BusinessMirror January 16, 2024

‘South, East Asia, Pacific to grow amid risks’

C

AWESM CEBU Get ready to immerse yourself in unforgettable festival experiences at SM Seaside— from mesmerizing dance parades to the enchanting Sto. Niño de Cebu exhibitions, the amazing Sinulog Festival Queen Runway Competition, the mouth-watering Lechon Festival, and more! All set against the vibrant backdrop of AweSM Artscape Installations. Don’t miss out on these extraordinary moments, available until January 31, 2024. SM SUPERMALLS

ROTARY CLUB OF MANILA JOURNALISM AWARDS

2006 National Newspaper of the Year 2011 National Newspaper of the Year 2013 Business Newspaper of the Year 2017 Business Newspaper of the Year 2019 Business Newspaper of the Year 2021 Pro Patria Award PHILIPPINE STATISTICS AUTHORITY 2018 Data Champion

OUNTRIES in South and East Asia and the Pacific, including the Philippines, are expected to buck the global trend and post either moderate or strong GDP growth this year, according to the latest report of the World Economic Forum (WEF).

In its Chief Economists Outlook for January 2024, WEF said South Asia and East Asia and the Pacific will see the “most buoyant economic activity” in 2024.

This is amid the increased risk of shocks and geopolitical rifts that could heighten global economic volatility that are expected to worsen in Africa, the Middle East, and Latin America.

“Chief economists continue to see the most buoyant economic activity in the economies of Asia, although no region is slated for very strong growth in 2024,” the WEF report said.

Based on the report, some 56 percent of Chief Economists expect East Asia and the Pacific to post moderate growth, while 41 percent expect the same level of growth in South Asia.

The data showed 30 percent of Chief Economists project East Asia and the Pacific to post strong growth while it was higher at 52 percent in South Asia.

Only 15 percent of respondents expect East Asia and the Pacific to post weak GDP growth in 2024

and much less (7 percent) of them estimate that South Asia will post weak growth.

“The outlook for South Asia and East Asia and Pacific remains positive and broadly unchanged compared to the last survey, with 93 percent and 86 percent expecting moderate or stronger growth for South Asia and East Asia and Pacific, respectively,” the report stated.

However, WEF said China is considered the exception, given that a smaller majority or 69 percent of Chief Economists expect it to post moderate growth.

This is on the back of weak consumption, lower industrial production, and property market concerns that would weigh on the

prospects of a stronger economic rebound.

“A mid accelerating divergence, the resilience of the global economy will continue to be tested in the year ahead.

Though global inflation is easing, growth is stalling, financial conditions remain tight, global tensions are deepening and inequalities are rising— highlighting the urgent need for global cooperation to build momentum for sustainable, inclusive economic growth,” WEF Managing Director Saadia Zahidi said in a statement.

The report also said inflation is expected to ease, signaling the end of the tightening cycle.

BusinessMirror

See “South,” A2

EJAP JOURNALISM AWARDS

BUSINESS NEWS SOURCE OF THE YEAR

(2017, 2018, 2019, 2020, 2021) DEPARTMENT OF SCIENCE AND TECHNOLOGY

2018 BANTOG MEDIA AWARDS

11-MONTH REMITTANCES w

n

Tuesday, January 16, 2024 Vol. 19 No. 93

P25.00 nationwide | 2 sections 20 pages |

UP 2.8% TO $30.2B: BSP T

By Cai U. Ordinario

@caiordinario

HE steady growth of remittances is expected to continue and indicates that Overseas Filipino Workers (OFWs) may have already recovered from the pandemic.

Data from the Bangko Sentral ng Pilipinas (BSP) showed that cash remittances grew 2.8 percent to $2.7 billion in November 2023 from $2.6

billion in the same month of 2022.

In the 11-month period, cash remittances also grew 2.8 percent to See “Remittances,” A2

‘SENATE-LED’ CHA-CHA REVIEW STARTS AS ZUBIRI FILES RESO

PUBLIC PULSE ON POGOS In Parañaque City, POGO workers take a break at a gasoline station. Senator Win Gatchalian said a recent poll by Pulse Asia Research Inc., shows most Filipinos reject allowing Philippine Offshore Gaming Operators (POGOs) to continue their operations in the country. However, on Monday, Pagcor chairman Al Tengco told journalists a call for the wholesale ban on such operations must weigh the economic ramifications: mainly, on tens of thousands of jobs in balance, and the hit to the property market. Related stories on Pagcor on pages A12 and B3. NONIE REYES

SENATE President Juan Miguel Zubiri files a resolution to kickstart discussions on amending the economic provisions of the 1987 Constitution. ROY DOMINGO

By Butch Fernandez @butchfBM

& Jovee Marie N. dela Cruz @joveemarie

E

NCOURAGED by President Ferdinand Marcos’s view that the ongoing campaign to use a “People’s Initiative” mode to amend the Constitution by marginalizing senators is “too divisive,” Senate President Juan Miguel Zubiri filed on Monday a resolution paving the way for discussions on amending the economic provisions of the 1987 Constitution.

Zubiri said this was the result of his meetings last

week w ith House Speaker Martin Romualdez and President Marcos Jr. who, he said, designated the Senate to lead the process. With him in that January 11 meeting was Senate President Pro Tempore Loren Legarda.

Also on Monday, the leadership of the House of Representatives on Monday expressed its unwavering support for the Senate’s initiative to file a Resolution of Both Houses of Congress, noting the importance of unity and purpose as the two houses work together to enact this modification to the Constitution.

See “Cha-cha,” A2

WEF: AI to boost economies; IMF: AI imperils 60% of jobs

T

HE use of artificial intelligence (AI) is expected to expand and change global economic activity, according to a World Economic Forum (WEF) report that indicated 50 percent of respondents expect technology to become commercially disruptive by the end of 2024. The International Monetary Fund (IMF), however, had words of caution, saying AI remains a threat to 60 percent of global jobs.

All Chief Economists of the WEF expect generative AI to boost global productivity and increase GDP worldwide. The most optimistic estimate is for AI deployment to increase global output by as much as 30 percent by the end of the century.

“One estimate suggests that generative AI alone could boost global productivity growth by 1.5 percentage points a year and increase global GDP by 7 percent over a 10-year horizon,” WEF said.

However, the International Monetary Fund (IMF) said AI remains a threat to 60 percent of global jobs.

While Emerging Market economies are less affected by AI, the lack of infrastructure and digital skills to support this technology could worsen inequality in these countries.

“Model simulations suggest that, with high complementarity, higher-wage earners can expect a See “WEF,” A2

PESO EXCHANGE RATES n US 55.9840 n JAPAN 0.3863 n UK 71.4132 n HK 7.1581 n CHINA 7.8092 n SINGAPORE 42.0584 n AUSTRALIA 37.4141 n EU 61.3193 n KOREA 0.0426 n SAUDI ARABIA 14.9282 Source: BSP (January 15, 2024)

News

BusinessMirror

A2 Tuesday, January16, 2024

www.businessmirror.com.ph

Retail construction material Cha-cha... prices grow slowest in 2 yrs

Continued from A1

R

By Cai U. Ordinario

@caiordinario

ETAIL construction material prices in Metro Manila slowed to 2.5 percent in 2023, marking the slowest growth since 2021, according to the Philippine Statistics Authority (PSA).

PSA said full-year growth of construction material prices was slower than the 5.8 percent posted in 2022 but faster than the 1.6 percent posted in 2021.

In December 2023, Construction Material Price Index (CMRPI) grew 1.4 percent, the fastest growth in four months. The rate in December 2023 was the same rate posted in August 2023.

“Slower annual increases were

noted in the indices of masonry materials at 0.7 percent during the month from 0.9 percent in November 2023; and tinsmithry materials at 2.9 percent in December 2023 from 3.1 percent in the prev ious month,” PSA explained.

Based on the CMRPI, tinsmithry materials had the highest weight at 21.76 percent, while masonry materials had a weight of 7.11 percent

Remittances...

Continued from A1

$30.2 billion from $29.4 billion in 2022.

“But the November 2023 cash remittance flow shows that Filipinos abroad have regained their financial bearings already, not minding even the appreciation of the peso,” Executive Director Jeremaiah M. Opiniano of the Institute for Migration and Development Issues

(IMDI) said in a statement.

“Then again, there’s the fear that with abundant money may mean less propensities to save,” he, however, told BusinessMirror on Monday.

Opiniano noted that the latest Consumer Expectations Survey (CES) of BSP shows that 43 percent of OFW households allotted remit-

in the index.

“The annual average growth rate of CMRPI for all items in NCR slowed down to 2.5 percent in 2023 from 5.8 percent in 2022,” PSA said.

“In 2023, all commodity groups exhibited slower annual average increases relative to their annual average increments in 2022,” it added.

Meanwhile, index components such as miscellaneous construction materials kept the CMRPI in Metro Manila in positive territory.

Miscellaneous construction materials only contracted 0.3 percent in December 2023 from a decline of 1.2 percent in November 2023.

Based on the CMRPI, miscellaneous construction materials had a weight of 15.78 percent, the fourth heaviest in the index.

There were also increases in the prices of other construction materials in December 2023 such as Carpentry materials, which increased 0.7 percent from 0.6 percent.

The data also showed electrical material prices grew 0.8 percent; painting materials and related compounds, 2.6 percent; and plumbing materials, 0.7 percent.

The CMRPI is a variant of the General Retail Price Index (GRPI), which measures the changes in the prices used by retailers to sell their goods to consumers and end-users relative to a base year.

The market basket of the CMRPI is composed of 102 commodities and is classified into seven major groups —carpentry, electrical, masonry, painting and related compounds, plumbing, tinsmithry and miscellaneous materials.

tances to savings during the first quarter. However, this declined to 34.9 percent in the second quarter; 37.3 percent in the third quarter; and 35.2 percent in the last quarter of 2023.

He also expressed concern that OFW households were increasing their purchases of appliances and other consumer durables.

Investments made by OFW households also increased in the second to the last quarter of 2023.

“These trends may imply that OFW households may be getting their wallets active once again, hoping that such savings strike a balance of allotting those amounts for family-relevant purchases and [fingers crossed] investments,” Opiniano said.

“The pandemic taught all of us the hard lesson to handle our incomes with extra care, especially when unfortunate economic shocks happen,” he added.

BSP data showed the growth in cash remittances from the United States, Saudi Arabia and United Arab Emirates (UAE) contributed mainly to the increase in remittances in the first 11 months of 2023.

In terms of remittance origins, the US had the highest share of overall remittances during the period, followed by Singapore and Saudi Arabia.

The data also showed that personal remittances from Overseas Filipinos (OFs) reached $3 billion in November 2023, higher by 2.9 percent than the $2.9 billion posted in November 2022.

The cumulative personal remittances grew by 2.9 percent to $33.6 billion in the first eleven months of 2023 from $32.6 billion recorded in the comparable period in 2022.

The BSP said the growth in personal remittances during the month was driven by increased remittances from land-based workers with work contracts of one year or more and sea- and land-based workers with work contracts of less than one year.

WEF...

Continued from A1

more-than-proportional increase in their labor income, leading to an increase in labor income inequality,” IMF said in a discussion paper.

“This would amplify the increase in income and wealth inequality that results from enhanced capital returns that accrue to high earners,” it added.

Efforts to make AI more inclusive means the adoption of digitalization in government technology or “govtech.” Many governments across the world during the pandemic made use of digital infrastructure to distribute financial aid.

IMF said apart from financial aid, AI could also help in informed decision making, identifying service gaps, detecting fraud and corruption, and customizing local interventions.

The paper added that AI tools could free up time and resources, which could be better allocated to key sectors for inclusion—for example, agriculture, health care, and education. Cai U. Ordinario

President Marcos, Zubiri recalled, “agreed with us that the proposal was too divisive and asked the Senate to instead take the lead in reviewing the economic provisions of the Constitution.”

He explained in a press briefing, “In this way we can preserve our bicameral nature of legislation while the Constitution must be reviewed in keeping with the demands of the present and possibility of the future.”

The Senate chief added, “We believe that we must first expose avenues open to just policy making and legislation.” That, he pointed out, was “precisely what we did when we enact amendments to the Public Services Act and liberalized many industries to attract foreign investments, encourage competition and improve delivery of basic services to our countrymen.”

He added that “as part of the Senate-led review of the economic provisions ahead of full-blown discussions on the Charter, the body designated a subcommittee under the Committee on Constitutional Amendments to do that task.

Sen. Juan Edgardo Angara, a lawyer-economist, was tasked to lead the subcommittee even as Zubiri has yet to talk to the mother committee chairman, Sen. Robin Padilla, who is abroad.

Meanwhile, Resolution of Both Houses No. 6 was filed at the Senate proposing amendments to certain economic provisions of the 1987 Constitution, particularly on Articles XII, XIV, and XVI. The resolution was signed by Zubiri, Legarda, and Angara.

‘No constitutional crisis’

HOUSE Committee on Ways and Means Chairman Joey Salceda said the recent efforts by the Senate to engage in Charter change only means there is no imminent threat of a constitutional crisis.

“I also believe that there is no existential threat of a constitutional crisis. Both the People’s Initiative underway and previous attempts by the House to establish a Constituent Assembly to amend the constitution are fully in accord with the process stipulated in the 1987 Constitution. The regular workings of the legislature and the relationship between the Senate and the House should thus continue without interruption,” he said.

“The Chair of the Senate Committee on Constitutional Amendments has already expressed his intent to tackle Charter change. Various senators have also expressed support for or openness to constitutional reforms, in one form or another. We welcome these developments,” he added.

Whether or not the People’s Initiative succeeds, Salceda asserted that the House will diligently explore all constitutional

South...

avenues to attract investments, generate new high-paying jobs, and create fresh business and trade opportunities for the Filipino people.

Romualdez for his part believes that the proposed amendments were not only timely but essential for unlocking the nation’s economic potential.

“This resolution using the mode of the Constituent Assembly is a decisive step towards amending the 1987 Constitution, particularly in terms of relaxing the economic provisions that currently restrict the entry of foreign direct investments into the Philippines,” he said.

“Our nation stands on the cusp of transformative economic growth, and it is imperative that we adapt our constitutional framework to the evolving global economic landscape.

The amendments proposed are not just timely but necessary to unlock the full potential of our economy, fostering a more competitive, inclusive, and robust economic environment,” he added.

Romualdez said the decision to amend the Constitution through a Constituent Assembly emphasizes the commitment to a democratic and participatory process as it reflects the collective determination to dismantle long standing barriers that have, to some extent, impeded the nation’s progress.

Romualdez underscored the significance of unity and purpose as the Senate and the House aligned in passing this resolution.

In March 2023, the House of Representatives approved on third and final reading Resolution of Both Houses (RBH) 6, which calls for a constitutional convention (con-con) to amend the 1987 Constitution. RBH No. 6 received 301 yes votes, six no votes, and one abstention.

In December 2023, Romualdez said the House will revive talks on Charter change this year, 2024.

Albay Rep. Edcel Lagman said the supermajority coalition in Congress already initiated a campaign for charter change through a people’s initiative.

On Monday, Lagman expressed concerns over the ongoing push for constitutional amendments, noting that the assault on the 1987 Constitution is unfolding on two fronts, with the House of Representatives advocating for a joint voting procedure in the Constituent Assembly, while the Senate pursues amendments with separate voting by both chambers.

“I believe these apparently separate efforts will end in a compromise by opening wide the economy to alien investments through a Constituent Assembly with the House and the Senate fast-tracking the approval of the constitutional amendment with the backing of both Chambers even voting separately,” he added.

Continued from A1

In East Asia and the Pacific, 4 percent of Chief Economists expect inflation to be very low and 26 percent said inflation will be low.

Another 4 percent said inflation will be high, while the bulk of respondents or 67 percent said inflation will be moderate in East Asia and the Pacific.

WEF said this will translate to “evolving monetary policy patterns.”

In the United States, the Federal Reserve communication is “dovish” in its December 2023 meeting.

However, given the risks, WEF expects policymakers to be more cautious in terms of monetary

policy. These risks include the escalation of regional conflicts, excessive redundancy and rising climate volatility.

One example of climate volatility is the arrival of the El Niño phenomenon which, WEF said, could alone increase global food prices by up to 9 percent.

“The unusually high degree of uncertainty over economic and financial developments means the timing and extent of easing will pose a dilemma for policymakers that continue to navigate trade-offs between tightening too much and too little,” WEF said. Cai U. Ordinario

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

The Nation

Tuesday, January 16, 2024

Transport groups ask SC to junk PISTON’s plea vs PUVMP as govt readies crackdown

BY Joel R. San Juan @jrsanjuan1573

& Samuel P. Medenilla @sam_medenilla

S

E V ER A L t r a n s por t g roups asked the Supreme Court (SC) to deny the petition filed by other transport groups led by the Pinagkaisang Samahan ng mga Tsuper at Operator Nationwide (PISTON) seeking to stop the government’s full implementation of the Public Utility Vehicle Modernization Program (PUVMP) starting February 1.

The Pinagkaisang Sangguniang Manila and Suburbs Drivers Association (Pasang Masda) led by Obet Martin, along with co-petitioners, the Alliance of Concerned Transport Operators or ACTO, Liga ng Transportasyon at Operators sa Pilipinas (LTOP) and Alliance of Transport Operators and Drivers Association of the Philippines (ALTODAP) filed their motion for intervention with attached comment and opposition to the main petitions against PUVMP. “ B a s i c a l l y, w e a r e o p p o s i n g their petition for a TRO [temporar y restraining order],” Martin told reporters.

He said their groups are pushing for the implementation of PUVMP in order for the country to catch up with its Asian counterparts in terms of modernizing the transport sector, while the petitioners, Martin pointed out, would only want to keep their old and traditional jeepneys.

“They are allowed to keep traditional jeepneys as long as they are compliant with the Philippine National Standard [PNS],” he noted.

Martin also dismissed the petitioners’ claim about a looming transport crisis once the jeepney phase out is fully implemented.

“I’ve been in the transport sector for five years and I don’t believe that there will be a transport crisis starting February 1. Instead, our income will likely improve, along with the traffic flow. That supposed transport crisis, it will not happen,” he added.

Martin also debunked the claims

on the allegedly overpriced cost of modern jeepneys.

He noted that there are modern jeepney suppliers who are selling their units in the amount of P1 million to P1.5 million.

“Many modern jeepneys are cheap and still compliant with the PNS like with one supplier that is selling at around P1 million. We can avail of that,” Martin explained.

It can be recalled that PISTON and other transport groups filed last month a petition before the SC seeking the issuance of a TRO to enjoin the December 31 deadline imposed by the government for the PUVMP. They also sought to declare as unconstitutional various circulars and issuances issued by respondents Department of Transportation (DOTr) and the Land Transportation Franchising and Regulatory Board (LTFRB) mandating the phase out of jeepneys from the roads.

T hese include Depar tment of Transportation Order No. 207-011 (Omnibus Guidelines on the Planning and Identification of Public Road Transportation Services and Franchise Issuance); Land Transportation Franchising and Regulatory Board (LTFRB) Memorandum Circular 2018-008 (Consolidation of Franchise Holders in Compliance with DO No. 207-11); LTFRB Memorandum Circular 2020-084 (Extension of Time to File Application for Consolidation Pursuant to Industry Consolidation of PUVMP); LTFRB Memorandum Circular 2021-021 (Guidelines for the Issuance of Provisional Authority to Units of Individual Operators with Pending Application for Consolidation and those that Failed to File an Application for Consolidation pursuant to DO No. 207-11; LTFRB Memorandum Circular 2023-047 (Guidelines for the Acceptance of Application for Consolidations); and LTFRB Memorandum Circular 2023-051 (Allowing Operations of Consolidated Transport Services Entities in All Routes with Filed Applications for Consolidation on or before December 31, 2023).

However, the SC has deferred rul-

ing on the plea of the petitioners for the issuance of a TRO. In an order issued on December 28 or three days prior to the December 31 deadline, the SC, instead, gave the DOTr and LTFRB 10 days to comment on the petition for certiorari and prohibition with urgent application for a TRO and/or writ of preliminary injunction filed by PISTON and other transport groups.

The petitioners stressed that the orders and circulars are overly broad and infringe the constitutional freedom of association as these issuances force the drivers and operators to join an organization or cooperative.

They added that the circulars are oppressive, overreaching and confiscatory as it will have a damaging impact on the livelihood of the drivers and operators, and even the commuters.

T he pet it ioners a lso a rg ued that the said orders and circulars were issued in excess of DOTr and LTFRB’s authority, considering that the implementation of PUVMP is not supported by a law passed by Congress.

Ready for ‘crackdown’ STARTING next month, the government will launch its crackdown against “unconsolidated” PUJs, which will be treated as colorum vehicles, as the continue to gain momentum, according to the LTFRB. But even after the said purge, authorities are confident, there will be sufficient public utility vehicles to meet commuter demand.

At a news press conference in Malacañang last Monday, LTFRB chairman Teofilo E. Guadiz III disclosed they would be coordinating with the Land LTO and the Metro Manila Development Authority in conducting random checks of PUJs

by February 1, 2024.

After the deadline, unconsolidated PUJs, which will continue to ply their routes, will face penalties.

“We will be checking their [consolidation] papers,” Guadiz said.

As a long-term solution, he said

they would be issuing stickers to automatically determine if a jeep is a member of a consolidated entity.

P UJ c o o p e r at i v e s w it h c o n solidated franchises are given 27 months to replace all of their units with modern jeeps.

Special permit LTFRB-NATIONAL Capital Region Director Zona M. Tamayo said of the over 42,000 PUJs with franchises, only 22,284 registered last year. Of those which registered, 21,655 have consolidated before the December 31,2023 deadline.

The statistics, she said, suggest that the existing over 22,000 registered PUJs are enough to meet the current demand by commuters.

Tamayo attributed the reduction in the number of PUJs to the decision of some operators to retire due to their age or since their vehicles are no longer roadworthy as well as the reduction of commuter demand after the pandemic.

Guadiz said he anticipated the decline in needed jeeps nationwide since many other transportation modalities such as buses, tricycles, and taxis are now available.

Since about 1,000 PUJs remain unconsolidated, Tamayo said there is a possibilit y some areas may be undeser ved thus the DOTr is conduct ing a rat iona l i zat ion of a l l existing routes.

LTFRB explained it would be issuing special permits to allow additional PUJs to temporarily operate in an underserved area if the need for it arises.

“Those consolidated entities will be given priority to run over areas, which w il l lack transportation,” Tamayo said.

No pass on cost to commuters – LTFRB THE Land Transportation Franchising and Regulatory Board (LTFRB) on Monday clarified that registered cooperatives will not be able to automatically pass the cost of their procurement of modern jeeps to commuters.

DepEd reports ‘orderly’ transition of 14 schools in EMBO barangays

By Claudeth Mocon-Ciriaco @claudethmc3

T

HE Department of Education (DepEd) on Monday reported an “orderly” transition of the 14 schools affected by the Supreme Court’s (SC) decision over the jurisdiction of 10 EMBO barangays.

DepEd thanked both the cities of Taguig and Makati for their “cooperation and commitment.”

“With the common goal of delivering quality education, Vice President and Secretary of Education Sara Z. Duterte, Taguig Mayor Maria Laarni Cayetano, and Makati Mayor Abigail Binay signed a memorandum of agreement for the full transition of the public schools’ operations from Makati to Taguig beginning January 01, 2024,” the DepEd said in a statement.

Likewise, DepEd also recognized Regional Director Gilbert Sadsad and all of the mem-

bers of the Transition Committee for their perseverance and diligence throughout the entire process.

In the said agreement, the Schools Division of Taguig-Pateros will now manage and operate the schools.

“While there are still specific issues and appeals that shall be left to the final determination of the proper authorities, the transition has been finally concluded through

the collective resolve of the parties in ensuring the unhampered delivery of basic education services,” the DepEd added.

Last year, DepEd has formed a Transition Committee to resolve the Makati-Taguig issue over the jurisdiction of 14 schools in the disputed barangays.

The DepEd has issued Department Order (DO) 23, s. 2023, which provides that the Office Education Secretary shall directly supervise

Salo issues clarification on mandatory shipboard training for Pinoy seafarers

T

HE chairperson of the House Committee on Overseas Workers Affairs clarified the intentions behind the mandatory shipboard training provision under the Magna Carta for Filipino Seafarers, saying the requirement is not a new imposition but rather a necessary step to address the existing gap in maritime education.

House Committee on Overseas Workers Affairs Chairman Ron P. Salo made the clarification in response to the concerns raised by the Philippine Association of Maritime Institutions (PAMI) on the provision in the Magna Carta

of Filipino Seafarers pertaining to mandatory shipboard training.

“I wish to state that this is not a new requirement. The Magna Carta simply institutionalizes this requirement to ensure full compliance by our Maritime Higher Education Institutions (MHEI),” he said.

According to Salo, the requirement aligns with the findings of the European Maritime Safety Agency (EMSA), emphasizing the need for reforms in Philippine maritime education.

Salo said that a significant number of

maritime degree graduates lack essential shipboard training, hindering their ability to work as seafarers on international ships as mandated by the International Maritime Organization (IMO).

Data from the Commission on Higher Education (CHED) revealed that only around 36 percent of maritime students successfully secure shipboard training, highlighting the urgency to bridge this gap, according to the lawmaker.

He added that the Magna Carta aims to strike a delicate balance between theoretical

knowledge and practical application, ensuring that graduates are fully equipped to enter the maritime industry.

“The provision acknowledges the need to maintain a delicate balance between theoretical knowledge and practical application and to ensure that our students undergo the complete maritime education essential for them to be full-fledged seafarers. It is essential for maritime courses to equip students not only with academic prowess but also hands-on experience, ensuring that graduates are industry-ready

Sen. Go urges DOH’s prompt response after reported gastroenteritis outbreak in Baguio

S

ENATOR Christopher “Bong” Go, chairperson of the Senate Committee on Health and Demography, appealed to the Department of Health (DOH) for urgent intervention amid the reported outbreak of acute gastroenteritis cases in Baguio City.

In an ambush interview on Friday, January 12, after attending the groundbreaking for a Super Health Center in Navotas City, Go emphasized the critical need to identify the cause of the reported outbreak and ensure

drinking water safety in the affected areas. He called on the DOH to intensify its information drive, especially in schools and communities, and to identify and address any suspected contamination in drinking water sources.

“Nananawagan po ako sa Department of Health to check kung ano pong cause nitong gastroenteritis na naging outbreak po sa Baguio. Anong cause kung bakit nagkaroon ng outbreak at safe ba ang iniinom nilang tubig,” said Go.

The acute gastroenteritis outbreak in Baguio City, marked by symptoms, such as diarrhea, vomiting, and abdominal cramps, saw a significant increase in cases around early January 2024. By January 11, the City Health Services Office reported 2,199 cases. The majority of these cases emerged between January 2 and January 8, indicating a rapid rise in the number of affected individuals during this period.

However, Baguio City Mayor Benjamin

Magalong announced that the cases are on a significant downtrend. The number of cases peaked on January 8 with 430 cases but decreased to 244 on January 9, and further declined to 61 on January 10 and 43 on January 11.

Meanwhile, Health Undersecretary Eric Tayag revealed that one out of twelve water sources in Baguio City tested positive for contaminants.

The DOH has recommended boiling water

“Any adjustment in fare, whether it is an increase or a reduction, will go through LTFRB because they cannot decide on it on their own. It is from LTFRB, which will determine what their minimum fare percentage of increase per succeeding kilometers,” LTFRB-National Capital Region Director Tamayo said.

Tamayo made the clarification when asked about the claims of transport groups that the ongoing PUVMP will translate to higher fares for commuters in the coming years.

Ibon Foundation projected PUJ fares could reach as high as P40 to P50 in the next five years due to the corporate setup of the PUVMP and since the PUJ cooperatives must replace their fleet with modern jeeps.

The DOTr said that each modern jeep cost P1 million to P2 million.

DOTr Office of the Transportation Cooperative (OTC) chair Jesus D. Ortega, however, said the fare projection is baseless.

He cited the current modern jeep, which started plying local routes, has fares, which are only P2 higher compared to those of traditional jeeps.

“So if we look [at the fares] from 2017 to the present, there is only a two-peso difference from traditional [jeeps]....So considering all of their expenses, they’ve never asked any rate outside of it [because the cost of the modern jeeps] is incorporated in their operations,” Ortega said.

Likewise, he also said the cost per unit to be procured by PUJ cooperatives will be subsidized by the government through a P280,000 equity.

The OTC chief said Congress is currently working on a new bill to provide greater help to cooperatives in securing their modern jeeps.

Under the PUVM, cooperatives have 27 months to replace all of their traditional jeepneys with modern jeeps.

Tamayo, however, noted that the deadline could be adjusted depending on the needs of the cooperatives.

“If there would be adjustments that would be necessary, then DOTr is open to it. But for now, we have set that timeline for them.”

the management and administration of all 14 schools, pending a transition plan, effective immediately pursuant to its mandate to provide a safe and enabling learning environment, and in the pursuit of protecting the best interest and welfare of our learners, teachers and non-teaching personnel.

The transition team is composed of a regional director assigned outside of Metro Manila, DepEd schools division superintendents of Taguig-Pateros and Makati, and the legal officers of the cities of Taguig and Makati.

Both Binay and Cayetano welcomed the DO. as mandated by the IMO and EMSA,” he said.

Salo also dismissed PAMI’s concerns, stating that the Magna Carta encourages collaboration by providing multiple compliance mechanisms for MHEIs. “Contrary to the apprehensions raised

by PAMI, the shipboard training provisions of the Magna Carta do not seek to undermine the interests of MHEIs. In fact, the provisions in the Magna Carta encourage collaboration by providing multiple compliance mechanisms, such as having their own training ships, utilizing simulators or similar technologies, or entering into agreements with reputable shipping entities,” he said.

Jovee Marie N. Dela Cruz

for two minutes or using chlorine-based water disinfection solutions. These measures aim to prevent the spread of the disease, which has already led to an outbreak declared by Mayor Magalong.

Given the recent downtrend in cases, Go also emphasized the need for a proactive stance in addressing similar health concerns.

He highlighted the importance of preparing for potential challenges, such as the looming El Niño, which could lead to increased incidences of diseases due to the scarcity of safe drinking water.

A3

San Juan LGU, natl govt launch city riverbank beautification drive

I

NTERIOR and Local Government Secretary Benjamin Abalos Jr., Depar tment of Human Settlements and Urban Development (DHSUD) Secretary Jose Acuzar, Metropolitan Manila Development Authorit y (MMDA) ac ting Chairman Romando Artes, San Juan City Mayor Francis Zamora and representatives of the Department of Environment and Natural Resources (DENR) on Monday conducted an ocular inspection along the banks of the San Juan River in Barangay Batis, San Juan City to determine the scope of the MMDA’s “Neighborhood Upgrading (NU) Project: Beautification of San Juan River Easements.”

Zamora showed the proposed area for development for the NU Project, which is actually the abandoned linear park of the former Pasig River Rehabilitation Commission.

The NU project is still part of MMDA’s environmental program to tap local governments and partner with them to clean up and improve the overall banks along the Pasig River and its tributaries.

“We are always grateful to MMDA and are very open in partnering with them in projects that will help in cleaning up the San Juan River. We were already grateful that they have funded the rehabilitation of the El Polvorin Linear Park under its ‘Adopt-A-Park’ project, which we inaugurated in 2022. Through that, we are able to give reverence to our heroes who sacrificed their lives for our country’s independence from Spain,”said Mayor Zamora.

He added, “So we are very excited to partner in another beautification project with the MMDA, especially one that will greatly improve the way our linear park looks. We also wanted to create more open spaces for San Juaneños and in turn educate them in caring for the environment.”

San Juan City, Zamora said, is hoping that edible plants and vegetables will be planted in the linear park with a biking and jogging path, gardens and events places for San Juaneños and citizens of Metro Manila to enjoy.

Claudeth Mocon-Ciriaco

Robles: PCSO’s daily revenue almost doubled due to e-lotto

P

HILIPPINE Charity Sweepstakes Office (PCSO) General Manager Melquiades Robles announced that their daily revenue has almost doubled since the launch of e-lotto last year.

“I am happy to announce that we have doubled or almost doubled our daily revenues with the introduction of the e-lotto,” Robles said during a forum with members of the Capampangan in Media Inc. (CAMI) at the Royce Hotel in Clark Freeport.

E-lotto is a digital version of the traditional lottery game in the country.

According to Robles, it is a “significant milestone” for the PCSO, while embracing the digital era and catering to the evolving needs of their players.

It can be recalled that the PCSO started the test run for e-lotto last December 16, 2023.

During the yearlong dry run, the players can place their bets online.

They can also receive their winnings electronically. “ With e -Lotto, players can now conveniently place bets, choose their lucky numbers, and win exciting cash prizes from the comfort of their own homes,” Robles explained.

