Basic Qualification: Strong organizational and management skills including problemsolving. Representational skills. Excellent verbal and written skills. Selfmotivated and creative.

WU, JINYUE Mandarin Quality Inspector 12.

Brief Job Description: The Mandarin Quality Inspector will be a strategist and a leader able to steer the company to the most profitable direction while also implementing its vision, mission and long-term goals.

DU, FUQING Mandarin Reclamation Dredger Operator 13.

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

Brief Job Description: The Mandarin Reclamation Dredger Operator will be a strategist and a leader able to steer the company to the most profitable direction while also implementing its vision, mission and long-term goals.

ZHOU, YAN Business Development Analyst 6.

Brief Job Description: Responsible for the development and generation of new business opportunity, maintaining good relationship with the clients, leads and directs the development of different approaches to deliver value-added solutions across the enterprise.

LI, XIUDING Mandarin Reclamation Dredger Operator 14.

FANG, WEIYI Mandarin Speaking Business Development Manager 7.

Brief Job Description: Responsible for the development and generation of new business opportunity maintaining good relationship with the clients leads and directs the development of different approaches to deliver value added solution across the enterprise.

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

ZOU, YAN Mandarin Reclamation Quality Controller 15.

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

Brief Job Description: The Mandarin Reclamation Quality Controller will be a strategist and a leader able to steer the company to the most profitable direction while also implementing its vision, mission and long-term goals.

Basic Qualification: Proven experience as a Mandarin Reclamation Quality Controller, familiarity, knowledge, and awareness of machinery and heavy equipment used by the company, and demonstrable experience in developing strategic business plans.

UNG CHI MINH Chinese Speaking Business Development Associate Brief Job Description: Identify and maintain new business opportunities and existing partners.

HIN, CHU VA Chinese Speaking Data Entry Clerk 17.

Brief Job Description: Gather data and capture the information into databases.

Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

23.

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

Brief Job Description: Gather data and capture the information into databases.

YAN, XINGAN Chinese Speaking Data Entry Clerk 24.

Brief Job Description: Gather data and capture the information into databases.

ZHANG, XIAOFANG Chinese Speaking Data Entry Clerk 25.

Brief Job Description: Entering and updating information into relevant databases.

LE, THI CAM LY Chinese Speaking Graphic Designer 26.

Brief Job Description: Prepare rough drafts and present ideas and conceptualized visual based on requirement. Liaising with clients to determine their requirements, timescale and budget.

TRAN THI HUYEN NHUNG Chinese Speaking Graphic Designer 27.

Brief Job Description: Liaising with clients to determine their requirements, timescale and budget.

CHEN, DA Chinese Speaking Program Designer

28.

Brief Job Description: Collaborate with other IT specialist, technicians, etc. to deliver software solutions. Communicate overall design and approach to a team of programmers and create flowcharts, diagrams, other models, and programming instructions to guide programming team. DENG, XUAN Chinese Speaking Program Designer

29.

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

Basic Qualification: Ability to concentrate for lengthy periods. Good in verbal communication and written.

Brief Job Description: Gather data and capture the information into databases.

TRAN, THI MY NHUNG Chinese Speaking Data Entry Clerk

CRONYX INC. 6-12, 15-19/f Royal Peak Tower A, 485 Quirino Avenue, Tambo, City Of Parañaque

16.

LIU, YANG Mandarin Dredger Navigation Controller

Basic Qualification: Proven experience as a Mandarin Reclamation Dredger Operator, familiarity, knowledge, and awareness of machinery and heavy equipment used by the company, and demonstrable experience in developing strategic business plans.

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

CHINA HARBOUR ENGINEERING COMPANY 5/f Section E Ramon Magsaysay Center, 1680 Roxas Blvd., 076, Barangay 699, Malate, City Of Manila

Basic Qualification: Proven experience as a Mandarin Dredger Navigation Controller, familiarity, knowledge, and awareness of machinery and heavy equipment used by the company, and demonstrable experience in developing strategic business plans.

22.

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

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Bachelor’s degree with experience in Business Management, Finance, Computer, Software Marketing, Sales and related field, fluent in both written and verbal English, Mandarin and Korean languages and English language communication skills is a plus.

Brief Job Description: Scanning through information to identify pertinent information.

PHAN THI PHUONG THAO Chinese Speaking Data Entry Clerk

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

BRIGHT LUME IT SOLUTIONS INC. Unit 202 Erisha Condominium, 1142 P Ocampo Street, Barangay 757, Santa Ana, City Of Manila Basic Qualification: Bachelor’s degree with experience in Business Management, Finance, Computer, Software Marketing, Sales and related field, fluent in both written and verbal English, Mandarin and Korean languages and English language communication skills is a plus.

Basic Qualification: Proven experience as a Mandarin Quality Inspector, familiarity, knowledge, and awareness of machinery and heavy equipment used by the company, and demonstrable experience in developing strategic business plans.

21.

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

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Strong organizational and management skills including problemsolving. Representational skills. Excellent verbal and written skills. Selfmotivated and creative.

Basic Qualification: Proven experience as a Mandarin Dredging Pump Mechanic Specialist, familiarity, knowledge, and awareness of machinery and heavy equipment used by the company, and demonstrable experience in developing strategic business plans.

PHAM THI QUYNH TRANG Chinese Speaking Data Entry Clerk

Brief Job Description: Testing and deploying program and systems, verify and deploy program and system. Communicate overall design and approach to a team of programmers and create flowcharts, diagrams, other models, and programming instructions to guide programming team.

DOAN VAN THUONG Chinese Speaking Program Designer 30.

Brief Job Description: Collaborate with other IT specialists, technicians, etc., to deliver software solutions.

QUALIFICATION AND SALARY RANGE Basic Qualification: Ability to concentrate for lengthy periods. Good in verbal communication and written. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Ability to concentrate for lengthy periods. Good in verbal communication and written. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Ability to concentrate for lengthy periods. Good in verbal communication and written. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Ability to concentrate for lengthy periods. Good in verbal communication and written. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Ability to concentrate for lengthy periods. Good in verbal communication and written. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Ability to concentrate for lengthy periods. Good in verbal communication and written. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proven graphic designer experience. With at least 6 months of work experience. Good in verbal communication and written. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: With experience computer aided design. With at least 6 months of work experience. Good in verbal communication and written. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Excellent written and verbal communication skills. Strong organization and project management skills. Salary Range: Php 30,000 - Php 59,999

BusinessMirror

www.businessmirror.com.ph

ESTABLISHMENT / ADDRESS No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION HAN, YANG Chinese Speaking Program Designer

31.

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE

Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

No.

46.

Salary Range: Php 30,000 - Php 59,999 47.

HUI, BAOXI Chinese Speaking Program Designer 32.

Brief Job Description: Collaborate with other IT specialist, and technicians to deliver software solutions.

LAI MY NGOC LIEN Chinese Speaking Program Designer 33.

Brief Job Description: Collaborate with other IT specialists and technicians to deliver software solutions.

LI, JUNLIANG Chinese Speaking Program Designer 34.

Brief Job Description: Collaborate with other IT specialist and technicians to deliver software solutions.

LI, QI Chinese Speaking Program Designer 35.

Brief Job Description: Gives inputs in the analysis of program results and gives recommendations for improvement.

LIU, KUN Chinese Speaking Program Designer

36.

37.

TANG, LING Chinese Speaking Program Designer 38.

Brief Job Description: Collaborate with other IT specialists and technicians to deliver software solutions.

48.

49.

39.

Brief Job Description: Gives inputs in the analysis of program results and gives recommendations for improvement.

TRAN THI LAN Chinese Speaking Program Designer 40.

Brief Job Description: Collaborate with other IT specialist, technicians etc., to deliver software solutions.

ZHANG, CHANGLEI Chinese Speaking Program Designer 41.

Brief Job Description: Collaborate with other IT specialist, technicians etc., to deliver software solutions.

ZHANG, FUBO Chinese Speaking Program Designer 42.

Brief Job Description: Gives inputs in the analysis of program results and gives recommendations for improvement.

ZHANG, XINLI Chinese Speaking Program Designer 43.

Brief Job Description: Collaborate with other IT specialists and technicians to deliver software solutions.

44.

45.

Brief Job Description: Prepare airline and custom documentation.

SHI, QINGZAI Chinese Cargo Office Agent Brief Job Description: Prepare airline and custom documentation.

Brief Job Description: Identify and maintain new business opportunities and existing partners.

50.

Brief Job Description: Identify and maintain new business opportunities and existing partners.

MUJIBURRAHMAN Chinese Speaking Business Development Associate 51.

Brief Job Description: Identify and maintain new business opportunities and existing partners.

Salary Range: Php 30,000 - Php 59,999 SERIVIANTI Chinese Speaking Business Development Associate Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

52.

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

Basic Qualification: Excellent written and verbal communication skills. With strong organization and project management skills.

53.

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

Brief Job Description: Gathering invoices, statements, reports, personal details, documents and information from employees, other departments and clients.

LIN, FENG Chinese Speaking Data Entry Clerk 55.

Brief Job Description: Entering and updating information into relevant databases.

VICTOR HUANG Chinese Speaking Data Entry Clerk 56.

Brief Job Description: Gathering invoices, statements, reports, personal details, documents and information from employees, other departments and clients.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

QUALIFICATION AND SALARY RANGE

No.

Basic Qualification: Knowledgeable in Chinese documentation. Salary Range: Php 30,000 - Php 59,999

61.

Basic Qualification: Knowledgeable in Chinese documentation. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

CAO, DECHUANG Chinese Speaking Graphic Designer 57.

Brief Job Description: Planning concepts by studying relevant information and materials.

CHE, SY DAU Chinese Speaking Graphic Designer 58.

Brief Job Description: Liaising with clients to determine their requirements, timescale and budget.

62.

ZHOU, ZE Chinese Speaking HR Associate 63.

Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

Basic Qualification: Knowledgeable in Chinese documentation.

Brief Job Description: Liaising with clients to determine their requirements, timescale and budget.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in Chinese documentation. Salary Range: Php 30,000 - Php 59,999

60.

WANG, JINMING Chinese Speaking Graphic Designer Brief Job Description: Perform retouching and manipulation of images.

Brief Job Description: Managing HR records including resume’, applicant logs and employee forms.

CAI, ZHIJIE Chinese Speaking Program Designer 64.

Brief Job Description: Document all aspects of software for ongoing maintenance and revisions.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

DU, ANXIN Chinese Speaking Program Designer 65.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

Brief Job Description: Communicate overall design and approach to a team of programmers and create flowcharts, diagrams, other models, and programming instructions to guide programming team.

WANG, XIANGXI Chinese Speaking Program Designer 66.

Brief Job Description: Collaborate with other IT specialists and technicians to deliver software solutions.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

XU, ZHENG Chinese Speaking Program Designer 67.

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

Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

68.

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

Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

MARSONO Operations Manager - Indonesian Speaking 69.

71.

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

Brief Job Description: Helps to prepare answer to calls for tender by proposing relevant solutions.

LI, XINQIANG Mandarin Technical Manager 72.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: College graduate. With previous work-related experience in a similar field. Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Helps to prepare answer to calls for tender by proposing relevant solutions.

Basic Qualification: Proven experience as Mandarin Site Coordinator. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proven experience as Mandarin Technical Manager. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Proven experience as Mandarin Technical Manager. Salary Range: Php 30,000 - Php 59,999

FIBERHOME PHILS., INC. 20/f Nex Tower, 6786 Ayala Ave., San Lorenzo, City Of Makati

PENG, ZIXIAO Project Manager

Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

Brief Job Description: Oversee all technology systems and members of information technology team.

JI, WEI Mandarin Technical Manager

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

Brief Job Description: Ensure consistent, open and effective communication with the operations team, across the business and with the client.

LIU, XIAOLONG Mandarin Site Coordinator

Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

EVERSTONE DEVELOPMENT AND CONSTRUCTION INC. Unit A 20/f Rufino Pacific Tower, 6784 Ayala Ave. Cor. Rufino St., San Lorenzo, City Of Makati

Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

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

Brief Job Description: Communicate overall design and approach to a team of programmers and create flowcharts, diagrams, other models, and programming instructions to guide programming team.

QUALIFICATION AND SALARY RANGE

ERIMIS SOLUTIONS INC. Unit 1001 Techzone Bldg., 213 Sen. Gil Puyat Ave, San Antonio, City Of Makati

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

Brief Job Description: Communicate overall design and approach to a team of programmers and create flowcharts, diagrams, other models, and programming instructions to guide programming team. ZHU, ZHENGKUN Chinese Speaking Program Designer

73.

59.

Brief Job Description: Managing HR records including resume’, applicant logs and employee forms.

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

Salary Range: Php 30,000 - Php 59,999 LI, BIN Chinese Speaking Graphic Designer

Brief Job Description: Managing HR records including, résumés, applicant logs, and employee forms.

TANG VA PHUNG Chinese Speaking HR Associate

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Excellent written and verbal communication skills. With strong organization and project management skills.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

GU, HONGYAN Chinese Speaking HR Associate

70.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

Brief Job Description: Gathering invoices, statements, reports, personal details, documents and information from employees, other departments and clients.

LE THAI DUONG BINH Chinese Speaking Data Entry Clerk

Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

Brief Job Description: Identify and maintain new business opportunities and existing partners.

DENG, QUANXI Chinese Speaking Data Entry Clerk

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

DEXIN INTERNATIONAL IMPORT AND EXPORT CORP. 534, Tomas Mapua St., Barangay 298, Santa Cruz, City Of Manila

CAO, GUOHUA Chinese Cargo Office Agent

Brief Job Description: Prepare airline and custom documentation.

MOE YAN MIN Chinese Speaking Business Development Associate

54. TONG, XING Chinese Speaking Program Designer

XIE, CHENGWU Chinese Cargo Office Agent

LI, MINGXIA Chinese Speaking Business Development Associate

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

Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

Brief Job Description: Prepare airline and custom documentation.

CHEN, DAWEI Chinese Speaking Business Development Associate

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

WENG, WUQIU Chinese Cargo Office Agent

ESTABLISHMENT / ADDRESS

DYNAMIC STUDIO TECHNOLOGY INC. 5th To 8th/f & 10th/f Platinum Tower Building, Aseana Ave. Cor. Fuentes Street, Baclaran, City Of Parañaque

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

Thursday, January 11, 2024

Brief Job Description: The project manager will be a strategist and a leader able to steer the company to the most profitable direction while also implementing its vision, mission and long-term goals.

Basic Qualification: Proven experience as project manager, excellent communication, interpersonal and presentation skills. Salary Range: Php 30,000 - Php 59,999

INFOVINE INC. 8th, 9th, 10th/f Aspire Corporate Plaza Bldg., Macapagal Blvd. St., Zone 10, Barangay 76, Pasay City

WANG, CHIU-PING Chinese Speaking Admin Associate 74.

Brief Job Description: Responsible for many clerical tasks to ensure the staff can communicate.

Basic Qualification: Have excellent verbal and written communication skills and be able to organize their work using tools. Salary Range: Php 30,000 - Php 59,999

A6 A8

BusinessMirror

Thursday, January 11, 2024

ESTABLISHMENT / ADDRESS No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

HO THI KIM THAO Chinese Speaking Business Development Associate 75.

Brief Job Description: Identify and maintain new business opportunities and existing partners.

HOANG THI THU HUONG Chinese Speaking Business Development Associate 76.

77.

Brief Job Description: Identify and maintain new business opportunities and existing partners.

NGUYEN THANH TAN Chinese Speaking Business Development Associate Brief Job Description: Collating and maintaining client information.

NORASATVORACHAI, SUWANNEE Chinese Speaking Business Development Associate 78.

Brief Job Description: Identify and maintain new business opportunities and existing partners.

SEO, JUNG WAN Chinese Speaking Business Development Associate 79.

Brief Job Description: Identify and maintain new business opportunities and existing partners.

YAPP LI JIN Chinese Speaking Business Development Associate 80.

Brief Job Description: Identify and maintain new business opportunities and existing partners.

AVETISYAN, ALISA Chinese Speaking Data Entry Clerk 81.

Brief Job Description: Entering and updating information into relevant databases.

KLIMENKO, INNA Chinese Speaking Data Entry Clerk 82.

Brief Job Description: Gathering invoices, statements, reports, personal details, documents and information from employees, other departments and clients.

LU TRINH HA Chinese Speaking Data Entry Clerk 83.

Brief Job Description: Gather data and capture the information into databases.

PHAN HONG VAN Chinese Speaking Data Entry Clerk 84.

Brief Job Description: Gathering invoices, statements, reports, personal details, documents and information from employees, other departments and clients.

TRAN THI THU HA Chinese Speaking Data Entry Clerk 85.

Brief Job Description: Gather data and capture the information into databases.

WANG, YING-WEI a.k.a. WANG, SI-YUN Chinese Speaking Data Entry Clerk 86.

Brief Job Description: Gathering invoices, statements, reports, personal details, documents and information from employees, other departments and clients.

YU, LO-YAN a.k.a. YU, YA-JU Chinese Speaking Graphic Designer 87.

Brief Job Description: Liaising with clients to determine their requirements, timescale, and budget.

CHERYL OON KAR YEE Chinese Speaking Program Designer 88.

Brief Job Description: Collaborate with other IT specialists, technicians, etc., to deliver software solutions.

HOANG THI CHUYEN Chinese Speaking Program Designer 89.

Brief Job Description: Testing and deploying programs and systems. Verify and deploy programs and systems.

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

No.

KUZMINA, IANA Chinese Speaking Program Designer 90.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience and good in verbal communication and written.

91.

92.

93.

94.

95.

Brief Job Description: Gathering invoices, statements, reports, personal details, documents and information from employees, other departments and clients.

SAUNDERS, GARRY ROBERT Consultant 96.

Brief Job Description: Plan and draw the overall site installation. Provide guidance in defining the methods and sequence to be used on site to meet the project program.

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

CHE A BAU Chinese Speaking Business Development Associate 97.

98.

Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

99.

100.

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

Brief Job Description: Identify and maintain new business opportunities and existing partners.

HOANG NGOC CUONG Chinese Speaking Business Development Associate Brief Job Description: Collating and maintaining client information.

LIAO, YUHAO Chinese Speaking Business Development Associate 101.

Brief Job Description: Identify and maintain new business opportunities and existing partners.

LUONG THAO NHI Chinese Speaking Business Development Associate 102.

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

Basic Qualification: With experience in computer design. With good verbal and written communication.

Brief Job Description: Identify and maintain new business opportunities and existing partners.

GUO, QI Chinese Speaking Business Development Associate

Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools. Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Identify and maintain new business opportunities and existing partners.

CHI COOC DAU Chinese Speaking Business Development Associate

Basic Qualification: Ability to concentrate for lengthy periods. With good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

No.

104.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

105.

106.

107.

108.

Brief Job Description: Identify and maintain new business opportunities and existing partners.

MAC NGUYET ANH Chinese Speaking Business Development Associate 103.

Brief Job Description: Assist with drafting business plans, sales pitches, presentations, reference materials, and other documents as required.

Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

109.

110.

Brief Job Description: Gathering invoices, statements, reports, personal details, documents and information from employees, other departments and clients. Scanning through information to identify pertinent information.

DOU, TING Chinese Speaking Data Entry Clerk 111.

Brief Job Description: Gathering invoices, statements, reports, personal details, documents and information from employees, other departments and clients.

GAN WEI LEE Chinese Speaking Data Entry Clerk 112.

Brief Job Description: Gathering invoices, statements, reports, personal details, documents and information from employees, other departments and clients.

HOANG, THI HUYEN Chinese Speaking Data Entry Clerk 113.

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

Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

Brief Job Description: Identify and maintain new business opportunities and existing partners.

CHEN, JIAQI Chinese Speaking Data Entry Clerk

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

Brief Job Description: Identify and maintain new business opportunities and existing partners.

ZUNE NANDY HTUN Chinese Speaking Business Development Associate

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

Basic Qualification: College graduate. With previous work experience as a construction project manager. With in-depth knowledge of construction procedures, materials and project management principles.

Brief Job Description: Identify and maintain new business opportunities and existing partners.

YANG, YINGJU Chinese Speaking Business Development Associate

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

Brief Job Description: Identify and maintain new business opportunities and existing partners.

TRAN VAN SY Chinese Speaking Business Development Associate

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

Brief Job Description: Identify and maintain new business opportunities and existing partners.

THI THI NAING Chinese Speaking Business Development Associate

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

Brief Job Description: Identify and maintain new business opportunities and existing partners.

SAM THI KIEM Chinese Speaking Business Development Associate

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

PHAN THI PHUONG Chinese Speaking Business Development Associate

NEO INCORPORATED North Tower Centrum Bldg., Aseana Avenue, Entertainment City, Baclaran, City Of Parañaque

Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools. Salary Range: Php 30,000 - Php 59,999

QUALIFICATION AND SALARY RANGE

Salary Range: Php 500,000 and above

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Ability to concentrate for lengthy periods. With good verbal and written communication skills.

ESTABLISHMENT / ADDRESS

MAKATI DEVELOPMENT CORPORATION 2nd Floor Mdc Corporate Center, Radian Street Arca South, Western Bicutan, City Of Taguig

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

Brief Job Description: Collaborate with other IT specialists, technicians, etc., to deliver software solutions.

WONG YAT HONG Chinese Speaking Program Designer

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

Brief Job Description: Collaborate with other IT specialists, technicians, etc., to deliver software solutions.

TRAN THI TUYET ANH Chinese Speaking Program Designer

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

Brief Job Description: Communicate overall design and approach to a team of programmers and create flowcharts, diagrams, other models, and programming instructions to guide programming team.

THAN THI MAI Chinese Speaking Program Designer

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

Brief Job Description: Collaborate with other IT specialists, technicians, etc., to deliver software solutions.

PAN, SHIANG-MEI Chinese Speaking Program Designer

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

Brief Job Description: Collaborate with other IT specialists, technicians, etc., to deliver software solutions.

LUONG THI HAI ANH Chinese Speaking Program Designer

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

www.businessmirror.com.ph

Brief Job Description: Gathering invoices, statements, reports, personal details, documents and information from employees, other departments and clients.

LAU CA DINH Chinese Speaking Data Entry Clerk 114.

Brief Job Description: Gathering invoices, statements, reports, personal details, documents and information from employees, other departments and clients.

QUALIFICATION AND SALARY RANGE Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written. Salary Range: Php 30,000 - Php 59,999

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

Basic Qualification: With at least 6 months of work experience, and good in verbal communication and written.

LAU CHAN TUONG Chinese Speaking Data Entry Clerk 115.

Brief Job Description: Gathering invoices, statements, reports, personal details, documents and information from employees, other departments and clients.

Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written. Salary Range: Php 30,000 - Php 59,999

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

Basic Qualification: With at least 6 months of work experience, and good in verbal communication and written.

LIU, ZIYAN Chinese Speaking Data Entry Clerk 116.

Brief Job Description: Gathering invoices, statements, reports, personal details, documents and information from employees, other departments and clients.

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

Basic Qualification: With at least 6 months of work experience, and good in verbal communication and written.

LY THI HONG THOM Chinese Speaking Data Entry Clerk 117.

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

Basic Qualification: Excellent written and verbal communication skills. Strong organization and project management skills. Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Gathering invoices, statements, reports, personal details, documents and information from employees, other departments and clients.

NGUYEN THI THANH HOA Chinese Speaking Data Entry Clerk 118.

Brief Job Description: Gather data and capture the information into databases.

Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Ability to concentrate for lengthy periods. Good in verbal and written communication. Salary Range: Php 30,000 - Php 59,999

BusinessMirror

www.businessmirror.com.ph

ESTABLISHMENT / ADDRESS No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION PAN, LISHI Chinese Speaking Data Entry Clerk

119.

120.

Brief Job Description: Correcting errors and organizing the information in a manner that will optimize swift and accurate capturing.

TRAN THI BE DUY Chinese Speaking Data Entry Clerk 121.

Brief Job Description: Gathering invoices, statements, reports, personal details, documents and information from employees, other departments and clients.

VO QUOC TUAN Chinese Speaking Data Entry Clerk 122.

Brief Job Description: Gathering invoices, statements, reports, personal details, documents and information from employees, other departments and clients.

VO VINH THINH Chinese Speaking Data Entry Clerk 123.

Brief Job Description: Entering and updating information into relevant databases.

CHEAH SHEAU BOON Chinese Speaking Graphic Designer 124.

Brief Job Description: Liaising with clients to determine their requirements, timescale, and budget.

GUAN, GUOQIANG Chinese Speaking Graphic Designer 125.

Brief Job Description: Liaising with clients to determine their requirements, timescale and budget.

LAI, RUIXING Chinese Speaking Graphic Designer 126.

Brief Job Description: Liaising with clients to determine their requirements, timescale and budget.

LUONG THI THU Chinese Speaking Graphic Designer 127.

Brief Job Description: Liaising with clients to determine their requirements, timescale and budget.

PHAM PHI LONG Chinese Speaking Graphic Designer 128.

Brief Job Description: Liaising with clients to determine their requirements, timescale and budget.

PHAN VAN THUAN Chinese Speaking Graphic Designer 129.

Brief Job Description: Liaising with clients to determine their requirements, timescale and budget.

TRAN TRONG HOANG Chinese Speaking Graphic Designer 130.

Brief Job Description: Liaising with clients to determine their requirements, timescale and budget.

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

No.

CHIA KONG LOON Chinese Speaking Program Designer 135.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

136.

137.

138.

Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

139.

131.

Brief Job Description: Liaising with clients to determine their requirements, timescale, and budget.

140.

132.

Brief Job Description: Planning concepts by studying relevant information and materials.

ZHAO, WANG Chinese Speaking Graphic Designer 133.

Brief Job Description: Planning concepts by studying relevant information and materials. Keeping up to date with design and software trends. Perform retouching and manipulation of images.

CHENG, YIDONG Chinese Speaking Program Designer 134.

Brief Job Description: Communicate overall design and approach to a team of programmers.

Brief Job Description: Communicate overall design and approach to a team of programmers and create flowcharts, diagrams, other models, and programming instructions to guide programming team.

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

PAN, YU Mandarin Speaking Business Development Manager

Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

141.

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

OCEAN MIGHT SUPPORT MANAGEMENT INC. 33/f Tower 6789, Ayala Ave., Bel-air, City Of Makati 32/f Tower 6789, Ayala Ave., Bel-air, City Of Makati

Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools. Salary Range: Php 30,000 - Php 59,999

142.

QUALIFICATION AND SALARY RANGE Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

143.

Brief Job Description: Responsible for handling questions, comments and complaints regarding a particular business. Their ultimate goal is to provide positive customer experiences by enhancing relationships between them.

GAN KY VINN Customer Service Representative 144.

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

Brief Job Description: Responsible for handling questions, comments and complaints regarding a particular business.

JACKY LIE Customer Service Representative

Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools. Salary Range: Php 30,000 - Php 59,999

Brief Job Description: responsible for handling questions, comments and complaints regarding a particular business.

JONATHAN WIJAYA Customer Service Representative

Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Ability to concentrate for lengthy periods. With good verbal and written communication skills.

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

149.

