BusinessMirror January 15, 2024.pdf

PHL slips in 2023 Govt AI Readiness Index

By Rizal Raoul S. Reyes @brownindio

T

HE Philippines’s dropped 11 places to rank 65th out of 193 countries in the 2023 edition of Government AI (artificial intelligence) Readiness Index prepared

by Oxford Insights.

Nevertheless, Xurpas CEO Joey Gurango told reporters in a recent press briefing there’s a small bright spot in the report as the country scored 51.98 out of the possible 100, significantly higher than the global average of 44.94. “The index provides valuable insights for effective and responsible AI integration into public services which includes 39 indicators across 10 dimensions,” said Gurango.

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These make up three pillars, namely, government, technology, data and infrastructure. Government posted a score of 65.43 while Technology, Data and infrastructure achieved 34.38 and 56.13, respectively.

Nonetheless, the Philippines has to mount an herculean effort to keep pace with its Asia Pacific neighbors.

In the 2023 Asia Pacific Readiness Index done by customer relationship management company Salesforce, the country ranked last in overall AI readiness among 12 countries assessed across the Asia-Pacific region.

It scored 35.7 out of 100.

The study looked at factors such as digital evolution, digital governance, the number of AI startups, and human capital to determine each

country’s overall score. Gurango said there is no doubt that AI can be a great tool in transforming business as it can solve problems and provide an edge against competition.

However, Gurango cautioned, it is easier said than done. “But there is a process to implementing AI, and that process has challenges; Philippine companies— both small and large— have a long way to go,” Gurango pointed out.

Durango said the Philippines must first pursue digitalization in all levels before fully deploying AI. “Spreadsheets have to go,” he said.

“You have to build the data bases as the first step,”he added.

It has been reported that businesses that have successfully leveraged AI

saw the biggest gains in productivity.

A report from the Nielsen Norman Group referred to a study conducted in 2023 which showed that AI can potentially improve employee performance by at least 66 percent.

“Artificial Intelligence [AI] is unlocking the potential of industries around the globe, and to stay competitive, Philippine businesses need to seriously consider how they can integrate AI into their operations as well as train their workforce to adapt these new innovations,” said Fernando Jude Garcia, Xurpas Chief Technology Officer and General Manager, of its new artificial intelligence and data science unit, Xurpas AI Lab (XAIL).

See “PHL,” A2

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Monday, January 15, 2024 Vol. 19 No. 92

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SIGNAL 6%-PLUS GROWTH T

By Cai U. Ordinario

@caiordinario

HE country’s recent employment gains may have allowed the Philippine economy to grow above 6 percent in the last quarter of 2023, according to a local economist.

On the sidelines of a recent economic briefing, University of Asia and the Pacific (UA&P) economist Victor A. Abola said growth may have reached 6.2 percent in the October to December 2023 period.

Abola said the employment rate of 95.8 percent in October 2023 and the 96.4 percent recorded in November 2023 are significant in boosting economic growth.

“We should not be surprised with [a growth of] 6 percent. We should not look down also on 6 percent because people are [complaining] ‘we’re only growing at 6 percent’; before [we would say] ‘baka maka6 percent pa tayo’ [we may even hit 6 percent],” Abola told reporters.

Abola also noted that in November 2023, the unemployment rate of 3.6 percent and 1.8 million jobless Filipinos are new record lows since 2005 when the government adopted the International Labor Organization (ILO) standard.

In April 2005, the new unemployment definition, based on ILO standards, was adopted per National Statistical Coordination Board (NSCB) Resolution Number

15 dated October 20, 2004. The NSCB is one of four agencies that now make up the Philippine Statistics Authority (PSA).

Based on this, the unemployed include all persons who are 15 years and over as of their last birthday and are reported as without work and currently available for work and seeking work or without work and currently available for work but not seeking work due to various reasons.

These reasons include tired/believed no work available; awaiting results of previous job application; temporary illness/disability; bad weather; and waiting for rehire/ job recall.

Abola also said this is consistent with the latest poverty data which showed the country’s poverty rate in 2020 was down to 16.4 percent compared to 80 percent in 2021.

“I’m expecting a rebound in consumer spending based on the type of spending that we will see until later,” Abola earlier said. It may be noted that consumption accounts for 70 percent of the country’s GDP. See “jobs,” A2

EXPLORING NATURE’S WONDERS A local tourist relishes the breathtaking view from the “Sapot Ni Ric” on top of the limestone park inside Masungi Georeserve in Baras, Rizal. This ecotourism area, nestled at the entrance of the Sierra Madre mountain ranges, is part of the delicate karst terrain system and is integral to the Upper Marikina River Basin protected area. BERNARD TESTA

NEW SBMA CHIEF TO BRING BIZ SAVVY TO SUBIC FREEPORT

By Henry Empeño

S

UBIC BAY FREEPORT—A new chairman and administrator has taken over the helm of the Subic Bay Metropolitan Authority (SBMA), and his management experience and business acumen is expected to spur further growth and drive operational efficiency in this free port, now the home of close to 1,500 foreign and local companies and business establishments.

He is Eduardo Jose L. Aliño, a self-made industrialist who was sworn into office by President Ferdinand Marcos Jr. on Friday to replace former Pandan, Antique mayor Jonathan D. Tan as SBMA chief.

He was chairman and president of the S.T.A.R. Group of Companies, a major player in integrated supply chain services and port operations, before he was tapped for the Subic job.

T h i s s ho u l d b o d e w e l l for the Subic Freeport Zone, a formerUnited States Navy base whose core business asset is its seaport, according to Subic Bay Freeport Chamber of Commerce President Benjamin Antonio III. He said Aliño’s vast experience in providing strategic leadership and direction to various enterprises and bringing about successful collaborations with industry partners and stakeholders is a big plus in his new role.

See “SBMA chief,” A2

Inflation ‘topmost’ problem?

Not surprising–think tank

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NEW SBMA Chairman and Administrator, businessman Eduardo Aliño, takes his oath before President Ferdinand Marcos Jr. on Friday (January 12, 2024). With him are his wife Ma. Stella and children Paolo Eduardo, Angelo Eduardo, Franco Eduardo and Carlo Eduardo Aliño. CONTRIBUTED PHOTO

ITH price levels still prohibitive for the poorest Filipinos, Global Source Partners said it is not surprising that inflation remains the “topmost problem” in the Philippines.

In a brief, Global Source Partners country analyst and former Bangko Sentral ng Pilipinas deputy governor Diwa Guinigundo said this in light of the results of the recent Pulse Asia Survey.

The results showed controlling inflation was the most urgent national concern, followed by increasing the pay of workers, creating more jobs, reducing poverty, and fighting graft and corruption in government.

“Most important, the respondents could still be focusing on

absolute price levels. While inflation is showing some easing, price levels continue to be prohibitive especially for the lowest 30 percent of all income households,” Guinigundo said.

The inflation experienced by the Bottom 30 percent of Income Households remains higher than All Income Households at 5 percent in December 2023 and 6.7 percent in the full year of 2023, the highest since 2008 when inflation was at 13.6 percent.

Data from the Philippine Statistics Authority (PSA) showed inflation for All Income Households was at 3.9 percent in December 2023 and 6 percent in the full year of 2023.t Continued on A4

PESO EXCHANGE RATES n US 56.1160 n JAPAN 0.3862 n UK 71.6209 n HK 7.1782 n CHINA 7.8298 n SINGAPORE 42.1703 n AUSTRALIA 37.5248 n EU 61.5817 n KOREA 0.0427 n SAUDI ARABIA 14.9639 Source: BSP (January 12, 2024)

News

BusinessMirror

A2 Monday, January 15, 2024

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As West cheers Taiwan, PHL SBMA chief... restates its One-China policy

Continued from A1

By Malou Talosig-Bartolome

M

@maloutalosig

ANILA chose to remain neutral over the elections in Taiwan, where the pro-independence party won the presidential and legislative elections.

This as Washington, London, Tokyo and the European Union have issued congratulatory messages to Lai Ching-te of the pro-independence Democratic Progressive Party (DPP), drawing the ire of Beijing.

Manila’s Department of Foreign Affairs, however, restated its commitment to its One-China Policy in favor of Beijing.

“The Department of Foreign Affairs reaffirms the principles contained in the Joint Communique of the Government of the Republic of the Philippines and the Government of the People’s Republic of China signed by President Ferdinand E. Marcos and Premier Zhou Enlai on 9 June 1975.

“The Philippines is committed to its One-China Policy.

“The Joint Communique states that ‘the two Governments agree to settle all disputes by peaceful means…without resorting to the use or threat of force,’” the DFA said in a statement.

The Manila Economic and Cultural

Office (Meco) was also silent on the victory of Lai.

US, UK, Japan, EU congratulate Lai

US State Secretary Antony Blinken, British Foreign Secretary David Cameron, Japanese Foreign Minister Yoko Kamikawa and the European Commission’s foreign relations arm sent congratulatory messages on Taiwan’s elections.

“The United States congratulates Dr. Lai Ching-te on his victory in Taiwan’s presidential election. We also congratulate the Taiwan people for once again demonstrating the strength of their robust democratic system and electoral process,” Blinken said in a statement.

He said the US is “looking forward” to work with Lai and all the recently elected Taiwanese leaders “to advance our shared interests and values, and to further our longstanding unofficial relationship, consistent with the US One China policy as guided by the Taiwan Relations

Act, the three Joint Communiques, and the Six Assurances.”

“We are confident that Taiwan will continue to serve as an example for all who strive for freedom, democracy, and prosperity,” he added.

He reiterated Washington’s commitment to “maintaining crossStrait peace and stability, and the peaceful resolution of differences, free from coercion and pressure.”

In London, UK Secretary Cameron said the recent elections are “testament” to Taiwan’s “vibrant democracy.”

“I offer warm congratulations to the people of Taiwan on the smooth conduct of those elections and to Dr. Lai Ching-te and his party on his election. I hope that the two sides of the Taiwan Strait will renew efforts to resolve differences peacefully through constructive dialogue, without the threat or use of force or coercion,” said Cameron in a statement.

Japanese Minister Kamikawa expressed hope that the Taiwan Strait dispute will be resolved “peacefully through dialogue.”

She said Taiwan is “an extremely crucial partner and an important friend” of Japan.

“The Government of Japan congratulates the smooth implementation of the democratic election and Mr. Lai on his victory,” Kamikawa said in a statement.

She acknowledged that both Japan and Taiwan “share fundamen-

tal values and enjoy close economic relations and people-to-people exchanges.”

“The Government of Japan will work toward further deepening cooperation and exchanges between Japan and Taiwan, based on its position to maintain working relationship on the non-governmental basis,” she said.

In Brussels, the European Union welcomed the election in Taiwan and directed its congratulatory messages to the voters who participated in the democratic exercise.

EU stressed that the governance of its member states and Taiwan are founded on common values of democracy, rule of law and human rights.

“The European Union underlines that peace and stability across the Taiwan Strait are key to regional and global security and prosperity.

The EU remains concerned about growing tensions in the Taiwan Strait and opposes any unilateral attempt to change the status quo,” Peter Stano, lead spokesperson of EU’s Foreign Affairs and Security Policy said in a statement.

Meanwhile, Paraguay and Lithuania—both have diplomatic relations with Taiwan—have also issued congratulatory messages to Lai. “I greet the Taiwanese people on election day and congratulate on behalf of Paraguay @ChingteLai, elected president of the Republic of China Taiwan. We will work together to strengthen our nations,” Paraguay President Santiago Pena tweeted.

China reaction

CHINA’S foreign ministry warned countries who supported the newly elected leaders of Taiwan.

The ministry specifically berated the US Statement Department statement, saying that it “violates the one-China principle and three China-US joint communiques.”

The US also “sends a gravely wrong signal to the ‘Taiwan independence’ separatist forces.”

“We strongly deplore and firmly oppose this, and have made serious representations to the US side,” the Chinese foreign ministry said in a statement.

Beijing stressed that the Taiwan problem is “at the very core of China’s core interests.” This is the “first red line that must not be crossed in China-US relations.”

“China firmly opposes the US having any form of official interaction with Taiwan and interfering in Taiwan affairs in any way or under any pretext,” the Chinese foreign ministry said.

Beijing urged the US to “earnestly abide” by the one-China principle, “stop interactions of official nature with Taiwan,” as well as “strop sending any wrong signal to the separatist forces of ‘Taiwan independence.’”

Jobs...

Continued from A1

Last week, HSBC economist for Asean Aris Dacanay said there are now 3 million more Filipinos working in households. This represents 10 percent of those who are 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 country, he said, has a young population with an average age of 25 years old and they are helping boost economic growth.

He 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.

Likewise, his successful collaborations with industry partners and stakeholders is also seen to be a plus factor for his new role as head of the Subic agency, just as business locators here pressed for the SBMA to “focus more on streamlining its operations [and] promoting growth, increased economic activity, and trade.”

There are nearly 1,500 foreign and local companies and business establishments doing business in the free port, and SBFCC has members from some two dozen countries around the world.

The 72-year-old Aliño graduated from De La Salle University with a BS mechanical engineering degree and started his career as a sales engineer for Far East Wires and Cables Corp. in 1972, he soon rose to a senior position in the Filinvest Manufacturing Group before joining the Bulk Indenting Services Corp. in 1983 as director for vessel operation.

From there he transitioned to senior positions in various firms involved in trading, cargo handling, and manufacturing—at one time serving as president of Wise and Company, the oldest company in the Philippines.

Aliño’s biggest career move came in 1987 when he, together with San Beda and De La Salle classmate Jose Eduardo “Chito” J. Alarilla, set up Mega Equipment International Corp. (MEIC) for ship brokerage and integrated cargo handling services at the Port of Manila. The firm flourished with major clients like Bounty Fresh Food Inc., Unahco Inc., Pilmico, Bunge Agribusiness Phils. Inc., ADM Philippines, Inc., San Miguel Corp., General Milling

Corp., Universal Robina, Republic Flour Mills Inc., Cargill Philippines, and Vitarich.

MEIC’s success paved the way for more successful ventures: Asia Lighterage Corp. (later Ocean Bees, Inc.), which owned and operated barges for transporting grains; Subic Bay Freeport Grain Terminal Services Inc. in 2000; Mega Subic Terminal Services Inc. in 2002; Batangueño Star Port Services Inc. in 2018; and Oro Star Terminal Services Corporation in 2020.

Among these undertakings, Aliño considers Subic Bay Freeport Grain Terminal Services Inc. (Subic Grain) as his flagship project, as it is one of the biggest and most efficient in the country.

The firm, which developed and operates Leyte Wharf terminal here, services nearly half of all importation of the country’s feed requirements through its all-weather grain-handling conveyor system and storage facility with a total capacity of over 250,000 metric tons, thus helping ignite Subic’s rise as one of the country’s best port areas.

Aside from his achievements in port operations, Aliño was variously involved as director and/or partner in other business venture in supply chain, power and energy, construction, industrial trading, entertainment and tourism, and served as chairman of the Subic Bay Yacht Club in 2015 to 2018 and in 2023.

Aliño also remains active in civic and non-government organizations like the Marinducare Foundation, a group providing livelihood and civic assistance to poor communities in Marinduque, the hometown of his parents.

PHL...

Continued from A1

Launched late last year, XAIL provides data science and consulting services, along with a range of AI solutions, to help businesses leverage the power of data with AI to solve real-world business problems and unlock opportunities to gain lasting strategic advantage.

As the country has yet to catch up with its neighbors in terms of readiness for AI, Garcia said XAIL sees immense potential for the

Philippines not just in terms of being on a par with the rest of the region but also, in taking the lead in a few years’ time. “All it takes is the proper foundational support to ensure the AI adoption is done right. We at XAIL are more than ready to provide exactly that,” continued Garcia. “We won’t stop at just one industry. We want to empower all sectors to lean into AI,” he added.

Ramp up...

Continued from A10

According to data released by the Philippine Statistics Authority (PSA) in November, the arts, entertainment, and recreation sector contributed P52.8 billion in Gross Value-Added (GVA) to the Philippine economy in the third quarter of 2023, recording a year-on-year growth rate of 15.5 percent.

Citing data from PSA, Rafaelita M. Aldaba, Undersecretary for DTI’s Competitiveness and Innovation Group, earlier told reporters that the creative economy in 2022 amounted to P1.6 trillion, contrib-

uting 7.3 percent to the economy.

According to the PSA, this represents an increase of 12.1 percent from the P1.43 trillion recorded value in 2021.

In 2022, Trade and Industry Secretary Alfredo E. Pascual said the Philippines is targeting to become the top creative economy in Asean by 2030. (Full story here: https://businessmirror.com.ph/2022/07/29/dtichief-phl-aims-to-become-topcreative-economy-in-asean-by2030/#google_vignette)

Tripadvisor...

Continued from A10

Ensuring the sustainability of Palawan’s tourism development and promoting an enhanced tourism experience for travelers is of utmost importance, which is why the national government is engaging in collaboration and partnership with the local government units of Palawan,” said Frasco, citing sustainable practices, conservation efforts and community engagement initiatives as integral components of ensuring that Palawan’s natural beauty is preserved for many generations.

Tripadvisor also named the Top Destinations in the World, with Dubai cementing the top place for the third successive year. The others were: Bali, London, Hanoi, Rome, Paris, Cancun, Marrakech, Crete, and Hoi An in Vietnam.

Sarah Firshein, Head of Edi-

torial at Tripadvisor, said: “Winners like Dubai, Tokyo, Paris, and Marrakech indicate that our community has an unbridled appetite for destinations with vibrant artsand-culture scenes, top-notch restaurants, and seemingly limitless attractions and experiences. It’s also great to see a rebound on long-haul trips to Asia, with the region having fully opened up post-pandemic; as Tripadvisor’s Trending Destinations list shows, travelers are keen to get out there and explore with gusto.”

Other categories in the Best of the Best Destinations include Culture Destinations (topped by Cuba), Food Destinations (Hanoi), Nature Destinations (Kathmandu), Honeymoon Destinations (Bali), and Sustainable Destinations (Copenhagen).

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

OFW Lounge at NAIA T1 opens, free to access

By Jovee Marie N. Dela Cruz @joveemarie

O

VERSEAS Filipino workers (OFWs) can now access the 24/7 OFW Lounge at Terminal 1 of the Ninoy Aquino International Airport (NAIA) at no cost, Speaker Ferdinand Martin G. Romualdez said on Sunday.

Romualdez emphasized the significance of providing OFWs with a dedicated space, akin to premium lounges for privileged travelers.

“Now, our OFWs have a place to call their own in our airports, similar to premium lounges being enjoyed by privileged travelers,” Romualdez said. “This dedicated space for departing OFWs is now open for their use.”

The initiative is the first of several OFW VIP Lounges planned for international airports in Metro Manila, Clark, Cebu and Davao.

“We aim to reciprocate the dedication of our OFWs to our country: they are our modern-day heroes,” Romualdez said.

Along with OWWA Administrator Arnaldo A. Ignacio and OWWA Deputy Administrator Mary Melanie H. Quiño, the Speaker inspected the OFW Lounge at Terminal 1. A similar space is under way at Terminal 3.

The opening of an OFW lounge at NAIA Terminal 1 has also been advocated

by Zamboanga Sibugay 1st District Rep. Wilter Y. Palma, who has introduced a bill to this effect.

The Speaker said the use by OFWs

of their VIP lounge is free of charge, regardless of what type of air tickets they are holding.

The lounge is patterned after similar spaces run by airlines but only for their business-class and first-class passengers, who are paying twice, three times, or more than economy-class riders, Romualdez added.

He pointed out that OFWs would enjoy the amenities of an airline lounge like an assistance desk, comfortable seating, wi-fi, charging stations, and power outlets; food, including lugaw or porridge; sandwiches; drinks like water, coffee, and juice; biscuits, pastries, eggs, and the like.

“We want to show our deep gratitude and appreciation for our overseas workers for continuing to help our country grow its economy and help their families through their remittances. Making their departure as comfortable as it can be and easing their loneliness is the least we can do for them. We want them to take care of themselves for our country and their families,” Romualdez said.

He added that the OFW Lounge is a joint project of the House of Representatives, OWWA, Department of Migrant Workers and the Manila International Airport Authority.

Romualdez said the space would also include a help desk where workers could seek assistance and answers to their questions or discuss their concerns.

“We also intend the lounge to be a place where our departing kababayan could build or foster camaraderie and share experiences and maybe job prospects,” he said.

BARMM accepts apology, wishes Sinulog fest well

D

AVAO CITY—The Bangsamoro government accepted the public apology of the Cebu Technological University (CTU) after its presentation of a Moro dance for the Sinulog festival last week drew stinging public criticism even from Filipino Muslims.

In a statement it issued on January 13, the Bangsamoro government also acknowledged the good interest of the school by embracing, “and, to an extent, mainstreaming our cultural practices.”

“We also believe that such expressions should come with genuine sensitivity and deep understanding of the unique and vibrant Bangsamoro cultural context,” read the statement signed by BARMM Chief Minister Ahod B. Ebrahim.

“We also appreciate Cebu Technological University’s gesture of issuing a public apology regarding this incident. We are hopeful that the same sad incident would not be repeated in the future.”

Ebrahim said that “obviously, the Sinulog Festival is a deeply religious event of our Christian brothers and sisters which we respect. However, the inclusion of Bangsamoro and Muslim cultural arts and symbols in that festival is indeed misplaced.”

He added that the Bangsamoro government “decries as grossly inappropriate and culturally insensitive the ‘Singkil’ performance of the CTU during the opening salvo of the annual Sinulog Festival in Cebu.”

Open dialogue WHILE Ebrahim said that Muslims acknowledged the enthusiasm and interest shown by the school, “in instances where there is concern about cultural appropriation, it is our belief that open dialogue and mutual respect are essential.”

“We encourage engagement between the relevant stakeholders, including festival organizers, local authorities, and representatives from our communities to foster a better understanding of our cultural heritage and practices, and their meanings and contexts,” he added.

Sinulog festival organizers wanted to depict the different regions of the country in the opening program of the festival, and assigned each region to the contingents from the participating universities and colleges. The BARMM

was assigned to the CTU, which presented the Singkil dance.

The statement did not say if the Singkil is a religious dance but it is associated with the traditional and royal dance of the Maranao tribe around Lake Lanao.

Notwithstanding the controversy, the CTU immediately issued a public statement a day after the dance presentation last Friday. The school expressed its “deepest and most sincere apologies for any offense or disrespect caused by our Sinulog dance presentation during the Sinulog Festival Launching organized by the Sinulog Foundation Inc.” “We understand and deeply regret that elements of our performance may have been perceived as insensitive or disrespectful towards your culture and religion. We assure you that there was absolutely no intention to cause harm or offense, and we are truly sorry if any aspect of our presentation came across as such,” the school’s statement read.

Valued, respected THE CTU added it valued and respected the rich cultural and religious diversity of the Cebu community, including the significant contribution of the Muslim community to Cebu’s vibrant tapestry.

“We are committed to learning from this experience and taking steps to ensure that such incidents do not occur again. We will be conducting a thorough internal review of our performance practices to identify areas where we can improve our understanding and respect for diverse cultural and religious backgrounds,” added the institution.

The CTU said that it “understands that apologies alone cannot fully repair the hurt caused. However, we hope that our sincere remorse, commitment to learning, and proposed actions demonstrate our genuine desire to build bridges and foster understanding between our communities.”

“Please be assured that we have learned a significant lesson from this incident and will work diligently to ensure that such mistakes are never repeated. We value the diversity that defines our community and will strive to create an environment where all individuals are treated with the utmost respect and dignity,” the CTU added.

Manuel T. Cayon

Monday, January 15, 2024

A3

Firms keen to hire displaced OFWs in NZ amid solon’s plea

By Butch Fernandez @butchfBM

& Samuel P. Medenilla @sam_medenilla

T

HE Department of Migrant Workers (DMW) revealed recently that at least eight companies expressed “strong interest” in hiring over 450 overseas Filipino workers (OFW) displaced with shut down of a New Zealand firm.

The 452 OFWs were former employees of ELE Holdings Ltd., an Auck land-based labor-hire fir m, which was put under receivership in December 2023.

Officer-in-Charge Hans Leo J. Cacdac also assured the DMW will provide the affected workers assistance, including financial aid and employment opportunities.

“From the minute we got word of the closure, our DMW-MWO in Wellington and the Welfare Office of OWWA immediately went into action and joined forces with our Philippine Embassy to respond to the needs of the workers,” Cacdac said.

Of the displaced workers, 130 received financial assistance from the DMW, while 50 got theirs from the Philippine embassy since they are New Zealand residents or dual citizens.

Also given help in settling their obligations in New Zealand were the 14 former ELE employees, who were on vacation in the Philippines.

The Migrant Workers Office in Wellington also coordinated with the Good Heart Foundation Charitable Trust, a Filipino nongovernmental organization, and the Filipino association in New Zealand to organize a job fair for the affected OFWs. “Rest assured that we will continue to help OFWs affected by the closure and we will exert our best efforts in helping them find other employment opportunities, as well as provide all the necessary reintegration support they need,” Cacdac said.

Pr ior to its ba n k r uptc y, ELE Holdings had employed 800 to 900 workers.

Solon’s plea OVER the weekend , Senate Majority Leader Joel Villanueva said that over 700 OFWs who suddenly found themselves jobless in New Zealand before Christmas must get full and quick support from the Philippine government to ensure they get their back pay and benefits on time.

Villanueva exhorted the DMW and t he Depar tment of Foreig n A ffairs (DFA) to ensure that the

d ispl aced workers do not sha re the fate of thousands of Filipinos displaced in the K ingdom of Saudi A rabia (K SA) severa l years ago, whose terminal benefits and unpaid wages became subject of protracted negotiations that involved Manila and R iyadh.

“Having no job in a foreign country is a nightmare for our kababayan OFWs. For them, it’s no work, no pay.

And without pay, how will they survive?” said Villanueva, author of the bill that became the DMW law (Republic Act 11641).

The lawmaker cited with dismay how 10,000 OFWs in the KSA who lost their jobs in 2015 have yet to receive back wages and benefits to this day.

Soonest time SOME 700 workers are involved in the latest layoff in NZ, who found themselves suddenly jobless when ELE Holdings shut down unannounced four days before Christmas.

While the firm promised to pay the OFWs, it did not give a definite date when it would do so.

“We ask the DMW and the DFA to immediately make representations w ith the New Zealand government and the private company so that obligations to our OFWs w ill be

fulfilled in the soonest time possible,” Villanueva said.

The lawmaker also raised concern that while the visas of the OFWs are valid for three years, they are not allowed to switch jobs.

Since the last week of December, the OFWs have been living on their own, and with the help of fellow Filipinos.

“We know this is not sustainable.

One of these days they will run out of food and other supplies. Worse, they have families in the Philippines who are worried and yet, in need of support as well,” Villanueva said.

Papua New Guinea MEANWHILE, Villanueva also urged the DFA and DMW to be proactive in monitoring the situation of OFWs in Port Moresby, Papua New Guinea, following violent attacks there early this week.

“Our office has received reports of the situation of our kababayan in Papua New Guinea who are seeking assistance from the government because of these violent attacks,” the Majority Leader said.

“Our OFWs are obviously the victims here. Swift government action w ill help allev iate their plight,” Villanueva added.

Bong Go advocates for support to IP communities

S

ENATOR Christopher “Bong” Go lauded the successful augmentation of the national budget for the Mindanao Development Authority (MinDA), highlighting the allocation of P10 million to the Strengthening Indigenous People in Mindanao (STIP-Mindanao) Program which he pushed for as vice chairperson of the Senate Committee on Finance.

Go, an ex- officio member of the MinDA Board of Directors, highlighted that this funding boost is a move towards empowering the indigenous communities in Mindanao, focusing on preserving their rich cultural heritage and enhancing their living standards.

“This allocation is not merely a financial boost; it is a testament to our commitment to empower the indigenous communities of

Mindanao. The indigenous peoples are the bearers of our rich cultural heritage, and we must ensure their growth, development, and integration into the fabric of our national progress,” stressed Go. The STIP-Mindanao Program, with this newly allocated budget, aims to provide these communities with the necessary resources and support. The STIP-Mindanao Program is an initiative of MinDa that aims to provide essential resources and support to the indigenous peoples of Mindanao.

The program seeks to address various socioeconomic challenges faced by these communities by ensuring access to education, healthcare, and sustainable livelihood opportunities. Furthermore, the program is designed to be culturally sensitive, respecting and preserving the unique traditions

and practices of each community.

“Our goal is not just to assist, but to empower. We strive to create opportunities for the indigenous peoples to flourish and contribute meaningfully to our society.

This program is a step forward in fostering social inclusivity and ensuring that no one is left behind in our journey towards development,” Go encouraged.

“I am proud to be part of this initiative, and I am confident that with our collective efforts, we can make a significant difference in the lives of our indigenous brothers and sisters. The augmentation of MinDA’s budget is a clear signal of our unwavering support and commitment to the people of Mindanao,” he continued.

Senator Go likewise emphasized his dedication to advocating for and safeguard-

ing the rights of indigenous peoples. He pointed out that in 2021, under former president Rodrigo Duterte’s leadership, Executive Order 139 was issued, providing death and burial benefits to Barangay Indigenous Peoples Mandatory Representatives.

According to Go, this move marked a significant step in acknowledging their vital role in community governance and involvement in decision-making processes.

Additionally, the Senator cited the time when Duterte served as vice mayor of Davao City in 2012. During this period, the local government enacted the AntiDiscrimination Code.