The PCSO general manager added that the main goal of e-lotto it to provide players convenience, security, at transparency while betting.

They can access the e-lotto through the PCSO web site, www.PCSO.gov.ph , by scanning the provided QR code and completing the registration process.

It is expected that this year, the e-lotto apps will be available for download via Google Play and iOS platforms.

Earlier, Robles said that once fully available, e-lotto would help double the PCSOs revenues, which will also mean additional fund for their charity works.

A4

Economy

Tuesday, January 16, 2024

DA aims to build ‘network’ of cold storage facilities across Philippines

By Jasper Emmanuel Y. Arcalas @jearcalas

T

HE Department of Agriculture (DA) bared plans to build a P500-million cold storage facility at the Food Terminal Inc. (FTI) as part of its goal of buffer-stocking key commodities through improved food logistics in the country.

Agriculture Secretary Francisco P. Tiu Laurel Jr. said the DA’s current thrust is to create a “network” of cold storage systems nationwide to prevent food wastages and losses.

“Ang immediate problem na nakikita ko ay iyong oversupply from time to time ng tomatoes and cabbage. Kaya dapat magtayo

tayo agad ng storage sa FTI. Ang direction ko is to build a network for chilled cold storage systems,” Tiu Laurel said during a briefing with FTI officials in Taguig City on Monday.

Laurel said the DA is keen on constructing a chiller warehouse dedicated to vegetables and other high-value crops at the 1.3-hectare section of the FTI in Taguig City.

The envisioned facility would be equipped with a processing plant, trading area, and will be utilized to prioritize farmers’ produce for buffer stocking, Laurel added.

The project will cost P500 million and would require about 12 months to be completed, the

Agriculture chief said.

“Half of the warehouse should be allocated to the coil system, kalahati evaporator ty pe. The evaporator ty pe is for shortter m storage of high-va lue crops,” he said.

“Iyong coil, because there is no circulating fan, moisture is kept within the storage, it will keep things fresh for a longer period,” he added.

Laurel reiterated the DA’s plan to consolidate the department’s logistics management matters and issues to the “soon-to-beformed” logistics office.

“Lahat ng cold storage ng DA, ililipat ko lahat sa logistics office, which will conduct research and inventory of all facilities within

the Philippines to ensure synchronization,” he said.

Furthermore, Laurel disclosed that he plans to revert the oversight on the DA’s Kadiwa Program to the FTI in two years time.

Laurel has instructed FTI officials to “purchase excess produce from farmers and supply them to Kadiwa centers.”

“Kung may over production, kaysa itapon, bilhin na lang ng FTI, mailalagay pa natin iyan sa Kadiwa program. The plan is also to strengthen iyong Kadiwa program ng DA. Plano kong ibalik sa FTI ang Kadiwa after two years,” Laurel said.

T he F T I is a gover nmentowned and controlled-corporation under the DA.

EILER says wage increase and price control ‘more urgent’ than Cha-cha

A

labor NGO questioned the timeliness of the constitutional change (cha-cha) amid low wages and high inflation rates. The concern comes after the airing of the TV ads by Pirma group and signature campaigns urging support for Cha-cha.

According to Pirma, economic growth is stunted due to the restrictive constitutional provisions on foreign land and equity ownership and relaxing such provisions will lead to growth. However, EILER in its study on Special Economic Zones (SEZ) explained that such was not the case.

The labor NGO said that decades of foreign direct investments (FDI) being poured

on these zones did not lead to any significant industrial expansion in the Philippines.

Worse, these zones are allegedly notorious for repressive labor policies, inhumane working conditions, and low compensation.

“Charter change should be the least of our lawmakers’ concerns. The government must focus its resources and time in addressing gut issues of workers such as low wages, high prices of basic commodities, and widespread job insecurity, among others,” said Rochelle Porras, executive director of Ecumenical Institute for Labor Education and Research (EILER).

Monthly salaries of minimum wage

earners fall below the monthly poverty threshold across all regions in the country.

In NCR, the minimum wage workers only earn on average P13,218 monthly, while the poverty threshold is at P13,741. This means that workers’ wages are barely half of the living wage standard set at P25,839.

“Worker’s wages cannot catch up with the prices of basic goods. The inflation rate for 2023 is at 6 percent...Low wages are further stunted by rapidly increasing prices,” added Porras.

EILER noted that the real wages in National Capital Region stagnated relatively since 2002. Real wage refers to wages adjusted for inflation. The real wage in Metro

Manila is at P496 in 2022, barely higher than the P490 in 2002. In the case of Bangsamoro Autonomous Region in Muslim Mindanao where regional rates are the lowest, the real wage is at P294 only in 2022 and is even lower than the 2002 rate at P298.

“Congress is empowered by law to legislate pro-people policies without the need to amend the Constitution. We express our strong support to the solons that have authored bills for the implementation of living wages, as well as to the labor groups who have long been petitioning for wage hikes. We call on the Marcos administration to regulate oil prices, suspend excise taxes and to tax the super-rich,” Porras said.

DILG chief sees Pasig River ferry service’s potential in easing Metro traffic woes

D

EPARTMENT of the Interior and Local Government (DILG) Secretary Benhur Abalos over the weekend said he is hopeful that the Pasig River ferry service could help in easing the traffic problems besetting Metro Manila.

But he said this could only be realized once it is fully utilized as an alternative transport system in the National Capital Region.

Abalos made this comment after receiving reports on the upturn of ridership of the Pasig River ferry service in the past year that reached 240,000 commuters.

He also encouraged commuters to avail

of the free service offered by the ferry, which currently runs from Pinagbuhatan in Pasig City to Escolta in Manila.

The Pasig Ferry route was designed to cut the point-to-point travel time to just an hour instead of the usual three hours via land transport mode.

Abalos, however, admitted that more works are needed to be done, especially in the implementation of the Pasig River Urban Development Project.

He conducted the inspection together with Metro Manila Development Authority (MMDA) Chairman Romando Artes.

To recall, President Ferdinand R.

Marcos Jr. last year signed Executive O rder 35, which created the InterAgency Council for the Pasig River Urban Development (IAC-PRUD).

The IAC-PRUD was primarily tasked to “facilitate and ensure the full rehabilitation of the banks along the Pasig River water system in order to provide alternative transpor tation, propel economic opportunities, and boost tourism activities.”

The DILG is one of the 13 memberagencies of the said council chaired by the Secretary of the Department of Human Settlements and Urban Development (DHSUD) and vice-chaired by the MMDA

chairperson.

In line with this project, Abalos assured that the recurring problem of illegal garbage and chemical disposal will also be addressed by focusing on projects that maintain the river’s cleanliness.

This includes the setting up of trash traps in every “esteros” and canals draining into the river and continuous dredging of the Pasig River, which is now being done by non-government organizations.

Meanwhile, Artes said that there are existing plans to increase the availability of boats and add more stations along the Pasig-Manila route. Rex Anthony Naval

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

The Market for Political Influence and Access

By Henry J. Schumacher

T

HE issue of political influence and access as a potential avenue to corruption is hitting us again and again.

Theoretical models of lobbying have assumed a simple transaction between policymakers and lobbyists and have not yet explained why lobbying is largely conducted through repeated interactions between policymakers and lobbyists, why the lobbying industry is so focused on building relationships, and what value is added by lobbying intermediates.

The literature on political influence activities spans separate field of economics, law, and political science and has largely focused on lobbying activities as a form of market exchange between special interests and policymakers.

There are three broad theories that describe these markets for political influence and access. The first—rather cynical— theory assumes that special interest groups offer resources (such as campaign contributions, political endorsements, vote campaigns, campaign support, or future career opportunities) to policymakers in exchange for policy favours.

Two alternative theories focus on the informational characteristics of lobbying.

Special interest groups approach policymakers with a mix of private information and financial resources, where the latter does not buy policy, per se, but instead signals the credibility of their information.

Contrary to public misconception, the daily life of firm lobbyists is not filled with

glamorous parties and smoke-filled backroom politicking where lobbyists engage in quid pro quo transactions of money for policy.

Rather, these firm lobbyists focus their professional attention on honing the fine art of building relationships, primarily with members of Congress and their staffs, but also with potential clients, coalitions, and other individuals and organizations related to their clients and issue areas. The focus on relationships is reflected in the practices that fill their daily lives as they build, preserve, and then commodify these relationships.

Distinguishable from stereotypical quid pro quo arrangements of goods for policy outcomes, lobbyists would provide support to policymakers and their staff as “gifts”—i.e. aimed at building solidarity and without any clear valuation or expectation of reciprocation. Rather, lobbyist participants engaged in extensive formality to frame support as gifts between political and legislative allies and friends.

The general sense is that providing support in small amounts, at the “right” moments, served to build trusted relationships over time to offset any inconvenience caused by taking the policymaker’s time. Fostering a gift economy, lobbyist participants would carefully provide each form of support— electoral, legislative, and personal—in order to maximize the likelihood that the support was received as a gift and minimize the appearance of a quid pro quo transaction.

In conclusion, it is demonstrated how in a “relationship market” policymakers have an incentive to provide greater access to citizen-donors and lobbyists with whom they have a relationship. Recognition of the relationship market has the potential to modernize the traditional models of lobbying that envisioned lobbying as a simple quid pro quo transaction or subsidy, by incorporating the dynamics of the growth of the contract lobbyist market and including the incentives of policymakers, citizen-donors, and lobbyists as repeat players.

In other words, there is a “fine line” between lobbying / advocacy work and corruption. At the Integrity Initiative, we have to watch carefully that this fine line is not transgressed.

I look forward to your reactions. Contact me at hjschumacher59@gmail.com

Petro firms adjust prices at the pump

O

IL firms announced Monday this year’s second upward fuel price adjustment that will take effect today, January 16.

At 6.am. of Tuesday, the price of gasoline will go up by P0.30 per liter, diesel by P0.90 per liter, and kerosene by 0.90 per liter. This was announced on Monday afternoon by Caltex, SeaOil, Shell, Phoenix, PTT, Petron, Total, and Unioil. CleanFuel will implement the new pump prices at 4:01 p.m.

Last January 9, oil companies implemented an increase in the price of gasoline, diesel, and kerosene by P 0.10per liter. The total adjustment of diesel, and kerosene stands at net decrease of P0.25/per liter, and P1.30/per liter, respectively.

The first price adjustment for the year was a rollback of P0.10 per liter for gasoline, P0.35 per liter for diesel, and P1.4 per liter for kerosene last January 2. Lenie Lectura

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

News BusinessMirror

BI pushes ‘cruise visa waiver’ to boost foreign tourist arrivals

By Joel R. San Juan

implement the plan, which is is in line with the Department of Tourism’s bid to encourage more cruise ships to the country as part of its campaign to boost the local tourism industry.

The BI noted that for every cruise ship, there are between 2,000 to 4,000 tourists on board.

The BI chief shared that they are expecting the number of tourists to surge following the aggressive campaigns of the DOT, thus, the need to implement more projects to make international travel smooth and seamless.

In line with this, Tansingco said they are set to replace 25 percent of their manual operations to electronic gates in 2024 as part of the agency’s medium-term plan, while he expected that half of their operations will be electronic by 2026.

He also shared that they are set to expand their e-services to include other immigration services.

Tansingco added that he is anticipating that the BI modernization law will finally be passed this year with the support of Senate President Juan Miguel Zubiri.

The proposed modernization measures, according to Tansingco, will authorize the BI to utilize its income to acquire advanced tools and technologies.

He added that this would also enable the BI to operate more efficiently and effectively in fulfilling its role in national security.

The bill, which is being deliberated upon in Senate, is expected to update the 84-year-old Philippine Immigration Act of 1940.

‘Not entirely NGCP’s fault’: Senate probe traces real cause of Panay Island blackout

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. Based on system records, the January 2 incident was due to the unplanned outages of multiple power generators in Panay Island, triggered by the unexpected shutdown of PCPC, a large plant with a capacity of 135MW, and eventually cascaded to other plants in the island.

While NGCP was ready to transmit power as early as January 2, it took PCPC 59 hours to synchronize back to the grid at 1:33 a.m. of January 5. PCPC declared stable operations shortly before 1:00n p.m. the same day, or almost three days after it shut down. Once PCPC operations stabilized, the supply of power to Panay consumers also stabilized. No power supply incidents in Panay have been reported since.

NGCP reiterated that as a highly regulated entity monitored closely by the ERC, it strictly complies with rules and regulations applicable to the transmission operator since every violation may be penalized by the regulator.

“NGCP is doing its best as a transmission service provider to fulfill its mandate and ensure grid stability. We strictly abide by the rules to run the grid smoothly and avoid disturbances. NGCP assures all its stakeholders that our operations are fully compliant with existing rules and regulations, as stated in the Philippine Grid Code. We want to be part of the solution, but NGCP cannot do it alone,” it said.

@jrsanjuan1573

T

HE Bureau of Immigration (BI) is eyeing the implementation of a “cruise visa waiver” in a bid to entice more cruise ships to choose the country as their destination.

The implementation of the cruise visa waiver would allow a more s eamless immig rat ion processing for cruise tourists, according to the agency.

BI spokesperson Dana Sandoval said the plan is still up for approval of the Department of Justice (DOJ).

By Lenie Lectura @llectura

T

HE subsequent tripping of the 135-megawatt (MW) power plant of Palm Concepcion Power Corp. (PCPC) led to the loss of electricity in the entire Panay Island, according to an official of PCPC during last week’s Senate hearing.

“Noong nag-trip ang PCPC, nawalan na ng supply sa Panay,” said PCPC Operations Group Vice President Albino Kintanar during the hearing led by Senate Committee on Energy chairman Senator Raffy Tulfo.

PCPC, he added, was immediately provided by the National Grid Corporation of the Philippines (NGCP) black start power to jumpstart the operation of the power plant.

However, PCPC experienced an equipment failure that led to days before the 135MW coal plant was synchronized to the grid.

“Why did it take longer than usual for PCPC to synchronize to the Panay sub-grid? The assumption is a typical plant when it trips can be synchronized within 2 to 4 hours.

It took 4 days,” Sen. Chiz Escudero asked during the hearing.

“Unfortunately, ’yung tagal ng balik sa amin, nagloko na ang turning gear namin. Dumikit ang rotating part sa stationary part,” said Kintanar, while adding it took three days for the equipment to cool down.

The power plant was supposed to undergo a periodic maintenance service last August but encountered delays due to problems in the delivery

“This would be a quicker way of securing it [a visa], instead of having to apply for an entry visa,” Sandoval explained.

Bureau of Immigration (BI) Commissioner Norman Tansingco said they are now are finalizing the requirements necessary to

of spare parts, added Kintanar.

“May pagkukulang din ang PCPC kasi hindi nila ginawa ’yung tamang maintenance. Dapat mine-maintain nila. Dapat may continuous monitoring, kailan papalitan ang mga gamit,” Tulfo commented.

Escudero also expressed alarm over NGCP’s limited visitation powers over power plants to prevent such incidents from happening in the future.

Under the Grid Code, NGCP can only visit during commissioning of a new power plant to ensure consistency of protection settings.

The other time that NGCP can inspect power plants is when they apply for ancillary service.

“After that, under the Code, we will already rely on what the power plant tells us,” NGCP told Escudero, who called on the Energy Regulatory Commission (ERC) and the Department of Energy to revisit the Grid Code.

“I hope DOE will look into this with the view of giving them more teeth, mas maraming kamao to fight for the people in case they are at a disadvantage,” said Escudero.

PCPC’s power plant also bogged down in April last year. NGCP recalled that before the April 27, 2023 power breakdown, PCPC replaced its protection setting that was not compatible with the transmission system.

“NGCP [given its delayed projects] shares the blame; PCPC for shutting down without following the Grid Code values; government for not monitoring, supervising and penalizing power plants, and NGCP

given its nature as an oligopoly and monopoly; and updating of the grid code in order to more accurately reflect the needs of the industry,” said Escudero.

Last January 2, Panay Energy Development Corp. (PEDC) 1 tripped at 12:06 p.m. At 2:19 p.m., another system disturbance occurred when the two remaining in-island plants PEDC 2 and PCPC tripped, significantly disrupting the supplydemand balance of the Visayas grid.

NGCP, for its part, said it followed protocols set by ERC in responding to shutdowns that led to the Panay sub-grid blackout last January 2.

NGCP, citing its own records and system data, saw no abnormality in system voltage from the time between the shutdown of PEDC 1 and the subsequent shutdown of PCPC. Furthermore, it is explicitly stated in the Philippine Grid Code (PGC), Section 6.2.3.4, in instances where there is an unplanned outage of a plant but the system remains stable, manual corrective intervention should not be imposed to anticipate the occurrence of a second event.

According to NGCP, this only means that disengaging loads m anu all y, or dis conne c t ing 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 justifying a manual load drop or disconnecting end-users—

Romualdez presents PHL as prime investment hub, pushes MIF recognition at WEF meeting

S

PEAKER Ferdinand Martin G. Romu a ldez vowed to for t i f y t he Ph i l ippi nes’ position as a prime investment hub and pushed for the recognition of the newly established Maharlika Investment Fund (MIF) at the World Economic Forum (WEF) Annual Meeting 2024.

In a statement, Romualdez, leading the Philippine delegations, expressed his commitment to utilizing this international platform to amplify President Ferdinand R. Marcos Jr.’s administration’s efforts to showcase the Philippines as an attractive and secure investment destination.

He said the pr imar y goa l is to create more employment op por t u n it ies a nd bu si ness prospects for the Filipino people. “ We a r e c o m m i t t e d t o

leveraging this international platform to escalate the effort of the administration of President Ferdinand R. Marcos Jr. to promote the Philippines as an attractive and secure investment destination, ultimately benefiting the Filipino people with more jobs and business opportunities,” said Romualdez.

Invited by WEF President Borge Brende in a letter dated October 6, 2023, Romualdez acknowledged the importance of the country’s active participation in addressing global, regional, and industry agendas amid escalating geopolitical and geo-economic challenges.

“The leaders gathering in Davos would greatly value your insights, especially with the escalating geopolitical and geo-economic challenges present in the region and globally. Your active participation

will also help strengthen the Filipino narrative and the country’s global standing in the eyes of the international community, providing rich opportunities for the country,” Brende said.

During his interaction with the participants, Romualdez is also expected to highlight crucial legislative reforms and ongoing initiatives under the Marcos administration to enhance the business climate and position the Philippines as an attractive environment for foreign investments.

Apart from attending the various sessions of Annual Meeting 2024, Romualdez is also expected to hold bilateral meetings with some of the participating world and business leaders.

“We are confident that our engagement with some of the world’s top business leaders and political

leaders would generate significant interest and recognition of our Maharlika Investment Fund as a compelling platform for direct foreign investments. This, in turn, can contribute significantly to the country’s economic growth and job creation for our people,” Romualdez said.

“We also hope to learn from the best practices of the world’s leading sovereign wealth fund and utilize such valuable inputs to ensure the growth and success of our own Maharlika Investment Fund,” he added.

He added that the WEF also presents a conducive environment to foster strategic partnerships with global leaders and facilitate collaborationsthatcandriveeconomic development and enhance the global competitiveness of the Philippines.

Jovee Marie N. Dela Cruz

Tuesday, January 16, 2024

A5

DOE-Mindanao upbeat on stable power supply despite El Niño

By Manuel T. Cayon @awimailbox Mindanao Bureau Chief

D

AVAO CITY—Expect lesser headaches in terms of power supply sufficiency during the entire episode of the El Niño, feared to be the worst in decades, when it sets anytime this summer and onward to the next six months, the Department of Energy here said.

Dar win P. Galang , senior science research specialist at DOEMindanao Field Office, said the multiple sources of energy, from hydroelectric and geothermal to coal and diesel, were reported to be in good running condition and could compensate each other’s supply capacity.

He said the energy companies may need periodic maintenance but all have been placed on schedule by the DOE to ensure coordinated maintenance activities.

“All have already informed the DOE and the DOE has already scheduled their maintenance,” Galang said.

He added the power generation companies have made their commitments for steady operation

and have not reported any issue to their operation. He said it was from these commitments that the DOE could also assuage the public in Mindanao that power would not be a concern during the El Niño.

He said there may be periodic brownouts and tripping but these would be attributed to other issues than supply.

He said it would also be likely that electricity rates may be hiked, saying this would be the expected reduction of the capacity of the Agus-Pulangi hydroelectric power, from which Mindanao heavily relies upon.

Galang said available power may also be sourced from either the Visayas or Luzon grid depending on necessity, but it would also be the same situation for the two other grids. This is due to the interconnection of the Mindanao grid to the rest of the country through the Dapitan City-Cebu City interconnection submarine cable.

He said Mindanao operates on a daily energy requirement of 2,165 megawatts (MW). The grid has a steady supply of 2,070 MW, allowing southern Philippines a reserve power of 852 MW.

PNP gets P485 million worth of law enforcement equipment

T

HE Christmas Season maybe over but for the Philippine National Police (PNP) this is still the time for presents, as it had received some P485 million worth of mobility and force protection equipment as part of its ongoing modernization program.

These equipment were acquired under the ser vice’s capability enhancement programs from 2021 to 2023.

As this developed, PNP chief Benjamin Acorda Jr. presented the newly procured equipment, including 3,243 units of Striker-

fired 9mm pistol worth a total of P61.4 million; 406 units of autogated night vision equipment worth more than P121 million, and 2,648 units of all-purpose tactical vests worth over P113 million.

A total of 11 units of light 150cc motorcycles, worth P1,570,800; five units of 650cc heavy motorcycles and 143 single cab-patrol jeepneys were also procured for over P175 million.

Acorda also said that the PNP is planning to acquire around 22,000 body-worn cameras for the force this 2024. Rex Anthony Naval

OCD, Embassy of Canada officials meet to discuss DRRM cooperation

T

HE Office of Civil Defense (OCD) over the weekend announced that it has met with Embassy of Canada in the Philippines to discuss priority programs in civil defense and d isa ster r isk reduc t ion a nd management (DRRM).

The meeting held late last month was presided by OCD Administrator Undersecretary Ariel F. Nepomuceno and covered topics concerning digitalization and early war ning system advancement; review and updating of DRRM protocols, framework, and system; enhancement of strategic coordination; ramping up of preparedness campaigns; and reinforcement of capacity building programs and activities from the national level down to local.

The OCD chief also thanked Canada for its ongoing commitment

to support the Philippine DRRM system through the existing and future partnership programs.

He also stressed the importance of nurturing strong and meaningful collaboration with international partners in the attainment of DRRM goals and objectives.

In addition, Nepomuceno shared the OCD’s plans relative to the modernization and strengthening of the civil defense and DRRM capabilities of the country.

Meanwhile, Ambassador of Canada to the Philippines David Bruce Hartman assured OCD of the support from Canada in priority areas mentioned by OCD. He also ex pressed his willingness to work with the Philippine government for a better understanding of its needs and requirements in DRRM. Rex Anthony Naval

BusinessMirror

Tuesday, January 16, 2024

A6

ESTABLISHMENT / ADDRESS

ESTABLISHMENT / ADDRESS No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

QUALIFICATION AND SALARY RANGE

No.

3M SERVICE CENTER APAC, INC. 17th, 18th, 19th Floors, Bonifacio Stop Overcorporate Center, 31st Street Cor., 2nd Avenue, E-square Information Technology Park, Bgc, Fort Bonifacio, City Of Taguig

KIM, TAE HI Intercompany Buyer Senior Analyst (Korean Speaker) 1.

Brief Job Description: Resolving moderate to complex exceptions and handling inquiries from suppliers and stakeholders.

Follows a variety of clearly defined procedures under general guidance within sourcing.

Basic Qualification: Bachelor’s degree in any Business, Engineering, Finance or any related courses, for roles that require non-English language candidate must have completed at least 2-year course related to any of these fields.

10.

Brief Job Description: Working with client to gather business requirement, setup workshop with the product team and development team. Analyzing and understanding the BRD requirements then, effectively communicate the requirements to relevant stakeholders.

BLOK, ANNA CHRISTINA Customer Service Agent Dutch 2.

Brief Job Description: Assisting with inquiries, resolving issues, and ensuring satisfaction through effective communication and problem-solving skills.

HERRY WIJAYA Indonesian Speaking Customer Service Officer 3.

Brief Job Description: Manage large amount of calls, and handle customers concerns.

QIU, DEXIU Mandarin Field Service Coordinator 11.

Basic Qualification: Fluent in English and Dutch languages.

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

CHEN, CONGLIANG Mandarin Quality Inspector 12.

Basic Qualification: Foreign language speaking.

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

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

4.

Brief Job Description: Communicates effectively with buyers, merchants and internal customers. Take appropriate action to identify and help minimize the risk posed by fraud patterns and trends. Consistently achieves weekly productivity and quality standards. Participates in ad hoc projects/ assignments as necessary.

NGUYEN THI TUYET MAI SPS Associate - VN 5.

Brief Job Description: Liaise with other departments to resolve Seller’s issues and questions. Provide prompt and efficient service to Amazon Sellers and Merchants. Actively seeks solutions through logical reasoning and data interpretation skills.

Basic Qualification: Proficient in the Mandarin language. Leverages team knowledge across several specialty areas to help resolve recurring seller issues. Experience in conducting In-person Verifications.

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

Basic Qualification: Good customer service skills/experience.

Exceptionally strong customer handling and conflict resolution skills.

Ability to maintain high levels of confidentiality and data security standards.

Fluency in Vietnamese language.

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

20.

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

Basic Qualification: Proven experience as Mandarin field service coordinator, familiarity, knowledge and awareness on machinery and heavy equipment used by company, demonstrable experience in developing strategic business plan.

6.

Brief Job Description: Works on complex vendor disputes and resolving the queries in a time bound manner. Manages vendor disputes via inbound email and outbound calls.

21.

Basic Qualification: Proven experience as Mandarin quality inspector, familiarity, knowledge and awareness on machinery and heavy equipment used by company, Demonstrable experience in developing strategic business plan.

NAKAMURA, HIROAKI Director 13.

Brief Job Description: Participate at board meetings and in the approval of various corporate acts.

22.

Basic Qualification: Holder of a Bachelor’s Degree in Economics. With at least 10 years of work experience in a similar capacity.

14.

15.

LAM, ANH QUAN Vietnamese Speaking Customer Service Representative Brief Job Description: Manage incoming and outgoing calls, chats, and emails.

MO MY YEN Vietnamese Speaking Customer Service Representative Brief Job Description: Manage incoming and outgoing calls, chats, and emails.

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

24.

NGUYEN LE TUYET NGAN Vietnamese Customer Service Representative 25.

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

GAMMA INTERACTIVE INC. 21/f Alphaland Makati Place, 7232 Ayala Ave. Cor. Malugay St., Bel-air, City Of Makati

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

16.

CHIW DER SONG Marketing Executive Chinese Speaking 17.

7.

Brief Job Description: Provide excellent VIP service and gaming experience to our targeted customers.

ZHANG, WEI-XIANG Host, Premium Services 8.

Brief Job Description: Provide excellent VIP service and gaming experience to our targeted customers.

Basic Qualification: Proven professional experience.

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

HUANG, YUN-JIE Chinese Customer Service Representative 18.

CAPGEMINI PHILIPPINES CORP. 12f, Ten West Campus Bldg., Le Grand Avenue, Mckinley West, Fort Bonifacio, City Of Taguig

GYAN PRAKASH Manager 9.

Brief Job Description: Working with client to gather business requirement, setup workshop with the product team and development team. Analyzing and understanding the BRD requirements then, effectively communicate the requirements to relevant stakeholders.

Basic Qualification: 15 plus years of experience working in leading IT Organization and 6 plus years as part of prestigious Fintech clients of Capgemini.

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

Brief Job Description: Manages the execution of different marketing strategies for a company and developing efficient and intuitive marketing strategies.

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

CHEN, SHIH-WEI Chinese Operations Manager 19.

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

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

NGUYEN QUANG SU Vietnamese Customer Service Representative Brief Job Description: Attract potential customers by answering product and service questions and suggesting information about other products and services.

Basic Qualification: 21 yrs. old and above with Marketing Executive experience.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: 21 yrs. old and above with Marketing Executive experience.

PHAM, VAN TOAN Vietnamese Customer Service Representative 27.

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

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

GAO SHOU TECHNOLOGY MANAGEMENT, INC. 52/f Pbcom Tower, 6795 Ayala Ave. Cor. V.a. Rufino St., Bel-air, City Of Makati

Basic Qualification: Proven professional experience.

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

Brief Job Description: Manages the execution of different marketing strategies for a company and developing efficient and intuitive marketing strategies.

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

Basic Qualification: Proficient in speaking reading and writing in Vietnamese language.

Basic Qualification: Business Administration graduate. With previous finance-related work experience in the financial industry.

ASNANI, CHAND RAHUL Marketing Executive Chinese Speaking

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

NGO THI HUYNH NHU Vietnamese Customer Service Representative

DIGICHROM INC. Unit 2001-a, 2602 & 2603 20/f & 26/f Pbcom Tower, 6795 Ayala Ave. Cor. V.a. Rufino St., Bel-air, City Of Makati Basic Qualification: Proficient in speaking, reading and writing in Vietnamese language.

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

ANGCHUAN, ONWARA Thai Technical Support Specialist

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

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

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

KHUTANAM, UMAPHON Thai Customer Service Representative

23.

BLOOMBERRY RESORTS AND HOTELS INC. Solaire Resort And Casino, 1 Asean Avenue, Entertainment City, Tambo, City Of Parañaque

KIM, JIHWAN Host, Premium Services

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

JANKAN, KHWANTHIP Thai Customer Service Representative

26.

MARTIN LILLO, JAVIER Sr. Finops Analyst - AR

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

WU, YI-KAI Chinese Technical Support Representative

DENTSU HOLDINGS PHILIPPINES, INC. 5/f United Life Bldg., 837 A. Arnaiz Ave., San Lorenzo, City Of Makati

AMAZON OPERATION SERVICES PHILIPPINES, INC. B21 Three E-com Moa Complex, Harbour Drive Cor. Bay Shore, Brgy. 076, Pasay City

GUAN, CHONGQING AHS Specialist - CN

Basic Qualification: 15 plus years of experience working in leading IT Organization and 6 plus years as part of prestigious Fintech clients of Capgemini.

No.

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

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

7 PRIME TECH, INC. 10/f Ewestpod, Eton Westend Square, Yakal St. Cor. Don Chino Roces Ave., San Antonio, City Of Makati

QUALIFICATION AND SALARY RANGE

CHINA WUYI CO., LTD. 4/f Commodore Bldg., 422 Arquiza St., 072, Barangay 667, Ermita, City Of Manila

Salary Range: Php 30,000 - Php 59,999 3O BPO INCORPORATED 2/f Lcs Bldg South Super Highway, San Andres Cor Diamante St., 087, Barangay 803, Santa Ana, City Of Manila

ESTABLISHMENT / ADDRESS

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION PANDEY, MURALI DHAR Senior Manager

www.businessmirror.com.ph

Basic Qualification: Proficient in speaking, reading and writing in English and their respective native language for the position applied for and fluent in Chinese Mandarin language is an advantage.

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

Basic Qualification: Proficient in speaking, reading and writing in English and their respective native language for the position applied for and fluent in Chinese Mandarin language is an advantage.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in speaking, reading and writing in English and their respective native language for the position applied for and fluent in Chinese Mandarin language is an advantage.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in speaking, reading and writing in English and their respective native language for the position applied for and fluent in Chinese Mandarin language is an advantage.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in speaking, reading and writing in English and their respective native language for the position applied for and fluent in Chinese Mandarin language is an advantage.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in speaking, reading and writing in English and their respective native language for the position applied for and fluent in Chinese Mandarin language is an advantage.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in speaking, reading and writing in English and their respective native language for the position applied for and fluent in Chinese Mandarin language is an advantage.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in speaking, reading and writing in English and their respective native language for the position applied for and fluent in Chinese Mandarin language is an advantage.

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

Basic Qualification: Proficient in speaking, reading and writing in English and their respective native language for the position applied for and fluent in Chinese Mandarin language is an advantage.

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

INTERGENERATION PRIME HOLDING INC. 11/f Tower 1 The Enterprise Center, 6766 Ayala Ave. Cor, Paseo De Roxas, San Lorenzo, City Of Makati

28.

LI, HEJIA Financial Specialist Brief Job Description: Evaluate capital expenditures and income generation.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in speaking, reading and writing in English and their respective native language for the position applied for and fluent in Chinese Mandarin language is an advantage.

QUALIFICATION AND SALARY RANGE

29.

ZHAO, XINYI Financial Specialist Brief Job Description: Evaluate capital expenditures and income generation.

Basic Qualification: Bachelor’s degree or any 4-year course holder and at least 1-3 years’ work experience in the similar field.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Bachelor’s degree or any 4-year course holder and at least 1-3 years’ work experience in the similar field.