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

Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

150.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: College graduate. With previous work experience in a similar field.

Brief Job Description: Responsible for handling questions, comments and complaints regarding a particular business.

PREGGI PRASETYA Customer Service Representative 147.

Brief Job Description: Responsible for handling questions, comments and complaints regarding a particular business.

151.

152.

153.

154.

155.

CHENG, DEJUN Bilingual Client Support Specialist Brief Job Description: Client support specialist.

DING, XIAOPENG Bilingual Client Support Specialist Brief Job Description: Client support specialist.

ZHOU, GUOJUN Bilingual Client Support Specialist Brief Job Description: Client support specialist.

LIU, YUANDAO Multilingual Accounts And Financial Monitoring Brief Job Description: Accounts and financial monitoring.

PHAN THI MINH Multilingual Accounts And Financial Monitoring Brief Job Description: Accounts and financial monitoring.

CHEN, CHANGMU Mandarin Digital Marketing Officer 156.

Brief Job Description: Manage asset tracking and depreciation of UNIX hardware and supporting software.

WU, HONGSHENG Mandarin Operating System Supervisor 157.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: 18-55 y/o, with at least 6 months of work experience, and with good verbal and written communication skills.

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

Basic Qualification: 18-55 y/o, with at least 6 months of work experience, and with good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Fluent in Mandarin language. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in Mandarin language. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in Mandarin language. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in Mandarin language. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in Mandarin language. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Proven experience as Mandarin Digital Marketing Officer. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proven experience as Mandarin Operating System Supervisor. Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Collaborate with the business users and other team members to identify business problems and challenges that can be solved using AI techniques. Performs data preparation and management, data exploration and analysis prior to model development.

Basic Qualification: College graduate. With previous work experience in a related industry. Salary Range: Php 500,000 and above

WELL SOLUTION CORP. Unit 1100-d 11/f Vicente Madrigal Bldg., 6793 Ayala Avenue, Bel-air, City Of Makati HUANG, XINGYAN Chinese Speaking Brand Marketing Specialist 159.

Brief Job Description: Assisting with the analyses of marketing data, including campaign results, conversion rates, and online traffic in order to improve future marketing strategies and campaigns. XIANG, XIAOQIN Chinese Speaking Sales Marketing Specialist

160.

Brief Job Description: Supporting the marketing team with marketing activities by demonstrating expertise in various areas, including optimization, advertising, social media, direct marketing, and event planning. LIU, FEI Chinese Speaking Sales Marketing Specialist

161.

Basic Qualification: 18-55 y/o, with at least 6 months of work experience, and with good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Provide customer service support to the organization.

RAJ, AAKRITI Senior Analyst And Senior Assistant Vice President

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

Basic Qualification: 18-55 y/o, with at least 6 months of work experience, and with good verbal and written communication skills.

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

SECURITY BANK CORPORATION Security Bank Centre Bldg., 6776 Ayala Avenue, San Lorenzo, City Of Makati

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: 18-55 y/o, with at least 6 months of work experience, and with good verbal and written communication skills.

Basic Qualification: 18-55 y/o, with at least 6 months of work experience, and with good verbal and written communication skills.

PHILIPPINES HUANYA DATA TECHNOLOGY AND TRADING INC. Unit 25d 2/f Zeta Ii Bldg., 191 Salcedo St., San Lorenzo, City Of Makati

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

Basic Qualification: 18-55 y/o, with at least 6 months of work experience, and with good verbal and written communication skills.

QUALIFICATION AND SALARY RANGE

ONWARD WORLDWIDE MANAGEMENT & CONSULTANCY SERVICES CORP. 5/f Greensun Bldg., 2285 Chino Roces Ave. Ext., Magallanes, City Of Makati

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

Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

Brief Job Description: Responsible for handling questions, comments and complaints regarding a particular business.

TRAN QUOC BINH HR Admin

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Ability to concentrate for lengthy periods. With good verbal and written communication skills.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

YAW CHIA JING Customer Service Representative

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

Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

No.

158.

Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

Brief Job Description: Responsible for handling questions, comments and complaints regarding a particular business.

GABRIEL CHONG TIAN KAI Customer Service Representative

Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools. Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Obtaining new business accounts and maintaining relationships with existing clients.

CHANG, CHING-HSIN Customer Service Representative

Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools. Salary Range: Php 30,000 - Php 59,999

ESTABLISHMENT / ADDRESS

NEWBIE STATION LOGISTIC INC. Unit 2116-2117 High Street South Corporate Plaza Tower 2, 26th Street Bonifacio Global City, Fort Bonifacio, City Of Taguig

146. ZHANG, LAN Chinese Speaking Graphic Designer

145. VAN THI HUONG Chinese Speaking Graphic Designer

Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools. Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Collaborate with other IT specialists, and technicians to deliver software solutions.

LIN, JIAWEI Chinese Speaking Program Designer

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

Brief Job Description: Collaborate with other IT specialists, and technicians to deliver software solutions.

JIANG, YAOYAO Chinese Speaking Program Designer

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

Brief Job Description: Collaborate with other IT specialists, and technicians to deliver software solutions.

HUANG, SHAOJIU Chinese Speaking Program Designer

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months of work experience. Good in verbal communication and written.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

Thursday, January 11, 2024

Brief Job Description: Supporting the marketing team with marketing activities by demonstrating expertise in various areas, including optimization, advertising, social media, direct marketing, and event planning. ZHOU, XIAOKANG Chinese Speaking Sales Marketing Specialist

162.

Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools. Salary Range: Php 30,000 - Php 59,999 *Date Generated: Jan 10, 2024

In the ad material of Notice of Filing of Application for Alien Employment Permits published on January 6, 2024, the position of YU, JIE under the company EMERALD WIRELESS TECH INC., should have been read as CHINESE FINANCE MANAGER and not as published. Any person in the Philippines who is competent, able and willing to perform the services for which the foreign national is desired may file an objection at DOLE National Capital Region located at DOLE-NCR Building, 967 Maligaya St., Malate Manila, within 30 days after this publication. Please inform DOLE National Capital Region if you have any information on criminal offense committed by the foreign nationals.

RIFCKY FILANDO KARUNDENG Customer Service Representative 148.

Brief Job Description: Responsible for handling questions, comments and complaints regarding a particular business.

Basic Qualification: 18-55 y/o, with at least 6 months of work experience, and with good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999

A10 Thursday, January 11, 2024

Editor: Jennifer A. Ng • www.businessmirror.com.ph

PHL frozen pork inventory falls by almost 28%

HE Philippines’s inventory of frozen pork as of January 1 shrank as imports plunged, according to data from the National Meat Inspection Service (NMIS). Figures from the attached agency of the Department of Agriculture (DA) indicated that the inventory of frozen pork in local cold storage facilities fell by nearly 28 percent to 69,192.74 metric tons (MT). Imported frozen pork, which constituted the bulk of the inventory during the period, declined by 27 percent to 67,795.13 MT. Last year, frozen pork in imports in local cold storage facilities reached 93,352.41 MT. Local pork accounted for only 1,397.61 MT of the total inventory as of January 1. In 2023, the figure was nearly double at 2,717.05 MT. Cold storage facilities in Region 3 had the highest volume at 19,580.98 MT, followed by Region 4-A and the National Capital Region (NCR), which accounted for 18,211.79 MT

and 16,583.89 MT, respectively. In contrast, the inventory of dressed chicken as of January 1 was higher by 13 percent to 52746.29 MT, according to data from the NMIS. Imports again accounted for the bulk of the inventory at 34,145.36 MT. However, the figure was slightly lower than the 35,654.63 MT recorded on January 2, 2023. Local poultry in cold storage facilities reached 18,330.93 MT as of January 1, 72 percent higher than the 10,635.63 MT recorded a year ago. Cold storage facilities in Region 3 had the highest volume of dressed chicken at 16,624.83 MT. It was followed by Region 4-A (13,031.15 MT) and NCR (10,569.31 MT).

BUSINESSMIRROR FILE PHOTO

The Philippines imports meat products, particularly pork, to beef up domestic supply. The government had even lowered tariffs for pork products to keep prices

in check. Based on data from the Bureau of Animal Industry, the country’s meat imports reached 1.115 billion kilograms or 111.55 million met-

ric tons (MMT) before the holiday season started in 2023. This was lower than the 1.252 billion kilos or 1.25 MMT shipments that arrived in the same period of 2022.

Imports in November 2023 stood at 96.315 million kilos, a 22.3-percent decline from the 123.95 million kilos shipped to Manila in November 2022. Last December, Malacañang issued Executive Order (EO) 50 which maintained the low tariffs on certain agricultural products, including pork. The government cited the continuing prevalence of African swine fever (ASF) as rationale for maintaining the current tariffs on imported pork products. Under EO 50, the tariff rates on the following commodities will remain until end-2024: 15 percent and 25 percent for in-quota and out-quota pork imports, respectively; 5 percent and 15 percent for in-quota and out-quota corn imports; and a 35-percent uniform rate for rice imports. ASF, which is fatal to hogs, struck the Philippines in 2019 and continues to threaten local pork production. Based on data from the Philippine Statistics Authority, ASF was one of the major reasons behind the failure of government to hit its farm growth target in 2019.

prices in DA: Group will prepare implementing rules for Price Act Rice Asia poised to

HE Department of Agriculture (DA) formed a technical working group (TWG) that will draft the rules and regulations to implement provisions of the Price Act related to agricultural products. Agriculture Secretary Francisco Tiu Laurel Jr. issued Special Order (SO) 18 which created the TWG. Laurel signed the order last January 5. The DA said the Price Act, or Republic Act (RA) 7581, was enacted to stabilize the supply and prices of basic necessities and

prime commodities, to safeguard consumers against unreasonable price hikes and ensure fair practices within the market. The agency was identified as the lead agency tasked to stabilize prices of agricultural crops, fish and other marine products, fresh meat, fresh poultry, dairy products, fertilizers and other farm inputs during emergencies. Assistant Secretary for Policy Research and Development Noel A. Padre was designated as head of the 8-member TWG. Assistant

Secretary for Regulations Atty. Paz Benavidez II was named cochairperson while director Jerome Bunyi, Officer-in-charge for Policy Research Service, was appointed vice chairperson. Laurel ordered the TWG to develop a clear and concise set of rules to implement Section 9 of the Price Act, engage the Department of Trade and Industry and other government agencies in developing the implementing rules and regulations (IRR), consult with relevant stakeholders including consumer groups

and market experts, and ensure the IRR hews to the legal framework under the Price Act. Personnel from the Policy Research Service, Office of the Assistant Secretary for Regulations and the Agribusiness and Marketing Assistance Service will form part of the TWG’s secretariat and provide technical and administrative support to the group. The Price Act or RA 7581 was approved in May 1992. Section 2 of the law indicated that “it is the policy of the State to ensure the

availability of basic necessities and prime commodities at reasonable prices at all times without denying legitimate business a fair return on investment. It is also a declared policy of the State to provide effective and sufficient protection to consumers against hoarding, profiteering and cartels with respect to the supply, distribution, marketing and pricing of said goods, especially during periods of calamity, emergency, widespread illegal price manipulation and other similar situations.”

Floods trap cows, harm crops as wild weather hits Australia

EAVY rains and flooding across Australia’s southern state of Victoria has damaged crops and stranded cattle as a months-long run of wild weather on the nation’s east coast leaves a trail of destruction. Severe storms have lashed Victoria since October, with parts of Queensland and New South Wales impacted over the following months, including a cyclone that damaged sugar crops in the country’s far north. The latest deluge has inundated fruit orchards and continues to delay the harvest of wheat and barley. Simon McKenry, a livestock and wheat farmer in western Victoria, said he has already downgraded some of his crop to animal feed after multiple rain events, and has only been able to harvest just over a day each week due to the wet conditions. Growers typically start harvesting their grains from November. The persistent rain has come even after the onset of the El Niño weather pattern, which usually brings hotter and drier conditions to Australia and prompts authorities to prepare for an uptick of wildfires. Recent heavy rain has triggered flood warnings across parts of Victoria, leading to evacuation orders and floodwaters inundating homes, including in the small rural of Seymour on the banks of the Goulburn River. “I know one farmer just out of Seymour who’s had to hire a boat so he can get out to feed his cattle,” said Victorian Farmers Federation

President Emma Germano. “The water is over three meters at its deepest point, and there was some concern that some of his cows might have even been swept away.” Cattle standing in water for long periods are also at risk of developing infection issues with their hooves, she added. Some plum and peach farmers in Victoria’s Goulburn Valley have been forced to let damaged fruit drop to the ground and rot after rain over the weekend and Monday, said Michael Crisera, grower ser vices manager at industr y group Fruit Growers Victoria. That follows a devastating hailstorm a week ago which damaged 500 hectares of apple, pear and plum trees in the same area, he added. Around half of the past El Niño events have included heavy rainfall, particularly across parts of eastern Australia, the Bureau of Meteorology said in a statement. Very high temperatures in the Tasman Sea and the presence of a positive Southern Annular Mode—which is unusual to see during El Niño—likely contributed to rainfall events in eastern Australia in December and January, it said.

‘More bad floods’

THE spate of wild weather— which includes a tornado that hit the Gold Coast in Queensland on Christmas evening—is likely to lead to mounting insurance claims. Insurance Australia Group Ltd. said last week that it had received around 17,000 claims from events in December.

FLOODWATER inundates Rochester township on January 9. DIEGO FEDELE/GETTY IMAGES/BLOOMBERG NEWS

Parts of Queensland were hit with flash flooding again on Tuesday, with local media reporting water lapping at doors. Neil Baker, a fourth-generation beef and pork farmer who lives on the banks of the Tweed River in New South Wales, is facing another cleanup from flooding—the fifth in seven years. His three farms were inundated by major floods in the region on New Year’s Day. “We’re expecting that’s not even going to be the worst of it,” he said. “Over the next few months, we expect there will be even more bad floods.”

US beef

SEVERE winter weather is curtail-

ing America’s meat production, with two of the biggest beef packers idling Kansas slaughter plants as blizzard conditions swept through the region this week. Cargill Inc.’s plant in Dodge City, Kansas, suffered a partial power outage, and 50 workers were temporarily stranded at the plant Monday due to a road closure. The plant will be reopened when power is restored and it’s deemed safe for workers. Tyson Foods Inc. also had a plant impacted in the state. “We realize that some employees got stuck on the road outside the plant. We are working with local authorities and have hired tow truck drivers to assist them and other motorists,” Cargill said in a statement.

When meat plants close, protein prices can start surging if supplies run thin. Meanwhile, farmers may face lower prices for their livestock with demand for the animals disrupted. The number of cattle slaughtered in the United States fell to 94,000 on Tuesday, compared with 128,000 a year earlier, according to US Department of Agriculture data. It’s the lowest weekday total so far this year. Tyson Foods canceled t wo shifts at its beef plant in Holcomb, Kansas, on Tuesday, the company said in a statement. Employees on Monday were offered hot meals and a place to seek shelter amid dangerous travel conditions. Bloomberg News

stay elevated on tight market

HE rice market is set to remain tight at the start of the year on India’s ongoing export restrictions and an expected boost from festival demand, providing impetus for elevated prices to climb even higher. The grain is vital to the diets of billions and further price gains would stretch household budgets. Thai white rice 5 percent broken— an Asian benchmark—eased to $646 a ton on Wednesday, slipping for the first time since early December, but still remains near a 15-year high. “We know rice markets will remain tight for the foreseeable future, largely due to India’s export ban,” according to Peter Clubb, a commodities market analyst at the International Grains Council in London. “We also have Eid coming up in April, and the period before Eid tends to see good demand from markets with significant Muslim populations in Asia and Africa.” Top shipper India is expected to keep its export restrictions in place until at least a general election in April or May, as Prime Minister Narendra Modi seeks to contain local prices before voters head to the polls. The onset of El Niño and its potential impact on key growing areas has added to supply concerns. Nations across Asia and Africa have scrambled to secure supply since India ramped up its restrictions in July. Rice inflation in the Philippines has surged, while Indonesia has asked its military to help farmers boost output. The nation is a major importer and is gearing up for a presidential election next month. Still, prices are unlikely to revisit the 2008 record above $1,000 a ton, which coincided with broader export bans. Farmers in Vietnam’s Mekong Delta could start harvesting their new crop this month, alleviating some supply concerns. The winter-spring harvest typically yields the nation’s biggest crop. Thailand’s rice exporters association, which sets Thai white 5 percent broken prices, also expects the nation’s exports to drop this year as demand eases, most notably from Indonesia following its election. Thailand is the world’s second-biggest exporter of the grain, while Vietnam is the third largest. Bloomberg News

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

TheWorld BusinessMirror

Thursday, January 11, 2024 A11

Blinken seeking Palestinian governance reform as he tries to rally region behind postwar vision By Matthew Lee, Najib Jobain & Samy Magdy

The Associated Press

EL AVIV, Israel—Secretary of State Antony Blinken will seek governance reforms when he meets with Palestinian President Mahmoud Abbas on Wednesday as part of US efforts to rally the region behind postwar plans for Gaza that also include concrete steps toward a Palestinian state.

Blinken says he has secured commitments from multiple countries in the region to assist with rebuilding and governing Gaza after Israel’s war against Hamas, and that wider Israeli-Arab normalization is still possible, but only if there is “a pathway to a Palestinian state.” The approach faces serious obstacles. Prime Minister Benjamin Netanyahu’s government is adamantly opposed to the creation of a Palestinian state alongside Israel, and the autocratic, Western-backed Palestinian leadership lacks legitimacy in the view of many Palestinians. The war in Gaza is still raging with no end in sight, fueling a humanitarian catastrophe in the tiny coastal enclave. The fighting has also stoked escalating violence between Israel and

Lebanon’s Hezbollah militants that has raised fears of a wider conflict.

Blinken pressures both sides on whirlwind trip

ON his fourth visit to the region since the war began three months ago, Blinken has met in recent days with the leaders of Saudi Arabia, Jordan, Qatar, the United Arab Emirates and Turkey. He says they are open to contributing to postwar plans in return for progress on creating a Palestinian state. After meeting with Netanyahu and other top Israeli officials on Tuesday, Blinken delivered a stark message, saying Israel must stop undercutting the Palestinians’ ability to govern themselves with its expansion of settlements, home demolitions and evictions in the West Bank.

PALESTINIANS line up for free food during the ongoing Israeli air and ground offensive on the Gaza Strip in Rafah on Tuesday, January 9, 2024. AP/HATEM ALI

But he also said the Palestinian Authority “has a responsibility to reform itself, to improve its governance,” and that he would discuss that with the 88-year-old Abbas, who has not stood for elections since 2005 and lacks support among his own people. T he Pa lest inian Aut hor it y governs parts of the Israeli-occupied West Bank under interim peace deals reached in the 1990s and cooperates with Israel on security matters. But it has been powerless to prevent the expansion of settlements on land it wants for a future state, and there have been no serious or substantive peace talks since Netanyahu returned to office in 2009. Later Wednesday, Abbas was set to meet with the leaders of Jordan and Egypt, two US allies who have long served as mediators

Using threats, pressure and financial lures, China seen aiming to influence Taiwan polls By Christopher Bodeen & Johnson Lai The Associated Press

AIPEI, Taiwan—Using military threats, diplomatic pressure, fake news and financial inducements for politicians, China is being accused of deploying a broad strategy to influence voters in Taiwan’s elections to pick candidates who favor unification. China’s ultimate goal is to take control of the self-governing island democracy, whose high-tech economy supplies key components for computers, cellphones and other electronic devices and ships much of the world’s goods out from the Taiwan Strait. Beijing has long insisted Taiwan is part of China and must be regained, by military force if necessary, regardless of the views of the island’s people. Taiwanese Foreign Minister Joseph Wu says China’s “global objective is that they want to use Taiwan as a test ground. If they are able to successfully shape the results of the Taiwan elections, they will try to apply their tactics on other countries.” China has been sending warships and fighter jets near Taiwan on a near-daily basis in recent years, hoping to intimidate the island’s 23 million people and wear down its military, which relies heavily on support from the United States. China has described Saturday’s elections as a choice between war and peace. While the numbers of such missions have dropped off slightly in recent days, Taiwan has reported a number of suspicious balloons traveling over the island from China. The Defense Ministry also sent out an air raid alert via cell phones about a Chinese rocket launch Tuesday that it later amended to describe as the placement of a satellite into space but on an “abnormal trajectory.” It said the alert was justified by the potential threat to civilians on the ground in Taiwan. Previous efforts to intimidate Taiwanese voters with missile launches and direct threats were largely seen as backfiring

PROTESTERS against the Chinese Communist Party dress up to depict authoritarian China and Winnie the Pooh representing Chinese President Xi Jinping, dressed as an emperor, and holding a Taiwan island cardboard cutout colored with the Taiwan flag in Taipei, Taiwan on Sunday, January 7, 2024. Using military threats, diplomatic pressure, fake news and financial inducements for politicians, China is deploying a broad strategy to influence voters in Taiwan’s elections to pick candidates who favor unification. AP/NG HAN GUAN

after the election of China critics in 1996 and 2000. China has also restricted imports from Taiwan and invited local leaders on allexpenses-paid visits aimed at persuading them to press colleagues to support pro-China candidates in the elections for the island’s president and 113-member legislature. Cases have been opened against dozens of ward officials for accepting such gifts in violation of Taiwanese law. China in general refuses to acknowledge the legitimacy of Taiwan’s political institutions in keeping with the Communist Party’s insistence that the democracy does not exit. In line with that policy, China has not commented on Taiwan’s upcoming elections. However, the head of the Chinese Cabinet’s Taiwan Affairs office, Song Tao, said on January 2 that China would continue to “unswervingly oppose” Taiwan’s independence while also working to “safeguard peace, expand exchanges, enhance cooperation, deepen integration and advance reunification to ensure that cross-Strait relations move in the right direction of peaceful development,” according to the official Xinhua News Agency. Surveys show most Taiwanese embrace their current de facto independence—in-

cluding compulsory military service for all men, the ability to travel worldwide on Taiwanese passports, and the right to choose their leaders in democratic elections at all levels. While the race remains tight, support is strong for the ruling Democratic Progressive Party, even though China has refused to engage with the government since President Tsai Ing-wen was elected in 2016. She is unable to run again due to term limits. The DPP favors closer ties with the United States as a way to preserve Taiwan’s separate status and has refused to agree that Taiwan falls under the sovereignty of the People’s Republic of China, which has never exercised political control over the island or its outlying territories. The DPP’s presidential candidate, current Vice President William Lai, leads most preelection surveys. The main opposition Nationalist Party candidate, Hou Yu-ih, is appealing to voters who fear a military conflict with China that could draw in the US and disrupt the global economy. Hou opposes Taiwanese independence and agrees with Beijing’s view that Taiwan is part of China, although under separate governments. A third candidate, Ko Wen-je of the Tai-

in the Israeli-Palestinian conflict, in Jordan’s Red Sea city of Aqaba.

War rages on with no end in sight

ISRAEL has vowed to keep fighting until it crushes Hamas and returns scores of hostages held by the group after its October 7 attack that triggered the war. Israeli officials say the campaign will continue through the rest of the year, and its own postwar plans call for open-ended military control over the territory, from which it withdrew soldiers and settlers in 2005. Nearly 85 percent of Gaza’s population of 2.3 million have been driven from their homes by the fighting, and a quarter of its residents face starvation, with only a trickle of food, water, medicine and other supplies entering through an Israeli siege. wan People’s Party, has sought to straddle the differences by appealing to young voters turned off by the rivalry between the Nationalists, also known as the KMT, and the DPP. However, Taiwanese elections are often decided on the basis of local issues such as housing, employment, education and healthcare that are separate from relations with China. Taiwan, long a melting pot of Asian and European cultures, was a Japanese colony for 50 years until 1945, when it was handed over to Chiang Kai-shek’s Chinese Nationalist government at the end of World War II. The Nationalists relocated their government and military to the island in 1949 after the Communists under Mao Zedong took power on the mainland amid a civil war in which millions were killed and which has yet to be formally resolved. China accuses the US of encouraging Taiwan to raise tensions between the sides by supplying it with military weapons. “Any attempt to use Taiwan to contain China is doomed to failure,” Chinese Defense Ministry spokesperson Col. Wu Qian said at a briefing in Beijing last week. “Seeking independence by military force is a dead end.” China’s armed forces would “as always take all necessary measures to firmly safeguard our national sovereignty and territorial integrity,” he added. The non-profit Taiwan Fact Check Center says fake news linked to the elections has been traced to China and the pressure is increasing. Online postings described as deep fakes have depicted Tsai and Lai as doing and saying things that were entirely fabricated. “The creators of false information have their own motives,” said the center’s CEO, Eve Chiu. “They are all false accusations related to politics.” Beijing-sponsored visits to China by district wardens, equivalent to city and county representatives in the US, have also raised concerns in Taiwan. Several officials are being investigated on suspicion they accepted free accommodations, travel and entertainment in return for promoting pro-China candidates. That would violate Taiwanese law, which was carefully written to end a legacy of vote buying and voter coercion.

Blinken said more food, water, medicine and other aid needs to enter and be distributed effectively, and he called on Israel to “do everything it can to remove any obstacles.” T he offensive has reduced much of northern Gaza, including Gaza City, to a moonscape, raising concerns over whether the hundreds of thousands of Palestinians who fled from those areas will ever be able to return. Far-right members of Netanyahu’s government have called for them to be resettled elsewhere, which critics say would amount to ethnic cleansing. Blinken said the US was opposed to any such scenario and that resettlement is not the policy of the Israeli government. He also said he had secured agreement on a UN inspection mechanism in northern Gaza to evaluate how and when people can return.

Heavy fighting in center and south

THE military is now focusing major operations on the southern city of Khan Younis and built-up refugee camps in central Gaza that date back to the 1948 war surrounding Israel’s creation. Hundreds of people have been killed in recent days in continuing strikes across the territory, including in areas of the far south where people have been told to seek refuge. An airstrike late Tuesday hit a four-story house west of the southernmost city of Rafah, killing at least 14 people and wounding at least 20 others, including women

and children, health officials said. Associated Press reporters saw the dead and wounded being brought into nearby hospitals. Jaber Abu Hamed, who fled his home in Gaza City last month and is sheltering near the main hospital in Khan Younis, said he heard constant gunfire and explosions. “ The ambulance sirens didn’t stop,” he said. Since the war began, Israel’s offensive has killed more than 23,200 Palestinians, roughly 1 percent of the territory’s population, and more than 58,000 people have been wounded, according to the Health Ministry in Hamas-run Gaza. About two-thirds of the dead are women and children, health officials say. The death toll does not distinguish between combatants and civilians. In the October 7 attack, in which Hamas overwhelmed Israe l ’s defenses a nd stor med through several communities, Palestinian militants killed some 1,200 people, mainly civilians. They abducted around 250 others, nearly half of whom were released during a weeklong ceasefire in November. The Israeli military says it tries to avoid harming civilians and blames the high toll on Hamas because the militants fight in densely populated areas. It says it has killed some 8,000 militants— without providing evidence—and that 186 of its own soldiers have been killed in the offensive. Jobain reported from Rafah, Gaza Strip and Magdy from Cairo.