This code was designed to protect the rights of all citizens, including those of indigenous peoples, ensuring they are treated with the utmost dignity and respect.

Davao City helps 200 OFWs, family members left behind

By Manuel T. Cayon @awimailbox

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AVAO CITY—More than 200 distressed overseas Filipino workers (OFW) and family members left behind here last year were provided with assistance by the city social welfare office, the city information office reported Friday.

The Families’ Welfare and Crisis Center of the City Social Welfare Development Office (CSWDO) said it assisted a total of 222 client-OFWs and family members left behind in 2023.

Of this number, 19 OFWs and 19 families left behind were able to avail of financial assistance reaching P170,000. The CSWDO said the money was taken from its crisis intervention fund.

“In 2023, from January-December, we

have served 222 individual clients. Out of the 222,108 individuals are members of families left behind, while 144 were distressed OFWs,” said Rosevic Joey Jayme, CSWDO social welfare assistant.

“Most of their concerns that made them eligible for the AICS or financial assistance is that they are sick or are in short in finances, although we have referred them to Lingap, to DSWD [Department of Social Welfare and Development], to PCSO [Philippine Charity Sweepstakes Office], to OWWA [(Overseas Workers Welfare Administration], and DMW [Department of Migrant Workers], they are still short in their finances to provide for their needs, especially for cancer patients,”she said.

Jayme said her office helped repatriated OFW families, “and there were also members of the family who asked assistance as the remittance from their OFW family member

was not enough.”

Jayme said though, that her office’s assistance was limited and had to refer its clients to OWWA if they were members of the OWWA, or to the DSWD or the DMW. The CSWDO also said it extended livelihood assistance worth P10,000 to two families left behind and three distressed OFWs. She said that the distressed OFWs were those who had been repatriated because of a distressful situation or those who were not paid well by their employers.

“Since they were repatriated with no savings, and no expected money to be received, they expressed that they need capital assistance to start or continue their small businesses,” she added.

For the livelihood assistance, Jayme said rollback payments would be collected every month with social workers monitoring their

PHL hastening construction in Kalayaan, solon says

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N response to China’s extensive artificial island development in the Spratly Archipelago, a vice chairman of the House Committee on Appropriations said the Philippines is expediting the establishment of transportation infrastructure in the Kalayaan Island Group.

In a statement issued last Sunday, Makati City Rep. Luis N. Campos Jr. revealed that the 2024 General Appropriations Law includes a provision of P800 million for the construction of a new shelter port on Lawak Island by the Department of Transportation.

Campos said the allocation is specified in the 2024 Maritime Transportation Infrastructure program. The sum for the Lawak shelter port is itemized in the program, he added.

A shelter port is a facility where boats, including those for fishing, can seek refuge via anchorages with access channels, breakwaters and jetties, among other structures.

Lawak is the second-largest landmass in the Philippine-administered Kalayaan Island Group, which is located in the northeastern section of the Spratly Archipelago.

Campos clarified that the P800 million designated for the shelter port is separate from the P1.5 billion allocated for the expansion of the airport on Pag-Asa Island.

The shelter port and the airport expansion projects give substance to the pledge

by House Speaker Martin G. Romualdez to develop the Kalayaan Island Group in a bid to encourage civilian settlements there, the lawmaker added.

With a land area of 7.93 hectares, Lawak is located 157 kilometers east of Pag-Asa, which has a land area of 37.2 hectares. In

businesses every month and if they were paying regularly for the rollback payment.

“If the payments were collected on time due to the thriving livelihood project and they can pay the P10,000, they will be allowed to receive again another P10,000 assistance.”

She said feasible business ventures proposed by clients are referred to the Department of Trade and Industry (DTI) and the latter may check if they are eligible for the agency’s programs.

Jayme said the Families’ Welfare and Crisis Center also offers financial literacy seminars, livelihood workshops, business and economic workshops, personal development workshops, basic health care services, referrals to other government agencies, psychosocial counseling and therapy services, referrals to the City Legal Office about legal concerns, and advocacy initiatives. addition to Pag-asa and Lawak, the Kalayaan Island Group includes the islands of Likas, Parola, Kota, Patag and Panata, as well as the Balagtas Reef, Ayungin Shoal and Rizal Shoal.

The Municipality of Kalayaan was created over the Kalayaan Island Group under the Province of Palawan by virtue of Presidential Decree 1596 issued by President Ferdinand E. Marcos on June 11, 1978.

A sixth-class municipality, Kalayaan is the least populated town in the Philippines, with only 193 residents who all live on Pag-asa, according to the 2020 census. The Kalayaan municipal government is based in Pag-Asa. Jovee Marie N. Dela Cruz

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News

Monday, January 15, 2024

Solons to work with new DOF chief on tax policies

By Jovee Marie N. Dela Cruz @joveemarie

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HE House Committee on Ways and Means vowed to work closely with Finance Secretary Ralph G. Recto for the passage of the “most urgent” tax policies.

Committee Chairman Rep. Joey Sarte Salceda outlined three pressing tax policy objectives that he hopes Recto will prioritize with the help of two chambers of Congress.

Salceda said that first on the agenda is addressing the country’s position as one of the first to propose a value-added tax (VAT) on digital services but among the last to enact such a policy among the Asean-6, an economic partnership of the members of the Association of Southeast Asian Nations (Asean) plus Australia, China, India, Japan,

New Zealand and South Korea.

“We are in the awkward position of being among the first to propose a digital-services VAT and the last in the Asean-6 to actually pass such a tax,” he said. “We need to address this.”

Salceda added the second objective involves tackling the challenges posed by the booming electronic commerce sector, including reconsidering the de minimis threshold for imports, ensuring tax compliance of sellers on e-commerce platforms and devising mechanisms for cashon-delivery transactions.

The lawmaker also underscored the potential decline in tobacco excise tax collections due to vaping.

Tobacco excise ta x collections could collapse by as much as another P45 billion this year due to substitution effects towards vaping, according to Salceda.

“We need to figure out how to replace this declining revenue stream.”

T he economist-law maker said Recto and his team will need to devise strategies to offset this loss and maintain a stable revenue stream.

According to Salceda, Recto has called him “a few times since being appointed.”

“I w ill work ver y closely w ith him, as I always do w ith whoever the Secretar y of Finance is.”

‘Unique strengths’ S A L C EDA a l so emph a si z ed t he “unique strengths that Recto brings to the table.”

The lawmaker said the 33rd DOF chief holds the distinction of being the legislator w ith the most extensive experience in Congress specifically focused on legislating ta x laws.

Exporters, manufacturers eye $3.82M in trade show

By Andrea San Juan @andreasanjuan

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BOUT 40 Philippine exporters and manufacturers of furniture and ceramics, among others, are aiming to generate $3.82 million in sales at an upcoming trade show in Germany, according to the Center for International Trade Expositions and Missions (Citem).

DESIGNPhilippines, Citem’s branding initiative that “positions” the Philippines as a sourcing destination for “finely crafted products” in the international stage, will participate in European trade show Ambiente that will be held in Messe Frankfurt, Germany from January 26 to January 30.

In the 2023 edition of Ambiente, Citem said the DESIGNPhilippines generated $2.73 million in sales with 30 participating companies. For 2024, Citem said it is bringing 40 Filipino brands and manufacturers,

“collectively” during the 5-day trade fair.

The sales target for 2024 is 39.93-percent higher than the $2.73 million actual sales generated by DESIGNPhilippines in 2023.

In a statement on Friday, the Trade department’s export promotions arm said that this year, Ambiente presents “contemporary perspectives on modern lifestyle—taking on circular design, careful use of resources, rediscoveries from the archives, and new innovations as key inspirations.”

The Citem said it has been preparing the 40 brands and manufacturers through training, assistance in exporting requirements, and collaboration with consultants for product development.

“The Philippine delegation is set to conquer the European market by offering a diverse product selection. With a strong focus on sustainability, many of the products are made of ceramics, clay, weaved fiber, resin, and wood,” the Citem said.

Citem Executive Director Edward L. Fereira said the delegation is expanding its offerings with more exhibitors and two partner provinces for this edition after Citem’s participation overseas in previous years.

Fereira also noted that DESIGNPhilippines “has seen a continuous growth in the export sales, inquiries, and number of buyers from the region.”

In a bid to highlight crafts from different provinces in the country, Citem said DESIGNPhilippines “spotlights” Antique and Quirino provinces for the Germany-based sourcing show.

The Citem said both provinces are known for making use of their “abundant” natural materials in creating functional home and lifestyle pieces.

“Antique Province will bring 10 local manufacturers of textiles, looms, and home decor to participate in the trade fair,” Citem said, adding that the province worked with

Inflation ‘topmost’ problem? Not surprising–think tank Continued from A1

Guinigundo said inflation remained high because of high rice prices which, PSA data showed, increased 19.6 percent in December 2023.

“With rice being the staple food of most Filipinos, movements in its price significantly affect consumers’ views of the government’s ability to control inflation.

The same dynamics could have been driven by selected basic items like onions and

garlic, and key fuel prices,” Guinigundo said.

“Inflation, no matter how much it establishes a downtrend, could have limited influence on their behavior. They could be more attentive to just a few items. This is very true for Filipinos who are attentive to price movements of basic commodities including rice, meat, fuel and utilities,” he also said.

Earlier, in the Consumer Price Index for all income households, rice prices had a weight of 8.9 percent, while for the Bottom 30 percent of income households, it was

higher at 17.9 percent.

The PSA said the average price of regular milled rice reached P46.50 per kilo, while well-milled rice averaged P51.99 per kilo.

Special rice averaged P63.08 per kilo during the period.

Given the recent increase in rice prices, the PSA said it’s possible that the rice prices could remain elevated until August 2024.

National Economic and Development Authority (Neda) and Socioeconomic Planning Secretary Arsenio M. Balisacan

Win, ERC eye stiffer penalties in outage losses Continued from A10

Gatchalian said that NGCP should have conducted manual load droppings to reduce demand, which could have helped prevent the massive blackout in Western Visayas.

Th e E R C i n s t i t u t e d a p ro a c t i ve approach by mandating hourly updates from the NGCP instead of the previous four-hour intervals.

Dimalanta called for an amendment of Republic Act No. 9136, or the Electric

Power Industry Reform Act (Epira) of 2001, that will redirect penalties it will collect into refunds to Filipino consumers inconvenienced by power outages.

Under the Epira, the ERC is authorized t o i m p o s e p e n a l t i e s r a n g i n g f ro m P50,000 to a maximum of P50 million for violations by power industry players.

These penalties are being remitted to the National Treasury.

“In fact, one of the recommendations that we made for the Epira amendment is to allow ERC the authority to order the

application of penalties for return, either in the form of refund or discounts, to the consumers that suffer the inconvenience or the violation that resulted in the interruption of service,” Dimalanta said.

“Right now, we don’t have the authority.

But if there is an amendment in the law, then we can have that authority to make the application,” she added.

Aside from these proposals raised by Gatchalian and Dimalanta, the ERC is also completing the study on the reconstitution of the composition of the Grid Management Committee (GMC).

The GMC is primarily in charge of monitoring the implementation of the Philippine Grid Code, as well as reviewing and recommending standards, procedures, and requirements for the connection, operation, maintenance, and development of the country’s power grid.

Earlier in the hearing of the Senate’s Energy Committee last week, Dimalanta vowed to relentlessly pursue exacting full accountability from agencies responsible for the blackout.

The Senate also signalled it will support an amendment to the Epira that will seek criminal liability for power company officials deemed responsible for failing to prevent such blackouts.

NGCP: We followed protocols

FOR its part, the NGCP said it followed protocols set by the ERC in responding

According to Salceda, this extensive legislative background positions Recto as a figure well-versed in the principles and practicalities of tax legislation.

“First, no other legislator, past or present, has spent more years in Congress legislating tax laws than Recto.

He knows what is proper in principle and pragmatic in practice,” he said.

“Second, he takes office at a time when administrative reforms like the Ease of Paying Taxes are already enacted. So, he can focus on tax policy reforms,” Salceda added.

One key aspect that Salceda highlights is Recto’s assumption of the role amid ongoing administrative reforms, such as the Ease of Paying Taxes initiative.

The lawmaker noted this situation allows Recto the opportunity to shift his focus towards tax policy reforms, leveraging the foundation laid by previous administrative changes.

Moreover, Salceda said that Recto commands great respect in the Senate, where tax reforms often undergo meticulous deliberation.

This respect, the solon believes, will facilitate a smoother process for advancing critical tax policies.

the Design Center of the Philippines (DCP) and DTI-Antique in developing their products that had been “initially showcased” in Manila FAME 2023, the Philippines’s “premier” trade show for quality home, fashion, and lifestyle products.

Meanwhile, the Citem noted that Quirino province features “intricate” fossilized flowers, bags, fashion items, furniture, and handmade decor, such as wood car vings, from their local communities. 11 brands are set to represent the province during the said international trade fair, the Citem added.

The participation of DESIGNPhilippines in Ambiente 2024 is its seventh run since 2016.

As the export promotions arm of the Trade department, the Citem said it is “committed to developing, nurturing, and promoting micro -scale, smallsized and medium-scale enterprises, brands, designers, and manufacturers by implementing an integrated approach to export marketing in partnership with other government and private entities.”

also raised concerns regarding the elevated rice prices in December 2023.

The Neda chief pointed out that rice prices also contributed 1.7 percentage points (ppt) to the inflation rate for all income households.

Balisacan emphasized the importance of Executive Order No. 50, which extended the Most Favored Nation (MFN) reduced tariff rates for key agricultural commodities like pork, corn, and rice to ensure sufficient food supply for Filipinos and prevent spikes in prices of these commodities.

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

Environmental issues in top tourist spots on officials’ eyes

By Jonathan L. Mayuga @jonlmayuga

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NVIRONMENT and Natural Resources Secretary Maria Antonia Yulo-Loyzaga joined other cabinet members to tackle environmental issues hounding some of the country’s top tourist destinations.

The meeting last Friday was attended by Interior and Local Government Secretary Benjamin C. Abalos, Tourism Secretary Christina G. Frasco, and Health Secretary Teodoro J. Herbosa. Also present were the local chief executives that have mandate and jurisdiction over El Nido and Coron in Palawan, Panglao in Bohol, Puerto Galera in Oriental Mindoro, and Siargao Island in Surigao del Norte. These areas form the so-called Green Economy Model (GEM).

The water resource and solid waste management, land use planning, and the enforcement of easement zones, as well as publicprivate partnerships, are closely monitored by national government agencies. The latter includes the Department of Environment and Natural Resources (DENR).

Solid waste, water quality issues DURING the meeting, local chief executives from the five GEMs raised concer ns about water quality in their localities, management of solid waste, and water security and reported their initial actions on these issues.

They also presented areas for further collaboration with the national government.

T hrough the DENR Water Resource Management Office (WRMO), Yulo-Loyzaga said the agency is ready to provide technical assistance on water concerns, stressing the importance of having a stable water supply in the five GEMs. She vowed to continue working with national government agencies and local government units (LGUs) in the implementation of programs to address the problem of solid waste and

Waste, water summit ONE of the immediate steps brought up is the collaboration among agencies in the conduct of a “Waste and Water Summit” to accelerate actions to address waste and water security to enhance knowledge and awareness and instill better appreciation of the important role of LGUs. Moreover, the summit opes to operationalize the commitments and advance concrete actions to address waste management and water security challenges at the local level through sustainable and transformative measures and strengthen coordination and linkages of national government agencies with local governments and other stakeholders.

Expected participants include national government agencies, local chief executives, subject matter experts, and stakeholders from the private sector, civil society, academe, and other sectors to highlight the whole-of-society approach needed in addressing this important issue.

Amid Baguio outbreak, solon calls anew for disease control

By Butch Fernandez

Cai U. Ordinario

to shutdowns and that it should not be held liable for not imposing manual load dropping (MLD) after the first power plant bogged down.

NGCP said there was no abnormality in system voltage between the time of the shutdown of PEDC (Panay Energy Development Corp.) 1 at 12:06PM and the subsequent shutdown of PCPC (Palm Concepcion Power Corp.) at 2:19PM. NGCP stressed as well that it is explicitly stated in the Philippine Grid Code (PGC), section 6.2.3.4, that in instances of an unplanned outage of a plant but where 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 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, is prohibited under the rules.

“There was no system indication j u s t i f y i n g a m a n u a l l o a d d ro p o r 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.

plastic pollution, including programs in collaboration with the country’s development partners such as the 60 -mil lion euro “Green Economy” program.

Frasco, meanwhile, provided information on the major programs of the Department of Tourism (DOT). These include the development of tourism areas and the establishment of call centers. Meanwhile, Herbosa reiterated the need for the continued establishment of new hospitals and expansion of Health Care Centers by the Department of Health (DOH).

Abalos said he has instructed concerned local chief executives to undertake immediate measures to address the water quality and solid waste challenges in their respective areas.

He also expressed concern that beach areas in these GEM sites may face the possibility of a temporary moratorium similar to the rehabilitation case of Boracay Island.

@butchfBM

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HE declaration of a gastroenteritis outbreak in Baguio City has prompted Senator Sherwin T. Gatchalian to revive the call to create the Philippine Center for Disease Prevention and Control (PCDPC).

Gatchalian is a coauthor of the Philippine Center for Disease Prevention and Control (CDC) Act (Senate Bill 1869), which seeks to create the PCDPC. The proposed center shall be the technical authority on forecasting, analysis, strategy, and standards development for the prevention and control of all diseases of public health importance and health security events.

Besides developing strategies, standards, and policies for disease prevention and control, the center’s other responsibilities shall include the implementation of disease surveillance and field epidemiology activities, the establishment and strengthening of public health laboratories, and the building of local capacity for surveillance and health research.

The proposed measure also directs provinces, cities, and municipalities to adopt and localize standards that the proposed CDC shall develop. To build local capacity for disease surveillance, local government units are mandated to fund and establish functional Epidemiology and Surveillance

Units and create positions for needed Disease Surveillance Officers and field epidemiologists.

Baguio City recorded as of Friday about 2,764 cases of gastroenteritis or the inflammation of the digestive system. Initial results of water testing showed evidence of fecal contamination in the city.

“Nakita natin noong panahon ng pandemya ng Covid-19 at sa naging outbreak sa Baguio City kung gaano kahalaga ang isang matatag na sistemang pangkalusugan sa pagsugpo ng anumang uri ng sakit. Kaya naman patuloy nating isinusulong ang paglikha ng Center for Disease Prevention and Control upang matiyak na may sapat na kakayahan ang ating bansa na sugpuin ang pagkalat ng mga sakit,” Gatchalian said.

[We have seen in the Covid-19 pandemic and the outbreak in Baguio City how important it is to have a stable health system in combating any disease. That’s why we continue to push the creation of a Center for Disease Prevention and Control to ensure the country has the capability to stop the spread of diseases].

He also filed the Virology and Vaccine Institute of the Philippines (VIP) Act of 2022 (Senate Bill 825).

The proposed VIP shall serve as the premier research and development institute in the field of virology, encompassing all areas in viruses and viral diseases in plants, animals, and humans.

Monday, January 15, 2024

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

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PSA: Coco oil, pineapple exports fall in Jan-Nov

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ARNINGS from the country’s agri export winners, including coconut oil and pineapple, declined in January to November 2023, according to preliminary data released by the Philippine Statistics Authority (PSA).

Impor t a nd e x por t st at istics published by the PSA last week indicated that among all the agri and food exports of t he Ph i l ippi nes, coconut oi l suffered the biggest decline in ter ms of receipts dur ing the 11-month period.

Earnings from coconut oil, including crude and refined, fell by

46.8 percent to $1.064 billion from the $1.998 billion recorded in the same period in 2022. In November alone, export receipts were down by 27.1 percent.

The drastic decline in earnings from coconut oil was due to the drop in inter nationa l prices based on data from the World Bank.

BUSINESSMIRROR FILE PHOTO

According to the world commodities price data compiled by the World Bank, coconut oil in January to December last year averaged $1,075 per metric ton (MT), lower than the $1,635 per MT recorded in 2022.

In the fourth quarter of 2023 alone, coconut oil averaged $1,090 per MT, down from the previous year’s $1,147 per MT. Earnings from desiccated coconut also posted a huge drop during the period at 34.1 percent to

$227.62 million, from the previous year’s $345.15 million.

Another coconut-based product that performed poorly in terms of receipts in January to November was activated carbon, as the value of shipments plunged by 33.5 percent to $97.46 million, from $146.47 million recorded in 2022.

As for other agri and food exports of the Philippines, data from the PSA indicated that earnings from pineapple and pineapple products fell by 5.2 percent to $673.83 million in January to November 2023, from the previous year’s $710.67 million.

Receipts from processed food and beverages declined by 5.9 percent to $737.48 million, from $783.94 recorded in 2022.

Processed tropical fruits, another dollar earner, went down by nearly 13 percent to $371.85 million, from $427.08 million posted

in 2022.

The PSA also said receipts from tuna shipments slid by 1.1 percent to $337 million from the previous year’s $340.65 million.

The value of natural rubber shipments fell by more than quarter to $116.24 million from the previous year’s $162.03 million, according to the PSA. The value of Philippine mangoes, abaca fiber, and chilled and fresh shrimps also declined during the 11-month period.

Among all the agricultural and food products exported by the Philippines, copra meal, fresh bananas and products categorized as other agro-based recorded increases.

Earnings from fresh bananas, one of the top agri exports of the Philippines, rose by nearly 10 percent to $1.11 billion in January to November, from the previous year’s $1.012 billion.

conference DA plans to deploy interventions for boosting rice output FAO trains spotlight

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HE Department of Agriculture (DA) is keen on deploying interventions that will allow rice planters to increase their output during the dry season.

The DA said in a statement that the cluster meetings that kicked off last week will formulate plans for the deployment of interventions like seeds, fertilizer discount vouchers and soil amelioration and bio-control agents.

The agency said it started the cluster meetings for the Masagana Rice Industry Development Program to map out and “fine-tune” intervention strategies to mitigate

the impact of an expected prolonged dry spell caused by the El Niño on rice production.

The DA is already implementing the agri-input assistance and scaling of rice technologies.

For starters, the DA mandated the adoption of alternative wet and dry technology to rice cultivation that will drastically reduce the amount of water needed to produce a kilo of rice to one liter per kilo from the current five liters.

“Better seeds could also be used to counteract the impact of rising temperature on rice yield. It is estimated that a 1 degree Celsius

increase in temperature could reduce yield by 10 percent,” it said. “ W hile r ice need solar rad iat ion for carbohyd rate assimilation, low temperature is preferred for optimum yield.”

Around 275,000 hectares of rice fields had been earlier identified as vulnerable to the impact of an El Niño-induced dry spell.

Early indications suggest that number could decline given the high water elevation of some dams used to irrigate rice fields.

Last December, the Department of Science and Technology (DOST) said it updated its mitiga-

tion measures to cope with the projected decline in rainfall this year.

The DOST said 65 out of the country’s 82 provinces are projected to suffer drought in the coming months due to El Niño.

The agency noted that majority of global climate models suggest that El Niño will likely persist until the second quarter of next year.

“Based on recent conditions, moderate to severe drought conditions are likely from February to May 2024. And by the end of May, 77 percent of the provinces of the country will have potential for drought—that would be around

65 provinces,” DOST Secretary Renato U. Solidum said in a press briefing in Malacañang.

“We need to further intensify our efforts to make sure that we are ready for this especially on the various fields that were already mentioned like health, water, agriculture, sanitation and of course, peace and order; and we also need to involve everyone in this effort.”

President Ferdinand R. Marcos Jr. ordered the creation of a task force led by the National Disaster Risk Reduction and Management Council to coordinate the El Niñorelated efforts of the government.

Biodiversity credits gain traction but questions persist

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N international market for biodiversity credits is gaining traction, but as questions arise concerning the risk of greenwashing, proponents are seeking to distance these new instruments from their much-criticized predecessor, carbon offsets.

Momentum has been building since the end of 2022 when almost 200 countries signed the KunmingMontreal Global Biodiversity Framework, a pact dubbed the “Paris Agreement for nature” that calls on signatories to come up with “innovative” financing initiatives—such as biodiversity credits.

A biodiversity credit is a tradable security representing a unit of biodiversity improvement, which is brought about by some form of landmanagement change.

France and the United Kingdom have led the charge to expedite the market’s growth, which the World Economic Forum estimates may reach $69 billion by 2050. In June, the countries co-launched an international advisory panel on biodiversity credits, chaired by State Street Corp. non-executive director Amelia Fawcett and Sylvie Goulard, a former deputy governor of the French central bank.

In December, Ursula von der Leyen, president of the European Commission, extolled the benefits of socalled nature credits, and a

new trading platform was launched by Emsurge in partnership with a carbon market broker called Emstream.

Some countries, like England, have introduced rules requiring infrastructure developers, homebuilders and other companies to provide compensation for any harm they cause to the natural environment. They can do this either on-site by rebuilding a destroyed forest or pond, for example, or they can do it offsite by purchasing so-called biodiversity net-gain units from third parties, typically landowners but also market intermediaries and traders.

An unregulated international market is developing as well, one in which companies can source biodiversity units from across the globe to meet their biodiversity targets. It’s similar, however, to the market for carbon offsets, which has faced increased criticism in the past year for being a venue for greenwashing rather than having any substantive positive effect on greenhouse gas emissions.

To address this—and the fundamental issue that biodiversity, unlike carbon dioxide, is not fungible and is highly localized—proponents of biodiversity credits are seeking to make a key distinction. Namely, between their use to offset harm and their use to help finance dogood projects.

Aleksandra Holmlund, chief

purchasing nature credits at scale without offsetting is weak,” Hache said. The reality is any notion that there’s a difference between credits and offsets is “disingenuous,” he said.

Sustainable finance in brief

URSULA VON DER LEYEN, president of the European Commission, speaks at last month’s COP28 climate conference in Dubai. HOLLIE ADAMS/BLOOMBERG

executive of Qarlbo Natural Asset Co., which is developing biodiversity credit projects, said at the recent COP28 climate summit that “you can use offsets to get to net zero and credits to get to net positive.”

BloombergNEF has outlined a similar distinction. First, companies must avoid negative biodiversity impacts, and then they must minimize any harm that occurs and restore any damage done to the natural environment. As a last resort, companies can purchase an offset to compensate for any residual impact. A credit, BNEF says, sits outside (or exceeds) that hierarchy. Companies can purchase credits for net positive impact.

It’s a narrative that’s emerging among carbon market participants as well.

But Alex Bush, a lecturer at Lancaster University, warns that the lack of clear definitions means the biodiversity concept is still preliminary. “On a practical level, we’re not quite there

yet,” he said. “The market is keen, but until there is regulation on how we define a credit, I don’t think we’re ready for a market trading system.”

Indeed, many of the same flaws that bedevil carbon offsets may afflict their biodiversity brethren. Sam Sinclair, co-founder and director of the consultancy Biodiversify, says many people are seeking to exploit the confusion and sell products that are based on “what they want to be true, rather than what’s actually possible.”

The overhanging issue remains that there’s no current oversight or rules governing the use of biodiversity credits, or the corresponding claims made.

For now, Frédéric Hache, a lecturer in sustainable finance at Sciences Po university and executive director of the Green Finance Observatory, likens this burgeoning market to a salesman selling guns that aren’t for shooting or a farmer selling marijuana that’s not for smoking.

“The business case for

LITIGATION finance, long a lucrative enterprise in America, is now becoming big business in Europe as investors eye huge returns as they contemplate the fallout of new laws addressing ESG compliance. Last year, citizens in the European Union won access to the kinds of classaction lawsuits that have long fueled US litigation.

And another piece of EU legislation nearing passage exposes firms to legal risk if environmental or humanrights violations are detected in their supply chains.

Bankrolled by hedge funds and other alternative investors, such lawsuits can target alleged corporate misdeeds such as broken environmental pledges, exploited workers or corporate governance failings.

A successful case can leave a litigation funder with returns well in excess of 25 percent, something that’s drawn the scrutiny of legislators.

“Funders are always working in their own economic interests rather than that of claimants,” said Axel Voss, a member of the European Parliament. “I don’t want to see the legal system becoming a playground for profit seekers.” Bloomberg News

on Asia Pacific farm sector

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HE Food and Agriculture Organization of the United Nations (FAO) is set to hold the 37th Session of the Regional Conference for Asia and the Pacific (APRC) in Colombo next month.

The conference, which will be held from February 19 to 24, will discuss and elaborate a strategy to tackle disasters, climate change, poverty, unsustainable practices, and food loss and waste.

The APRC, which is convened every two years, is the official forum where the Ministers of Agriculture and other high officials of FAO Member States in the AsiaPacific meet to discuss region-specific challenges, opportunities and priorities for food and agriculture.

The conference results in recommendations that guide FAO’s work in the Asia-Pacific region and provide further guidance to FAO’s global conference, the highest governing body of the UN agency.

This session will discuss current country and regional priorities and pressing issues in the region, such as the State of Food and Agriculture in the Asia-Pacific region, the financing to end hunger for today and tomorrow, the food loss and waste, the transformation of capture fisheries and aquaculture, the One Health approach to tackle animal and human disease, and the transformation of agrifood systems for better resilience.

In preparation for the regional conference, FAO in the Philippines will convene a National Consultation with members of the government, private sector, academe and nongovernmental organizations to understand the unique challenges and experience of the Philippines to be highlighted during the high-level event.