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

JTI GBS PHILIPPINES, INC. 14th And 17th Floor - Office A, Ten West Campus Building, Le Grand Avenue, Fort Bonifacio, City Of Taguig

BusinessMirror

www.businessmirror.com.ph

ESTABLISHMENT / ADDRESS No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION SMIRNOV, IURII Market Success Manager (M&S Team)

30.

Brief Job Description: Develop relationships with customers to understand their needs and priorities and deliver timely and quality solutions to users while at the same time ensuring they utilize the full potential of the application.

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: College graduate. With at least 4 years of work experience in a similar capacity.

No.

NOVI PURNAMA SARI Indonesian Language - Support Officer 43.

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

MELCO RESORTS LEISURE (PHP) CORPORATION City Of Dreams Manila, Aseana Ave. Cor. Roxas Blvd., Tambo, City Of Parañaque

LEE, SUNA Senior Host, Global Marketing 31.

Brief Job Description: Identify, develop, and/or acquire new business & potential players.

Basic Qualification: Tertiary education, preferably a degree in Business Administration or Marketing field, at least 1 yr. experience in sales or customer service field, preferably in gaming marketing, and multilingual would be an advantage.

HERI SETIAWAN My Work & Life Advisor, Indonesia 32.

Brief Job Description: Provide general HR advice and guidance on HR policies, processes and general queries, acting as the first point of contact for the employees where self-service is either unavailable or where the query cannot be resolved through self-service channels available.

Basic Qualification: College graduate. With at least 3 years of general work experience in Human Resources and Data/Process management. With strong communication skills and is fluent in English and Bahasa Indonesian languages.

44.

CAI, SHAOLI Marketing Manager 33.

Brief Job Description: Deploy successful marketing campaigns and own their implementation from ideation execute.

45.

46.

47.

Brief Job Description: Customer support and data base services.

48.

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

35.

Brief Job Description: Responsible for handling Mandarin-based customer questions, complaints, and concerns in a timely manner.

50.

36.

Brief Job Description: Create specific promotions for affiliates.

WINA Indonesian Language - Marketing Supervisor 37.

Brief Job Description: Identify, develop, and implement new strategies for selling products or services.

ANTONNIUS Indonesian Language - Support Officer 38.

Brief Job Description: Assist in the planning & administration of the organization’s daily operation. Providing information, assistance & support to customers. Assist with the preparation of reports. Escalating complex issues to management.

ARDINE TRISNA WIGATI Indonesian Language - Support Officer

39.

Brief Job Description: Assist in the planning & administration of the organization’s daily operation, providing information, assistance & support to customers. Assist with the preparation of reports. Escalating complex issues to management.

FEBIANTO SOH Indonesian Language - Support Officer 40.

Brief Job Description: Assist in the planning & administration of the organization’s daily operation.

FREDY LIUSWANDI Indonesian Language - Support Officer 41.

Brief Job Description: Assist in the planning & administration of the organization’s daily operation.

MONIKA CHRISTIN Indonesian Language - Support Officer 42.

Brief Job Description: Assist in the planning & administration of the organization’s daily operation.

Brief Job Description: Assist in the planning & administration of the organization’s daily operation, providing information, assistance & support to customers. Assist with the preparation of reports. Escalating complex issues to management.

JITJAMSAI, AJARAYA Thai Language - Support Officer

51.

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

Brief Job Description: Assist in the planning & administration of the organization’s daily operations, providing information, assistance & support to customers. Assist with the preparation of reports. Escalating complex issues to management.

SILLAPAYA, THIPPAWAN Thai Language - Support Officer

PHOENIXFIELD, INC. 7/f Iacademy Plaza, 324 Sen. Gil Puyat Ave, Bel-air, City Of Makati

SAMMY FIRWISH Indonesian Language - Marketing Officer

Brief Job Description: Assist in the planning & administration of the organization’s daily operation.

CHANTHAKHAT, THEPSUWIT Thai Language - Support Officer

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

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

Brief Job Description: Identifies issues and gaps in current processes or documents.

TAN TIAN SHOW Malaysian Language - Support Officer

NOONA BUSINESS CONSULTING SERVICES INC. 10th & 31st Floor Ore Central Tower, 9th Ave. Cor. 31st St., Bonifacio Global City, Fort Bonifacio, City Of Taguig ZHAO, YUXIONG Mandarin Customer Service Representative

Brief Job Description: Assist in the planning & administration of the organization’s daily operation.

THERESIA Indonesian Language - Support Supervisor

49.

34.

Brief Job Description: Assist in the planning & administration of the organization’s daily operation.

BILLKY CAVILLO Indonesian Language - Support Supervisor

NEW ORIENTAL CLUB88 CORPORATION 1331 Pearl Plaza Bldg., 133 Quirino Ave., Tambo, City Of Parañaque

SEIN THAN MYINT Myanmari Customer Service

Brief Job Description: Assist in the planning & administration of the organization’s daily operation.

YAN WIWI Indonesian Language - Support Officer

Basic Qualification: Solid knowledge of website analytic tools.

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

Brief Job Description: Assist in the planning & administration of the organization’s daily operation.

TOMMY HALIM Indonesian Language - Support Officer

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

MORSE TELECOMMUNICATION DEVELOPMENT CORPORATION 29 M Pioneer Woodlands, Tower 4 Edsa Cor. Pioneer, Barangka Ilaya, City Of Mandaluyong

Brief Job Description: Assist in the planning & administration of the organization’s daily operation. Providing information, assistance & support to customers. Assist with the preparation of reports. Escalating complex issues to management.

RUSLI SOFIAN Indonesian Language - Support Officer

Salary Range: Php 90,000 - Php 149,999 MONDELEZ BUSINESS SERVICES AP PTE. LTD. PHILIPPINE BRANCH 6th Flr. Cyberpod Centris Three North Tower, Eton Centris Edsa Cor. Quezon Ave., Pinyahan, Quezon City

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

52.

Basic Qualification: Fluently speak and write Bahasa Indonesian language.

Brief Job Description: Assist in the planning & administration of the organization’s daily operation. Providing information, assistance & support to customers. Assist with the preparation of reports, Escalating complex issues to management.

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

METEESUTTIPONG, MONTATIP Thai Language - Support Supervisor

Basic Qualification: Must fluently speak and write Indonesian language to cater foreign markets.

Brief Job Description: Assist in the planning & administration of the organization’s daily operation. Providing information, assistance & support to customers. Assist with the preparation of reports. Escalating complex issues to management.

53.

Salary Range: Php 60,000 - Php 89,999 Basic Qualification: Bachelor’s degree holder.

Must fluently speak and write Bahasa Indonesian language. Can work under pressure.

54.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Bachelor’s degree holder.

Must fluently speak and write Bahasa Indonesian language. Can work under pressure.

55.

MAI NGUYEN THUY DUONG Vietnamese Language - Marketing Officer Brief Job Description: Create specific promotions for affiliates.

PHAM THI QUYNH YEN Vietnamese Language - Marketing Officer 56.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluently speak and write Bahasa Indonesian language.

Brief Job Description: Create specific promotions for affiliates.

Brief Job Description: Assist in the planning & administration of the organization’s daily operation.

HANG NGOC QUYNH Vietnamese Language - Marketing Supervisor 57.

Brief Job Description: Identify, develop and implement new strategies for selling products or services.

QUALIFICATION AND SALARY RANGE Basic Qualification: Bachelor’s degree holder.

Must fluently speak and write Vietnamese language.

Can work under pressure.

Basic Qualification: Fluently speak and write Bahasa Indonesian language.

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

No.

Basic Qualification: Fluently speak and write Bahasa Indonesian language.

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

59.

Basic Qualification: Must fluently speak and write Indonesian language to cater foreign markets.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Must fluently speak and write Indonesian language to cater foreign markets.

60.

61.

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

Basic Qualification: Bachelor’s degree holder, must be fluently speak and write Thai language and can work under pressure.

62.

63.

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

64.

Basic Qualification: Fluently speak and write Bahasa Indonesian language.

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

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

Basic Qualification: A native speaker of Burmese and fluent in English language (spoken and written).

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: A native speaker of Burmese and fluent in English language (spoken and written).

Brief Job Description: Serves as primary contact for problem resolution and information gathering regarding customer complaints and work assignments.

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

Brief Job Description: Connecting with potential candidates online and offline, and screening applications.

Basic Qualification: Graduate of any college course. Preferably 6 months to 1 year experience with the recruitment.

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

WISHLAND SOFTWARE TECHNOLOGY INC. 28/f Techzone Condo Corp., 213 Buendia Ave., San Antonio, City Of Makati

WANG, XIAO Chinese Language Marketing Staff 65.

Brief Job Description: Providing details to clients relative to services being offered.

XIAO, YAO Chinese Language Marketing Staff 66.

Brief Job Description: Providing details to clients relative to services being offered.

ZHU, MENG Chinese Language Marketing Staff 67.

Brief Job Description: Providing details to clients relative to services being offered.

CHUONG, VA LAM Vietnamese Language Marketing Staff 68.

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

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

Basic Qualification: Bachelor’s degree holder, must be fluently speak and write Vietnamese language and can work under pressure.

Brief Job Description: Serves as primary contact for problem resolution and information gathering regarding customer complaints and work assignments.

Brief Job Description: Providing details to clients relative to services being offered.

Basic Qualification: Fluently speak and write Bahasa Indonesian language.

Basic Qualification: Fluently speak and write Bahasa Indonesian language.

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

Brief Job Description: Assist in the planning & administration of the organization’s daily operation. Providing information, assistance & support to customers. Assist with the preparation of reports. Escalating complex issues to management.

MAN CHUNG HONG Recruitment Specialist (Malaysian Speaking)

Basic Qualification: Must fluently speak and write Vietnamese language to cater foreign markets.

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

Brief Job Description: Assist in the planning & administration of the organization’s daily operation. Providing information, assistance & support to customers. Assist with the preparation of reports. Escalating complex issues to management.

VISSIONARIES INC. 15/f Salcedo Towers, 169 H.v. Dela Costa St., Bel-air, City Of Makati

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Bachelor’s degree holder, must be fluently speak and write Vietnamese language and can work under pressure.

Basic Qualification: Bachelor’s degree holder, must be fluently speak and write Vietnamese language and can work under pressure.

PAING THET CHUE Burmese - Language Customer Support Staff

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

Basic Qualification: Bachelor’s degree holder, must be fluently speak and write Vietnamese language and can work under pressure.

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

LU MIN Burmese - Language Customer Support Staff

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

Basic Qualification: Bachelor’s degree holder, must be fluently speak and write Thai language and can work under pressure.

Brief Job Description: Assist in the planning & administration of the organization’s daily operation. Providing information, assistance & support to customers. Assist with the preparation of reports. Escalating complex issues to management.

RUNNINGMAN CORPORATION 8/f Techzone Bldg., 213 Sen. Gil Puyat Ave., San Antonio, City Of Makati

Salary Range: Php 60,000 - Php 89,999 Basic Qualification: Must fluently speak and write Malaysian language to cater foreign markets.

Basic Qualification: Bachelor’s degree holder, must be fluently speak and write Vietnamese language and can work under pressure.

TRAN THI BICH LAN Vietnamese Language - Support Officer

Salary Range: Php 60,000 - Php 89,999 Basic Qualification: Must fluently speak and write Indonesian language to cater foreign markets.

QUALIFICATION AND SALARY RANGE

NGUYEN THI MY DUYEN Vietnamese Language - Support Officer

Basic Qualification: Fluently speak and write Bahasa Indonesian language.

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

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION MA PHUC KHIEM Vietnamese Language - Support Officer

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

LY HAI LUONG Vietnamese Language Marketing Staff Brief Job Description: Providing details to clients relative to services being offered.

Basic Qualification: Proficient in speaking, reading and writing in Chinese language.

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

Basic Qualification: Proficient in speaking, reading and writing in Chinese language.

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

Basic Qualification: Proficient in speaking, reading and writing in Chinese language.

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

Basic Qualification: Proficient in speaking, reading and writing in Chinese language.

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

Basic Qualification: Proficient in speaking, reading and writing in Chinese language.

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

*Date Generated: Jan 15, 2024 In the ad material of Notice of Filing of Application for Alien Employment Permits published on January 12, 2024, the company addresses of TRUONG, THI HAI THANH, LIU, XIAODI, ZHANG, RENSHU, DAO TIEN DUNG, TAO, BIN, MENG, YI, ZENG, XU, HE, JUNJIE, HE, SHIFEN & HE, HAO under the company NEW ORIENTAL CLUB88 CORPORATION, should have been read as 1331 PEARL PLAZA BLDG., 133 QUIRINO AVE., TAMBO, CITY OF PARAÑAQUE and not as published.

Any person in the Philippines who is competent, able and willing to perform the services for which the foreign national is desired may file an objection at DOLE National Capital Region located at DOLE-NCR Building, 967 Maligaya St., Malate Manila, within 30 days after this publication.

Please inform DOLE National Capital Region if you have any information on criminal offense committed by the foreign nationals.

Salary Range: Php 30,000 - Php 59,999 HOANG VAN TUAN Vietnamese Language - Support Officer 58.

Brief Job Description: Assist in the planning & administration of the organization’s daily operation. Providing information, assistance & support to customers. Assist with the preparation of reports. Escalating complex issues to management.

A7

ESTABLISHMENT / ADDRESS

69.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluently speak and write Bahasa Indonesian language.

HUYNH DANG KHOA Vietnamese Language - Marketing Officer

Tuesday, January 16, 2024

Basic Qualification: Bachelor’s degree holder, must be fluently speak and write Vietnamese language and can work under pressure.

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

A8

TheWorld BusinessMirror

Tuesday, January 16, 2024

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

More countries join talks on Ukraine’s peace formula; Russia is absent and war grinds on

By Jamey Keaten

D

The Associated Press

AVOS, Switzerland—Leaders of talks on Ukrainian President Volodymyr Zelenskyy’s peace formula on Sunday said a growing number of countries are working to help set the groundwork for Russia to join one day, an admittedly distant goal as the nearly two-year war grinds on and with neither side willing to cede ground.

The fourth such meeting of national security advisers was held in the Swiss town of Davos, where Zelenskyy is set to attend the World Economic Forum’s annual meeting starting Tuesday. He will endeavor to keep up international focus on Ukraine’s defense amid eroding support for Kyiv in the West and swelling distractions like conflict in the Middle East.

Andriy Yermak, the Ukrainian president’s chief of staff, posted

photos of the meeting’s opening and hailed a “good sign” that the number of participants in a string of conferences on Zelenskyy’s peace formula was growing— nearly half from Europe, as well as 18 from Asia and 12 from Africa.

“Countries from the Global South are increasingly getting involved in our work. It shows understanding that this European conflict is in fact a challenge for all humanity,” he wrote.

SWISS Foreign Minister Ignazio Cassis briefs the media at a news conference during the 4th meeting of the National Security Advisors, NSA, on the peace formula for Ukraine at the eve of the World Economy Forum in Davos, Switzerland on Sunday, January 14, 2024. AP/MARKUS SCHREIBER

Zelensky y has presented a 10 -point peace formula that, among other things, seeks the expulsion of all Russian forces from Ukraine and accountability for war crimes—at a time when the two sides are fighting from largely static positions along a roughly 1,500-kilometer (930mile) front line. Such ideas are rejected out of hand by Moscow.

Yermak said that if Ukraine’s territorial integrity—now viol ated by Russia inc lud ing through illegal annexations—

isn’t restored, “soon other aggressors elsewhere in the world will be able to seize parts of other countries and start staging fake elections there.”

At a final news conference, Yermak said the purpose of the meeting—the last in a series—was to discuss issues like an eventual Russian withdrawal, a path to justice, environmental security and ultimately how the war might be declared over.

He said that no allies had ever asked Ukraine to make any

compromise, “which they know is not acceptable for us,” and it would never accept a “ frozen conf lict.”

“For all Ukrainians, the most important (thing) is to win this war,” he said. Earlier in a statement from the Ukrainian presidenc y, Yer ma k said a simple cease-fire wouldn’t end Russia’s “aggression” on Ukraine: “It’s definitely not the path to peace.

The Russians do not want peace.

They want domination.”

Co-host Ignazio Cassis, the Swiss foreign minister, said that 83 delegations were on hand for the talks in Davos. “ Pe ace i s somet h i ng t h at Ukraine needs,” he said during a break in the talks Sunday. “We are going to do all we can to end this war.”

The talks aimed to build on previous such closed-door efforts in Denmark, Saudi Arabia and Malta last summer and fall. Any peace deal naturally will require Russian participation—and Moscow isn’t represented in the discussions.

The last round, in Malta in October, involved envoys from 65 countries.

Cassis said the plan should serve as a “departure point” toward possible peace, and stressed the need to reduce the conflict

from intensifying. He said that the purpose of the talks was to get ready for the moment when Russia might join a peace discussion.

Moscow, which hasn’t been invited to any of the meetings, has dismissed the initiative as biased.

“For the moment, it’s illusory to think that Russia would respond positively to an invitation,” he added, “but that’s not the goal” of the Davos conference. “For now, Russia is not ready to take any step or make any concession.”

Cassis acknowledged “many challenges” and negotiators were working to “modulate” the fine print of the peace formula to make it more workable as a blueprint for the way forward.

He said that neither Ukraine nor Russia was ready to make territorial concessions.

Russian forces have recently stepped up missile and drone at t ac k s t h at h ave st retc hed Ukraine’s air defense resources, leaving the country vulnerable in the nearly 23-month war unless it can secure further weapons supplies.

“The war is far from over and peace is still nowhere in sight,” the Swiss department of foreign affairs said in a statement previewing Sunday’s talks.

Yemen’s Houthi rebels fire missile at US warship North Korea says it tested a solid-fuel missile tipped with hypersonic weapon in Red Sea in 1st attack after American-led strikes

By Jon Gambrell

The Associated Press

D

UBAI, United Arab Emirates —Yemen’s Hout h i rebels fired an anti-ship cruise missile toward an American destroyer in the Red Sea on Sunday, but a US fighter jet shot it down in the latest attack roiling global shipping amid Israel’s war with Hamas in the Gaza Strip, officials said.

The attack marks the first USacknowledged fire by the Houthis since America and allied nations began strikes Friday on the rebels following weeks of assaults on shipping in the Red Sea. The Houthis have targeted that crucial corridor linking Asian and Mideast energy and cargo shipments to the Suez Canal onward to Europe over the Israel-Hamas war, attacks that threaten to widen that conflict into a regional conflagration.

The Houthis, a Shiite rebel group allied with Iran that seized Yemen’s capital in 2014, did not immediately acknowledge the attack.

It wasn’t immediately clear whether the US would retaliate for

the latest attack, though President Joe Biden has said he “will not hesitate to direct further measures to protect our people and the free flow of international commerce as necessary.”

The Houthi fire on Sunday went in the direction of the USS Laboon, an Arleigh Burke-class destroyer operating in the southern reaches of the Red Sea, the US military’s Central Command said in a statement.

The missile came from near Hodeida, a Red Sea port city long held by the Houthis, the US said.

“An anti-ship cruise missile was fired from Iranian-backed Houthi militant areas of Yemen toward USS Laboon,” Central Command said. “There were no injuries or damage reported.”

The first day of US-led strikes Friday hit 28 locations and struck more than 60 targets with cruise missiles and bombs launched by fighter jets, warships and a submarine. Sites hit included weapon depots, radars and command centers, including in remote mountain areas, the US has said.

The Houthis have yet to acknowledge how severe the damage was from the strikes, which they

said killed five of their troops and wounded six others.

US forces followed up with a strike Saturday on a Houthi radar site.

Shipping t hrough t he Red Sea has slowed over the attacks.

The US Nav y on Friday warned A mer ic a n-f l ag ged vesse l s to steer clear of areas around Yemen in the Red Sea and the Gulf of Aden for 72 hours after the initial airstrikes.

For their part, the Houthis alleged without providing evidence that the US struck a site near Hodeida on Sunday around the same time of the cruise missile fire.

The Americans and the United Kingdom did not acknowledge conducting any strike—suggesting the blast may have been from a misfiring Houthi missile.

Since November, the rebels have repeatedly targeted ships in the Red Sea, saying they were avenging Israel ’s offensive in Gaza against Hamas. But they have frequently targeted vessels with tenuous or no clear links to Israel, imperiling shipping in a key route for global trade.

Though the Biden administration and its allies have tried to

calm tensions in the Middle East for weeks and prevent any wider conflict, the strikes threatened to ignite one.

Saudi Arabia, which supports the Yemeni government-in-exile that the Houthis are fighting, sought to distance itself from the attacks on Houthi sites as it tries to maintain a delicate détente with Iran and a cease-fire it has in Yemen. The Saudi-led, US-backed war in Yemen that began in 2015 has killed more than 150,000 people, including fighters and civilians, and created one of the world’s worst humanitarian disasters, killing tens of thousands more.

The American military did not specifically say the fire targeted the Laboon, following a pattern by the US since the Houthi attacks began. However, US sailors have received combat ribbons for their actions in the Red Sea—something handed out only to those who face active hostilities with an enemy force.

The Associated Press writers Samy Magdy in Cairo, Lolita C. Baldor in Washington and Danica Kirka in London contributed to this report.

Nauru switches diplomatic ties from Taiwan to China

T

AIPEI, Taiwan—The Pacific Island nation of Nauru said Monday that it is switching diplomatic recognition from Taiwan to China, a move that reduces the dwindling number of Taiwan’s diplomatic allies to 12 around the world.

A news release from the government of Nauru said that it was severing relations with Taiwan and seeking resumption of diplomatic relations with China.

China claims self-governing Taiwan as its territory and has

been peeling off the island’s diplomatic allies, often with promises of development aid. It’s a longrunning competition between the two that has swung in China’s favor in recent years.

“This policy change is a significant first step in moving forward with Nauru’s development,” the Nauru release said.

The announcement came just two days after Taiwan elected a new president who has been described as a separatist by China.

His party, the Democratic Pro-

gressive Party, advocates for maintaining a status quo in which Taiwan has its own government and is not a part of China.

China says that Taiwan must come under its control at some point and has staged military drills around the island to demonstrate its determination.

Taiwan’s Deputy Foreign Minister Tien Chung-kwang accused China of purposefully timing the news to the recent election.

“China’s intention is to attack the democracy and free-

dom that the Taiwanese people are proud of,” Tien said at a news conference.

The announcement caught Jarden Kephas, the ambassador of Nauru to Taiwan, by surprise.

“There’s nothing that I have to say. It was announced by my government and I was told to pack up and go,” he said.

Taiwan now has official ties with 11 countries and the Vatican.

Seven are in Latin America and the Caribbean, three are in the Pacific Islands and one is in Africa. AP

By Kim Tong-Hyung The Associated Press

S

EOUL, South Korea—North Korea on Monday said it flight-tested a new solid-fuel intermediate-range missile tipped with a hypersonic warhead as it pursues more powerful, harder-to-detect weapons designed to strike remote US targets in the region.

The report by North Korea’s state media came a day after the South Korean and Japanese militaries detected the launch from a site near the North Korean capital of Pyongyang, in what was the North’s first ballistic test of 2024.

The launch came two months after North Korea said it successfully tested engines for a new solid-fuel intermediate-range ballistic missile, which reflected a push to advance its lineup of weapons targeting US military bases in Guam and Japan.

The North’s official Korean Central News Agency said Sunday’s launch was aimed at verifying the reliability of the missile’s solid-fuel engines and the maneuverable flight capabilities of the hypersonic warhead, which the report implied was an upgraded version of previous vehicles designed to perform intermediate-range strikes.

The report described the test as a success but didn’t provide details. It did not mention whether North Korean leader Kim Jong Un attended the test, which it said was part of the country’s regular weapons development activities and did not affect the security of neighbors.

South Korea’s Joint Chiefs of Staff said the missile flew about 1,000 kilometers (620 miles) before landing in the waters between the Korean Peninsula and Japan.

The North’s existing intermediate-range ballistic missiles or IRBMs, including the Hwasong-12 that may be able to reach the US military hub of Guam in the Pacific, are powered by liquid-fuel engines, which are fueled up before launch and cannot stay fueled for long.

Missiles with built-in solid propellants can be made ready to launch faster and are easier to move and conceal, theoretically making it harder for adversaries to detect and preempt the launch.

The North has since 2021 also been testing hypersonic weapons designed to exceed

five times the speed of sound. If perfected, such systems could potentially pose a challenge to regional missile defense systems because of their speed and maneuverability.

However, it’s unclear whether the North’s hypersonic vehicles consistently maintained a desired speed exceeding Mach 5 during tests in 2021 and 2022.

North Korea’s latest test showed it’s simultaneously tr ying to advance its hypersonic weapons and develop solidfuel IRBMs as potential delivery systems, although Sunday’s launch would have been predominantly focused on evaluating the missile’s solid-fuel first-stage, said Chang Young-keun, a missile expert at South Korea’s Research Institute for National Strategy.

“In particular, a hypersonic missile with IRBM-level range would be an effective means for evading US missile defenses and striking Guam,” Chang said.

More flight tests are likely to come soon and raise the alarm of neighbors.

Although North Korea has test-fired its biggest missiles nearly straight up into the air to avoid neighbors’ territory, it is more likely to launch the solid-fuel IRBM at a normal ballistic trajectory when testing it, said Kim Dong-yub, a professor at the University of North Korean Studies in Seoul.

North Korea has flown the Hwasong-12 IRBMs over Japan three different times since 2017.

Lee Sung Joon, spokesperson of South Korea’s Joint Chiefs of Staff, said the military was analyzing the North’s latest test but declined to elaborate.

The South’s Defense Ministry demanded the North to halt its ballistic testing activities that violate UN Security Council resolutions. It said the South Korean military was maintaining a firm joint defense posture with its US allies and is ready to respond “overwhelmingly” in the event of a direct provocation by the North.

Hypersonic weapons were part of a wish list of sophisticated military assets Kim Jong Un unveiled in 2021, along with multi-warhead missiles, spy satellites, solid-fuel long-range missiles and submarine-launched nuclear missiles.

The Associated Press writer Hyung-jin Kim in Seoul, South Korea, contributed to the report.

TheWorld BusinessMirror

www.businessmirror.com.ph

Bernardo Arévalo sworn in as Guatemala head despite months of efforts to derail inauguration

By Sonia Pérez D. The Associated Press

G

UATEMALA CITY—Bernardo Arévalo was sworn in as Guatemala’s president on Monday minutes after midnight despite months of efforts to derail his inauguration, including foot-dragging and rising tensions right up until the transfer of power.

Arévalo arrives in the presidency after winning August’s elections by a comfortable margin. But nothing has been straightforward since, with Attorney General Consuelo Porras and the establishment forces observers say she represents throwing one legal challenge after another at Arévalo and his party.

“It fills me with deep honor to assume this lofty responsibility, showing that our democracy has the necessary strength to resist and that through unity and trust we can change the political panorama in Guatemala,” Arévalo said in his first address as president.

He summarized his administration’s guiding principle as: “There cannot be democracy without social justice and social justice cannot prevail without democracy.”

Despite hundreds of Arévalo’s supporters pressuring lawmakers to follow the constitution, even clashing with riot police outside the congress building Sunday, the inauguration process dragged for hours before he took the oath of office just past midnight.

A progressive academic-turnedpolitician and son of a Guatemalan president credited with implementing key social reforms in the mid-20th century, Arévalo takes office with expectations of confronting Guatemala’s entrenched corruption. But it will not be easy.

He has little support in congress and Porras’ term as the top law enforcement official extends to 2026, though Arévalo has said one of his first orders of business will be to request her resignation.

Supporters had been waiting hours for a festive inauguration celebration in Guatemala City’s emblematic Plaza de la Constitucion and were fed up with yet another delay, sweeping police roughly out of their way before gathering outside congress demanding legislators stop delaying and name the delegation that must attend the ceremony.

“If they don’t swear him in, we, the people, will swear him in,” said one of the demonstrators, Dina Juc, the mayor of the indigenous village of Utatlàn Sololá.

Congress, which was supposed to attend the inauguration as a special session of the legislature, engaged in bitter infighting over who to recognize as part of the congressional delegation, as members yelled at each other.

The leadership commission tasked with doing that was packed with old-guard opponents of Arévalo, and the delay was seen as a tactic to draw out the inauguration and weaken Arévalo.

Arévalo wrote in his social media accounts that “they are trying to damage democracy with illegalities, inconsequential details and abuses of power.”

Representatives from the US government and Organization of American States called on the congress to respect Guatemala’s constitution.

Minutes before midnight, the special session of congress was called into session.

Porras had tried every legal trick in the book to put Arévalo on trial or in jail before he could take office. And Arévalo’s party won’t have a majority in Congress and may not even have formal recognition there.

Arévalo is an academic, diplomat and the son of a progressive president from the middle of the 20th century, and his election marked a political awakening in a population weary of corruption and impunity.

“I feel enthusiastic, because we are finally reaching the end of this long and torturous process,” Arévalo said before his inauguration.

“Guatemalan society has developed the determination to say ‘no’ to these politicalcriminal elites.”

But as much as Arévalo wants to change things, he faces enormous obstacles. His anti-corruption stance and outsider status are threats to deep-rooted interests in the Central American country, observers say.

Still, the fact he got this far is a testament to international support and condemnation of the myriad attempts to disqualify him.

Tuesday, January 16, 2024

A9

Arctic freeze continues to blast swaths of the US with sub-zero temperatures

By Gillian Flaccus & Christopher Weber

P

The Associated Press

ORTLAND, Ore.—A dangerous Arctic blast will continue sweeping across the US on Monday and linger through at least midweek, prolonging a bitter cold that set record-low temperatures in parts of the country and threatens to further disrupt daily life, including an NFL playoff game and the first-in-the-nation presidential nominating contest in Iowa.

The National Weather Service said wind chills are expected to push temperatures 30 degrees below zero from the Northern Rockies to northern Kansas and into Iowa, testing the hardiness of caucus goers willing to brave the deep chill on Monday.

“You can’t sit home,” former President Donald Trump told supporters Sunday. “If you’re sick as a dog, you say, ‘Darling, I gotta make it.’ Even if you vote and then pass away, it’s worth it.”

Arctic storms left at least four dead and knocked out electricity to tens of thousands in the Northwest, brought snow to the South and walloped the Northeast with blizzard conditions forcing the postponement of the Pittsburgh Steelers vs. Buffalo

Bills NFL playoff game hosted in bone-chilling Buffalo, New York.

The game was scheduled to be held Monday after being cancelled Sunday.

New York Gov. K at hy Ho chul, a Buffalo native, posted a video on X, formerly known as Twitter, showing near-whiteout conditions.

“Conditions right now in Orchard Park, where the game would have started moments ago,” she wrote early Sunday afternoon.

“No visibility and dangerously high winds.”

The Bills invited diehard fans to help dig out snow-filled Highmark Stadium, offering $20 an hour for their labor.

“We made progress shoveling, but not much at all,” said Logan Es-

A WORKER helps remove snow from Highmark Stadium in Orchard Park, N.Y. on Sunday, January 14, 2024. A potentially dangerous snowstorm that hit the Buffalo region on Saturday led the NFL to push back the Bills wild-card playoff game against the Pittsburgh Steelers from Sunday to Monday. New York Gov. Kathy Hochul and the NFL cited public safety concerns for the postponement, with up to 2 feet of snow projected to fall on the region over a 24-plus hour period. AP/ JEFFREY T. BARNES

chrich, a storm chaser who made his way to Buffalo and pitched in.

It remains to be seen if the show will go on Monday afternoon. The weather service expects heavy lakeeffect snow to push into upstate New York from Lake Erie, adding to the 1 to 2 feet (30.4 to 60.9 centimeters) of snow already blanketing the region. Snow fell at a rate of 2 inches (5 centimeters) per hour.

Sub-zero wind chills will grip much of the country, plunging to 50 degrees below zero in Montana and the Dakotas.

“It takes a matter of minutes for frostbite to set in,” the South Dakota Department of Public Safety said in a statement Sunday urging people to stay indoors.

Other parts of the country could see temperatures drop 25 to 40 degrees below normal, from the Rockies to the Ohio Valley.

A s temperat u res i n Te x a s

plunged, the state’s power grid operator appealed to residents to voluntarily conserve electricity Monday morning due to the cold weather causing “record breaking demand” for energy. A deadly freeze in 2021 left millions of Texas without power but state officials this week expressed confidence about the grid ’s reliability as the cold front approached.

Freezing rain is expected to pelt parts of the Southern Plains and Southern Appalachians.

Even places like Flor ida won’t be spared from turbulent weather, with forecasts predicting showers and thunderstorms from Monday into Tuesday.

In Oregon, more than 120,000 homes and businesses were without electricity, most of them in the Portland metro area, a day after high winds and a mix of snow and ice brought down trees and

power lines.