Yemen’s Houthis launch one of largest Red Sea drone and missile attacks; no damage reported By Jon Gambrell

The Associated Press

UBAI, United Arab Emirates—Yemen’s Houthi rebels fired one of their largest barrage of drones and missiles targeting shipping in the Red Sea, forcing the US and British navies to shoot down the projectiles in a major naval engagement, authorities said Wednesday. No damage was immediately reported. The attack by the Iranian-backed Houthis came despite of a planned United Nations Security Council vote later Wednesday to potentially condemn and demand an immediate halt to the attacks by the rebels, who say their assaults are aimed at stopping Israel’s war on Hamas in the Gaza Strip. However, their targets have increasingly tenuous—or no—relationship with Israel and imperil one of the world’s crucial trade routes linking Asia and the Middle East to Europe. That raises the risk of a US retaliatory strike on Yemen that could upend an uneasy cease-fire that’s held in the Arab world’s poorest country. The assault happened off the Yemeni port cities of Hodeida and Mokha, according to the private intelligence firm Ambrey. In the Hodeida incident, Ambrey said ships described over radio seeing missiles and drones, with US-allied warships in the area urging “vessels to proceed at maximum speed.” Off Mokha, ships saw missiles fired, a drone in the air and small vessels trailing them, Ambrey said early Wednesday. The British military’s United Kingdom Marine Trade Operations also acknowledged the incident off Hodeida. The US military’s Central Command said the “complex attack” launched by the Houthis included bomb-carrying drones, anti-ship cruise missiles and one anti-ship ballistic missile. It said 18 drones, two cruise missiles and the anti-ship missile were downed by F-18s from the USS Dwight D. Eisenhower, as well as by American Arleigh Burke-class destroyers the USS Gravely, the USS Laboon

and the USS Mason, as well as the United Kingdom’s HMS Diamond. “This is the 26th Houthi attack on commercial shipping lanes in the Red Sea since November 19,” Central Command said. “There were no injuries or damage reported.” “Vessels are advised to transit with caution and report any suspicious activity,” the UKTMO added. The Houthis, a Shiite group that’s held Yemen’s capital since 2014, did not formally acknowledge launching the attacks. However, the pan-Arab satellite news network Al Jazeera quoted an anonymous Houthi military official saying their forces “targeted a ship linked to Israel in the Red Sea,” without elaborating. The Houthis say their attacks aim to end the pounding Israeli air-and-ground offensive targeting the Gaza Strip amid that country’s war on Hamas. However, the links to the ships targeted in the rebel assaults have grown more tenuous as the attacks continue. The attacks have targeted ships in the Red Sea, which links the Mideast and Asia to Europe via the Suez Canal, and its narrow Bab el-Mandeb Strait. That strait is only 29 kilometers (18 miles) wide at its narrowest point, limiting traffic to two channels for inbound and outbound shipments, according to the US Energy Information Administration. Nearly 10 percent of all oil traded at sea passes through it. An estimated $1 trillion in goods pass through the strait annually. A US draft resolution before the UN Security Council, obtained late Tuesday by The Associated Press, says the Houthi attacks are impeding global commerce “and undermine navigational rights and freedoms as well as regional peace and security.” The resolution would demand the immediate release of the first ship the Houthis attacked, the Galaxy Leader, a Japanese-operated cargo ship with links to an Israeli company that it seized in November along with its crew. The Associated Press writer Edith M. Lederer at the United Nations contributed to this report.

A12 Thursday, January 11, 2024 • Editor: Angel R. Calso

Opinion BusinessMirror

www.news.businessmirror@gmail.com

editorial

The $10 trillion cost of war over Taiwan

hina has cast Taiwan’s presidential elections on Saturday as a choice between peace and war across the Taiwan Strait. But experts say no big shift in Beijing’s policy will happen, whoever wins in the polls. China claims Taiwan as part of its territory, while Taiwan regards itself as an independent nation. If the political landscape tilts too much in a direction toward Taiwan independence after the election, tensions will surely escalate.

A Bloomberg report on Tuesday said a war over Taiwan would have a cost in blood and treasure so vast that even those unhappiest with the status quo have reason not to risk it. Bloomberg Economics estimate the price tag at around $10 trillion, equal to about 10 percent of global GDP—dwarfing the blow from the war in Ukraine, Covid pandemic and Global Financial Crisis. “Few put a high probability on an imminent Chinese invasion. The People’s Liberation Army isn’t massing troops on the coast. Reports of corruption in China’s military cast doubts on President Xi Jinping’s ability to wage a successful campaign. US officials say tensions eased somewhat at the November summit between President Joe Biden and Xi, who pledged “heart-warming” measures to woo foreign investors,” Bloomberg said. “Still, the outbreak of war in Ukraine and Gaza are reminders of how longsimmering tensions can erupt into conflict. Everyone from Wall Street investors to military planners and the swathe of businesses that rely on Taiwan’s semiconductors are already moving to hedge against the risk.” Investors and businesses are already preparing for the worst, according to Bloomberg. Kirk Yang, chairman of equity investment fund Kirkland Capital and an expert on Asia technology firms, says the fund’s position in Taiwan is now close to zero. Geopolitical tensions have “added incentive to scale back investments at a faster pace,” he said. He’s in good company. Legendary investor Warren Buffett sold down his stake in TSMC in the first quarter of 2023, citing geopolitical risk as the reason. National security experts in the Pentagon, think tanks in the US and Japan, and global consulting firms are gaming out scenarios from a Chinese maritime “quarantine” of Taiwan, to the seizure of Taiwan’s outlying islands, and a full-scale Chinese invasion. Jude Blanchette, a China expert at the Center for Strategic and International Studies, told Bloomberg that interest in a Taiwan crisis from multinational firms he advises has “exploded” since Russia’s 2022 invasion of Ukraine. The subject comes up in 95 percent of conversations, he said. Russia’s invasion of Ukraine, and the semiconductor shortage as the world reopened from Covid lockdowns provide a small glimpse of what’s at stake for the global economy. The impact of war in the Taiwan Strait would be far bigger, Bloomberg said. Taiwan makes most of the world’s advanced logic semiconductors, and a lot of lagging edge chips as well. Globally, 5.6 percent of total value added comes from sectors using chips as direct inputs—nearly $6 trillion. Total market cap for the top 20 customers of chip giant Taiwan Semiconductor Manufacturing Co. is around $7.4 trillion. Bloomberg Economics said in case of a war, Taiwan’s economy would be decimated. Based on comparable recent conflicts, it estimates a 40 percent blow to GDP. A population and industrial base concentrated on the coast would add to the human and economic cost. “With relations to major trade partners turned off and no access to advanced semiconductors, China’s GDP would suffer a 16.7 percent blow,” it said. For the US, which is far from the center of the action but still with a lot at stake—through the reliance of Apple on the Asian electronics supply chain, for example—GDP would be down 6.7 percent. For the world as a whole, GDP would be down 10.2 percent, with South Korea, Japan and other East Asian economies most impacted. The estimated $10 trillion cost of a war over Taiwan underscores the immense financial ramifications of such a conflict. The cost associated with military mobilization, infrastructure destruction, economic disruption, and geopolitical implications would burden nations involved and reverberate throughout the global economy. It would do well for all stakeholders to prioritize peaceful resolutions, dialogue, and diplomacy in addressing the Taiwan Strait issue.

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Mixed signals on our roads Thomas M. Orbos

STREET TALK

ast December, while on my way to an appointment during the Christmas rush hour, I got lost, ironically, for obediently following the directional signages on the road. Rather than being led to the right place, it brought me to a shopping mall in the vicinity of where I was supposed to go. Tracing back my steps, I realized that the signage I relied on was a private sign but looked like the official directional signs placed on the restricted easement reserved for government use. We all have our “getting lost” stories on our roads and if one would take a real look at the situation, we can honestly say that the signages that we have on our roads are contributing to this confusion. Extend the thought further, then this confusion contributes to the overall traffic congestion we have. In short, our road signages fail in their main objective—providing us a clear direction on the road. Road signages are meant to provide the needed information and direction to the motorist or the commuter for them to get to their destination and to be given the proper information. This ensures the general safety of the public, with the consideration that such data are absorbed with a limited amount of time for it to be comprehensible yet safe for the traveling motorist or commuter. We in the Philippines adhere to a general set of road signage standards and guidelines as provided

for under the Vienna Convention of Road Signs and Signals of which our country is an original signatory. On paper, the one in charge of this important task is the Department of Public Works and Highways, with the mandate and authority to set and enforce the standards. Yet, look at our road landscape. We have a plethora of signages on the road, majority of these are unnecessary, serving as a nuisance and in fact, even a hazard to the general public. This does not even include

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the gigantic and definitely distracting billboards that make Metro Manila the global capital of unregulated outdoor media. Going back to our confusing signages on the road: First, there is no standard or size, despite whatever we say we adhere to. Depending on whether it is a national or a local road, the size, color and typo of these signages vary. There is no streamlining between national and local governments and amongst the LGUs themselves. Second, names of places are changed so easily for political and even for commercial reasons. As soon as the term of the local official expires, names of streets are on the chopping block for another name change. Then there is the commercial side. Imagine changing the name of toll exit of the actual town that you are going to, for a corporate one! I would understand if a sports arena offers naming rights, but an actual public destination exit on a highway: a consumer good for a name of a historical town? Third, our set of international road sig-

2024: A year of more transition

Founder Publisher

We talk about interoperability and seamlessness in our traffic systems and have spent so much on modern digital technology to supposedly enhance our travel. But if the basic communications on directions are not ensured, then we have a problem.

OUTSIDE THE BOX

F you are a pet owner—dog, cat, or perhaps a rabbit—you know that these animals want stability and consistency. The litter box should not be moved or Fluffy is going to show great displeasure. Humans are the same.

Change causes instability that breeds uncertainty, which leads to hesitancy when action is required. But change is also the result of “creative destruction,” the dismantling of long-standing practices in order to make way for innovation. Interchangeable parts, “made to specifications that ensure that they are so nearly identical that they will fit into any assembly of the same type,” created the capability for mass assembly line production. But this also eliminated the “skilled craftsmen” who manufactured all the individual parts and assembled the final product. “Creative Destruction” innovation has also eliminated a large portion of the repetitive as-

sembly line jobs, even outside of manufacturing now, relegated to industrial robots. This creative destruction creates a period of instability and uncertainty as the transition from the old to the new takes place. Further the transition is not always planned or expected. The horse-drawn carriage makers could see the future when automobiles started becoming available to the general consumer. The Covid lockdown response has created a piece in the current uncertaintypuzzle perhaps even with the same magnitude as the on-going wars, the bipolar interest rate policies, and global political/election confusion. The 2020-2024 unplanned de-

struction and the resulting uncertainty goes on. Shopping malls are still transitioning to deal with empty store locations. Foot traffic has not returned to pre-Covid levels. Restaurants are busy; department stores are not. Food delivery services cannot fully replace the ambience and service of a sit-down restaurant. However, Lazada, Shopee, Zalora, Shein, and individual brands’ online shopping apps (Uniqlo comes to mind), all heavily promoted, are “destroying” the need to buy from the brick-and-mortar’ store. Thank you Covid. As I wrote before, many very successful pre-Covid businesses closed down because they were not interested in waiting out the lockdowns and the uncertainty of recouping lost revenues and profits. The transition continues in ways that were unexpected three years ago. As the lockdowns were lifted and restaurants reopened, menus were considerably downsized. The previous large format, eight pages became a single short-bond printed page. Yet product retailers and food purveyors learned something. As Covid disappeared into the sunset, they did not bring back all the previous items. Retailers actually were in a

nages compete with a multitude of self-serving signages: directions to a mall, a restaurant, an office, school or a church and even to temporal events such as concerts or a school reunion, which are then left behind beyond their event dates. Fourth, where is the government presence to enforce the signage standards? We all admit to the confusion that adds to the congestion and to the hazard to the public, but we also know the inaction. Maybe there is disconnect between the national government and the local governments that issue permits, or it could be corruption in some shape or form, or maybe ignorance or just plain apathy. Whatever it may be, not fulfilling such a basic function is unforgivable. We talk about interoperability and seamlessness in our traffic systems and have spent so much on modern digital technology to supposedly enhance our travel. But if the basic communications on directions are not ensured, then we have a problem. Sounds bleak? But then there is the other side. A simple government housecleaning and enforcement is all that is needed. The mandate is there and easily achievable. It’s a low hanging fruit that will go a long way in directing us to a better and safer journey, and to our common national destination. The author may be reached at thomas_orbos@ sloan.mit.edu

reduction trend before the pandemic. Wall Street Journal, January 1, 2024: “The furniture retailer Malouf sells beds and bedding in a fraction of the colors it did a few years ago at 3,500 product choices, reducing its lines down from almost 11,000 items before the pandemic. Newell Brands has retired 50 types of Yankee Candle. Coca-Cola offers half as many drinks.” Covid accelerated the decline. This is from June 27, 2020 Wall Street Journal. “Some IGA Inc. grocery stores now offer only four choices of toilet paper. A few months ago, before the coronavirus pandemic [and the supply chain breaking down], IGA’s 1,100 US stores typically carried about 40 varieties.” “Retailers and suppliers across industries—from groceries to health, beauty and furniture—have said that it didn’t pay to offer products for everyone, and consumers didn’t care that much when they stopped.” “I don’t think any consumer would have noticed we went from 200 to 150 types of Yankee Candle, said Chris Peterson, chief executive of Newell Brands.” We have also seen this in the Philippines. The local McDonald’s FiletSee “Mangun” A13

www.news.businessmirror@gmail.com

Green tax promoter gets 25 years in $1.4 billion fraud case

Opinion BusinessMirror

2024: An opportunity to go nuclear

By David Voreacos

real estate developer who promoted green tax breaks was sentenced to 25 years in prison Tuesday for selling $1.4 billion in fraudulent charitable deductions to wealthy investors and cheating the IRS out of $458 million in taxes. Jack Fisher, 71, pioneered an industry that gave inflated tax deductions to syndicates of investors who promised not to develop land. Prosecutors argued at a two-month trial that Fisher used exaggerated appraisals and backdated documents to try to fool the Internal Revenue Service. He earned tens of millions of dollars, buying houses, an airplane and real estate. US District Judge Timothy Batten imposed the 25-year sentence and ordered Fisher to pay $458 million in restitution. Batten also sentenced Fisher co-defendant James Sinnott to 23 years in prison and ordered him to pay $444 million in restitution. A federal jury in Atlanta convicted Fisher and Sinnott on Sept. 22 after Batten removed a deliberating juror who told him she was “standing up for White people” amid conflicts over race and class within the panel. Last week, prosecutors asked Batten to sentence Fisher to 30 years, calling him a “rational, cool and calculated criminal” who got increasingly brazen. “Fisher, who by all accounts is a charismatic, well-educated, and intelligent man, used his talents to commit incomprehensible fraud,” prosecutors said in a memo to the judge. “Fisher brazenly and unrepentantly spearheaded atrocious financial crimes that cost American taxpayers hundreds of millions of dollars.” After the hearing, Fisher attorney Claire Rauscher said: “We are disappointed with the sentence, which we think is out of line with other tax cases. We look forward to appealing the sentence and a host of other issues.” An attorney for Sinnott didn’t immediately respond to a request for comment. Prosecutors sought 28 years for Sinnott, saying in a court filing that the fraud “exploded” after he joined Fisher’s conspiracy in 2013 and taxpayers claimed $1.3 billion in deductions. Sinnott’s lawyers asked for eight years.

Mangun . . .

continued from A12

o-Fish swam away in 2021. Speaking of fish, why can’t I buy ‘Century Tuna Flakes in Brine’ in the 420g large size anymore? This is an important trend that will continue and yet still create “uncertainty” as to where to source a fish sandwich. But that is a big positive for companies that are smart. Again, start buying “Good Company; Bad

In a court filing, his attorneys said: “This offense involved only one victim: the IRS. This case involved, at most, exploiting a legitimate tax deduction too aggressively. That is nothing to brag about, to be sure, but that behavior is considerably different than preying on innocent individuals and depriving them of their savings.”

Big returns

Prosecutors say Fisher and his network of attorneys and accountants guaranteed charitable deductions to investors of at least four times more than the amount they put into deals known as syndicated conservation easements. The Internal Revenue Service has targeted the deals for years and audited at least 28,000 taxpayers who claimed $21 billion in deductions. Fisher and Sinnott were convicted of conspiracy to defraud the US, wire fraud conspiracy, aiding in the filing of false tax returns, and filing false returns. Fisher, an accountantturned-developer, was also found guilty of money laundering. “Mr. Fisher’s life has been ruined,” Fisher’s attorneys said in a memo to the judge. “The respect he once had in the community has turned to shame and embarrassment.” They asked Batten to sentence Fisher to five years, saying he’s an alcoholic with heart problems who has “passed out without explanation on multiple occasions” while detained since his conviction. Earlier on Tuesday, two Atlantaarea accountants, William Tomasello and Victor Smith, pleaded guilty to their role in the fraud. Smith’s sentencing is set for April 24. While conservation easements are permitted by Congress, the syndicated deals were banned by legislation that President Joe Biden signed in late 2022. That law limited charitable deductions to 2.5 times the amount people invested, which removed the economic incentives behind the abusive tax shelters. Stock” issues if revenues and profits are growing. Many are back to preCovid financial success. As the transition trend goes further, we are going to see some surprises in listed companies that we viewed as losers pre-Covid that are suddenly finding their profitable way in the brave new post-Covid world. 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.

Thursday, January 11, 2024 A13

PPORTUNITY for the better is really being presented this year—2024. As I stated in the first part of this series, individually, the future lies in our hands, through our sweat and tears. Manna will not fall from anywhere and the impoverished sector should not depend alone on 4Ps or ayuda from the government. In my view, 4Ps is a counterproductive government measure unless it is thinking of how the subsidy can turn the recipients into small and micro entrepreneurs. Currently, it promotes indolence instead of industry. The reason why we started in Quezon Province the Walang Tamad sa Quezon and as an aftermath, launched the Walang Tamad na Pilipino Movement in 1992 on a national scale is to cultivate and inculcate into the minds of the economically handicapped the industriousness innate in us, Filipinos, so they will be inspired to move away from alcohol, cigarettes, and other vices and productively engage in work and livelihood opportunities that are aplenty. Anyway, moving to a very important national concern, while the en-

ergy sector says there’s enough power until next year, the government isn’t in relax mode. President Ferdinand R. Marcos Jr. is considering the use of nuclear energy and the possible revival of the Bataan Nuclear Power Plant (BNPP) to address the power problems. However, perhaps due to conservatism, indecisiveness and, maybe, mis-education on nuclear energy, we have the most expensive power rates in Southeast Asia, P9.86 per kilowatthour, next to Singapore’s P10.15 per KWH. This is a major concern of foreign companies wanting to invest in the country. In the race for reasonable power rates, Bangladesh is building two nuclear power plants. Perhaps not a dream any longer, the good news is that the Department of Energy (DOE) is mulling over a memorandum of understanding (MOU) with Korea Hydro and Nuclear Power Co., Ltd. (KHNP) for

the conduct of a feasibility study on the BNPP for its eventual operation. Studies have been made years earlier by former presidents showing viability of resurrecting the nuclear relic BNPP, built at the cost of $2.3 billion in 1984 but nothing came about after the studies especially that made by KEPCO, a Koren firm. An indication of indecisiveness of government in acting for the best interests of Filipinos. Related to the issue, last week, there was a prolonged blackout in the whole island of Panay, including Iloilo province and its city. That’s the second time in less than a year that this happened. Governor Toto Defensor lamented that the power outage was preventable and in which the Independent Electricity Market Operator of the Philippines (IEMOP) said the NGCP didn’t do anything as the systems operator, noting that the same incident in April 2023 should have served as a lesson for NGCP to take extra precautions due to the fragility of the grid. The Department of Energy also blamed NGCP for the power outage as it expressed support for a review of the grid operator’s congressional franchise, while Senator Win Gatchalian would like that NGCP pay fines for business opportunity losses. He attributed the blackout to the unfinished Mindanao-Visayas interconnection, a delayed construction work, courtesy of NGCP, aside from the issue of foreign managers and lack of ancillary reserve the grid operator is accused of. That’s why Gatchalian insists on the continuing review of the NGCP franchise. No less than President Marcos has stressed that accountability on

The Associated Press

NITED NATIONS —The UN Security Council scheduled a vote Wednesday on a resolution that would condemn and demand an immediate halt to attacks by Yemen’s Houthi rebels on merchant and commercial vessels in the Red Sea area. The US draft resolution, obtained late Tuesday by The Associated Press, says at least two dozen Houthi attacks are impeding global commerce “and undermine navigational rights and freedoms as well as regional peace and security.” The Iranian-backed Houthis, who have been engaged in a civil war

with Yemen’s internationally recognized government since 2014, have said they launched the attacks with the aim of ending Israel’s devastating air-and-ground offensive in the Gaza Strip. It was triggered by the Palestinian militant group Hamas’ October 7 surprise attack in southern Israel, which killed about 1,200 people and led to some 250 others being taken hostage. Israel’s three-month assault in Gaza has killed more than 23,000 people, two-thirds of them women and children, according to the Hams-run Gaza Health Ministry, which does not differentiate between civilians and combatants. The resolution would demand the immediate release of the first ship

For comments, tweet @billyandal or e-mai l @andalbilly@yahoo.com

Jane Street scores $7 billion trading haul during market swings By Paula Seligson, Katherine Doherty & Jill R. Shah

ane Street Group LLC reeled in $7.3 billion of net trading revenue in the first nine months of last year, as the proprietary trading giant benefited from market swings and an expansion of its products. The figures—disclosed to investors as part of a debt deal—also showed the company expected to generate $3 billion to $3.5 billion of net trading revenue in the fourth quarter, according to people familiar with the matter. That would bring it close to the $10.7 billion it made in the full year of 2022, the people said, asking not to be identified discussing private information. A potent mix of recession fears, interest-rate hikes and geopolitical events have periodically sent convulsions through markets, helping deliver windfalls at Wall Street’s biggest financial firms. Jane Street—which uses technology and algorithms to capture and profit from tiny differences in prices—has also benefited after the firm expanded into different asset classes, now making markets in everything from exchange traded funds, stocks and currencies to derivatives and bonds. The company didn’t respond

to multiple requests for comment through a representative. Trading firms saw revenue slide in early 2023 as volatility eased, but then market swings picked up steam as the year went on. Rival Citadel Securities—the market-making arm of billionaire Ken Griffin’s empire— generated a record $7.5 billion of revenue in 2022, and also experienced a slowdown in the first half of 2023.

Trading dominance

Jane Street’s results help underscore its status as one of the most dominant forces in trading, even though its numbers are smaller than those of Wall Street’s largest banks. The firms have capitalized on market mayhem—like that sparked by the global pandemic—and with its experience in hard-to-price bonds, Jane Street has benefited particularly. Founded in 2000, the firm transacts on exchanges in the US, Europe and Asia, and trades directly

with big institutions. Jane Street is also one of a select group of firms that can create new shares of ETFs, working with the companies that issue them. It recently emerged as the broker of choice for issuers of proposed exchangetraded funds that aim to invest directly in Bitcoin—which are awaiting approval from US regulators. Sam Bankman-Fried, who founded the collapsed crypto exchange FTX, learned how to trade at Jane Street. The firm’s total trading revenue for the first three quarters of 2023 was more than $15 billion, after accounting for dividends and interest among other items, the people said. It also delivered about $4.9 billion of earnings before interest, taxes, depreciation and amortization during that period, compared to $7.9 billion for the full year 2022, according to the people. Jane Street estimated fourth quarter Ebitda in the $2.2 billion to $2.7 billion range, which would put the full-year figure around $7.1 billion to $7.6 billion, less than the year prior. The company has faced other headwinds. Jane Street pulled back from trading digital assets in the US amid a regulator crackdown on the industry, Bloomberg reported in May

UN Security Council to vote on a resolution demanding Houthi rebels stop attacks on Red Sea shipping By Edith M. Lederer

the island-wide outage lies with the NGCP given that the agency is tasked to ensure grid stability. The President said NGCP had time to prevent the massive power outage in Panay Island, but it did nothing. Looking beyond the NGCP’s shortcomings, President Marcos now looks to the revival of the BNPP in Morong, Bataan, which was supposed to produce 621 megawatts of electricity but was never activated, allegedly because of safety and other issues. In 2022, former president Rodrigo Duterte signed an executive order establishing the Nuclear Energy Program Inter-Agency Committee to look into the possibility of including nuclear in the country’s energy mix, as it seeks sources of affordable and clean power. Meanwhile, Cong Mark Cojuango, in a speech explained the urgency and imperative need for the Philippines to develop nuclear energy. He contended that gross domestic product (GDP) would increase incrementally through lowered energy prices. The Tarlac solon explained that nuclear power was both the cleanest and safest form of energy, on top of solar and wind, and that it could provide cheaper energy versus other conventional sources. The BNPP has been favorably endorsed by the International Atomic Energy Agency-Operational Safety and Review Team, according to Cojuangco. I believe 2024 is our opportunity to, finally, go nuclear in power generation.

the Houthis attacked, the Galaxy Leader, a Japanese-operated cargo ship with links to an Israeli company that it seized on November 19 along with its crew. However, the links to the ships targeted in the rebel assaults have grown more tenuous as the attacks continue. In the latest incident, a barrage of drones and missiles fired by the Houthis late Tuesday targeted shipping in the Red Sea, though the US said no damage was reported. The Red Sea links the Mideast and Asia to Europe via the Suez Canal, and its narrow Bab el-Mandeb Strait. Nearly 10 percent of all oil trade and an estimated $1 trillion in goods pass through the strait annually. But the

Houthi attacks have forced many shipping companies to bypass this route and use the much longer and more expensive route around the Cape of Good Hope in Africa. A US-led coalition of nations has been patrolling the Red Sea to try and prevent the attacks. Last week the US and 12 other countries issued a statement calling for the immediate end of Houthi attacks and warning that further attacks would require collective action. “The Houthis will bear the responsibility of the consequences should they continue to threaten lives, the global economy, and free flow of commerce in the region’s critical waterways,” they said. While the Houthis have not

stopped targeting ships, a tentative cease-fire between the Houthis and a Saudi-led coalition fighting on behalf of Yemen’s exiled government has held for months despite that country’s long war. That’s raised concerns that any wider conflict in the sea—or a potential reprisal strike from Western forces—could reignite those tensions in the Arab world’s poorest nation. At an open Security Council meeting last week, Russia’s UN Ambassador Vassily Nebenzia said Russia’s UN Ambassador Vassily Nebenzia called on Houthi leaders to implement the statement by the 13 countries and halt attacks. But he stressed that the Houthi’s actions must be seen as a response

last year. It was also among trading firms questioned by US prosecutors in a probe of the failed TerraUSD stablecoin project. It hasn’t been accused of wrongdoing, and inquiries don’t necessarily mean that charges will be brought.