According to Dr. Lionel Dabbadie, FAO Representative in the Philippines: “The Philippines has a unique experience in resilient agriculture and fisheries but is also facing unprecedented challenges.”

“Through this consultation, we look forward to understanding better how we can best support the efforts of the government to achieve a modern agriculture and fisheries sector, but also, to highlight the expertise that the Philippines can share to tackle the impending threats to food security and the environment that we face as a nation, a region, and the whole world.”

A6

The World BusinessMirror

Monday, January 15, 2024

The ruling-party candidate strongly opposed

by China wins Taiwan’s presidential election

T

By Christopher Bodeen And Simina Mistreanu The Associated Press

AIPEI, Taiwan—Ruling-party candidate Lai Ching-te emerged victorious in Taiwan’s presidential election on Saturday, a result that will determine the trajectory of the self-ruled democracy’s contentious relations with China over the next four years.

China had called the poll a choice between war and peace. Beijing strongly opposes Lai, the current vice president who abandoned his medical career to pursue politics from the grassroots to the presidency.

At stake is peace, social stability and prosperity on the island, 160 kilometers (100 miles) off the coast of China, which Beijing claims as its own and to be retaken by force if necessary.

China is run by the Communist Party, which allows no political opposition.

While domestic issues such as the sluggish economy and expensive housing also featured prominently in the campaign, Lai’s Democratic Progressive Party’s appeal to self-determination, social justice and rejection of China’s threats ultimately won out. It's the first time a single party has led Taiwan for three consecutive four-year presidential terms since the first open presidential election in 1996.

At a post-election news conference, Lai thanked the Taiwanese electorate for "writing a new chapter in our democracy. We have shown the world how much we cherish our democracy.

This is our unwavering commitment.”

He added: “Taiwan will continue to walk side by side with democracies from around the world...through our actions. The Taiwanese people have successfully resisted efforts from external forces to influence this election.”

Lai supporter Hsieh Hsin-chou, a 57-yearold physical therapist, said he was “very proud” of the election result.

“We choose our own president in Taiwan.

We are a country. We are a country. We are a light of the world. We love freedom. We love democracy. We (are) supposed to choose our new president,” Hsieh said.

Lai and incumbent President Tsai Ing-wen reject China’s sovereignty claims over Taiwan, a former Japanese colony that split from the Chinese mainland amid civil war in 1949. They have, however, offered to speak with Beijing,

which has repeatedly refused to hold talks and called them separatists.

Beijing was believed to have favored the candidate from the more China-friendly Nationalist party, also known as Kuomintang, or KMT. Its candidate, Hou Yu-ih, also had promised to restart talks with China while bolstering national defense. He had vowed not to move toward unifying the two sides of the Taiwan Strait if elected.

In his concession speech, Hou apologized for “not working hard enough” to regain power for the KMT, which ran Taiwan under martial law for nearly four decades before democratic reforms in the 1980s.

"I let everyone down. I am here to express my sincerest apologies, I'm sorry," Hou said in front of an audience whose numbers fell well short of expectations.

Hou supporter David Chiau, who works in information technology, said the loss came as a shock, but he was pleased by the turnout for the KMT, which he had hoped could have merged with the opposition.

A third candidate in the race, Ko Wen-je of the smaller Taiwan People’s Party, or TPP, had drawn the support particularly of young people wanting an alternative to the KMT and DPP, Taiwan's traditional opposing parties, which have largely taken turns governing since the 1990s.

Ko said that dialogue between the sides was crucial, but that his bottom line would be that Taiwan needs to remain democratic and free.

“At least this time the TPP has become a critical opposition power. I would like to say thank you to every one again, as the chairman of the TPP," Ko said. “Each vote represents recognition and support for us.”

“This is also the first time that Taiwan managed to create a whole new three-partycompetition between the clash of the green and blue," he said, referring to the DPP and the KMT

The Associated Press

O

’FALLON, Mo.—Icy winter weather blanketed the US on Saturday as a wave of Arctic storms threatened to break low-temperature records in the heartland, spread cold and snow from coast to coast and cast a chill over everything from football playoffs to presidential campaigns.

As the three-day Martin Luther King Jr. Day holiday weekend began, the weather forecast was a crazy quilt of color-coded advisories, from an ice storm warning in Oregon to a blizzard warning in the northern Plains to high wind warnings in New Mexico.

“It’s, overall, been a terrible, terrible winter. And it came out of nowhere—two days,” Dan Abinana said as he surveyed a snowy Des Moines, Iowa. He moved to the state from Tanzania as a child years ago, but said “you never get used to the snow.”

The harsh weather in Oregon played a role in three deaths.

In Portland, medical examiners were investigating a hypothermia death as freezing rain and heavy snow fell in a city more accustomed to mild winter rains, and hundreds of people took shelter overnight at warming centers.

Portland Fire and Rescue also reported the death of a woman in her early 30s on Saturday afternoon. An RV caught fire when a small group of people used an open flame stove to keep warm inside and a tree fell on the vehicle, causing the fire to spread. Three other people escaped, including one with minor injuries, but the woman was trapped inside, the fire department said.

Authorities in Lake Oswego, Oregon, said a large tree fell on a home during high winds Saturday, killing an older man on the second floor.

Weather-related deaths already were reported earlier in the week in California, Idaho, Illinois and Wisconsin.

Nebraska Gov. Jim Pillen announced a state of emergency, citing “very dangerous conditions.” Up to 2 feet

(0.6 meters) of snow fell in some areas over the past week, and wind chills were well below zero.

“This event is not going away tonight. It’s not going away tomorrow,” Pillen said at a news conference “It’s going to take a number of days.”

About 1,700 miles (2,735 kilometers) of Nebraska highways were closed. State police assisted more than 400 stranded motorists, said Col. John A. Bolduc, head of the Nebraska State Patrol.

In Iowa, cars were stuck for five hours in blowing snow on Interstate 80 after semitrailers jackknifed in slippery conditions. State troopers had handled 86 crashes and 535 motorist-assist calls since Friday, State Patrol Sgt. Alex Dinkla said.

Road crews were “working the snow-blowers like crazy,” Dinkla said, but high winds were blowing snow right back onto roadways.

Governors from New York to Louisiana warned residents to be prepared for worrisome weather.

Parts of Montana fell below minus 30 degrees Fahrenheit (minus 34 degrees Celsius) Saturday morning, and the National Weather Service said similar temperatures were expected as far as northern Kansas, with minus 50 F (minus 46 C) possible in the Dakotas. In St. Louis, the National Weather Service warned of rare and "lifethreatening" cold.

"We've had, now, multiple back-to-back storms" parading across the country, weather service meteorologist Zach Taylor said. That typically happens at least a couple of times in the US winter.

Still, to Eboni Jones of Des Moines, it felt unusual for “how much we’re getting all within one week.”

“It’s pretty crazy out,” Jones said while shoveling snow.

Grant Rampton, 25, also of Des Moines, braved a wind chill of minus 20 F (minus 29 C) to go sledding with friends at a golf course, fighting off the cold by wearing layers of clothing and insulated socks and keeping in constant movement.

“It’s a great state to be in," said Rampton, a lifelong

Turkey launches airstrikes against Kurdish militants in Iraq and Syria after 9 Turkish soldiers were killed

By Andrew Wilks The Associated Press

I

Taiwanese Vice President Lai Ching-te, also known as William Lai, left, celebrates his victory with running mate Bi-khim Hsiao in Taipei, Taiwan on Saturday, January 13, 2024. The Ruling-party candidate has emerged victorious in Taiwan's presidential election and his opponents have conceded. AP Photo/Louise Delmotte

by the colors with which they are affiliated.

Chen Binhua, spokesperson of the Chinese Cabinet's Taiwan Affairs Office, said that Beijing wouldn’t accept the election result as representing “the mainstream public opinion on the island,” without giving any evidence or justification.

“This election cannot change the basic situation and the direction of cross Strait relations, nor can it change the common desire of compatriots on both sides to get closer and closer, nor can it stop the general trend that the motherland will eventually and inevitably be reunified,” Chen said.

The United States, which is bound by its laws to provide Taiwan with the weapons needed to defend itself, had pledged support for whichever government emerges, reinforced by the Biden administration’s plans to send an unofficial delegation made up of former senior officials to the island shortly after the election.

US Secretary of State Antony Blinken congratulated Lai on his victory.

“We also congratulate the Taiwan people for once again demonstrating the strength of their robust democratic system and electoral process,” Blinken said in a statement.

Lai won nearly 5.6 million votes, amassing just over 40 percent, while Hou claimed 33.5 percent. Ko garnered 26.5 percent.

Evelyn Ni traveled from China especially to get a taste of Taiwan's election.

“I would really like to experience what it is like to be empowered,” the 24-year-old student told The Associated Press. She said that she started paying closer attention to relations between Taipei and Beijing after Russia

launched a full-scale invasion of Ukraine in February 2022 and is worried that China could one day do the same with Taiwan.

Besides the China tensions, domestic issues such as the dearth of affordable housing and stagnating wages dominated the campaign.

For Tony Chen, a 74-year-old retiree who voted in Taipei in the hour before the polls closed, the election boiled down to a choice between communism and democracy.

“I hope democracy wins,” he said. He added that more Taiwanese were open to China's model of governance decades ago, when the Chinese economy was growing by double digits annually, but are repulsed by the crackdown on civil liberties that has occurred under current Chinese President Xi Jinping.

Stacy Chen, 43, said she has always voted for the DPP, because “Taiwan is an independent country.” She said she wanted her son to grow up in a country that is separate from China.

Taiwan's election was seen as having “real and lasting influence on the geopolitical landscape,” said Gabrielle Reid, associate director with the global intelligence consultancy S-RM. “The outcome of the vote will ultimately determine the nature of ties with China relative to the West and will have strong bearing on the state of play in the South China Sea,” she said.

The warming of Taiwan’s ties with the US will likely continue under Lai’s administration, said Wen-Ti Sung, a fellow with the Washington, D.C.-based Atlantic Council.

Beijing is likely to deploy a “maximum pressure campaign” to influence the new administration along military, economic and political lines, Sung told the AP.

Weekend of ferocious winter weather could see low-temperature records set in the US heartland

By Jim Salter & Jennifer Peltz

Editor: Angel R. Calso

Iowan. “There’s not as much to do, in winter especially, but you can make your own fun, like out here, sledding with your friends.”

The temperature in parts of Iowa could dip as low as minus 14 F (minus 26 C) on Monday, when the state's caucuses kick off the presidential primary season. And forecasters said it would be Wednesday before belowzero windchills go away.

Republicans Ron DeSantis, Nikki Haley and former President Donald Trump all canceled campaign events because of the storm.

Electricity was out Saturday afternoon in hundreds of thousands of households and businesses, mainly in Michigan, Oregon and Wisconsin, according to poweroutage.us.

In Yankton, South Dakota, the temperature was minus 15 F (minus 26 C) in the evening. Police there said plows were “freezing and breaking,” so they would not operate until conditions improve. The Minnehaha County Highway Department also pulled its plows “due to low visibility and extreme cold temps.”

In other places, if the problem wasn’t snow and wind, it was water: Record high tides hit the Northeast, flooding some homes in Maine and New Hampshire.

The coastal Northeast was pounded by 1 to 2 inches (2.5 to 5 cm) of rain in the morning, and a storm surge amplified what was already the month's highest tide, National Weather Service meteorologist Michael Cempa said. In Portland, Maine, a gauge recorded a 14.57-foot (4.4-meter) difference between high and average low tide, topping a prior record of 14.17 feet (4.3 meters) set in 1978.

New York Gov. Kathy Hochul warned of a “dangerous storm” as she announced that the Buffalo BillsPittsburgh Steelers NFL playoff game was postponed from Sunday to Monday. Residents of the county that includes Buffalo were told to stay off the roads starting at 9 p.m. Saturday, with the forecast calling for 1 to 2 feet (0.3 to 0.6 meters) or more of snow and winds gusting as high as 65 mph (105 kph).

Kansas City, Missouri, was set to host a frigid playoff

game Saturday night between the Chiefs and the Miami Dolphins. The temperature at kickoff was expected to be minus 2 F (minus 18 C), with the wind making it feel like minus 24 F (minus 31 C).

Still, hundreds of fans lined up hours beforehand outside the Arrowhead Stadium parking lots, some with ski goggles, heated socks and other winter gear they bought for the game.

Chiefs season ticket holder Keaton Schlatter and his friends had considered trying to sell their seats, as many other fans did.

“But we decided that it’s all part of the experience, and we didn't want to miss it,” said Schlatter, of West Des Moines, Iowa.

In Oregon, Robert Banks, who has been homeless for several years, stood outside his blue tent along a Portland street in the afternoon, wearing one glove as sleet pelted him. He said he wanted to secure his belongings before making his way to a shelter.

“I lived in Alaska for a number of years,” he said. “The wind and the wet cold is different from dry tundra cold ...oh, it is bone-chilling.”

The snow was welcome in at least one place.

Philip Spitzley of Lake Odessa, Michigan, woke up Friday to 95 small snowmen in his front yard to celebrate his 95th birthday. Fifteen family members and a neighbor collaborated on the snow-packing job, which took about 90 minutes.

“I was quite surprised,” Spitzley said. “I sat right here watching my TV and didn’t know they were out there.

Then I saw flashlights.”

The display has turned into a spectacle as motorists slow down for a look. And with days of cold weather ahead, “they’ll be there awhile,” Spitzley said. Peltz reported from New York. Nathan Ellgren and Mark Vancleave in Des Moines, Iowa; Dave Skretta in Kansas City, Missouri; Julie Walker in New York; Ed White in Detroit; Nick Perry in Meredith, New Hampshire; Jennifer Kane in Portland, Oregon; and Gene Johnson in Seattle contributed.

STANBUL—Turkey carried out airstrikes targeting Kurdish militants in neighboring Iraq and Syria on Saturday, the Turkish Defense Ministry said, coming a day after an attack on a Turkish military base in Iraq killed nine Turkish soldiers.

Turkey often launches strikes against targets in Syria and Iraq it believes to be affiliated with the Kurdistan Workers' Party, or PKK, a banned Kurdish separatist group that has waged an insurgency against Turkey since the 1980s.

The defense ministry said that aircraft struck targets in Metina, Hakurk, Gara and Qandil in northern Iraq, but didn't specify areas in Syria. It said fighter jets destroyed caves, bunkers, shelters and oil facilities “to eliminate terrorist attacks against our people and security forces... and to ensure our border security.” The statement added “many” militants were “neutralized” in the strikes.

On Friday night, attackers attempted to infiltrate a military base in northern Iraq's semi-autonomous Kurdish region, killing five soldiers. Four others died later of critical injuries. The Turkish government said that 36 militants were killed in Iraq, and nine others in Syria, in the 24 hours following the attack.

There was no immediate comment from the PKK, the government in Baghdad or the Kurdish region’s administration.

Turkey launched Operation Claw-Lock in northern Iraq in April 2022, during which it established several bases in Duhok Governorate. Baghdad has repeatedly protested the presence of Turkish troops and called for their withdrawal.

Turkish Foreign Minister Hakan Fidan expressed his condolences for the deaths of the Turkish soldiers.

“We will fight to the end against the PKK terrorist organization within and outside our borders,” he tweeted.

President Recep Tayyip Erdogan later chaired a security meeting in Istanbul at which Turkey’s counterterrorism strategy was evaluated, the government said in statement.

Meanwhile, Interior Minister Ali Yerlikaya announced police had detained 113 people suspected of ties to the PKK following raids across 32 Turkish provinces.

He added that six people were arrested after police identified 110 social media accounts that “praised the separatist terrorist organization for provocative purposes” or had spread misleading information.

Three weeks ago, PKK-affiliated militants tried to break into a Turkish base in northern Iraq, according to Turkish officials, leaving six soldiers dead. The following day, six more Turkish soldiers were killed in clashes.

Turkey retaliated by launching strikes against sites that officials said were associated with the PKK in Iraq and Syria.

Defense Minister Yasar Guler said at the time that dozens of Kurdish militants were killed in airstrikes and land assaults.

It wasn’t immediately clear if Friday night’s attack and the one three weeks earlier targeted the same base. The Rudaw news website, based in Erbil in northern Iraq, reported that the base attacked on Friday was located on Mount Zap in Amedi district, which lies 17 kilometers (about 10 miles) from the Turkish border.

Meanwhile, Turkey's state-run news agency Anadolu said that a senior PKK militant was "neutralized" in Iraq. Faik Aydin was targeted in an operation run by Turkish intelligence agency MIT, about 160 kilometers (100 miles) inside the TurkeyIraq frontier, Anadolu reported.

The PKK, which maintains bases in northern Iraq, is considered a terror organization by Turkey’s Western allies, including the United States. Tens of thousands of people have died since the start of the conflict in 1984.

Turkey and the US, however, disagree on the status of the Syrian Kurdish groups, which have been allied with Washington in the fight against the Islamic State group in Syria.

The World

www.businessmirror.com.ph

BusinessMirror Monday, January 15, 2024 A7

Defiant Netanyahu says no one can halt Israel’s war to crush Hamas, including the world court

Palestinians mourn relatives killed in the Israeli bombardment of the Gaza Strip in Rafah on Saturday, January 13, 2024. AP Photo/Fatima Shbair

By Najib Jobain, Samy Magdy & Bassem Mroue The Associated Press

R

AFAH, Gaza Strip—Israel will pursue its war against Hamas until victory and will not be stopped by anyone, including the world court, Prime Minister Benjamin Netanyahu said in a defiant speech Saturday, as the fighting in Gaza approached the 100-day mark.

Netanyahu spoke after the International Court of Justice at The Hague held two days of hearings on South Africa's allegations that Israel is committing genocide against Palestinians, a charge Israel has rejected as libelous and hypocritical. South Africa asked the court to order Israel to halt its blistering air and ground offensive in an interim step.

“No one will stop us, not The Hague, not the axis of evil and not anyone else,” Netanyahu said in televised remarks Saturday evening, referring to Iran and its allied militias.

The case before the world court is expected to go on for years, but a ruling on interim steps could come within weeks. Court rulings are binding but difficult to enforce. Netanyahu made clear that Israel would ignore orders to halt the fighting, potentially deepening its isolation.

Israel has been under growing international pressure to end the war, which has killed more than 23,000 Palestinians in Gaza and led to widespread suffering in the besieged enclave, but has so far been shielded by US diplomatic and military support.

Thousands took to the streets of Washington, London, Paris, Rome, Milan and Dublin on Saturday to demand an end to the war. Protesters converging on the White House held aloft signs questioning President Joe Biden's viability as a presidential candidate because of his staunch support for Israel during the war.

Israel argues that ending the war means victory for Hamas, the Islamic militant group that has ruled Gaza since 2007 and is bent on Israel's destruction.

The war was triggered by a deadly October 7 attack in which Hamas and other militants killed some 1,200 people in Israel, mostly civilians.

About 250 more were taken hostage, and while some have been released or confirmed dead, more than half are believed to still be in captivity.

Sunday marks 100 days of fighting.

Fears of a wider conflagration have been palpable since the start of the war. New fronts quickly opened, with Iran-backed groups—Houthi rebels in Yemen, Hezbollah in Lebanon and Iran-backed militias in Iraq and Syria—carrying out a range of attacks. From the start, the US increased its military presence in the region to deter an escalation.

Following a Houthi campaign of drone and missile attacks on commercial ships in the Red Sea, the

US and Britain launched multiple airstrikes against the rebels Friday, and the US hit another site Saturday.

In more fallout from the war, the world court this week heard arguments on South Africa's complaint against Israel. South Africa cited the soaring death toll and hardships among Gaza civilians, along with inflammatory comments from Israeli leaders presented, as proof of what it called genocidal intent.

In counter arguments Friday, Israel asked for the case to be dismissed as meritless. Israel’s defense argued that the country has the right to fight back against a ruthless enemy, that South Africa had barely mentioned Hamas, and that it ignored what Israel considers attempts to mitigate civilian harm.

Meanwhile, Netanyahu and his army chief, Herzl Halevi, said they have no immediate plans to allow the return of displaced Palestinians to northern Gaza, the initial focus of Israel’s offensive. Fighting in the northern half has been scaled back, with forces now focusing on the southern city of Khan Younis, though combat continues in parts of the north.

Netanyahu said the issue had been raised by US Secretary of State Antony Blinken during his visit earlier this week. The Israeli leader said he told Blinken that “we will not return residents (to their homes) when there is fighting.”

At the same time, Netanyahu said Israel would eventually need to close what he said were breaches along Gaza's border with Egypt. Over the years of an Israeli-Egyptian blockade, smuggling tunnels under EgyptGaza border had constituted a major supply line for Gaza.

However, the border area, particularly the city of Rafah in southern Gaza, is packed with hundreds of thousands of Palestinians who had fled northern Gaza, and their presence would complicate any plans to widen Israel’s ground offensive.

“We will not end the war until we close this breach,” Netanyahu said Saturday, adding that the government has not yet decided how to do that.

In Gaza, where Hamas has put up stiff resistance to Israel's blistering air and ground campaign, the war continued unabated.

The Gaza Health Ministry said Saturday that 135 Palestinians had been killed in the last 24 hours, bringing the overall toll of the war to 23,843. The count does not differentiate between combatants and civilians, but the ministry has said about two-thirds of the dead are women and children. The ministry said the total number of war-wounded surpassed 60,000.

Following an Israeli airstrike before dawn Saturday, video provided

by Gaza’s Civil Defense department showed rescue workers searching

through the twisted rubble of a building in Gaza City by flashlight.

Footage showed them carrying a young girl wrapped in blankets with injuries to her face, and at least two other children who appeared dead.

A boy, covered in dust, winced as he was loaded into an ambulance.

The attack on the home in the Daraj neighborhood killed at least 20 people, according to Civil Defense spokesperson Mahmoud Bassal.

Another strike late Friday near the southern city of Rafah on the Egyptian border killed at least 13 people, including two children. The bodies of those killed, primarily from a family displaced from central Gaza, were taken to the city's Abu Youssef al-Najjar hospital where they were seen by an Associated Press reporter.

The Palestinian telecommunications company Jawwal said two of its employees were killed Saturday as they tried to repair the network in Khan Younis. They company said the two were hit by shelling. Jawwal said it has lost 13 employees since the start of the war.

Israel has argued that Hamas is responsible for the high civilian casualties, saying its fighters make use of civilian buildings and launch attacks from densely populated urban areas.

The Israeli military released a video Saturday that it said showed the destruction of two ready-to-use rocket launching compounds in AlMuharraqa in central Gaza. A large grove of palm trees and some homes are seen in the frame. In the video, a rocket is being thrown into the air by the blast. The military said there had been dozens of launchers ready to be used.

Since the start of Israel’s ground operation in late October, 187 Israeli soldiers have been killed and another 1,099 injured in Gaza, according to the military.

More than 85 percent of Gaza's population of 2.3 million has been displaced as a result of Israel's air and ground offensive, and vast swaths of the territory have been leveled.

Fewer than half of the territory’s 36 hospitals are still partially functional, according to OCHA, the United Nations’ humanitarian affairs agency.

Amid already severe shortages of food, clean water and fuel in Gaza, OCHA said in its daily report that Israel's severe constraints on humanitarian missions and outright denials had increased since the start of the year.

The agency said only 21 percent of planned deliveries of food, medicine, water and other supplies have been successfully reaching northern Gaza.

American and other international efforts pushing Israel to do more to alleviate the suffering of Palestinian civilians have met with little success.

Magdy reported from Cairo. Mroue reported from Beirut.

A8

Monday, January 15, 2024 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

Jo Koy’s A-game fueled a tough crowd’s disdain

T

he organizers of Golden Globes 2024 found themselves in a bit of a pickle this year. With their original host dropping out at the last minute, they desperately scrambled to find a replacement.

And who was brave enough to step up to the plate? Filipino-American stand-up comic Jo Koy! By all standards, he is highly qualified for the job. He has released five standup specials on Comedy Central and Netflix, including his most recent Netflix special, “Live From The Los Angeles Forum.” And his “Easter Sunday” in 2022 was the first big studio movie with an all-Filipino cast.

Unfortunately, nobody seemed to appreciate the audacity it takes to accept such a high-pressure gig on short notice. It takes courage to agree to take this daunting task with so little time to prepare. One aspect worth considering is the pressure and expectations that come with hosting a prestigious event like the Golden Globes. The audience, composed of industry professionals, celebrities, and critics, has high standards and specific tastes. Even seasoned hosts have faced criticism in the past, so it’s no surprise that a last-minute replacement might struggle to meet those expectations.

The 81st Annual Golden Globe Awards was the first Golden Globes being held since the Hollywood Foreign Press Association, which used to run the award ceremony, disbanded following a series of scandals.

The Golden Globes assets were sold to Dick Clark Productions, which had long co-produced the show with the HFPA. “We are thrilled to have Jo Koy host the 81st Annual Golden Globe Awards and bring his infectious energy and relatable humor to kick off Hollywood’s award season,” said Helen Hoehne, Golden Globes president, in a statement. “We know Jo is bringing his A-game.”

“I’ve stepped onto a lot of stages around the world in my career, but this one is going to be extra special. I’m so excited to be hosting the Golden Globes this year,” said Jo Koy in a statement. “This is that moment where I get to make my Filipino family proud.”

Jo Koy got a few laughs with a joke about the lengthy “Oppenheimer,” saying, “I needed another hour.” But as the monologue went on, the jokes fell flat, leaving the room filled with awkward silence instead of uproarious laughter. But it’s unfair to place the blame solely on the host, who did his best to entertain under the most challenging circumstances. And the audience’s reaction may have been influenced by unrealistic expectations. It’s important to remember that Jo Koy was a last-minute replacement, not someone who had months to prepare and fine-tune his act.

Despite the derision directed towards the host, the 2024 Golden Globes reached viewership of 9.4 million—the highest ratings in years.

This unexpected success can be attributed to several factors, such as the enduring appeal of the awards, the lure of celebrity involvement, and the power of controversy to generate interest.

The host may have failed to deliver a polished act, but this did not diminish the event’s success. So let’s give credit where credit is due: Jo koy still managed to entertain a room full of critical eyes. The public should not dismiss his efforts with derision but instead appreciate his bravery and willingness to take an impossible task.

Jo Koy is a funny man, but comedy is a tough business, and even the best of the best can have an off night. His experience highlights the significance of ample preparation in any activity, perhaps much more so in the world of comedy.

Since 2005

BusinessMirror A broader look at today’s business ✝ Ambassador Antonio L. Cabangon Chua Founder Publisher Editor in Chief Associate Editor News Editor Senior Editors

THE BUILDER

T

he New Year’s message of President Ferdinand Marcos Jr. to the nation fits to a tee. His pledge “to build better and more” this year is exactly what the Philippines has to do to lift the plight of our less fortunate brothers. In essence, his administration is vowing to work more in 2024 to help Filipinos realize their dream for a better future.

“We look back to the past year pleased with what we have done. We look forward to the new year with the pledge to build better and more.

We have set high hopes for the days ahead and we know that these can only be achieved with hard work,” President Marcos said.

Building a better Philippines and making the country a more progressive nation is not a one-man job. Everybody has to contribute his or her share in nation building. Things can be accomplished only if we as a nation move forward and learn from our experiences in the past.

I share President Marcos’ optimism for the coming year. In my individual capacity and as a member of the Senate, I will do my best to translate the aspirations of the Filipinos and our growing economy into reality.

The Finance Department just last

week promised to work closely with Congress in pushing for key reforms crucial to accelerating economic development. I’m sure lawmakers would carefully study the proposed legislative reforms of the economic team, of which I was a former member during President Rodrigo Duterte’s term.

The reforms aim to help ensure the funding of the P5.77-trillion national government budget for 2024 and attain the deficit target of 5.1 percent of the gross domestic product (GDP) this year as specified in the Medium-Term Fiscal Framework (MTFF).

Among the reforms that the Department of Finance earlier endorsed are the passage of the Real Property Valuation and Assessment (RPVAR) Bill; Ease of Paying Taxes (EOPT) Bill; Automatic Income Classification of Local Government Units Bill; Excise

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Tax on Single-Use Plastics (SUPs) Bill; and the Rationalization of the Mining Fiscal Regime Bill.

The Philippines, of course, needs all the revenues it can generate to keep the economic growth on track and attract more foreign investments. Keeping the fiscal house in order sends the message to investors and foreign funding institutions that we have a responsible government that can finance its expenses within its means and without relying too much on borrowings. This fiscal discipline has enabled the Philippines last year to keep its investorgrade credit ratings amid a flurry of downgrades in other economies, including the US. The same seal of good housekeeping also allowed the Philippines to secure multibillion-dollar concessional financing for big-ticket infrastructure projects under the government’s “Build Better More” program, and grants for various development projects to support the country’s rapid economic growth.

Infrastructure projects are vital to leapfrog the Philippine economy. Aside from speeding up the delivery of goods and services and the transportation of commuters across borders, they link households to higher quality opportunities for employment, healthcare and education. They minimize supply chain disruptions, especially in disaster-prone areas, and lead to competitive prices.

The Marcos administration since

taking office in 2022 has secured $6.47 billion in concessional loans to fund key infrastructure projects and other priority initiatives.

These 10 loans amounting to $5.18 billion seek to support highimpact infrastructure f lagship projects, such as the Bataan-Cavite Interlink Bridge Project, which is supported by the Asian Development Bank (ADB), with pipelined co-financing from the Asian Infrastructure Investment Bank. This project is poised to become one of the world’s longest marine bridges.