Some 100 trees had toppled over the weekend in a community just south of Portland, including one that fell on a house and killed a man. Two other people died of suspected hypothermia and a fourth died in a fire that spread from an open-flame stove after a tree fell onto an RV. “Given the extent of the damage and the high level of outage events, restoration efforts will continue into the week and customers are encouraged to plan accordingly,” Portland General Electric said in a statement. The utility said it was watching a second weather pattern that could bring high winds and freezing rain on Tuesday.

Widespread power outages affecting tens of thousands were also reported Sunday in Michigan, New York, Pennsylvania and Wisconsin. In Nebraska, the Omaha Public Power District asked customers to conserve electricity to prevent outages.

Airports across the country were impacted. More than half of flights into and out of Buffalo Niagara International Airport were canceled. Scores of flights also were canceled or delayed at Chicago, Denver and Seattle-Tacoma airports.

Weber reported from Los Angeles.

Associated Press journalists Russ Bynum in Savannah, Georgia; Nathan Ellgren in Des Moines, Iowa; Philip Marcelo in Long Island, New York; Nick Perry in Meredith, New Hampshire; and Julie Walker and Bobby Caina Calvan in New York City contributed to this story.

Brunei’s Prince Mateen and his commoner wife to be feted at end of lavish celebrations

K

UALA LUMPUR, Malaysia—Brunei’s Prince Abdul Mateen and his commoner wife will be feted at a royal banquet Monday to mark the end of a lavish nuptial festival in the oil-rich sultanate.

The 32-year-old prince, once dubbed one of Asia’s most eligible bachelors, married Anisha Rosnah Isa-Kalebic, 29, in ceremonies steeped in tradition that began January 7. A solemnization ceremony was held at a mosque on Thursday, and events climaxed Sunday with a reception and a parade on the streets of Brunei.

During Sunday’s procession, the newlyweds stood at the back of an open-top Rolls Royce as they

IN this photo released by Brunei’s Information Department, Brunei’s Prince Abdul Mateen and bride Anisha Rosnah, in their car, attend the wedding procession in Bandar Seri Begawan, Brunei on Sunday, January 14, 2024. BRUNEI’S INFORMATION DEPARTMENT VIA AP

waved to the crowds lining the streets to catch a glimpse of the popular prince and his bride. The pomp and splendor of their wedding festival has brought much excitement to the tiny sultanate of 450,000 people.

The royal couple will be feted at a feast at the swanky 1,788room palace later Monday, their last public event. Family members will hold prayers Tuesday to officially mark an end to the 10-day celebration, but without the couple.

Mateen is the fourth son and 10th child of Sultan Hassanal Bolkiah, one of the world’s richest men. While sixth in line to the throne, the prince has gained

prominence in recent years accompanying his father on diplomatic engagements.

The sultan announced the engagement in October of Mateen and Anisha, who is the granddaughter of the ruler’s special advisor. Mateen, who plays polo and is a helicopter pilot in the Royal Brunei Air Force, has a 2.6 million-strong following on Instagram. Anisha reportedly owns a fashion brand and tourism business.

Mateen posted video clips and pictures of his wedding ceremony on Instagram as he thanked the people for celebrating his big day with him. “This means a lot to us,” he wrote. AP

Frederik X proclaimed new king of Denmark after his mother Queen Margrethe II abdicates

By Jan M. Olsen

The Associated Press

C

OPENHAGEN, Denmark—Denmark’s prime minister proclaimed Frederik X as king on Sunday after his mother Queen Margrethe II formally signed her abdication, with massive crowds turning out to rejoice in the throne passing from a beloved monarch to her popular son.

Margrethe, 83, is the first Danish monarch to voluntarily relinquish the throne in nearly 900 years. Many thousands of people gathered outside the palace where the royal succession took place, the mood jubilant as the Nordic nation experienced its first royal succession in more than a half-century, and one not caused by the death of a monarch.

Denmark’s monarchy traces its origins to 10th-century Viking king Gorm the Old, making it the oldest in Europe and one of the oldest in the world. Today the royal family’s duties are largely ceremonial.

Margrethe signed her abdication during a meeting with the government at the Christiansborg Palace, a vast complex in Copenhagen that has been the seat of Danish power for centuries. It now houses the Royal Reception Rooms and Royal Stables as well as the Danish Parliament, the prime minister’s office and the Supreme Court.

Prime Minister Mette Frederiksen next proclaimed Frederik king from the balcony of the palace before the cheering crowd.

Frederiksen read the proclamation three times, which is the tradition, as Frederik stood beside her wearing a ceremonial military uniform adorned with medals.

He was then joined on the balcony by the new, Australian-born Queen Mary and the couple’s four children, and the crowd spontaneously sang the national anthem.

“My hope is to become a unifying king of tomorrow,” Frederik said. “It is a task I have approached all my life.”

It is the custom for each new sovereign

to adopt a royal motto as a guiding principle for their reign, and Frederik’s is: “United, committed, for the kingdom of Denmark.”

“I want to return the trust I meet,” the new king said. “I need trust from my beloved wife, you and that which is greater than us.”

Frederik kissed Mary, the queen, who wore a white dress with a sash over one shoulder, and another great cheer rose from the crowd.

They then left Christianborg Palace in a horse-drawn coach as church bells rang out, and headed to their Amalienborg residence, where they once again appeared before people cheering and waving the nation’s flag of a white cross on a red background.

Frederik, who was visibly moved, placed both hands on his heart in a gesture of thanks.

The abdication document was earlier presented to Margrethe as she sat at a massive table covered in red cloth around which royals and members of the Danish government were seated. Frederik sat

beside her.

After signing it, Margrethe, dressed in a magenta skirt suit, rose and gestured to Frederik to take her place. “God save the king,” she said as she left the room using a cane for support.

The abdication leaves Denmark with two queens: Margrethe keeps her title, while Frederik’s wife becomes Queen Mary.

Frederik and Mary’s eldest son Christian, 18, has become crown prince and heir to the throne.

Citing health issues, Margrethe announced on New Year’s Eve that she would step down, stunning a nation that had expected her to live out her days on the throne, as is the tradition in the Danish monarchy. Margrethe underwent major back surgery last February and didn’t return to work until April.

Even the prime minister was unaware of the queen’s intentions until right before the announcement. Margrethe had informed Frederik and his younger brother Joachim

just three days earlier, the Berlingske newspaper wrote, citing the royal palace.

People from across Denmark gathered outside parliament, with many swarming streets decorated with red-and-white Danish flags. Several shops hung photos of Margrethe and Frederik, while city buses were adorned with small Danish flags as is customary during royal events. Many others across the kingdom of nearly 6 million people followed a live television broadcast of the historic event.

“It was worth the four hours wait,” said Anders Pejtersen, 25. He made the trip from Aalborg, in northern Denmark, to witness Frederik’s proclamation. His mother, Helle Pejtersen, said “it was intense.”

Marina Gregovic, 32, a Copenhagen resident, said she believed Frederik “will be fantastic. And we loved his speech.”

Royals across Europe sent their congratulations including U.K. King Charles III, whose late mother Queen Elizabeth II and Margrethe were third cousins.

A10 Tuesday, January 16, 2024 • Editor: Angel R. Calso

Opinion BusinessMirror

www.news.businessmirror@gmail.com

editorial

After Covid, the world needs collective action

T

he Covid-19 pandemic brought many countries to their knees and tested the world’s resilience like never before. The health crisis triggered a global economic downturn of unprecedented magnitude when governments imposed strict lockdowns and travel restrictions to contain the virus, bringing entire industries to a standstill. Businesses—both large and small— faced closures, bankruptcies, and layoffs, leading to soaring unemployment rates.

The global supply chain suffered disruptions, impacting the availability of essential goods and causing shortages. Tourism, hospitality, and aviation industries, which heavily rely on international travel, were hit hardest, with millions of jobs lost and businesses shuttered. The economic fallout from Covid-19 pushed many countries into recession, eroding years of progress and exacerbating inequalities.

The pandemic also upended education systems worldwide. Schools and universities were forced to close, disrupting the learning process for billions of students. Remote learning became the new norm, but the transition was marred by challenges such as lack of access to technology and Internet connectivity, inadequate teacher training, and the inability to provide a conducive learning environment for all students. The consequences of interrupted education are far-reaching, negatively impacting academic progress, widening educational disparities, and hindering social development for many young people.

In the Philippines, the true character of the Filipinos emerged during those dark times. The people rallied together and demonstrated their unwavering spirit. From healthcare workers on the frontlines to ordinary citizens adhering to safety protocols, we showcased resilience in the face of adversity. Our collective efforts, sacrifices, and determination paved the way for our recovery.

On Thursday, President Marcos declared that the Philippines has recovered from the effects of the coronavirus pandemic, shocks from the RussiaUkraine war, and the conflict in the Middle East. The President made the statement at the vin d’honneur, a yearly traditional reception that takes place in Malacañang Palace to herald the New Year, where he urged the diplomatic corps to collaborate with his administration to reach new heights. (Read the BusinessMirror report, “PBBM declares PHL back on its feet after pandemic,” January 12, 2024).

“It is with confidence that I announce that the Philippines has gotten back on its feet from the reeling effect of the pandemic and the subsequent shocks that we have suffered from the Ukraine war and now from the conflict in the Middle East,” Marcos said, adding that “the Philippines’ going back in business is evidenced by the improving economic condition, and with the government’s catch-up spending, a growth target of 6 percent to 7 percent for 2023 could be seen.”

Still, amid geopolitical difficulties, Marcos noted that countries find “sincere motivation to work together and tap the power of the collective in finding ways to solve political conflict to achieve peace and prosperity for all.”

He expressed hope that the members of the diplomatic corps will continue to serve as agents of their respective governments in furthering the breadth and depth of the bilateral ties, as well as in exploring collaboration in regional and multi-lateral fronts.

The President described the New Year not only as a fresh start in so many respects and levels but also the symbolic renewal of everyone’s social contract to their people, and their commitment and obligation as a responsible member of the international community.

The President’s message was nonambiguous. By recognizing the shared responsibility we have towards one another, countries can foster a spirit of collaboration that transcends borders. That’s because now, more than ever, the world needs collective action, collaboration, and cooperation to rebuild, recover, and thrive. It is by working together that all members of the global community can overcome any obstacle that comes their way.

Since 2005

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

T. Anthony C. Cabangon Lourdes M. Fernandez Jennifer A. Ng Vittorio V. Vitug

Senior Editors

Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Dennis D. Estopace Angel R. Calso

Online Editor

Ruben M. Cruz Jr.

Creative Director Chief Photographer

Eduardo A. Davad Nonilon G. Reyes

Chairman of the Board President Advertising Sales Manager Group Circulation Manager

D. Edgard A. Cabangon Benjamin V. Ramos Aldwin Maralit Tolosa Rolando M. Manangan

BusinessMirror is published daily by the Philippine Business Daily Mirror Publishing, Inc., with offices on the 3rd floor of Dominga Building III 2113 Chino Roces Avenue corner De La Rosa Street, Makati City, Philippines.

Tel. Nos. (Editorial) 817-9467; 813-0725. Fax line: 813-7025.

(Advertising Sales) 893-2019; 817-1351, 817-2807.

(Circulation) 893-1662; 814-0134 to 36. E-mail: news.businessmirror@gmail.com

www.news.businessmirror@gmail.com

Printed by brown madonna Press, Inc.–Sun Valley Drive KM-15, South Superhighway, Parañaque, Metro Manila MEMBER OF

Troubles in ‘Chinatown’ John Mangun

OUTSIDE THE BOX

T

he year 1999 was notable as it was a time when the “Y2K” computer panic was in full swing with many sure that airplanes would be falling from the sky on New Year’s Eve 2000.

The fear might have been justified as a year before, on January 1, 1999, taxi meters in Singapore stopped working and in Sweden, taxi meters calculated the wrong fares. While the glitches that did occur on ‘Y2K’ day were minor, taxi meters failed at midnight in Jiangsu, China. Why this problem with taxi meters?

Also on January 1, 1999, the euro currency was established, and the

European Central Bank assumed full powers, both of which may have resulted in greater problems than any Y2K conspiracy theorist could ever have imagined. On December 31, 1999 Boris Yeltsin resigned as president of Russia, leaving Prime Minister Vladimir Putin as the acting president.

In between those two global changing events, the Dow Jones

An economically weakening China is not good for its domestic political stability. Chinese political instability is not good for the world.

Industrial Average closed above 10,000 for the first time. The government of Colombia announced in June that it would include the estimated value of the country’s illegal drug crops in its gross national product, giving new meaning to “economic stimulus.”

For China, the total value of its gross domestic product in US dollar was $1.1 trillion in 1999, with per capita GDP at $2,038. During the more than two decades since, one generation has aged to working adulthood and another progressed well into middle age. The estimated total GDP for 2023 is $18 trillion with GDP per capita now at $12,500.

Taiwan markets mixed as election result seen forcing compromise

By Sangmi Cha and Betty Hou

T

aiwan’s stocks posted modest gains while its currency weakened as investors digested the weekend’s election results, with the potential for legislative gridlock and continued crossstrait tensions tempering sentiment.

The ruling Democratic Progressive Party won the presidency but lost its legislative majority, suggesting it will have to work with other major parties—including the more China-friendly Kuomintang—on policy. The Taiex stock benchmark gained as much as 0.7 percent before paring its advance. The local dollar fell 0.3 percent.

While a win by Lai Ching-te, whose party is reviled by Beijing for its pro-independence stance, was expected, his tight margin points to hurdles in getting through his domestic agenda. After securing the lowest winning percentage since 2000, Lai pledged to study his rivals’ policies and include people from other parties in official appointments.

The DPP’s loss of its majority in the legislature is likely to weaken Lai’s presidency, giving rival parties leverage in shaping the legislative

agenda, said Redmond Wong, chief China strategist at Saxo Markets.

“They will also have significant power to scrutinize the Lai administration’s budgetary bills,” Wong said. “The potential result is a series of heated negotiations and standoffs that may lead to a more centrist orientation of policies in Taiwan over the next four years, potentially having a positive impact on financial markets.”

Lai’s party also lost seats to the Taiwan People’s Party amid growing voter frustrations over domestic issues, such as high property prices and slower-than-expected wage growth.

Lai pledged to “vigorously” help further develop the island’s chip industry, which is dominated by Taiwan Semiconductor Manufacturing Co. The stock rose as much as 1 percent amid expectations of better ties with the US, which is crucial

Markets will watch how China acts going forward. The Chinese government avoided mentioning the winner’s name in its initial responses, with a Taiwan Affairs Office spokesperson saying the election result showed the DPP doesn’t “represent mainstream public opinion on the island.”

in ensuring access to chip-making equipment from Western providers.

Markets will watch how China acts going forward. The Chinese government avoided mentioning the winner’s name in its initial responses, with a Taiwan Affairs Office spokesperson saying the election result showed the DPP doesn’t “represent mainstream public opinion on the island.”

“The election results signal largely a maintenance of the status quo,” said Gary Tan, a portfolio manager at Allspring Intrinsic Emerging Markets Equity, adding the market will watch to see who will be appointed to run the legislature.

He does not expect a “meaningful impact on Taiwan equities.”

The island’s benchmark Taiex

China’s ambitious plan to grow rich before it grew old seems to have been successful until you examine the age demographics. Simply put, in 1999 the median age (the value separating the higher half from the lower half of the data sample) was 28.3 years with 68 percent between the ages of 25 and 60. Today, the median is 34 with 53 percent in prime working years. The percentage of senior citizens has doubled to 20 percent.

Many of the under-occupied developments in China have blossomed into vibrant communities despite Western propaganda still pushing the “ghost cities” image. Nonetheless, the Chinese property sector has been filled with disasters including corporate bankruptcies, which by Chinese standards meant government bail-outs.

The last 2,000 years has witnessed See “Mangun,” A11

stock index and the Taiwan dollar saw some volatility in the two weeks ahead of the vote, with the Taiex falling about 2 percent.

“While the uncertainty on who governs Taiwan is over, the uncertainty on cross-straits relations remains a risk,” said Christopher Wong, an FX strategist at OCBC Bank. Aside from geopolitics, the currency will be driven by factors such as export trends, the tech outlook and Fed policy in the US, he said.

Defense names such as Taiwan’s leading fighter jet-maker Aerospace Industrial Development Corp. and shipbuilder CSBC Corp advanced as the DPP is likely to focus more on the industry to bolster the island’s military capabilities.

Wind power companies rose as Lai’s party favors renewables and wants to phase out nuclear power by 2025. Firms that produce materials for wind turbines including Century Iron & Steel Industrial Co. gained.

A tourism sub-gauge of the Taiex fell more than 1.5 percent to mark the worst sectoral performance, on concerns that the result bodes ill for cross-strait travel. With assistance from Iris Ouyang and Jiyeun Lee /Bloomberg

www.news.businessmirror@gmail.com

Opinion BusinessMirror

Tuesday, January 16, 2024 A11

US Congress unveils temporary spending bill to avert shutdown

The Ease of Paying Taxes Act, in a nutshell

U

L

Atty. Rodel C. Unciano

Tax Law for Business

By Erik Wasson

S lawmakers released a stopgap spending bill to avert a partial government shutdown on January 20, greatly reducing the chances of a closure but risking conservative Republican ire against House Speaker Mike Johnson.

The temporary spending bill would extend funds for some agencies that face a January 20 deadline through March 1 and for others that face a February 2 deadline through March. 8. The Senate will begin procedural votes on the bill, known as a continuing resolution, on Tuesday and will require cooperation among the 100 senators to pass it before the deadline.

“To avoid a shutdown, it will take bipartisan cooperation in the Senate and the House to quickly pass the CR and send it to the President’s desk before Friday’s funding deadline,” Senate Majority Leader Chuck Schumer said in a statement.

While the bill preserves a bifurcated approach to the 12 annual spending bills favored by Johnson as a way to avoid a catch-all package, or omnibus, it violates the speaker’s pledge in November to refuse to support any more temporary funding.

Johnson, a Republican, last week defied hardliners in his party by sticking to a spending-cap deal with Schumer, setting an effective limit on discretionary spending of $1.66 trillion for the current US fiscal year. House Freedom Caucus Republicans have sought at least $70 billion in lower spending and some have hinted at ousting the speaker for staying with the deal.

“This is what surrender looks like,” the House Freedom Caucus said on the social media platform X Sunday night.

Johnson defended the deal late Sunday, saying it eliminates the “worst” budget gimmicks and paves the way for passage of spending measures.

Ultraconservative Georgia Representative Marjorie Taylor Greene made it clear on Fox News’ Sunday Morning Futures that she isn’t threatening to oust the speaker over a stopgap bill. She said she would only force a vote on his speakership if he struck a border security deal with Democrats that she rejects, which also funds aid to Ukraine.

“I told Speaker Johnson, if he made that deal in exchange for $60 billion for Ukraine, I would vacate the chair, and I still stand by those words,” she said.

It would only take four Republicans voting together with all Democrats to remove Johnson from his position and grind the House to a halt, as occurred in October when former

Mangun. . .

Continued from A10

near countless governments laying claim to ruling China. Even successful dynasties like the Tang and Song governed only a portion of modern China. The Han Ming dynasty and the Manchu Qing dynasties stayed in power each for nearly 300 years.

But the transition from Ming to Qing took 70 years and cost some 25 million lives. Xi Jinping does not have it much easier and recently has been purging (Sorry. Encouraging retirement.) some senior military and civilian leaders.

No place does the political strategy phrase “it’s the economy, stupid” apply more than in China.

The Chinese economy expanded by 4.9 percent year-on-year in Q3 2023, beating market forecasts but lower than the 6.3 percent growth in Q3. However—and this is worrisome —exports for the year as a whole fell for the first time since 2016. Worrisome #2 is that consumer price inflation in 2023 was the weakest it has been in 14 years. Recently, prices are dropping (deflation) and that is

The temporary bill is needed because even with a spending cap agreement, lawmakers still need to negotiate, write and pass 12 full-year funding bills. They have yet to agree on how to divide up the allotted funds among 12 bills, let alone among thousands of specific programs. speaker Kevin McCarthy was ousted over a short-term spending bill that averted an October 1 shutdown.

Johnson has demanded a full array of conservative migration policies be attached to any Ukraine bill without hinting he would be willing to compromise. A bipartisan group of senators working on a border bill has yet to propose any compromise despite weeks of work.

Under the temporary bill, funding for the departments of Agriculture, Veterans Affairs, Energy, Transportation and Housing and Urban Development would be extended through March 1. The rest of government, including the Defense Department, would be funded through March 8.

The temporary bill is needed because even with a spending cap agreement, lawmakers still need to negotiate, write and pass 12 full-year funding bills. They have yet to agree on how to divide up the allotted funds among 12 bills, let alone among thousands of specific programs.

Conservative demands to attach policies ranging from banning abortion drugs to cutting the salary of Homeland Security officials must also be reckoned with, along with hundreds of earmarked petproject requests from individual lawmakers.

The bill does not contain a proposed tax cut agreement that is in the works between Republicans and Democrats. Negotiators are hoping to seal a deal that would expand the child tax credit and a trio of business tax breaks in time for the Jan. 29 start of tax season. Forgoing the opportunity to attach it to the mustpass spending bill could threaten the measure being held up in either chamber by opponents.

Tax bill proponents could look to Federal Aviation Administration fee extension legislation as an opportunity to attach their proposal to a must-pass bill. With assistance from Billy House /Bloomberg

not good. Prices go down because of weak demand. China is suffering a double-curse of weak demand at home and abroad. The China GDP deflator shows deep deflation, well below the headline consumer price index.

The Shanghai Stock index is off 20 percent from its 2021 high and down 10 percent for 2023, with Chinese equities down more than three years in a row. Bloomberg reports: “US pension funds are selling out of China. Analysis of 14 funds shows most reduced their holdings since 2020, suggesting what started as a performance-driven exodus is becoming a structural shift.”

ChiNext is a NASDAQ-style subsidiary of the Shenzhen Stock Exchange and is in a full crash mode.

You can buy the CSI (China Securities Index) 300 index at early 2019 levels.

An economically weakening China is not good for its domestic political stability. Chinese political instability is not good for the world.

E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.

et me highlight some of the significant changes in our tax rules pursuant to the recently enacted law, Republic Act No. 11976 or the Ease of Paying Taxes Act (EOPT).

For value-added tax (VAT) compliance, one significant amendment is the uniform use of VAT invoice for both sale, barter, exchange, or lease of goods or properties, and for every sale, barter or exchange of services. So, for VAT compliance and for the purpose of claiming input tax credit, only VAT invoice is the acceptable proof to substantiate the claim for input tax credit, whether it is a purchase of goods or purchase of services.

On the deductibility of expenses for the purpose of determining taxable income, withholding of taxes is no longer a requirement for the deductibility of income payments. As you know, under the current rules, income payments are allowed as deduction only if it is shown that the appropriate withholding tax has already been withheld by the income payor. Very often, in tax investigation cases, taxpayers under investigation are sometimes left without option but to pay the withholding tax in question just to be able to get the benefit of deductibility of the corresponding income payments under question.

On the refund of excess input tax, EOPT already made clear that in case of failure on the part of the Commissioner to act on the taxpayer’s application within the 90-day pe-

riod from filing of the application, the taxpayer affected may already appeal the Commissioner’s inaction with the Court of Tax Appeals (CTA).

On the refund of taxes erroneously or illegally collected, claims for refund shall be decided by the Commissioner within 180 days from the date of submission of complete documents in support of the application filed. In case of the failure on the part of the Commissioner to act on the application for refund within the 180-day period, the affected taxpayer may already appeal the inaction with the CTA. To recall, the issue on the non-exhaustion of administrative remedies has been a source of dispute in some refund cases brought before the CTA as some claimants would file claims for refund before the CTA shortly after filing the administrative claim with the Bureau of Internal Revenue (BIR). Apparently, with this amendment, in case the Commissioner does not act on the claim for refund, the claimant-taxpayer can no longer appeal its claim for refund with the CTA without waiting for the expiry of the 180-day period for the Commissioner to act on the claim for refund.

On the registration and de-registration compliance with the BIR, cancellation of registration may now be effected by mere filing of a prescribed

The Department of Finance is yet to issue the Implementing Rules and Regulations, and hopefully, it will be able to fill in the details necessary for the successful implementation of the law and consistent with the objective set to be achieved, which is embodied in the title of the law itself, ease of paying taxes.

form for an application for registration information update with the BIR Revenue District Office (RDO) where the taxpayer is registered, and this may be done electronically or manually. This shall not, however, preclude the Commissioner from conducting an audit to determine the taxpayer’s liability, if any. And in case a registered person decides to transfer its place of business, this may also be effected by mere filing, either electronically or manually, an application for information update.

Under the current rules, transferring of registration has become too burdensome to transferring taxpayers, especially in cases where the taxpayer has pending tax investigation cases in the RDO where it is registered. Taxpayer’s pending tax investigation cases used to be a cause of delay in the taxpayer’s attempt to transfer its BIR registration to another RDO. With the amendments introduced by EOPT, taxpayers may now easily transfer to another RDO even in cases where the taxpayer has ongoing tax investigation cases. But if the transferring taxpayer is subject of an audit investigation, the RDO that initiated the audit investigation shall continue the investigation.

On filing of returns and payment of taxes, these may already be done manually or electronically to any RDO, authorized agent bank, or

Rishi Sunak faces UK Parliament over decision to strike Yemen

By Stuart Biggs

U

K Prime Minister Rishi Sunak will address Parliament on Monday after his government said it’s ready to carry out further strikes on Houthi targets in Yemen if the group continues to attack commercial vessels in the Red Sea.

The strikes by US and allied forces last week have gone “some way” toward degrading the Houthis’ capabilities, Foreign Secretary David Cameron said, but that the UK is prepared to take action again if necessary.

The situation in the region had been deteriorating and Sunak was right to participate before informing Parliament, he said, referring to the premier’s upcoming statement.

It will be Sunak’s first House of Commons appearance since he also made a surprise visit to Kyiv to announce a new security commitment to Ukraine and a pledge of £2.5 billion ($3.2 billion) of military aid next year.

After days of Westminster being dominated by the looming general election and a long-running scandal involving the Post Office, it will mark a dramatic shift in tone to security and geopolitics when Parliament resumes after the weekend.

“It’s hard to think of a time when there has been so much danger, and insecurity and instability in the world,” Cameron told Sky News on Sunday. “The lights are absolutely flashing red on the global dashboard.”

But while Sunak’s statement on Yemen is unlikely to recreate the kind of theater in the House of Commons around past military interventions—especially after the main opposition Labour Party said it also backs the strikes against the Houthis— there are still important political calculations in play.

Cameron, the former prime minister who Sunak brought

back from the political wilderness in November to manage Britain’s foreign policy, made that clear when he tried to present his boss as a calm leader who grasps a crisis.

What’s needed “is strong leadership and a clear plan,” Cameron, whose decision to intervene in Libya to help oust then-leader Muammar al-Qaddafi in 2011 was pilloried by a parliamentary committee five years later, told Sky. “That is what we have with the prime minister and the team in place.”

The governing Conservatives, who trail the Labour Party by about 20 points in national polls, typically present themselves to voters as supportive of a strong military and with a steady hand on foreign policy.

When former Prime Minister Boris Johnson was in political trouble over the rule-breaking parties in Downing Street during the pandemic, the way he threw so much political capital behind Ukraine in the aftermath of Russia’s invasion was perceived in Westminster as buying him more time with restless Tory MPs. The UK said early Monday it will send 20,000 military personnel to join a Nato military drill this year. The Steadfast Defender exercise will provide “vital reassurance against the Putin menace,” Secretary of Defence Grant Shapps will say in a speech warning that the West stands at a “crossroads.”

Still, any attempt by the Tories to gain advantage over Labour will likely be dented by the supportive stance leader Keir Starmer

But while Sunak’s statement on Yemen is unlikely to recreate the kind of theater in the House of Commons around past military interventions—especially after the main opposition Labour Party said it also backs the strikes against the Houthis—there are still important political calculations in play.

took immediately after the strikes on the Houthis were announced.

The justification for action is “one most people pretty readily understand,” he told the BBC. Starmer confirmed that support Sunday in another BBC interview, though he said Labour’s backing was not unconditional.

“We will look at the case the government puts forward,” he said.

With Labour’s commanding poll lead ahead of a UK election expected in the fall, Starmer has his own political considerations as he tries to present his party as a government-in-waiting.

The opposition leader has said he will cooperate where possible with the government on defense issues, a stance that played out most obviously when he backed Sunak’s support for Israel’s war on Hamas despite many Labour MPs criticizing Starmer and demanding he call for an immediate cease-fire.

It’s a sea change from former Labour leader Jeremy Corbyn, who was skeptical about NATO and military actions. Labour officials calculate that stance put off voters, and contributed to the party’s defeat in the 2019 election.

A poll by YouGov published by the Telegraph newspaper predicted an historic loss for Sunak’s Tories in this year’s election, with a survey of 14,000 respondents putting Labour on course for a 120-seat majority in

software provider. So, this means that taxpayers may now file tax returns and make the necessary tax payments in any accredited payment channels in any BIR RDO other than the RDO where they are registered.

Finally, let me highlight that while the focus of the EOPT is for ease of paying taxes for the benefit of taxpayers and for ease of tax administration, the law also introduced some minor changes on the imposition of civil penalties and interest depending upon the taxpayer’s classification.

Under the law, taxpayers are now classified into micro, small, medium and large taxpayers, depending upon the taxpayer’s gross sales. And for micro and small enterprises, EOPT has granted them special concessions including a reduced rate of 10 percent for civil penalties under Section 248 of the Tax Code and a 50 percent reduction on the interest rate imposed under Section 249 of the Tax Code, among others.

The Department of Finance is yet to issue the Implementing Rules and Regulations, and hopefully, it will be able to fill in the details necessary for the successful implementation of the law and consistent with the objective set to be achieved, which is embodied in the title of the law itself, ease of paying taxes.

The author is a partner of Du-Baladad and Associates Law Offices (BDB Law), a member-firm of WTS Global.

The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at rodel.unciano@bdblaw.com.ph or call 84032001 local 140.

the House of Commons.

But Starmer’s focus on Downing Street throws up awkward moments for the Labour leader. On Sunday, he was quizzed about his previous pledge that under a Labour government, Parliament would have to approve military action.

Having supported the strikes on the Houthis—which Parliament has yet to be formally informed of—Starmer told the BBC that such operations were not what he was referring to when he made the pledge.

“There is obviously a huge distinction between an operation, the like of which we have seen in the last few days, and military action—a sustained campaign, military action usually involving troops on the ground,” he said.

Meanwhile Sunak is likely to face some criticism on Monday, after both the Liberal Democrats and Scottish National Party slammed his decision to join the US-led strikes on the Houthis without consulting the House of Commons. The Liberal Democrats called for a retrospective vote.

And on Tuesday, any remaining House of Commons unity will likely vanish when Sunak brings his controversial plan to deport asylum-seekers to Rwanda back for two days of debate and votes. It’s likely to pass with enough Conservative votes, though the scale of a potential rebellion on the Tory right could yet cause the prime minister trouble. It’s also likely to face challenges in the House of Lords.

“Sadly I don’t have a personal majority in the House of Lords,” Cameron, who Sunak made a life peer when he was appointed foreign secretary, told the BBC. “But I’ll do everything I can to help get it through, because it’s essential.”

A12 Tuesday, January 16, 2024

LOOMING HIKE IN BASIC GOODS PRICES WORRIES CONSUMERS

A

CONSUMER group has expressed concern on upcoming developments such as the “looming hike” in the prices of 63 stock-keeping units (SKUs) of basic goods in the Suggested Retail Price (SRP) bulletin, which include sardines, instant noodles, among others.

“Consumer rights will tend to be violated further with upcoming events, including: volatile prices of global oil and other basic needs; looming hike in the prices of 63 basic needs and prime commodities including sardines, noodles and toiletries per request of manufacturers to the Department of Trade and Industry,” SUKI said in a viber message sent to the BusinessMirror on Monday.

In response to the consumer group’s concern on the price adjustments of the 63 SKUs of basic necessities and prime commodities (BNPCs), Assistant Secretary Amanda Nograles of the DTI’s Consumer Protection Group (DTI-CPG) told BusinessMirror that only 29 percent of the SKUs in the SRP Bulletin have filed for price adjustment.

Nograles noted that 71 percent of the SKUs or 154 SKUs will remain the same. “Our consumers can choose from these SKUs or other brands or variants in the same category.”

On the 63 SKUs or 29 percent of the SKUs in the price bulletin that have filed for price adjustment, she explained, “These items are mostly lower-priced than other SKUs in the same category, and the price adjustment will just level them with the other SKUs. We also note that these SKUs have retained prices since 2018.”

Nograles advised consumers to check the labels or packaging for any change in the “grammage” or product weight or formula.

Moving forward, the DTICPG official said in a viber message, “To protect consumers, DTI is currently studying

possible regulations on signage or product packaging so that these changes are highlighted and consumers do not overlook these.”

At a recent briefing, Nograles said the price adjustment on the 63 SKUs would range from P0.25 to P7.25.