Debt deal

Proprietary trading shops like Jane Street are notoriously secretive—and their financial results often trickle through as they seek loans to fund their operations. The company on Monday launched a deal to reprice an existing $2.38 billion leveraged loan, aiming to lower the debt’s interest rate and increase its size by $300 million. The firm has roughly $4.2 billion of cash on its balance sheet, which would increase to $4.5 billion after the transaction, the people familiar said. Investors have until Thursday to submit their orders. Debt investors have typically been fans of the company because it profits during volatile periods. On Monday, Moody’s Investors Service noted the company’s “strong partnership culture, operational risk management framework and key executives’ high level of involvement in control and management oversight through a period of significant growth.”

to “Israel’s brutal operation in Gaza,” and the best scenario would be for the Security Council to redouble efforts to end the Yemen civil war and the Israel-Hamas conflict. The “catastrophic” scenario, Nebenzia said, would be to escalate the use of force in the Red Sea which risks derailing a settlement of the Yemen conflict. It would also create conditions “for igniting a new major conflict around at least the Arabian Peninsula” and a wider regional conflict, he said. Given these concerns, it’s uncertain whether Russia will abstain or veto the draft resolution. The final draft makes some changes that appear aimed at getting broader support.

A14 Thursday, January 11, 2024

Panay outages can happen again, DOE tells lawmakers By Butch Fernandez @butchfBM By Jovee Marie N. dela Cruz,

@joveemarie @llectura

& Lenie Lectura

AWMAKERS in both chambers on Wednesday grilled energy sector officials on the January 2 power outages that crippled Western Visayas, with wide-ranging options considered such as reviewing the franchise of the transmission network system operator, hiking penalties in case of negligence and damage to power users, and ensuring that vital interconnection projects are finally concluded on time. This, as Sen. Raffy Tulfo, chairman of the energy committee, was aghast at warnings by Energy Undersecretary Sharon Garin that the outages, which cost the region some P4 billion in damage—P1.5 billion for Iloilo City alone—“could happen again.” Tulfo stressed the urgency of resolving the risks, noting that similar massive disruptions happened in April 2023, and yet the options tackled in the ensuing congressional hearings were not carried out. The Senate hearing was triggered by a resolution filed by the panel’s vice chairman, Sen. Win

Gatchalian, to investigate the power outage that crippled Western Visayas region, an economic powerhouse, on January 2 and lasted four days. Gatchalian wants to review parts of the Electric Power Industry Reform Act (Epira) and other relevant laws, including the franchise of the National Grid Corporation of the Philippines (NGCP), to further prevent blackouts and ensure reliable and continuous electric power supply in the country. Senators must assess whether it is necessary to remove the NGCP’s sys-

NGCP president Anthony Almeda and Clark Agustin, assistant vice president and head of the National System Operations, explain their side on the January 2 Panay island outages at the Senate Energy panel hearing. SENATE PRIB

tems operation function and give it to another entity, Gatchalian said, as done in other countries. According to him, separating NGCP’s systems operation function would enable the agency to focus on its transmission network provider function. “The national grid is the sole backbone for transmitting electricity across the country, and any failure to operate has wide-ranging effects on the economy, public safety, and national security,” he said. During the hearing, Garin warned senators that the Panay outages “could happen again” if the interconnection projects that NGCP had

committed will again be delayed. Tulfo asked regulators if NGCP has been penalized already for such delays, and was told that 37 showcause orders were issued by ERC for such delays. Earlier, the Department of Energy (DOE) said the island-wide blackout was preventable since there was a 2-hour window when NGCP could have proactively called on Panay distribution utilities to reduce their load to prevent a subsystem-wide collapse. The DOE suggested that the congressional inquiry consider vesting the Energy Regulatory Commission

(ERC) with the authority to impose a P2-million administrative fine on the transmission concessionaire per day of regulatory rules violation or 1 percent of the cost of delayed projects based on the ERC-approved project cost, and the need to review NGCP’s special tax privilege of paying only a 3-percent franchise tax in lieu of other national and local taxes. The NGCP has been blamed for the power interruptions that affected Aklan, Antique, Capiz and Iloilo, including Boracay Island and the province of Guimaras. However, NGCP insists the “unscheduled maintenance shutdowns” by gen-

erating companies were to blame for the fiasco. Tulfo lamented that the blackout on Panay Island has been a recurring problem committed by the same people in the energy sector. “Instead of resorting to finger-pointing, just explain… what could have been done better? What changes should we make to prevent this from happening again? Our people deserve nothing else, ” the senator said. NGCP president Anthony Almeda and Clark Agustin, assistant vice president and head of the National System Operations, explained their side on the incident. Sen. Francis Tolentino said NGCP’s failure to immediately acknowledge its shortcomings in the three-day power blackout in Panay Island should pave the way for Congress to review the legislative franchise granted by the government to the power consortium under Republic Act (RA) No. 9511. “If we look at Section 3 (of RA 9511), maybe they forget what is written, are the words industry standards, not just technical standards, but transparency and accountability are also included,” Tolentino said. Continued on A5

‘Not the best jobs, but more Pinoys working will boost economy’ By Cai U. Ordinario @caiordinario

HE Philippines may not have the “best jobs in the world,” but more household members working will boost incomes and grow its economy, according to an expert from HSBC. In a briefing with reporters on Wednesday, HSBC economist for Asean Aris Dacanay said there are now 3 million more Filipinos working in households. This represents 10 percent of those now working and contributing to the economy. Dacanay said this is the “labor boom” that the country is experiencing right now, thanks in part to the Philippines’s demographic dividend. The coutry, he said, has a young population with an average age of 25 years old and they are helping boost economic growth. “Yes, the jobs that they’re getting are not the best jobs in the world. It’s mostly in the informal sector. It’s mostly in the digital space. But nonetheless, if you have three members of the households working instead of two or two instead of one, that’s an additional set of hands on deck to bring the economy upwards,” Dacanay said. “This labor resilience, this labor boom that we’re having now will help the Philippine economy float spectacularly throughout the global headwinds that we have today,” he added. Dacanay said the labor boom that the country is currently experiencing is “very impressive” and something that is only happening in the Philippines and not the other countries in the ASEAN. However, the latest employment data showed labor force participation nationw ide declined in November (Full story here: https://businessmirror. com.ph/2024/01/10/jobs-data-better-but-labor-dropoutsrise/).

Dacanay said this could be explained by his observation that labor force participation tends to “dip” when students are not in school. This was observed during the Covid-19 lockdown measures which prompted study-at-home arrangements. But this would usually change when schools reopen or when economic conditions improve, allowing households to make do with fewer members working and some members being left at home to take care of household needs. “I do think that when economic conditions become better, the labor force participation value as an absolute value goes down because instead, two income earners will suffice as compared to three. In other words, you don’t need to augment (incomes),” Dacanay said. Despite this, Dacanay said, there is a need to push for retooling and reskilling of the workforce to not only allow households to earn higher incomes but for them to sustain incomes. Dacanay said artificial intelligence and other recent technological breakthroughs, including those that are coming, could threaten jobs of Filipinos. This means, reskilling and retooling will allow workers to retain their jobs or look for better and more stable ones in the future. “Digitalization is like a knife. It can make you the most efficient chef in the kitchen or it can hurt you. So it is very important to be able to retool, reskill the Filipino nation to make sure that jobs aren’t replaced but complemented,” Dacanay said.

Poor quality jobs

IBON Foundation Inc. agrees that informal jobs are keeping the economy afloat. It noted that the quality of work still remains poor with 7080 percent of employed Filipinos in informal and low-paying work. Some 21.3 million or over four out of 10 jobs or 43 percent in November were in visibly informal

work – the euphemistically tagged self-employed at 14.2 million. Those in family farms or businesses reached 5.1 million, of whom a huge four million a were actually unpaid. Ibon also said household help reached 2.1 million. It also estimated that another 16-18 million are wage and salary to workers but in informal private establishments in likely irregular work arrangements. “The millions of unemployed Filipinos and their families deserve a government that is candid about the actual extent of joblessness and the jobs crisis—this a necessary step to real and meaningful policy action,” Ibon said. Meanwhile, Ibon said the lower unemployment rate, which is favorable, should not be taken at face value. Between November 2022 and November 2023, Ibon said the number of employed fell by 70,000 to 49.64 million. This is despite the number of working age Filipinos or population 15 years old and above growing by 1.2 million to 78.1 million from 76.9 million. With no additional work to be found, Ibon said the labor force shrank by 413,000 and those classified as not in the labor force bloated by 1.6 million. “Even if the drop is considered statistically insignificant, employment has at the very least stagnated in the past year despite hyped economic growth. This may indicate the economy is already returning to jobless growth after post-pandemic reopening,” Ibon said. Ibon also said another major concern is the big drop in manufacturing jobs which indicates a fundamental weakening of the economy’s capacity to create jobs. The manufacturing sector lost a huge 1.4 million or almost a third of its workforce since last year, dropping from 4.3 million to just 2.9 million in November 2023.

LABOR CONUNDRUM Construction workers are seen on a condominium building in Quezon City. Recent job data released by the Philippine Statistics Authority (PSA) for November 2023 brings a nuanced perspective. While overall employment numbers showed improvement, a notable surge in labor dropouts was observed. Millions of Filipinos, predominantly women, exited the labor market, citing household duties as the primary reason. ROY DOMINGO

Sharing energy concerns, Mla, Jakarta ink deal

HE Philippines and Indonesia signed a Memorandum of Understanding (MOU) to further strengthen their relations on energy. “The signing of the MOU reinforces and updates the long-term energy cooperation between the two countries. On the part of the Philippines, it is an offshoot of our President’s efforts to achieve higher energy security through energy diplomacy,” Department of Energy (DOE) Secretary Raphael Lotilla said on Wednesday. President Ferdinand Marcos Jr. and Indonesian President Joko Widodo witnessed on Wednesday the signing of the MOU on cooperation in the field of energy between the Ministry of Energy and Mineral Resources of Indonesia and the Philippine Department of Energy, respectively, in Malacañang Palace.

Both parties agreed to facilitate cooperation between their respective business sectors, particularly during periods of critical supply constraints on energy commodities such as coal and liquefied natural gas (LNG). The MOU, added the DOE, also offers potential benefits across economic, environmental and geopolitical dimensions through collaboration on energy transition, renewable energy, demand-side management, electric vehicles, and alternative fuels such as hydrogen, ammonia, and biofuels. Lotilla pointed out that Indonesia and the Philippines share common energy concerns and can benefit from heightened levels of cooperation. Indonesia and the Philippines are second and third globally in terms of installed geothermal generation plants. Both are also currently highly de-

pendent on coal-fired power plants and are seeking an orderly transition to cleaner technologies without imposing heavy additional burdens to their respective populations. Transitioning to clean energy to achieve the country’s energy security goals would require a transition fuel capable of providing baseload generation that fills in the gap when existing coal-fired power plants start to retire. Natural gas, including LNG, is a suitable transition fuel where the private sector investments in this technology will be facilitated to address the variability of renewable energy capacity additions and ensure the reliability and security of the power system. The two countries are major sources of minerals needed for the energy transition and have vast potential for solar, wind and ocean energy production. Continued on A2

Companies BusinessMirror

Editor: Jennifer A. Ng

Thursday, January 11, 2024

DMCI ‘cautiously optimistic’ SteelAsia Bulacan facility to go solar about performance in 2024

By VG Cabuag

@villygc

MCI Holdings Inc. Chairman and President Isidro A. Consunji is “cautiously optimistic” about the group’s performance this year due to cooling inflation, easing interest rates and modest growth in the domestic energy market. Consunji said DMCI had “a fairly good year” in 2023 despite global market uncertainties, volatile prices, and high interest rates. “We ended 2023 with all-time high coal shipments and off-grid energy sales. Our sole operating nickel mine also posted record sales during the year,” Consunji said. From January to December,

Zambales Diversified Metals Corp. shipped a total of 1.68 million wet metric tons (WMT) of nickel ore, a 16-percent upturn from 1.45 million WMT in 2022. “Slowing sales and manufacturing in China could keep a lid on commodity prices. With less demand and activity, we expect prices to be somewhat lower than

last year,” Consunji said. Meanwhile, interest rates in this year are expected to play a favorable role for the DMCI group. Consunji believes that interest rates, which seem to have reached their peak, are likely to stabilize or decrease in the latter part of the year, potentially easing borrowing costs and encouraging economic activities. The government’s handling of infrastructure projects also appears to be a positive factor, Consunji said. Improved scheduling and payment processes for these projects are expected to hasten construction activities, a development that could have ripple effects across various sectors of the economy. In the real estate sector, particularly the mid-segment, he noted signs of recovery. “One of our projects, Solmera Coast, is doing extremely well. In less than five

months, we have sold out 74 percent of our launched units.” Located in San Juan, Batangas, Solmera Coast is the first beachfront property project of DMCI Homes. As of September 30, it yielded P6.8 billion in reservation sales for the real estate company. “Overall, we expect the DMCI group to deliver another resilient performance this year,” he said. DMCI reported in March 2023 that its net income in 2022 surged to an all-time high of P31.1 billion, a 69 percent increase from the previous year’s P18.4 billion, mainly on the spike in the prices of commodities. Consolidated revenues climbed 32 percent to P142.6 billion from P108.3 billion as a result of higher coal and electricity prices. Consolidated core net income rose 80 percent to P31.2 billion from P17.4 billion.

Ayala Land aims to double earnings P

roperty developer Ayala Land Inc. on Wednesday said has set its sights on doubling its profit by 2028. Augusto Bengzon, Ayala Land’s CFO said this would mean more activity for the company moving forward. The company is looking to augment its planned capital spending with fundraising activity in the market. Bengzon, however, declined to provide specific details of the developer’s plans or its capital expenditures (capex) for the year.

“The capex will be quite aggressive so we will tap the market,” he said. “Our aspiration is to double the business in five years so you can expect more this year compared to last year.” Anna Margarita Dy, Ayala Land president, meanwhile, said that the company closed 2023 “on a high note.” “The country as a whole was better than 2022 and our performance [in 2023] also reflects that,” she said. Dy, however, declined to provide more details, saying that the com-

pany has yet to file its annual financial statement. Ayala Land said its income in January to September 2023 rose 38 percent to P18.39 billion from the previous year’s P13.34 billion, driven by the continuing resilience of the residential market and vibrant consumer activity. Consolidated revenues reached P98.9 billion, 15 percent higher from the previous year’s P86.31 billion. For the third quarter of 2023, its income rose 33 percent to P7 billion from the previous year’s P5.26 billion. Revenues, meanwhile, were

lower to P32.9 billion from the previous year’s P32.97 billion. For the nine months, the company grew its property development revenues by 4 percent to P57.2 billion from higher residential completion, stable bookings and office unit sales. Residential revenues went up by 4 percent to P47.5 billion, while office-for-sale revenues registered a 31 percent growth to P2.8 billion. Meanwhile, revenues from commercial and industrial lots totaled P6.9 billion, down by 8 percent year-onyear. VG Cabuag

Grab’s rival Club Ananda featuring Rekados’ La in Vietnam Casa of Catering hosted by Marry Me raises $30M

ietnam’s Be Group raised 739.5 billion dong ($30 million) in fresh funding, accelerating its push to take on larger rival Grab Holdings Ltd. in markets from ride-hailing to deliveries. Local firm VPBank Securities is providing the funding and will own shares in BE Group’s parent upon closing of the round, according to a statement from the technology company Wednesday. Competition in Vietnam’s ridehailing and delivery markets is intensifying as increasing smartphone usage fuels demand for such services. Beside Singapore-based Grab, the market leader in Vietnam, Be Group faces rivalry from Indonesia’s GoTo Group which expanded to the country of about 100 million people a few years ago. Be Group said it will use the funds to expand its ride, delivery and digital financial services, as well as to venture into new markets and segments of the consumer and transportation sectors. The company expects to deliver 1 billion rides on its platform by 2026, up from 120 million last year, and to surpass $200 million in annual gross revenue in the same period. Since launching in 2018, Be Group has expanded its operations to 40 cities and provinces across Vietnam. The upstart aims to more than double its active users to 20 million by 2026, and targets positive earnings before interest, taxes, depreciation and amortization in the 2024 financial year, according to the statement. Bloomberg News

lub Ananda, renowned as a premier wedding venue in Metro Tagaytay, is set to usher in the new year with another “A Wedding Feast” on January 14, 2024. Well known for curating unforgettable events, Club Ananda proudly collaborates with Rekados’ La Casa of Catering and will be hosted by Marry Me. Scheduled from 11:00 AM to 4:00 p.m., this highly anticipated event promises a showcase highlighting the crème de la crème of the wedding industry. Rekados’ La Casa of Catering, esteemed as a top-tier Catering supplier, will display their exceptional expertise and delectable offerings, backed by their recent accreditation in late 2023, a testament to their commitment to catering excellence and innovation. Stepping into the role of hosts, Marry Me, a distinguished name in the wedding planning sphere, ensures a seamless and enchanting experience for attendees. Their unparalleled knack for orchestrating celebrations guarantees an unforgettable affair. The guest list boasts prominent suppliers of various sectors essential for crafting the perfect wedding experience. Notable suppliers expected to attend include Els Event Management, Karis Event Management, Dream Story Studio, Wave Force Lights & Sound, The Beauty Studio By Justine Barbara, Pixelpop, Blaze Mobile Bar, Ay Sauce, Not Just Cupcakes, The Streets, Ido Flowers Shop, Mr. Howard Castillo, and Ms. Darlene Tan-Salazar, enhancing the event’s prestige. Attendees are in for a treat with exclusive freebies and discounts awaiting them during the event. Ev-

Photo from www.steelasia.com

By Andrea E. San Juan @andreasanjuan

teelAsia Manufacturing Corp., the country’s largest steel company, said its Meycauayan, Bulacan facility will use solar power. The steel firm said it signed an agreement for the 1.9-megawatt solar rooftop project with TotalEnergies of France last January 9. In a statement it issued on Wednesday, SteelAsia President Andre Y. Sy said this is the company’s “latest action to decarbonize and protect the environment” while expanding its operations. The company has six plants all over the country with additional plans planned in the coming years, SteelAsia said. “Once operational, the solar plant will displace 2.3 million kg of carbon dioxide every year,” the steel firm said. SteelAsia said this will enable the company to contribute to the country’s commitments under the Paris Agreement to keep global warming at a maximum of 1.5 degrees centigrade above pre-industrial levels. The steel firm said it uses the “latest and greenest” steel manufacturing technologies at its plants

in Davao and Cebu. It noted that approximately 80 percent of their energy requirements come from geothermal power. SteelAsia also said it invested in “automated furnaces” that reduce emissions and ensure optimum bruning, saving fuel by up to 30 percent compared to other furnaces. Meanwhile, TotalEnergies, its partner in the solar rooftop project, is a global multi-energy company that “produces and markets” energies such as oil and biofuels, natural gas and green gases, renewables and electricity. According to the website of the energy firm, it is active in over 130 countries but it is based in France. SteelAsia said its current project is to build the country’s first section mill in Lemery, Batangas to produce H-beams for infrastructure and large angles for transmission and cell towers. “These steel products are 100-percent imported like most others that are used in construction and infrastructure projects.” SteelAsia said it is “on a mission to build a full-fledged steel industry that will replace imports, generate jobs, and create new business opportunities upstream and downstream across the country.”

EVA Air to purchase planes from Airbus

ery participating supplier is geared up to offer special promos tailored specifically for this day. Beyond a mere celebration, “A Wedding Feast” is designed to cater to couples embarking on their wedding journey. Attendees can expect to explore the latest trends, gain

insights from industry experts, and relish in exquisite cuisines amid an atmosphere radiating sophistication and luxury. For inquiries, you can contact Club Ananda through their official Facebook page, “Club Ananda”, or you may call 09162732969.

aiwan’s EVA Air has finalized a firm order with Airbus for the purchase of 18 longrange A350-1000s and 15 singleaisle A321neo. The airline is the latest global carrier to select the A350-1000 for its future long haul requirements. In addition, the A321neo aircraft will bring new levels of efficiency for the carrier’s regional network. Clay Sun, President of EVA Air said: “We have selected the Airbus aircraft following a thorough evaluation of the various models in each market segment. In both size categories we have selected the most modern and fuel efficient types, that offer the highest levels of passenger comfort.” “The aircraft also bring significant reductions in carbon emissions, which is in line with our company’s sustainability goals. For long-range operations the A350-1000 sets new standards in its class and will allow us to offer our passengers the best possible in-flight experience.” Benoît de Saint-Exupéry, Airbus EVP Sales, Commercial Aircraft, said: “This order marks a new phase in our relationship with EVA Air and we thank the airline for its confidence in

Airbus. In the long range market, it’s another major endorsement for the A350-1000 as the natural replacement for previous generation aircraft in the larger widebody size category. The A350 is setting new standards across the board in terms of range, payload, fuel efficiency and passenger comfort, while making an immediate contribution to reduced carbon emissions.” As the industry’s long-range leader, the A350 is available in two sizes, with the A350-900 typically seating up to 350 passengers in a standard three-class configuration and the larger A350-1000 seating up to 410 passengers. Powered by versions of the latest generation Rolls-Royce engines, the aircraft can fly up to 9,700 nautical miles / 18,000 kilometers non-stop, using 25 percent less fuel than previous generation types and with a similar reduction in carbon emissions. “For passengers, the A350 offers the highest levels of in-flight comfort with the quietest cabin, new lighting systems and the latest in-flight connectivity. The reduced cabin pressure also ensures that passengers arrive in better shape.”

Companies BusinessMirror

Thursday, January 11, 2024

‘Demand for data storage in PHL will continue to expand’

By Lenie Lectura

@llectura

emand for data storage is expected to further grow this year as the Philippines is outpacing its Southeast Asian neighbors in terms of digital adoption and population growth, ST Telemedia Global Data Centres Philippines (STT GDC) said on Wednesday.

“The data center industry has been seeing consistent and staggering growth in recent years as demand for data storage grows globally. Every video you stream, every photo you post on social media, every app you download needs storage space, and that is housed in data centers.

The data center is the home of the cloud. There is simply no way we could advance digitization without it,” said STT GDC President Carlo Malana. STT GDC is the joint venture between Globe and Ayala Corp., and ST Telemedia Global Data Centres

of Singapore. It is undergoing aggressive expansion with two major builds in Fairview, Quezon City and General Trias, Cavite in 2023. STT Fairview is set to become the country’s biggest data center facility with a capacity of 124MW once fully built by 2026. STT Cavite, meanwhile, will offer an additional 6MW. The data center industry has been growing aggressively at a compound annual growth rate (CAGR) of 147 percent from 2022, with the trend forecast to remain until 2030, according to Bloomberg data. Currently, it is valued at $623 billion, with its valuation expected to grow to $89.3 billion by 2030. In the Philippines, an estimated 85 percent of businesses are expected to transition fully to cloud by 2025, according to a survey commissioned by Alibaba Cloud. Global market research firm In-

ternational Data Corporation, meanwhile, found that the Philippines logged the highest cloud market growth in 2022, as Southeast Asian countries outdid global figures, according to a Nikkei Asia report. “By 2024 and beyond, we can only expect demand for data storage to grow even faster. That’s why STT GDC Philippines is bulking up on capacity to service these needs not just locally but also in the region. We are so strategically located that we can become the next regional data center hub. STT GDC Philippines hopes to be front and center, and we want to make this happen,” said Malana. STT GDC Philippines currently has five data center facilities in Makati, Quezon City and Cavite, with a combined total capacity of 22MW. It is, however, expanding in the next three years with two major builds initiated this year.

PSE STOCK QUOTATIONS

yteDance Ltd.’s TikTok became the first app to surpass $10 billion in cumulative consumer spending, helping power mobile app sales to a new high in a year revenue from games was down, according to the latest annual report by data.ai. Video-streaming platforms like TikTok and Disney+ drove an 11 percent rise in consumer app sales in 2023, showing resilient demand while the games industry dealt with a double-digit sales decline in China that dragged global sales down 2 percent. TikTok’s in-app purchases of credit that can be used to tip favored creators and live streamers accounted for the bulk of its income, and “unlocked the secret to monetization on mobile,” according to the market researchers, whose services are used by many of the world’s biggest brands to track the performance of their mobile apps and ads. “Social apps and the creator economy pioneered new pathways to monetization beyond advertising,” said Lexi Sydow, director of corporate marketing and insights at data.ai. “TikTok laid the groundwork through its content creator tipping mechanism. In 2024, direct consumer moneti-

zation in social apps through inapp purchases is set to grow 150 percent to $1.3 billion as competition ramps up.” Spending in apps, rather than games, grew as consumers spent more on streaming, user-generated content and dating apps. Still, the bigger revenue driver remained advertising, which rose 8 percent in 2023 to $362 billion and accounted for two-thirds of mobile sales. That makes the battle to attract and retain user attention paramount, as data. ai estimates 2024 will bring in $402 billion in global mobile ad spending. Consumers again increased t he i r t i me s pent on sm a r t phones—Indonesia ranked highest with over 6 hours per person per day. The average among the top 10 markets hit 5 hours of daily app usage, and spending in apps increased by 3 percent in 2023. South Korea, Brazil, Mexico and Turkey all hit 25 percent growth or more in consumer app spending for the year, according to data.ai. Chinese budget shopping sensations Shein and PDD Holdings Inc.’s Temu shot up the download rankings, growing by 140 percent, with Temu leading downloads across 125 markets. Elsewhere, the travel and ticketing sectors staged a rebound in popularity and spending as post-pandemic demand for in-person events and experiences boomed. Artificial intelligence became a key path for attracting new users, with

generative AI surging sevenfold and distinct sub-segments emerging around AI chatbots and art generators. Generative AI apps surpassed $10 million in monthly consumer spending by late 2023.

