BusinessMirror January 17, 2023

By Cai U. Ordinario @caiordinario

ASH remittances from overseas Filipinos only reached $2.644 billion in November 2022, the lowest in five months, according to data released by the Bangko Sentral ng Pilipinas (BSP).

Data from the BSP showed this was the lowest since May 2022 when remittances reached $2.425 billion.

R izal Commercial Banking Corporation (RCBC) Chief Economist Michael L. Ricafort said this may be due to the peso-dollar exchange rate as well as high inflation in many host countries.

“ The slowdown may have to do with the relatively higher US dollar/peso exchange rate compared to early 2022,” Ricafort said in the Hexagon Perspective.

“

Furthermore, higher prices/ inflation also in host countries of OFWs could have also increased the cost of living of OFWs abroad,

thereby partly reducing the amount sent to the country,” he added. The country’s low remittance inflow may continue as headwinds such as the Russia-Ukraine war and the expected recession this year may slow deployment, thus reducing remittances.

I nstitute for Migration and Development Issues (IMDI) Executive Director Jeremaiah M. Opiniano said this is among the concerns surrounding 2023.

He said labor markets abroad are not yet fully open for foreign workers and may take some more time to get back to prepandemic international migration trends.

IPAs make investment pitches to Swiss investors

By Andrea E. San Juan

THE Philippines’s Investment Promotion Agencies (IPAs) have made their investment pitches in the Joint Economic Commission (JEC) in Switzerland to Swiss investors particularly in the fintech, blockchain and high-tech machinery areas, among others.

A ccording to a Facebook post published by PEZA Officer-in-Charge Tereso O. Panga on Monday, the Board of Investments (BOI) and the Philippine Economic Zone Authority (PEZA), with the assistance of Philippine Trade and Investment Center (PTIC)-Geneva Director Raymond Batac, have pitched investments in the JEC forum, which was attended

by Swiss business chambers as well as prospective and existing Swiss investors in the Philippines.

T he sectors include fintech and blockchain, high-tech machinery (i.e., turbo-charging equipment used in power generation, transport and manufacturing), tobacco processing, and soil erosion technology.

I n the separate B2B meetings, Panga said BOI and PEZA assisted some firms with their “specific operational concerns and investment entry/expansion” requirements. These firms include Glencore on copper cathodes; Sateco on automotive sensors for controls and switches; OVD Kinegram on fintech and blockchain; Naturloop on design and production of coco fiber boards

from waste coconut husks; and Impact Acoustic on design and production of acoustic lighting, ceiling and wall panel boards from recycled PET bottle fibers.

Naturloop and Impact Acoustic both employ “pioneering” technologies utilizing local materials that will benefit the Philippines’s farmers and micro, small, and medium enterprises (MSMEs) in collecting and processing of waste materials, said Panga.

T he PEZA OIC unveiled more benefits that Filipino farmers and small merchants can utilize. In fact, he said, as an alternative to “heavily” imported wood and composite materials for various applications, their products can be utilized for

instance for furniture, wall and ceiling panels.

Moreover, Panga noted, “the same can be used for our public school and housing projects as they are cheaper, termite-free and more durable.”

B OI Managing head Ceferino S. Rodolfo led the Philippine delegation in the JEC bilateral talks with the Swiss government on trade and investments. The Swiss side was represented by Ambassador Erwin Bollinger, Head of Bilateral Economic Relations Division and Federal Council Delegate for Trade Agreements of  State Secretariat for Economic Affairs (SECO) ; and Minister Karin Buechel, Head of Division Free Trade Agreements of SECO.

AS THE RICH MEET IN DAVOS, REPORT FLAGS INEQUALITY

By Jonathan L. Mayuga @jonlmayuga

ANEW study published by Oxfam International revealed that the richest 1 percent grabbed nearly twothirds of all new wealth worth $42 trillion created globally since 2020.  This is almost twice as much money as the bottom 99 percent of the world’s population has.

T he report “Survival of the Richest” was published on the opening day of the World Economic Forum in Davos, Switzerland.  The report suggests that while the world’s elites are gathering at a Swiss ski resort, extreme wealth and extreme poverty have increased simultaneously for the first time in 25 years.

K ey takeaways of the study revealed that, for example, 9 richest Filipinos have more wealth than half of Filipinos. Also, billionaire fortunes globally are increasing by $2.7 billion a day even as at least 1.7 billion workers now live in countries where inflation is outpacing wages.

A ccording to the study, the richest 1 percent grabbed nearly two-thirds of all new wealth worth $42 trillion created globally since 2020, almost twice as much money as the bottom 99 percent of the world’s population. During the past decade, the richest 1 percent had captured around half of all new wealth.

“ While ordinary people are making daily sacrifices on essentials like food, the super-rich

See “Rich meet,” A2

Martin upbeat about MIF’s Davos splash, but is warned

By Jovee Marie N. dela Cruz @joveemarie & Butch Fernandez @butchfBM

SPEAKER Ferdinand Martin

G. Romualdez on Monday expressed confidence President Ferdinand “Bongbong” R. Marcos

Jr. could successfully introduce the country’s sovereign wealth fund and promote the Philippines as an investment hub at the World Economic Forum (WEF) in Davos, Switzerland.

However, his enthusiasm was met with a warning from Senate Deputy Minority Leader Risa Hontiveros, who said a public presentation was premature as the law creating the Maharlika Investment Fund had yet to be passed.

“ I’m confident he would do the same in the WEF, particularly in introducing the Maharlika Investment Fund to the global stage and in helping our local business leaders

explore investment opportunities for the Philippines,” said Romualdez in a statement.

T he Speaker is part of Marcos’s official delegation to the WEF.