Of the 63 items, 59 will have general price increases, two may have weight reduction and corresponding price increase, while two items are expected to have a weight and price reduction.

“Those affected by these price adjustments will be the canned sardines, processed milk, coffee, bread, instant noodles, bottled water, processed canned meat and canned beef, condiments; then, the non-food toilet soap, candle and battery,” she earlier noted.

The DTI aims to release an updated SRP bulletin within the first quarter after finishing its review of price adjustment requests from manufacturers of the said goods. The last time the agency issued an updated SRP bulletin for basic goods was in February 2023. (Full story: https://businessmirror .com.ph/2024/01/08/ traders-request-for-priceadjustment-under-review/) The group is also wary of the proposed law to impose 12-percent value-added tax (VAT) on digital transactions.

It expressed concern over “giving a huge role to the profit-seeking corporate sector” regarding “laws promising to optimize for development of management of natural resources such as land, water and energy.”

“We ask why government decisions, programs and measures like these that undermine consumer rights, persist, despite repeated calls, lobbying and manifestations by consumer and other peoples organizations and advocacy groups, ”said Professor Reginald Vallejos, SUKI spokesperson.

T

HE state gaming agency projects P336.38 billion in gross gaming revenue (GGR) in 2024, banking on sustained growth in the e-gaming sector and more new integrated casino resorts. For 2025, it will be ramping up its drive to “privatize” assets as it transitions to a scenario that splits its dual— admittedly conflicting—roles as regulator and casino operator.

In a freewheeling session with media, Chairman Al Tengco of the Philippine Amusement and Gaming Corp. (Pagcor) said he believes the 2024 GGR goal is “more achievable,” noting the robust 2023 GGR and the scheduled opening of new integrated resorts this year. (Related story on Pagcor’s GGR for 2023, in B3 Banking.)

Tengco said, “Our 2023 results exceeded even our most optimistic projections,” which is targeted at P244.84 billion for its GGR in 2023. “It proves beyond doubt that the Philippine gaming industry has fully recovered and is now poised for sustained growth in the mediumto long-term.”

In Pagcor’s bid to privatize all of its 41 casinos, both owned and under joint ventures, Tengco said

T

By Cai U. Ordinario

@caiordinario

HE country’s manufacturing output is expected to pick up in the next few months as the technology slump nears its end, according to Moody’s Analytics.

In its latest economic brief, Moody’s Analytics said factory production of the Philippines has already improved to 1.9 percent in November 2023.

The Philippine Statistics Authority (PSA) data showed that the Volume of Production Index grew 1.5 percent in October 2023.

“We expect factory output to post stronger growth in the coming months as supply conditions improve

and the tech downcycle finds a floor,” Moody’s Analytics said.

Moody’s Analytics noted that in value terms, the countr y’s manufacturing output grew 2.2 percent. This is higher than the 1.1 percent growth posted in October 2022.

“Electrical equipment as well as coke and refined petroleum products led growth in value and volume terms,” Moody’s Analytics said.

Ibon flags factory job loss

EARLIER, Ibon Foundation Inc. said a major concern is the big drop in manufacturing jobs which indicates a fundamental weakening of the economy’s capacity to create jobs.

The manufacturing sector lost 1.4 million or almost a third of its workforce since last year, dropping from 4.3 million to just 2.9 million in November 2023. S&P Global Market Intelligence shared Ibon’s view and said the decline in manufacturing jobs is a “main concern.”

It noted that the improvement was modest but marked the weakest in the last quarter of 2023 on the back of lower new order growth.

While this allowed firms to clear their backlogs, the think tank said it

also led to a reduction in manufacturing jobs. Work-in-hand declined for the sixth consecutive month in December.

“The main concern in the sector remains the further curtailment of workforce numbers. Evidence of spare capacity and a cooldown in new order growth prompted redundancies,” Maryam Baluch, an economist at S&P Global Market Intelligence, said.

The think tank said the increase in new order growth was the weakest in four months, while new export sales in December also declined.

S&P Global Market Intelligence said the country’s manufacturing Purchasing Managers Index (PMI) slowed to 51.5 in December 2023 from 52.7 in November last year.

Andrea E. San Juan

Pagcor eyes ₧336.4-B GGR in ’24; readies privatization program

By Reine Juvierre S. Alberto

As tech slump nears end, factory output seen rising

they would sell all licenses through a bidding process.

“There’s a misconception when I’ve been going out telling people that we will privatize Pagcor.

They’re thinking we’re selling Pagcor,” he said, but explained that Pagcor is “playing a dual role” as both a regulator and an operator, which Tengco cleared should not be the case.

“How can somebody who is giving out licenses also be competing with the people or with the establishments that you’re giving licenses to?” he asked aloud—the same question critics had raised in the past. He is the first Pagcor chief to acknowledge the issue and confront it head-on with a bold assertion that they will implement a well-thought out privatization program.

“You have to decouple the operator and the regulator. When I go to conferences, the question is ‘When are you going to privatize?’

Now, I will do it, during my time,” the chairman said.

Pagcor plans to sell casino licenses on the second half of 2025 but “nothing is final yet as to the mode of selling,” said Tengco, adding, “how will we sell it—if as a bundle or one by one, but I prefer selling it as a bundle.”

RIVER REHAB Interior and Local Government Secretary Benhur Abalos, Metropolitan Manila Development Authority (MMDA) Chairman Romando Artes, Department of Human Settlements and Urban Development Secretary Jerry Acuzar, and Metro Manila Council President and San Juan City Mayor Francis Zamora discuss the rehabilitation plan for the easements of the San Juan River in Barangay Batis, San Juan City. The unveiling, which took place on Monday, January 15, 2024, aims to boost implementation of government initiatives, including the development of a linear park with the application of Nature-Based Solution concepts. “Story in A3 Nation.” NONOY LACZA

Asia-N. America traffic boosts Asian carriers

By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

G

LOBAL air passenger traffic in November 2023 increased by 29.7 percent to some 650 billion in revenue passenger kilometers (RPKs) from the same month in 2022, and is inching closer to prepandemic November 2019 levels.

New data released by the International Air Transport Association (Iata) showed of the total global traffic, domestic passenger traffic grew 6.7 percent in RPKs versus 2019 levels, while international passenger traffic RPKs was just 5.5 percent less than prepandemic levels.

“We are moving ever closer to surpassing the 2019 peak year for air travel. Economic headwinds are not deterring people from taking to the skies,” said Iata Director General Willie Walsh in a news statement. “International travel remains 5.5 percent below prepan-

demic levels but that gap is rapidly closing. And domestic markets have been above their prepandemic levels continuously since April,” he added.

Among the regional markets, airlines in Asia Pacific—including the Philippines—moderately grew their traffic in terms of international RPKs, reaching just 83 percent of November 2019 levels, while available seats were 80.4 percent. Passengers flying between Asia and North America continued to provide the lift in the former’s recovery of its international traffic, hitting close to 20 percent of 2019 levels in May, but slowing down to 1 percent below November 2019 international RPKs in November 2023.

Sustained improvements in international RPKs were also recorded with routes within Asia, between Asia and South Pacific, and between Europe and Asia. While the Middle East to Asia routes posted speedy recovery in early 2023, international air passenger traffic in those routes declined from May to November 2023, versus

the monthly records in 2019.

45.4-M passengers at Naia

AS this developed, the Manila International Airport Authority (MIAA) reported some 45.39 million passengers passing through the Ninoy Aquino International Airport (Naia), which it operates, in 2023. Of the total, 24.89 million were domestic and some 20.5 million were international travelers. The air passenger traffic was 47-percent higher than the 2022 level, but still 5-percent short of the 47.7 million passengers recorded in prepandemic 2019.

Total flights at Naia last year reached 279,953, a 26-percent increase from 2022, and 3 percent higher than the 271,535 recorded in 2019.

“In terms of domestic flights, we’re recording 12 percent more than in 2019. This strong domestic rebound is not only a testament to the resilience of our local aviation industry, but also reflects the

support of travelers in revitalizing our domestic tourism sector,” said newly-appointed Miaa acting general manager Eric Jose Ines in a news statement.

“We have also returned international flight operations to 91 percent of prepandemic levels. We are encouraged by the renewed confidence in air travel, reaffirming our collective efforts to steer the aviation sector back to prepandemic levels. This is a significant step towards normalcy in global air travel,” he added.

The Naia is the premier gateway for travelers to the Philippines, which attracted some 5.45 million in international tourists in 2023, just 30-percent shy of the 8.26-million historic high arrivals in prepandemic 2019. Among markets, South Korea remained the top source for tourists, followed by the United States, Japan, Australia, and China. (See, “International tourists spent $8.69 billion in PHL in 2023–DOT,” in the BusinessMirror, January 3, 2024.)

Companies BusinessMirror

Editor: Jennifer A. Ng

Tuesday, January 16, 2024

B1

plans ‘SM REIT, Prime Infra may Panasonic to make upgraded delay initial public offering’ EV battery in 2024

I

By VG Cabuag

@villygc

nvestors may have to wait until next year for the initial public offering of the real estate investment trust (REIT) of the Sy family-led SM Group and Enrique Razon’s Prime Infrastructure Inc., according to stockbroker Abacus Securities Corp.

Financial technology firm MyntGlobe Fintech Innovations Inc., the owner of Gcash, meanwhile, may instead opt for overseas listing, it added.

Nicky Franco, Abacus Securities head of research, told their clients that this is based on the pronouncement of Philippine Stock Exchange Inc. (PSE) President Ramon Monzon,

who said that a total of P40 billion in IPOs may happen this year.

“So this means that the five or six companies that will raise funds through an IPO this year, will average only about P8 billion or so in terms of capital raising each,” he said.

“So basically, that really precludes SM Prime which are looking to raise about a billion dollars (about P56

billion) for SM REIT. Prime Infra a very large number as well,” he added.

Prime Infra earlier said it will raise as much as P33 billion from the PSE. Meanwhile for Mynt, the fintech arm of telco firm Globe Telecom Inc., the company may tap funds from overseas amid its effort to be IPOready by this year.

“Recall that management said consistently last year that they want to be IPO-ready by the end of 2023.

So definitely they would have already done a lot of groundwork preparatory work for that. And we believe that odds favor that Mynt will list this year. But it will be done overseas, unfortunate for us,” Franco said.

“But I think that it will be positive for Globe in the long run, because they really need the capital to continue their aggressive expansion strategy.”

Franco said the local stock market is poised for a leap this year amid improving fundamentals though some

“hiccups” are still on the horizon.

He said the economy may undershoot the government’s 6 percent GDP growth for 2023, with last year’s fourth quarter figure hitting the lower end of the target.

“And we’re actually looking at 5 percent for 2024.”

He said the economy last year is still reeling from the lingering impact of the pandemic, tight monetary policy, as well as high rice prices, El Niño and China’s weak economy.

Abacus said while inflation is subsiding, there is a likelihood of an uptick by March or April.

“As you probably remember, from late 2020 to early 2023, high vegetable prices, particularly for onions, cost significant increase in headline inflation. However, the base effects from high vegetable prices will practically disappear by around March or April of this year,” Franco said.

Continued on B2

KKR plows into Asia data centers A

sia is becoming the latest hunting ground for global investors in data centers, as companies from KKR & Co. to Bain Capital bet on the region’s growing computing and data storage needs following an artificial intelligence boom.

Like in the United States, Asia is seeing a surge in demand for data centers as giants like Amazon.com Inc. and Alphabet Inc.’s Google boost cloud services, the recent generative AI wave fuels data and capacity requirements, and the region’s growing population spurs storage needs.

Demand in Southeast Asia and North Asia is expected to expand about 25 percent a year through 2028, according to Cushman & Wakefield data. That compares with 14 percent a year in the US.

“It’s the US first and then the trend tends to follow soon after into Europe and with a little time lag into Asia Pacific,” said Udhay Mathialagan, global head of Brookfield Asset Management Ltd.’s data center business. While it’s a diverse region, the one thing in common in Asia is that everyone is online, he said. “You need phenomenal amounts of connectivity and really good data centers.”

Investors have already made moves. Bain Capital announced a deal in August to take Beijing-based data center business Chindata Group Holdings private with an implied equity value of $3.2 billion. In September, KKR & Co. agreed to acquire a 20-percent stake in Singapore Telecommunications Ltd.’s regional data center business for about $800 million. Blackstone Inc. announced

the launch of its first wholly owned data center platform in Asia in November 2022.

Including the Singtel platform, KKR sees the potential to invest $1 billion in equity on data center projects in the Asia-Pacific region in coming years, said Projesh Banerjea, the firm’s director of infrastructure.

Returns for such investments are in line with targets for KKR’s infrastructure strategy, which are in the mid-to-high teens, he said in an interview.

The bet is that Asia will eventually provide a bigger slice of the pie. About 29 percent of so-called hyperscale cloud revenue—used in the industry as a proxy for market growth — is generated from Asia Pacific versus 49 percent from the US, according to Cushman & Wakefield.

By 2028, Asia’s share is expected to increase to as much as 33 percent, or $173 billion.

“This is a super-easy investment story,” said Morgan Laughlin, global head of data center investments at PGIM Real Estate. “You have demand, which is growing with no end in sight, and you’ve got supply becoming increasingly constrained with no solution in sight.”

PGIM plans to invest as much as $3 billion in the global data center sector over the next three years, including in major Asia-Pacific markets, said Laughlin. The company has been negotiating for sites in Tokyo and Seoul, according to a person familiar with the matter. PGIM declined to reveal the location.

Continued on B2

Burberry slumps after profit warning on wilting luxury sales

B

urberry Group Plc slumped after the UK trenchcoat maker slashed its profit forecast, a fresh sign that demand for luxury goods, particularly in the United States, is waning.

The British retailer wiped nearly £100 million ($128 million) off its profit outlook in the starkest sign yet that after an unprecedented surge in luxury sales during the pandemic, the bubble has burst. The stock fell as much as 15 percent in London, the steepest intraday decline in more than a decade.

Burberry is one of the weaker luxury brands in the midst of a turnaround but Chief Executive Officer Jonathan Akeroyd said it was clear that demand for luxury goods was falling. Most regions that the company, known for its tartan scarves, operates in was weaker, he said, including the key US and China territories, indicating 2024 could be a very tough year for the sector.

The downgrade comes after bigger rivals Richemont, LVMH and Kering SA have also reported weaker demand. Burberry’s warning triggered a selloff among those peers, wiping out as much as $7 billion from the sector.

Turnaround effort

Burberry has been trying to revive its performance in the past few years, elevating its brand and prices points

consumers reined in spending.

Weaker outlook

The Burberry luxury boutique on Bond Street in London. Bloomberg News

but this makes it especially sensitive to weak demand. Akeroyd’s efforts to jumpstart the brand have been stymied so far. The warning is bad news for the sector, though Burberry is a special case, as the company is struggling to create more buzz.

In November, Burberry warned sales were barely growing and said its profit would probably come in at the lower end of its guided range. On Friday it showed that trading was even more difficult than expected, led by a 15-percent slump in revenue from the Americas.

Akeroyd has appointed designer Daniel Lee to reinvigorate the company’s popularity, but the efforts have yet to bear fruit. Consumers have had a muted reaction to Lee’s creations, UBS analyst Zuzanna Pusz wrote in a note in early October, adding there’s a lack of hype on social

media for the brand.

The shares lost almost a third of their value last year.

Adjusted operating profit should be £410 million to £460 million in the year through March, Burberry said in the unscheduled trading update. Burberry previously forecast earnings of as much as £668 million.

In the past few quarters, shoppers worldwide have been balking at higher prices from luxury brands, signaling that inflation is also hitting well-heeled shoppers, especially socalled aspirational customers who tend to buy items at the lowest price levels. Akeroyd said on Friday the slowdown was now hitting a broader customer base.

In November, Richemont reported a surprise decline in earnings as revenue from luxury watches unexpectedly fell and high-end

Analysts at UBS Group AG said this month they expect a weak luxury-goods earnings season, advising investors to stick to more defensive stocks such as Hermes International SCA and avoid Burberry, as its turnaround is not yet proven.

The consultancy Bain estimates the industry will grow by as much as 4 percent this year in its most probable scenario, down from 8 percent in 2023, underlining the challenges facing high-end companies. LVMH Moet Hennessy Louis Vuitton SE, the industry leader, reports annual sales and earnings on January 25.

Burberry’s wholesale revenue has been suffering as its price points are too high for some customers. The retailer is also very reliant on Chinese shoppers and it has taken time for mainland tourists to start returning to Europe since the pandemic. Akeroyd said the flow of Chinese tourists in European capitals remains below pre-pandemic levels.

In its home market of the UK, Burberry, like other luxury rivals, has been affected by the UK government’s decision to scrap VAT-free shopping for travellers, meaning some tourists are now buying their high-end goods in places like Paris and Milan rather than London. Bloomberg News

Panasonic's lithium-ion batteries. Photographer: Kentaro Takahashi/Bloomberg

P

anasonic Holdings Corp. plans to roll out the newest iteration of its electric vehicle battery cells with improved capacity as early as this calendar year, the chief technology officer for EV batteries said.

A revamped version of its 2170 cells will begin production at its manufacturing plant in Nevada sometime during 2024 or 2025, CTO Shoichiro Watanabe said in an interview.

The Osaka-based electronics maker can deliver on its promise to quadruple production capacity by the 2030 fiscal year, according to Watanabe, and it doesn’t need to rely completely on building a new factory or heavy investments to do so. Panasonic has been working to boost the energy density of the 2170 cell, Watanabe said, adding that it could help reduce the overall cost of an electric vehicle.

“We will expand battery capacity and improve productivity at the same time,” Watanabe said.

Panasonic set its sights on North America, with plans to improve and expand production there as part of its goal to one day provide 200 gigawatt hours of energy in electric vehicle batteries. Panasonic is also developing another battery that’s thicker and more voluminous, called the 4680 cell.

Raising manufacturing capacity 10% by the 2025 fiscal year doesn’t necessarily require the addition of new production lines or further investment, according to Watanabe.

Decisions on the production timing of next-generation EV batteries at the Nevada plant, which is jointly operated with Tesla Inc., will be made “not unilaterally, but together,” he said.

Panasonic has invested heavily in the development of EV batteries to ensure it doesn’t fall behind in the global push to phase out fossil fuels and shift to clean, carbon neutral energy sources.

Panasonic shares fell less than 1 percent in morning trading in Tokyo on Monday. The stock is mostly un-

changed this year, after climbing 26 percent last year.

It’s currently building a battery plant in Kansas—its second in North America—and will reveal the location of a third by the end of this fiscal year ending March. The company has pledged to raise its battery production capacity to 200 GWh by the 2030 fiscal year from its current limit of 50 GWh. While Watanabe declined to comment on the future location of the forthcoming plant, he said running the new facility “will require thousands of employees.”

Panasonic said in December it had turned down almost $700 million in state incentives to build a manufacturing site in Oklahoma.

Earlier that month, Panasonic announced an agreement to buy nanocomposite silicon anode material from Sila Nanotechnologies Inc. The materials will be obtained from Sila’s facility in Washington state as Panasonic looks to strengthen its battery supply chain in North America.

“Decisions about where to position new facilities are extraordinarily complex and are based on a wide range of factors,” a Panasonic spokesperson said, adding that the decision won’t impact operations in Nevada or Kansas.

The Biden administration’s Inflation Reduction Act offers subsidies for battery cells made in the US, offering an advantage to global brands such as Panasonic, which forecasts an ¥85 billion ($587 million) bump in operating income during the fiscal year that ends March 2024.

Japan made its own move in 2022 to foster a domestic market by pledging to increase annual lithium-ion battery production capacity to 150 GWh by 2030. Though Panasonic doesn’t make cars, it’s the country’s top battery maker and major supplier for Subaru Corp., Mazda Motor Corp. and Telsa.

On Japan’s efforts to raise domestic production, Watanabe said, “if possible, making them ourselves would be ideal.” Bloomberg News

India tech majors add $22B to market cap

S

hares of Indian software giants started the new year on a roar ing note af ter higher-than-expected sales last quarter surprised investors and helped burnish the outlook for the sector.

Led by industry bellwether Tata Consultancy Services Ltd. and Infosys Ltd., the four key software companies, have added about $22 billion in market value in just two trading sessions since Thursday, when the earnings season kicked off. A potential revenue rebound and easing global macroeconomic worries have boosted sentiment.

Shares of Wipro Ltd. rallied as much as 14 percent on Monday, their biggest intraday gain since July 2020 before paring gains, as the sur prise revenue beat

triggered rating upgrades from some brokerages. HCL Technologies Ltd. surged to a new all-time high, boosted by its forecast for improved revenue growth.

“A change in sentiment is being reflected in management commentary,” said Siddarth Bhamre, head of research at Religare Broking Ltd. Companies such as Infosys, which have so far been fairly conservative in their commentary, are now beginning to express optimism, he added.

While global firms’ discretionary spending on technology projects is yet to show frim signs of a pickup or return to past levels, the companies continue to push ahead with initiatives, in particular the ones aimed at lowering costs and improving efficiencies. Bloomberg News

B2

Companies BusinessMirror

Tuesday, January 16, 2024

PSE STOCK QUOTATIONS

January 15, 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 MANULIFE NTL REINSURANCE PHIL STOCK EXCH SUN LIFE VANTAGE

1,730,400 507,740,092 237,270 189,591,190 1,955,000 1,191,225 77,875,179.50 94,990 679,566 284,544.50 79,770 7,095,097 13,134,340 879,340 95,400 5,060 38,000 182,966 312,600 770

76,901,321 98,741,992 588,425 536,240 13,685,524.50 44,250 -9,390 -139,625 140,707 1,125,015 -66,250 1,771 -

INDUSTRIAL ACEN CORP 4.37 4.39 4.33 4.41 4.33 4.39 9,267,000 40,665,700 0.57 0.58 0.56 0.58 0.56 0.57 5,460,000 3,058,160 ALSONS CONS ALTERNERGY HLDG 0.74 0.76 0.75 0.77 0.74 0.76 1,092,000 818,560 38.3 38.35 38.35 38.4 38.1 38.35 1,886,300 72,271,010 ABOITIZ POWER RASLAG 1.25 1.26 1.2 1.25 1.19 1.25 215,000 262,830 0.191 0.195 0.195 0.197 0.191 0.194 1,050,000 202,900 BASIC ENERGY FIRST GEN 17.9 17.94 17.8 17.94 17.7 17.9 112,500 2,015,082 64.1 64.2 64.05 64.3 64.05 64.1 36,220 2,323,328 FIRST PHIL HLDG MERALCO 381 381.4 380 384 380 381 231,270 88,244,116 19.4 19.42 19.02 19.44 18.42 19.42 8,385,500 161,299,306 MANILA WATER PETRON 3.39 3.45 3.45 3.45 3.38 3.44 377,000 1,280,870 4.4 4.59 4.4 4.4 4.36 4.36 4,000 17,480 PETROENERGY PHX PETROLEUM 4.55 4.9 4.51 4.9 4.51 4.9 9,000 43,300 7.81 7.82 7.8 7.82 7.8 7.82 35,200 275,083 REPOWER ENERGY SEMIRARA MINING 31.95 32.05 31.5 32.25 31.25 31.95 1,199,200 38,368,650 7.4 7.41 7.37 7.45 7.12 7.41 3,179,100 23,212,180 SYNERGY GRID SHELL PILIPINAS 10.98 11 11.1 11.12 11 11 33,200 366,298 7.1 7.15 7.15 7.15 7 7.1 29,100 204,961 SPC POWER SP NEW ENERGY 1.28 1.29 1.29 1.3 1.27 1.29 5,222,000 6,720,980 0.68 0.7 0.73 0.73 0.67 0.68 11,769,000 8,244,910 AGRINURTURE AXELUM 2.24 2.27 2.28 2.28 2.24 2.24 171,000 385,530 33.8 34 33.8 34 33.8 34 1,131,800 38,398,875 CENTURY FOOD DEL MONTE 6.18 6.2 6.24 6.24 6.06 6.18 15,600 96,410 6.58 6.63 6.59 6.63 6.56 6.6 2,109,100 13,919,809 DNL INDUS EMPERADOR 20.85 20.95 20.95 21.05 20.85 20.85 1,000,700 20,926,775 48.7 49 49.9 49.9 47.6 49 284,960 13,865,674 SMC FOODANDBEV FIGARO COFFEE 0.63 0.64 0.63 0.64 0.63 0.63 3,061,000 1,932,790 0.87 0.88 0.91 0.91 0.85 0.87 5,590,000 4,836,160 FRUITAS HLDG GINEBRA 162 165 166.2 166.2 160.5 162.2 3,700 600,618 266 266.8 264 267 260 266.8 1,147,040 304,282,448 JOLLIBEE KEEPERS HLDG 1.41 1.42 1.42 1.43 1.41 1.42 2,449,000 3,476,990 13.2 15.76 15 15 15 15 300 4,500 LIBERTY FLOUR MAXS GROUP 3.3 3.36 3.3 3.4 3.3 3.3 63,000 211,680 0.098 0.11 0.11 0.11 0.11 0.11 20,000 2,200 MG HLDG MONDE NISSIN 8.36 8.4 8.5 8.5 8.36 8.36 1,997,900 16,751,537 9.82 9.95 9.82 9.82 9.82 9.82 36,600 359,412 SHAKEYS PIZZA ROXAS AND CO 0.43 0.45 0.42 0.47 0.42 0.47 90,000 39,050 2.98 2.99 2.99 2.99 2.98 2.99 2,406,000 7,193,920 RFM CORP ROXAS HLDG 0.58 0.62 0.58 0.6 0.58 0.6 50,000 29,100 120.1 120.4 121.5 122.7 120 120.1 454,200 54,871,683 UNIV ROBINA VITARICH 0.5 0.51 0.49 0.51 0.49 0.51 20,000 9,920 0.94 0.97 0.97 0.97 0.94 0.94 220,000 207,490 CEMEX HLDG EC VULCAN CORP 0.7 0.74 0.7 0.74 0.7 0.74 101,000 74,530 6.16 6.2 6.2 6.25 6.12 6.2 67,400 418,612 EEI CORP MEGAWIDE 3.19 3.2 3.2 3.2 3.17 3.2 213,000 679,450 19.5 20.4 20.4 20.4 20.4 20.4 200 4,080 PHINMA TKC METALS 0.39 0.4 0.39 0.4 0.39 0.4 530,000 207,000 1.54 1.56 1.57 1.57 1.52 1.54 50,000 76,710 CROWN ASIA EUROMED 0.74 0.79 0.78 0.79 0.78 0.79 22,000 17,180 5.29 5.3 5.29 5.3 5.29 5.3 12,000 63,541 PRYCE CORP CONCEPCION 13.64 14.48 14.48 14.48 14.48 14.48 800 11,584 0.241 0.243 0.243 0.246 0.24 0.243 15,930,000 3,849,240 GREENERGY INTEGRATED MICR 2.89 2.9 2.9 2.97 2.87 2.9 275,000 800,060 1.09 1.1 1.11 1.11 1.09 1.09 453,000 496,500 IONICS PANASONIC 4.51 5.65 5.65 5.65 5.64 5.65 3,800 21,460 2.29 2.4 2.42 2.42 2.35 2.4 375,000 894,720 SFA SEMICON CIRTEK HLDG 1.82 1.84 1.83 1.88 1.79 1.84 556,000 1,019,670

480,080 -7,600 29,029,460.00 752,872 -232,073.00 -17,590,588 146,017,048 3,210 -17,480 -19,600 15,640 16,018,870 -2,235,780 -233,798 1,527,980 2,106,580 13,590.00 1,616,855 -2,016,220 6,114,325 -5,571,286.50 130,600 -19,239,330 -140,590 -33,360 1,100 -3,542,739 209,166 -1,118,260 -26,100 -15,530,574 -970 -7,400 -15,960 -1,540 -2,501,240 -755,750 8,720 -16,450 52,090

HOLDING & FRIMS

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

33.5 138.7 6.81 108.9 31.45 8.71 56.4 8.6 18.72 53.65 22.25 73.8 44.8 1.37 2.61 1,012 0.36 177.1 2,600 0.77

1.08 680.5 49.3 11.58 11.66 0.395 0.38 0.38 4.86 10.24 5.5 624.5 3.54 40.6 0.395 4.27 9.14 2.68 905 119.5 98.05 0.076

34.9 139 7.24 109 31.55 8.72 56.5 8.83 18.78 55 23.6 73.9 45 1.38 2.65 1,200 0.37 178 2,720 0.79

1.09 682 49.5 11.6 12 0.435 0.39 0.415 4.87 10.32 5.59 626.5 3.79 41 0.43 4.48 9.15 2.69 906 122.1 102 0.086

33.5 141.2 6.81 107 31.4 8.53 57.35 8.85 18.78 55.75 23.6 74 44.3 1.35 2.65 1,012 0.38 177.4 2,600 0.77

1.09 685 49.3 11.52 11.66 0.41 0.38 0.38 4.76 10.14 5.59 618 3.56 40.2 0.395 4.27 9.1 2.67 901 121 101.9 0.075

33.8 141.4 7.25 110 31.55 8.73 57.35 8.85 18.78 56 23.6 74.05 45.15 1.37 2.65 1,012 0.38 178 2,720 0.77

1.1 687 49.6 11.68 12 0.41 0.38 0.38 4.86 10.32 5.59 626.5 3.79 41 0.425 4.27 9.16 2.68 914.5 122 101.9 0.075

33.5 138.3 6.8 107 31.35 8.53 56.4 8.6 18.72 54 21.8 73.75 44.3 1.2 2.65 1,012 0.38 177.1 2,600 0.77

1.06 676 48.75 11.52 11.66 0.395 0.38 0.38 4.76 10.1 5.59 617 3.56 40.15 0.395 4.27 9.06 2.67 901 118.8 101.9 0.075

33.5 139 6.81 109 31.55 8.72 56.4 8.6 18.78 54 23.6 73.8 45 1.37 2.65 1,012 0.38 177.1 2,720 0.77

1.09 680.5 49.5 11.6 12 0.4 0.38 0.38 4.86 10.32 5.59 626.5 3.79 41 0.425 4.27 9.14 2.68 905 122 101.9 0.075

51,600 3,643,470 34,700 1,744,070 62,100 137,100 1,374,830 10,900 36,200 5,100 3,500 96,060 293,200 671,000 36,000 5 100,000 1,030 120 1,000

1,214,000 570,140 984,300 5,689,300 1,003,600 16,460,000 450,000 10,000 423,000 3,529,500 100 320,960 360,000 1,289,000 30,000 21,000 1,617,700 100,000 199,670 376,090 130 100,000

1,310,710 389,048,810 48,709,115 65,994,948 11,702,520 6,594,800 171,000 3,800 2,041,050 36,207,304 559 200,323,640 1,281,840 52,426,640 12,150 89,670 14,775,768 267,810 180,830,510 45,599,904 13,247 7,500

PROPERTY ARTHALAND CORP 0.415 0.435 0.42 0.435 0.42 0.435 130,000 54,950 34 34.15 34 34.4 33.75 34 6,435,700 219,221,305 AYALA LAND AYALA LAND LOG 1.81 1.82 1.87 1.87 1.78 1.82 697,000 1,256,920 8.99 9.1 8.99 8.99 8.99 8.99 300 2,697 ALTUS PROP ARANETA PROP 0.99 1.02 1.01 1.03 0.98 1.02 3,670,000 3,688,630 33.9 34 33.6 34.05 33.6 34 1,139,500 38,725,680 AREIT RT A BROWN 0.64 0.66 0.67 0.67 0.67 0.67 4,000 2,680 0.69 0.71 0.7 0.71 0.7 0.71 27,000 19,050 CITYLAND DEVT CROWN EQUITIES 0.07 0.072 0.067 0.072 0.065 0.072 40,000 2,700 2.62 2.65 2.6 2.63 2.6 2.63 371,000 971,760 CEB LANDMASTERS CENTURY PROP 0.265 0.27 0.27 0.27 0.265 0.27 1,030,000 273,200 2.63 2.65 2.67 2.68 2.62 2.65 2,029,000 5,387,830 CITICORE RT DOUBLEDRAGON 7.58 7.6 7.92 7.92 7.5 7.6 394,800 3,001,642 1.25 1.26 1.24 1.26 1.24 1.25 2,289,000 2,852,240 DDMP RT DM WENCESLAO 5.51 5.97 5.5 5.99 5.5 5.51 147,500 862,416 0.123 0.126 0.127 0.127 0.123 0.126 180,000 22,590 EMPIRE EAST FILINVEST RT 3.15 3.17 3.08 3.17 3.05 3.17 1,356,000 4,227,820 0.67 0.68 0.68 0.68 0.66 0.67 1,763,000 1,179,110 FILINVEST LAND GLOBAL ESTATE 0.85 0.88 0.89 0.89 0.85 0.88 18,868,000 16,037,870 8.8 9.04 8.78 9.15 8.78 9.04 59,600 541,028 8990 HLDG GOLDEN MV 860 880 841.5 880 841.5 880 610 529,045 0.53 0.54 0.57 0.57 0.54 0.54 23,000 12,540 PHIL INFRADEV CITY AND LAND 0.76 0.77 0.76 0.77 0.73 0.76 58,000 43,100 1.99 2 2.01 2.02 1.98 2 10,078,000 20,130,990 MEGAWORLD MRC ALLIED 1.34 1.35 1.4 1.4 1.32 1.35 242,000 325,760 13.14 13.2 12.86 13.2 12.86 13.2 349,900 4,580,760 MREIT RT PHIL ESTATES 0.325 0.345 0.345 0.35 0.325 0.325 90,000 30,700 1.54 1.55 1.55 1.56 1.55 1.55 31,000 48,140 PREMIERE RT PRIMEX CORP 2.33 2.41 2.41 2.41 2.41 2.41 10,000 24,100 5.2 5.21 5.16 5.24 5.16 5.2 2,697,500 14,039,840 RL COMM RT ROBINSONS LAND 16.2 16.22 16.32 16.32 16.1 16.2 512,900 8,313,228 0.14 0.145 0.145 0.145 0.129 0.14 690,000 96,530 PHIL REALTY ROCKWELL 1.4 1.45 1.44 1.45 1.44 1.45 12,000 17,320 3.9 3.95 3.9 3.95 3.9 3.95 40,000 156,330 SHANG PROP STA LUCIA LAND 3.26 3.41 3.41 3.41 3.41 3.41 330,000 1,125,300 33.75 33.8 33.55 34.1 33.55 33.75 4,374,900 147,944,945 SM PRIME HLDG VISTAMALLS 2.28 2.35 2.28 2.35 2.27 2.35 32,000 73,760 1.81 1.82 1.8 1.83 1.79 1.81 872,000 1,578,630 VISTA LAND VISTAREIT RT 1.75 1.76 1.76 1.77 1.74 1.75 2,682,000 4,697,580