I am pleased to hear that some of the pipeline projects during my term as chief of the Department of Public Works and Highways are obtaining critical funding. These include the North-South Commuter Railway Extension Project, Davao Public Transport Modernization Project, and the Three Priority Bridges Crossing Pasig-Marikina River and Manggahan Floodway Bridges Construction Project, with funding from the Japan International Cooperation Agency (JICA) and the ADB and Export-Import Bank of China, respectively.

These projects will take time to build and complete—but we cannot underestimate their significance to the economy. As long as we begin to shovel the ground, infrastructure projects will secure the future of the Philippine economy.

For feedback e-mail to senatormarkvillar@gmail. com or visit our web site: https://markvillar.com.ph

Leadership insights on responsible technology

Lourdes M. Fernandez

Ruben M. Cruz Jr.

MEMBER OF

Mark Villar

T. Anthony C. Cabangon

Online Editor

Chairman of the Board President Advertising Sales Manager Group Circulation Manager

An auspicious message to build on

RISING SUN

I

N an era marked by rapid technological advancement, the imperative to harness innovation for the betterment of humanity and the planet has never been more critical. However, ethical considerations remain at the forefront of discussions surrounding technological evolution. What guiding principles should govern technology, and how can these be effectively implemented?

The World Economic Forum turned to the leaders from its Innovator Communities for insights on the essential considerations that should shape future technology development for the benefit of both people and the planet. The following leaders highlighted the key factors that need to be taken into account for responsible and impactful progress: Rotem Iram, Founder and Chief Executive Officer of AtBay; Alon Chen, Co-Founder and Chief Executive Officer of Tastewise; Rahul Roy-Chowdhury, Chief

Executive Officer of Grammarly; Rene Saul, Co-Founder and Chief Executive Officer of Kapital; Pablo Borquez Schwazbeck, Founder of ProducePay; Alex Zhavoronkov, Founder and co-Chief Executive Officer of Insilico Medicine; May Habib, Co-Founder and Chief Executive Officer of Writer; and Eduardo della Maggiora, Founder and Chief Executive Officer of Betterfly.

These leaders advocate for an approach centered on humanity and guided by a mission, emphasizing

The significance of widespread digitization in agriculture and the accountability of technology vendors concerning potential risks and abuses are highlighted.

According to Pablo Borquez Schwazbeck, the Founder of ProducePay, the key consideration for advancing agricultural technology is ensuring the global digitization of information systems.

tools that enhance connection, wellbeing, and collaboration. A humancentric approach, as noted by one of them, involves prioritizing tools that enrich human connection and wellbeing, empowering individuals with resources to unlock their personal and social potential. The ultimate goal is to foster collaboration and contributions to the planet, creating an ecosystem where technology amplifies human abilities to address global challenges.

Furthermore, the emphasis is placed on how artificial intelligence contributes to progress while preserving human dignity, specifically

focusing on enhancing human potential rather than substituting humans. Notably, in the case of Writer, the team’s genuine motivation lies in witnessing how AI elevates individuals in their work, providing new opportunities.

Additionally, the overarching mission should prioritize the improvement of human productive longevity. This entails a focus on innovations directly aligned with this mission, including AI-discovered targets, AI-designed therapeutics, personalized medicine solutions driven

by AI, and the ongoing development of sustainable chemicals, materials, and clean energy solutions.

The significance of widespread digitization in agriculture and the accountability of technology vendors concerning potential risks and abuses are highlighted. According to Pablo Borquez Schwazbeck, the Founder of ProducePay, the key consideration for advancing agricultural technology is ensuring the global digitization of information systems. He emphasizes the need for successful market-risk mitigation derivatives, providing See “Rojas,” A9

Opinion BusinessMirror

www.news.businessmirror@gmail.com

Philippines as a global tax leader

Radical coach and teamwork Siegfred Bueno Mison, Esq.

THE PATRIOT

Joel L. Tan-Torres

DEBIT CREDIT Part Seven

T

he Organization for Economic Cooperation and Development (OECD), together with the United Nations Development Programme, has the Tax Inspectors Without Borders (TIWB) program. This program assists tax authorities in several areas, including international tax audits, criminal tax investigations, effective use of automatically exchanged tax information, use of digital tools and technology for tax audits, specialized industry audits, and auditing digital trade. I note that a number of these are the same initiatives that the BIR is pursuing, including its Run After Fake Transactions, transfer pricing audits, Run after Tax Evaders, Reconciliation of Listings for Enforcement for its Letter Notice verification, and others.

The TIWB deploys tax experts to developing country tax administrations to provide practical hands-on assistance on current audit methodologies and related international tax issues. These TIWB tax audit experts work directly with local tax officials of countries that avail themselves of the TIWB program on ongoing audits and formulation of audit-related policies and training programs. To date, the TIWB programs have covered 59 countries, with 63 completed and 54 ongoing assistance. In the Asean region, Cambodia, Malaysia, and Thailand have ongoing engagements with TIWB. In the latest 2022 Annual Report of TIWB, the Philippines is included in the list of the 50 jurisdictions with the potential for a TIWB engagement.

Perhaps, this year, the Bureau of Internal Revenue (BIR) can initiate discussions with the TIWB for proceeding with the TIWB assistance that will provide best practices information to the BIR audit and enforcement activities. This will also bolster the BIR’s global tax interaction and promote its ascent to global tax leadership.

The OECD recently released its Corporate Tax Statistics 2023 publication in November 2023. This provides comprehensive information on corporate tax systems and economic parameters of 120 countries, including the Philippines.

The publication includes data on corporate tax rates, revenues, ef-

Rojas . . .

continued from A8

growers with the certainty and tranquility necessary for producing healthy and sustainable food. Notably, emerging economies, often dubbed the world’s “fruit basket,” hold significant influence on agriculture’s environmental footprint.

The adoption of technology in these regions, promoting sustainable practices, presents the potential

fective tax rates, tax incentives for research and development, and innovation, and withholding tax rates under tax treaties.

This database can assist tax policy and administration officers, legislators, business enterprises, academicians, and researchers in the study of corporate tax policy and administration. The information can also provide inputs in the analysis of base erosion and profit shifting (BEPS) that is relevant in the Pillar 1 and 2 BEPS discourse.

In particular, the Department of Finance, under the leadership of newly appointed Secretary Ralph Recto, and the BIR can use the data from the OECD resource for benchmarking its corporate tax profile and performance. I suggest that all tax stakeholders refer to this invaluable resource at https://www.oecd. org/tax/tax-policy/tax-database/taxdatabase-update-note.pdf (To be continued) Joel L. Tan-Torres was the former Dean of the University of the Philippines Virata School of Business.

Previously, he was the Commissioner of the Bureau of Internal Revenue, the chairman of the Professional Regulatory Board of Accountancy, and Tax partner of Reyes Tacandong & Co. and the SyCip Gorres and Velayo & Co. He is a Certified Public Accountant who garnered No. 1 in the CPA Board Examination of May 1979. He is now back to his tax and consultancy practice and can be contacted at joeltantorress@yahoo. com and his firm JL2T Consultancy.

for rapid global improvements in addressing climate change, water, and soil health.

In a broader context, it is recommended that technologies be designed with flexibility, taking into account long-term impacts, and acknowledging accountability for potential risks and abuses.

Ultimately, technologies should be crafted with minimal environmental impact, addressing biases, and actively promoting social justice.

W

hat comes to mind when you think of the word “radical?”

In this day and age, the answers may be “fanatics,” “extremists,” and “socialists.” “Radical” has become a word that connotes something “over the top” in a negative sense. But I recently learned about the concept of “radical collaboration,” which made me realize that doing something radically is not all bad.

One notable example that showcases this more transformative approach to teamwork and problemsolving is the RISE for Youth initiative. This youth empowerment and employability project was implemented by a small team of nine women (one of whom was my daughter Regina Victoria) who partnered with individuals and organizations from different sectors to reach at least 300,000 young Filipinos looking for work. This year-long project was a massive undertaking; but, in working all together beyond the traditional notions of cooperation, they were able to reach and support over 1.8 million Filipinos, most of whom coming from low-income households and disadvantaged communities.

My daughter shared this piece on Maria’s with me, one of the youths they were able to support through the program: “I can get a thousand nos but I only need one yes to have a job,” Maria reminded herself over and over as she applied for numerous positions. Like many fresh graduates, Maria had to handle several rejections as she tried to get her foot in the door and jump-start her career.

LITO GAGNI

I

N two months, the case for the high-flying speculative mining stock, Abra Mining & Industrial Corporation (AR), will be celebrating its third year in hibernation with investors stuck with frozen funds, PSE President Ramon Monzon still mum on his “white knight” idea, and the PSE board eerily quiet on the concept of that savior. istered shares.

There were three findings that the Philippine Stock Exchange found out in the case of Abra Mining and its subsequent suspension.

1. The number of the Company’s fully paid issued and outstanding shares exceeds the number of listed shares, in contravention of PSE’s rule

Months into her job hunt, she found a promising job opening through a community of young job seekers on Facebook called the RISE For Youth Career Support Group.

In this community, Maria found helpful career advice and online workshops that covered resume tips to pointers for answering interview questions. This online group is a part of the RISE (or Reducing Inequalities in Skills and Employment) for Youth Program, an initiative by the international nonprofit Makesense Asia with the support of Citi Foundation.

Along with applying for the job opening shared in the group, Maria also took the time to read the resources available there. Not too long after she applied for the job posted, she heard back from the company, IKEA, inviting her to an interview. After a successful interview, she received a job offer under the Customer Relations Department, where she would be starting as a cashier.

Looking back at her job hunt, Maria pointed out that the biggest obstacle in her way was her own doubts. Wrestling with self-doubt, she constantly questioned her fitness for the jobs she applied for. This

internal struggle is a common theme for many job seekers, and Maria openly shares the personal battles fought during this overwhelming part of her post-school life.

“Malaking pagsubok talaga yung self-doubt,” she stressed.

“Kaya thankful po ako na natutunan ko ’yung pag-encourage po sa aking sarili,” she explained. “Sinasabi ko po na kaya ko at meron ding lugar kung saan need ang skills na meron ako.”

(Self-doubt really is a huge challenge. That’s why I’m thankful that I learned how to encourage myself. I always told myself that there’s a place where my skills are needed.)

Aside from having faith in herself and her skillset, Maria emphasized that another indispensable part of landing a job is knowing how to cooperate with others—a skill she developed by engaging with fellow job seekers in the RISE For Youth online community.

“Kaya masasabi ko pong I’m a good team player sa work ko po,” Maria adds.

(That’s why I can say I’m a good team player at work.)

In her 4th month on the job, Maria continues to face new challenges such as learning the ropes of her role.

While the learning curve may be steep, she notes that it’s her interactions with the customers that remind her how far she’s come. “’Yung favorite ko naman po is every time na makita ko na satisfied ang aking customer sa service na naprovide ko,” Maria stated.

(My favorite is every time I see that a customer is satisfied with the service I provided.)

Perhaps what Maria forgot to share in her experience is what God promises us in Proverbs 3:6, “In all your ways acknowledge Him, and He shall direct your paths.” In The Mes-

A9

sage translation of this verse, we are reminded to “Listen for God’s voice in everything you do, everywhere you go; he’s the one who will keep you on track.” So, for believers, the best team player being the head coach in our lives should be our Almighty God. Self-doubt will always be present given the various challenges and demands presented in the workplace, especially for newcomers like Maria. When these come, or even before they do, all we need to do is to listen to our Head Coach through constant conversations in prayer or reflection. Decidedly, like Maria, we need to get our hands on useful information and advice, which many resources like RISE for Youth readily offer. This external help logically equips and trains us.

Inevitably though, one potent internal provision that we should all seek to acquire comes supernaturally by constantly listening to or hearing God’s Word. It is the one true thing that will keep Maria, and all believers in faith, on the right track.

As the word “teamwork” is also referred to as “cooperation” and “fellowship,” the best collaboration we can tune our hearts and minds to is with our Head Coach, our Heavenly Father, whose Word is a lamp for our feet, and a light on our path (Psalm 119:105).

A former infantry and intelligence officer in the Army, Siegfred Mison showcased his servant leadership philosophy in organizations such as the Integrated Bar of the Philippines, Malcolm Law Offices, Infogix Inc., University of the East, Bureau of Immigration, and Philippine Airlines. He is a graduate of West Point in New York, Ateneo Law School, and University of Southern California. A corporate lawyer by profession, he is an inspirational teacher and a Spirit-filled writer with a mission.

For questions and comments, please e-mail me at sbmison@gmail.com.

Price wars help spark $157 billion rout in China consumer stocks

By Charlotte Yang

T

he seemingly relentless decline in prices of Chinese goods amid tepid consumer demand is denting expectations that corporate earnings can revive the flagging stock market.

From electric vehicles to fast food, companies are engaging in a battle of promotions aimed at luring customers who are spooked by dim job prospects and have seen a persistent property slump hurt wealth creation. Consumer prices fell for a third-straight month in December, the longest streak since 2009, deepening concerns about companies’ profits and share prices.

“That’s all symbolic of a very weak consumption environment that includes lack of consumer confidence and weak income growth,” said XinYao Ng, an investment director for Asian equities at abrdn. “We are cautious on 4Q earnings across most sectors, and would assume that continues in 1Q unless the government starts doing something massive to support the economy.”

PSE’s unthinkable ‘white knight’ for AR

As the third anniversary of AR’s trading halt and the unthinkable white knight for the suspended stock that Monzon proposed nears, there is again a higher decibel in chat rooms of like-minded stock market netizens with some hoping for karmic justice to play out for those officials of Abra Mining who sold unlisted and unreg-

Monday, January 15, 2024

that all fully paid issued and outstanding shares should be applied for listing; 2. The number of the Company’s shares lodged with PDTC exceeds the number of the Company’s listed shares, in contravention of PSE’s rule that only securities approved for listing should be lodged with PDTC for trading, and; 3. The number of the Company’s shares lodged with PDTC exceeds the number of the Company’s issued and outstanding shares (as contained in the Company’s audited financial statements), which means that shares that are not yet reflected in the books of the Company have been lodged with PDTC and are being traded, in contravention of the provisions of the Revised Corporation Code.

With these violations, PSE President Ramon Monzon came up with what were initially thought of as a

‘No player is immune’

The EV industry has been among

the worst hit by intense competition as growth slows, with Chinese makers following the lead of Tesla Inc. in lowering prices to boost sales. BYD and local peers including Xpeng Inc. and Li Auto Inc. have shed billions of dollars in market value in the past few months.

“Retail prices are falling fast,” Morgan Stanley analysts wrote in their 2024 outlook report for the Chinese EV sector. “While local brands, in general, have fared better than luxury and foreign brands in terms of widening discounts, we expect discounts to further widen into 1Q24 on the back of seasonality effects.”

Even China’s vaunted Internet giants have been impacted, with Alibaba and JD.com Inc. seeing their stock prices tumble as they wage a fierce battle for market share. The price war has made US-listed PDD Holdings Inc., operator of discount site Temu, one of the rare bright spots in China’s e-commerce industry.

Many economy and market observers are hoping for interest-rate cuts and government spending to help prevent the nation from enter-

brilliant idea, an innovation in the stock market game, unrivaled in its scope, and greeted by investors trapped in their trades in AR for its brilliant out-of-the-box thinking.

But the initial euphoria died down as the white knight proffered by the top gun of the PSE became just a one-day wonder, a flash in the pan, as it immediately was taken out of discussion.

And the questions crop out: Was Monzon’s white knight idea discussed in the boardroom of PSE and when it was broached, was it greeted with much encouragement for its innovative take or with quiet derisive stare for the unthinkable concept?

The investing public may not be able to know what happened in the boardroom of the PSE on the whole Abra Mining issue, but what is certain is that investors were caught with their pants down and what is troubling is that the culprits who

sold the unregistered and unlisted shares remain unidentified defeating the very purpose for which the PSE exists: to safeguard the interests of investors.

It would seem, though, that the officials of PSE have forgotten the fact that there is a need for them to tell the investing community, especially those with suspended shares of Abra Mining, what steps have been done to prevent the occurrence of such sale of unregistered and unlisted shares in the future.

In fact, the PSE should come out with the results of its investigation on the sale of the unregistered and unlisted shares. Who were the officials of Abra Mining who sold the shares and at what prices? How did such thing happen? Who is at fault?

Having listed in its findings that there were violations of the Revised Corporation Code, were cases being contemplated to be filed against

those who violated the provisions of the law?

There are questions galore on the PSE’s seeming inaction on Abra Mining beyond that of the white knight concept that is now touted as an unthinkable solution that should not have even seen the light of day.

The fact that Monzon proposed a white knight for Abra Mining is a big puzzle.

And what is puzzling still is that until now, the PSE has remained mum on the issue of Abra Mining.

Meanwhile, the officials who pocketed what can be termed as illegal gains remain unidentified, thanks to the continued silence of the PSE board members.

Many investors are still nursing their losses. It should be noted that the speculative stock had accounted for 77 percent of the market’s daily trading in January 2021 before the stock’s suspension in March.

Gauges of consumer stocks have been the worst performers on the MSCI China Index since the end of September, after the real estate measure. The aggregate market value of companies included in the two consumer indexes has fallen by about $157 billion since. And the biggest drags on the MSCI benchmark in this span include e-commerce giant Alibaba Group Holding Ltd., restaurant operator Yum China Holdings Inc. and EV maker BYD Co.—which have all been offering big discounts.

The world’s second-largest stock market has started 2024 on a dismal note, with the MSCI China gauge already down more than 4 percent so far this year. It capped a third straight annual decline in 2023.

“The bigger picture is that the weak demand is leading to a deflationary environment, which particularly bodes ill for businesses that cannot achieve higher volumes with lower prices,” said Daisy Li, a fund manager at EFG Asset Management HK Ltd.

Wider discounts

ing a deflationary spiral.

Fund managers say the next catalyst they are watching is pricing and sales data around Chinese New Year in February, which will offer more clues on consumer confidence. The next few weeks may also be key for policy action, given Chinese leaders will soon gear up for the National People’s Congress. That annual legislative session, held in March, is where the government is expected to announce its official growth target for 2024.

A Morgan Stanley survey conducted late last month suggests seasonally better consumer sentiment ahead of the holidays. However, “sustainability is in doubt amid slowing economic recovery,” analysts including Lillian Lou wrote in a note.

Salary cuts and job losses have remained among the top concerns of households, they wrote, adding that the number of consumers anticipating the economy to worsen ticked up by two percentage points from November to 13 percent. Bloomberg

A10 Monday, January 15, 2024

U.S. TRADE MISSION TO BOOST PHL-U.S. ECONOMIC TIES–SOLON

By Jovee Marie N. dela Cruz @joveemarie

A

LEADER of the House of Representatives said on Sunday that United States President Joe Biden’s decision to send his first trade and investment mission to the Philippines in March will be a major step toward strengthening economic ties between the two countries.

House Committee on Ways and Means Chairman Joey Sarte Salceda said this move is a demonstration of the US’s commitment to transforming promises of friendship into tangible economic opportunities for the Filipino people.

Last January 12, President Joseph R. Biden, Jr., announced the launch of a Presidential Trade and Investment Mission to Manila on March 11 to 12, 2024. The mission is poised to strengthen U.S. companies’ involvement in various sectors of the Philippines’economy, including innovation, infrastructure, clean energy, critical minerals, and food security.

Leading the mission will be Secretary of Commerce Gina Raimondo, emphasizing the high-level commitment of the United States to fostering robust economic partnerships with the Philippines. This strategic initiative aligns with President Biden’s commitment to furthering economic relations and upholding internationally recognized labor rights, as discussed with Philippine President Ferdinand R. Marcos Jr., officials said.

NSC Spokesperson Adrienne Watson highlighted the mission’s focus on enhancing US companies’ contributions to the Philippines’ growth and positioning the country as a pivotal hub for regional supply

chains and quality investments.

Meanwhile, Salceda underscored the historic nature of the mission, which was the first of its kind and led by the US President’s Commerce Secretary.

Salceda said the US’s renewed commitment to promoting prosperity in the region is vital to common security interests.

He also welcomed US investments in key sectors such as aerospace and defense, pharmaceuticals, transport, and energy, emphasizing that these investments often bring valuable know-how and technology.

“The US’s renewed role in promoting prosperity in our region is a vital aspect of our common security interests. US investment and trade in areas such as aerospace and defense, pharmaceuticals, transport, and energy, where their money usually comes with know-how and technology, is most welcome,” he said.

Salceda attributed this milestone to President Marcos’s persistent efforts to strengthen US-Philippines ties, marking a positive turning point in the economic landscape.

Salceda expressed particular enthusiasm for the US’s offer to finance the Mindanao Railway Project through the Development Finance Corporation (DFC), the US agency dedicated to supporting projects in developing countries. He identified segments of the PNR South Long Haul project in Bicol as potential areas for investment.

Highlighting the advantages of the DFC as a financing source, Salceda emphasized its ability to provide deeply concessional financing, including equity investments and loans in local currencies, aligning with the Philippines’developmental goals.

Ramp up creative services, goods exports, firms advised

L

By Andrea E. San Juan @andreasanjuan

OCAL industry players are encouraged to export more creative goods and services, particularly in the areas of graphic design and software, among others, as the country aims to become the top creative economy in the Association of Southeast Asian Nations (Asean) by 2030.

According to Jo-Dann Darong, Assistant Director of Department of Trade and Industry’s (DTI) Competitiveness Bureau, prospects for this year are to “unleash the creative industry potential within Asean and even Asian and beyond.” The Philippine Exporters Confederation Inc. (Philexport) shared Darong’s assessment, conveyed at a recent exporters’ congress, expressing confidence the goals in the sector can be reached.

In the country’s bid to be the top creative economy in Asean by 2030, Darong underscored the need to tap into the potential of the Design sector, saying “there are a number

of exporters of graphic design and software.”

Citing the United Nations Conference on Trade and Development (Unctad), Darong said the Philippines has been contributing “very robust” creative trade performance after the pandemic.

“According to Unctad, we are a global powerhouse in Asia with regard to the creative economy and I think by doing so, we are able to have a fair share of this trade positive return,” he said during the recent export congress.

Darong said there are 73 creative sectors under the nine creative industries in the Philippines -- audiovisual media, digital interactive

media, creative services, design, publishing and printed media, visual arts, traditional cultural expressions, cultural sites, and performing arts.

He highlighted the digital interactive media which he said houses software and mobile applications, video games, computer games and mobile games, among others, saying this sector is “growing tremendously” over the years.

“Remember that we were kids when there were games (and) we were being scolded why we were playing them. Now, it is a multimillion-dollar business. And to some extent, this virtual augmented reality, together with digital creative content, are actually growing tremendously over the years in the Philippines,” he added.

The official of DTI’s competitiveness bureau cited Design as another sleeping giant in the creative industry.

“If you want to help the creative industry of the Philippines, you might probably look and examine design. Design has different aspects from the architecture to urban landscaping, to furniture, jewelry and toy making,” Darong said.

Darong also underscored the growth of books and textbooks, blogs, comics, graphic novels, physical copies of magazines and newspapers and other published media, adding that these “are still waiting for your investment and export support.”

“Visual arts talks about paintings and it is an exportable unique item. It also talks about photography, art toys and fine arts, and even drawings are still within the realm of the creative economy,” he also noted.

Meanwhile, the DTI official reported that the Trade department has “ramped up” its promotion for film, digital, animation and game development sectors.

He said exporters can look at Canada, Japan, Korea, and the rest of the powerhouse in the creative global economy.

“I think it would interest you to see that film and television production in Canada and (the) video game industry of Canada have been growing unprecedentedly over the past five years, giving you an idea and confidence that they are worthy for your export market,” he added.

See “Ramp up,” A2

Tripadvisor lists Palawan among world’s leading trending destinations

By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

I

NTERNATIONAL travel is expected to continue with a sustained momentum this year, with Palawan figuring in among the top searches for destinations by travel reviewers.

In a news statement, Tripadvisor, the world’s largest travel guidance platform, said of its first Traveler’s Choice Award for 2024: “With roughly four in five (81 percent) Americans planning vacations in 2024, these are the most sought-after destinations for the year, according to Tripadvisor reviewers.” The reviews also indicated “almost half (45 percent) are planning three or more trips, 46 percent will take at least one international trip, and the vast majority (93 percent) of Americans are planning to spend the same, if not more, on travel this year.”

Asia secured the eight of the top 10 spots in the world’s Trending Destinations—“places that have seen the greatest year-over-year growth in interest”—with Tokyo topping the list, followed by Seoul, Halong Bay in Vietnam, Palawan, Sapa in Vietnam, Bogota, Pattaya, Alajuela in Costa Rica, Phnom Penh, and Kuala Lumpur.

“Palawan is a slice of heaven, a sliver of an island that teems with exotic wildlife, quaint fishing villages, and Unesco World Heritage Sites. Wave hello to endangered animals at the Calauit Game Preserve and Wildlife Sanctuary or explore the Japanese shipwrecks of Coron Island, regarded as one of the best dive sites in the world.

A guided boat tour of the Puerto

Princesa Underground River will take your breath away,” wrote Tripadvisor.

‘A winning streak’

A NASDAQ-LISTED company, Tripadvisor has gathered more than 1 billion reviews and opinions of nearly 8 million businesses, which travelers use to explore destinations, find deals on accommodations, find out the best places to eat, among others.

“We could not be more grateful to the travel community for placing Palawan at the forefront of global travel trends. This singular achievement motivates us to maintain our commitment to sustainable tourism and showcase the beauty of Palawan to the world,” said Tourism Secretary Christina Garcia Frasco in a separate news statement.

“Further to this, Palawan’s winning streak…will certainly have a positive impact on its tourism industry. With the global recognition, the island is poised to attract a surge in visitors, providing a boost to the local economy and reinforcing Palawan’s position as a top-tier travel destination,” she added.

Prior to the Tripadvisor recognition, Palawan was also acknowledged last year among Travel + Leisure’s Best Tropical Vacations Around the World and Condé Nast Traveler Reader’s Choice’s Top Islands in Asia.

World’s top destinations

“AS Palawan continues to turn heads and warm hearts across the globe, this latest accolade from Tripadvisor is but a testament to the island’s timeless allure.

See “Tripadvisor,” A2

60 YEARS OF FRIENDSHIP European Union Ambassador Luc Veron (fifth from the left) and Foreign Affairs Undersecretary Theresa Lazaro (center), alongside SM Supermalls President Steven Tan (sixth from the right), led the ceremonial lighting of the 60th-anniversary logo commemorating Philippines-EU relations at the SM Mall of Asia Globe recently. The lighting of this iconic landmark signifies the launch of the EU’s year-long anniversary celebration. The event was witnessed by ambassadors and officials of the EU Member States’ Embassies and the Department of Foreign Affairs, including Czech Republic Deputy Head of Mission Dalibor Mička, DFA Assistant Secretary Ma. Elena Algabre, French Ambassador Marie Fontanel, Irish Ambassador William Carlos, German Ambassador Dr. Andreas Pfaffernoschke, Finnish Ambassador Juha Pyykkö, Belgian Ambassador Michel Parys, Hungarian Ambassador Titanilla Tóth, Romanian Ambassador Răduţa Dana Matache, Dutch Ambassador Marielle Geraedts, and Spanish Embassy Chargé d’Affaires Alvaro Moreno. NONIE REYES

Win, ERC eye stiffer penalties in outage losses

By Lenie Lectura @llectura

A

LAWMAKER and the regulator moved to further protect consumers against industry players found guilty of mismanaging power-related issues that result in economic losses.

Senator Sherwin Gatchalian, vice chair of the Senate Committee on Energy, wants stiffer penalties commensurate to the economic losses of affected areas due to negligence and incompetence.

Iloilo City Mayor Jerry Treñas said last week the four-day blackout has resulted in P2 billion worth

of economic losses. Gatchalian, however, noted that combined economic losses from the power outage incurred by both Iloilo province and Iloilo City have reportedly reached P5.7 billion.

The power plant that conked out and the alleged failure of the National Grid Corporation of the Philippines’ (NGCP) to properly address the issue at hand are being blamed for the power mess—the second in less than a year.

The Energy Regulatory Commission (ERC), which immediately launched its own investigation into the incident, is only allowed to impose a maximum penalty of

P50 million.

“It’s not worth their while,” said Gatchalian, referring to the penalty for any violation of the country’s grid code. He said the NGCP will take issues seriously if stiffer penalties are imposed for violations.

“Clearly, it wasn’t in a normal state anymore because there was already a deficiency in power supply when a power plant went down at past 12 noon on January 2. The demand went up, creating an imbalance in the grid. When you have a negative margin, that will definitely disrupt the grid,” he said.

At the time of the disruption,

the region had a deficiency of 55 megawatts or 15 percent of the total requirement which should have prompted NGCP to take appropriate actions by following the protocol prescribed by the grid code, Gatchalian added.

Suitable actions by the NGCP could have prevented a widespread power interruption in the region, the senator added, a view shared

by ERC Chairperson Monalisa Dimalanta. At that particular time when there was already an imbalance in the grid, she said the state of power in the area was already in an emergency or alert state.

Continued on A4

Companies BusinessMirror

Editor: Jennifer A. Ng

Monday, January 15, 2024

MGen optimistic of reaching RE goal before 2030—exec

M

By Lenie Lectura

@llectura

eralco PowerGen Corp.

(MGen), the power generation business of the Manila Electric Co. (Meralco), is optimistic that it would achieve its target renewable energy (RE) portfolio of 1,500 megawatts (MW) before 2030.