“ This AI growth also fueled embedded features across virtually all mobile sectors, paving the way for a fresh wave of digital innovation,” the data.ai report said. Bloomberg News

MUTUAL FUNDS

January 10, 2024

NAV

One Year Three Year

Five Year

Y-T-D

per share Return*

Return

Stock Funds ALFM Growth Fund, Inc. -a

215.33

ATRAM Alpha Opportunity Fund, Inc. -a

0.65%

-1.69%

-3.99%

-0.19%

2.17%

1.5027

7.27%

4.3%

0.09%

2.07%

2.03%

ATRAM Philippine Equity Opportunity Fund, Inc. -a 3.0063

0.44%

-1.33%

-6.11%

-2%

2.06%

Climbs Share Capital Equity Investment Fund Corp. -a 0.704

0.57%

-4.16%

-5.52% n.a

0.76%

First Metro Consumer Fund, Inc. -a

-4.74%

-5.92% n.a

-1.53%

-3.34%

0.6422

-5.66%

First Metro Save and Learn Equity Fund, Inc. -a 4.7123-1.66%

-0.14%

2.65% 1.78%

First Metro Save and Learn Philippine Index Fund, Inc. -a 0.7091-2.1%

-2.13% n.a n.a

MBG Equity Investment Fund, Inc. -a

-6.19% n.a

PAMI Equity Index Fund, Inc. -a 44.0342

85.7

12.06%

-5.25%

-1.43%

-1.94%

-3.32% n.a

2.61%

-2.09%

-0.13%

2.3%

-1.53% n.a

1.18%

Philam Strategic Growth Fund, Inc. -a

457.67

Philequity Dividend Yield Fund, Inc. -a

1.2195

0.5%

1.5%

0.2%

-0.27%

-2.31%

Philequity Fund, Inc. -a

34.3801

0.4%

-3.33% 1.65%

2.22%

Philequity MSCI Philippine Index Fund, Inc. -a 0.88520.44%

-0.99%

-3.07% n.a

Philequity PSE Index Fund, Inc. -a

4.6248

-0.48%

-1.08%

-2.54%

1.54%

2.54%

Philippine Stock Index Fund Corp. -a

769.76

-0.59%

-1.25%

-2.62%

1.55%

2.56%

Soldivo Strategic Growth Fund, Inc. -a

0.697

0.42%

-1.05%

-5.04% n.a

1.65%

Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.4385

-1.29%

-1.7% -1.55%

-2.91% n.a

United Fund, Inc. -a

0.72%

2.36%

-0.59%

-1.51%

-3.08%

-4.26%

2.11%

Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8729-0.89% 3.1643

2.4%

0.84%

-0.17%

2.21% 2.57%

Primarily invested in Peso securities (units) COL Equity Index Unitized Mutual Fund, Inc. -a 1.0822-0.84% n.a n.a n.a COL Strategic Growth Equity Unitized Mutual Fund, Inc. -a,2

2.52%

1.021 n.a n.a n.a n.a

1.62% Philequity Alpha One Fund, Inc. -a

1.0306

-5.66%

-2.29% n.a n.a

1.14%

Philippine Stock Index Fund Corp. -a

934.46

-0.63% n.a n.a n.a

2.56%

Exchange Traded Fund (shares) First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c104.57880.01% -0.84%

-2.29%

2.24%

2.59%

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

$0.8012

-10.53%

-13.92%

-3%

Sun Life Prosperity World Voyager Fund, Inc. -a

$1.6376

13.82%

-0.82%

-1.73%

-2.53%

7.31% n.a

-1.46%

Balanced Funds Primarily invested in Peso securities (shares) ATRAM Philippine Balanced Fund, Inc. -a 2.2337

5.23%

-0.71%

-0.42%

0.64%

0.9%

ATRAM Unicapital Diversified Growth Fund, Inc. -a,41.5209

2.72%

-3.3%

-2.27%

-1.32%

0.68%

First Metro Save and Learn Balanced Fund, Inc. -a 2.5209

-1.35%

-1.33%

-0.96%

-0.65%

0.97%

First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.1924

-2.58%

-1.02% n.a n.a

1.05% NCM Mutual Fund of the Phils., Inc. -a

1.9584

-0.99%

-0.15%

0.68%

PAMI Horizon Fund, Inc. -a

3.5906

2.55%

Philam Fund, Inc. -a

15.7135

2.13%

1.72%

-1.7%

0.11%

0.86%

0.98%

-2.41%

-0.63%

0.53%

0.97%

Solidaritas Fund, Inc. -a

2.0526

1.34%

-0.63%

1.31%

-0.75%

1.31%

1.21%

Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.4392

1.22%

-1.24%

-1.88%

0.2%

Sun Life Prosperity Dynamic Fund, Inc. -a 0.9108

0.91%

-0.92% n.a

0.72%

1.88%

0.92%

Primarily invested in Peso securities (units) Sun Life Prosperity Achiever Fund 2028, Inc. -a 0.94632.93%

-2.54% n.a n.a

0.64%

Sun Life Prosperity Achiever Fund 2038, Inc. -a 0.86020.48%

-3.13% n.a n.a

1.55%

Sun Life Prosperity Achiever Fund 2048, Inc. -a 0.8402-0.49%

-3.34% n.a n.a

1.77%

Primarily invested in foreign currency securities (shares) Cocolife Dollar Fund Builder, Inc. -a $0.03273 PAMI Asia Balanced Fund, Inc. -b$0.8873

-4%

1.3%

-5.74%

-1.54%

0.12%

-9.08%

-1.04%

-1.08%

-3.04%

8.95%

-2.24%

4.42%

4.59%

-4.19%

1.05% n.a

Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.2306 Sun Life Prosperity Dollar Wellspring Fund, Inc. -a $1.027

-1.45% 2.81%

-1.43% -1.34%

Bond Funds Primarily invested in Peso securities (shares) ALFM Peso Bond Fund, Inc. -a 390.72

3.38%

1.75%

2.6%

2.27%

0.06%

ATRAM Corporate Bond Fund, Inc. -a

1.9104

1.75%

0.16%

0.61%

0.08%

Cocolife Fixed Income Fund, Inc. -a

3.3366

3.56%

1.25%

2.31%

3.78%

0.34%

Ekklesia Mutual Fund, Inc. -a 2.2763

4.59%

-0.27%

1.33%

1.49%

-0.43%

2.43%

-0.02%

2.06%

2.41%

-2.58%

2.41%

0.97%

-0.44%

Philam Managed Income Fund, Inc. -a

First Metro Save and Learn Fixed Income Fund, Inc. -a 2.4499 1.3798

4.28%

1.48%

3.25%

1.82%

Philequity Peso Bond Fund, Inc. -a

4.0312

0.37%

Soldivo Bond Fund, Inc. -a

3.11%

Philam Bond Fund, Inc. -a

4.2792

2.63%

1.71%

3.21% n.a

-0.02%

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

3.3012

4.78%

1.06%

3.48%

2.26%

Sun Life Prosperity GS Fund, Inc. -a

4.02%

0.29%

2.64%

1.63%

-0.31%

1.0495

1.764

4.34%

1.18%

0.3%

-0.3%

0.48% -0.08% -0.35%

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

1.0095 n.a n.a n.a n.a

0.19%

Primarily invested in foreign currency securities (shares) ALFM Dollar Bond Fund, Inc. -a $495.29

3.09%

0.79%

ALFM Euro Bond Fund, Inc. -a Є213.91

1.94%

-0.84%

ATRAM Total Return Dollar Bond Fund, Inc. -b$1.03352.23%

2.54%

0.01%

0.15%

0.84%

-0.04%

-6.83%

1.99%

-1.78%

0.13%

-0.89%

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

-2.06%

-0.08% n.a

PAMI Global Bond Fund, Inc. -b$0.8515

-0.87%

-7.99%

-3.86%

-3.05%

-0.69%

Philam Dollar Bond Fund, Inc. -a

$2.2834

5.05%

-3.41%

0.86%

1.86%

-1.57%

1.65%

-0.73%

1.34%

1.6%

0.07%

1.13%

-4.97%

-0.83%

0.43%

Philequity Dollar Income Fund, Inc. -a $0.0609569

Sun Life Prosperity Dollar Abundance Fund, Inc. -a $2.7588

-0.4%

-2.64%

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

2.78%

1.79%

2.51%

2.05%

0.07%

First Metro Save and Learn Money Market Fund, Inc. -a 1.1094 3.27%

1.91% n.a n.a

Sun Life Prosperity Peso Starter Fund, Inc. -a 1.37682.81%

2.45%

2.01%

2.04%

0.09%

0.08%

Primarily invested in Peso securities (units) ALFM Money Market Fund, Inc. -a 104.74

4.16% n.a n.a n.a

0.15%

Primarily invested in foreign currency securities (shares) Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0987

2.62%

1.44%

1.57% n.a

0.11%

Feeder Funds Primarily invested in Peso securities (units) ALFM Global Multi-Asset Income Fund, Inc. -a 43.3034-0.26% n.a n.a n.a Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a

1.4647

18.06%

0.44%

8.53% n.a n.a

FINANCIALs

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

20,280 704,340,997 20,343 318,201,273 324,290 1,141,855 311,056,277 488,480 1,333,480 28,408 15,136,186 267,237,755 94,810 7,950 66,500 74,880

420,795,569 102,057,872 850,000 77,239,419 -4,300 241,652 -8,397,830.50 -5,444,995 10,500 16,020

INDUSTRIAL ACEN CORP 4.31 4.33 4.5 4.5 4.3 4.31 10,474,000 45,480,820 ALSONS CONS 0.55 0.58 0.55 0.55 0.55 0.55 78,000 42,900 ALTERNERGY HLDG 0.76 0.77 0.8 0.8 0.77 0.77 248,000 191,390 ABOITIZ POWER 38 38.1 38 38 37.7 38 2,133,400 80,897,940 RASLAG 1.2 1.22 1.2 1.24 1.2 1.24 227,000 272,680 BASIC ENERGY 0.187 0.19 0.186 0.189 0.185 0.187 290,000 54,080 FIRST GEN 17.56 17.7 17.96 17.96 17.5 17.7 631,500 11,218,274 FIRST PHIL HLDG 62.1 64 64.7 64.7 62.1 62.1 42,050 2,680,110 JOLLIVILLE HLDG 5.02 5.96 5 5.96 5 5.96 2,500 12,596 MERALCO 381.8 382 391 392.2 379.2 382 309,790 119,361,456 MANILA WATER 18.86 18.96 18.98 19.06 18.64 18.96 1,026,800 19,402,738 PETRON 3.39 3.4 3.39 3.45 3.37 3.39 234,000 792,490 4.39 4.65 4.4 4.4 4.4 4.4 53,000 233,200 PETROENERGY REPOWER ENERGY 7.35 7.48 7.35 7.48 7.35 7.48 58,900 439,531 30.65 30.8 31.55 31.6 30.65 30.65 3,194,600 98,509,655 SEMIRARA MINING 7.12 7.13 7.37 7.38 7.04 7.13 7,880,500 56,653,764 SYNERGY GRID 11 11.04 11.16 11.16 11 11.04 79,600 882,200 SHELL PILIPINAS 7.1 7.18 6.98 7.2 6.98 7.18 109,800 780,455 SPC POWER 1.23 1.24 1.29 1.3 1.24 1.24 30,560,000 38,350,410 SP NEW ENERGY 0.65 0.66 0.7 0.7 0.63 0.66 15,042,000 9,936,050 AGRINURTURE 2.31 2.39 2.28 2.32 2.28 2.31 4,671,000 10,652,060 AXELUM CENTURY FOOD 32.75 33 32.5 33 32.3 33 3,103,300 102,261,135 6.19 6.21 6.25 6.25 6.19 6.21 25,400 157,736 DEL MONTE DNL INDUS 6.46 6.47 6.57 6.57 6.4 6.46 1,395,500 9,040,789 EMPERADOR 20.85 21 20.95 21.05 20.85 20.85 866,800 18,140,610 SMC FOODANDBEV 50 50.2 50.25 51 49.85 50 40,010 2,000,496 FIGARO COFFEE 0.63 0.64 0.65 0.66 0.63 0.64 4,799,000 3,084,510 FRUITAS HLDG 0.91 0.92 0.92 0.93 0.91 0.91 763,000 700,610 GINEBRA 165.6 166.2 168.2 168.2 165 166.2 2,290 379,710 JOLLIBEE 250 253 253 254 250 250 456,160 114,914,704 KEEPERS HLDG 1.43 1.44 1.41 1.43 1.41 1.43 123,000 175,870 MACAY HLDG 5.61 6.3 5.6 6.3 5.6 6.3 300 1,750 MAXS GROUP 3.31 3.35 3.32 3.35 3.27 3.35 58,000 191,780 MONDE NISSIN 8.49 8.5 8.68 8.78 8.32 8.5 4,395,400 37,807,372 9.8 9.81 9.86 9.98 9.77 9.8 254,200 2,490,109 SHAKEYS PIZZA 0.425 0.435 0.435 0.435 0.435 0.435 20,000 8,700 ROXAS AND CO RFM CORP 2.98 2.99 2.99 3 2.98 2.99 143,000 427,630 0.59 0.67 0.6 0.6 0.6 0.6 8,000 4,800 ROXAS HLDG SWIFT FOODS 0.059 0.065 0.062 0.065 0.062 0.062 1,070,000 67,320 UNIV ROBINA 119.6 119.8 120.5 122 118.8 119.8 1,053,910 126,408,253 0.5 0.53 0.54 0.54 0.5 0.53 219,000 111,880 VITARICH CEMEX HLDG 0.96 0.99 0.99 0.99 0.96 0.96 81,000 78,370 EC VULCAN CORP 0.7 0.72 0.7 0.71 0.69 0.7 441,000 308,530 6.15 6.2 6.26 6.26 6.03 6.15 594,800 3,659,037 EEI CORP MEGAWIDE 3.16 3.19 3.19 3.21 3.15 3.16 186,000 591,250 TKC METALS 0.425 0.52 0.37 0.425 0.37 0.425 30,000 11,650 CROWN ASIA 1.55 1.6 1.56 1.6 1.56 1.6 248,000 389,510 PRYCE CORP 5.25 5.29 5.29 5.29 5.25 5.25 23,700 124,773 CONCEPCION 13.72 14.46 14.46 14.46 14 14.46 16,400 230,244 GREENERGY 0.239 0.24 0.25 0.25 0.24 0.24 9,780,000 2,373,030 INTEGRATED MICR 2.97 3 3.08 3.09 2.94 2.96 791,000 2,386,070 IONICS 1.13 1.14 1.12 1.14 1.09 1.13 3,027,000 3,366,100 PANASONIC 4.52 5.1 5.64 5.64 5.64 5.64 2,600 14,664 SFA SEMICON 2.28 2.42 2.43 2.45 2.27 2.42 472,000 1,137,830 CIRTEK HLDG 1.78 1.79 1.84 1.87 1.79 1.79 308,000 554,280

-1,456,140 16,500 8,690 -3,649,505.00 -1,174,320 -250,565 4,024,538 7,915,092.00 -189,610 -7,480 -12,299,715 -4,230,825 -131,076 -9,105 8,079,250 -398,130 -21,467,670.00 -4,322,221 -6,878,270 -1,703,376.50 2,970 -12,625,200 -630 -32,910 6,218,743.00 -1,655,231 -239,290 9,045,416 -700 41,520 17,457 -114,984 24,900 -1,892,380 -302,750 1,850

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

1.0032 n.a n.a n.a n.a

0.35%

Primarily invested in foreign currency securities (Units) ALFM Global Multi-Asset Income Fund, Inc. -a $0.7971-1.77% a - NAVPS as of the previous banking day. 1 - Launch date is August 22, 2023.

-6.97% n.a n.a

b - NAVPS as of two banking days ago.

2 - Launch date is October 6, 2023.

-0.7%

c - Listed in the PSE.

3 - Launch date is May 25, 2023.

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

ABACORE CAPITAL AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL ANSCOR ANGLO PHIL HLDG ATN HLDG A COSCO CAPITAL DMCI HLDG FILINVEST DEV FJ PRINCE A GT CAPITAL HOUSE OF INV JG SUMMIT LOPEZ HLDG LT GROUP PACIFICA HLDG REPUBLIC GLASS SOLID GROUP SM INVESTMENTS SAN MIGUEL CORP TOP FRONTIER

32.05 135.1 6.84 104.8 31.4 8.42 55.5 8.6 18.68 53.7 73.85 44.85 1.37 2.6 0.35 178.4

1.1 665 48.3 11.44 11.68 0.41 0.38 4.79 9.87 5.46 1.9 604 3.53 40.85 4.28 8.9 1.29 2.9 0.93 884 115 96.45

33.8 135.2 7.19 104.9 31.5 8.44 55.55 8.68 18.72 55.75 73.95 44.9 1.39 2.65 0.455 179.9

1.11 669 49.4 11.46 11.98 0.465 0.39 4.8 9.88 5.55 2.24 612 3.56 40.9 4.35 8.97 1.39 3 0.98 888 115.3 101.9

33.8 133.6 7.2 104.7 31.6 8.56 55.4 8.6 18.7 55.8 74 46.1 1.39 2.65 0.35 178

1.06 665 49.9 11.7 11.68 0.42 0.38 4.76 9.99 5.45 2.25 607 3.5 41.9 4.27 9 1.29 2.9 0.97 885 113.5 96.15

33.8 135.3 7.2 105.3 31.6 8.56 56 8.6 18.72 55.8 74.15 46.2 1.41 2.65 0.35 178.4

1.11 672 49.9 11.7 11.7 0.42 0.38 4.8 10 5.5 2.25 614 3.56 41.9 4.3 9 1.3 2.9 0.98 896 115 96.15

33.8 133.5 6.84 101.9 31.4 8.42 54.5 8.6 18.68 55.7 72.3 44.85 1.39 2.65 0.35 178

1.05 656 48.3 11.46 11.64 0.42 0.38 4.76 9.86 5.4 2.25 598 3.5 40.9 4.27 8.9 1.29 2.9 0.97 884 112.5 96.15

33.8 135.1 7.19 104.8 31.5 8.42 55.5 8.6 18.68 55.7 73.85 44.9 1.41 2.65 0.35 178.4

1.11 665 48.3 11.46 11.68 0.42 0.38 4.79 9.87 5.5 2.25 612 3.56 40.9 4.3 8.9 1.29 2.9 0.98 884 115 96.15

600 5,223,000 2,900 3,053,780 10,300 134,400 5,604,510 56,800 71,300 510 204,980 5,804,400 68,000 3,000 190,000 420

15,121,000 1,108,090 678,300 1,395,600 15,400 70,000 260,000 101,000 2,374,500 26,600 1,000 282,470 267,000 3,139,100 41,000 1,895,400 41,000 1,000 47,000 314,510 596,270 120

16,373,050 736,937,040 32,987,630 16,110,432 179,744 29,400 98,800 482,710 23,526,263 144,480 2,250 170,835,065 947,690 128,911,355 175,500 16,926,218 52,910 2,900 45,920 279,404,925 68,224,800 11,538

PROPERTY ARTHALAND CORP 0.425 0.445 0.42 0.425 0.42 0.425 200,000 84,250 AYALA LAND 34.45 34.5 34.5 34.6 34.3 34.45 8,227,000 283,634,250 AYALA LAND LOG 1.8 1.87 1.88 1.88 1.8 1.87 425,000 785,610 ALTUS PROP 9.02 9.4 9.01 9.01 9.01 9.01 500 4,505 ARANETA PROP 0.96 0.99 0.98 0.99 0.96 0.99 483,000 469,410 AREIT RT 33.25 33.55 33.6 33.65 33.15 33.55 982,400 32,972,720 A BROWN 0.65 0.67 0.68 0.68 0.68 0.68 1,000 680 CITYLAND DEVT 0.7 0.71 0.73 0.73 0.7 0.71 34,000 24,000 CROWN EQUITIES 0.066 0.072 0.066 0.072 0.065 0.072 230,000 15,200 CEB LANDMASTERS 2.58 2.59 2.6 2.6 2.57 2.58 186,000 480,310 CENTURY PROP 0.27 0.275 0.27 0.28 0.265 0.27 1,570,000 424,900 CITICORE RT 2.59 2.6 2.6 2.6 2.59 2.59 3,278,000 8,514,080 7.96 8 8.13 8.13 7.96 8 67,700 543,392 DOUBLEDRAGON DDMP RT 1.21 1.22 1.22 1.22 1.21 1.22 1,754,000 2,136,510 5.3 5.4 5.29 5.4 5.2 5.4 50,900 269,522 DM WENCESLAO EMPIRE EAST 0.122 0.124 0.126 0.126 0.123 0.124 1,890,000 236,160 0.28 0.285 0.28 0.285 0.28 0.285 300,000 85,000 EVER GOTESCO 2.96 2.97 2.94 2.97 2.9 2.97 701,000 2,062,820 FILINVEST RT 0.67 0.68 0.68 0.68 0.66 0.68 5,794,000 3,886,150 FILINVEST LAND 0.86 0.9 0.85 0.86 0.85 0.86 484,000 411,580 GLOBAL ESTATE 8.73 9.17 9.17 9.17 9.17 9.17 15,000 137,550 8990 HLDG PHIL INFRADEV 0.54 0.56 0.57 0.58 0.53 0.54 305,000 174,550 0.75 0.78 0.78 0.78 0.78 0.78 20,000 15,600 CITY AND LAND MEGAWORLD 1.99 2 2.02 2.03 2 2 15,206,000 30,493,380 MRC ALLIED 1.4 1.41 1.47 1.47 1.4 1.41 91,000 128,970 MREIT RT 12.68 12.76 12.66 12.78 12.62 12.76 309,900 3,947,502 PHIL ESTATES 0.32 0.325 0.325 0.325 0.325 0.325 15,060,000 4,894,500 PREMIERE RT 1.55 1.56 1.56 1.56 1.55 1.56 84,000 130,560 RL COMM RT 5.05 5.06 5.06 5.08 5.03 5.06 834,700 4,218,390 ROBINSONS LAND 16.2 16.28 16.24 16.28 16.16 16.28 10,223,600 166,145,162 PHIL REALTY 0.15 0.16 0.15 0.15 0.15 0.15 720,000 108,000 ROCKWELL 1.39 1.43 1.39 1.41 1.39 1.41 13,000 18,270 SHANG PROP 3.76 3.78 3.78 3.79 3.75 3.78 101,000 380,920 STA LUCIA LAND 3.03 3.48 3.48 3.48 3.48 3.48 3,000 10,440 33.15 33.35 33.3 33.75 33.15 33.15 5,501,900 182,831,205 SM PRIME HLDG 1.77 1.78 1.78 1.79 1.76 1.78 502,000 891,210 VISTA LAND VISTAREIT RT 1.72 1.73 1.72 1.73 1.7 1.72 543,000 929,920 SERVICES ABS CBN 4.8 4.9 4.92 4.92 4.8 4.8 911,000 4,433,160 GMA NETWORK 8.87 8.88 8.9 8.9 8.81 8.87 197,700 1,755,257 GLOBE TELECOM 1,723 1,728 1,730 1,732 1,722 1,723 24,375 42,046,165 PLDT 1,288 1,297 1,297 1,299 1,286 1,288 27,525 35,562,915 APOLLO GLOBAL 0.014 0.015 0.014 0.015 0.013 0.014 182,100,000 2,546,600 CONVERGE 9.06 9.1 9.4 9.4 9.03 9.06 4,630,800 42,299,203 DITO CME HLDG 2.38 2.39 2.5 2.52 2.35 2.39 4,907,000 11,832,830 NOW CORP 1.17 1.18 1.2 1.2 1.17 1.18 267,000 314,460 TRANSPACIFIC BR 0.135 0.139 0.138 0.139 0.135 0.139 90,000 12,340 ASIAN TERMINALS 15.5 15.96 15.22 15.5 15.22 15.5 2,800 43,120 CHELSEA 1.41 1.47 1.47 1.47 1.47 1.47 10,000 14,700 CEBU AIR 32.85 33.4 33.6 33.75 32.65 33.4 340,400 11,258,115 241 243 246.4 249 241 241 1,246,150 303,452,474 INTL CONTAINER 16.96 18.18 16.98 16.98 16.98 16.98 100 1,698 LBC EXPRESS MACROASIA 3.96 3.98 4.01 4.05 3.98 3.98 279,000 1,116,880 5.09 5.44 5.22 5.22 5.03 5.09 93,300 474,325 PAL HLDG 0.75 0.76 0.77 0.77 0.72 0.76 469,000 346,820 HARBOR STAR BOULEVARD HLDG 0.062 0.064 0.062 0.064 0.062 0.064 2,590,000 164,830 DISCOVERY WORLD 1.09 1.23 1.1 1.23 1.1 1.23 3,000 3,560 0.375 0.395 0.41 0.41 0.37 0.395 2,840,000 1,077,350 WATERFRONT CENTRO ESCOLAR 8.11 8.74 8.5 8.8 8.5 8.8 2,400 20,730 FAR EASTERN U 561.5 597.5 597.5 597.5 595 597.5 440 262,525 IPEOPLE 7.01 7.31 7.32 7.5 7.32 7.32 71,500 534,849 STI HLDG 0.46 0.47 0.47 0.47 0.46 0.46 5,150,000 2,380,900 BELLE CORP 1.18 1.19 1.19 1.21 1.18 1.18 252,000 301,380 BLOOMBERRY 9.98 10 10.26 10.26 9.95 9.98 4,696,400 47,030,931 PACIFIC ONLINE 3.99 4 4.23 4.23 3.9 4 2,429,000 9,790,020 PH RESORTS GRP 0.85 0.86 0.88 0.88 0.85 0.86 734,000 628,450 PREMIUM LEISURE 0.66 0.67 0.68 0.68 0.66 0.67 3,463,000 2,326,510 DIGIPLUS 8 8.01 8.29 8.29 7.98 8 1,992,700 16,007,793 PHILWEB 1.74 1.78 1.73 1.79 1.73 1.77 20,000 35,280 ALLDAY 0.161 0.162 0.161 0.163 0.16 0.161 2,070,000 333,900 ALLHOME 1.19 1.2 1.2 1.21 1.18 1.2 1,269,000 1,516,320 METRO RETAIL 1.21 1.24 1.22 1.26 1.22 1.26 33,000 40,300 28 28.2 27.95 28.3 27.65 28.2 1,177,900 32,963,445 PUREGOLD 39.55 39.95 40.4 40.8 39.5 39.55 577,700 23,043,700 ROBINSONS RTL 74 76.25 76.25 76.25 74 76.25 200,720 15,094,752.50 PHIL SEVEN CORP 2.65 2.68 2.65 2.71 2.65 2.68 1,011,000 2,702,130 SSI GROUP 1.57 1.62 1.63 1.63 1.56 1.62 72,000 116,930 UPSON INTL CORP 23.85 23.9 24 24.15 23.5 23.85 1,359,500 32,523,150 WILCON DEPOT 0.22 0.228 0.22 0.227 0.22 0.227 810,000 178,270 APC GROUP MEDILINES 0.315 0.32 0.32 0.32 0.315 0.315 90,000 28,500 PRMIERE HORIZON 0.175 0.177 0.178 0.178 0.175 0.175 270,000 47,720 4.21 4.43 4.44 4.44 4.2 4.2 20,000 85,470 SBS PHIL CORP MINING & OIL ATOK 4.9 5.07 5.07 5.07 5.07 5.07 3,000 15,210 APEX MINING 2.8 2.83 2.83 2.88 2.8 2.8 5,131,000 14,524,720 ATLAS MINING 3.21 3.39 3.42 3.42 3.3 3.3 205,000 684,530 BENGUET A 4.75 4.78 4.83 4.83 4.73 4.78 207,000 986,520 BENGUET B 4.73 4.89 4.98 4.98 4.8 4.8 13,000 62,760 COAL ASIA HLDG 0.13 0.153 0.13 0.13 0.13 0.13 110,000 14,300 FERRONICKEL 2.12 2.15 2.17 2.17 2.11 2.12 152,000 325,310 LEPANTO A 0.076 0.078 0.076 0.076 0.075 0.075 1,500,000 112,580 LEPANTO B 0.077 0.078 0.078 0.078 0.078 0.078 20,000 1,560 MANILA MINING A 0.0047 0.0049 0.0048 0.0048 0.0048 0.0048 2,000,000 9,600 MANILA MINING B 0.0045 0.0049 0.0048 0.0048 0.0048 0.0048 2,000,000 9,600 1.05 1.07 1.05 1.07 1.03 1.07 5,202,000 5,483,240 MARCVENTURES 0.5 0.65 0.5 0.5 0.5 0.5 60,000 30,000 NIHAO NICKEL ASIA 5 5.06 5.09 5.09 4.97 5 7,583,700 37,937,993 0.64 0.65 0.67 0.67 0.65 0.65 75,000 48,770 ORNTL PENINSULA PX MINING 3.19 3.2 3.2 3.22 3.18 3.2 637,000 2,039,690 0.004 0.0044 0.0044 0.0044 0.004 0.0044 8,000,000 33,200 UNITED PARAGON ENEX ENERGY 4.94 4.95 5.4 5.4 4.78 4.95 123,100 608,210 ORNTL PETROL A 0.0079 0.008 0.008 0.008 0.008 0.008 1,000,000 8,000 PHILODRILL 0.0076 0.0081 0.0081 0.0081 0.0081 0.0081 1,000,000 8,100 PXP ENERGY 3.83 3.84 3.87 3.87 3.78 3.83 106,000 403,100 PREFFERED ACEN PREF A 1,046 1,100 1,100 1,100 1,100 1,100 2,810 3,091,000 ACEN PREF B 1,070 1,079 1,070 1,070 1,070 1,070 2,825 3,022,750 AC PREF AR 2,490 2,502 2,490 2,490 2,490 2,490 110 273,900 AC PREF B2R 487.4 495 487.2 487.2 487.2 487.2 400 194,880 CEB PREF 33.05 33.75 33.05 33.05 33 33.05 6,400 211,320 DD PREF 94.2 95.45 94.75 95 94.2 94.2 28,720 2,726,289.50 EEI PREF B 96.15 97 96.9 97 96.9 97 5,000 484,739 JFC PREF A 950.5 999.5 960 960 960 960 50 48,000 JFC PREF B 911 920 915 920 915 920 20 18,350 MWIDE PREF 4 90.1 93.3 93.2 93.35 93.2 93.35 1,060 98,799.50 MWIDE PREF 5 101 101.2 101.2 101.2 101.2 101.2 1,100 111,320 PNX PREF 3B 23.25 24.85 24.95 25 23.05 24.95 900 22,100 211.6 225 210.8 225 210.8 225 160 35,422 PNX PREF 4 SMC PREF 2F 73 73.3 73 73 73 73 13,400 978,200 SMC PREF 2I 70.35 71.95 72 72 70.3 70.35 8,350 588,882 SMC PREF 2J 67.95 68 67.9 67.95 67.9 67.95 5,940 403,618.50 SMC PREF 2K 67.5 68 68 68 68 68 670 45,560 SMC PREF 2O 77.85 78 78 78 78 78 31,890 2,487,420 TECH PREF B2D 48.35 48.5 48.5 48.5 48.5 48.5 300 14,550