SERVICES ABS CBN 5.43 5.44 5.17 5.49 5.17 5.44 3,664,600 19,594,137 8.88 8.89 8.9 8.9 8.8 8.89 685,100 6,082,335 GMA NETWORK MANILA BULLETIN 0.204 0.234 0.234 0.234 0.234 0.234 20,000 4,680 1,790 1,792 1,715 1,790 1,715 1,790 116,995 207,517,770 GLOBE TELECOM PLDT 1,271 1,273 1,294 1,294 1,271 1,271 46,570 59,450,810 0.013 0.014 0.014 0.014 0.013 0.014 65,500,000 913,600 APOLLO GLOBAL CONVERGE 9.53 9.54 9.45 9.66 9.44 9.53 5,578,200 53,177,698 3.13 3.18 3.19 3.19 3.13 3.13 10,000 31,660 DFNN INC DITO CME HLDG 2.56 2.57 2.65 2.65 2.52 2.57 4,190,000 10,810,440 1.18 1.19 1.18 1.2 1.15 1.19 504,000 591,210 NOW CORP TRANSPACIFIC BR 0.134 0.139 0.135 0.139 0.133 0.134 450,000 60,200 15.78 16 15.98 16 15.76 16 791,600 12,628,994 ASIAN TERMINALS CHELSEA 1.5 1.54 1.48 1.55 1.45 1.55 522,000 788,430 33.4 33.5 33.4 33.55 33.2 33.5 211,100 7,062,710 CEBU AIR INTL CONTAINER 251 251.2 245.6 252.4 243.6 251.2 1,339,020 334,912,524 16.94 18.12 18.18 18.18 18.12 18.12 800 14,526 LBC EXPRESS MACROASIA 3.98 4 4.02 4.02 3.98 3.98 1,223,000 4,879,850 5.3 5.38 5.29 5.38 5.29 5.38 9,000 47,677 PAL HLDG HARBOR STAR 0.73 0.77 0.77 0.77 0.73 0.73 227,000 168,160 1.72 1.88 1.87 1.87 1.72 1.72 11,000 19,070 ACESITE HOTEL BOULEVARD HLDG 0.061 0.063 0.062 0.064 0.06 0.063 8,760,000 550,360 8.7 8.74 8.7 8.7 8.7 8.7 100 870 CENTRO ESCOLAR IPEOPLE 7.03 7.4 7.2 7.3 7.2 7.3 27,200 195,890 0.47 0.48 0.47 0.48 0.47 0.48 660,000 313,600 STI HLDG BELLE CORP 1.15 1.19 1.18 1.19 1.16 1.16 1,156,000 1,352,970 10 10.08 9.98 10.04 9.92 10 6,670,800 66,644,176 BLOOMBERRY PACIFIC ONLINE 4.01 4.05 4.17 4.28 3.98 4.05 1,070,000 4,319,310 0.86 0.87 0.86 0.87 0.86 0.87 199,000 171,600 PH RESORTS GRP PREMIUM LEISURE 0.65 0.66 0.67 0.68 0.65 0.66 8,753,000 5,756,620 7.76 7.78 7.59 7.79 7.57 7.76 1,603,400 12,317,892 DIGIPLUS PHIL RACING 4.8 7.19 4.8 4.8 4.8 4.8 12,000 57,600 1.79 1.8 1.79 1.79 1.72 1.79 170,000 303,880 PHILWEB ALLDAY 0.16 0.161 0.16 0.162 0.159 0.161 1,250,000 200,430 7.45 8 8 8 8 8 500 4,000 BERJAYA ALLHOME 1.18 1.19 1.21 1.23 1.18 1.18 2,957,000 3,534,370 1.26 1.27 1.26 1.27 1.26 1.26 249,000 313,760 METRO RETAIL PUREGOLD 28.45 28.5 28.65 28.95 28.15 28.5 644,300 18,362,485 39.25 39.6 39 39.6 38.9 39.6 218,900 8,565,550 ROBINSONS RTL PHIL SEVEN CORP 76 76.25 76.25 76.25 75 75 8,400,920 630,070,082 2.65 2.7 2.71 2.71 2.64 2.7 1,169,000 3,119,030 SSI GROUP UPSON INTL CORP 1.5 1.51 1.59 1.63 1.5 1.51 145,000 220,910 22.2 22.5 23.2 23.2 22.2 22.2 518,800 11,632,535 WILCON DEPOT APC GROUP 0.22 0.226 0.226 0.226 0.226 0.226 110,000 24,860 0.31 0.315 0.315 0.315 0.31 0.31 160,000 50,300 MEDILINES PRMIERE HORIZON 0.173 0.179 0.176 0.179 0.173 0.179 910,000 161,140 4.24 4.43 4.23 4.44 4.23 4.44 10,000 43,280 SBS PHIL CORP

MINING & OIL APEX MINING 2.99 3 2.89 3.02 2.89 2.99 17,753,000 52,519,420 ATLAS MINING 3.36 3.5 3.38 3.4 3.35 3.36 8,356,000 28,076,990 4.75 4.76 4.73 4.8 4.73 4.76 136,000 646,960 BENGUET A BENGUET B 4.72 4.75 4.73 4.73 4.73 4.73 3,000 14,190 0.14 0.145 0.151 0.151 0.145 0.145 30,000 4,410 COAL ASIA HLDG FERRONICKEL 2.15 2.17 2.18 2.18 2.12 2.17 164,000 356,520 0.076 0.079 0.079 0.079 0.079 0.079 10,000 790 LEPANTO A LEPANTO B 0.077 0.078 0.078 0.078 0.077 0.077 50,000 3,860 0.95 0.98 0.98 0.99 0.96 0.98 199,000 194,470 MARCVENTURES NIHAO 0.59 0.6 0.59 0.59 0.59 0.59 5,000 2,950 4.99 5 5 5.02 4.93 4.99 6,769,000 33,685,859 NICKEL ASIA ORNTL PENINSULA 0.64 0.65 0.67 0.67 0.64 0.65 66,000 42,770 3.26 3.28 3.18 3.28 3.18 3.28 2,036,000 6,657,040 PX MINING ENEX ENERGY 4.8 5.04 4.65 4.9 4.65 4.9 8,000 37,450 0.0081 0.0082 0.008 0.0082 0.008 0.0082 12,000,000 96,300 ORNTL PETROL A PHILODRILL 0.0076 0.0077 0.0076 0.0076 0.0076 0.0076 3,000,000 22,800 3.9 3.96 3.86 3.98 3.8 3.96 282,000 1,097,040 PXP ENERGY

PREFFERED HOUSE PREF B 95.05 98 98 98 98 98 200 19,600 1,079 1,080 1,078 1,079 1,078 1,079 570 614,930 ACEN PREF B AC PREF AR 2,490 2,508 2,490 2,508 2,490 2,508 125 313,230 95.05 98 95 95 95 95 50 4,750 ALCO PREF C BRN PREF A 97.5 98 97.8 97.8 97.8 97.8 1,000 97,800 33.25 33.95 33.1 33.1 33.1 33.1 100 3,310 CEB PREF DD PREF 94.85 95 94.75 95 94.75 95 3,970 376,925 920.5 950 949 949 920 920 5,010 4,609,780 JFC PREF B MWIDE PREF 2B 94 99.5 94 94.2 94 94.2 2,090 196,478 93 94 93.7 94 93.7 94 1,280 119,983 MWIDE PREF 4 MWIDE PREF 5 100.1 101 101 101 100 101 3,410 342,429 24.05 25.65 24 25.6 24 25.6 400 10,005 PNX PREF 3B PNX PREF 4 215.2 242 228.8 240 228.8 239 1,050 246,858 991 992 991 992 991 992 140 138,790 PCOR PREF 3A PCOR PREF 3B 983 998.5 998 998 998 998 10 9,980 72.55 73 73 73 73 73 520 37,960 SMC PREF 2F SMC PREF 2I 70.4 72.75 70.25 70.25 70.25 70.25 20 1,405 68.25 69 68.1 68.15 68.1 68.15 2,280 155,270.50 SMC PREF 2J SMC PREF 2K 68.25 69.95 69 69 68.1 68.2 1,280 87,259 76.2 77.9 76.2 77.9 76.2 77.9 20,530 1,564,437 SMC PREF 2L SMC PREF 2N 77.5 78.6 77.7 77.7 77.5 77.5 12,000 931,400 77.8 78.2 77.75 78.2 77.75 78 2,190 170,872.50 SMC PREF 2O TECH PREF B2C 42.05 49.95 48.9 48.95 48.9 48.95 400 19,575 48.2 48.5 48.5 48.5 48.5 48.5 1,000 48,500 TECH PREF B2D

PHIL. DEPOSITARY RECEIPTS

41,369,220 -3,912,825 2,609,764 -23,320 6,498,500 -436,660 12,148,868 142,517,925 -2,024,315 379,893 63,300,680 36,638,810 13,247 21,000 23,643,685 7,160 -486,355 197,600 66,500 -69,572 -126,010 376,649 104,750 7,800 16,036,100 -1,582,520.00 327,680 -4,055,691 4,976,946 -4,320 -31,637,220 -527,120 -46,483,395 -7,465,150 -7,351,634.00 19,140 -174,960 -17,700 3,352,404 -23,250 -1,869,005.00 31,401,308 9,080 2,941,300.00 9,500 -791,990 -44,493,979 28,210 -2,826,453 936,890 14,488,175 -2,087,925 -630,001,525 -157,510 -1,276,850 35,673,630 27,807,400 -206,300 -3,080 2,360 7,189,071 -9,810 -190,000 -97,800 -87,151 -14,685 -

ABS HLDG PDR 5.02 5.04 4.9 5.03 4.9 5.02 133,000 663,730 8.08 8.97 GMA HLDG PDR

-

TECH WARRANT

-

WARRANTS

0.29

0.33

SMALL, MEDIUM & EMERGING

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

0.415 0.74 0.93 0.66 1.55 0.057 1.73 1.01 0.27

0.435 0.76 0.96 0.67 1.6 0.064 1.74 1.02 0.28

EXHANGE TRADE FUNDS FIRST METRO ETF

105.4

105.8

-

-

-

-

-

-

0.435 0.435 0.415 0.415 190,000 80,400 0.75 0.77 0.75 0.76 59,000 44,840 0.93 0.96 0.93 0.96 121,000 113,460 0.69 0.69 0.67 0.67 3,000 2,050 1.59 1.59 1.59 1.59 13,000 20,670 0.06 0.063 0.06 0.063 700,000 43,400 1.74 1.74 1.74 1.74 59,000 102,660 1.03 1.04 1 1.01 3,860,000 3,919,460 106,050 0.227 0.275 0.22 0.275 10,760,000 2,774,660 5,450

105.3 105.8 105.2 105.8 48,230 5,086,899 1,523,599

www.businessmirror.com.ph

ACEN to guarantee $320-M loan secured by subsidiary

A

By Lenie Lectura

@llectura

CEN Corp. will guarantee the $320-million loan obtained by its offshore investment subsidiary, ACEN Cayman, from two local banks.

In a disclosure Monday, the power business arm of conglomerate Ayala Corp. said it executed a parent company guarantee last January 12 in favor of ACEN Cayman’s lenders—the Philippine National Bank for $140 million and Rizal Commercial Banking Corp. for $180 million.

The loan, ACEN said, will be used to redeem the preferred shares held

by AC Energy Finance International Limited (ACEFIL) in ACEN Cayman.

The proceeds, it added, will be used

by ACEFIL to redeem its maturing green bonds.

In July last year, ACEN said ACEN Cayman was raising $352 million to finance the power firm’s renewable energy (RE) expansion.

ACEN has set an ambitious target

of reaching 20 gigawatts (GW) by 2030 in line with its net-zero carbon emissions goal. So far, the company has around 4.3 GW of capacity from its facilities in the Philippines, Australia, Vietnam, Indonesia and India, with a renewable energy share of 98 percent.

In December last year, ACEN secured a loan worth P11 billion from the Asian Development Bank (ADB) and the Bank of the Philippine Islands (BPI) to finance more RE projects.

The company said the loan aligns with its aspiration to become the largest listed renewables platform in Southeast Asia and will contribute to the development of solar projects.

Last November, the company reported a net income of P6.6 billion at end-September 2023, up by

59 percent from the same period a year ago, boosted by gains from the sale of its stake in geothermal power plants in Indonesia.

Revenues for January to September rose 13 percent year-on-year to P28.6 billion on the back of higher retail customer tariffs and the ramp-up of New England solar in Australia and Pagudpud wind in the Philippines.

Core operating earnings, which represents ACEN’s attributable share of income from operating units, doubled with new operating capacity across the global portfolio and the shift to a net selling merchant position in 2023. This offset higher overhead and development expenses for the period as ACEN continues to ramp up its renewables expansion in the Philippines and in Australia.

‘SM REIT, Prime Infra may delay initial public offering’ Continued from B1

“Price pressures from rice, the price pressure from rice is likely to stay at the current level of 19.6 percent or go even higher, because of tight supply globally, especially from the Philippines’s primary supplier, which is Vietnam. When the positive base effect from vegetables disappears, by March or April, then the negative impact of high rice prices is going to take over even though we expect February inflation to be at close to 3 percent.”

Franco said that inflation could hit 5 percent by the middle of this year or by the third quarter.

“We cannot rule out that inflation may actually go back to as high as 6 percent later this year,” he said.

“Depressed oil prices, depressed

coal prices will help temper the rise in headline inflation. But simply put rice prices are going to be a big factor moving forward. And this includes not just for inflation, but for the consumer sector as well.”

Franco, however, said the Bangko Sentral ng Pilipinas (BSP) is likely to cut rates by at least 100 basis points and up to 150 basis points this year, with the first cut happening by May. “This is following the potential for the (US) Fed to cut its own policy rate by as early as March currently I believe that the odds for a rate cut from the Fed in March is at about 70 percent. So that’s a very good number to bet on. And if the Fed does follow through and cut rates in March then we believe that the BSP will start to ease rates in May.”

MUTUAL FUNDS

January 15, 2024

NAV

One Year Three Year

Five Year

Y-T-D

per share Return*

Return

Stock Funds 0.49%

-2.18%

-4.13%

-0.12%

ATRAM Alpha Opportunity Fund, Inc. -a 1.4865

ALFM Growth Fund, Inc. -a

216.06

5.58%

3.85%

-0.37%

1.92%

0.93%

ATRAM Philippine Equity Opportunity Fund, Inc. -a 3.0119

0.2%

-1.81%

-6.25%

-1.99%

Climbs Share Capital Equity Investment Fund Corp. -a 0.7044

0.46%

-4.6%

-5.84% n.a

First Metro Consumer Fund, Inc. -a

-5.03%

-6.14% n.a

2.46%

-3.4%

2.12%

0.641

-7.45%

First Metro Save and Learn Equity Fund, Inc. -a 4.7283-2.07% -2.02%

2.52%

-0.07%

First Metro Save and Learn Philippine Index Fund, Inc. -a 0.7115-2.37% -2.54% n.a n.a MBG Equity Investment Fund, Inc. -a

85.04

10.17%

PAMI Equity Index Fund, Inc. -a 44.1878

-1.7%

-2.51%

-3.5% n.a

2.97%

Philam Strategic Growth Fund, Inc. -a

459.2

0.42%

-2.58%

-3.46%

-0.11%

2.65%

Philequity Dividend Yield Fund, Inc. -a

1.2189

0.57%

0.82%

-1.68% n.a

1.13%

Philequity Fund, Inc. -a

0.43%

-0.76%

-2.39%

1.71%

34.5893

-6%

-6.7% n.a

2.84%

Philequity MSCI Philippine Index Fund, Inc. -a 0.88940.49%

-1.47%

-3.29% n.a

2.6%

4.6406

-0.75%

-1.66%

-2.73%

1.59%

2.89%

Philippine Stock Index Fund Corp. -a

772.47

-0.86%

-1.83%

-2.8%

1.59%

2.92%

Soldivo Strategic Growth Fund, Inc. -a 0.6967

-0.17%

-1.52%

-5.22% n.a

1.6%

Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.4557

-0.09%

-1.41%

-2.15%

-4.32%

Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.876 -1.16%

-2.14%

-3.09% n.a

United Fund, Inc. -a

0.78%

2.47%

-1.26%

-1.98%

-3.15%

2.74%

0.06%

Philequity PSE Index Fund, Inc. -a

3.1677

2.25% 0.82%

2.72% 2.94%

Primarily invested in Peso securities (units) COL Equity Index Unitized Mutual Fund, Inc. -a 1.086 -1.1% n.a n.a n.a

2.88%

COL Strategic Growth Equity Unitized Mutual Fund, Inc. -a,2 1.0204 n.a n.a n.a n.a 1.56% Philequity Alpha One Fund, Inc. -a

1.0331

-5.67%

-2.26% n.a n.a

1.38%

Philippine Stock Index Fund Corp. -a

937.7

-0.9% n.a n.a n.a

2.92%

Exchange Traded Fund (shares) First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c104.9549-0.26%-1.41%

-2.47%

2.28%

2.96%

Primarily invested in foreign currency securities (shares)

KKR plows into Asia data centers Continued from B1

Bain Capital will continue to invest in China and Southeast Asian markets, as well as look for opportunities in developed regions elsewhere in Asia, Jonathan Zhu, partner and co-head of the firm’s Asia private equity business, said by email.

“Driven by cloud and AI, the entire Asia market will continue to grow,” Zhu said. That will “ramp up the competition for assets and resources.”

There are challenges. Data center development is time-consuming and complex—requiring a mix of expertise around real estate, technology, local regulations and environmental requirements.

Asia’s highly fragmented market makes navigating these factors even more onerous.

“There is no such thing as one Asia, and each country has its own regulations, so we see more singlecountry operators than pan-regional ones,” said Ellen Ng, co-head of Asia real estate at Warburg Pincus. “Being able to offer products and services across multiple markets in Asia is important to users, so investors and operators try to crack this.”

China has proposed easing crossborder data controls after tightening its grip in recent years, although rules there remain vague. Singapore authorities lifted a moratorium on data center construction in 2022 but remain selective about awarding projects, investors interviewed said, and the country has published standards for operators to ensure energy efficiency.

Warburg Pincus, through its port-

folio Princeton Digital Group, has a presence in six markets and is looking for opportunities in existing and new locations, Ng said. As part of its ESG strategy, it has also expanded to Malaysia’s Johor and Batam in Indonesia to serve Singapore as the city-state imports most of its energy and has fewer renewable power options. Warburg’s investment in the sector in Asia has totaled almost $1 billion, she said.

Data centers are also racing to improve their cooling systems, which have come under pressure from increased use of graphics processing units to handle a surge in complex computation demands from areas such as AI. GPUs consume more power and emit more heat than central processing units, the primary component of computing engines.

In October, a fault in the cooling system of data center operator Equinix Inc. affected 2.5 million payment and ATM transactions of DBS Group Holdings Ltd. and Citigroup Inc. DBS, Singapore’s largest bank, was later banned from acquiring new business ventures for six months. Singapore’s government also said it will study how to further strengthen the security and resilience of data centers.

“Risk-wise, government regulations around data privacy, national data sovereignty and sustainability are building out across most markets,” said Glen Duncan, Asia-Pacific director of data center research at Jones Lang LaSalle Inc. “If investors and operators don’t keep abreast of the changes, they can become wrongfooted.” Bloomberg News

ATRAM AsiaPlus Equity Fund, Inc. -b

-13.59%

-15.31%

-3.66%

Sun Life Prosperity World Voyager Fund, Inc. -a $1.6546

$0.7887

12.7%

-1.03%

-1.87%

-4.05%

7.3% n.a

-0.43%

Balanced Funds Primarily invested in Peso securities (shares) 3.89%

-1.4%

-0.71%

0.58%

ATRAM Unicapital Diversified Growth Fund, Inc. -a,41.5119

ATRAM Philippine Balanced Fund, Inc. -a 2.2214

1.25%

-3.65%

-2.68%

0.35% -1.37%

0.09%

First Metro Save and Learn Balanced Fund, Inc. -a 2.5261

-1.77%

-1.64%

-1.07%

-0.63%

1.18%

First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.1933

-2.57%

-1.23% n.a n.a

1.52% NCM Mutual Fund of the Phils., Inc. -a

1.9623

-1.23%

-0.38%

0.56%

1.72%

PAMI Horizon Fund, Inc. -a

3.5983

2.24%

-1.99%

-0.04%

0.85%

1.2%

Philam Fund, Inc. -a

15.7523

1.85%

-2.69%

-0.79%

0.54%

1.22%

Solidaritas Fund, Inc. -a

2.0576

1.32%

-0.95%

-0.85%

1.35%

1.46%

1.52%

Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.4472

0.99%

-1.55%

-1.97%

0.25%

Sun Life Prosperity Dynamic Fund, Inc. -a 0.9125

0.42%

-1.04% n.a

0.91%

1.06%

1.15%

Primarily invested in Peso securities (units) Sun Life Prosperity Achiever Fund 2028, Inc. -a 0.947 2.1%

-2.78% n.a n.a

0.71%

Sun Life Prosperity Achiever Fund 2038, Inc. -a 0.8629-0.1%

-3.56% n.a n.a

1.87%

Sun Life Prosperity Achiever Fund 2048, Inc. -a 0.8434-0.92% -3.78% n.a n.a

2.16%

Primarily invested in foreign currency securities (shares) Cocolife Dollar Fund Builder, Inc. -a $0.03281

1.45%

-5.51%

-1.51%

0.09%

PAMI Asia Balanced Fund, Inc. -b$0.8854 -6.44%

-9.72%

-1.41%

-1.13%

-3.25%

Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.2625

7.87%

-2.38%

4.41%

Sun Life Prosperity Dollar Wellspring Fund, Inc. -a $1.0315

3.47%

-4.16%

1.03% n.a

-1.2% 2.89%

-0.69% -0.91%

Bond Funds Primarily invested in Peso securities (shares) ALFM Peso Bond Fund, Inc. -a 390.71

3.27%

1.72%

2.58%

2.26%

0.05%

ATRAM Corporate Bond Fund, Inc. -a

1.9108

1.5%

0.15%

0.59%

0.07%

0.1%

Cocolife Fixed Income Fund, Inc. -a

3.3233

2.77%

1.1%

2.21%

3.74%

-0.06%

Ekklesia Mutual Fund, Inc. -a 2.2764

3.96%

-0.27%

-0.42%

1.26%

1.42%

First Metro Save and Learn Fixed Income Fund, Inc. -a 2.4493

1.98%

-0.01%

1.98%

Philam Bond Fund, Inc. -a

2.18%

0.98%

-0.35%

4.2828

2.3%

-2.56%

1.17%

Philam Managed Income Fund, Inc. -a

1.3799

4.19%

1.47%

3.19%

1.82%

0.49%

Philequity Peso Bond Fund, Inc. -a

4.0311

3.79%

0.37%

2.52%

1.71%

-0.08%

Soldivo Bond Fund, Inc. -a

2.77%

0.32%

3.08% n.a

0%

1.0497

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

3.3002

4.4%

1.04%

3.35%

2.26%

Sun Life Prosperity GS Fund, Inc. -a

3.61%

0.28%

2.5%

1.63%

-0.34%

1.7634

-0.33%

-0.38%

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

1.0102 n.a n.a n.a n.a

0.26%

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

$495.65

3.02%

0.81%

ALFM Euro Bond Fund, Inc. -a Є214.09

1.95%

-0.82%

ATRAM Total Return Dollar Bond Fund, Inc. -b$1.0371.98% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0248 PAMI Global Bond Fund, Inc. -b$0.8531 Philam Dollar Bond Fund, Inc. -a

1.99%

2.53%

0.08%

0.15%

0.83%

0.05%

-6.43%

-1.72%

0.11%

4.2%

-1.94%

-0.08% n.a

-3.86%

-3.11%

-0.5%

-0.56%

-1.2%

-7.73%

$2.2965

5.35%

-3.01%

0.97%

1.88%

-1%

1.61%

-0.68%

1.34%

1.59%

0.1%

1.43%

-4.62%

-0.76%

0.48%

Philequity Dollar Income Fund, Inc. -a $0.0609753

Sun Life Prosperity Dollar Abundance Fund, Inc. -a $2.7767

ALFM

-0.4%

-2.01%

Money Market Funds Primarily invested in Peso securities (shares) ALFM Money Market Fund, Inc. -a 137

2.77%

1.79%

2.5%

2.05%

0.09%

First Metro Save and Learn Money Market Fund, Inc. -a 1.1097 3.28%

1.92% n.a n.a

Sun Life Prosperity Peso Starter Fund, Inc. -a 1.37722.81%

2.44%

2.01%

2.04%

0.12%

0.11%

Primarily invested in Peso securities (units) ALFM Money Market Fund, Inc. -a 104.78

4.17% n.a n.a n.a

0.19%

Primarily invested in foreign currency securities (shares) Life Prosperity Dollar Starter Fund, Inc. -a $1.0991 2.64%

1.44%

1.57% n.a

Sun

0.15%

Feeder Funds Primarily invested in Peso securities (units) ALFM Global Multi-Asset Income Fund, Inc. -a 43.4649-0.98% n.a n.a n.a Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a 1.4622

15.47%

0.82%

8.09% n.a n.a

-0.48% Sun Life Prosperity World Income Fund, Inc. -a,1

1.0022 n.a n.a n.a n.a

0.25%

Primarily invested in foreign currency securities (Units) ALFM Global Multi-Asset Income Fund, Inc. -a $0.8015-1.99%

-6.8% 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.

-0.15%

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.”

www.news.businessmirror@gmail.com

Banking&Finance BusinessMirror

Editor: Dennis D. Estopace • Tuesday, January 16, 2024 B3

NG raises ₧15B as T-bills yields ‘unusually’ high

D

By Jasper Emmanuel Y. Arcalas

@jearcalas

ESPITE an uptick in average yields, the national government successfully raised its full programmed amount from the tender of Treasury bills (T-bills) for the third consecutive week.

The Bureau of the Treasury (BTr) made a full award of its P15-billion T-bills auction despite investors asking for higher returns amid lower

demand for the tender.

Monday’s tender saw average yields across the three tenors of Tbills rising by 0.026 basis points to

Trust Tumbles & Regulatory Rumbles: The curious tale of Company M

I

N the intricate realm of business oversight and ethical standards, safeguarding public trust is crucial.

This assertion is underlined by the story of Company M, a narrative that unveils the challenges and repercussions of decisions (or the lack thereof) taken by regulatory institutions.

Recent developments surrounding Company M have cast a spotlight on what can be termed as regulatory lapses.

Even while under the stringent lens of regulators for improprieties, this company made an audacious, if not brazen, move. Despite having a clear cease and desist (CDO) order levied by the Insurance Commission (IC), Company M embarked on a strategic name change, incorporating the term “Plans.” While to the untrained eye this might seem innocuous, the implications are profound, causing ripples of concern and sparking debates on regulatory oversight.

Such a renaming exercise is far from trivial. By embedding “Plans” in its corporate identity, the company could inadvertently or intentionally misguide the public into deducing that they are licensed to dispense pre-need products–a privilege they currently do not possess.

The Securities and Exchange Commission (SEC), whose mandate revolves around protecting the public, seems to have let this substantial change pass under its radar. This potential lapse could have far-reaching implications, jeopardizing the safety and trust of the unsuspecting public.

A dive into Company M’s tumultuous history reveals a myriad of cautionary tales. Notably, more than three years ago, the IC issued directives for the company to cease and desist its operations and return all monies collected they illegally collected operating as an illegal pre-need company. This directive from the IC was clear-cut, backed by threats with potential legal consequences. Yet, evidence suggests Company M might have sidestepped these and blatantly violated these directives.

The unfolding saga brings up several pressing issues that might be of interest to regulators to and for the purpose of public education: 1. Inter-agency, local government collaboration and regulatory robustness. There appears to be a lack of cooperation between the IC, the SEC and local governments. This raises questions about the strength and effectiveness of regulatory frameworks, especially when companies like Company M seem to exploit these gaps.

Local governments should be made aware of developments that regulators issue so that no local business permits might be issued to companies that are illegally operating that could potential defraud the public.

2. Lingering non-compliance. It has been nearly four years since regulators first flagged Company M with a CDO. Yet, they have reportedly carried on illegal activities. They have continued operating without the required permits and worst, brazenly promoting their illegal business in social media— actions that carry more weight than mere procedural oversights. Regulator’s response, seemingly limited to a CDO and a stern warning, might seem inadequate given the weight of the alleged violations.

3. Intent versus Action. Company M’s actions are a breach of a special law—a principle where the act’s

Atty. Zigfred Diaz

personal finance nature, not the intention behind it, is paramount. This is not a mere minor case of a company overlooking a minor reporting requirement. It is a flagrant violation of the law, challenging the efficacy of regulatory enforcement and highlighting the expectation for regulators to act swiftly and decisively, as is their mandate.

4. Setting a questionable precedent. The way the regulators has handled this issue might signal to other entities that violations might be overlooked or treated leniently, as long as eventual corrective steps are taken.

This could embolden other companies to bend the rules, believing they can rectify their actions later without significant consequences.

5. Consumer protection at risk.

The regulators’ handling of Company M could inadvertently compromise consumer protection. If companies can operate without the required credentials, even for a brief period, consumers may be exposed to undue risks. Additionally, the regulators’ inaction could lead to situations where consumers’ rights are sidelined and that they possibly face financial losses.

6. Erosion of public trust. The decisions and inactions of regulators in this case risk eroding public trust.

Regulatory bodies should ensure fairness and protect the public’s interests.

However, permitting a company to function without the needed licenses and merely suggesting corrective measures can weaken public trust in these institutions.

Beyond the immediate challenges posed by Company M’s actions, there lies a broader narrative that holds a mirror to the current state of regulatory oversight, the sanctity of public trust, and the urgent need for fortified collaboration between governing bodies. The words of Justice JBL Reyes, “No master but law, no guide but conscience, no aim but justice,” should serve as a beacon, illuminating the path forward for all regulatory institutions.

Upholding the public’s unwavering trust requires an intricate dance of diligence, foresight, and integrity.

In wrapping up, the unfolding story of Company M is not just an isolated corporate saga in lapses in regulation but an emblematic case study. It underscores the relentless need for vigilance, transparency, and reinforced regulatory systems. The public’s trust, akin to fragile porcelain, must be handled with the utmost care. It remains our collective aspiration that the regulatory bodies involved rise to the occasion, addressing these discrepancies with alacrity, championing justice, the unyielding rule of law, and ensuring the public’s best interests are always held sacrosanct.

Zigfred Diaz is a Cebu-based registered financial planner of RFP Philippines and PSE Certified Securities Specialist. Aside from practicing law he is a licensed Environmental planner, Real Estate Broker and Appraiser. To learn more about financial planning, attend the 105th RFP program this January 2024. Please e-mail info@rfp.ph or visit rfp.ph for details.

as much as 0.124 basis points from last week’s averages.