“Our target is 1,500 MW of RE by 2030, but it can be earlier. It depends on when the other projects will start,” said MGen Chief Operating Officer Dominador Camu Jr. “But we have a lot in our pipeline that will meet at least 1,500 MW.” MGen has earmarked P18 billion to accelerate its RE buildout. The investment will cover over 2 gigawatts of gross RE capacity from solar and wind projects. The investment will also include battery energy storage systems (BESS).

MGen, through its renewable energy unit MGen Renewable Energy

Inc. (MGreen), currently has an RE portfolio that includes the 55MWac BulacanSol solar plant in San Miguel, Bulacan in partnership with Powersource Energy Holdings Corp.; the 68MWac solar farm in Currimao, Ilocos Norte with Vena Energy’s Pasuquin Energy Holdings Inc., and the PH Renewables Inc.’s (PHRI) 75MWac solar farm in Baras, Rizal with Mitsui & Co.’s Mit-Renewables Power Corp.

Camu also said the company is processing its application for an environmental clearance to convert its coal project to gas.

T

start processing of the second round.

Hopefully, the next bidding will be this year because our target is to have a CSP annually,” Marasigan said.

The DOE earlier prequalified nine power firms. These are DMCI Power Corp., Smart Power Solutions Corp., Alternative Power Resources Holdings Inc., MSpectrum, Inc., Maharlika Clean Power Holdings Corp., Powersource OEG Services, Inc., One Renewable Energy Enterprise Inc., FP Island Energy Corp., and Vivant Energy Corp.

The first auction is expected to benefit a total of 15,645 households.

By VG Cabuag @villygc

Photo from www.meralcopowergen.com.ph

Atimonan One Energy, Inc. (A1E), a wholly-owned subsidiary of MGen, proposed that the 1,280MW natural gas-fired combined cycle gas turbine power plant be constructed in two phases. Each phase will consist of 2 x 600 MW capacities.

Phase 1 is targeted to begin construction within the third quarter and to be completed by the first quarter of 2026. Phase 2 is targeted to be completed three years thereafter. The proposed project

of A1E is estimated to cost about P175 billion.

“We have very exciting plans for generation because we have a lot of projects lined up. Although they will not be completed by 2024, but the construction and the pipeline is continuing to be filled up,” said Camu.

“These already include solar and wind. There are a lot of things we are working on that will hopefully contribute to the sustainability program of the government.”

“We have to consider our experience during the conduct of first CSP because we have to evaluate ourselves also as to why we received these offers only? Why not all? One of the main reasons we received is lack of time for the proponents to come up with a complete study on the target areas,” Marasigan said.

The DOE will revisit the terms of reference, he said. “If what is lacking is time, data and information then we have to address those. It may call for some amendments in the terms of reference we used in the first CSP.” Republic Act (RA) 11646, or the

Microgrid Systems Act of 2022, mandates the conduct of a CSP before an MGSP can serve off-grid areas. The MGSP need not obtain a franchise from Congress. However, the MGSP needs to apply for an authority to operate from the Energy Regulatory Commission.

The DOE earlier identified 98 unserved and underserved areas clustered into 49 lots situated in remote areas of the country. These far-flung or remote areas have the presence of economic activities that require the much-needed electricity services. Lenie Lectura

Meralco Apple to shutter San Diego AI team energizes A community via OMF

T

he Manila Electric Co. (Meralco) has energized a community in Barangay Sangandaan in Quezon City through the household electrification program of its social development arm, One Meralco Foundation (OMF).

Since its inception in 2011, over 70,000 low-income households have already benefitted from OMF’s community electrification program within Meralco’s franchise area.

In parallel, close to 300 off-grid public schools in far-flung areas across the Philippines now have access to sustainable electric service through the Foundation’s school electrification program. OMF has likewise recently included rural health centers, agriculture and livelihood facilities, and water access in the said program.

Through the program, OMF covered the cost of the installation of individual service entrance for the meter and helped facilitate, together with the local government and the Meralco Balintawak Business Center, the processing of pertinent permits such as the certificate of final electrical inspection. Lenie Lectura

pple Inc. is shutting a 121-person team related to artificial intelligence (AI) operations in San Diego, leaving many employees at risk of termination, according to people familiar with the matter.

The group, known as Data Operations Annotations, was told Wednesday that they would be relocating to Austin to merge with the Texas portion of the same team, said the people, who asked not to be identified because the plans haven’t been announced.

Apple told employees that they have until the end of February to decide if they will relocate, according to the people. If they don’t, the workers will be terminated on April 26.

The group, which also has offices in China, India, Ireland and Spain, is responsible for improving Siri by listening to queries to the voice service and determining if it heard and handled questions accurately. The announcement to close the San Diego group was made by Christine DeFilippo, a top deputy to Apple AI chief John Giannandrea, the people said.

An Apple spokeswoman confirmed the relocation decision, saying the company is bringing its “Data Operations Annotations teams in the US together at our campus in Austin, where a majority of the team is already based.”

She added that “everyone currently

2Go unveils new program for local MSMEs, startups

Photo from www.2go.com.ph

Govt to hold CSP for microgrids

he Department of Energy (DOE) will launch this year the second competitive bidding for the microgrid system providers (MGSP).

While the agency has yet to complete the first round of competitive selection process (CSP) for MGSP, DOE Assistant Secretary Mario Marasigan said the target is to conduct this every year.

“We still have to complete the first CSP process for the MGSP. We are in the process of evaluating the offers we received. Upon completion of those processes, then we will

B1

employed will have the opportunity to continue their role with Apple in Austin.”

The company also said it’s “deeply committed to San Diego,” where it has “grown significantly,” and that it is continuing to hire as Apple expands its engineering teams. In other countries where the affected team operates, Apple keeps all the employees in one office.

For the San Diego staff, the move came as a surprise. The AI team had been working from an office that Apple is renting, according to the people. But the company had told staff recently that they would be relocated to a new Apple campus in the area at the end of January. Earlier this month, Apple distributed packing boxes to employees to prepare for a relocation within the city.

Instead, they’ll now have to move to Texas. People familiar with the matter told Bloomberg that the majority of affected workers have indicated that they’re unwilling to relocate to Austin. Apple told employees that they could apply for other jobs, but some don’t think they’ll be eligible for many roles because they don’t have engineering backgrounds, the people said.

The San Diego employees focused on Siri use in Hebrew, English, multiple dialects of Spanish, Portuguese, Arabic and French.

The move has the potential to result in several dozen workers

leaving the company. Apple, which had 161,000 employees as of September, has mostly managed to avoid layoffs since the pandemic— in contrast with most of its tech peers. It did, however, cut some corporate retail jobs last April, as well as recruiters.

Employees who are willing to relocate to Austin by the end of June will be able keep their roles, Apple said. The company is offering $7,000 relocation stipends.

Those who choose to leave Apple will see their roles eliminated and get four weeks of severance—plus an additional week for every year worked. They’ll also get six months of health insurance.

The team has a notable history within Apple. Years ago, the group was mostly made up of contractors who listened to Siri queries to ensure their accuracy. That practice raised privacy concerns and was made optional for customers in 2019. The contractors ended up being fired and replaced with full-time employees.

A small number of employees in the group have begun assisting Apple with a move to AI products based on large language models, or LLMs. These employees are now reviewing potential queries to Siri and choosing among a handful of answers. They then have to explain their decision.

Apple is planning to announce its LLM plans in June, Bloomberg News has reported. Bloomberg News

L

ogistics firm 2Go Group Inc. has introduced 2Go Getters, a community of micro, small and medium-sized enterprises (MSMEs) and start-up companies.

The company said the community is open to anyone who aspires to build their business that needs delivery services.

2Go, a part of the SM group of companies, said its aim is to enable entrepreneurs of all scales and sizes to reach their dreams and aspirations.

“We understand the role we play in helping enable small businesses to flourish and grow. The synergy among the companies under the SM Group provides greater access and allows MSMEs to reach new markets and thrive,” Frederic C. DyBuncio, president and CEO, of SM Investments Corp. and also president and CEO of 2Go, said.

2Go Getters is an initiative dedicated to providing MSMEs with the tools they need in a competitive market, offering a series of growthfocused workshops, online promotional campaigns and networking opportunities.

Joining the 2Go Getters Community is free and members get exclusive deals and access to programs to equip them with the

right knowledge to thrive.

Chriz Valdez, the founder of Ollocal, sells in SM malls locally produced products focused on coconut-based products.

“We forged our partnership with 2Go a few months ago. Our partnership with them has proven to be crucial in ensuring the smooth and efficient transportation of our goods. Their reliable and trustworthy approach to logistics has helped us streamline our supply chain and meet the demands of our customers effectively,” Valdez said.

She operates specialty stores at SM Malls in Cavite and a pop-up store in SM Mall of Asia. Valdez said is pursuing her mission with local talent and partners.

She is also an officer of Cavite Association of Producers and Entrepreneurs (Cape). There, she champions her fellow entrepreneurs and business owners.

“When one of our members opened about 2Go Getters, I did not hesitate to say yes. I did not think about myself but our members in the association who are outside Cavite.

They wanted to send their products here, but they are looking for reliable logistics.”

Valdez and Cape use 2Go to transport their parcels to other members including Zamboanga, Bicol, Surigao del Sur, North and South Cotabato, Laguna and Bulacan.

Aqua Centro to hike water tariff rates in Cavite city in Feb

By Jonathan L. Mayuga @jonlmayuga

A

qua Centro, a Manila Water Philippine Ventures company, will charge its customers in General Trias, Cavite higher water tariff rates starting next month.

To be affected by the increase are residents of two villages—Villaggio Ignatius and Sunshine in Barangay Buenavista I. The tariff rate increase is in line with the approved Provisional Authority granted by the National Water Resources Board (NWRB) last February 27, 2023, and backed

by NWRB Resolution No. 03-0523 which extended until 2025 all Provisional Authority issued by the NWRB. Under the new tariff rate schedule, the company will charge its customers consuming 5 cubic meters or less P184.78 per cubic meter, which is much higher compared to the P122.57 per cu. m. it charges for customers consuming 10 cu. m. and below.

The new tariff rates, however, go up as customers increase their water consumption as compared to the previous flat rate of P12.25 per cu. m.

For customers consuming 6 to 10 cu. m., the rate is P18.56 per cu. m., P20.04 per cu. m. for those consuming 11 to 2 cu. m.; P26.17 for those consuming 21 to 30 cu. m.; P29.22 for customers consuming 31 to 40 cu. m. and P32.30 per cu. m. for customers consuming over 40 cu. m.

According to Aqua Centro, the new tariff adjustments will allow the company to keep up with the increasing costs of capital investment, ensure the effective operation of its facilities, and adhere to government standards and policies.

Aqua Centro Territory Manager Mark Hizon Bartolazo said notice of the tariff rate hikes will be issued to its customers in the coming days.

He said the new tariff rates are still below the approved Provisional Authority granted to Aqua Centro, in which the company is allowed to charge as much as P316.50 for customers consuming 5 cu. m. or less, P69.30 per cu. m. for consumers consuming 6 to 10 cu. m., P74.80 for customers consuming 11 to 20 cu. m., P97.70 for customers consuming P21 to 30 cu. m., P109.10 for customers consuming 31 to 40 cu. m. and P126.60 for customers consuming over 40 cu. m.

B2

Companies BusinessMirror

Monday, January 15, 2024

PSE STOCK QUOTATIONS

January 12, 2024

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

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

181,485 602,384,975 16,107 198,323,805 579,770 1,826,225 344,855,075.50 385,280 1,195,654 252,175.50 188,885 11,222,290 16,132,085 159,240 133,300 75,880 29,100 19,000 135,578 27,200 43,890

99,214,845 -6,950 -62,171,768 1,259,213 146,900,712.50 -280,500 -97,612.50 -4,286,591.50 -3,633,080 -66,730 -17,700 -

INDUSTRIAL ACEN CORP 4.33 4.36 4.35 4.44 4.33 4.33 5,339,000 23,330,600 0.54 0.55 0.57 0.57 0.54 0.54 205,000 111,850 ALSONS CONS ALTERNERGY HLDG 0.75 0.76 0.76 0.77 0.75 0.75 653,000 491,220 38.35 38.4 38.4 38.4 38.05 38.35 799,400 30,553,935 ABOITIZ POWER 1.2 1.22 1.2 1.22 1.2 1.22 133,000 159,640 RASLAG BASIC ENERGY 0.195 0.197 0.186 0.2 0.185 0.195 2,550,000 496,780 17.8 17.9 17.7 17.9 17.7 17.9 111,200 1,984,888 FIRST GEN 64.05 64.3 64 64.05 64 64.05 1,000 64,042 FIRST PHIL HLDG MERALCO 380 384 384 385 380 380 96,430 36,773,380 MANILA WATER 19.02 19.04 18.88 19.04 18.8 19.02 707,800 13,436,370 3.4 3.41 3.4 3.41 3.39 3.41 305,000 1,037,040 PETRON PETROENERGY 4.4 4.61 4.1 4.35 4.1 4.35 2,000 8,450 4.56 4.9 4.9 4.9 4.9 4.9 5,000 24,500 PHX PETROLEUM 7.8 7.81 7.76 7.82 7.76 7.8 79,700 621,714 REPOWER ENERGY 31.15 31.4 31.3 31.5 31.15 31.15 619,700 19,395,690 SEMIRARA MINING SYNERGY GRID 7.4 7.41 7.31 7.5 7.28 7.41 2,508,000 18,561,881 11 11.1 11.12 11.12 11 11.1 147,700 1,638,174 SHELL PILIPINAS 7 7.15 7.19 7.19 7.15 7.15 21,700 155,628 SPC POWER SP NEW ENERGY 1.28 1.29 1.27 1.29 1.27 1.29 9,871,000 12,654,690 0.71 0.73 0.69 0.74 0.68 0.73 9,464,000 6,778,740 AGRINURTURE 10.6 11.76 10.56 11.74 10.56 11.74 1,600 17,604 CNTRL AZUCARERA CENTURY FOOD 33.8 34 33.7 34.75 33.5 33.8 9,092,700 309,402,045 6.2 6.24 6.2 6.25 6.2 6.24 21,000 130,456 DEL MONTE 6.55 6.56 6.54 6.59 6.54 6.55 544,300 3,570,367 DNL INDUS EMPERADOR 20.85 20.95 21 21 20.8 20.85 716,000 14,927,120 49.9 50 50 50 49.9 50 7,240 361,745.50 SMC FOODANDBEV 0.63 0.64 0.64 0.64 0.62 0.63 4,574,000 2,885,540 FIGARO COFFEE FRUITAS HLDG 0.89 0.9 0.9 0.9 0.89 0.9 392,000 352,770 161.5 162 164 164 161.5 162 6,680 1,086,040 GINEBRA 264 265 260 265 259.8 265 1,910,970 502,546,982 JOLLIBEE KEEPERS HLDG 1.42 1.43 1.42 1.43 1.41 1.42 652,000 925,080 MAXS GROUP 3.27 3.33 3.3 3.33 3.27 3.27 596,000 1,971,820 0.098 0.11 0.098 0.098 0.098 0.098 30,000 2,940 MG HLDG MONDE NISSIN 8.41 8.52 8.63 8.7 8.41 8.41 1,757,300 14,914,238 SHAKEYS PIZZA 9.82 9.95 9.8 9.81 9.8 9.81 40,600 397,980 0.42 0.43 0.43 0.43 0.425 0.425 210,000 89,300 ROXAS AND CO RFM CORP 2.98 2.99 2.99 2.99 2.98 2.99 2,842,000 8,483,820 UNIV ROBINA 121.4 122.5 122.5 123 121.3 121.4 279,640 34,139,803 0.5 0.52 0.5 0.53 0.5 0.52 74,000 37,050 VITARICH CONCRETE A 41.35 57.95 58.4 58.4 58.4 58.4 880 51,392 0.96 0.97 0.97 0.97 0.96 0.96 49,000 47,140 CEMEX HLDG 0.71 0.74 0.71 0.74 0.69 0.74 510,000 366,260 EC VULCAN CORP 6.2 6.22 6.3 6.3 6.16 6.2 162,400 1,008,185 EEI CORP MEGAWIDE 3.16 3.17 3.15 3.2 3.15 3.17 599,000 1,902,120 20.1 20.3 20.1 20.2 20.1 20.2 19,500 392,850 PHINMA 1.55 1.57 1.6 1.6 1.53 1.57 45,000 69,420 CROWN ASIA EUROMED 0.71 0.78 0.73 0.73 0.73 0.73 3,000 2,190 5.6 5.77 5.6 5.76 5.6 5.76 1,600 9,200 MABUHAY VINYL 5.22 5.28 5.29 5.29 5.22 5.22 10,900 57,359 PRYCE CORP GREENERGY 0.243 0.245 0.246 0.246 0.24 0.243 15,100,000 3,685,040 2.89 2.9 2.87 2.9 2.87 2.89 591,000 1,711,800 INTEGRATED MICR 1.1 1.11 1.13 1.13 1.1 1.11 784,000 866,730 IONICS PANASONIC 4.51 5.6 5.65 5.65 5.65 5.65 3,000 16,950 2.35 2.43 2.43 2.44 2.35 2.43 371,000 903,280 SFA SEMICON 1.82 1.83 1.77 1.83 1.75 1.83 157,000 279,670 CIRTEK HLDG

-3,434,230 12,420 3,637,205.00 60,000 63,720 -1,929 2,634,046 4,262,370 -61,270 -4,900 1,944,460 -548,125 -952,624 -46,735 2,221,160 83,130.00 -153,665,395 -100,500 -822,676 -754,355 -153,823.50 630 88,635,340 35,750 -1,036,960 -5,141,698.00 -4,300 -681,350 -12,306,957 28,400 -12,720 -16,368 5,480 -1,234,320 11,190 43,810

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

38,179,020 -2,836,915 -1,651,322 86,540 -63,804 56,347,505 -90,378,750 -1,093,305 79,094,250 70,057,161 173,904 -

HOLDING & FRIMS

33.8 138.9 6.96 107 31.4 8.53 57.35 8.6 18.7 55 23 73.9 44.3 1.36 2.6 2.7 1,100 0.35 177.2 2,500 0.77

1.08 680.5 48.7 11.5 11.52 0.38 4.82 10.06 5.55 1.64 618 3.5 40.15 0.395 4.28 9.03 1.17 2.66 2.9 0.93 901.5 121 98 0.255 0.076

34.9 139 7.19 107.4 31.6 8.65 57.4 8.68 18.8 55.7 23.5 74 44.35 1.37 2.65 2.76 1,180 0.38 179 2,720 0.79

1.09 681 49.6 11.52 11.66 0.39 4.83 10.08 5.59 2.26 620 3.56 40.2 0.435 4.48 9.1 1.4 2.71 3.5 0.98 904 121.1 103 0.27 0.083

34.85 139 7 107 31.6 8.5 55.95 8.6 18.7 55.75 23 73.95 45.45 1.37 2.65 2.7 1,180 0.38 178.4 2,720 0.77

1.1 676 48.55 11.62 12 0.38 4.81 10.1 5.55 2.25 613 3.56 40.25 0.395 4.28 9.09 1.39 2.69 2.9 0.98 897 117.9 97 0.255 0.075

34.85 140.3 7.19 108.2 31.6 8.69 57.6 8.6 18.8 55.85 23.5 74.05 45.45 1.39 2.67 2.76 1,180 0.38 179.6 2,720 0.77

1.1 686.5 49.8 11.7 12 0.38 4.83 10.14 5.55 2.25 626 3.56 41.6 0.42 4.28 9.1 1.4 2.71 2.9 0.98 907.5 121.2 103.9 0.26 0.075

33.8 138 6.95 106.2 31.4 8.5 55.95 8.6 18.7 55.7 23 73.5 44.35 1.37 2.65 2.7 1,100 0.38 177.2 2,720 0.77

1.06 674.5 48.55 11.52 11.5 0.38 4.78 10.08 5.5 2.25 613 3.56 40.15 0.395 4.28 9 1.39 2.66 2.9 0.98 891 116 97 0.255 0.075

33.8 139 6.95 107 31.5 8.53 57.4 8.6 18.8 55.7 23.5 74 44.35 1.39 2.65 2.76 1,100 0.38 177.2 2,720 0.77

1.09 680.5 48.7 11.52 11.5 0.38 4.82 10.08 5.55 2.25 618 3.56 40.2 0.42 4.28 9.03 1.4 2.66 2.9 0.98 902 121 103 0.26 0.075

5,300 4,317,030 2,300 1,850,050 18,400 214,100 6,045,830 44,800 63,900 4,520 8,200 151,740 360,800 116,000 50,000 28,000 25 50,000 760 10 57,000

1,849,000 443,300 541,300 1,669,300 9,800 260,000 240,000 1,273,000 36,900 2,000 230,140 1,000 4,276,900 20,000 10,000 695,100 6,000 32,000 100,000 12,000 263,700 834,280 1,730 1,000,000 10,000

1,994,990 302,559,100 26,512,175 19,289,156 115,918 98,800 1,154,570 12,865,714 204,790 4,500 143,128,715 3,560 173,708,425 8,150 42,800 6,303,286 8,390 85,610 290,000 11,760 238,132,370 100,132,526 175,844 256,000 750

PROPERTY

ARTHALAND CORP 0.42 0.445 0.425 0.425 0.42 0.42 220,000 92,700 34.05 34.2 34.2 34.35 34.05 34.05 4,420,000 151,130,365 AYALA LAND AYALA LAND LOG 1.84 1.87 1.8 1.87 1.8 1.87 248,000 459,370 0.98 1 0.98 1.02 0.98 0.98 2,301,000 2,289,860 ARANETA PROP 33.6 33.65 33.6 33.7 33.4 33.6 1,022,100 34,283,565 AREIT RT A BROWN 0.63 0.67 0.63 0.67 0.63 0.67 151,000 96,750 0.7 0.72 0.73 0.73 0.73 0.73 15,000 10,950 CITYLAND DEVT 0.067 0.071 0.072 0.072 0.072 0.072 10,000 720 CROWN EQUITIES CEB LANDMASTERS 2.55 2.59 2.57 2.59 2.55 2.55 288,000 740,230 CENTURY PROP 0.265 0.27 0.265 0.28 0.265 0.27 330,000 88,150 2.65 2.66 2.61 2.68 2.6 2.66 7,484,000 19,733,720 CITICORE RT DOUBLEDRAGON 7.8 7.85 8.1 8.14 7.72 7.85 364,900 2,916,140 DDMP RT 1.23 1.24 1.23 1.24 1.21 1.24 1,164,000 1,431,610 5.5 5.6 5.4 5.5 5.4 5.5 58,100 318,920 DM WENCESLAO 0.122 0.125 0.122 0.125 0.122 0.125 170,000 21,190 EMPIRE EAST EVER GOTESCO 0.28 0.29 0.275 0.29 0.275 0.29 930,000 264,550 3.01 3.08 2.99 3.09 2.97 3.09 1,457,000 4,378,690 FILINVEST RT 0.67 0.68 0.68 0.68 0.66 0.68 9,101,000 6,112,460 FILINVEST LAND 8990 HLDG 8.78 8.79 8.6 8.78 8.6 8.78 1,000 8,762 840 880 839.5 880 839.5 880 470 403,365 GOLDEN MV 0.55 0.57 0.57 0.57 0.57 0.57 3,000 1,710 PHIL INFRADEV CITY AND LAND 0.76 0.77 0.76 0.77 0.76 0.77 39,000 29,890 2 2.01 2.01 2.02 2 2 15,913,000 31,863,840 MEGAWORLD 1.38 1.41 1.42 1.42 1.38 1.38 70,000 97,500 MRC ALLIED MREIT RT 12.86 12.88 12.8 12.9 12.72 12.88 320,300 4,109,152 0.24 0.28 0.24 0.24 0.24 0.24 130,000 31,200 OMICO CORP 0.325 0.345 0.325 0.35 0.325 0.35 160,000 54,150 PHIL ESTATES PREMIERE RT 1.52 1.55 1.55 1.56 1.52 1.52 589,000 903,240 PRIMEX CORP 2.36 2.41 2.34 2.41 2.34 2.41 30,000 70,550 5.15 5.16 5.1 5.16 5.06 5.15 2,676,100 13,761,208 RL COMM RT ROBINSONS LAND 16.28 16.32 16.28 16.32 16.2 16.32 6,964,200 113,505,766 PHIL REALTY 0.145 0.15 0.145 0.145 0.145 0.145 1,460,000 211,700 1.4 1.44 1.43 1.44 1.4 1.4 7,000 10,010 ROCKWELL SHANG PROP 3.89 3.9 3.78 3.89 3.78 3.89 121,000 461,710 STA LUCIA LAND 3.21 3.41 3.43 3.43 3.3 3.41 26,000 88,080 33.55 33.8 33.5 33.95 33.25 33.55 4,371,900 147,406,850 SM PRIME HLDG SUNTRUST RESORT 0.77 0.79 0.75 0.79 0.75 0.79 10,000 7,700 1.79 1.8 1.8 1.82 1.79 1.8 463,000 837,290 VISTA LAND 1.75 1.76 1.73 1.77 1.72 1.75 4,570,000 8,021,430 VISTAREIT RT

SERVICES ABS CBN 5.15 5.16 4.99 5.18 4.98 5.16 2,795,000 14,325,940 8.89 8.9 8.9 8.93 8.89 8.9 280,000 2,493,935 GMA NETWORK MANILA BULLETIN 0.201 0.234 0.234 0.234 0.234 0.234 20,000 4,680 1,712 1,719 1,726 1,738 1,711 1,712 106,170 182,321,715 GLOBE TELECOM 1,290 1,294 1,286 1,295 1,281 1,290 32,725 42,158,705 PLDT APOLLO GLOBAL 0.014 0.015 0.015 0.015 0.014 0.014 59,900,000 840,400 CONVERGE 9.36 9.44 9.31 9.55 9.31 9.36 3,620,600 34,281,828 3.08 3.19 3.11 3.11 3.1 3.1 25,000 77,630 DFNN INC DITO CME HLDG 2.6 2.62 2.6 2.76 2.57 2.6 14,607,000 38,683,610 NOW CORP 1.18 1.2 1.18 1.21 1.16 1.2 245,000 290,060 0.135 0.139 0.135 0.135 0.135 0.135 280,000 37,800 TRANSPACIFIC BR ASIAN TERMINALS 15.96 15.98 15.94 15.96 15.92 15.96 15,100 240,926 1.44 1.5 1.42 1.5 1.4 1.5 385,000 553,030 CHELSEA 33.15 33.3 33.1 33.4 33 33.3 66,000 2,188,255 CEBU AIR 245 245.8 238.6 245.8 238.6 245.8 1,556,060 378,908,556 INTL CONTAINER LBC EXPRESS 16.9 17.98 17.2 18.18 16.9 16.9 4,100 70,192 3.98 3.99 4.07 4.07 3.98 3.98 1,181,000 4,702,080 MACROASIA 5.3 5.35 5.36 5.36 5.13 5.35 23,200 123,010 PAL HLDG HARBOR STAR 0.75 0.77 0.77 0.77 0.77 0.77 2,000 1,540 0.063 0.064 0.062 0.063 0.062 0.063 1,520,000 94,660 BOULEVARD HLDG 1.11 1.18 1.1 1.18 1.1 1.11 55,000 62,860 DISCOVERY WORLD WATERFRONT 0.4 0.41 0.4 0.4 0.4 0.4 250,000 100,000 7.03 7.48 7.48 7.48 7.02 7.02 1,500 10,576 IPEOPLE 0.47 0.475 0.465 0.475 0.465 0.475 1,280,000 600,500 STI HLDG BELLE CORP 1.18 1.19 1.19 1.19 1.17 1.18 73,000 86,710 9.92 10.02 10.16 10.16 9.92 9.92 4,702,700 46,843,362 BLOOMBERRY 4.16 4.26 4.23 4.27 4.14 4.16 679,000 2,853,820 PACIFIC ONLINE PH RESORTS GRP 0.87 0.88 0.85 0.88 0.84 0.87 854,000 737,560 PREMIUM LEISURE 0.66 0.67 0.67 0.68 0.66 0.67 4,641,000 3,097,160 7.57 7.59 8.01 8.03 7.5 7.57 6,878,800 52,762,694 DIGIPLUS PHIL RACING 5 7.21 5.01 5.01 4.8 4.8 24,000 116,120 1.75 1.79 1.76 1.8 1.76 1.79 172,000 307,070 PHILWEB 0.16 0.161 0.16 0.162 0.16 0.16 4,300,000 688,790 ALLDAY BERJAYA 7.4 7.99 7.55 7.55 7.55 7.55 20,200 152,510 1.21 1.22 1.17 1.23 1.15 1.22 4,066,000 4,802,640 ALLHOME 1.26 1.27 1.26 1.27 1.26 1.26 241,000 303,670 METRO RETAIL PUREGOLD 28.5 28.65 28.75 28.95 28.4 28.65 991,300 28,402,950 ROBINSONS RTL 38.95 39 39.55 39.55 38.85 38.95 609,000 23,790,205 74.05 76.25 76.25 76.25 76 76.25 170,070 12,953,166.50 PHIL SEVEN CORP SSI GROUP 2.65 2.66 2.73 2.74 2.66 2.66 465,000 1,246,110 UPSON INTL CORP 1.5 1.59 1.56 1.6 1.5 1.59 78,000 120,650 23 23.25 23.45 23.7 23 23.25 826,700 19,306,815 WILCON DEPOT 0.22 0.227 0.22 0.227 0.22 0.227 110,000 24,340 APC GROUP EASYCALL 2.18 2.96 2.96 2.96 2.96 2.96 1,000 2,960 0.315 0.32 0.32 0.32 0.315 0.315 150,000 47,750 MEDILINES 0.176 0.178 0.175 0.178 0.175 0.178 300,000 52,840 PRMIERE HORIZON SBS PHIL CORP 4.24 4.45 4.44 4.44 4.3 4.3 6,000 26,220