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 4.36 4.5 4.58 4.58 4.48 4.5 64,000 290,100 GMA HLDG PDR 8.3 8.84 WARRANTS

TECH WARRANT

-0.31%

January 10, 2024

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

HOLDING & FRIMS

TikTok and Disney+ outshine games B

www.businessmirror.com.ph

0.29

0.32

0.3

30,000

9,000

1,814,650 -115,408,955 -13,511,630 -9,481,174 -38,200 -166,918 52,591,555 -41,893,555 -8,879,806 -8,730 64,821,290 55,501,879 21,250 164,393,010 -5,660 -21,750 18,900 -958,590 125,660 -7,560 -57,000.00 40,680 347,810 -15,480 7,110.00 -11,663,910.00 1,238,438 -4,680 -497,047 -1,046,672 -37,900 186,190 -4,502,045 7,021,830 406,000 -6,671,607 1,060,140 2,436,835 33,960,418 -11,940 85,510 2,460 588,250 -60,210 -2,465,226 -3,970 850 -351,750 6,998,817.00 14,800,300 -8,914,005 9,992.50 1,461,870 -61,950 6,264,915 8,900 -1,685,280 -65,710 30,160 5,242,992 320,000 -34,230 3,091,000 -46,270.00 -91,400 -

SMALL, MEDIUM & EMERGING

0.415 0.415 0.415 0.415 400,000 166,000 0.74 0.74 0.74 0.74 46,000 34,040 -740 0.94 0.95 0.94 0.95 70,000 65,960 0.68 0.68 0.66 0.68 55,000 36,980 11,260 2 2 2 2 4,000 8,000 1.04 1.06 1.04 1.05 941,000 980,790 -50,940 0.207 0.207 0.204 0.205 180,000 37,120 -

EXHANGE TRADE FUNDS

104.9 104.9 103.6 103.6 15,340 1,595,922 -1,010,555

BALAI FRUITAS CTS GLOBAL HAUS TALK ITALPINAS MAKATI FINANCE MERRYMART XURPAS

FIRST METRO ETF

0.415 0.74 0.93 0.65 2 1.04 0.206 103.5

0.425 0.77 0.95 0.68 2.4 1.05 0.239 103.6

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Banking&Finance

GCash operator inks deal with NBI vs online scams

-XCHANGE Inc. (GXI), operator of mobile wallet GCash, announced its executives signed a memorandum of agreement (MOA) with officials of the National Bureau of Investigation (NBI) to step up efforts to address online scams. The firm said that under the MOA, GXI will assist the NBI in preventing, detecting, investigating and prosecuting cybercrimes that involve the use of the GCash mobile app or the transfer or receipt of proceeds from any crime or unlawful activity. This will be done by providing relevant information and data under prevailing laws, rules and regulations, the firm said. The agreement also further solidifies the priority of GXI to secure the funds and data of GCash users, according to the company. “It is important that we have a long-term partnership with NBI so that when we talk with other institutions they will cooperate as well and if there are formal investigations they can help in suspending accounts,” said GXI CEO Oscar Enrico A. Reyes Jr. Reyes, GXI Chief Customer Officer Winsley Royce F. Bangit, NBI Director Medardo G. De Lemos, NBI Officer-in-Charge (OIC) of the Office of the Deputy Director for Operations Jose Justo S. Yap and other officials attended the signing ceremony held on Wednesday morning. GXI said it is also working with the Philippine National Police AntiCybercrime Group (PNP-ACG), Anti-

Money Laundering Council (AMLC) and other law enforcement agencies to strengthen security measures, through continuous threat and intelligence sharing and better ensure safer transactions for its customers. In line with this, the firm also reminds users to protect themselves when using digital wallets and become more attentive in the face of fraud. “We’ve seen a concerning rise in online scams, investment fraud and various cybercrimes in recent years. Now more than ever, it is crucial that we work together with authorities to protect Filipinos against perpetrators,” added Reyes. According to GXI, it took down more than four million suspicious accounts from January 2022 to June 2023. For NBI’s part, De Lemos said the MOA will facilitate “easier investigation” via proper data sharing. “The coordination is really critical. GCash can track real-time activities. This partnership is a big milestone in our shared fight against scammers, fraudsters and other cybercriminals,” he added. De Lemos stressed that as more and more Filipinos embrace the digital space for their daily transactions and investments, it’s critical for law enforcement agencies to have an active partner like GXI with whom authorities can exchange technical knowledge and expertise on the latest cybersecurity measures. Lenie Lectura

BusinessMirror

Editor: Dennis D. Estopace • Thursday, January 11, 2024

Lower tariffs on commodities seen to keep inflation stable

By Cai U. Ordinario

@caiordinario

OWER tariffs for rice, corn, coal and pork are the key factors that would keep inflation stable this year and next year, according to an economist from The Hongkong & Shanghai Banking Corp. Ltd. (HSBC).

HSBC Economist for Asean Aris Dacanay told reporters last Wednesday that without the extension of the lower tariffs for these commodities, inflation could be higher by as much as 1.4 percentage points. Dacanay said HSBC’s forecast for the Philippine inflation is an average of 3.5 percent for this year and 3.8 percent in 2025. The higher rate expected for next year, only took into consideration the possibility that the lower tariffs for the commodities will not be extended anew. “We did the math. If you let it expire, that’s 1.4 percentage points. The reason why it’s (only) 0.3 (percentage points higher) is because we expect rice to finally cool down as well. So that’s an offsetting factor,” Dacanay said. Based on HSBC’s calculations, the

non-extension of lower rice tariffs would mean an addition of 0.9 percentage points; coal, 0.2 percentage points; pork, 0.2 percentage points; and, corn, 0.1 percentage points. Dacanay noted that the country is set to order a million metric tons of rice, a third of what the country imports. This, he said, will be a major boost to efforts to stem any increase in inflation until 2024. “With lower tariff rates for rice, corn, coal, and pork, you could expect inflation to stabilize in 2023. And particularly, I think it will range, except for the second quarter, it will range within the BSP’s (Bangko Sentral ng Pilipinas) target band, 2 percent to 4 percent target band, giving the BSP space to cut interest rates,” according to a briefing paper provided by HSBC.

But, Dacanay said, the Philippines needs to closely monitor rice policies implemented around the world such as rising protectionism and trade barriers such as the export restrictions imposed by India. He added that global rice prices are at the highest since the last food crisis year of 2008. The elevated rice prices in the international market could provide “a floor under how much inflation can actually moderate in the Philippines.” Dacanay earlier said HSBC expects the BSP to begin its easing cycle alongside the US Federal Reserve beginning in the second quarter of this year (Full story here: https://businessmirror.com.ph/2024/01/05/ inflation-eases-to-3-9-in-december-with-2023-full-year-averageat-6-psa/). He reiterated last Wednesday that the BSP is expected to move in lockstep with the Fed not only in terms of timing but in terms of size. Dacanay said the central bank is expected to start reducing interest rates by 25 basis points in June. This will be followed by succeeding 25 bps rate cuts until the target reverse repurchase (RRP) rate reaches 5.75 percent by yearend. Currently, the target RRP is unchanged at 6.5 percent. A reduction to 5.75 percent means a total rate cut of 75 bps this year.

“With the inflation outlook better, again, as mentioned, finally, the BSP has room to ease policy; it’s just a matter of when. Now, of course, there’s a limit to that, and that limit is the Fed. We don’t think the BSP will be able to cut ahead of the Fed, mainly because our current account deficit is still pretty wide,” Dacanay said. Last month, days before the expiration of the lowering of tariffs for rice, corn, pork and coal, President Ferdinand R. Marcos Jr. extended the temporary modification of rates of import duty on rice, corn, and meat products until December 31 next year. In Executive Order 50, Marcos cited the impact of El Niño on the price of goods, alongside the effects of the African Swine Fever and trade restrictions in exporting countries. He also cited the “present economic condition” that called for the reduction of tariff rates on rice, corn and meat of swine (fresh, chilled or frozen). The application of the reduced tariff rates on goods will “maintain affordable prices for the purpose of ensuring food security, managing inflationary pressures, help augment the supply of basic agricultural commodities in the country, and diversify the country’s market sources,” Marcos has said.

‘Implement 30% increase in all Philhealth benefits’

‘N

EARLY BIRDS This Monday, January 8, 2024, photo courtesy of the local government of

Muntinlupa City shows Mayor Rozzano Rufino “Ruffy” B. Biazon (left) shaking hands with one of ten taxpayers the city recognized for renewing their licenses and pay their taxes promptly. Biazon led the recognition of the proprietors and businesses who were first in line at the Business Permit Renewal Hub located at Muntinlupa Sports Center under the supervision of the Business Permits and Licensing Office. The mayor applauded them for avoiding the rush and the possibility of late penalties. Each of the “early birds” received a Certificate of Recognition from the BPLO and a basket of groceries. CREDIT: Public Information Office- Muntinlupa City

ew Year, more benefits.” This is the what AGRI Party-list Rep. Wilbert T. Lee hopes to provide millions of Filipinos as he urged the Philippine Health Insurance Corp. (Philhealth) to apply the 30-percent increase in all its benefits and coverage. Lee said in Filipino that not all Filipinos have a health card or covered by a Health Maintenance Organization. “What about our compatriots who only rely on Philhealth to answer for treatment? Let’s think about those who choose to die at home and, unfortunately, those who die, because they did not go to the hospital for fear of going into debt due to the amount of expenses,” the lawmaker said. “2024 na, ano pang hinihintay ng Philhealth para ipatupad itong 30 percent increase? Huwag nat-

ing ipagdamot ito sa milyon-milyong makikinabang dito,” he added. [It’s already 2024: what is Philhealth waiting for to implement this 30 percent increase? Let’s not withhold it from the millions who will benefit from it.] The Bicolano lawmaker has been persistent on this matter, stressing that Philhealth is in a position to provide the said increase and expand its services because the agency has the funds. Lee added that since he found out last September that Philhealth has enough funds and that they can afford the increase in benefits, he didn’t stop from issuing his call, “and I will not stop until Philhealth provides the sufficient and appropriate for our sick countrymen.” “Through Lee’s questioning during the budget hearing of the De-

partment of Health on September 6, 2023, it was revealed that the state health insurer had P466-billion worth of investible funds and a net income of P68.4 billion,” read the statement his office issued last Wednesday. According to Lee, he wrote Philhealth last October recommending an increase in all benefit packages and coverage provided by the agency. He also filed House Resolution 1407 urging the Philhealth to update its coverage since its case rate has not been adjusted to account for inflation and rising health care costs. Philhealth president and CEO Emmanuel R. Ledesma Jr. earlier said that the agency is already working on increasing the benefit packages across the board from 10 percent to 30 percent. While the proposal has

already passed the executive committee, it still needs the approval of the Philhealth Board of Directors (BOD). The BOD is expected to convene this month to discuss and decide on this pending proposal to increase Philhealth’s benefit packages. “Winner tayo lahat kapag finally, na-implement na itong much-needed increase sa Philhealth. One step closer ito sa pangarap natin na ‘pag nagkasakit ang Pilipino, konti na lang, o wala nang ni isang kusing na babayaran sa pagpapagamot sa ospital.” [We are all winners when finally, this much-needed increase in Philhealth is implemented. This is one step closer to our dream that when Filipinos get sick, they will shell out only a small amount or not a single penny to pay for hospital treatment.]

The global bond market rally is overlooking a soaring $2-trillion debt problem

IGHT around the start of November, two words suddenly disappeared from the chatter in the bond market: debt supply. As bond prices surged across the developed world day after day, sending yields tumbling and handing investors some much-needed profits, the angst about soaring budget deficits melted away. But for how long? Over the next several weeks, governments from the US, UK and the eurozone will start flooding the market with bonds at a clip rarely seen before. Saddled with the kind of bloated deficits that were once unthinkable, these countries—along with Japan—will sell a net $2.1 trillion of new bonds to finance their 2024 spending plans, a 7-percent increase from last year, according to estimates from Bloomberg Intelligence. With most central banks no longer hoovering up bonds to bolster economic growth, governments must now entice more buy orders out of investors around the world. To do so, the thinking goes, they will have to dangle higher yields, just as they did when concern about ballooning government debt loads was amplified this summer by Fitch Ratings’ move to strip the US of its AAA credit rating. The rout that resulted sent the rate on benchmark 10-year Treasuries above 5 percent for the first time in 16 years. Those jitters may have faded of late—primarily because slowing infla-

tion prompted investors to suddenly fixate on the idea that central banks will start cutting interest rates—but many bond-market analysts argue that, given the current supply-and-demand dynamics, it’s only a matter of time before the nervous chatter picks up. Indeed, bond yields have already lurched higher this year and the 10-year rate is now about 4 percent. “Right now, the market is just obsessed with the Fed rate cycle,” says Padhraic Garvey, head of global debt and rates strategy at ING Financial Markets. “Once the novelty of that fades away, we’ll start to worry more about the deficit.” Public debt across advanced economies has soared to more than 112 percent of GDP from about 75 percent two decades ago, data from the International Monetary Fund show, as governments ramped up borrowing to finance pandemic stimulus programs, health care and pensions for aging populations and the transition away from fossil fuels. Will aging society increase or decrease global demand for bonds? Share your views in the latest MLIV Pulse survey. It’s hard to know exactly how much these soaring debt loads drive up borrowing costs. Researchers at the Bank of England and Harvard University took a stab at it a few years ago. Their joint study concluded that each percentagepoint increase in a country’s debt-toGDP ratio pushes up market rates by

0.35 percentage point. The math certainly hasn’t worked out that way in recent years. (Treasury yields, for instance, have fallen this century as US debt-to-GDP spiraled higher.) Imperfections and all, Garvey says the study’s findings should be heeded. With the US now running annual deficits equal to 6 percent of GDP, about double the historical norm, he figures that’ll tack another percentage point onto yields. Not only would that swell the government’s interest tab and deepen the deficit further, creating a vicious cycle of sorts, but it would drive up borrowing costs for companies and consumers and curb economic growth. Public finances aren’t quite as bleak elsewhere but countries including the UK, Italy and France are all expected to post larger-than-normal deficits again this year. And a plethora of elections will keep those shortfalls in focus; BlackRock Inc. this week warned that Britain’s politicians could spark a selloff in the nation’s bonds if they try to win votes by pledging greater spending. “It’s difficult,” Garvey says, “to argue that this is inconsequential.” And yet bond bulls essentially do just that. Steven Major, the head of global fixed-income research at HSBC Holdings, is the loudest of those in this camp. He admits the magnitude of the Treasuries rout that followed the Fitch downgrade took him by surprise, but the episode, which saw the 10-year yield spike 1 percentage point over the

course of a couple months, did little to change his view. Major likes to use an analogy about farmers selling potatoes in a village whenever he’s asked about debt supply concerns. He asserts that an increase in supply, whether it be of potatoes or bunds, doesn’t necessarily have to trigger a drop in the price. That’s because the demand side of the equation is unknown, he says. There could be more buyers about to show up from the village down the road or from sovereign wealth funds in the Middle East. And in times of recession, which is when deficits become most acute, demand for the safety of government debt tends to pick up. “It’s wrong to assume if you increase the supply of something, the price has to go down,” Major says. He also argues that if demand for bonds isn’t keeping up with the increase in supply, governments can simply scale back the sale of longer-term securities and offer more shorter-term debt. This is exactly what the US did when the sell-off got ugly last year. In early November, Treasury Secretary Janet Yellen slowed the increase in sales of 10-year and 30-year bonds, and opted to issue more T-bills than the market expected. The move, while not without its own set of risks, helped settle jittery investors and laid the groundwork for a bond rebound. Analysts at JPMorgan Chase expect the Treasury to use the T-bill market

for a smaller proportion of its funding in 2024. They estimate $675 billion of net T-bill sales, roughly a third of last year’s tally, but a figure that nonetheless comes on top of the forecast bump in note and bond sales. “The Treasury has shown us that they are going to try to be pragmatic about where they issue on the curve and when,” said Rebecca Patterson, formerly chief investment strategist at Bridgewater Associates from 2020 to 2022, and an early proponent of the case for higher yields. “That’s reassuring at the margin but it doesn’t change the bigger picture. The supply of debt we need to issue to fund the government spending and to fund the deficit absolutely is an ingredient in where bond yields settle.” It’s also a driving force in how investors decide which bonds they want to own. So far, one of the big trades for 2024 is a bet that US debt with a lifespan of 10 years or more will return less than shorter-term securities, because longer-dated bonds are more sensitive to worries over the deficit. As much as fiscal spending has surged in the US and Europe in recent years, Alex Brazier, the deputy head of BlackRock’s research arm, sees two bigger problems pushing up debt loads and wreaking havoc on the market: slowing global growth and higher benchmark interest rates. The European Central Bank has pushed its main rate above 4 percent to

tame the inflation surge that was triggered in part by the pandemic stimulus programs. The Bank of England and Fed have gone even higher—to over 5 percent. Even if they start reversing those hikes next year, as is now expected, there’s little chance of a return to anything resembling the zero-rates era that prevailed for much of the previous two decades. This means “you can’t grow your way out of debt so much and the interest bill is bigger,” Brazier says. In France, the finance ministry is grappling with interest payments that are forecast to exceed the nation’s defense budget this year and are set to almost double by 2027. And Australia’s government is squirreling away cash to meet its spiraling debt obligations, which will soar to a record by mid-2026. The World Bank said in March that potential global growth, defined as the highest long-term rate at which the economy can grow without triggering inflation, is set to fall to just 2.2 percent a year through 2030. That’s its lowest level in three decades as investment, trade and productivity, the three forces that usually power economic expansions, all slow. “It’s the poor macro environment,” Brazier says, “and that makes the fiscal deficit an issue.” His recommendation to clients is simple: Stay away from long-term bonds. Bloomberg News

Health&Fitness BusinessMirror

B4 Thursday, January 11, 2024

With dementia, preventing it is better than curing it T

Editor: Anne Ruth Dela Cruz

DepEd, DOH to heighten awareness vs dengue with rise in number of cases By Claudeth Mocon-Ciriaco

By Rory Visco

Contributor

ROUND the world, there are about 10 million new cases of dementia that emerge annually, making it a global healthcare problem that affects a person’s memory. It is also one of the major causes of disability among the elderly, which puts this debilitating disease as the seventh leading cause of death globally. Aside from those who have it, the disease also creates a significant impact on the lives of those who provide dementia-stricken people with care. I n t he Ph i l ip pi ne s , a rou nd 220,632 new cases of dementia are projected by 2030, which necessitated the call for more attention to this illness.

What is dementia ACCORDING to the Centers for Disease Control and Prevention (CDC) of the United States, dementia “is not a specific disease but a general term for the impaired ability to think, remember, or make decisions that interferes with doing everyday activities.” It affects people, particularly those who are at least 65 years old. Contrary to popular belief, CDC said dementia is not a part of the normal aging process because there are many older adults who live long lives without suffering from it. A mong de me nt i a’s com mon symptoms, the CDC said, may include

those related to memory, attention, communication, judgment or reasoning and problem solving, even visual perception. These symptoms may vary among people. In terms of signs that point to dementia, the CDC includes getting lost in a familiar place or neighborhood, the use of unusual words when referring to certain objects, unable to recall certain moments in life or complete certain tasks. The thing that most people dread about dementia is the inability to recall the names of family members, close relatives, or friends. These signs are commonly related to Alzheimer’s disease, which is a common cause of dementia, and accounts for about 60 to 80 percent of all cases, the CDC pointed out. Other types of dementia are vascular dementia, lewy body dementia, fronto temporal dementia, and mixed dementia. Unfortunately, there is no treatment or cure yet for dementia, though certain medications can

help protect the brain or manage the symptoms, the CDC said. Leading a healthy lifestyle, regular exercise, healthy eating, and keeping social contacts may help reduce the number of people with dementia while extensive research on the development of certain treatment options is all ongoing.

New beginning JUST recently, a healthcare company, HI-Eisai Pharmaceutical, Inc., a subsidiary of the Eisai Group, partnered with the Yuchengco Group of Companies and together with Purple Angel, a global dementia awareness group, launched “Gunita para sa Dementia,” an initiative that aims to unite stakeholders to improve the lives of Filipino patients with dementia and their caregivers. The launch event titled “Cure and Care: The Future Perspective of Dementia,” highlighted the initiative’s mission to raise awareness among different stakeholders about dementia. According to HI-Eisai Medical Director Dr. Godfrey Robeniol, of utter importance in the fight against dementia is stakeholder collaboration to support dementia patients and their caregivers. “Integrating HIEisai’s philosophy of human health care into its goal, Gunita para sa Dementia is about cherishing memories and promoting understanding. The word ‘gunita’ itself, which is the Tagalog word for ‘memories,’ embodies the essence of this initiative. It signifies the importance of preserving and valuing the memories of our loved ones, especially those living with dementia,” Dr. Robeniol said. For his part, Purple Angel founder Norman McNamara from Devon in

the United Kingdom, who himself was diagnosed with dementia at only 50 years old, highlighted the importance of promoting dementiafriendly practices for better care and support. “Knowing that something can be done to support patients with dementia and their caregivers is half the battle. As we strive to raise awareness about dementia, we are paving the path toward a more compassionate future for all those impacted by the condition,” McNamara stated. Also discussed by speakers and specialists during the event were existing methodologies aimed at preventing and treating dementia, which include the use of music therapy to address the mental and emotional challenges associated with the condition. “Having a comprehensive understanding of dementia is a crucial step towards developing effective treatments. This understanding must encompass diverse perspectives because dementia is a complex syndrome that should be treated with an interdisciplinary approach,” explained geriatric psychiatry expert Dr. Profitasari Kusumaningrum from the Department of Psychiatry, Faculty of Medicine, University of Indonesia-Cipto Mangunkusumo Hospital in Jakarta, and one of the event’s speakers. “While there has been some progress, we are still far from finding a cure that will halt the progression of this disease.” She further emphasized that until such a cure is universally available, the key to combatting dementia is prevention, where people can take proactive steps towards prevention early on, starting with the individual self and the surroundings.

Ban on baby food products with added sugar sought in Senate

enator Imee Marcos filed a bill on Monday, January 8, 2024 seeking to prohibit baby food producers and manufacturers from adding sugar in their products. Marcos cited studies made by both the Department of Science and Technology (DOST) and the University of the Philippines (UP) that Filipinos are at risk for obesity. which prompted her to file Senate Bill (SB) No. 2581 or the No-Added Sugar on Baby Foods Act. “In a 2022 survey of the DOST’s Food and Nutrition Research Institute, around 27 million Filipinos are overweight and obese. For the past two decades, overweight and obesity among adults have almost doubled from 20.2 percent in 1998 to 36.6 percent in 2019,” Marcos

said in her explanatory note. Similarly, the prevalence rates of overweight and obesity among adolescents have more than doubled from 4.9 percent in 2003 to 11.6 percent in 2018, the DOST study added. A recent study by UP likewise found that young Filipinos are at a greater risk of obesity, due to the consumption of food that are energy-dense and nutrient-poor, exacerbated by growing urbanization and increased incomes, Marcos said. The lawmaker also cited the World Health Organization which is seeking a ban on added sugars in baby food for children aged zero to 36 months old due to its detrimental impact on the child’s oral health. It likewise put children at risk of

developing a preference for sweet foods, which may lead to overweight and obesity-related diseases in adulthood. “The proposed bill seeks to ensure good nutrition, optimal child growth and development, and better health outcomes for children. To this end, the government, and agencies concerned shall implement a ban on added sugar in baby food. The producers/manufacturers shall take responsibility to remove added sugar and look for healthier alternatives in their baby food products,” Marcos explained. SB 2581 mandates the Department of Health to recall, prohibit, or seize from public sale or distribution any baby food that contain added sugar.