The average yield for the 91-day T-bills settled at 5.226 percent while the 182-day T-bills fetched an average rate of 5.685 percent. The 364day T-bills nearly touched the 6-percent level as its average yield stood at 5.999 percent.

Rizal Commercial Banking Corp.

(RCBC) Chief Economist Michael L. Ricafort noted that this is now the fourth consecutive auction that Tbills’ auction yields “corrected higher.”

“It is important to note that the Treasury bill average auction yields are already mostly but unusually higher vs. the comparable short-term PHP versus BVAL yields as of January

15, 2024 except for the 91-day tenor: 3-month PHP BVAL at 5.34 percent; 6-month PHP BVAL at 5.60 percent; 1-year PHP BVAL at 5.97 percent,” Ricafort explained.

Ricafort pointed out that the lower demand for the tender, which stood at P43.188 billion versus last week’s P46.88 billion, was also a factor to the higher yields.

The 364-day T-bills were the most oversubscribed with total bids reaching P16.376 billion followed by the 91-day government security with a total tender of P13.752 billion. The 182-day T-bills fetched a total demand of P13.06 billion.

Furthermore, Ricafort noted that certain volatility in the US dollar-

Philippine peso exchange rate and global crude oil prices contributed to the higher T-bills auction yield.

“Offsetting positive factors: dovish signals at the start of last week, the first since the rate hike cycle started in 2022, amid possible -1.00 local policy rate cuts for 2024,” the RCBC executive said.

The Treasury targets to raise as much as P195 billion in January from the combined tender of T-bills and Treasury bonds.

The Treasury has been successful across its auctions to date with no partial award or full rejection being made since the start of the year.

More so, the favorable auction yields have bode well with the Treasury’s

borrowing program, allowing it to upsize some of its tenders.

The national government has set its borrowing plan this year at P2.46 trillion, some P253 billion more than last year’s P2.207 trillion gross borrowing plan, based on state budget documents.

This year’s borrowing program would still follow a 75:25 mix in favor of domestic sources.

The Marcos administration will borrow P1.853 trillion from the domestic market through the sale of T-bills and T-bonds.

The Bureau of the Treasury will tender a total of P51.050 billion worth of T-bills and P1.802 trillion worth of T-bonds for the entire 2024.

E-gaming may outpace other Pagcor revenue drivers

By Reine Juvierre S. Alberto

A

S electronic gaming became the main driver of the gross gaming revenue (GGR) of the Philippine Amusement and Gaming Corp. last year, Pagcor’s CEO said egaming may outpace the state-run firm’s traditional sources.

“The main driver really is electronic gaming. The [e-gaming sector] has brought up our revenue substantially. The growth is very exponential and I believe it will continue to grow,” Pagcor Chairman and CEO Alejandro H. Tengco told reporters in a briefing last Monday.

The government-owned and -controlled corporation said that its 2023 GGR rose by 11.22 percent to P285.27 billion, higher than the revenue posted in 2019

at P256.49 billion.

The country’s integrated resorts are the highest contributors to the gaming industry’s revenue with P207.48 billion, followed by the egaming sector with P58.16 billion.

Revenue from Pagcor-operated casinos under Casino Filipino has hit only P19.62 billion.

Last year’s GGR has breached Pagcor’s pandemic-level revenues.

In 2020, Pagcor posted an alltime GGR low of P98.79 billion at the height of the lockdown due to Covid-19. The GGR slowly increased in 2021 to P113.09 billion and nearly doubled to P214.33 billion in 2022.

When asked whether e-games will eventually overcome land-based casinos, Tengco said “there’s a possibility” that that would occur.

Citing the convenience brought by e-games, he noted people could gamble and bet in the comfort of their homes, offices, and even in restaurants instead of looking for physical outlets and machines.

The target market for e-games, Tengco added, is composed of younger people. Their age will be screened through the “know your customer” (KYC) verification process. The market, he said, is also formed by those who would like not to be seen and people with health concerns.

The Pagcor chairman, however, thinks that traditional landbased casinos will always stay since there are still people who would want to “experience the actual excitement” of playing inside these facilities.

Tengco believes the local gaming sector “will continue to grow.”

“I’ve been around the world attending conferences and everybody is excited about the Philippine market,” he added.

Pagcor’s plan to put up its Casino Filipino online is still on track. Tengco said this platform will be launched in the second half of the year.

Although he did not give any projections on the online casino’s contribution to the total GGR, he said, “If you will look at our revenues generated from e-gaming, I believe it will also be substantial.”

“The trend is very clear—there’s now a shift from traditional landbased casinos to online gaming, and we’re not talking about the Philippine market alone. We’re talking of the world,” Tengco said.

Efficient tax-collection system hoped for under Recto’s term

By Andrea San Juan

M

Tax Shop This January 12, 2024, photo shows staff of the City Treasurer’s Office of General

Trias City, Cavite, at the CTO Tax Payment Center located at the city’s Cultural and Convention Center, Baranggay Sampalucan, near the Public Market. The local government urges taxpayers to avail of the facility’s services from January 4 to February 29, 2024. Officials also launched its “Electronic Business One Stop Shop” (e-Boss). CREDIT: Photo by Dennis Abrina

Yen losing haven role as JPN overseas investment shifts

T

HE super-easy policy of the Bank of Japan has eaten into the yen’s status as a traditional haven for at least the last two years, but the currency reaction to the nation’s New Year earthquake suggests an even deeper issue for the oncefavored safe asset.

In past years the yen tended to strengthen following news of wars or catastrophes, as was the case following the quake and tsunami in 2011, because of speculation that Japanese investors would sell overseas assets and repatriate funds. The currency jumped almost 9 percent against the dollar over seven days following that deadly event yet has slid about 3 percent since a 7.6-magnitude temblor shook areas centered around Japan’s Noto Peninsula on January 1.

A key difference now is the focus of Japanese companies on expanding their operations abroad, which has seen foreign direct investment

outweigh overseas investment in financial instruments like stocks and bonds since 2014.

“Financial assets are liquid and can be sold for repatriation, but companies won’t close their factories overseas” when a disaster strikes in Japan, said Daisuke Uno, chief strategist at Sumitomo Mitsui Banking Corp. in Tokyo. “With a decline in Japan’s economic strength, I don’t think investors will buy the yen as a haven.”

FDI made up 57 percent of Japan’s net international investment position in the third quarter, up from 20 percent at the end of 2010, according to data from the International Monetary Fund compiled by Bloomberg. During this period, the share of portfolio investment fell to 22 percent from 46 percent.

The yen was down 0.2 percent at 145.14 versus the dollar at 12:55 p.m. in Tokyo on Monday. Bloomberg News

EMBERS of the British Chamber of Commerce of the Philippines (BCCP) hopes the term of newly-appointed Finance Secretary Ralph G. Recto would lead to a more efficient taxcollection system, among others, as this will also help in attracting more foreign direct investments (FDIs).

In a televised interview last Monday, BCCP Executive Director Chris Nelson also expressed support for Recto.

“I find him very progressive, very bright, very attuned to what’s going on. I think we’re very optimistic,” Nelson said.

In the context of Recto expected to prioritize collecting more revenues, the BCCP official said British businessmen in the country are “looking for improvement in tax efficiency in collections.”

Nelson told the BusinessMirror that Recto “needs to [do so], as he said [he would] raise revenues.”

“And part of raising revenues is to ensure that there are no leakages [and] that tax efficiency improves,” he added.

In relation to this, Nelson said the BCCP would like to see an improvement in digitalization in terms of payment of taxes.

“When you look at tax efficiency, it’s also that we want to see more FDIs. And I think it’s clear that there’s going to be ease of doing business so when people can do things easily, when the process is digitalized,” he told the BusinessMirror. “And you obviously make it more efficient and make it more robust in terms of payments, so those are the kind of measures.”

Nelson explained that having an efficient tax collection system “will help obviously with government targetting revenues.” It “will also improve spending on infrastructure, which is conducive to investors coming in.”

Meanwhile, the BCCP official said another aspect that could help

improve the system of collecting taxes in the country is by passing the Anti-Agricultural Smuggling (AAS) bill; as preventing smuggling would mean preventing “leakages.”

“The reason I stressed that one is that we have been strong supporters of bringing in, helping more with food supply. At the same time, [an AAS law] prevents smuggling, which causes leakages, right? And this will improve efficiency,” Nelson said. He added he believes the AAS is a priority bill of the administration of President Ferdinand R. Marcos Jr. Citing that the bill has versions in both Houses of Congress, Nelson said “they [lawmakers] need to reconcile” these versions.

In a recent interview, Recto said achieving the government’s P4.3trillion revenue target this year will be the priority of his term as chief of the Department of Finance (DOF).

The initiative, he said, will help ensure all of the government programs this year will be funded. (Full story here: https://businessmirror.com.ph/2024/01/12/marcos-to-recto-go-help-phl-faceheadwinds/) According to the United Kingdom government’s website, total trade in goods and services—the sum of exports and imports between the United Kingdom (UK) and the Philippines—was at £2.9 billion in the four quarters to the end of the second quarter of 2023, an increase of 32 percent from the same period in 2022.

Of the total value, UK exports to the Philippines amounted to £1.3 billion in the four quarters to the end of Q2 2023, a 31.3 percent increase from the same period in 2022.

Meanwhile, UK imports from the Philippines amounted to £1.6 billion, a 32.5-percent increase from the same period a year ago.

The UK Trade and Investment factsheet also noted that the Philippines was the UK’s 59th-largest trading partner during the period.

B4

Tuesday, January 16, 2024 • Editor: Gerard S. Ramos

Art

BusinessMirror

www.businessmirror.com.ph

Jewelry meets spirituality in Ivan Co’s ‘Paracosm’ PARACOSMIC artist Ivan Co and his sculpture, titled The Labyrinthian, which took him three years to finish.

TODAY’S HOROSCOPE

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Max Joseph, 42; Richard T. Jones, 52; Debbie Allen, 74; John Carpenter, 76.

HAPPY BIRTHDAY: Establish what you want to accomplish and start moving toward your goal. Stay focused on your objective, and sidestep any emotional roadblocks you encounter. The quickest route is the one with no distractions. An ambitious mindset, high energy and broad vision will lead to positive changes this year. Do the math before you get involved in a financial deal, joint venture or emotional spending. Your numbers are 6, 14, 21, 29, 32, 43, 48.

ARIES (March 21-April 19): Don’t act prematurely or jump to conclusions. Sort through your options and spend more time honing your skills, preparing for what you want to do next and making improvements that make you feel confident and good about yourself. Learn from what you experience and move along. ★★★

O

NE way to reach Conrad Manila’s art space Gallery C requires passing through the Pasay hotel’s scenic lobby, where floor-toceiling windows welcome arriving guests with a majestic view of Manila Bay. In our recent visit to the opening of Gallery C’s 2024 curtain-raiser, the lobby featured another sight to behold, which was almost as breathtaking as the picturesque backdrop. It was a sophisticated sculpture of golden rails and shining crystals.

According to the artwork’s label, The Labyrinthian serves as the largest and most elaborate sculpture of “Paracosmic artist” Ivan Co. It took three years to complete, from conceptualization to realization, with every sight and sound entirely hand-made and thought-out.

“There was so much trial-and-error [involved in creating this],” Co would later explain during a demonstration of the intricate, interactive showpiece.

“I don’t think anyone has ever attempted anything like this before.”

Co’s stunning artwork forms part of the 10 sculptures featured in his ongoing one-artist showcase, titled Paracosm. While two pieces including The Labyrinthian are not for sale, the artworks that are come with a price tag in the range of millions of pesos, making them some of the more expensive pieces to grace Gallery C’s long-running “Of Art and Wine” series.

The appraisal supports the Filipino artist’s fastrising status as a collector’s favorite in the global art market. In 2022, Co became the first and only Filipino artist featured in a milestone book celebrating the 70year reign of Queen Elizabeth II. The book explored the connections between the royal family and the world of luxurious tastes, products, and experiences.

It was said that there was no other artist whose style and aesthetic better aligned with the theme than Co’s.

A third-generation jeweler, Co is an innate craftsman. He began his career as a fine jewelry designer before starting his own jewelry business in 2014 which specialized in statement pieces. His pieces allowed him to express himself creatively—until they

TAURUS (April 20-May 20): A change of heart will point you in a much better direction. Be open to suggestions, but take the path that soothes your soul and encourages you to learn and expand your interests. Someone you encounter will offer an interesting perspective on new possibilities. ★★★

GEMINI (May 21-June 20): Get out and mingle.

Mix business with pleasure. A chance to get to know someone better will change how you feel.

Don’t take a risk with your health or reputation. Listen, observe and reveal what’s necessary. ★★★★

CANCER (June 21-July 22): Keep your emotions tucked away. Observe what others are doing while you figure out your next move.

When the time is right, reach out to people who can help you get things done. ★★

LEO (July 23-Aug. 22): Get together with friends or do something that lifts your spirits or motivates you to look and feel your best.

Don’t overreact if someone decides to make a change that leaves you questioning what to do next. ★★★★★

couldn’t.

“After some time, I felt like I wanted to do more,” the artist said. “I even came to a point where I wanted to craft masks and suits of armor, but [they weren’t] sellable in the jewelry industry. So, I had to venture into art.”

Co then faced a tumultuous period in his personal life. Seeking peace and clarity, he came across a mentor who invited him to a Tibetan temple in Pasig, where he stayed for a year. There, he learned to practice basic meditation, opening himself up to a process of “self-reconciliation.”

The peace of mind led him to create his first pendulum sculptures. Working with gems, Co said he felt the energy and saw movements, an integral component of his kinetic artworks. He added that he had no background in Physics, but displayed a comprehensive understanding of natural forces like gravity that allow his creations to move.

Rotundum “Monocularis,” for instance, is fashioned like a see-saw and operates like one as well. It features a pivot point in the middle of the board with turning

forces on each side. The artwork’s value, however, is no child’s play, with the piece adorned with precious materials like garnet, clear quartz and pearls, among others. There are more incorporated in Arca “Aerarium” such as green gold, amethyst and rose quartz.

Meanwhile, Co’s de facto sculptural canvas is a specialized metal alloy called “aurichalcum,” which he named after the mythical materials mentioned in several ancient writings. Resembling gold in color, it’s a combination of brass, copper and more that doesn’t corrode easily.

For all the glitter of his creations, Co creates art not to catch attention but to engage minds. He hopes to inspire people to pursue higher ideals, to encourage a more purposeful and awakened existence. “[My creations] stand as a testament to the power of human creativity and the limitless possibilities that lie within our grasp,” he said. “Each sculpture continues to shape a story of collaboration between mankind and the natural world. It is an ongoing conversation, a dance of inspiration and transformation.” ■

Vatican unveils plans for restoring Bernini’s canopy in St. Peter’s Basilica VATICAN CITY—The Vatican on Thursday unveiled plans for a yearlong restoration of the monumental baldacchino, or canopy, over the main altar of St. Peter’s Basilica, pledging to complete the work on Bernini’s masterpiece before Pope Francis’ big 2025 Jubilee.

The price tag? About €700,000 ($770,000).

The restoration and conservation project, funded entirely by the Knights of Columbus and using the expertise of Vatican Museums’ restorers, marks the first comprehensive work on the 10-story tall baldacchino in 250 years.

The structure, which is positioned over the basilica’s main altar to provide a ceremonial covering for the tomb of St. Peter underneath, dates from the 1620s-1630s, when Pope Urban VIII commissioned Gian Lorenzo Bernini to create a canopy for the apostles’ tomb.

The baldacchino is considered one of the most

complicated multi-material art works of all time, with its marble, bronze, wood, gold and iron. It eventually involved numerous other artists and craftsmen, including the master architect of the period, Francesco Borromini.

The canopy’s four massive twisting columns, featuring gilded cherubs and laurel branches, were inspired by the marble columns that surrounded St. Peter’s tomb in the ancient basilica, which stood on the site of today’s St. Peter’s, the biggest church in the world.

Cardinal Mauro Gambetti, who is in charge of the basilica, unveiled the restoration project at a news conference on Thursday. He said that the works, including a massive scaffolding to cover the 29-meter high canopy, would allow all liturgical celebrations to continue throughout the year, and would be completed by December.

Pietro Zander, in charge of the artistic patrimony of the

basilica, said the restoration mostly involves a systematic cleaning of the dust-and-grime covered structure. That’s no easy task given it features at its height four, 2.5-ton statues of angels, perched atop the 9 ton-columns.

Other work is aimed at conservation amid evidence that some pieces are coming apart. In addition, some of the materials have suffered centuries of degradation from changes in temperature and humidity thanks to the 50,000 people who pass through the basilica on any given day, changing its microclimate, he said.

“A prerequisite for planning the work is in fact the knowledge that we are dealing with a giant,” Zander said. “A giant of art of all time, but even before that, a giant in form and size.”

Pope Francis is to inaugurate a Jubilee year by opening the basilica’s Holy Door at the beginning of 2025. AP

VIRGO (Aug. 23-Sept. 22): Take the initiative to bring about change. Handling domestic matters will prove valuable when you have a deadline or work from home. Discipline will pay off and allow you to spend more time on personal growth, self-improvement and upgrading your skills. ★★★

LIBRA (Sept. 23-Oct. 22): Keep your thoughts to yourself. Sharing too much information will leave you open to criticism.

Concentrate on your needs, appearance, feelings and the personal changes you want to pursue. Don’t let anxiety set in because someone is misleading or manipulating you; say no. ★★★

SCORPIO (Oct. 23-Nov. 21): Take an interest in what’s happening around you.

Share ideas with people who can bring about change. An interesting partnership will help you develop something you want to pursue. Use your imagination, but don’t wander off track. ★★★

SAGITTARIUS (Nov. 22-Dec. 21): Take care of sensitive domestic issues. Implement a lifestyle adjustment that will make your everyday routine simple. Take a unique approach to how you conduct business transactions. ★★★★★ CAPRICORN (Dec. 22-Jan. 19): If you reveal too much, you’ll be vulnerable. Let others do the talking; listen, and you’ll gain insight into how to get the most out of something you want to pursue. Alter your living space to suit your needs. ★★

AQUARIUS (Jan. 20-Feb. 18): Be forthright about money, intentions and feelings. Don’t let a change someone makes alter your plans. Be true to yourself and honest with others, and you’ll ward off blame for a misunderstanding or poor decisions that you or someone close to you makes. ★★★★

PISCES (Feb. 19-March 20): Place your focus where it belongs, and don’t stop until you reach your objective. You have the skills to make things happen if you are diligent and stay true to yourself. Refuse to let outside influences take over.

Choose the path that soothes your soul. ★★★ BIRTHDAY BABY: You are focused, productive and imaginative.

You are receptive and helpful.

‘second grade’ BY CHRIS GROSS

The Universal Crossword • Edited by David Steinberg/Anna Gundlach/Adrian Johnson/Jared Goudsmit ACROSS 1 ___ out (decline to participate) 4 Insecure star Rae 8 Fox in Back to the Future 13 Per ___ (daily) 15 Afternoon socials 16 First zodiac sign 17 Ticklish Muppet 18 Word after “K” or “Wal” 19 Fictional work 20 1982 film for which Meryl Streep won Best Actress 23 Easy throw 24 Unit of current, briefly 25 Murmur 28 Award whose first winners included Scattergories and Taboo 33 Better Call Saul network 36 Delivery person?

37 Starbucks size 38 Burdensome 40 Makes from scratch 42 Open-source operating system 43 Fed. property agency 44 It’s not observed in Ariz.

45 It includes free two-day shipping on

eligible items 49 However 50 Evian product, to the French 51 “Phooey!”

55 “Why do we have a problem?”... and a hint to the ends of the starred clues’ answers 61 Love, in Lyon 63 Stitches 64 Trade fair 65 What 37-Across is equivalent to 66 Part of Ontario’s border 67 Peacock part 68 Ontario and Michigan 69 Plant, originally 70 Glum DOWN 1 Keats poems 2 First TV episode 3 Musical pace 4 Quick way to say “I can relate” 5 Sail the seven ___ 6 Wise guy’s wit 7 Bronchial woe 8 Pedi’s partner 9 Nile reptile, for short

10 Nickel’s value 11 Gymnast Sunisa 12 French designer’s initials 14 ___ scale, on which topaz is an eight 21 Ideology suffix 22 Black ___ (covert missions) 26 Group of eight 27 Soul singer Redding 29 Outback bird 30 Rejections 31 Second person?

32 Pb, to chemists 33 Japanese cartoon style 34 Highway sign featuring a guy with a shovel 35 University of California, Santa ___ 38 Cosmetic brand whose name sounds like a cheer 39 Maker of POP kitchen containers 40 Forensic TV franchise 41 Male in a flock 43 Swiss relative 46 Snare for tuna 47 Declines to bid 48 Go wrong 52 Assist with a crime

53 Second-largest state 54 Old photo tone 56 Enormous 57 Greek god whose name sounds like 16-Across 58 Boo-boo 59 Secondhand 60 Not call or raise 61 Tide alternative 62 Goat’s sound Solution to today’s puzzle:

Show BusinessMirror

www.businessmirror.com.ph

Coming together to create entertainment with a purpose

Jennylyn, Xian explore deeper meaning of love, life and death in ‘Love. Die. Repeat.’

JENNYLYN MERCADO and Xian Lim star in the latest GMA prime series Love. Die. Repeat.

RAMPA Drag Club owners (clockwise) RS Francisco, Cecille Bravo, Ice Seguerra and Liza Diño.

to LGBTQ+ clubs and venues. Drag is an art, and it’s something that even straight men and women can enjoy and embody. Drag is like going to a theater performance, and we want RAMPA to be that venue where we can celebrate who we are.”

For her part, well-loved businesswoman Cecille Bravo didn’t think twice when she was offered to be part of the Board of Directors of the club. “RAMPA Drag Club is not just a venue for entertainment; it is a platform for empowerment and representation.

By featuring the country’s best drag shows and performances, the club aims to break stereotypes and celebrate the vibrant diversity within the LGBTQ+ community. As a businesswoman, I totally support this fusion of advocacy, entertainment and

empowerment. ” What is interesting is that the core team has also invited local Drag Race superstars Precious Paula Nicole, Viñas de Luxe and Brigiding to come in as partners, aside from providing them and their drag friends with a venue to showcase their talents.

Precious Paula Nicole, Drag Race Season 1 grand winner, could not contain her excitement when we spoke to her.

“From being a performer in drag clubs, I became a contestant in a reality show. I can’t believe that I am now a co-owner of a drag club. RAMPA will also be a venue where we can nurture our baby drag queens and transform them into future drag superstars.

Dreams indeed do come true.” ■

COMPANIES PULL ADS FROM TV STATION AFTER COMMENTS ON TATTOOING AND SENDING MIGRANTS TO AUSCHWITZ

STEVEN YEUN (left) and Ali Wong PHOTOS BY THE AP

PEDRO PASCAL

TODD HAYNES (left) and Natalie Portman

Hollywood’s brightest stars turn out for the American Film Institute Awards BEVERLY HILLS, California—Laughs and hugs were shared between Hollywood’s best—including Margot Robbie, Meryl Streep and Leonardo DiCaprio— during a celebratory ceremony where everyone ended up walking away a winner at the American Film Institute Awards on Friday.

The annual invite-only luncheon honored 10 films and 10 television shows with well-spoken words about each celebrated project followed by a brief clip of a scene.

“Welcome to the annual AFI group hug,” institute President Bob Gazzale said as many in the audience chuckled. “For those who are new to this humble affair, the answer is ‘No.... No.’ You are not going to lose. Losing doesn’t happen here.”

Most appeared in a jovial mood with smiles and lengthy conversations in the ballroom in Beverly Hills.

Robbie chatted for a while with Oppenheimer director Christopher Nolan, who eventually pivoted

B5

GMA Network brings a unique story about two lovers separated by death and how a time loop can possibly put them back together in Love. Die. Repeat.

The much-anticipated series also marks the TV comeback of Jennylyn Mercado with sought-after leading man Xian Lim. Beginning yesterday, January 15, get ready to meet and be hooked with the characters of Jennylyn as Angela and Xian as Bernard. Together, they find love, live life, and face the inevitable death of a loved one.

Love. Die. Repeat. tells the story of Angela, who lost her husband, Bernard, in a car accident. Soon, she realizes she is stuck in a time loop and is forced to relive the worst day of her life—the day her husband died.

Will she be able to save her husband the next time around, or is she doomed to experience more pain every single day?

How will Angela get out of the complicated time loop?

Playing equally important roles in the series are Mike Tan, Valeen Montenegro, Ina Feleo, and Valerie Concepcion. Also joining the series are Ervic Vijandre, Faye Lorenzo, and Victor Anastacio.

Completing the star-studded cast are Nonie Buencamino, Samantha Lopez, Shyr Valdez, and Malou De Guzman as Kanlaon, an elderly woman and a secret goddess.

This unconventional drama is produced by GMA Entertainment Group, headed by Senior Vice President Lilybeth G. Rasonable. The creative team is headed by creative director Aloy Adlawan.

Under the helm of two of GMA’s best directors, Jerry Sineneng and Irene Villamor, Love. Die. Repeat. airs Mondays to Fridays at 8:50 pm on GMA. The program also has a delayed telecast on GTV, weeknights at 10:50 pm. Global Pinoys can also catch the program via GMA Pinoy TV.

W

HEN celebrities join forces to break new ground, expect a blast. This is the case of celebrated personalities RS Francisco, Ice Seguerra and Liza Diño who gathered their industry friends and put together their resources to bring to the public the group’s newest entertainment venture: the RAMPA Drag Club.

This venture, which went through several brainstorming sessions and strategic business planning meetings, not only promises to revolutionize the entertainment scene in the metropolis, but it will also offer a bigger stage to celebrate diversity and inclusion of the LGBTQ+ community.

RAMPA Drag Club is the latest addition to the vibrant Quezon City nightlife and is set to open its doors on January 17.

Sitting on an 800-sqm-property, this new entertainment club and state-of-the-art performance venue will be a haven for drag enthusiasts and talented performance artists.

Francisco, Seguerra and Diño have partnered with LGBTQ+ advocate and businesswoman Cecille Bravo, and nightlife guru Loui Cabel to make sure that RAMPA opens with a big bang.

“This is a fulfilment of a longtime dream to elevate the drag scene in the Philippines and continue to support the future of drag as an art form in the country,” said RS Francisco, a respected businessman, actor and philanthropist.

He added, “RAMPA will be a venue of shared happiness and creativity, a kind of entertainment where everyone is welcome and, hopefully when all the stars align, it can even be a place where tourists can witness the amazing talent of the Filipino.”

“When you meet the right people at the right moment for the right purpose, what you create is automatically elevated to not just a business enterprise but a vision with a purpose. I can’t wait for people to experience what we have in store at RAMPA,” shared the multi-awarded acoustic singer Ice Seguerra.

Diño, who is married to Seguerra, and who continues to champion local cinema and collaborates with the world’s best filmmakers as a film producer, believes that this creative and business collaboration brings together a wealth of experience, creativity, and a shared passion for creating a space that transcends traditional norms and fosters inclusivity.

“Our mission is to remove the stigma against going

Editor: Gerard S. Ramos • Tuesday, January 16, 2024

to shake hands with Robbie’s Barbie castmate America Ferrera. Maestro stars Bradley Cooper and Carey Mulligan enjoyed their time together on the red carpet while Beef star Ali Wong caught up with Ted Sarandos, co-CEO of Netflix.

American Fiction stars Jeffrey Wright and Sterling K. Brown huddled up with Jury Duty star James Marsden and former BET CEO Debra L. Lee. Director Steven Spielberg took photos with Barbie director Greta Gerwig.

The AFI event is all about having fun, creating a laid-back vibe with no pressure.

“When we began this event, now over 20 years ago, the idea was simple: We tell you you’re great and why,” Gazzale said.

“We share a moment of your film or television program.... This community is not competition. It’s never a competition. I know that doesn’t sound ideal.

But that’s who we are.”

Films honored include American Fiction, Barbie,

The Holdovers, Killers of the Flower Moon, Maestro, May December, Oppenheimer, Past Lives, Poor Things and SpiderMan: Across the Spider-Verse.

Television shows recognized were Abbott Elementary, The Bear, Beef, Jury Duty, The Last of Us, The Morning Show, Only Murders in the Building, Poker Face, Reservation Dogs and Succession.

Others in the star-studded room included Cillian Murphy, Emily Blunt, Jennifer Aniston, Robert Downey Jr., Emma Stone, Selena Gomez, Quinta Brunson, Lily Gladstone, Ayo Edebiri and Tracee Ellis Ross.

Ellen Burstyn closed the luncheon with a benediction to celebrate the honorees, whom she praised.

“I feel blessed to be part of this amazing tribe,” the 91-year-old Oscar, Emmy and Tony award winner said. “Thank you all for celebrating the best without making it a competition, just a shared appreciation.

We appreciate you all.” AP

WARSAW, Poland—Prosecutors in Poland are investigating after commentators joked on a right-wing television station that migrants should be sent to Auschwitz or be tattooed or microchipped like dogs, and some companies have pulled advertising from the broadcaster.

The remarks were made over the past week by guests on TV Republika, a private station whose role as a platform for conservative views grew after the national conservative party, Law and Justice, lost control of the Polish government and public media.

During its eight years in power, Law and Justice turned taxpayer-funded state television into a platform for programming that cast largescale migration into Europe as an existential danger. The state media broadcast conspiracy theories, such as a claim that liberal elites wanted to force people to eat bugs, as well as antisemitic and homophobic content and attacks on the party’s opponents, including the new Prime Minister Donald Tusk.

Spreading hate speech is a crime under Polish law. While public TV stations were shielded from market and legal pressures under the previous government, TV Republika now faces both.

IKEA said it was pulling its advertising from the station, prompting some conservative politicians to urge people to boycott the Swedish home goods giant. Other companies, including Carrefour and MasterCard subsequently said they were pulling their ads, too.

The controversial on-air statements were made as the European Union has been trying to overhaul its outdated asylum system, including with a plan to relocate migrants who arrived illegally in recent years.

Jan Pietrzak, a satirist and actor, said Sunday on TV Republika that he had a “cruel joke” in response that idea.

“We have barracks for immigrants: in Auschwitz, Majdanek, Treblinka, Stutthof,” Pietrzak said, referring to concentration and death camps that Nazi German forces operated in occupied Poland during World War II. AP

Tuesday, January 16, 2024

B6

www.businessmirror.com.ph

CLEANFUEL INAUGURATES NEWEST RETAIL STATION IN A. BONIFACIO, QUEZON CITY

A

MONG the 16 cities (and one municipality) that comprise Metro Manila, the largest, by a wide margin, is Quezon City. With a total area of 161.12 square kilometers, it is just over three times the size of the second largest city, Caloocan, which occupies only 53.33 square kilometers.

To put that in another perspective, Quezon City alone accounts for 25.23 percent of Metro Manila’s 638.55 square kilometer total land area. Being the largest city in Metro Manila, Quezon City is a hotbed for Cleanfuel’s rapid expansion, and the recent opening of their latest service station in Bgy. San Jose, La Loma, brings the tally of Cleanfuel’s presence in the city to a respectable 20 stations.

Strategically located along A. Bonifacio Ave (northbound), Bgy. San Jose, La Loma, Quezon City, the newest Cleanfuel station in the country sets itself apart with its new, contemporary look. The open architecture

lends an industrial appeal to the station, which complements the area’s long-established reputation as a source of parts for commercial trucks, related machineries and heavy equipment.

It is located along a vital route for trucks headed north via the North Luzon Expressway (NLEX). With this in mind, Cleanfuel A. Bonifacio—with its worldclass quality fuel and highly competitive, affordable fuel prices—aspires to be the preferred fuel stop of commercial vehicles before entering NLEX, where fuel prices tend to be significantly higher.

Cleanfuel A. Bonifacio’s open layout makes it very convenient even for container trucks and other Class-3 vehicles to enter and exit the station with minimum effort. While Cleanfuel A. Bonifacio was designed to accommodate large trucks; locals and travelers in their private vehicles are welcome to refuel here use Cleanfuel ’s famous hotel-quality

Members of the Galderma Execom are, from left, Khen Kon- Head of Medical JPAC, Barby RazonBuenaventura- Brand Manager Philippines, Jade Ponoc, Rajeev Chavda-Head of Global Medical Affairs— Prescription, Luke Lee-JPAC Business Unit Head- Prescription and Ferdinand Roxas- General Manager, Philippines

Newest Acne Treatment Retinoid Molecule is now in the Philippines

I

F you’ve ever felt self-conscious about your acne, you are not alone! Did you know that acne is the most common skin disease in the Philippines? It affects over 17 million people, young and old. Acne can be painful and embarrassing. It can impact self-esteem, relationships, and happiness, especially in teens.

Clinical studies found that more than 50 percent of people with facial acne also had chest, shoulder, and back acne. Patients invest time and money in hygiene habits and treatment products.