MINING & OIL APEX MINING 2.88 2.89 2.8 2.89 2.8 2.88 2,564,000 7,331,300 ATLAS MINING 3.21 3.36 3.3 3.31 3.2 3.21 402,000 1,299,700 BENGUET A 4.75 4.76 4.71 4.84 4.71 4.75 131,000 626,500 4.72 4.77 4.72 4.76 4.7 4.76 38,000 179,200 BENGUET B COAL ASIA HLDG 0.13 0.159 0.13 0.14 0.13 0.14 40,000 5,410 3.11 3.25 3.13 3.13 3.11 3.11 13,000 40,570 CENTURY PEAK 2.13 2.18 2.15 2.18 2.13 2.18 212,000 459,010 FERRONICKEL GEOGRACE 0.03 0.033 0.032 0.032 0.027 0.027 1,400,000 38,800 0.075 0.079 0.074 0.075 0.074 0.075 1,700,000 126,100 LEPANTO A 0.076 0.077 0.078 0.078 0.076 0.076 410,000 31,570 LEPANTO B MANILA MINING A 0.0047 0.0048 0.0046 0.0047 0.0046 0.0047 12,000,000 55,400 0.93 0.95 1 1 0.93 0.95 954,000 915,980 MARCVENTURES 0.485 0.59 0.6 0.6 0.6 0.6 10,000 6,000 NIHAO 5 5.02 5.09 5.09 4.98 5 7,298,700 36,491,090 NICKEL ASIA ORNTL PENINSULA 0.63 0.65 0.65 0.65 0.65 0.65 1,000 650 3.18 3.2 3.18 3.2 3.15 3.18 479,000 1,517,760 PX MINING 0.004 0.0044 0.0044 0.0044 0.0044 0.0044 3,000,000 13,200 UNITED PARAGON ENEX ENERGY 4.85 4.9 4.9 4.9 4.85 4.85 6,000 29,250 0.008 0.0081 0.0079 0.0079 0.0079 0.0079 16,000,000 126,400 ORNTL PETROL A 0.0075 0.0078 0.0075 0.0075 0.0075 0.0075 7,000,000 52,500 PHILODRILL PXP ENERGY 3.8 3.87 3.81 3.88 3.74 3.87 155,000 583,620

PREFFERED HOUSE PREF B 95.05 98 98 98 98 98 30 2,940 1,068 1,078 1,079 1,079 1,079 1,079 30 32,370 ACEN PREF B AC PREF AR 2,490 2,504 2,506 2,506 2,490 2,490 20 49,960 97.1 97.5 97 97 97 97 500 48,500 BRN PREF A 33.1 33.95 33.1 33.1 33.1 33.1 300 9,930 CEB PREF DD PREF 94.75 94.85 95 95 94.25 94.65 1,620 153,040 90.05 99.1 94 94 94 94 20 1,880 EEI PREF A 96.15 97 97 97 97 97 12,640 1,226,080 EEI PREF B GTCAP PREF B 950.5 980 950.5 950.5 950.5 950.5 60 57,030 94 94.2 93.95 94.2 93.95 94.2 11,090 1,042,178 MWIDE PREF 2B 90.2 93.7 93.35 93.7 93.35 93.7 5,930 554,189.50 MWIDE PREF 4 MWIDE PREF 5 101 101.2 101.2 101.2 101.2 101.2 90 9,108 211 229 211 229 208.8 229 130 27,840 PNX PREF 4 980 991 991 991 991 991 120 118,920 PCOR PREF 3A 985 1,000 965 965 965 965 10 9,650 PCOR PREF 4B SMC PREF 2F 72.55 73 73 73 73 73 200 14,600 68.55 69.1 67.8 69.2 67.2 68.55 95,940 6,548,567 SMC PREF 2J 68.6 69 68.5 69 68.5 69 34,910 2,403,950 SMC PREF 2K SMC PREF 2N 77.7 78.8 78.5 78.6 78.5 78.6 3,100 243,550 77.8 78 77.85 78.25 77.75 78 7,610 592,625 SMC PREF 2O 48.15 48.5 48.35 48.35 48.1 48.1 1,600 77,210 TECH PREF B2D

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 4.7 4.74 4.65 4.75 4.65 4.7 88,000 412,470 8.03 8.99 8.99 8.99 8.99 8.99 200 1,798 GMA HLDG PDR

WARRANTS

TECH WARRANT

0.3

0.335

SMALL, MEDIUM & EMERGING

BALAI FRUITAS CTS GLOBAL HAUS TALK ITALPINAS KEPWEALTH MAKATI FINANCE MERRYMART XURPAS

0.425 0.75 0.94 0.68 1.56 1.74 1.02 0.21

0.43 0.76 0.96 0.69 1.59 2 1.03 0.239

EXHANGE TRADE FUNDS FIRST METRO ETF

104.8

105.3

0.315

0.325

0.31

0.31

90,000

28,250

25,500 -6,580,805 72,900.00 137,800 -309,130 494,714.00 -412,050 -216,650.00 134,140 -110,320 -7,210,750.00 87,552 15,600 -486,831 -987,784 -4,320 -38,900 -31,795,675 -44,950 -5,310 -66,174,605 12,402,955 -403,200 2,229,694 27,970 -2,206,830 -9,300 -209,090 -1,021,605 12,948,174 3,586,000 1,180 13,950 -2,360 -11,043,097 -75,680 651,760 -12,999,610 -8,000 -281,360 19,928,540 -11,704,970.00 38,885.50 16,190 -59,230 -6,435,535 -1,436,910 -288,430 -155,400 3,110 -71,150 15,400 135,000 6,000 -6,748,636 90,640 -15,000 -3,748 -617,097 -14,490 -

Globe blocks 5.48B spam, scam messages in 2023

By Lenie Lectura

G

@llectura

lobe Telecom Inc. recorded 5.48 billion spam and scam messages that were blocked by its network last year.

The company said the figures doubled from 2.7 billion in 2022, reflecting the effectiveness of Globe’s stringent measures against cyber threats even as fraudsters evolved their scam tactics.

In a bid to further eliminate scam-linked SIMs, Globe said it has implemented an improved validation process of SIM registration data.

Anton Bonifacio, Globe Chief Information Security Officer, said the continuing prevalence of scam and

spam messages could be linked to either black market SIMs registered under false identities or legitimate SIMs repurposed for criminal use.

This move aims to identify and neutralize threats—where even validly registered SIMs can become tools for illicit activities—through thorough post-registration validation efforts.

“These scam messages that continue to spread could be from SIMs obtained in the black market with

MUTUAL FUNDS

NAV

One Year Three Year

Five Year

-

0.43 0.43 0.41 0.425 170,000 71,450 -4,150 0.74 0.75 0.74 0.75 16,000 11,850 -3,700 0.95 0.96 0.94 0.96 176,000 166,050 -9,400 0.67 0.69 0.67 0.68 112,000 76,010 1.53 1.53 1.53 1.53 1,000 1,530 2 2 1.7 1.74 396,000 716,340 1.04 1.04 1.02 1.03 1,398,000 1,435,280 30,900 0.207 0.208 0.207 0.208 20,000 4,150

104.8 105.3 104.7 105.3 17,510 1,839,286 -31,575

Y-T-D

per share Return*

215.18

2.01%

-2.52%

-4.13%

-0.2%

2.1%

ATRAM Alpha Opportunity Fund, Inc. -a 1.4894

7.05%

3.46%

-0.2%

1.98%

1.13%

ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.9942

1.58%

-2.19%

-6.29%

-2.04%

Climbs Share Capital Equity Investment Fund Corp. -a 0.703

0.9%

-4.88%

-5.78% n.a

First Metro Consumer Fund, Inc. -a

0.6419

-6.18%

-5.27%

First Metro Save and Learn Equity Fund, Inc. -a 4.7105-0.54% -2.35%

-6.1% n.a

2.61%

-3.47%

1.74%

-0.14%

First Metro Save and Learn Philippine Index Fund, Inc. -a 0.7084-1.03% -2.87% n.a n.a MBG Equity Investment Fund, Inc. -a

85.21

PAMI Equity Index Fund, Inc. -a 43.9907

-0.31%

-2.8%

-3.5% n.a

2.51%

Philam Strategic Growth Fund, Inc. -a

457.27

1.88%

-2.91%

-3.48%

-0.14%

2.22%

Philequity Dividend Yield Fund, Inc. -a

1.2119

0.7%

0.42%

-1.77% n.a

0.55%

1.4%

-1.16%

-2.41%

1.66%

Philequity Fund, Inc. -a

34.4138

10.84%

-6.25%

-6.52% n.a

-1.85%

-3.27% n.a

4.6199

0.61%

-1.94%

-2.72%

1.53%

2.43%

Philippine Stock Index Fund Corp. -a

769.04

0.51%

-2.11%

-2.79%

1.54%

2.47%

Soldivo Strategic Growth Fund, Inc. -a 0.6932

1.46%

-1.9%

-5.27% n.a

1.09%

Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.4375

-0.06%

-2.5%

-4.4%

-0.17%

Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8722 0.23%

-2.42%

-3.09% n.a

United Fund, Inc. -a

0.71%

2.33%

-2.25%

-3.22%

0.62%

2.3%

2.32%

Philequity MSCI Philippine Index Fund, Inc. -a 0.88532.21%

0.32%

1.65%

0.26%

Philequity PSE Index Fund, Inc. -a

3.1634

2.12%

2.18% 2.49%

Primarily invested in Peso securities (units) COL Equity Index Unitized Mutual Fund, Inc. -a 1.08130.26% n.a n.a n.a

2.43%

COL Strategic Growth Equity Unitized Mutual Fund, Inc. -a,2 1.0184 n.a n.a n.a n.a 1.36% Philequity Alpha One Fund, Inc. -a

1.0298

-4.85%

-2.72% n.a n.a

1.06%

Philippine Stock Index Fund Corp. -a

933.6

0.48% n.a n.a n.a

2.47%

Exchange Traded Fund (shares) First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c104.48311.12% -1.7%

-2.47%

2.23%

2.5%

Primarily invested in foreign currency securities (shares) -13.46%

-15.38%

-3.68%

-1.91%

Sun Life Prosperity World Voyager Fund, Inc. -a $1.6521

ATRAM AsiaPlus Equity Fund, Inc. -b

$0.7869

13.39%

-1.27%

7.31% n.a

-4.27% -0.58%

Balanced Funds Primarily invested in Peso securities (shares) ATRAM Philippine Balanced Fund, Inc. -a 2.2184

4.64%

-1.52%

-0.65%

0.57%

0.21%

ATRAM Unicapital Diversified Growth Fund, Inc. -a,41.5126

2.29%

-3.76%

-2.52%

-1.37%

0.13%

First Metro Save and Learn Balanced Fund, Inc. -a 2.5204

-0.7%

-1.84%

-1.08%

-0.65%

0.95%

First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.1927

-1.78%

-1.46% n.a n.a

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

1.9574

-0.54%

-0.52%

0.58%

1.71%

3.5903

3.35%

-2.17%

0.01%

0.86%

0.97%

Philam Fund, Inc. -a

15.7141

2.91%

-2.88%

-0.73%

0.53%

0.97%

Solidaritas Fund, Inc. -a

2.0525

2.2%

-1.13%

1.26%

-0.9%

1.31%

1.21%

Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.4378

1.94%

-1.75%

-1.98%

0.2%

Sun Life Prosperity Dynamic Fund, Inc. -a 0.9101

0.13%

-1.07% n.a

0.64%

2.14%

0.88%

Primarily invested in Peso securities (units) Sun Life Prosperity Achiever Fund 2028, Inc. -a 0.9462.88%

-2.9% n.a n.a

0.61%

Sun Life Prosperity Achiever Fund 2038, Inc. -a 0.8598 1%

-3.79% n.a n.a

1.5%

Sun Life Prosperity Achiever Fund 2048, Inc. -a 0.84 0.24%

-4.04% n.a n.a

1.74%

Primarily invested in foreign currency securities (shares) Cocolife Dollar Fund Builder, Inc. -a $0.03278

1.3%

-5.48%

-1.54%

0.14%

PAMI Asia Balanced Fund, Inc. -b$0.8821 -6.43%

-9.8%

-1.35%

-1.14%

-3.61%

Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.2597

8.57%

-2.55%

4.43%

Sun Life Prosperity Dollar Wellspring Fund, Inc. -a $1.032

4.13%

-4.25%

1.07% n.a

-1.29% 2.88%

-0.75% -0.86%

Bond Funds Primarily invested in Peso securities (shares) ALFM Peso Bond Fund, Inc. -a 390.73

3.32%

1.74%

2.59%

2.27%

0.06%

ATRAM Corporate Bond Fund, Inc. -a

1.9106

1.58%

0.16%

0.61%

0.08%

0.09%

Cocolife Fixed Income Fund, Inc. -a

3.3232

2.96%

1.1%

2.23%

3.74%

-0.06%

Ekklesia Mutual Fund, Inc. -a 2.2771

4.23%

-0.26%

-0.39%

1.3%

1.49%

First Metro Save and Learn Fixed Income Fund, Inc. -a 2.4491

2.14%

-0.01%

2.03%

Philam Bond Fund, Inc. -a

0.98%

-0.36%

4.2825

2.41%

-2.54%

2.38%

1.18%

Philam Managed Income Fund, Inc. -a

1.3798

4.22%

1.48%

3.23%

1.82%

0.48%

Philequity Peso Bond Fund, Inc. -a

4.0316

4.01%

0.41%

2.63%

1.71%

-0.07%

Soldivo Bond Fund, Inc. -a

2.95%

0.34%

3.19% n.a

-0.01%

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

3.2999

4.62%

1.05%

3.44%

2.25%

Sun Life Prosperity GS Fund, Inc. -a

3.86%

0.3%

2.59%

1.63%

-0.33%

1.0496

1.7635

-0.33%

-0.39%

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

1.01 n.a n.a n.a n.a

0.24%

Primarily invested in foreign currency securities (shares) ALFM Dollar Bond Fund, Inc. -a $495.53

3.05%

0.83%

2%

2.55%

0.06%

ALFM Euro Bond Fund, Inc. -a Є213.93

1.93%

-0.84%

0.14%

0.84%

-0.03%

ATRAM Total Return Dollar Bond Fund, Inc. -b$1.03561.98%

-6.39%

-1.74%

0.15%

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

4.2%

-1.94%

-0.08% n.a

-3.86%

-3.04%

-0.55%

PAMI Global Bond Fund, Inc. -b$0.8527 Philam Dollar Bond Fund, Inc. -a

-0.69%

-1.2%

-7.78%

$2.2913

5.26%

-3.08%

0.92%

1.9%

-1.23%

1.65%

-0.69%

1.35%

1.6%

0.1%

1.55%

-4.75%

-0.75%

0.48%

Philequity Dollar Income Fund, Inc. -a $0.0609746

Sun Life Prosperity Dollar Abundance Fund, Inc. -a $2.7711

-0.4%

-2.21%

Money Market Funds Primarily invested in Peso securities (shares) ALFM Money Market Fund, Inc. -a 136.99

2.79%

1.79%

2.51%

2.05%

0.09%

First Metro Save and Learn Money Market Fund, Inc. -a 1.1096 3.28%

1.92% n.a n.a

Sun Life Prosperity Peso Starter Fund, Inc. -a 1.37712.81%

2.45%

2.01%

2.04%

0.11%

0.1%

Primarily invested in Peso securities (units) ALFM Money Market Fund, Inc. -a 104.77

4.17% n.a n.a n.a

0.18%

Primarily invested in foreign currency securities (shares) Prosperity Dollar Starter Fund, Inc. -a $1.0989

2.63%

1.44%

1.57% n.a

Sun Life

0.13%

Feeder Funds Primarily invested in Peso securities (units) Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a 1.4693

18.2%

0.56%

8.18% n.a n.a

0.01% Sun Life Prosperity World Income Fund, Inc. -a,1

1.0018 n.a n.a n.a n.a

0.21%

Primarily invested in foreign currency securities (Units) ALFM Global Multi-Asset Income Fund, Inc. -a $0.7989-1.88%

-6.9% n.a n.a

a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago.

1 - Launch date is August 22, 2023.

2 - Launch date is October 6, 2023.

-0.47%

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.”

Share prices gained slightly, with the main index staying at the 6,600-point level, as investors awaited a stronger catalyst that will encourage them to purchase stocks.

The benchmark Philippine Stock Exchange index (PSEi) rose 13.54 points to close at 6,643.18 points.

The main index was down in two of the five-day sessions, despite the inflation rate in the United States coming in at a higher-than-expected 3.4 percent compared with the consensus of 3.2 percent.

“Technicals [of the main index] remain bullishly biased with its 50-day exponential moving average about to cross its 200-day counterpart. If this continues, it will form a golden cross which signals a possible further rise of the market,” Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., said.

Volume of trade was higher for the week, with average value reaching P4.76 billion. Foreign investors, which cornered 57 percent of the trades, were net buyers at P2.64 billion.

Other sub-indices ended mixed. The broader All Shares index gained 4.09 points to close at 3,506.61, the Financials index rose 61.31 to 1,836.02, the Industrial index lost 38.73 to 9,203.58, the Holding Firms index fell 59.52 to 6,360.75, the Property index climbed 17.41 to 2,891.79, the Services index declined 20.54 to 1,628.28 and the Mining and Oil index was down 268.52 to 9,508.89.

For the week, losers edged gainers 124 to 96 and 25 shares were unchanged.

Top gainers were F and J Prince Holdings Corp. A shares, Easycall Communications Philippines Inc., East Coast Vulcan Corp., Metro Alliance Holdings and Equities Corp. A, Coal Asia Holdings Inc., Mabuhay Holdings Corp. and Wellex Industries Inc. Top losers, meanwhile, were Philippine Racing Club Inc., Discovery World Corp., Makati Finance Corp., ENEX Energy Corp., Xurpas Inc., Marcventures Holdings Inc. and PetroEnergy Resources Corp.

This week

1.21% PAMI Horizon Fund, Inc. -a

if such feature is available.

Last Friday, Globe reported that it has deactivated and blacklisted last year a total of 220,669 SIMs, majority of which are competitor SIMs. Globe deactivated 7,521 of its own SIMs for spam in 2023, fewer than the 20,226 Globe SIMs in 2022. It blocked 213,148 SIMs from other mobile providers, a significant increase from 35,333 in 2022.

“We are constantly evolving our strategies and technologies to stay ahead of threats and ensure the highest level of security and trust in our services,” added Bonifacio.

Globe has invested heavily in detection and blocking systems. The company spent $20 million to beef up its Security Operations Center, which operates round-the-clock to filter out unwanted messages from both international and domestic sources.

Last week

Return

Stock Funds ALFM Growth Fund, Inc. -a

false identities or else legitimate SIMs used as mules.

There is a market for selling or loaning legitimately registered SIMs that could be used as mules in criminal activity. Our hope is that with the validation process of SIM registration data through our upgraded platform, we will be able to deactivate these scam-linked SIMs,” Bonifacio said.

With its enhanced SIM registration platform, Globe is able to verify SIM registration data in as fast as 24 hours. The process is ongoing, and Globe aims to complete validation of over 61.4 million registered users by the end of 2024.

Globe reiterates its call on the public to remain vigilant and to never respond to or engage with unknown callers and SMS senders, and install spam filters in their mobile devices,

STOCK-MARKET OUTLOOK

January 12, 2024

ALFM Global Multi-Asset Income Fund, Inc. -a 43.35180.09% n.a n.a n.a -281,030 -

www.businessmirror.com.ph

Share prices may go down this week as investors may stay on the sidelines without any meaningful catalysts that can excite the market.

Tantiangco said despite the market’s ascent, it remains at attractive levels with a price-to-earnings ratio of 13.67 times below its average of 18.15 times from 2019 to 2023.

“However, investors are expected to watch out for positive catalysts. Without such, sustaining the market’s climb next week could be difficult,” he said.

“Meanwhile, the dampened Federal Reserve rate cut hopes following the US December 2023 inflation print, and worries over the tensions in the Middle East may weigh on sentiment.”

Broker 2TradeAsia said while this unfavorable January print will counter prorate cut camps who have been advocating for major easing this year, or for up to six cuts, the decline in core CPI for December to 3.9 percent from 4 percent, which excludes food and energy should still support the overall equities-friendly direction of monetary policy.

“While more confident, market participants remain highly sensitive on inflation and interest rate related forces. A more growth-oriented strategy relative to 2022 and 2023 is highlighted given this inflection in market confidence, switching for higher earnings potential and expansion stories in line with capital costs being more accessible,” it said.

“Main beneficiaries per our simulations include banking, power, gaming, holdings and property, with positive wildcards in consumer discretionary names once inflation and consumer confidence align and create an upsurge in premium spending.”

The PSEi’s immediate support is at its 10-day exponential moving average at 6,400 points and major resistance is seen at 6,700.

Stock picks

Broker Regina Capital Development Corp. advised to buy on pullbacks on the stock of Century Pacific Food Inc. (CNPF) of the Po family as its share price is on a 52-week high Its technical analysis showed that there is a strong buying pressure for CNPF, but there are signs for investors to start selling as the stock has reached the overbought region.

“Should CNPF fail to stay above P33, investors should start selling and reaccumulate at lower levels,” it said.

Century Pacific shares closed at P33.80 apiece.

Meanwhile, it gave a hold recommendation on the stock of Jollibee Foods Corp.

It said the stock’s 20-day moving average serve as a crucial reactive zone, reflecting the Jollibee’s resilience and support.

“Furthermore, the RSI [relative strength index] maintains its position within the bullish territory, indicating sustained positive momentum. Given the stock’s upward trajectory, it would be prudent for investors to hold their positions, as the bullish momentum remains strong.”

Jollibee’s shares closed last week at P265 apiece. VG Cabuag

www.news.businessmirror@gmail.com

Banking&Finance BusinessMirror

Editor: Dennis D. Estopace • Monday, January 15, 2024

B3

Use of Maharlika Investment Internal audit’s role in ESG Fund for infra devt supported E Perspectives

NVIRONMENTAL, social and governance (ESG) issues are becoming increasingly relevant for all organizations today.

Companies understand that embracing ESG enhances their ability to secure limited talent, strengthen the employee experience, attract loyal customers and raise capital.

ESG has gone from a nice-to-have to an integral piece of long-term financial success.

As a result, sustainability is generating a new type of risk: ESG risk.

Companies have begun reimagining their governance structures over ESG, creating executive steering committees and making strategic decisions about commitments, actions and disclosures. Companies are also adjusting business-risk strategies and risk-appetite statements—making sure roles and responsibilities are fully transparent across all three lines of defense.

Internal audit can play a critical role in providing objective assurance and advice on ESG reporting and sustainability matters more broadly.

Stakeholder expectations have pressured companies to shift their focus from maximizing shareholder returns to maximizing shareholder value, prompting organizations to publicly report sustainability commitments and strategies. With a potential recession looming and today’s hypercompetitive environment testing CEOs’ commitment to ESG strategies, reducing investment may lead to long-term financial risks.

This test comes at a time when CEOs have made significant strides in tying ESG to profitability, and it becomes a matter of prioritizing short-term and long-term returns.

Regulatory, investor and stakeholder pressure

A comprehensive ESG strategy is now essential to address stakeholder requirements and regulation as well as to build competitive advantage, improve resilience and drive value.

Regulators are looking to companies to lead the environmental and governance changes required to meet sustainability goals in the long term and notable regulations in various global jurisdictions have either recently been enacted or pending final passage. As a result, companies will come under greater pressure to reorient their business to sustainable activities.

Great ESG expectations

ESG has become a business imperative, impacting financial resilience, growth and stakeholder expectations. Failing to meet ESG expectations poses challenges that can affect financing, talent recruitment, competitiveness, threats to tenure, employee satisfaction and the loss of customers.

No-regret moves

EACH company’s sustainability journey is unique. Companies just beginning their journey should align their strategy to their unique needs and not approach it from an ESG-in-abox solution. Rather than waiting, there are several no-regret moves companies can initiate. These include: understanding stakeholder expectations, determining strategic imperatives against key ESG topics, defining key metrics and investing in quality non-financial data management. As with financial reporting, the independent and objective assurance that internal audit can provide must be an integral part of an organization’s ESG response.

Internal audit has a clear role to play

INTERNAL audit is in a unique position to provide guidance, add value and leverage its experience to implement effective change. Guidance to operationalize ESG strategies and goals in a manner that’s subject to internal controls amid upcoming changes is imperative. According to the Institute of Internal Auditors, internal audit has clear roles that may include the following in providing assurance and advisory ESG services:

Assurance

n Internal audit’s undeniable role in ESG reporting: ESG systems and controls need time to mature and require internal audit’s first look prior to facing inevitable external auditor scrutiny. n Review reporting metrics for relevance, accuracy, timing and consistency: Providing public ESG reports and non-financial information that accurately depict an organization’s ESG efforts is critical. Conflicts with formal financial disclosures will raise a red flag with investors and regulators as regulatory oversight and public scrutiny increases. n Conduct materiality or risk assessments on ESG reporting: Ongoing ESG efforts or public commitments to reaching ESG goals can quickly give rise to higher levels of materiality. n Incorporate ESG into regular audit plans: Internal audit has deep corporate knowledge—culture, ethics, governance frameworks and processes and their related risks—and should come to recognize ESG-related assurance engagements in the future.

Advisory

n Identify areas that are less welldefined and build an ESG control environment: Internal audit can initiate discussions that are not quite ready for assurance involving regulatory guidelines or expectations and advise on internal controls for ESG reporting. n Recommend reporting metrics: Internal audit can provide insights into the kind of data that accurately reflects relevant ESG efforts within the organization. n Advise and advocate on ESG governance: Internal audit can provide guidance on ESG governance due to its holistic understanding of risk across the organization, and advocate for the company to approach ESG risk in a thoughtful manner.

ESG internal audit methodology

INTERNAL audit’s ESG mandate should go beyond simply identifying risks and controls. It should link strategy, governance and risk management to help ensure internal programs, initiatives, controls and supporting technologies are effective organization wide. The KPMG ESG internal audit approach combines different elements of our established internal audit methodology, supplemented by KPMG firms’ internal expertise in ESG. This excerpt was taken from the KPMG Thought Leadership publication: https://kpmg.com/xx/en/ home/insights/2023/08/internal-audits-role-inesg.html. © 2023 KPMG Int’l Ltd. is a private English company limited by guarantee. R.G. Manabat & Co., a Philippine partnership, is a member firm of a global organization of independent member firms affiliated with KPMG Int’l Ltd. All rights reserved.

Email ph-kpmgmla@kpmg.com or visit www. home.kpmg/ph.

This article is for general information purposes only and should not be considered as professional advice to a specific issue or entity. The views and opinions expressed herein are those of the author and do not necessarily represent the BusinessMirror, KPMG International or KPMG in the Philippines.

T

By Andrea San Juan

HE Philippine Chamber of Commerce and Industry (PCCI) said it supports the use of the Maharlika Investment Fund (MIF) to finance key infrastructure projects.

In a statement issued by the business group last Sunday, PCCI President Enunina V. Mangio said the MIF is in the “best position” to invest in projects that support economic and social development plans and fulfill priorities under the Philippine Development Plan (PDP).

Mangio specifically cited energy, water, transport and information and communication technology (ICT) infrastructure projects that the organization deems as “capitalintensive but critical to the productivity” of enterprises and industries and the country’s sustained growth.

As the PCCI backed the MIF’s

“blueprint” to include energy security and urged the government to “act with haste” on pending power development projects, Mangio said that “several parts of the country have been facing severe shortages in electricity and there has been questions on where to get power supply that are reliable enough for our growing economy.”

The statement quoted Mangio as saying there is a need to develop and “better manage” the country’s water systems to ensure that water resources—including rain and wastewater—are “appropriately” harvested, recycled and harnessed

for residential, agricultural, commercial and industrial uses.

Meanwhile, she also noted that transportation and ICT projects, especially those that connect agriculture areas and areas with “great tourism potential” to urban centers, would drive productivity and the creation of jobs in rural areas.

“Investing in critical sectors drive agriculture and industrial innovation and other important businesses or projects that can enhance efficiency and improve the agriculture and industrial structure, in line with the PDP,” Mangio said.

“The MIF is in the best place to achieve these, having the mandate of President Bongbong Marcos himself,” she added.

Last November, Maharlika Investment Corp. (MIC) President and CEO Rafael D. Consing Jr. outlined the “four pillars” of the state-run agency’s investment plans as tourism infrastructure, agro-urbanism, energy security and digital infrastructure.

The MIC will oversee the investment of the country’s MIF, which Consing pointed out is a sovereign national development fund (SNDF) and not a sovereign wealth fund.

In terms of tourism infrastructure, the MIC executive explained that the state firm is interested in investing in physical connectivity projects, particularly in airports, as these are key in “propelling” the Philippines “to the forefront of the global tourism landscape.”