The producer or manufacturer of baby food that will be proven to contain added sugar will also be fined not less than P300,000 but not more P500,000 or will be imprisoned for not less than one year but not more than five years or both, upon the discretion of the court. In case the offender is a juridical person, the president, secretary, treasurer, and such other officers or persons responsible for the offense, shall be liable for the penalty of imprisonment. If the seller, distributor or manufacturer of the subjected baby food is a foreigner, he shall be deported after service of sentence and payment of fine without further deportation proceedings. Wilnard Bacelonia, PNA

CX provider conducts donation drive for pediatric cancer ward

heir goal was simple yet profound: to bring comfort and cheer to the young patients battling cancer and their families facing challenging times. Foundever, a leading global customer experience (CX) provider, has continued to hoist their commitment to make a positive impact on the communities they serve by holding a donation drive for cancer patients at the pediatric ward of the Tarlac Provincial Hospital. Associates from the Foundever office in Tarlac eagerly embraced the opportunity to contribute to the cause, showcasing the company’s strong sense of community and compassion. “At Foundever, we believe in the power of collective kindness,” said Kenneth Esperame, Foundever Ac-

Foundever embarks on donation drive for local pediatric ward in Tarlac. count Engagement Manager. Esperame said that it is not just a donation drive for them. “It’s an opportunity to bring smiles to the faces of young patients and provide support to their families during challenging times,” he added. T he don at ion d r ive, wh ic h spanned about a month, engaged Foundever associates in a collective

effort to contribute donations for the young patients at the pediatric ward. The response from the employees was overwhelming, Esperame noted, demonstrating the company’s commitment to social responsibility. It gathered more than 800 toys that were given to about 400 children in the pediatric ward. “Our commitment goes beyond

material contributions; it’s about creating lasting memories and positive experiences for these brave children,” said Esperame. Upon presenting the donations to the pediatric ward at the Tarlac Provincial Hospital, Foundever HR Generalist Miggy Dela Torre emphasized the importance of community collaboration saying “Our relationship with the local community goes beyond business transactions. This initiative reflects our shared responsibility to uplift those who need it most.” He added, “Knowing that our collective efforts can make a positive difference in the lives of these children and their families fills us with a profound sense of purpose.” Claudeth Mocon-Ciriaco

he Department of Education (DepEd) is doing its best to protect school learners against dengue. Dengue fever, the Department of Health (DOH) said, is a mosquito-borne viral infection that is endemic to the Philippines. It affects people of all ages. Its severe form, dengue hemorrhagic fever, involves heavy bleeding and can be fatal. Dengue has four strains, which means a person can be infected as many as four times in a lifetime. Each succeeding infection increases the chance of developing hemorrhagic fever. Dengue is transmitted by the mosquitoes Aedes aegypti and Aedes albopictus, which commonly bite during the day, but may also bite at night.

Dengue cases The DOH’s latest epidemic-prone disease case surveillance report showed that 72,333 dengue cases and 249 deaths were recorded the highest from January to June 17, 2023. This number is 14 percent higher than the 63,526 cases in 2022. To help protect children during their time in school, SC Johnson through OFF, a trusted mosquito repellent brand in the country, has taken on the responsibility of partnering with 63 public and private schools in National Capital Region and Calabarzon to strengthen their dengue prevention efforts. “As part of our program to safeguard our students from any harm brought by these dengue-carrying mosquitos, we coordinate closely with our city health unit and our community here in San Juan. We established a dengue task force to search and eliminate breeding sites of mosquitos, install nets on windows of classrooms, as well as maintain cleanliness,” said Michelle Abraham, Schools Division Office nurse of San Juan City. Putting on mosquito repellant regularly is part of the DOH’s 4S (Self-Protect) strategy against dengue. The 4S against dengue are: 1. Search and destroy mosquito habitats; n Cover water drums and pails to prevent water from accumulating in them; n Replace water in flower vases at least once a week; n Clean gutters from leaves and debris to prevent water from becoming stagnant.; and n Collect and dispose all unusable tin cans, jars, bottles, and other items that can collect and hold water. 2. Self-protect n Wear long pants and long-sleeved tops. 3. Seek early consultation n Consult a physician immediately if fever persists or keeps recurring after two days, and/or any of the other symptoms appear.

4. Say Yes to Fogging n Only when there is an impending outbreak or a hotspot. Abraham said that they are happy that OFF took part in the initiative by giving their schools insect repellent products that are very useful to drive off mosquitos and sponsoring educational tools to aid them in the fight against dengue.

Safer, healthier learning environment OFF’s commitment to provide a safer and healthier learning environment is exemplified through its collaboration with educational institutions. One of OFF’s initiatives include sponsoring plenary sessions on dengue prevention. The brand has also taken a proactive approach by providing dengue prevention tips through the installation of posters and infographics in school premises. These initiatives serve as powerful tools for clear and concise information dissemination to educate the community with the practical tips on prevention. “We always make sure that our schools in Las Piñas are equipped with different mechanism to fight the occurrence of dengue. We have the health unit that implements different dengue campaigns. And now, with our partners, OFF and SMS Philippines, our dengue preventive measures are strengthened and sustained. This partnership is a testament to our commitment to public health and safety in schools. Through this, we were able to equip not just our teachers and school staff, but the students and parents as well,” affirmed Reginald P. Villacorta, SDO (Schools Division Office) Las Piñas Senior Education Specialist As part of its mission to achieve a dengue-free country, OFF extends to the broader community by engaging with parents, teachers, and local stakeholders, the brand advocates for a collective effort in combating this epidemic, ensuring the health and well-being of students is paramount. “As parents, we want our kids to be safe and protected, so every time there is a call for volunteers in our school, we really take part. We help clean the school, especially the garden where mosquitoes are possibly breeding,” said Marilou Pajarilla, a parent. Sign and symptoms of dengue include the following: n Sudden onset of high fever which may last from two to seven days; n Joint and muscle pain, pain behind the eyes, and/or headache; n Feeling weak; n Skin rashes; n Nausea and vomiting, decreased appetite; n Bleeding during hemorrhagic fever, which can manifest as nose bleeding, gum bleeding, vomiting of coffee-colored matter, dark-colored stools, or even just abdominal pain (as a sign of internal bleeding).

Kleenfant unveils new Body Care Collection that are specially formulated for babies By Roderick L. Abad Contributor

UALITY consumable baby products provider Kleenfant has launched its latest solution that is specially formulated for a newborn’s skin. No less than the brand’s ambassador, 2023 Metro Manila Film Festival box office actress Marian Rivera-Dantes led the kick-off during the recent Kleenfant Christmas Party held at the Oasis Manila. With their soft and sensitive skin, little ones need extra attention when it comes to personal care products. Conventional family soaps may be too harsh for their delicate skin. Hence, they require a dedicated gentle solution. Understanding this concern, the brand presents the Kleenfant Body Care Collection, comprised of the new Baby Shampoo and Body Soap.

Key features THESE latest products are made specifically for

newborns. With their gentle skin in mind, the Kleenfant Body Care formulation is crafted to make sure that it gives a soothing and safe experience during every bath. The new Kleenfant body wash for babies soothes and moisturizes their skin. Enriched with nourishing ingredients, the Body Care Collection gives tender care that soothes and moisturizes the kiddo’s sensitive skin, leaving it soft and supple. The Baby Shampoo, on the other hand, addresses the needs of the infant’s mane, ensuring it stays smooth and healthy after each use. Overall, the collection completely cleanses the whole body. Embodying the brand’s commitment to comprehensive cleanliness, it guarantees that the baby is entirely “Kleen” from head to toe. The new Kleenfant Body Care Collection has undergone rigorous testing to meet the highest safety standards. Because of this, parents can really trust this brand to give a caring and gentle solution that prioritizes the well-being of their little ones.

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Parentlife BusinessMirror

Editor: Gerard S. Ramos • Thursday, January 11, 2024

More high fives, happier family vibes

ID you grow up doing high fives often? I did. It continues to be a habit I do with my children, even if they sometimes already give me a different look, because it is not usually done anymore. I still do it almost automatically when I hit a Eureka moment with a person I am conversing with. Thus, I was very curious to find out how a high five is actually healthy for kids and may help them become future-ready. Giving your kids high fives more often can actually be a powerful tool for their learning and emotional development. Giving high fives to your child offers numerous benefits as they grow up, including increased emotional and intellectual support. A 2014 study, titled High Fives Motivate: The Effects of Gestural and Ambiguous Verbal Praise on Motivation by Morris and Zentall, shows that using gestures when giving praise resulted in increased persistence and positive feelings among children. High fives foster positive social interaction between you and your child, as high-fives signify appreciation. This generates emotions such as joy and self-confidence. According to American life and parenting coach Mel Peirce, high fives increase motivation, signaling encouragement and appreciation for their efforts, which in turn motivates children to persist in their tasks despite making mistakes, ultimately leading to greater levels of success. In fact, celebrating both big and small wins have a lot of benefits to a child as it boosts their confidence even more. Giving them high fives for their accomplishments—from something as small as

YOUR TICKET TO ALL-YEAR-LONG TRAVEL IN 2024 TOUTED as the “No. 1 Digital Bank” in the Philippines, Maya is kicking off the New Year with an exhilarating opportunity for its users to jet-set around the world throughout 2024. Users can experience the thrill of winning unlimited flights for the entire year just by saving, spending, investing, or borrowing with Maya. Here are the exciting things in-store when you get banked with Maya: ■ Experience financial prosperity like never before, earning up to 14 percent interest per annum on your Savings when using Maya for transactions. Moreover, recently unveiling the Time Deposit Plus service, Maya guarantees high returns and allows deposits anytime, enabling up to five active accounts concurrently. Enjoy no minimum balance and a low total goal amount of at least P5,000 to start earning up to 6 percent p.a. ■ Open a Maya savings account, deposit, and spend P250 to claim your card for free. The global and personalized Maya Card empowers you to shop, dine, subscribe, and pay effortlessly in over 130 million local and global merchant partners. Effortlessly top up your card using Maya Credit for seamless transactions. ■ Utilize Maya for savings, spending, investing, and borrowing to earn raffle entries. While growing your savings, swiping your Maya Card, leveraging Maya Credit, paying your bills, buying load, or exploring investment opportunities through Maya Funds, Stocks, and Crypto, each transaction brings you one step closer to being one of the four lucky winners of unlimited flights and jetting off on countless adventures for the entire year. In its continuous commitment of redefining banking experiences, Maya touts itself as the leading digital bank in the Philippines, offering a range of features designed to empower users on their journey toward prosperity. More information is available at www.maya.ph or www.mayabank.ph.

brushing their teeth, to big wins such as finishing a painting, and even when kids ask for help in solving a math problem instead of throwing the pen on the floor—increases motivation to enjoy and have fun whenever they do schoolwork or their own hobbies and passions. As a parent and educator, I cannot stress enough the importance of SEL, or socio-emotional learning, as early as toddlers and preschool years. According to the National Center on Safe Supportive Learning Environments, “social and emotional learning (SEL) involves the processes through which children and adults acquire and effectively apply the knowledge, attitudes and skills necessary to understand and manage emotions, set and achieve positive goals, feel and show empathy for others, establish and maintain positive relationships, and make responsible decisions.” Actress Kristine Hermosa, now a mother of five, underscores the significance of providing children with not only praise for their accomplishments but also motivation and a positive experience for every task they undertake. “I think it’s more important for children to feel the support and motivation from their parents, not just to receive recognition or appreciation for a job well done. In fact, they are more likely to excel if they know they are motivated and encouraged by their parents and loved ones.” Alongside the motivational support that kids receive from their parents, it is also important for them to be nurtured with proper nutrition that will further boost their growth and development. Is there actually a supplement for our preschoolers that can boost both intellectual and emotional development? It is such a big win for parents when their kids reach the toddler stage and begin schooling. In fact, their child is in a crucial stage as 90 percent of a person’s brain develops before age six. This underscores the importance of proper nutrition for a strong foundation in a child’s brain development. Children need the right nutrition to support their developmental milestones, particularly their intelligence quotient (IQ) and emotional intelligence (EQ). For Kristine, it’s essential to provide emotional support to her children while also giving them a nutritional boost to aid their growth and development. “I carefully select what they eat, drink,

and consume. I want to ensure that these choices have long-term health benefits and will genuinely contribute to their intellectual and emotional growth.” One way to provide kids with the essential boost for their brain development is by offering them a milk formula containing a nutrient called MFGM, or milk fat globule membrane, which helps support the development of a child’s IQ & EQ. Enfagrow A+ Four Nurapro and Enfagrow Gentlease 3+ are the only milk formulas with MFGM among staged milks. Clinical studies have proven that MFGM can lead to higher IQ and EQ development that lasts until school age, together with proper nutrition

and stimulation, compared to formulas without MFGM. For children with sensitive tummies, there is Enfagrow Gentlease 3+, containing PHP (partially hydrolyzed proteins), a nutrient that aids digestion and gut health, in conjunction with proper nutrition and stimulation. With Enfagrow A+ Four Nurapro and Enfagrow Gentlease 3+, parents can confidently provide their children with the necessary nutrition to support their need for a healthy balance of IQ and EQ, aiding their success in comprehension as well as dealing with social and emotional situations as they become more ready in school. ■

How this online pawnshop is redefining pawning AS one of the oldest financial institutions, pawnshops have historically been a last resort for individuals in dire straits, offering immediate cash in exchange for valuable items. But recently, something has shifted in how people view and use pawnshops. This change is evident in their diverse clientele, from antique collectors and bargain hunters to small-business owners and individuals seeking quick cash flow. The modern customer understands the pawnshop not as a symbol of desperation but as a tool for financial management. As the needs and expectations of consumers continue to change, so do businesses need to evolve. Pawnshops are no exception, with some embracing technology and modernising their business practices to serve customers better. PawnHero, the first online pawnshop in the Philippines, is a prime example of this evolution. With PawnHero (www.pawnhero.ph), Filipinos no longer have to leave the comfort of their homes to

pawn items. They can simply upload a photo and description of their item on PawnHero’s website or app, receive an initial estimate, and have the item picked up for appraisal and storage. Customers also have the option to pay interest and extend loans online, making it more convenient than ever to use pawnshops as a financial solution. Regulated by the Bangko Sentral ng Pilipinas, PawnHero is leading the modernization of the pawnbroking industry in the country. “At PawnHero, we aim to reshape the landscape of pawning in the Philippines,” says Dr. Iris Pastor, COO of PawnHero. “By taking pawning

online, we’re providing a fair and transparent service that’s easily accessible to everyone, breaking down traditional barriers and delivering a higher level of convenience to our customers.” With the stigma surrounding pawnshops slowly dissipating and the industry continuously evolving, it’s safe to say this ageold institute is becoming a more accepted and practical financial solution. Whether for emergency cash needs or short-term financing, pawnshops are proving to be a convenient choice for individuals seeking financial stability. So the next time you need quick access to money, consider pawning—it may just be your smartest move yet.

META TO HIDE POSTS ABOUT SUICIDE, EATING DISORDERS FROM TEENS’ INSTAGRAM AND FACEBOOK FEEDS SAN FRANCISCO—Meta said on Tuesday it will start hiding inappropriate content from teenagers’ accounts on Instagram and Facebook, including posts about suicide, selfharm and eating disorders. The social-media giant based in Menlo Park, California, said in a blog post that while it already aims not to recommend such “ageinappropriate” material to teens, now it also won’t show it in their feeds, even if it is shared by an account they follow. “We want teens to have safe, ageappropriate experiences on our apps,” Meta said. Teen users— provided they

did not lie about their age when they signed up for Instagram or Facebook— will also see their accounts placed on the most restrictive settings on the platforms, and they will be blocked from searching for terms that might be harmful.

“Take the example of someone posting about their ongoing struggle with thoughts of self-harm. This is an important story, and can help destigmatize these issues, but it’s a complex topic and isn’t necessarily suitable for all young people,” Meta

said. “Now, we’ll start to remove this type of content from teens’ experiences on Instagram and Facebook, as well as other types of age-inappropriate content.” Meta’s announcement comes as the company faces lawsuits from dozens of US states that accuse it of harming young people and contributing to the youth mental health crisis by knowingly and deliberately designing features on Instagram and Facebook that addict children to its platforms. Critics said Meta’s moves don’t go far enough. “Today’s announcement by Meta is yet another desperate attempt to avoid regulation and an incredible slap in the face to parents who have lost their kids to online harms on Instagram,” said Josh Golin, executive director of the children’s online advocacy group Fairplay. “If the company is capable of hiding pro-suicide and eating disorder content, why have they waited until 2024 to announce these changes?” AP

PHOTO BY STEPHEN WARDS ON UNSPLASH

Thursday, January 11, 2024

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PRECIOUS LARA QUIGAMAN-ALCARAZ ON WHY IT’S IMPORTANT TO LIFT UP YOUR BEAUTY ON YOUR OWN TERMS

IN the photo are, from left, Thermage Product Manager, Karina Laurena; Thermage Brand Ambassador, Precious Lara QuigamanAlcaraz, Solta Philippines Account Executive Brendabel Araullo

HEN it comes to personal milestones, Precious Lara Quigaman-Alcaraz is a great example of what a woman can achieve when she feels confident about herself. The beauty queen and actress recently came back to the Philippines and was introduced as the newest brand ambassador for Thermage, at the Lift Up Your Beauty Press Launch last December 18, 2023, at the Penthouse No.66, Grand Hyatt Manila in Bonifacio Global City, Taguig. Precious shares that it’s important for women to feel confident whatever stage of life they’re in. “Everyone is striving to reach their milestones,” shares Precious. “But we have to make sure that aside from our responsibilities, we also give time to take care of ourselves because that’s when you’ll feel the most beautiful, most confident.” Precious took a step back and remembers being in the spotlight after being crowned Miss International in 2005, which gave her a bit of pressure since becoming a role model for a lot of Filipina women. She muses, “Even when the spotlight softened a little, I always ensured that what I say, do, and portray never goes against

any woman or anyone. I want to show that you can be in the spotlight while also being respectful to everyone and just bring positivity to the room.” She also says that her mindset only became stronger when she settled down and raised a family with her husband, former actor and collegiate basketball varsity, Marco Alcaraz. “I wanted to prove to myself too that I can be a good wife and mom while still becoming a good influence to the community.” When asked what advice she would want to give to those balancing family, career, and personal dreams, Precious harps on giving time to take care of oneself. “As much as you want to give to others—be it your family, your community, or even your work—you have to listen to what your mind and body are telling you. If something is too much, you should be willing to let it go, if not adjust, or make it better for you.” This was a turning point for Precious as she looked back on her first treatment session with Thermage. “I think that’s an experience they want to provide for all their patients. They go through everything

that’s going to be done, how it works, and what’s going to happen after so I never got worried after,” she recalls. “They helped me feel at ease that there’s not going to be any pain, my schedule won’t be affected, and most importantly, the recovery improves over time.” During the event, this process was explained further by Thermage Product Manager, Karina Laurena, highlighting that the procedure uses radiofrequency technology to heat the deep, layers of the skin and boost collagen production, helping the skin to become younger-looking and address signs of aging. As most people age, the collagen that keeps skin looking young and plump decreases production and breaks down, producing sagging skin, fine lines, and wrinkles. With just one treatment, results can appear as fast as two to six months and can last one to two years depending on each patient’s skin condition and aging process, with results improving over time. A pioneer in non-invasive skin tightening treatments since 2002, Thermage has conducted more than 2.5 million treatments and over 50 clinical studies which have proven its system safe, efficient, and comfortable for patients all over the world. “With significant improvement, we are proud to culminate the Thermage FLX, the 4th generation of its kind, which now offers more than 90 percent of patients achieving positive results enabling us to help anyone Lift Up Their Beauty to the fullest,” shares Laurena. The exclusive event for the press also unveiled the Thermage Woman of the Year Award, which aims to spotlight a new beacon of beauty and success empowered with a flourishing career, a strong sense of community, and a never-ending pursuit of knowledge and solutions. Nominations for the award may be submitted from January 15 to February 15, 2024. Send in nominations for the Thermage Woman of the Year Award, read more information on how Thermage works, and find affiliated clinics by visiting www.thermage. com.ph. Follow them on Facebook at Thermage PH and Instagram @thermage_ph for more updates.

Evolution of vivo: From thinnest smartphones to pioneering flagships

N a captivating journey through time, vivo, a distinguished name in the smartphone industry, retraces its evolution alongside the ever-changing technological preferences of Millennials and Gen Zs. With a series of groundbreaking “world’s first” innovations, vivo has consistently been at the forefront of industry trends, shaping the mobile experiences of the digital-savvy generations. In 2012, vivo set the benchmark for sleek design with the vivo X1, the world’s thinnest smartphone, at a mere 6.55mm. Simultaneously, it introduced Hi-Fi quality audio through a dedicated audio chip, marking a revolutionary moment in smartphone audio technology. The brand’s global expansion in 2014 saw the introduction of the Xshot, featuring an F1.8 aperture and optical image stabilization, setting new standards for advanced camera capabilities. The year 2014 also witnessed the unveiling of the vivo X5Max, the world’s thinnest smartphone at 4.75mm, a record that remains untouched in the industry. Anticipating the future, vivo launched the vivo X20Plus UD in 2018, introducing the world to in-display fingerprint scanning before it became commonplace. Fast forward to 2021, vivo continued its legacy with the vivo X70 series, featuring the brand’s first self-developed imaging chip, the V1. These “world’s firsts” epitomized vivo’s commitment to delivering innovation at users’ fingertips, enhancing their mobile and digital experiences. In 2023, vivo proudly introduced the vivo V29 Series 5G, the latest flagship-level addition to the captivating V lineup. Boasting the innovative Aura Light 2.0 and Smart Color Temperature Adjustment feature, combined with a new aesthetic design and

Sarah G, SB19 to #AceYourWorld at Asia Pacific Predator League 2024 Grand Finals stage

Guide to Property Investments to Make in 2024 in the Philippines

EAL estate continues to be a wise investment in 2024, as projections and property sales are increasing. Reports say this is due to strong economic growth, steady property demand, and the government’s commitment to developing more infrastructures. With the real estate market set to experience a boom in 2024, now is the time to invest in a condominium. Condominiums are ideal homes because of their proximity to commercial establishments, a suite of on-site amenities, and round-the-clock security. Bonifacio Global City (BGC) is one of the country’s leading central business and lifestyle districts. Located in the heart of Taguig City, BGC is home to multinational companies, lush parks, open spaces, shopping centers, and dining options. An active street life and public art around the city add personality and charm. BGC’s central location makes investing in a

property here an exceptional idea. Those who want to match its international allure may invest in Aurelia Residences, a limited collection of bespoke homes inspired by the sprezzatura, an effortless and understated sense of classic Italian elegance. Recently awarded the Best High Rise Condo Development in Asia at the PropertyGuru Property Awards 2023, this property offers breathtaking skyline views of the Manila Golf Club, Manila Polo Club, and Forbes Park, making it one of the most coveted addresses in the Philippines. Pasig is a bustling metropolis filled with lifestyle destinations like Kapitolyo, a neighborhood known for its cafes, restaurants, and watering holes. Pasig is also known as a green city due to its environment-friendly efforts, like building parks and bike lanes. With the Ortigas Center, the city is a bustling community with diverse options for work and play.

Investors who want to enjoy this vibrant community may want to build their home at Haraya Residences. Residents can experience utmost privacy at this vertical gated village in Bridgetowne Estate while enjoying access to the township’s establishments and the wider Pasig area. The beautifully appointed abodes have Italian-inspired loggias or covered outdoor spaces, so homeowners can soak in the views of the green city and beyond. Investors who want to express their individuality may purchase a unit at Laya by Shang Properties. Laya is a canvas for self-expression, with modern spaces that give residents the room to design their own homes. It’s perfect for those who want everything within reach: commercial centers, corporate headquarters, and the best weekend haunts. Mandaluyong is fondly known as the shopping mall capital of the Philippines because of its commercial centers like Shangri-la Plaza, SM Megamall, and The Podium. Besides being a shopping haven, Mandaluyong has a thriving commercial center with offices and open spaces like the Greenfield District. Amidst this bustling city is Shang Residences at Wack Wack, an exclusive resort-inspired residential property which was named as the Best Luxury Development in Metro Manila in 2023 by Carousell Property Awards. It is set in splendidly landscaped gardens and neighbors the iconic heritage The Wack Wack Golf & Country Club. This peaceful residence offers some of the city’s most sought-after views: sweeping vistas over two 18-hole championship golf courses or toward the dramatic Makati skyline. To learn more about Shang Properties, visit the website at shangproperties.com and follow Shang Properties on its official social media pages: @ShangProperties on Instagram and Facebook, @ShangPropertiesOfficial on YouTube, and Shang Properties on LinkedIn.

powerful performance, the vivo V29 5G is set to redefine the smartphone experience for users seeking to capture and celebrate life’s exciting moments. The vivo V29 5G elevates the portrait photography experience with features like Aura Light 2.0, a 50MP Auto Focus Group Selfie, and Super Group Video. The device’s 120Hz 1.5K AMOLED display and 6.78” 3D curved screen deliver stunning visuals, providing an immersive visual experience with a resolution of 1.5K and 452 PPI. Designed for a smooth and power ful user experience, the vivo V29 5G features a Qualcomm Snapdragon 778G mobile platform, 12GB RAM + 8GB Extended RAM, and an Ultra Large VC Bionic Cooling System. The 80W FlashCharge and 4600mAh battery ensure fast and reliable charging, exemplifying vivo’s commitment to innovation. With 75 percent of vivo’s workforce dedicated to research and development, the brand continues to lead as an innovation-first entity. The Y, V, and X series cater to diverse budgets, offering flagship features such as world-class photography, superior engine and battery performance, bold design, and a seamless user experience. The X series redefines professional photography, the V series pioneers photography flagships, and the Y series brings delightful entertainment experiences to consumers. vivo remains steadfast in its mission to build a bridge between humans and the digital world, providing an easier, more convenient smartphone experience tailored to the preferences of Millennials and Gen Zs. For more information on vivo Philippines and its latest product offerings, visit vivoglobal.ph and follow its official accounts on Facebook, X, Instagram, TikTok, and YouTube.

E part of history as 26 teams from across the region compete for top honors in Dota 2 and VALORANT, including their share of a $200,000 prize pool and the highly coveted Predator Shield, in the Asia Pacific Predator League 2024 Grand Finals at the SM Mall of Asia Arena. The MOA Arena stage will witness epic battles between esports teams on January 13 and 14, 2024. Audiences will also get to watch never-before-seen musical stages and collaborations. For the very first time ever, Acer ambassadors

Sarah Geronimo and SB19 will perform “Ace Your World” live! The song #AceYourWorld, streaming on YouTube, was written and composed by Radkidz, the duo of John Paulo Nase (Pablo) and his brother, Joshua Daniel Nase. Through the song, Sarah G and SB19 hope to encourage everyone to stay strong despite the challenges they face in their lives. Another exciting collaboration stage will feature rapper Felip and Paradise Rising artist Ylona Garcia. Sarah Geronimo and SB19 will lead the roster of talents on Day 1, along with Urbandub, Al James, and UPeepz. Day 2 will feature KZ Tandingan, Sandwich, Franco, Spongecola, Manila Symphony Orchestra, Daloy Dance Company, Josh Cullen, and Pablo. For both days, there will also be meet-and-greet sessions with Predator ambassadors Cong TV and the Team Payaman boys, burg, KuyaNic, Chibiby, Maggiekarp, amaratv, Een Mercado, Kang Dupet, and Alodia Gosiengfiao. “We have prepared very hard to give esports players, fans, and enthusiasts two days filled with excitement and surprises. The Asia Pacific Predator League 2024 Grand Finals will showcase world-class gaming, music, and entertainment. The event will put Manila on the global esports map,” said Princess Laosantos, Senior Marketing Manager at Acer Philippines. For more information and updates about Predator League, visit www.facebookcom/PredatorGamingPhilippines or the official website www.predatorleague.com.