The good news is that overcoming acne is possible with the proper treatment and starting it EARLY. It is important for patients to seek treatment

air-conditioned restrooms.

As the purveyor of Quality Fuel for Less, Cleanfuel is set to provide reliable and affordable fuel options—High Grade Diesel, Clean 91, and Premium 95—ensuring that residents and businesses in the area have access to clean, high-quality fuels and exceptional service.

“We are happy to open our newest retail station in A. Bonifacio in Quezon City that will cater largely to the commercial vehicles and private motorists going Northbound,” said Atty. Jesus “Bong” Suntay, president and CEO of Cleanfuel.

“As an independent fuel player with goals of being a top-of-mind choice for savvy motorists, Cleanfuel is committed to delivering top-notch fuels that are efficient, clean-burning, and meet the highest industry standards,” shared Atty. Suntay.

Apart from the physical Cleanfuel VIP card, frequent Cleanfuel customers can now download the Cleanfuel Rewards App from both Apple App store and Google Play store to electronically stay updated on their rewards and other perks. One extremely useful function of the Cleanfuel app is the station locator, which is a tremendous help if you’re in an unfamiliar location and want to know if there is a Cleanfuel station around.

Cleanfuel extends its invitation to the residents and businesses in the A. Bonifacio/ La Loma vicinity to its newest station in the country and experience firsthand how Cleanfuel sets itself apart from the rest. A company that values community and growth, Cleanfuel looks forward to becoming a trusted partner for businesses, motorists and truckers who take A. Bonifacio Avenue as part of their regular route.

from a board-certified dermatologist for safe and effective prescription options like the newest retinoid innovation—Trifarotene cream.

It is an innovative topical single-agent retinoid cream proven safe and effective for acne on the face, shoulders, and back. Trifarotene cream contains the retinoid molecule, which helps the skin replace its old skin cells at a faster speed, exfoliating away the old cells in the process and preventing new acne from forming. Trifarotene works by specifically targeting the retinoic acid receptor gamma (RAR-y), the most prevalent receptor in the skin, to reduce inflammation and target the important factors that cause acne.

Trifarotene is the first new retinoid molecule to receive FDA approval for treating acne in over 25 years. It offers both dermatologists and acne patients a safe and effective prescription acne medication for the face, back, chest, and shoulders. Galderma, a world leader in developing innovative and safe dermatologist-approved skincare solutions, now brings Trifarotene to the Philippines market. The same company gave the world well-loved brands like Cetaphil, Benzac, and Restylane, among many others. With the addition of Trifarotene to its portfolio, the company further cements its claim as one of the most innovative dermatologist-recommended skincare-focused companies in the world today.

Trifarotene will only be prescribed by duly licensed healthcare practitioners, primarily dermatologists, and is recommended for patients 12 years and older.

Regus to open a flexible working space at Doña Elena Tower in Sta. Mesa, Manila

R

EGUS, a globally renowned brand for flexible workspaces, is set to open its first facility at Doña Elena Tower, a bustling 11-storey building in Sta. Mesa, Manila. Regus at Doña Elena Tower will offer a range of flexible spaces, including private office spaces, coworking areas, virtual offices, and well-equipped meeting rooms, all designed for comfort and productivity. Regus is the perfect choice for professionals who are looking for a productive workspace solution in a prime location.

Doña Elena Tower is one of the most highly anticipated real estate projects in Manila, particularly for its suitability as a hybrid workspace. Its prime location is a standout feature, with close proximity to the entry and exit ramps of Skyway Stage 3 and seamless connectivity to the public transport system, linking EDSA through Shaw Boulevard.

Doña Elena Tower is a modern and sustainable building that offers innovative features and specifications. The building offers spacious parking areas and high-security standards, making it a perfect environment for businesses to thrive. To ensure uninterrupted operations, the facility is installed with a dual 24/7 generator system that provides continuous power supply in case of emergencies and fiber optic-ready cabling that allows fast and reliable internet connectivity. On top of these innovative features, the tower is also EDGE (Excellence in Design for Greater Efficiencies) certified, and it meets the standards of excellence in energy and water efficiency, as well as reduced environmental impact. Apart from being the epitome of sustainable development, the building houses a mix of thriving industries such as banking, retail, restaurant, government agency, and more, creating a diverse and vibrant community.

Regus is a brand under the International Workplace Group (IWG) umbrella, which specializes in delivering flexible and professional workspaces.

They will oversee the design and management of a premier shared office space within Doña Elena Tower in Santa Mesa, Manila. For over 30 years, Regus has fostered a global community of over 2.5 million members across 122 countries, assisting businesses in discovering the ideal workspace solutions for their teams.

Happy Coral Way Realty Corporation (HCWRC) and International Workplace Group (IWG) formalized their partnership on September 22, 2023, during a contract signing event at SPACES 29F World Plaza, 4th Avenue, BGC. The signing ceremony was attended

by Larry Cochanco, Director of HCWRC and Fly Ace Corporation, and Frederick Ong, Senior Executive Vice President - Chief Operations Officer of Fly Ace Holdings, Inc. (FAHI). Representing IWG were Country Manager and Senior Vice President, Lars Wittig, and Head of Partnership Growth & Network Development, Rowena Natividad.

“We are excited about our collaboration with IWG on this project. With Doña Elena Tower as the future home of Regus, we are confident that we can provide flexible and comfortable workspaces that will boost efficiency and adaptability for hybrid work,” said Larry Cochanco, Director of Happy Coral Way Realty Corporation and Fly Ace Corporation.”

“This initiative aims to enable businesses to elevate their work environments while fostering adaptability for hybrid work setups. Our overarching objective is to provide Filipinos with allinclusive, digitally-equipped, and inviting working spaces,” stated IWG Country Manager and Senior Vice President Lars Wittig.

Hilton Manila’s Madison Lounge Launches its Blooming Blossoms Spring Afternoon Tea

H

ILTON Manila is delighted to introduce its exquisite Blooming Blossoms Spring Afternoon Tea, available exclusively at the vibrant and stylish Madison Lounge. Priced at P1,850++ and curated for two guests, this offer is set to elevate Manila’s afternoon tea experience every Friday and Saturday from 2 pm to 5 pm.

Guests can anticipate an array of meticulously crafted delicacies that encapsulates the essence of spring. The menu features a harmonious blend of savory and sweet flavors and varying textures to tease the palate, featuring egg mini sandwiches, smoked salmon and dill sandwiches, cucumber and basil sandwiches, and honey mustard chicken paired with arugula.

Sweet indulgences await with scones accompanied by mango jam, blueberry jam and whipped cream, complemented by strawberry and blueberry macarons,

victoria cake, ruby mandola, and berry pistachio pralines.

Patrons have the option to savor their treats with a choice of hot tea or a refreshing tea mocktail.

Executive Chef Carlo Bayaban expressed his enthusiasm for this seasonal offering, “As we kick off the year, we are inspired by the arrival of spring’s beautiful blossoms. This afternoon tea serves as a celebration of renewal, symbolizing new beginnings this 2024. We invite our guests to join us at Madison Lounge, where they can indulge in an experience that embodies the beauty and elegance of spring.”

For inquiries and reservations, please call +63 2 7239 7788, send an email to MNLPH_F&Binquiries@ hilton.com or visit https://www.hilton.com/en/ hotels/mnlphhi hilton-manila/ and embark on a culinary journey that promises sophistication and delightful flavors.

Elevating Your Shopping, Dining Experience with Exciting Additions in 2024 at Newport Mall

N

E WPORT Mall is set to dazzle residents and visitors alike in the auspicious Year of the Wood Dragon 2024, as Megaworld’s Newport Township ignites excitement with a series of fashionable and inviting shops. Since December, Newport Mall has been on a mission to energize the community, and this momentum is set to continue with an exceptional array of retail and restaurant offerings, specially curated for the delight of its esteemed guests. Get ready for a year filled with style, taste, and unforgettable experiences at Newport Mall.

BOCU

STEP into the world of Bocu Lifestyle, where the power of minimalism is more than just an aesthetic—it’s a mentality and a practical way of life. Shop now with their latest selections of comfortable and timeless pieces.

Newport Mall, 3rd floor

Bom Gosto

EMBARK on a gastronomic adventure from the Atlantic to the Mediterranean Sea at Bom Gosto!

This casual dining gem brings the treasures of European cuisine to Newport Mall, with dishes rooted in tradition yet crafted for modern times.

Fresh catches of the day, premium beef, and lambs await discerning food enthusiasts.

Newport Mall, 2nd floor

Mango Tree

WITH casual fine dining, Mango Tree promises a memorable Thai lifestyle cooking experience, led by seasoned Chef Siwat Korsem with over 27 years of expertise. Experience the best of Thai cuisine at Mango Tree’s newest branch.

Newport Mall, Grand Wing, 2nd floor

Gordon Ramsay Bar & Grill

PREPARE your taste buds for an extraordinary culinary journey as Gordon Ramsay Bar & Grill opens its doors at Newport, a significant addition to the township’s diverse culinary offerings, solidifying its reputation as a premier destination for food enthusiasts. Chef Gordon Ramsay, a global culinary icon, renowned for his Michelin-starred restaurants and acclaimed television shows, introduces his unique blend of innovation and excellence to the Philippine dining scene.

Newport Mall, Grand Wing, 2nd floor

Hayan K Beauty

INDULGE in a variety of beauty and wellness services at Hayan K Beauty, a clinic and spa that brings the best of Korean beauty to Newport Mall. Experience the latest trends in skincare and pampering treatments.

Newport Mall, 2nd floor

Benetton

WITH its reopening in the Philippine scene, Benetton, a global fashion icon, joins Newport Mall with its innovative and responsible approach to fashion. Explore a rich heritage of bright colors, authentic fashion, and quality at democratic prices, reflecting a commitment to the environment and human dignity.

Newport Mall, 2nd floor

Mystery Manila

CHALLENGE your wits and immerse yourself in engaging mystery rooms at the newest branch of Mystery Manila.

With various mysteries to choose from, solve your way out with friends in under 50 minutes, offering a unique and thrilling experience in amusement.

Newport Mall, Ground floor

Sport b

SPORT b. collection, well-received since its launch

in 1999, caters to vibrant modern lifestyles. Enjoy premium apparel with a new design, infused with fashionable elements and exquisite details, presenting an extraordinary shopping experience.

Newport Mall, Ground floor

TUMI

EXPERIENCE the TUMI at Newport Mall, where product quality and selection are paramount. It offers unparalleled durability and functionality in every detail, making each item a testament to their commitment to excellence.

Newport Mall, Ground floor Newport Mall continues to be a dynamic hub, providing a diverse and enriching experience for its community. Come and explore these exciting new establishments, creating a perfect synergy of style, taste, and leisure.

World Features

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

BusinessMirror

Tuesday, January 16, 2024

B7

China’s recovery set to be ‘slow and bumpy’ in 2024

C

By Bloomberg News

HINA looks all but certain to hit its growth goal of about 5 percent for 2023, shifting attention to whether deflation risks, the housing crisis and a lingering confidence crunch will derail efforts to build momentum this year.

Data due on Wednesday will likely show China’s gross domestic product expanded 5.2 percent for the entirety of last year, even as the economy probably lost some steam in the fourth quarter.

Retail sales and industrial output are also seen growing in December from a year earlier against a low base of comparison—in late 2022, the country was dealing with a massive Covid-19 outbreak.

T he sta r t of t he yea r has brought mixed news. Figures on Friday showed China’s consumer prices falling in December for a third month, their longest def lation streak since 2009. Exports, though, are showing signs of stabilization despite having dropped throughout 2023, a first since 2016.

“The domestic demand recovery will be slow and bumpy as targeted stimulus measures trickle through to investment sectors and the property recovery proceeds at a snail-like pace,” said Duncan Wrigley, chief China economist at Pantheon Macroeconomics.

The People’s Bank of China will

have an opportunity Monday to take action to counter deflationary pressures and boost lending.

Economists surveyed by Bloomberg broadly expect the central bank to lower the rate on its oneyear policy loans by 10 basis points to 2.4 percent. They also see policymakers pumping more cash into the financial system.

That likely won’t be enough to fix things, though economists are expecting the central bank to take other steps to boost growth, such as cutting the amount of cash banks must keep in reserve. Fiscal support is also on the cards, with the nation’s finance minister having signaled that government spending will rise.

“We expect the PBOC to kick off the week with a rate cut on Monday. Recent data have been on the weak side, giving it good reason to boost support. Another blitz of figures due Wednesday— fourth-quarter GDP and December activity—will probably underline the soft conditions,” said Bloomberg Economics.

Societe Generale SA economists

project Chinese economic growth of 4.5 percent this year, based on the assumption of increased fiscal stimulus, a bit more monetary policy easing, stable export growth and support for the housing sector.

“If the Chinese government is willing to step up fiscal policy even more than we currently forecast, 5 percent growth is likely,” the bank ’s chief economist and head of research for Asia Pacific, Yao Wei, said at a briefing in Beijing last week.

A l s o i n A s i a , I nd one s i a’s central bank is likely to keep its interest rate unchanged on Wednesday, while Singapore’s exports for December are expected to log the biggest gain of the year.

Australian data Thursday may show that jobs growth slowed, and the Bank of Japan gets a last batch of inf lation numbers days before its board meets.

Elsewhere, German GDP for 2023, UK reports on wages and consumer prices, multiple central bank speakers at the World Economic Forum in Davos, and US retail sales will keep investors focused.

US and Canada

RETAIL sales data are the highlight of a holiday-shortened US trading week. The median projection in a Bloomberg survey of economists calls for a more moderate advance in purchases excluding auto dealers and gas stations as 2023 drew to a close.

Combined with a robust November advance, though, the figures due Wednesday should illustrate resilient consumer demand. Figures on housing starts and sales of previously owned

homes are expected to show a residential real estate market that’s weak but stabilizing.

The Fed on Wednesday will issue its industrial production report for December, which is expected to point to a weakened manufacturing sector. The central bank will also release its Beige Book summary of economic conditions across the US. Fe d G o v e r nor C h r i s t o p e r Waller speaks Tuesday on the economy and monetary policy, followed later in the week by regional Fed bank presidents Raphael Bostic of Atlanta and Mary Daly of San Francisco.

Assessments of US Economic Activity

IN Canada, inflation data are expected to show a slight uptick to 3.2 percent in December. The central bank will release quarterly business and consumer outlook surveys, and a glimpse of the slowing—but still pricey—real estate market will emerge with numbers on existing home sales and housing starts.

A deadline for businesses to repay pandemic-era loans will pass amid warnings that thousands of companies are at risk unless the government gives them more time.

Retail sales data are also due.

Europe, Middle East, Africa

A F T ER December consumerprice data signaled resilient inflation pressure in the US and the euro zone, the focus this week is on the UK. Wage figures on Tuesday will reveal how the country’s tight labor market is responding, while the underlying measure of inflation

that strips out volatile elements such as energy is seen moderating only slightly below 5 percent, still more than twice the central bank’s target.

Bank of England Governor Andrew Bailey is likely to be quizzed on monetary policy when he makes an appearance before House of Lords lawmakers on Tuesday.

In the euro zone, meanwhile, industrial production data on Monday may point to further weakness in November that would make more likely the prospect that an overall economic contraction took hold in the fourth quarter.

Germany’s release of full-year GDP the same day may include an indication of how the region’s biggest economy fared at the end of the year, with the possibility that it suffered a shallow recession.

Multiple monetary officials will speak in Davos, the Swiss mountain resort where the World Economic Forum meeting takes place every January. Swiss National Bank President Thomas Jordan will be among them.

Three appearances by European Centra l Bank President Christine Lagarde are also scheduled there, though the scope of any comments may narrow as a blackout period before her institution’s January 25 rate decision kicks in on Thursday. An account of the December meeting will be published that day as well.

In the Nordics, Swedish inflation will be released on Monday and two Riksbank policymakers are scheduled to speak later in the week. Norwegian monthly GDP is due on Tuesday.

Looking south, the Bank of Angola on Friday may keep rates on

hold or even hike for the second time in two months in a bid to rein in stubbornly high inflation.

Annual consumer-price growth accelerated to 18.2 percent in November.

Latin America

THE so-called Focus survey of analysts from Brazil’s central bank gets the week rolling. Banco Central do Brasil’s success last year in getting consumer prices back inside their target range aside, inflation expectations remain unanchored, and policy normalization is expected to be a long, deliberate process at best.

Brazil also serves up retail sales and GDP-proxy data for November, along with December job creation figures, which generally tumble as temporary holiday staff are let go.

In Peru, GDP-proxy data for November may show that October’s slight month-on-month expansion faltered. Economists sur veyed by Bloomberg see a 0.4 percent drop in output for 2023. Year-end unemployment in Lima, the country’s capital, likely pushed higher from November’s 6.6 percent print.

In a light week for the Southern Cone, Argentina posts December and full-year figures for exports, imports and its trade balance, while Chile has nothing scheduled.

Colombia watchers can look forward to the central bank’s monthly survey of analysts, along with November reports on economic activity, industrial production, manufacturing and retail sales.

With assistance from Robert Jameson, Brian Fowler, Piotr Skolimowski, Laura Dhillon Kane, Vince Golle and Henrique Almeida/Bloomberg

US struggles to sway Israel on its treatment of Palestinians; Netanyahu unlikely to yield

By Ellen Knickmeyer, Matthew Lee & Melanie Lidman The Associated Press

W

ASHINGTON—President Joe Biden’s adm i n i s t r at ion k e e p s 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.

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 IsraelHamas 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 shortterm 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 v ying 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 short-term domestic politics may not be in the long-term 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’ Iranbacked 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 Iranallied Houthis have launched on commercial shipping in the Red Sea since Israel started its devastating offensive in Hamascontrolled Gaza.

American officials claim modest success for Blinken’s latest diplomatic efforts. He secured l im ited, cond it iona l suppor t

PRESIDENT Joe Biden is greeted by Israeli Prime Minister Benjamin Netanyahu after arriving at Ben Gurion International Airport on October 18, 2023, in Tel Aviv. Biden’s administration keeps pressing Israel for better treatment of Palestinians. Netanyahu mostly keeps saying no.

That cycle 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. AP/EVAN VUCCI

from Arab leaders and Turkey for planning for reconstruction and governance in Gaza after the war ends. But prospects are uncertain because Israel’s far-right 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 less-intensive 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 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’ 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 Netanyahu—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 ensuring that

Israel take 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 Department 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 Washingtonbased 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.

T he Biden ad m i n ist rat ion “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.”

Lidman reported from Tel Aviv.

Sports

12 Paris Olympics boxing hopefuls undergo training camp in Canberra

BusinessMirror

B8 | T

uesday, January 16, 2024 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

By Josef Ramos

C

Tough 4 hrs for Novak, easy 2-setter for Coco M

ELBOURNE, Australia— With increased confidence in her serve thanks to some advice from Andy Roddick, Coco Gauff began her quest for back-toback Grand Slam singles titles with a 6-3, 6-0 victory over Anna Karolina Schmiedlova at the Australian Open on Monday.

The 19-year-old American, who won her first major at the US Open in September, wrapped up victory in exactly one hour.

“I was a little nervous the first set,” fourth-seeded Gauff said. “I think I did well returning, then I found my serve toward the end [of the set]. When I was nervous at 3-3, I told myself: ‘I feel good, I look good, so just have fun’. That was able to relax me a little bit.’”

Until he took on defending champion Novak Djokovic at Rod Laver Arena also on opening Sunday in, Dino Prizmic had never played a Grand Slam match.

The 18-year-old Croatian qualifier, who was born seven months after Djokovic made his Grand Slam debut in 2005, made it last as long as he could. He unsettled the 24-time major winner before Djokovic finished off the match 6-2, 6-7 (5), 6-3, 6-4.

Djokovic has developed a record at the Australian Open that no man can match, with 10 titles here among his unprecedented career haul. He later said he’d been feeling “under the weather” for four or five days but credited Prizmic’s talent.

The first set played out just about as expected. From there, it became quite a ride.

Prizmic took the second set off Djokovic and went up a break in the third, stunning a capacity crowd, before the world’s No. 1-ranked player broke back and took the set.

Prizmic didn’t give up when he trailed 4-0 in the fourth, either, saving a breakpoint before getting a service break back. He saved three match points at 5-3 down and made Djokovic serve it out. He then saved a further two match points before it ended in four hours and one minute.

Gauff dropped just one point on her serve in the second set and said that former No. 1 Roddick had recently given her some serving tips.

“It was really cool,” she said. “He’s a really chill guy. I met him before but never to that level. I went to Charlotte [North Carolina] for two days. It was a really good two days.

I think that my serve has improved.

He’s probably one of the best servers in history...”

Wimbledon champion Marketa Vondrousova was beaten, 6-1, 6-2, by Dayana Yastremska.

Seventh-seeded Vondrousova missed the Adelaide tune-up event with a hip injury and struggled on serve throughout, hitting seven double faults.

“I didn’t practice because I was injured,” she said. “I think that was the important thing. I lost myself at the beginning.”

Third-seeded Daniil Medvedev, the 2021 and 2022 finalist at Melbourne Park, advanced to the second round when his opponent Terence Atmane retired early in the fourth set suffering from cramps.

Medvedev had dropped the first set

but was leading 5-7, 6-2, 6-4, 1-0 when the 22-year-old Atmane quit.

“It’s quite funny because when I was feeling tired in the third set, I looked up the other end and saw he was cramping,” Medvedev said.

“The conditions were fine but it has not been hot these seven days and then it was hot today, so you get more stressed.”

Stefanos Tsitsipas, who lost last year’s Australian final to Djokovic in three sets, advanced with a 5-7, 6-1, 6-1, 6-3 win over Zizou Bergs. Stan Wawrinka, the 2014 Australian Open champion and three-time Grand Slam winner, was beaten 6-4, 3-6, 5-7, 6-3, 6-0 by Adrian Mannarino.

Ben Shelton, a quarterfinalist here 12 months ago, beat Roberto Bautista Agut 6-2, 7-6 (2), 7-5.

Another American, 25th-seeded Seb Korda, defeated Vit Kopriva 6-1, 6-4, 2-6, 4-6, 6-2. AP

NOVAK DJOKOVIC is extended to a challenging four-setter by an 18-year-old Croatian while Coco Gauff oozes with confidence for an easy opening-round victory. AP

Malixi kicks off drive for ‘double’ in major Aussie amateur meets

R

Alex to be hailed Ms. Tennis, Tots as Ms. Volleyball in PSA Awards

R

ISING talent Alex Eala and star volleyball player Diana Mae “Tots” Carlos will have a share of the spotlight in the San Miguel Corp.-Philippine Sportswriters Association (SMC-PSA) Awards Night.

Eala, 18, is going to be crowned Ms. Tennis, while Carlos, 25, will be hailed Ms. Volleyball during the formal affair set January 29 at the grand ballroom of the Diamond Hotel.

They will join June Mar Fajardo (Mr. Basketball) and Sarina Bolden (Ms. Football) as recipients of a special award from the country’s oldest media organization headed Nelson Beltran, sports editor of The Philippine Star, for their outstanding achievements in their respective fields in 2023.

All four personalities form part of the huge 130-plus awardees who are in the PSA honor roll.

Highlight of the event presented by ArenaPlus, the leading sports entertainment gateway in the Philippines, and the Philippine Sports Commission, Philippine Olympic Committee, Milo, PLDT/Smart and Cignal as major sponsors, is the bestowing of the prestigious Athlete of the Year Award to world no. 2 pole vaulter EJ Obiena.

Also backing the gala night are the Philippine Basketball Association, Premier Volleyball League, 1-Pacman Partylist Rep. Mikee Romero and Rain or Shine.

A recipient of a Major Awards two years ago, Eala will be honored this time for a hectic year that saw the Filipina netter establishing herself as an emerging force in the sport by winning two International Tennis Federation Circuit titles and barging in the top 200 rankings in the world.

At the 19th Asian Games in Hangzhou, Eala ended a 61year medal drought for Philippine tennis by claiming bronze in swomen’s single and then teamed up with Francis Casey

Alcantara for another podium finish in mixed doubles.

Carlos meanwhile, distinguished herself as one of the best volleyball players in the country today by leading Creamline to the Premier Volleyball League (PVL) First All-Filipino Conference title opposite Petro Gazz in the absence of injured star Alyssa Valdez.

During the same tournament, the product of the University of the Philippines from Lubao, Pampanga, was adjudged MVP, the third time she won the PVL’s highest individual honor.

Before the end of 2023, Carlos also steered the Cool Smashers to the Second All-Filipino Conference championship where she was named Finals MVP following a two-game sweep of Choco Mucho before a record crowd of 24,459 at the Smart Araneta Coliseum.

F

SCRIBES toast Alex Eala and Diana Mae “Tots” Carlos

IANNE MALIXI hopes to ride the momentum of her breakthrough victory in Braeside as she shoots for a sweep of the two premier titles Down Under in the Australian Amateur beginning Tuesday in Victoria.

Malixi rallied from four strokes down in the final round then out-steadied two rivals down the stretch to carve out a one-stroke victory in the Australian Master of the Amateurs Championship at the Southern Golf Club last week.

Despite missing out on a couple of prestigious international titles last year, including the US Girls’ Junior, Malixi’s inaugural success in Australia has fortified her position this week.

The International Container Terminal Services Inc.-backed shotmaker launches her campaign against local entries Yuuki Takada and Jennifer Herbst at 12:42 p.m. at the Keysborough Golf Club.

The championship unfolds across two premier courses with 205 contenders vying for the men’s crown and 105 for the women’s title.

The Keysborough Golf Club, hosting Malixi’s opening round, boasts of a challenging par-73 layout while the other half of the field will play

the world-renowned Yarra Yarra Golf Club, which will also stage the final two rounds of the annual championship.

Both courses, crafted from sand dunes, promise not only a rigorous test of golfing prowess but also a captivating spectacle for enthusiasts.

Malixi, now more motivated and inspired after her breakthrough overseas victory, remains optimistic about her performance this week.

“I’m a bit pumped up. I’m much more motivated and inspired heading into this week. So, let’s see how things go,” said Malixi, who hit a clutch birdie and pars to nip India’s Avani Prashanth by one last week.

But this week’s field is stacked with formidable competitors, including Prashanth, the reigning Queen Sirikit Cup individual champion, and defending champion Mizuki Hashimoto from Japan, also the 2021 Asia Pacific Women’s Amateur Championship winner.

Back-to-back runner-up Justice Bosio adds further strength to the 72-hole championship roster that also includes Queenslander Sarah Hammett, Victoria’s Jazy Roberts, Mamika Shinchi from Japan and another local ace Caitlin Peirce.

5150 CamSur finally pushing through next month

T

Pacquiao, Elordes honor best of PHL boxing in ’23 UTURE Hall of Famer Manny Pacquiao and the Elorde boxing clan will celebrate the stable’s 24th anniversary on March 25 with the First Pacquiao Elorde Awards Night.

Pacquiao, an eighth time world champion and many time Elorde Fighter of the Year, praised the Elordes’ more than two decades of excellence in honoring Filipino boxers.

“I’m deeply honored to continue the legacy of Flash Elorde, not only in boxing but also for providing hope and inspiration for upcoming and current Filipino boxers, athletes who continuously fight abroad to bring home glory to the Filipino people,” Pacquiao said in a statement.

“Known for their love and appreciation to Filipino boxers which I also do with the MP Promotions, I think the collaboration with the Elordes are going to be huge in the long run not only with boxers but also with other Filipino athletes,” the former senator added.

Liza Elorde said they are also eyeing to recognize

ARLO PAALAM and 11 other elite boxers are expected to undergo a spartan-like training camp in Canberra as final preparation and evaluation for their potential slots on the team to the Paris Olympics qualifier in Italy next month.

Joining Paalam, flyweight silver medalist at the Tokyo Olympics but now fighting as a featherweight, are flyweight Rogen Ladon, light welterweights Paul Julyfer Bascon and Mark Ashley Fajardo, middleweights Ronald Chavez Jr. and Marjon Piañar and heavyweight John Marvin.

Completing the team are Vovinam world champion middleweight Hergie Bacyadan, former kickboxing bantamweight Claudine Veloso, lightweight Riza Pasuit and Tokyo Olympics women’s featherweight silver medalist Nesthy Petecio.

“We decided to send 12 boxers to Australia based on our recent evaluation while the other boxers will return to Baguio City to continue training,” Association of Boxing Alliances in the Philippines (ABAP) head trainer and coach Pat Gaspi said.

“But the boxers in Baguio City will not relax, they must be ready at any time because they might be called to duty,” he said.

The world Olympic qualifying competition are set February 29 to March 12 in Busto Arsizio, Italy.

The camp at the Australian Institute of Sports in Canberra will last until January 27.

After that, all 12 boxers will fly to in Alicante, Spain, for another camp from January 29 to February 4, travel to Murcia for another training until February 28 before proceeding to Italy.

Joining the boxers are coaches Ronald Chavez, Reynaldo Galido, Elmer Pamisa, Mitchell Martinez and Mario Fernandez.

Only light heavyweight Eumir Felix Marcial, broze medalist at the Tokyo Olympics, qualified for Paris with his silver medal from the Hangzhou 19th Asian Games last October.

A bronze medal at the Busto Arsizio is enough for a boxer to earn a ticket to Paris.

Three-time Southeast Asian Games featherweight champion Ian Clark Bautista and Junmilardo Ogayre, light welterweight John Paul Panuayan and middleweight Tyler Tanap returned to Baguio City and are on standby for the next qualifier in Bangkok from May 23 to June 3.

BOXING icon Manny Pacquiao (second from left) with (from left) former world title challenger Miguel Elorde and Liza and Johnny Elorde

outstanding athletes in other sports next year.

“It’s about time to collaborate with [Manny] Pacquiao because he’s the greatest boxer in the new era while dad Gabriel ‘Flash’ Elorde in the old era,” said Elorde, wife of Johnny Elorde, son of boxing legend Gabriel “Flash” Elorde.

Pacquiao and the Elordes would still focus will give out the prestigious Boxer of the Year, Fight of the Year and Most Promising Boxer awards and will also honor outstanding manager, trainer, referee and judge.

Special Awards will also be given to benefactors, boxing’s most influential people and best amateur fighters.

The annual awards night which began in 2000 will be held at the Okada Manila.

HE 5150 Triathlon CamSur homecoming is finally pushing through next month with a diverse cast of seasoned campaigners and emerging racers—including age-groupers—ready and eager to showcase their prowess in various disciplines against the scenic backdrop of Camarines Sur. Registration for the February 11 blue-ribbon event which was originally scheduled six months ago is under way at ironman.com/5150-camsur-register.

Adding excitement to the premier event—which features the challenging Olympic distance of 1.5km swim, 40-km bike and 10-km run on a championship course—is the Go for Gold Sunrise Sprint.

This short distance triathlon series comprises a 750-meter openwater swim, 20-km bike and 5-km run, offering a sub-category within the 5150 triathlon event races.

It provides participants with a lively and amiable racing experience, maintaining the essence of Sunrise’s brand of triathlon racing but with fewer challenges than its longerdistance counterparts.

Originally slated last August 6 last year, the 5150 Triathlon CamSur had to be re-scheduled because of Mayon Volcano’s tantrums.

“The extended anticipation has only fueled the participants’ eagerness and hunger for recognition and success in the first of a series of triathlon races we have scheduled this year,” said Princess Galura, general manager and regional director of the organizing The Ironman Group.

Camarines Sur, the venue for the country’s first Ironman 70.3 race in 2009, has seen the triathlon series evolve over the years, attracting elite athletes worldwide and providing local talents with opportunities to compete in premier triathlon races, including the World Championships.

Aside from individual honors, various age-group categories and the Go for Gold Sunrise Sprint will offer additional titles at stake. The Ironman Group, hosting a number of races annually, including the Ironman, 70.3 and full Ironman events, consistently draws veteran and up-and-coming triathletes, both local and international.

After the 5150 CamSur, the Sunrise Events Inc. and the Ironman Group will hold the Sun Life Cycle PH on April 7 at Ayala Vermosa Sports Hub in Imus, Cavite followed by the grand Ironman 70.3 on April 21 in Lapu-Lapu City, Cebu.

The Cebu event will be ushered in by the Reyna Bulakna Run on April 19 and the RLC Ironman on April 20.

After the Shopwise Bike Fest on May 19, also in Imus, Cavite, the Century Tuna Ironman Philippines, a full triathlon event, returns to Subic on June 9, along with the 70.3 triathlon, with the Ironman slated on June 8.

The Sun Life 5150 resumes its journey to Bohol on July 14, enriched by the Sunrise Sprint, while the Ironman 70.3 Davao will be held on August 11 to be preceded by the RLC Ironman on August 10.

Building on its successful inaugural staging last year, the 5150 Triathlon Dapitan takes center stage again on September 8, which will also feature the Sunrise Sprint, while the ASICS Rock ‘n’ Roll Series concludes the running season on November 24 in Manila.