The MIC will also make investments in agro-urbanism as it aims to contribute to the Marcos administration’s target of improving and ensuring the country’s food security.

Further, the state-run agency is expected to invest in renewable energy sources such as solar, wind and geothermal power, among others.

Consing earlier noted that investing in digital infrastructure is also a priority for MIC as it aims to “bridge” the so-called “digital divide” nationwide.

The prospective investments of MIC in this sector are in the areas of broadband network expansion, digital literacy promotion and technology sector innovation. (Full story here: https://businessmirror.com. ph/2023/11/16/maharlika-fundto-be-parked-in-infrastructureenergy-urban-farms/#google_vignette)

PSE, BAP support Recto Makati to give ₧21.5M as new Finance Secretary to LGUs hit by disasters

T

he Philippine Stock Exchange (PSE) and the Bankers Association of the Philippines (BAP) announced supporting the appointment of Ralph G. Recto as the 33rd secretary of the Department of Finance (DOF).

A statement issued by the PSE said it is confident that under Recto’s leadership, the DOF can fast track fiscal reforms needed to ensure the country’s economic growth, which will help boost investor confidence.

As a long-standing public servant, his dedication, hard work, extensive experience and innate desire to uplift the lives of Filipinos will be an invaluable asset to the economic team of President Ferdinand R. Marcos Jr., the PSE said.

Recto, who was a senator and a former director general of the National Economic Development Authority (Neda), is no stranger to the capital market, the statement by the PSE read. He was the legislator behind Republic Act 9243 or the act rationalizing provisions on the documentary stamp tax of the National Internal Revenue Code of 1997.

This introduced, for the first time, a documentary stamp tax exemption for stock transactions through the local stock exchange.

“We extend our full support and best wishes to Secretary Recto on his new role and look forward to working with him in introducing reforms to further develop the Philippine capital market,” the PSE said.

Recto took his oath as the new DOF secretary on Friday, replacing Benjamin E. Diokno, who was appointed as the sixth member of the policy-making Monetary Board.

Bankers’ support

THE BAP announced last Friday the organization welcomes the appointment of Recto as Finance Secretary.

“Recto is equipped with the necessary experience to promote Philippine economic growth through the implementation of effective fiscal policy, having served as Secretary General of the Neda and as a Senator who has advocated for progrowth laws,” read the statement issued by the BAP. “As head of the Marcos administration’s economic team, Recto will play a critical role in the reformation of fiscal and economic policies, together with balancing political realities. We are confident that he will succeed in his role, to the benefit of the Filipino public,” it added.

“While the Philippine economy continues to grow due to its strong fundamentals, it is currently facing local and global economic headwinds such as inflation,” BAP President Jose Teodoro K. Limcaoco was quoted in the statement as saying. “The country needs an experienced economist who can navigate the ongoing challenges of this operating environment, and Recto is an ideal fit for this job.”

The organization also expressed gratitude to Diokno “for his years of service in the government — having served as DOF Secretary, Governor of the Bangko Sentral ng Pilipinas and Secretary of the Department of Budget and Management.”

“Diokno was a key figure in steering our economy throughout various challenging times and as such, his leadership has led to a Philippines that is poised to further grow in the years to come.”

M

AKATI Mayor Mar-len Abigail S. Binay announced last Sunday the city government will extend financial assistance amounting to P21.5 million (about $385,260) to 36 local government units (LGUs) in Mindanao devastated by strong earthquakes and severe flooding late last year.

Through a statement issued last January 14, Binay said the Sangguniang Panlungsod of Makati has approved the allocation of amounts ranging from P250,000 to P1 million for each LGU, depending on the severity of the damage incurred.

“We understand the challenges faced by these LGUs, especially during these difficult times. We hope that the financial assistance from the city will help them recover and rebuild their communities,” Binay was quoted in a statement as saying.

She also urged fellow mayors throughout the country to “invest in climate-proof, disaster-ready and resilient infrastructure as they rebuild.”

The mayor noted that only five out of the 36 LGUs are sister-municipalities of Makati.

“We make no distinction in extending assistance to fellow LGUs in need. We are always willing to share our resources whenever possible to help our fellow Filipinos get back on their feet,” the official said.

Binay revealed plans of the city to include satellite imaging service as an additional form of assistance for selected disaster-stricken LGUs. It will be useful in disaster management, particularly in the assessment of vulnerabilities and risks and the extent and severity of damage in the affected area, she added.

Based on the guidelines for financial assistance enacted through City

Ordinance 2017-006, nine LGUs will receive P1 million each while the rest will be distributed as follows: P750,000 for seven LGUs; P500,000 for nine LGUs; and, 250,000 for 11 LGUs. The city has earmarked a total of P8.75 million for 17 municipalities of Northern Samar and Eastern Samar, which were severely inundated due to the combined effects of shear line and low pressure area last November. These are Lapinig, Catarman, Lope de Vega, San Roque, Las Navas, Rosario, Catubig, Pambujan, Palapag, Mondragon, Laoang, Silvino Lobos, and Bobon of Northern Samar, and Arteche, Dolores, Jipapad and Oras of Eastern Samar.

For 18 localities in Surigao del Sur severely affected by the 7.4 magnitude earthquake last December 2, the city has allocated P12.5 million. These are Barobo, Bayabas, Bislig, Cagwait, Carmen, Carrascal, Cortes, Hinatuan, Lanuza, Lianga, Lingig, Madrid, Marihatag, San Agustin, San Miguel, Tagbina, Tago, and Tandag.

The municipality of Glan in Sarangani Province that was affected by the 6.8 magnitude earthquake last November 17 will also receive P250,000.

The statement from Makati City said the financial assistance will be sourced from its Local Disaster Risk Reduction and Management Fund-Quick Response Fund of the approved Executive Budget for calendar year 2023.

The Philippine Disaster Reduction and Management Act of 2010 states that the local Disaster Risk Reduction and Management Council allows the transfer of funds to support other local government units upon its recommendation.

GCash to be launched in 16 markets with OFWs; in Middle East within 1st qtr

By Lenie Lectura

M

@llectura

OBILE wallet operator GExchange Inc. announced the launch soon of GCash in 16 countries where most overseas Filipino workers (OFWs) are located.

G-Exchange President Oscar Enrico A. Reyes Jr. said the firm secured “approval to fully launch in 16 countries already.”

“We have the first six, the beta launch in the first six countries— UK, Italy, Australia, US, Canada and Japan. We can fully launch there already. The team is preparing for that,” Reyes said.

He added that the next 10 countries “were already approved as well.”

“We’ll be going to the Middle East soon. As well as a couple of more countries in Europe and more in Asia as

well,” Reyes during last week’s signing of a memorandum of agreement (MOA) with the National Bureau of Investigation (NBI).

GCash can be launched in the Middle East within this quarter, he said.

“We know there are 10 million Filipinos abroad that we want to tackle.

I think there’s a big opportunity for us. We’re very big, for example, in Hong Kong. I think 50 percent of

Hong Kong remittances go to GCash but in some cases, it’s single-digit. In the Middle East, there are still lots of opportunity,” Reyes said.

On plans to go into an IPO (initial public offering), the executive said the company is still waiting for the right market conditions but preparations have already been made.

“Again, it’s a question of the market. From how it looks, it seems that

the market doesn’t look hopeful right now. I think we’re waiting for that to recover,” Reyes said adding he hopes “things will turn around” in the second quarter.

Last week, executives of GXchange and officials from the NBI signed an agreement they expect to pave the way for information sharing so authorities can probe individuals suspected to be engaged in fraudulent

schemes.Reyes said these schemes do not affect the company’s IPO plans.

“While we treat each one as important and we give importance relative to the total transaction is very low; again, much less than one percent.

So, that’s not a factor in terms of the IPO,” he said. “It’s really more on we still have to do things and prepare for that; and, number two, market conditions if we actually pull the trigger.”

B4 Monday, January 15, 2024

Explainer BusinessMirror

www.businessmirror.com.ph

The US struggles to sway Israel on its treatment of Palestinians. Why Netanyahu is unlikely to yield

P

By Ellen Knickmeyer, Matthew Lee & Melanie Lidman The Associated Press

Even on actions to alleviate the suffering of Palestinian civilians, the two allies are far apart.

That cycle, frustrating to much of the world, seems unlikely to end, despite US Secretary of State Antony Blinken’s fourth urgent diplomatic trip this week to the Middle East since the Israel-Hamas war started. Though the United States, as Israel’s closest ally and largest weapons supplier, has stronger means to apply pressure on Israel, it shows no willingness to use them.

For both Netanyahu and Biden, popular opinion at home and deep personal conviction in the rightness of Israel’s cause, and each man’s battle for his own short-term political survival, are all combining to make it appear unlikely that Netanyahu will yield much on the US demands regarding the Palestinians, or that Biden will get much tougher in trying to force them.

Support of Israel is a bedrock belief of many American voters.

Biden's presidential reelection bid this year puts him up against Republicans vying to outdo one another in support for Israel. For his part, Netanyahu is fighting to stay in office in the face of corruption charges.

Some experts warn it's a formula that may lock the US into deeper military and security engagement in the Middle East as hostilities worsen and Palestinian civilians continue to suffer.

“It’s a self-defeating policy," said Brian Finucane, a former policy adviser in the State Department on counterterrorism and the use of military force.

“What may be expedient in terms of shortterm domestic politics may not be in the longterm interests of the United States,” said Finucane, who is now a senior adviser to the International Crisis Group research organization.

"Particularly if it results in the United States involving itself in further unnecessary wars in the Middle East.”

The administration says Biden's approach of remaining Israel’s indispensable military ally and supporter is the best way to coax concessions from the often intractable Netanyahu, whose government ministers were trumpeting their rejection of some of the US requests even as Blinken was still in the region.

Since Hamas attacked on October 7, the US has rushed arms and other aid to Israel, deployed forces to the region to confront escalated attacks

by Hamas' Iran-backed allies, and quashed moves in the United Nations to condemn Israel's bombing of Palestinian civilians.

On Thursday US time, the same day Blinken was wrapping up his diplomatic mission, US warships and aircraft hit targets in Yemen, hoping to quell attacks that the country's Iran-allied Houthis have launched on commercial shipping in the Red Sea since Israel started its devastating offensive in Hamas-controlled Gaza.

American officials claim modest success for Blinken's latest diplomatic efforts. He secured limited, conditional support from Arab leaders and Turkey for planning for reconstruction and governance in Gaza after the war ends. But prospects are uncertain because Israel’s farright government is not on board with several key points.

The Biden administration has placed a particular premium on Israel reducing the number of civilian casualties in its military operations.

The US urging seemed to have some effect in recent days, as Israel began to withdraw some troops from northern Gaza and moved to a lessintensive campaign of airstrikes.

Israel has been not just uncooperative, but also openly hostile toward some smaller American requests, such as when Blinken pressed Israel to turn over the tax revenue it collects on behalf of the Palestinian Authority, which Israel has

Illustration: Erkan Atay | Dreamstime.com

resident Joe Biden’s administration keeps pressing Israel to reengage with Palestinians as partners once fighting in Gaza is over and support their eventual independence. Prime Minister Benjamin Netanyahu keeps saying no.

refused to do.

“We will continue to fight with all of our might to destroy Hamas, and we will not transfer a shekel to the PA that will go to the families of Nazis in Gaza,” Finance Minister Bezalel Smotrich wrote on X, in a message welcoming Blinken to Israel on Tuesday.

But the biggest US disagreement with Israel has been with Netanyahu’s refusal to consider the creation of a Palestinian state. Arab states say a commitment on that point is essential to convincing them to participate in and contribute to postwar planning for Gaza.

Israelis and Americans are far apart on the matter.

The Palestinians have been divided politically and geographically since Hamas, a militant group sworn to Israel’s destruction, overran Gaza in 2007, leaving internationally backed Palestinian President Mahmoud Abbas with self-rule over isolated enclaves in the Israeli-occupied West Bank. The US wants Abbas’s Palestinian Authority to undergo administrative reforms before setting up a unified government in Gaza and the West Bank, as a precursor to statehood.

Blinken and his aides believe that Ne-

tanyahu—or his successor should Israel hold early elections—will eventually realize that Palestinian statehood is the key to Israel’s long-term security and accept it because it will have the effect of isolating Iran and its proxies, which are the biggest threat to Israel and the region.

“From Israel’s perspective, if you can have a future where they’re integrated into the region, relations are normalized with other countries, where they have the necessary assurances, commitments, guarantees for their security—that’s a very attractive pathway,” Blinken said in Cairo, his last stop. “But it’s also clear that that requires a pathway to a Palestinian state. We’ve heard that from every single country in the region.”

Michael Oren, a former Israeli ambassador to the US, called Blinken's remarks “tone deaf." For Israelis, the US push to revive negotiations for Palestinian statehood signals that American leaders haven't realized how Israeli public opinion has hardened on Palestinian issues over the years, and especially since Hamas' October 7 attack.

The Israeli public felt “hurt, insulted, fearful and concerned that this is the way our allies are talking," Oren said.

Ultimately, he said, US and Israeli interests don't always converge. “At the end of the day, there’s a limit, because if [Biden] says stop, we’re not going to stop,” he said.

Israeli leaders know they’ll need to make some concessions to the United States, Oren said. Some they have already made, like letting limited amounts of fuel into the Gaza Strip, something Netanyahu adamantly refused to do in the early days of the war.

Biden has resisted calls from some in his Democratic Party to use US leverage with Israel, chiefly US military support, to try to force the issue.

The administration spoke out publicly against a move by some Democratic senators to tie US military aid to Israel to ensure that Israel takes more concrete steps to reduce civilian casualties in Gaza. The administration says continuing to support Israel's defense is in the interests of US national security. Since then, it's twice declared emergencies to authorize new arms sales to Israel without Congress' OK. Another attempt to pressure the Biden administration and Israel is expected next week, when Sen. Bernie Sanders plans a floor vote on compelling the State De-

partment to tell Congress whether Israel is complying with international humanitarian law.

The United States also has some real incentives to use in encouraging Israel to improve its treatment of Palestinians, including when it comes to steering Israel and Israeli popular opinion toward a long-term political resolution.

Israel knows the US is likely to be key in rallying any Arab financial and political support for postwar Gaza, and to Israel's deep desire to normalize relations with Arab nations, said Michael Koplow, chief policy officer for the Washington-based Israel Policy Forum.

But few expect big changes under Netanyahu. And some are skeptics on Biden.

“Blinken has turned into a political analyst who talks about things that may or may not happen,” said Hani al-Masri, director-general of the Palestinian Center for Policy Research and Strategic Studies.

The Biden administration “seems helpless in the face of Netanyahu’s government,” al-Masri said. "What is happening in the case of Israel makes it seem as if it is not serious in all the positive statements it makes about the Palestinian state and Palestinian rights.”

Style

BusinessMirror

www.businessmirror.com.ph

Editor: Gerard S. Ramos • Monday, January 15, 2024

B5

Fresh. Young. Modern.

FRESH TAKES

(Clockwise) Renz Reyes, Abdul Gaffar, Mich Dulce, Patrick Galang, Bench X Bitto and Chris Nick

Global lifestyle brands unite for heartwarming donation drive IN the spirit of giving this holiday season, Gap and Old Navy Philippines have come together for a special donation drive that aims to spread joy and warmth to those in need.

Ongoing until January 31, 2024, Gap and Old Navy stores across the Philippines are inviting customers to join the initiative by bringing in old toys and kids’ clothes. The donation boxes, prominently placed in stores, provide a convenient and easy way for customers to contribute to this meaningful cause, on top of shopping from their favorite brands.

The goal is to collect a diverse array of items to make the days brighter in partnership with Hands On Manila, the first Hands on Network affiliate in the Asia Pacific region committed to empowering everyone to contribute to the community however they can.

After donating, customers will receive 30% off on regular and sale-priced items until January 31, 2024 redeemable both in-store and online.

This collaboration between Gap and Old Navy is a testament to their commitment to community engagement and fostering a sense of unity. By encouraging customers to donate, the brands hope to create a joyful spirit in all of those involved.

Kaline Cancio-Bautro, division manager under the SSI Group, expressed the brands’ enthusiasm for the initiative: “We are thrilled to launch this joint donation drive with the aim of making a difference in the lives of those who need it most.

Gap and Old Navy have always been committed to bringing together families and making special moments together, and starting this holiday season we wanted to be an extra channel to make the gifting spirit come alive. We invite our valued customers to join us in this heartwarming initiative and contribute to creating joy for others.”

Stores are located at Gap Glorietta 4, ShangriLa Plaza, SM Mall of Asia, SM Megamall, Ayala Malls TriNoma, Ayala Malls Manila Bay, Alabang Town Center, and Abreeza, Davao, or shop online at www.gap.com.ph; Old Navy Bonifacio High Street, Shangri-La Plaza, or shop online at www.oldnavy. com.ph.

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T seems that with the Dean of Filipino Designers Ben Farrales long gone, Ben Chan is taking the reins of discovering, nurturing and launching new local talents. With his lifestyle label, he has plucked from obscurity some exciting creatives through the Bench Design Awards and TernoCon. Together with established designers such as one of the grand dames, Lulu Tan Gan, and celebrity collaborators such as Lucy Torres Gomez, the promising designers are given a wonderful platform at Bench Fashion Week.

Design wunderkinds Patrick Galang and Mich Dulce emerged from the early 2000s and are making sort-of welcome comebacks to the scene. Is Chris Nick stepping into Tom Ford’s cowboy roots? Renz Reyes, Abdul Gaffar and Bitto are tantalizing talents to watch out for.

Here, they share their inspirations for their Spring/Summer 2024 collections: ■ RENZ REYES. “I found this photograph of men who were penitents during Holy Week. I found it interesting how they were able to style these grass skirts in a fashionable way, but unintentionally. It struck an idea in my mind that I would mimic those but using artisanal techniques. They were wearing skirts because they were humiliating themselves— making themselves more female. I was kind of puzzled at how being feminine was a punishment for these men.

“There is a piece in the collection where I had a softer approach, forming it on the body. It looks interesting but not too serious. I wanted it to be nonchalant, effortless. I wanted the audience to look at the details because there’s a lot of work that’s been put into these clothes. Embroiderers and artisans have taken their time into developing all these techniques.

So I wanted the audience to appreciate every little detail that’s been put into these garments.”

■ ABDUL GAFFAR. “My collection is called ‘From the Lake.’ It is inspired from the arts and culture of the Maranao people. Maranao means ‘people of the lake.’ Hence, the title of the collection. I used their arts, their background and their culture. I used landap and most of their jewelry also. The shirt embroidered with the sarimanok is a key piece because it is the piece that started it all and gave birth to this collection. I wanted the audience to be curious. I wanted to ask questions like where I am coming from, where is this collection coming from? Because it isn’t just about me.

It has a story. It is about my background as a Maranao.

I hope that I can share this platform with my fellow Maranaos and also the artisans in Lanao del Sur who helped me with this collection.”

■ RAFGLANG BY PATRICK GALANG. “The title of my collection is ‘Number 2,’ which is our second collection. It’s about the evolution of suits and military uniforms. The design objective is to liberate the classic men’s tailored jackets and aviator uniforms from its usual form and function. They were re-assembled, re-

engineered, re-purposed. These kinds of designs were translated into a series of skeletal women’s pieces.

“The beauty of the industry that we are in is that we can inspire one another. So I really hope that I got to inspire the people who watched the show.”

■ CHRIS NICK. “The inspiration for this collection is denim. The inspiration for Spring/Summer 2024 is the 1970s, so 1970s cowboy and lots of denim. This revolves around my favorite article of clothing, which is the tuxedo. So we are deconstructing the tuxedo a little bit but not super. So it’s still classic, still elegant, still sexy. Denim is usually viewed as a very casual piece...so there’s lots of micro minis, lots of sexy tuxedos. I wanted the audience to say, ‘It’s hot. It’s sexy. Very Chris Nick.’”

■ BENCH X BITTO. ‘The collaboration is called ‘B2K.’ Bitto and Y2k. Interestingly, the B could either represent Bitto or Bench. For me, as a millennial, maybe that’s why this collection resonates with me—

because Y2K was the time when we were conscious about our clothes, especially with trends. The year 2000 was a prime time. I came up with a story, the Bittoverse: it became collaborative with my designs inspired by cyberpunk.”

■ MICH DULCE. “What I wanted to do was look back at the roots of my work. The aim was to chase the evolution of my work and see where I am now. The inspiration is kind of ‘The Amish.” I was interested in drapes and texture, but mostly looking at historical fashion. And, of course, I added hats.

“Hats came later in my career. Clothing came first.

It’s important to note that this is the first show that I did since I started doing hats. I was always about simple fabrics and using them to create its own story.

“Bench has always been a huge part of my career as a designer. And so it’s appropriate that we have come and I’m doing clothes again to show for the first time at Bench Fashion Week. It’s nice to come back.” ■

Talking about Albert Kurniawan’s Master Collection

WHEN you first try anything from Teviant Beauty’s The Ultimate Skin Master Collection, which includes The Ultimate Skin Master Luminous Radiant Primer, Foundation and Concealer and The Artisan Brush Collection, you’ll know that it was conceptualized by a master. The master is makeup artist Albert Kurniawan, whose trademark is a skin-perfect look.

Let us first talk about the foundation. Teviant’s The Ultimate Skin Master Foundation comes in 10 shades: Frost (Light 1), Pearl (Light 2), Eggshell (Light 3), Nude (Medium 1), Albert’s (Medium 2), Trench (Medium 3), Brule (Medium 4), Biscuit (Deep 1), Havana (Deep 2), and Terre (Deep 3). I wear the shade Albert’s. For reference, my skin tone in the Filipino spectrum is probably called “light morena” so the shades are inclusive by our standards but not totally. I trust that deeper and in-between shades are coming in the future.

The texture of the Teviant foundation is gel-like. There is a learning curve to using it. What I do is apply a dot on the back of my hand and work that into a portion of my face. You need to work by portion and apply fast as it sets easily and when it

does, the foundation hugs the face and stays there until you remove it. Before applying the foundation, you need to tone and moisturize, aside from applying sunscreen, of course.

Then, a layer of primer is essential. Teviant’s The Ultimate Skin Master Luminous Radiant Primer is easy to apply and its luminosity is just right.

If Albert were to describe his foundation, which was made in Italy, he would say it is “skin-perfecting but comfortable.”

It does hug the skin in the lightest way possible. At first, you’ll know it’s there but after that, you will barely feel you’re wearing something on your face.

“It is formulated with the latest innovation that allows it to stay elastic and flexible with movement, avoiding the formation of cracks and patches, and color adaptation that allows it to auto-adapt to your skin color,” said the brand in a press release. Indeed, the Teviant foundation doesn’t crack or clump even on my mature skin as long as you’ve prepped and

primed properly. The finish is velvety. I expected it to be very matte but it’s not.

Most of the people who have used the Teviant foundation said they would use it for special occasions and events. While I use it even on normal days, this got me thinking that we live in a time when we’re so lucky to have a foundation like this for only P995. My special occasion foundations are from Tom Ford and Shiseido, which cost P7,500 and around P3,000, respectively. The quality of these two foundations is superb and that of the Teviant one is not far behind.

According to Teviant, the foundation contains the following ingredients: ■ Northern Truffle Extract, which has soothing and skincalming properties.

■ Silk Tree Bark Extract, which acts as an anti-fatigue agent and radiance promoter, and it helps reduce dark circles, under-eye bags and dull complexion.

■ Propanediol, which has moisturizing properties and improves absorption of ingredients to the skin.

■ Vitamin E, which helps protect delicate skin from damage.

The Teviant foundation also claims to have a 24-hour wear, as tested in Italy. I am not sure I would want to wear a foundation for 24 hours but I have worn this for 13 hours with very minor caking. I would say you could wear this for eight hours without caking. You could apply your makeup in the morning, commute to the office, have lunch and merienda, and your makeup would still be intact at 5 pm.

“I have been trying so many foundations from different brands with different undertones, and different formulas for the past 17 years as a makeup artist . I realized that it’s most safe to use neutral warm foundation for Asian women.

Therefore, when I was formulating The Ultimate Skin Master collection, I decided to go for a neutral warm undertone so that Filipinas can enjoy the wide range of foundation Teviant has to offer,” said Kurniawan in an Instagram post, explaining the shades of the foundation.

That explains why none of the shades are too yellow or orange as is the tendency for some foundations made for Filipino skin tones. Meanwhile, The Ultimate Skin Master Concealer has eight shades: Ginza (Light 1), Ghent (Light 2), Lisbon (Medium 1), Capri (Medium 2), Crema (Medium 3), Valletta (Deep 1), Puglia (Deep 2), and Goa (Deep 3).

The texture is thick but easy to apply with a brightening effect. The finish is velvet and Teviant claims that the wear is also 24 hours, just like the foundation. Like the foundation, this concealer hugs the skin so you need to apply quickly before it fully sets. At P595, I would say this is a good buy because you only need a bit to make it work.

For more information, go to www.teviantbeauty.com.

TEVIANT Beauty’s The Ultimate Skin Master Collection, which includes The Ultimate Skin Master Luminous Radiant Primer, Foundation and Concealer.

PHOTO FROM TEVIANT BEAUTY

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NICKEL ASIA SUBMITS TO SBTI’S BOLD TARGET OF NET ZERO BY 2050

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ISTED natural resources development company Nickel Asia Corp. (NAC) has submitted its emissions reduction targets to the Science Based Targets Initiative (SBTi), making it the first company in the Philippines with mining assets to do so.

For 2030, NAC has committed to reduce its greenhouse gas emissions by 42 percent and achieve SBTi’s bold Net Zero Target by 2050 by heavily investing in new technologies and prioritizing the use of market-available hybrid models in all its mining operations.

SBTi is a global body that promotes best practices in emissions reduction grounded on accepted climate science. It enables listed companies to set ambitious emissions reduction targets and keeps track of these targets to ensure companies deliver on their commitments based on the pledged timelines.

“SBTi’s acceptance of our commitment

letter signifies the ‘crossing the Rubicon’ for NAC,” said Jose Bayani Baylon, NAC Chief Sustainability and Risk Officer.

“NAC is now conspicuously part of the SBTI website where our Net Zero commitments will be traced and tracked and validated according to worldwide scientific standards. It’s a first in the Philippine mining industr y which is largely considered hard to abate and we are presenting ourselves to scrutiny and high-level peer pressure, it’s a huge undertaking and we are proud and fully committed,” he added.

To stay in the frontline of this campaign, NAC continues to transition to low

carbon and renewable energy resources in both operations and campsites. In 2016, NAC spent P1,706.49 million to set up a conveyor belt system in one of its operations, significantly reducing its fossil fuel usage by 96 percent per wet-metric-ton in its Taganito mine site in Claver, Surigao del Norte.

In addition, NAC has acquired two units of the hybrid excavators for piloting last year that costs P12.34 million each. For this year, NAC has ordered Php125.82-worth of additional nine units to be deployed in its operations for standardization.

“Being the first company in the Philippines with mining assets that is accepted as a member of the United National Global Impact, the load of responsibility to contribute significantly to emissions reduction is heavier on our shoulders, and we take this seriously,” said Baylon.

“Reaching Net Zero is a huge challenge but also a unique opportunity for NAC to be in the frontline of responsible and sustainable mining in the country. Our stakeholders can expect us to continuously improve our operations and our process by adopting new technologies and setting ambitious but realistic goals for ourselves,” Baylon added.

New economic czar to boost housing targets–CREBA

IN the photo are, from left, CREBA executive vice-president Elsie Chua, Secretary Frederick D. Go, Senator Robinhood Padilla and national president Noel Toti M. Cariño at the 50th CREBA founding anniversary.

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HE country’s largest and oldest housing and real estate advocacy group expressed its all-out support on the appointment of Secretary Frederick D. Go as President Ferdinand R. Marcos, Jr.’s economic czar tasked with overseeing the Cabinet’s economic cluster.

Created under Executive Order No. 49, the Office of the Special Assistant for Investment and Economic Affairs (OSAPIEA) will head the Economic Development Group and will monitor key departments, including the Department of Finance, National Economic and Development Authority, Department of Budget and Management, and the Department of Trade and Industry, along with their attached agencies.

Before this appointment, Secretary Go had been a crucial member of the President’s economic team as Presidential Adviser on Investment and Economic Affairs.

Speaking to housing industry stakeholders at the grand opening of the recent 50th CREBA national convention and property expo where he was guest of honor, Secretary Go acknowledged the Philippine real estate and construction’s vital role in the country’s over-all economic growth as a dynamic and rapidly developing sector.

Citing the equally flourishing infrastructure nationwide vis-à-vis the Department of Human Settlements and Urban Development (DHSUD)’s ambitious target of six million housing units that will benefit 30 million Filipinos, Secretary Go thanked CREBA for its support and housing production pledge which he said will be a big boost in achieving the country’s upward economic and investments objectives.

Housing construction has been a globally-recognized economic pump-primer

unleashing a value-chain of other businesses as well as jobs and taxes.

Under its 20-year “a home for every Filipino” program, CREBA envisions to intensify housing production nationwide to at least 500,000 units per year through a chain of policy and legislative reforms on shelter finance, land access as well as homebuyer and investor-friendly regulations.

CREBA national president Noel Toti M. Cariño expressed the association’s confidence and optimism that with his outstanding background as a seasoned and visionary business leader particularly in the field of real estate development, Secretary Go’s strategic inaugural appointment to the new office will bring a broader outlook in achieving the current administration’s commitment to economic and social transformation.