SUN LIFE GREPA SUPPORTS RURAL BANK EVENT Sun Life Grepa Financial, Inc., one of the major life insurers in the country, participated in the 66th Charter Anniversary Symposium and Special General Membership Meeting of the Rural Bankers Association of the Philippines (RBAP) at the Rizal Park Hotel Manila on November 22 to 23, 2023. A Sun Life Grepa booth was set up to entertain inquiries and give advice to rural bankers on the merits of life insurance for their different business needs. Additionally, free medical check-ups, doctor consultations from Grepa Medical Diagnostic Clinic, as well as fun games were offered to attendees during the event. In the photo are, from left, Julie Estares - President, ACM Business Solutions, Inc.; Sun Life Grepa Business Development Manager Andrei Vegas; Head of Sun Life Grepa Group Sales and Strategies Justine Daguman; current RBAP President Rafael Francisco Amparo, incoming RBAP President and Executive Director Anacleta Dayola-Aboyme; and Sun Life Grepa Affinity Marketing Sales Head-Partnership Distribution Marge Estrera.

Envoys&Expats BusinessMirror

envoys.expats.bm@gmail.com

Japan signs contracts under new set of GGPs

HE government of Japan, through its embassy in Manila, formalized grant contracts that will fund a classroom’s construction and provisions for important medical equipment. Ambassador Kazuhiko Koshikawa led last month the signing of the “Grant Assistance for Grass-Roots Human Security Projects (GGP)” at the Japan Information and Culture Center Hall inside the deputation in Pasay City. The total grant amount of $237,390 (approximately P13.27 million) was allocated for the purchase of an ambulance; provision of a portable chest X-ray machine; plus, the construction of a one-story, fourclassroom high-school building. Koshikawa conveyed his country’s commitment as the Philippines’s strategic and devoted partner to achieve sustainable and inclusive growth. He emphasized the GGP’s uniqueness, as he highlighted its ability to enable substantial strides

in directly empowering local communities through projects tailorfitted to the evolving needs of local people. Details of the projects (title, proponent and grant amount) are as follows: Construction of a classroom building for Anoyon High School (Municipality of Valencia, Bohol, $94,607 or P5,279,079): Due to lack of a public high school in the municipality, Grade 7 to 12 students had to commute to schools in remote locations. Crossing mountainous terrains is time consuming, uneconomical, and unsafe for the learners. To alleviate the burden on students, the local government unit established the new high school in Barangay Anoyon. However, the number of class-

rooms was not enough to accommodate all the pupils residing in the area. Through this GGP project, the local government unit (LGU) will construct one more four-classroom building with comfort rooms for the said students. Procurement of an ambulance (Municipality of Sipocot, Camarines Sur; $55,027 or P3,054,000): The existing ambulances in Sipocot are challenged to provide timely care during patient transport, always on call and transporting patients to medical facilities such as the municipal hospital, which is 44 kilometers away; or the state hospital 120 kilometers. afar. Through the GGP, the LGU will procure a new ambulance fitted with necessary medical devices, will respond to approximately 200 additional requests for dispatch annually, contributing to stronger and more efficient emergency and disaster operations. Provision of a Portable Chest X-Ray Machine (for Olongapo City’s Center for Health Solutions and Innovations Phils. Inc. (CHSI Inc.), $87,756, or P 4,940,714) In Olongapo City, the number of tuberculosis screening has decreased since the

Covid-19 pandemic and hindered the city’s TB prevention and treatment measures, especially among the high-risk group—including the Aetas. Because of their traditional lifestyle and economic disparity, they have limited access to medical services in the city. With the portable X-ray machine provided by FUJIFILM Phils. Inc. procured through the GGP project, the Manila-based nongovernment agency CHSI Inc. and Olongapo City will be able to conduct active TB cases profiling and provide comprehensive health-care services to Aetas, as well as the urban poor. The three projects are the newest additions to the 560 grassroots projects that have already been implemented by the GGP. Japan believes that these efforts will strengthen its friendship with the Philippines, and contribute to sustaining strategic partnerships between the two countries, according to its embassy. As the Philippines’s top overseas development assistance donor, Japan—via its government—launched the GGP scheme in 1989 to reduce the former’s poverty and help various communities engage in grassroots activities, the embassy said.

Phil. Embassy-Jordan, MWO repatriate 40 non-marital kids A

MMAN—The Philippine Embassy in Jordan, in collaboration with the Migrant Workers Office (MWO) in the Hashemite kingdom, successfully repatriated the third batch of 13 Filipino non-marital children with their parents on December 30, 2023. This brought the total number of kids who were brought home this year to 40. They were beneficiaries of the embassy’s ongoing program for non-marital children to be repatriated in the Philippines and provide them consular assistance, as well as the opportunity to go home without paying overstay penalties. In previous months, the Philippine Embassy and MWO in the kingdom successfully repatriated two batches of 13 and 14 children on October 6 and November 24 of last year, respectively. The undertaking was the result of almost a decade of continued discussions and appeals to the Jordanian government, where the embassy successfully secured an exceptional concession on August 10, 2023. It paved

AMBASSADOR Wilfredo C. Santos (center), Labor Attaché Armi Evangel N. Peña as well as embassy and Migrant Workers Office staff send off the third batch of non-marital children at the Queen Alia International Airport. PE-JORDAN

the way for the repatriation of nonmarital children and the waiving of their overstay penalties. The children were previously barred from being repatriated in the absence of a Jordanian birth certificate—a requirement for them to travel outside the Middle Eastern country. “This repatriation [serves proof of our two countries’ close ties] to resolve matters that advance the interests of our Filipino nationals in Jordan,” said Ambassador Wilfredo C. Santos. “Given this devel-

opment, our non-marital Filipino children accompanied by their parents can now safely return to the Philippines.” Santos reiterated the deputation’s “sincerest thanks to the Government of the Hashemite Kingdom of Jordan for their support to this humanitarian undertaking, which took time and a lot of representations by both sides.” The ambassador also commended the Assistance to Nationals (ATN) team of the Philippine Embassy for their hard work, dedication and com-

mitment in working out the repatriation. The embassy facilitated the issuance of Philippine civil registration documents and travel documents. The repatriation efforts were also enabled by the MWO in Jordan, which bore the costs of flight tickets, bus transports, and meals prior to their departure. Administrative Officer John Danilo Jiao Jr., ATN officers Francisco Magno and Ma. Jolina M. Guerrero, Communications and Protocol Officer Allan Oseo Jr., and MWO officers headed by Labor Attaché Armi Evangel N. Peña, Assistant Labor Attaché Jaybee John Vincent Baginda, and MWO-Overseas Workers Welfare Administration officer in charge Rosalin R. Lavin joined Santos at the Queen Alia International Airport to send off the kids. The Philippine Embassy continues to lobby hard with Jordanian authorities and employers to secure exit clearances for the repatriates. It encourages parents of the said nonmarital children to avail of this opportunity to be repatriated.

Taiwan commits 3K MTs of rice for local poor, disaster relief

EPRESENTATIVE Wallace M.G. Chow of the Taipei Economic and Cultural Office (Teco) in the Philippines, on behalf of the Republic of China’s (Taiwan) government, handed over the first batch of 1,000 metric tons of milled rice on January 4. Chair and Resident Representative Silvestre H. Bello III of Manila Economic and Cultural Office (Meco) received the donation. Department of Agriculture (DA) officials joined him in the ceremonial turnover. Chow remarked that Taiwan has prioritized agriculture development and food-security cooperation with the government of the Philippines, as climate change has greatly affected the latter’s farming industry.

TECO representative Wallace M.G. Chow and his Meco counterpart Silvestre H. Bello III (both standing).

He pointed out that rice donation is yet another testament of the solid collaboration, among other ongoing projects between the two republics, such as the Taiwan Technical Mis-

sion on Agriculture in Tarlac, the Mushroom Demonstration Farm in Baguio, and the Filipino Young Farmers Internship Program in Taiwan. He also emphasized that Taiwan

is a dependable partner to the Philippines, “and this valued partnership will continue when we help and respect each other.” In response to the insufficient food supply caused by climate change, the Taiwanese government committed to donate 2,000 metric tons more of milled rice to the Philippines. The donation will serve as additional food security stocks to be distributed by the Department of Social Welfare and Development, in collaboration with DA to the propoor and relief operation programs, following the occurrences of calamities or emergency situations. Meco was nominated to receive the donation on behalf of the Philippine government.

Thursday, January 11, 2024

PHL’s diplomacy debacle: OFWs’ welfare vs principles

OR an economy highly dependent on its overseas workers’ (OF Ws) rem ittances, the Philippines has always included the protection and welfare of its nationals abroad as one of the three pillars of its foreign policy. But sometimes, this pillar comes into conflict with other values held by the country, such as humanity and economic interest. This diplomatic conundrum is now being tested in the latest conflict in the Middle East—latest of which is the fate of the 17 Filipino seafarers “hostaged” by the Houthis, which apparently has control on the seat of power in Yemen. The OFWs are some of the 25 seafarers onboard M/V Galaxy Leader which was taken by force by armed masked men jumping from a helicopter in the Red Sea last November. Aside from Filipinos, other crew members of the cargo ship are Bulgarians, Ukrainians, Romanians and Mexicans. Initially, the Department of Migrant Workers led the Philippine government’s effort to release the Filipino staff, as prescribed by a new law that created the agency. This is not the first time our compatriots were taken by sea pirates, so DMW officials have the usual playbook on crisis management, in close coordination with the manning agency and foreign ship owners. As it turns out, however, there is nothing the ship owners can do, as the solution is political. The Houthis claim responsibility for the sea attack, saying that was part of their military operations in support of the Palestinian people suffering in Gaza. Weeks before the attacks, the rebels have sworn to avenge Palestinians in their current war with Israel, and warned that cargo ships owned or linked to the latter are “legitimate targets” when they pass by the Red Sea. They said they will only release the Filipinos if Israel stops the war in Gaza. So, it became apparent that the Department of Foreign Affairs stepped in. Some officials pinned their hopes that the temporary ceasefire called by Israel will pave the way for the release of hostages in Gaza, and would also mean freedom for the crew of the Galaxy Leader. But they were wrong. Instead, the Houthis stepped up their attacks against the ship’s personnel during the ceasefire. Thereafter, Israel resumed its ground operations in Gaza.

Executive decision

INTERESTINGLY, on November 30, President Ferdinand Marcos Jr. canceled his flight to Dubai to attend the 28th Conference of Parties to the United Nations Framework Convention on Climate Change or COP28. His reason: to personally attend to the hostage crisis in Yemen. His sudden decision surprised many, including Cabinet officials who were already at the airport to board the presidential plane. What was “mission critical” that day for the President to abandon his climate change agenda?

Were the Filipino crew members in danger of being killed or not released if the Chief Executive did not personally attend to their welfare? Some journalists I spoke with refused to believe that the Yemen hostage situation was the real reason for copping out of the COP28. Whatever it was, the climate agenda was downgraded to ministerial level. The position of the Philippine government was conveyed by Environment Secretary Maria Antonia “Toni” Loyzaga-Yulo. If that was the case, why bother to bring the President to the summit? Everyone knows the Philippines is one of the most vulnerable countries from climate change. It appears to me that the President chose to put aside an important meeting to address an existential crisis of mankind.

PHL ‘silent’

LAST December, the North Atlantic Treaty Organization composed of 44 countries condemned the Houthis’ strikes on commercial vessels transiting the Red Sea. “The growing list of attacks includes the Houthi-led seizure of the Galaxy Leader whose crew– hailing from the Philippines, Bulgaria, Ukraine, Mexico, and Romania–remain unjustly detained,” US State Department spokesperson Matthew Miller said. “We once again call for the crew’s immediate and unconditional release.” Two weeks later, another joint statement came from Australia, Bahrain, Belgium, Canada, Denmark, Germany, Italy, Japan, the Netherlands, New Zealand, South Korea, Singapore and the United Kingdom. They joined the call of the US for the “immediate end of these illegal attacks, and release of unlawfully detained vessels and crews.” “The Houthis will bear the responsibility of the consequences should they continue to threaten lives, the global economy, and free flow of commerce in the region’s critical waterways,” the statement of the 14 countries said. “We remain committed to the international rules-based order, and are determined to hold malign actors accountable for unlawful seizures and attacks.” The Philippines, the world’s biggest supplier of seafarers, was silent. Parroting its stance on the freedom of navigation in the West Philippine Sea/South China Sea, it remains silent on the freedom of navigation in the Red Sea that could increase the cost of global trade, and probably affect our own economy. Perhaps, one could say, it is understandable that Manila will not join the fray, given that the Houthis still hold 17 of our seafarers. But really, how long can countries, non-state actors and even terrorists silence us, use our OFWs as hostages and compromise our principles? We need to set our boundaries straight as a nation and define the values we hold dear—the ones that will identify us as a nation. Our OFWs are important, all right. So are the rest of the 112 million Filipinos.

Sports

Malixi sizzles then wavers in Melbourne

BusinessMirror

IANNE MALIXI flourished in an early backside start but faltered with shaky putting in the last 12 holes for up a 72 to fall by four shots behind a steady Nika Ito halfway through the Australian Master of the Amateurs Championship at the Southern Golf Club in Braeside City in Melbourne Wednesday. Birdies on Nos. 10 and 12 propelled Malixi to a share of lead but Ito broke a run of four pars with three straight birdies from No. 14 as the Japanese regained solo control and the Filipina ace reeled back with three-putt miscues and flubbed birdie putts at the par-73 course’s tricky surface, including a three-footer on the ninth. Counting her opening 70, Malixi pooled a 142, slipping to joint third with local ace Lion Higo, who carded a second straight 71, even as Ito held sway with a 70 for a 138 after the morning play. But India’s Avani Prashanth bounced back from a late first round foldup Tuesday with a five-under 68 as the reigning Queen Sirikit Cup individual champion moved to second with a 139, just a shot off Ito heading to the last 36 holes of the year’s first major event in the amateur ranks. The Top 45 and ties after three rounds will advance to the final 18 holes with the winner to receive invitation to the Webex Players Hunter Valley Championship, a fullsanctioned Challenger Professional Golfers Association Tour of Australasia and Women’s PGA Tour of Australasia event. The Webex event is set February 15 to 18 at Oaks Cypress Lakes Resort in New South Wales. Despite her up-and-down performance, marked by solid driving and superb approach shots, Malixi’s bid for a strong finish was hindered by inconsistent putting. She showcased moments of brilliance, including a four-footer for birdie on the 10th and a five-footer on

RIANNE MALIXI slips to a share of third place. No. 12, but struggled to sustain her momentum. After a couple of missed chances inside 8 feet, the International Container Terminal Services Inc.backed ace knocked down another birdie from 10 feet on No. 15, only to yield the stroke on the next with a three-putt miscue from 12 feet, failing to return a par-saving putt from five feet. After parring the next three holes, the Royal Northwoods mainstay failed to rescue a par from the bunker on No. 2, but scrambled for par on the next before muffing a four-foot birdie putt on No. 4. She parred the next three but missed another birdie chance from six feet on the eighth and rued a three-footer on the last that grazed the cup for a 37-35 card. Following a brief rest, the 2023 US Girls’ Junior runner-up focused on refining her wedges and putting skills in preparation for the remaining rounds. Meanwhile, Ito maintained her composure, responding to Malixi’s challenge with a three-birdie splurge from No. 14 then bounced back from a bogey on the 18th with a second straight birdie on No. 4 to save a pair of 35s and stay on top. But Prashanth also pressed her title drive, birdying the first three holes at the back for the second straight day then recovering strong from a miscue on No. 13 with a birdie on the 17th. She then came up with another three-birdie blast from No. 3 to turn in a 33-35 and seize solo second.

Tokyo Olympian Barbosa in Abra prepping for Paris Games qualifier

By Josef Ramos

OKYO Olympian Kurt Bryan Barbosa is training in his native Bangued in Abra hoping to be in tip top shape as he bids for a second consecutive Olympic qualification in Paris. “God willing before January 18, I will be in Manila to join the national team,” Barbosa told BusinessMirror through internet call on Wednesday. “In the meantime, I am here training in my home turf. I pray and hope to become an Olympian again.” The 24-year-old Barbosa, a three straight Southeast Asian Games champion in men’s -58 kgs, competed in Tokyo 2020 but couldn’t get past the round of 16 where he lost to a world champion from South Korea. Barbosa and the rest of the national team members have to be in the top six world rankings in their respective weight classes to qualify for Paris. Otherwise, they have to go through the Asian Olympic Qualification Tournament set March 15 and 16 in Tai’an, China, where only the finalists will make it to the July 26 to August 11 Olympics. “Thank God my condition, health and training are on track,” said Barbosa, whose training under personal coach Glenn Buenafe. Barbosa’s qualification for Tokyo was something he won’t forget— down 35-44 in the Amman qualifiers in May 2021, he unleashed a buzzerbeating 45-degree to Jordan’s Zaid Al-Hawani to snatch the ticket to Tokyo, where he was the country’s sole representative in taekwondo. “If that’s going to happen again, I’ll take it as long as I make it again to the Olympics,” Barbosa said. “But I will just have to train and fight smart if ever I’ll get another chance for the qualifiers.” Philippine Taekwondo Association coaches will decide who goes to China for the qualifier. Barbosa said he aspires to be on the plane to Tai’an. “I am around 40-plus in the men’s flyweight ranking, I’m far down,” he said. “So the China Olympic qualification is the only way.” The other potential Olympic hopeful for taekwondo is Cambodia Southeast Asian Games -68 kgs gold winner Arven Alcantara, who’s training in California, is also a potential entry in Tai’an.

KURT BARBOSA feels at home training in Bangued.

B8 | T

hursday, January 11, 2024 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

A partnership for a lifetime until it wasn’t K By Doug Ferguson The Associated Press

APALUA, Hawaii—The red shirt on Sunday came to identify Tiger Woods. So did the swoosh. Woods and Nike were partners from the time he stepped to a podium at the Greater Milwaukee Open in August 1996, a 20-year-old fresh off his unprecedented third straight US Amateur title. With a swoosh on his striped shirt, he gazed at the room and said, “I guess, hello world, huh?” It all sounded so innocent until Nike launched its “Hello, World” campaign a few days later. That wasn’t put together overnight, but so what? It worked. Just about everything did when it came to Woods and Nike. “Amazing run. Great partnership,” said Mark Steinberg, his agent at Excel Sports. There was some downtime during a commercial shoot in Florida in 1999 when Woods began bouncing a golf ball off his wedge and a producer decided to catch it on camera. The result was a 30-second spot of Woods bouncing the ball while switching hands, going through the legs, behind the back and then popping it up in the air and making solid contact with a baseball swing. Pure magic. One of the most famous shots in Masters history was his pitch up the slope on the 16th green, back down the slope toward the hole and then the ball comes to a stop—with the swoosh in full view—before dropping for birdie. That wasn›t scripted, of course. It just seemed that way. Woods had switched to the Nike golf ball in May 2000 and then won the next four majors, the only player in history to hold them all at the same time. He switched to Nike irons a week before the Ryder Cup in 2002. Asked about the timing of the change, Woods said: “Off the record? Because the majors are over.” Asked for a comment on the record, he thought for a minute, laughed and said, “Because the majors are over.” And now the partnership is over after 27 years. Woods has had three regular caddies and two agents during that time. He has had six corporate sponsors on his bag and four swing coaches. He has used three golf balls and four brands of irons. What never changed was his relationship with Nike. “I would have thought without a doubt he would have been a lifer,” Curtis Strange said. Strange has his own history with Nike Golf. He and Peter Jacobsen wore the swoosh when it was best known for sneakers, particularly the Air Jordan created for Michael Jordan, who remains the one athlete forever linked with Nike.

Strange had a swoosh with “Nike Golf” in block letters when he won back-to-back in the US Open, the first to do that since Ben Hogan. He even wore a red shirt on Sunday for the second title at Oak Hill in 1989. Not many remember that. Even fewer probably cared. “They were still so young,” Strange said. “Even when they pushed us a little bit in ads and posters, it was a small piece of the market.” And then it became much bigger when Nike co-founder Phil Knight signed Woods. “What Michael Jordan did for basketball, Tiger Woods absolutely can do for golf,” Knight told Golf World magazine about the original deal (5 years, $40 million) that seemed so enormous at the time and now looks to be what his father, Earl Woods, once called it—chump change. “The world has not seen anything like what he’s going to do for the sport,” Knight said. “It’s almost art. I wasn’t alive to see Claude Monet paint, but I am alive to see Tiger play, and that’s pretty great.” He was right about what Woods did for his sport. He created a popularity boom not seen since Arnold Palmer, and Woods was the catalyst behind network TV deals that made everyone richer than they imagined, at least in the nonSaudi division. But it never really translated into success for Nike Golf. It outsourced the golf ball. It once made a squareshaped driver (Woods never used it). And then it abandoned the equipment in 2016 and stuck with apparel. Brooks Koepka remains a Nike athletic and equipment holdout—he still uses a Nike 3-iron. Knight told Bloomberg in a 2017 interview about Nike’s decision to get out of the golf equipment business that it was a “fairly simple equation.” “We lost money for 20 years on equipment and balls and realized next year wasn’t going to be any different,” he said. Woods wasn’t giving Nike much visibility lately, either, mainly a product of knee surgeries, five back surgeries and most recently the February 2021 car crash outside Los Angeles that shattered bones in his right leg and led to ankle fusion surgery in April. And then he switched to FootJoy shoes when he did return following the car crash, saying he needed “something that allowed me to be more stable.” Nike responded by saying it would work with Woods to “meet his needs.” Woods was still wearing FootJoy a month ago. Woods, who turned 48 a few weeks ago, wants to play a tournament a month if his body allows. He gets more

Naomi Osaka gets ready to return to Grand Slam

MALLER things are getting Naomi Osaka’s attention now that she’s preparing for her Grand Slam comeback. She’s focusing on being more in the moment. More patient. More conscious of who may be watching her play her first major since 2022, and what kind of impression she’ll leave. The first 15-day Australian Open, set to start Sunday morning (Saturday night in the US ET), has been hyped as the tournament of comebacks. And Osaka has top billing among the three former No. 1-ranked, former Australian Open champions returning to Melbourne Park for their first time as moms.

The attention on that returning trio—Osaka, Angelique Kerber and Caroline Wozniacki—intensified after another prominent storyline fizzled out when Rafael Nadal’s attempted comeback from a year-long injury layoff lasted three matches. The 22-time major winner has a small tear in a muscle near his surgically repaired hip and and flew home, leaving Novak Djokovic as the only remaining member of the socalled Big Three. Osaka competed for the first time in more than a year last week; she became a mother in July when her daughter, Shai, was born. The four-time major winner went

1-1 in Brisbane and found herself engaging more with other players, and more eager to acknowledge fans. “A part of me felt like Shai was watching me,” she said. “I wanted to do my best for her. Also, when I was signing autographs, I was more aware of kids. I see them differently now because now I’m a mom, too, and I can picture Shai being that age. Yeah, I think while I’m playing, I’m aware of it in the sense that I want to be a good role model for my daughter.” The 26-year-old Osaka has a Japanese mother and a Haitian father. She was born in Japan and grew up in the US With endorsements and prize money, she’s one of the

TIGER WOODS reacts to winning the 2005 Masters in a playoff with Chris DiMarco on the 18th hole at Augusta. AP eyeballs than any golfer in history. But it’s still only six tournaments. Woods spoke of “another chapter” in his social media post announcing the end with Nike. Steinberg, the agent, hinted at “an exciting announcement” at Riviera in February. But it will be a different look. It›s hard to imagine Woods can create the moments he had with Nike over the years, mainly because Woods is more about medical science than painting like Claude Monet. Nike still has Scottie Scheffler and Rory McIlroy, and Nelly Korda from the Ladies Professional Golf Association Tour, in its stable. Cutting ties with Woods will lead to speculation its day in golf are numbered, though there has been no indication of that. As for Woods? He will show up in Los Angeles for the first time without a swoosh to be found. At least the Sunday shirt will be red. wealthiest athletes in women’s sports. In the past, she’s felt enormous pressure. Osaka was open about her issues with depression and anxiety when she withdrew from the French Open in 2021. She later took extended breaks from the game to protect her mental health. She didn’t play elite-level tennis at all last year, but realized she really did miss it. “Becoming a mom changed my mindset a lot,” she said. “I think I’m a lot more open-minded, a lot more patient. Also, I feel a lot stronger physically, but I think Shai definitely helped me with the way I view things.” Osaka won her second US Open title in 2020 and her second Australian Open title in 2021. Not long after, she said, “I closed myself off a lot.”

SBP all praises for former ED Sonny Barrios

HE Samahang Basketbol ng Pilipinas (SBP) sent its deepest appreciation to former Executive Director Renauld “Sonny” Barrios for all he has done for the federation in his almost 13 years of service. Ever since his appointment under then SBP President Manny V. Pangilinan and Vice President Ricky Vargas, Barrios worked tirelessly to propagate the sport. He hit the ground running as he was immediately put to work in the hosting of the 2013 FIBA Asia Championship. The event turned out to be a resounding success with the Philippines also ending its 40 year absence from the World Cup due to the silver medal finish of Gilas Pilipinas. The national team would participate in three straight World Cups and most recently won the Asian Games gold medal for the first time in 61 years. Besides the men’s basketball program, Barrios also oversaw the meteoric rise of Gilas Pilipinas women while also devoting the same amount of effort to the other pillars of the federation such as the training of coaches, referees and technical officials, the promotion of 3x3 and e-sports, and the investment in grassroots programs all over the country. Under Barrios’s stint, the SBP also successfully hosted the 2018 FIBA 3x3 World Cup along with multiple windows in the FIBA Asia Cup and World Cup Asian Qualifiers, including one in a bubble setup during the pandemic. His final act in the SBP will leave a lasting legacy in Philippine basketball history as the Event Director of the FIBA Basketball World Cup 2023. “ED Sonny is an institution in Philippine basketball and an integral part of what we’ve built in the SBP,” SBP President Al Panlilio said. “He was working in basketball in different capacities for more than three decades and that kind of experience was invaluable to helping the federation reach new heights.” “He is a calming presence during difficult times and a devout supporter of every single player who wore our country’s colors,” he said. “He is also a valued member of the international basketball community, well respected by his peers all over the world.” Panlilio added: “Although we will certainly miss his presence on a day-to-day capacity, we know he will always be there when we need his advice. The SBP wishes him the best of health. He’ll always be part of the SBP family.”

NAOMI OSAKA in focusing on being more patient and more conscious of who may be watching her play her first major since 2022. AP “I don’t think that was quite fair.... When people give me positivity and joy, I feel like it’s fair to return it.” In Brisbane, Osaka didn’t wear headphones around the tennis venue, a choice she described as “character development!” AP