The 2023-2028 Philippine Development Plan aims for the kind of growth that is inclusive, fostering an enabling environment where Filipinos get equal opportunities to benefit fully from an innovative and globally competitive economy. In order to promote human and social development and upgrade the bult environment the PDP aims to mobilize private sector and government resources to meet the country’s housing needs.

In support of such goals, executive vicepresident Elsie Chua emphasized CREBA’s vision to spearhead sustainable development initiatives and advocate for policies that will support the government’s aims to deliver more housing units through affordable home financing particularly for the OFWs.

Cleanfuel Ushers in the New Year with Paskong Panalo Raffle Promo

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HE holiday season might be over, but the purveyor of quality fuel for less—Cleanfuel—continues to uphold merry-making initiatives as the prizes of “Paskong Panalo ng Cleanfuel” raffle promo is still up for grabs. Under the promo, customers can still win a brand new Toyota Raize, Vespa motorcycle, One-Year Free Fuel, and many more!

To join the raffle promo, customers only need to download the Cleanfuel Rewards App via the Apple App Store or Google Play Store from November 10 until February 22, 2024, and purchase any Cleanfuel fuel products worth P1,000 (single or accumulated receipts) at any of its stations nationwide. After the fuel purchase, the customer will automatically receive an SMS notification of the submitted promo entries.

The total number of successful entries will be shown in the Cleanfuel Rewards App. What’s new about the e-raffle promo is that all users who fuel up worth of P1,000 single transaction and above, will earn double or two raffle entries on all Sundays during the promo period.

As such, more customers will have a chance to participate and to win.

Compared to last year’s promo mechanics, the “Paskong Panalo ng Cleanfuel” promo will be mobile app-based, meaning all the registered Rewards App entries will automatically be qualified as long as they follow the required fuel purchased. For customers, this is an easier way to join the raffle contest.

“The ‘Paskong Panalo’ ng Cleanfuel e-Raffle Promo is our way of extending our appreciation and gratitude to all our valued customers. This

year, we are giving away exciting prizes as we raffle off a brand new Toyota Raize, Vespa Motorcycle, five winners of one-year free fuel supply, and other exciting prizes,” said Atty.

Jesus “Bong” Suntay, President and CEO of Cleanfuel Group of Companies.

“We always recognize customer loyalty and we will remain focused on delivering exceptional products and services,” explained Suntay.

The “Paskong Panalo” ng Cleanfuel e-Raffle promo is applicable to cash, credit card, or any e-payment transactions. The promo is open for Cleanfuel Rewards App users. The electronic raffle draw will be on March 5, 2024.

The “Paskong Panalo” ng Cleanfuel e-Raffle Promo is registered with DTI Fair Trade Permit No. FTEB-179864, Series of 2023.

TIM YAP with Marian Rivera and Dingdong Dantes.

Uptown Tempur Cinema Hosts Star-Studded MMFF Screenings

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PTOWN Tempur Cinema culminated the holiday season with a dazzling showcase of the Metro Manila Film Festival (MMFF), hosted by socialite Tim Yap. He brought his trademark star-studded glamour to exclusive screenings he personally hosted at Uptown Mall, one of the flagship Megaworld Lifestyle Malls properties.

The renowned influencer drew guests to join him in experiencing the special MMFF movie selections at Uptown Mall. In response to overwhelming demand, the MMFF movie entries will continue to captivate audiences until January 14, 2024. This extended viewing period allows movie enthusiasts to savor the brilliance of emerging Filipino talents and offers Uptown Mall patrons the chance to experience the unrivaled cinematic luxury of Uptown Tempur Cinema, renowned as one of the country’s finest cinema halls.

Highlights of Yap’s viewing parties included “Rewind,” a trending film entry of reel and real couple Dingdong Dantes and

Marian Rivera-Dantes; “Mallari,” winner of Best Visual Effects and Musical Score; historical film “GomBurZa,” recipient of several awards, which included the Gatpuno Antonio J. Villegas Cultural Award; and “Firef ly,” crowned MMFF 2023’s Best Picture.

The exclusive viewings displayed the full support of Megaworld Lifestyle Malls in promoting the local film industry with it s h i g h - e nd Uptow n Te mpu r C i ne m a , which stands as the premier entertainment destination committed to delivering an unparalleled cinematic experience.

Equipped with state-of-the-art facilities and a dedication to showcasing the best in local and international films, Uptown Tempur Cinema continues to be the go-to destination for movie lovers in Manila.

For a final dose of holiday magic and to catch these outstanding MMFF screenings, secure your tickets now at Uptown Tempur Cinema.

Don’t miss the chance to experience the pinnacle of Filipino filmmaking.

BingoPlus Holds a two-day Special Block Screening of “Mallari” at 2 malls

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INGOPLUS, the first live streaming bingo platform in the Philippines, successfully hosted a two-day special block screening of the Metro Manila Film Festival horror film entry “Mallari,” starring BingoPlus endorser Piolo Pascual, held last January 6 and 7 at the Bonifacio High Street Cinema and The Podium Directors Club Cinema, respectively.

“Mallari” narrates the horrifying story of Fr. Severino Mallari, a 19th-century priest during the Spanish occupation, and his descent into madness. It recounts Mallari’s life, where he reportedly murdered 57 people to aid his ailing mother. The film bagged four festival awards including 3rd Best Picture, Best Musical Score, Best Visual Effects, and JC Santos for Best Supporting Actor.

The screening was attended and enjoyed by media friends and BingoPlus VIP players, who screamed their hearts out in fear while enjoying their popcorn and BingoPlus premium merchandise.

Despite busy schedules, Pascual expressed

his gratitude to the brand for its unwavering support towards him and the said movie.

“I would like to thank BingoPlus for sponsoring this block screening. I really appreciate you guys for coming and watching this film.

It means a lot to me. And I hope it resonates with you guys, and I hope you will like the film,” Pascual said.

BingoPlus, as the leading online bingo platform in the country, has been consistently extending support to Filipino-produced movies. The brand aims to bring quality and entertaining films to the comfort of Filipinos, staying true to its commitment to make every moment extra fun and enjoyable, anytime and anywhere BingoPlus and A renaPlus proudly stand as f lagship brands under Dig iplus Interactive Cor p, solid if y ing its position as a lead ing gaming and leisure prov ider in the countr y. For more upd ates, v isit www. bingoplus.com and www.arenaplus.net or dow nload the apps now v ia the App Store and Google Play.

Marketing BusinessMirror

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Emerging tech and business trends for 2024

“we keep a close eye on generative AI Technology breakthroughs that have the potential to bring sweeping changes to the economy.”

2. Sustainable Technology

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HE start of the year is a good time for communicators to plan, set strategies, and see what we can do to create more excitement and stand out.

Trendspotting is an important part of this, especially with regards to technology, where so much is happening. What are the emerging trends PR Pros can keep in mind?

In an Inc.com article, Annis Uzzaman, General Partner and CEO of Pegasus Tech Ventures, shares with us The 10 Top Technical and Business Trends of 2024 and how these can impact our business decisions.

1. Generative AI

Generative AI is a type of artificial intelligence technology that can produce various types of content, including text, imagery, audio, and synthetic data. It has recently created a lot of buzz by the simplicity of new user interfaces for creating high quality text, graphics, and videos in a matter of seconds.

Uzzaman expects generative AI to be one of the most interesting technological innovations in 2024. Gartner Consulting, a provider of research and consulting services for businesses in the IT sector, project 10 percent of all data by 2025, making 2024 a year of major growth.

As of now, Microsoft, Nvidia, BM, Google, Meta, Amazon, Alibaba, and Salesforce are some of the top companies that have made strong progress in this space. Startups like OpenAI, Hugging Face, Anthropic, DeepMind, and Databricks are leading new companies in the area.

While it may be best at this point to approach AI with caution, Uzzaman recommends that

Sustainability has played a big role in the way companies approach their business in recent years—and technology is an emerging component.

Sustainable technology is a framework of digital solutions that drive environmental, social, and governance (ESG) outcomes, and in 2024 we can look forward to its next evolution—clean technology, green technology, and climate technology.

“It’s important not to miss out on this trend,” says Uzzaman.

Those in communication can perhaps take note of Gartner’s prediction that by 2027, at least 25 percent of chief information compensation will be linked to sustainable technology impact.

Looking at sustainable development goals in 2024, Uzzaman expects garbage recycling and upcycling, electric vehicles, sustainable home and business construction, green and clean energy, agricultural technology, and carbon capture to be at the forefront.

3. Cyber security

With the growth of technology, cyber security has become a major concern for many companies.

According to Uzzaman, research shows that one in two businesses has been the victim of a successful cyber attack in the past three years.

With cyberthreats becoming more sophisticated, “technology solutions designed to bolster defenses and provide us with a fighting chance should be high in any organization’s must-have list.”

Uzzanam sees automated threat management, cloud security, identity management, behavioral analytics, cyber governance, endpoint protection, cybersecurity as a service, block chain security, and cybersecurity mesh as top cyber security innovations in 2024.

4. Quantum Computing

Quantum computing has long

been the stuff of science fiction, and in 2024, Uzzaman says “it is set to become a reality.” This emerging technology “has the potential to transform computing power as we know it, enabling us to solve complex problems at a previously unimaginable speed and scale.”

According to Fortune Business Insights, the quantum computing market is projected to grow from $928.9 million in 2023 to $6.5 billion by 2023.

5. Automation

Uzzaman predicts that industrial automation will continue to grow and innovate in 2024.

“We can expect more predictive maintenance, real-time monitoring, interconnected shop floors, automated inventory control, real time data analysis for logistics optimization, and demand forecasting with AI algorithms.,” she says.

With this, “artificial intelligence robotics, optimized logistics, streamlined transportation, and workflow automation will reduce timelines as well as costs.

Innovations in supply chain management such as paperless transportation documents, will accelerate the flow of goods and reduce costs.”

Uzzaman adds that “these technologies will enable industrial companies to achieve higher levels of performance, efficiency, and competitiveness in the global market.”

6. Web 3.0 and the Metaverse

In 2024, “Web 3.0 will gain further traction, opening avenues for new technologies, specifically the metaverse and other virtual worlds built for gaming, social interactions, and business.” It will be especially exciting for those who seek a more personalized and rewarding experience on line.

Uzzaman foresees that what she calls the digital frontiers of the metaverse, virtual reality (VR) and augmented reality (AR) are poised for transformative advances in 2024. These will be propelled by advanced headsets; as the metaverse is anticipated to redefine digital interactions.

“The convergence of AR, VR,

the metaverse, and generative AI is set to blur the lines between the digital and the physical, creating a future dictated on by our imagination,” Uzzaman says.

7. Autonomous Vehicles

Transportation will be transformed in 2024 by autonomous vehicles, which Uzzaman considers one of the most exciting emerging technologies.

“By eliminating the need for human drivers, autonomous vehicles have the potential to improve safety, reduce traffic congestion, and increase mobility for millions of people,” she says.

Further advances in sensor technology, machine learning and connectivity. This will enable the vehicles to navigate complex environments, and interact with other vehicles and infrastructure in real time, paving the way for a future where driving is no longer the norm.

While Global Data recently predicted that the autonomous vehicle (AV) industry will not develop a fully self-driving car until 2035, Uzzaman expects “2024 will be a good year to watch progress in this area.”

8. 5G and 6G Network Technology Development

Today, 5G networks are enabling faster and more reliable connectivity. These are the latest generation of wireless technology, “offering faster speeds, lower latency, and more reliable connectivity than in the past...”

With the ability to handle massive amounts of data at lighting speeds, Uzzaman believes “they have the potential to revolutionize the way we use technology.”

With this, we can expect advancements in edge computing, the internet of things, and virtual augmented reality in 2024. This will enable networks to become more intelligent and capable, providing faster and more responsive services to users, especially in the field of virtual and augmented reality.

It is important to note, though, that while 6G is being developed, it is not yet a functioning technology, and “industry specifications for 6G enabled products remain years away.”

9. Biotechnology

Biotechnology is an emerging field that combines biology and technology to create new products and processes that improve our lives. From health care to agriculture, biotechnology has the potential to revolutionize industries and solve some of the world’s biggest challenges.

In 2024, “we can expect to see biotechnology become even more advanced in areas like gene editing, synthetic biology, and personalized medicine.”

In addition to health care, Uzzaman believes that biotechnology can transform industries like agriculture and energy by developing new crops and fuels that are more efficient and sustainable.

10. Human-Machine Interface

Many experts believe that human-machine interaction (HMI) is redefining people’s relationships with technology. It’s an emerging field that aims to create more intuitive and natural ways for humans to interact with technology.

By combining advances in AI, machine learning an robotics, “HMI has the potential to transform the way we use technology and improve our daily lives.”

In 2024, Uzzaman says that “we can expect to see HMI become even more advanced in areas such as natural language processing, gesture recognition, and brain-computer interfaces.”

This will, she adds, enable HMI to become more natural and seamless, providing more intuitive and responsive experiences for users.

PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (Ipra), the world’s premier association for senior professionals around the world. Millie Dizon, the Senior Vice President for Marketing and Communications of SM, is the former local chair.

We are devoting a special column each month to answer the reader’s questions about public relations.

Please send your comments and questions to askipraphil@gmail.com.

Sports BusinessMirror

Canada’s Leylah Fernandez serves to the Czech Republic’s Sara Bejlek during their first round match at the Australian Open at Melbourne Park Sunday.

Fernandez won, 7-6 (5), 6-2. AP

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onday, January 15, 2024 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

IOC-beer brew: Cheers to that!

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ONDON—The International Olympic Committee (IOC) has signed Anheuser-Busch InBev as the first beer brand in the 40-year history of its sponsorship program, which earns billions of dollars for the organization and international sports.

The deal was announced recently by the IOC and AB InBev—the Belgium-based brewing giant whose brands include Budweiser, Corona, Michelob and Modelo—for the next three Summer and Winter Games.

The Paris Olympics open on July 26 and the deal also includes the 2026 Winter Games in northern Italy, then—the likely prize asset— the Los Angeles Olympics in 2028.

Corona Cero, the zero-alcohol version of the Corona brand that is ranked second most valuable worldwide in the brewing industry, will be “global beer sponsor of the Olympic Games,” the heads of the IOC and AB InBev said.

The value of the deal was not disclosed, though the IOC has said some of its sponsors pay more than $300 million to be in the TOP (The Olympic Partner) program for a four-year commercial cycle.

ANHEUSER-BUSCH InBev CEO Michel Doukeris (left) and International Olympic Committee president Thomas Bach toast the new partnership. AP “ABInBev and our brands, they support sports globally and they celebrate the opportunities that people have to get together, because we all know that beer and sports go very well with the fans,” AB InBev CEO Michel Doukeris told The Associated Press in an interview.

The IOC launched the TOP program in 1985, a year after its ailing commercial prospects were rebooted by the Los Angeles Games and has typically aligned with technology and logistics companies that can help Games organizers in

Groseclose early bird in Gangwon games

Leylah triumphs

host cities. Deloitte, Intel and Toyota are on the current slate.

The Olympic body has never signed a beer or alcohol brand for its global event, which is widely viewed as the pinnacle of athletic achievement, with an increasing number of young teenage medalists in new sports like skateboarding.

Beer deals, however, are routine for local organizers.

Chinese officials, for instance, signed Budweiser as the international beer of the 2008 Beijing Olympics.

By Josef Ramos

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Longtime partnerships with CocaCola and McDonald’s prompted the IOC, its then-president Jacques Rogge acknowledged in 2012, to seek assurances that the companies would do more to help tackle obesity with low-sugar and low-fat options. Coca-Cola is still an Olympic sponsor, but the McDonald’s deal ended three years early, in 2017.

The IOC’s own stated marketing mission is to “not accept commercial associations with products that may conflict with or be considered inappropriate to the mission of the IOC or to the spirit of Olympism.”

Asked at a news conference why the sponsorship deal came together now, Rogge’s successor as IOC president, Thomas Bach, said it was a “perfect match” because of their shared values, including the joy of sports and bringing people together.

“We both are organizations who are thirsty for success, but we also know and have realized that with every success comes a social responsibility,” he said Friday.

Doukeris told the AP that he doesn’t “see any conflict” with Corona Cero as the brand of the Games globally and Michelob Ultra being the sponsor of the US team and of the 2028 LA Olympics because “we continue to drive responsible consumption as a message.”

PEED skater Peter Groseclose was the first of three Filipino athletes to arrive in South Korea on Sunday ahead of Friday’s opening of the 2024 Winter Youth Olympic Games in Gangwon.

Philippine Olympic Committee (POC) president Abraham “Bambol” Tolentino said the two other Filipino athletes will follow suit with freestyle skier Laetaz Amihan Rabe checking in at the Gangneung Youth Olympic Village on Friday and cross-country skier Avery Balbanida arriving on January 25.

Tolentino and POC secretary-general Wharton Chan will be flying to Gangwon on Thursday and will meet up with chef de mission Ada Milby, Philippine Skating Union president Nikki Cheng and Philippine Ski and Snowboard Federation Sales of non-alcoholic beer, wine and secretary-general Jezreel Apelar. spirits have been growing faster than sales The opening ceremony will of their alcoholic counterparts for several be held simultaneously at the years now, buoyed by younger drinkers’ Gangneung Oval and PyeongChang concerns about health and wellness and a Dome for the games that gather general trend toward moderation.

1,900 athletes aged 15 to 18 from Between 2018 and 2023, sales of non79 nations competing in 81 events alcoholic drinks in the top 10 markets that spread over seven sports. sell them grew 70 percent to more than Groseclose, 16, qualified for $8.5 billion, according to IWSR Drinks the short track’s 500-, 1000- and Market Analysis, a market research firm.

1,500-meter races which kick off Sales of alcoholic drinks in those markets January 20 to 24. grew 14 percent to $470 billion.

Rabe, 14, is entered in the Alcohol companies see nonalcoholic Slopestyle and Big Air events, while drinks as a growth opportunity because Balbanida, 16, is flying in later they can keep customers within a brand, from Calgary City for the 7.5-km said Susie Goldspink, head of no- and classic skiing and sprint freestyle low-alcohol insights at IWSR. If a drinker set from January 29 to February 1. switches from Corona to nonalcoholic “It’s always exciting for Corona Cero, for example, that’s still the Philippines to be on any revenue for AB InBev. international stage and for us IOC sponsors, now at a record 15, do to have three athletes in the not get to display their names or slogans Winter Youth Olympic Games,” at Olympics stadiums and venues. There said Milby, who heads the rugby will be no images in Paris of teenage federation. “It demonstrates the skateboarders, breakdancers or gymnasts commitment of the athletes to competing in front of Corona Cero perform on that level.” marketing.

The games end on February 1.

Sponsors do get exclusive worldwide rights to use Olympic branding like the iconic five rings symbol in its own advertising and campaign activations, such as running competitions on drinks cans and packaging. AP

Que eyeing record 4th victory at TCC Invitational golfest

Lipa City hosts unique simul golf meet in Summit Point, Malarayat June Mar Fajardo

PSA names Fajardo Mr. Basketball, Bolden Ms. Football in awards night

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WO athletes who excelled in their respective sports form a big part of the San Miguel Corp.-Philippine Sportswriters Association (SMC-PSA) Awards Night at the Diamond Hotel.

Basketball star June Mar Fajardo and football ace Sarina Bolden were named Mr. Basketball and Ms. Football, respectively, by the oldest media organization in the Philippines, headed by its president Nelson Beltran, sports editor of The Philippine Star.

This is the sixth time in the last seven years Fajardo was accorded the same honor by the PSA because of his five straight titles—it was only broken last year by Barangay Ginebra’s Scottie Thompson.

Bolden, meanwhile, will be bestowed the distinction for the second straight year.

Set January 29, the formal event is presented by the country’s 24/7 sports app ArenaPlus, with major sponsors Philippine Sports Commission, Philippine Olympic Committee, PLDT/Smart, Cignal, and Milo.

The event is also backed by the Philippine Basketball Association, 1-Pacman Partylist Rep. Mikee Romero, Premier Volleyball League and Rain or Shine.

Fajardo, 34, and Bolden, 27, both had banner years in 2023 that saw them lead their teams’ campaign in major international meets.

The 6-foot-10 San Miguel Beer center was in Cambodia as part of the Gilas Pilipinas team

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SArina Bolden that regained the basketball gold medal in the 32nd Southeast Asian Games.

Three months later, Fajardo and the Philippine team played before adoring local basketball fans during the FIBA World Cup, which the country co-hosted with Japan and Indonesia.

Gilas failed to advance in the knockout stage, but earned one of three Asian berths to the FIBA Qualifying Tournament to the Paris 2024 Olympics.

But the 6-foot-10 product of University of Cebu saved his best for last, playing a major role in the national squad’s unexpected march to the gold medal at the 19th Asian Games in Hangzhou that ended the country’s 61 years of waiting to reclaim basketball supremacy in the region.

Locally, Fajardo’s star also shone bright after winning a record seventh Most Valuable Player award in the Philippine Basketball Association.

Bolden, meanwhile, continued to be the face of Philippine women’s football.

The former Loyola Marymount University star was a key player in the Filipinas team that made history by qualifying for the FIFA Women’s World Cup in New Zealand and Australia.

The 5-foot-8 forward then made the team’s maiden appearance even memorable by etching her name in the history books as the first Filipina to score a goal in the World Cup as the underdog Filipinas shocked co-host New Zealand, 1-0, in the group stage.

The winning goal was reminiscent of the same heroic Bolden pulled off during the knockout phase of the Asian Football Confederation Women’s Asian Cup in 2023 by scoring the winning penalty kick against Chinese-Taipei to advance in the semifinals and clinch a ticket to the FIFA Women’s World Cup.

IPA City seeks to make its mark as one of the country’s top golf tourism destinations with the launch of the 1st Lipa City Fiesta Barako Golf Tournament at Summit Point Golf and Country Club and Mount Malarayat Golf and Country Club on Wednesday and Thursday.

It is a distinct event giving women golfers a chance to play against the men, with seniors also in the mix in the four-to-play three-to-count format.

Organizers also expect top junior golfers to see action in the tournament featuring 80 teams.

“This isn’t exclusive for the ‘machong barako,’ no separate women’s division,” Summit Point general manager Vic de Guzman said. “It’s our way to show the golfing community what’s Lipa [City] and who we are as Lipeño[s].”

Women can compete by forming all-female teams or by joining mixed teams with the men and seniors who play one round at Summit Point and another at Mount Malarayat.

While the Philippine Airlines Interclub is billed as the premier club team competition and Fil-Am Invitational considered the biggest and longest-running amateur event, Lipa City’s Fiesta Barako Cup aims

LIPA City Mayor Eric Africa (center) with (from left) rules official head Bong Igaya, Mount Malarayat Golf and Country Club General Manager Romeo Garcia, tournament chairman Raul Montealto, Summit Point president Robbie Leviste, General Manager Vic de Guzman and Lian Vice Mayor Ronin Leviste.

to position itself as the top local government unit-organized golf tourism event highlighted by its novel format.

The City is also holding the 9th Mario D. Africa Sr. Memorial Chess Cup at the Lipa City Convention Center, while other fiesta activities during

the week include Flavours of Lipa Food Fair and the Traje de Mestiza Fashion Show at Plaza Independencia, the Mutya ng Lipa coronation and the Grand Float Parade.

“It’s an honor for Lipa City to hold this kind of tournament,” Lipa Mayor Eric Africa said. “Hopefully, golfers will put Lipa City in their routines.”

Dilao, Diaz share MVP honors in Kasadyahan netfest in Iloilo

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RANCE DILAO and Jana Diaz pounded out victories in contrasting fashions in 16-and-under play as they shared most valuable player honors in the Gov. AR Defensor Kasadyahan national juniors tennis championships at the LaPaz courts in Iloilo recently.

The third-ranked Dilao stunned top seed Al Tristan Licayan, 4-6, 6-2, 10-7, in the semifinals then foiled local bet Ian Ituriaga, 6-4, 7-6 (1), as the Santa Rosa bet ended a long title spell in the Group 2 tournament of the Palawan Pawnshop-Palawan Express Pera Padala-sponsored nationwide circuit.

Diaz, on the other hand, dominated her side of the competition by nailing straight-set triumphs in the finals.

But the Imus (Cavite) lass needed to overcome unseeded Alexandra Onte’s fierce challenge before pulling through, 6-7(6), 6-2, 10-5.

Licayan, meanwhile, redeemed himself in the premier division, repulsing No. 1 Ariel Cabaral, 6-2, 7-5, in a duel of General Trias (Cavite) bets, while top seed Chloe Mercado from Quezon City survived Jasmine Jaran, 2-6, 6-2, 10-6, to reign in the 18-and-under division of the

Sit back and enjoy the show

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HEN Pete Sampras won his 14th tennis grand slam title in 2002, I wondered, well, it only took the American 37 years to break Roy Emerson’s record of 12 slams for men’s singles players.

I wonder soon after that, how long will it take to break Sampras’ record of 14 slams? Surely, whoever does that will be the GOAT. Then even before Sampras’ career was over, Roger Federer came up and played impeccable tennis unlike anyone then. Sampras included.

I thought, “Federer is going to surpass Sampras in no time.”

True enough, Federer did at age 27 when he passed Sampras for his 15th grand slam at Wimbledon in 2009. Pete’s record stood for only five years.

I then postulated, “The way Federer is playing, but by the time he is done, his record for titles will be unmatched.”

I should just learn to not think about it and enjoy the game of tennis.

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One year after Federer leapfrogged past the American, the No. 1 male tennis player in the world was… Rafael Nadal. And that rivalry with Federer was bewitching.

The two were going at it with two tennis superstars like the Fantastic Four’s The Thing against the Incredible Hulk.

The tennis gods threw monkey wrench into the mix and lo,

Skateboarding worlds in Tagaytay

Rydelle Abaricio, the third fastest downhill skateboarder in the world, leads the field in the Downhill Skateboarding and Street Luge World Championships in Tagaytay City from February 22 to 25. Joining her are Philippine representatives and Team Skate Pilipinas members, including Sebastian Chanco. event sanctioned by the Philippine Tennis Association and presented by Dunlop.

Homegrown talents Anthony Castigador and Louraine Jallorina also came away with a pair of reversals in 14-andunder class with Castigador turning back No. 1 and doubles partner Andrian Rodriguez, 3-6, 6-3, 10-5, and Jallorina holding off top seed Cadee Dagoon, 6-4, 7-5.

and behold.... In came Novak Djokovic.

At age 37 today, Novak has 24 slams. He is tied with Margaret Court for the most. He is already the GOAT. Or once more, am I getting ahead?

Nadal has 22 slams to his name. Time isn’t on his side as he said he plans to retire by the second half of the year.

He is missing the ongoing Australian Open after sustaining an injury in the Brisbane International right before the first Grand Slam tournament fired its opening serve. He will have two more opportunities to catch Novak— provided the Serb does not win the Australian Open—with the French Open scheduled this May/June and Wimbledon that is calendared

for July. Plus, of course, Nadal stays healthy.

Nadal will turn 38 in June.

Djokovic on the other hand turns 37 this May. As many have noted, no matter what Novak has accomplished, that fire in his eyes hasn’t diminished. Didn’t he jokingly say that he wanted Olympic gold?

The Paris Olympics will begin as soon as Wimbledon is wrapped up.

And I figure the Serb has a few more good years in him.

And going off tangent, as much as I love Break Point (on Netflix), the streaming giant should have one entire season dedicated to that Federer-Nadal-Djokovic Rivalry.

NGELO QUE is putting emphasis on mental preparation as he gears up for a record victory against a formidable field in The Country Club (TCC) Invitational reeling off January 23 at the demanding TCC course in Canlubang.

Despite going winless at home since routing the field by 12 strokes at the International Container Terminal Services Inc. (ICTSI) Classic at Mount Malarayat in 2017, Que is motivated to nail a fourth victory in the P6 million championship, which boasts of former champions and the Top 30 players from last year’s Philippine Golf Tour (PGT) Order of Merit ranking.

“Since no one has won four times at the TCC Invitational, it would be a big motivation to try and achieve this,” said Que, who triumphed in 2007, 2010 and 2011.

However, the three-time Asian Tour champion and one-time winner on the Japan Golf Tour acknowledges the challenge posed by a strong field of young players. He considers them as the biggest hurdle to his record drive in the event put up by ICTSI chairman and CEO Ricky Razon in 2003 to honor his father and ICTSI founder Don Pocholo.

“There are a lot of good, young players out there now, I think that would be the biggest hurdle,” said the 45-year-old Que, who has racked up 16 victories in a 20-year pro career.

Notable contenders include last year’s PGT leg winners Ira Alido and Rupert Zaragosa along with last year’s runner-up Lloyd Go, Keanu Jahns and Korean Hyun Ho Rho while former champions Miguel Tabuena and Tony Lascuña are also ready for a shot a second crown in the 72-hole championship organized by Pilipinas Golf Tournaments Inc. and backed by official apparel Kampfortis Golf.

Us tennis fans are spoiled. We got to see four men branded as GOATs come in one after the other with the latter three enthralling us, capturing the sports world’s imagination as it is played. We can get all the sordid details later on Netflix (just as a suggestion to this wonderful docu-series’ producers Paul Martin, James GayRees and Warren Smith).

I, on the other hand, am not going to speculate any further. As I was wrong with Sampras and then Federer, I will not entertain any more thoughts about GOATS and the most slams. I will just sit back, watch, munch on some popcorn, and enjoy this greatest of all eras in terms of tennis.

That’s not so bad.