R omualdez was instrumental in arranging the meeting between President Marcos and WEF founder Dr. Klauss Schwab at the sidelines of the Association of Southeast Asean Nations (ASEAN) Summits held in Cambodia, where the latter invited the President to the Davos meet.

I n airing caution on Monday against a public presentation, especially in a high-profile global stage, Hontiveros said,“a soft launch is premature.”

S he added, “There is nothing to present...“Isn’t it jumping the gun to be talking about it in front of world economic leaders?”

“ The discussions on the matter are hilaw [raw] and the concept is full of holes.”

DIFFERENT prices of milled rice are on display at a retail store in Las Piñas City. Prices of rice are seen to rise further in 2023 after a P2 increase in December. Prices of food staples like rice and vegetables have put the Senate at loggerheads with the Department of Agriculture, which it called to task again on Monday over the soaring prices of onions and the easy resort to importations. NONIE REYES

Marcos: Centino reappointed to boost low morale in AFP

he added.

By Samuel P. Medenilla @sam_medenilla

Marcos confirmed he “corrected” his decision of replacing Centino with Lt. Gen. Bartolome Vicente Bacarro as the chief of staff last August after it drew criticism from members of AFP.

Centino is a four-star general— the highest rank in the AFP, while Bacarro had three stars.

So there were some comments that were made: What will happen if there will be [tenure] extension [from those in the top

rank], what will happen to those in the lower ranks who will  now be hopeless [for a promotion],” Marcos said in mixed Filipino and English in an interview with reporters en route to Davos, Switzerland for the 2023 World Economic Forum.

“ That is not right. They [AFP members] will have low morale... So we asked the military and I said let’s fix it and make it by seniority. And that’s what we’ve done,”

is already a portfolio of attractive projects that have been assembled.”

Following the replacement of Bacarro last week, reports of protest resignations from military and defense officials as well as a government destabilization plot circulated.

A uthorities later denied such reports.

Qualified replacements

ASIDE from the leadership of AFP, Marcos also implemented changes in the Department of Defense (DND) Secretary and the post of National Security Adviser.

He appointed Presidential Adviser on Peace Process, Reconciliation and Unity (OPARU) Secretary Carlito G. Galvez Jr. as his new DND secretary and Eduardo Año as his new National Security Adviser (NSA).

R eports quoted the outgoing NSA, Prof. Clarita Carlos, as saying she left her post to focus on  academic endeavors.

M arcos said he picked Galvez to lead DND due to his experience in peace and security.

“ He [Galvez] is very experienced and in fact as soon as he took his oath, he was already… he already knew what to do. He had a command conference. So I think he’ll slide into that position really easily,” Marcos said.

W ith Galvez now taking over the helm of DND, the President said he is now looking for a new OPARU Secretary.

A s for Año, he said he chose the former Interior Secretary to join his Cabinet for his “long experience in intelligence.”

Before he became Chief of Staff, before he became group commander, he was [with] ISAFP [Intelligence Service of the Armed Forces of the Philippines]. So he is used to it and he’s well-known, and he knows all of the operatives in the intelligence community,” Marcos said.

50

Rich meet...

have outdone even their wildest dreams. Just two years in, this decade is shaping up to be the best yet for billionaires —a roaring ‘20s boom for the world’s richest,” said Gabriela Bucher, Executive Director of Oxfam International.

Starker inequality in PHL OXFAM Philipinas said in the Philippines, the poor are unable to recover from back-to-back crises as many continue to suffer from the effects of the pandemic and steep prices of commodities such as red onions.

Inequality experienced in the Philippines is starker with the 9 richest Filipinos having more wealth than the bottom half [55 million[] of the population,” Oxfam Pilipinas Executive Director Erika Geronimo said in a news release.

G eronimo cited Forbes’ Billionaires List and official data analyzed by Oxfam. Since 2012, the number of those worth $5 million (P278.24 million) and above has increased by almost half (43.5 percent).

“ It is quite disheartening to see many are dying due to lack of health care or are experiencing hunger amid high cost of food while the rich increased their wealth during the pandemic,” she added.

ceived $8.5 billion over the last year. Indian billionaire Gautam Adani, owner of major energy corporations, has seen this wealth soar by $42 billion (46 percent) in 2022 alone.

Excess corporate profits have driven at least half of inflation in Australia, the US and the UK.

A t the same time, at least 1.7 billion workers now live in countries where inflation is outpacing wages, and over 820 million people—roughly one in 10 people on Earth—are going hungry. Women and girls often eat least and last, and make up nearly 60 percent of the world’s hungry population. The World Bank says we are likely seeing the biggest increase in global inequality and poverty since World War II. Entire countries are facing bankruptcy, with the poorest countries now spending four times more repaying debts to rich creditors than on healthcare. Three-quarters of the world’s governments are planning austerity-driven public sector spending cuts—including on healthcare and education—by $7.8 trillion over the next five years.

Continued from A1

T he President, she said, will look like an “amateur” in presenting a half-baked concept.

H ontiveros acknowledged that, “indeed, it makes sense to talk to an international audience about a domestically-oriented sovereign development fund if there

However, she stressed, “we don’t have that yet.”

C ompared to well-prepared Indonesia, the Philippines “lacks wealth windfall from exports to seed the sovereign fund and the portfolio of ready projects to attract investors,” the senator pointed out.

“ Indonesia has been touring

the international circuit because it has tens of billions of dollars worth of ready projects that have been individually structured to attract capital. Indonesia also had significant windfall from its petroleum and mineral exports— with which it has decided to seed the Indonesian Investment Authority. Unfortunately, we do not have either of these two,” she emphasized.

leaders at Davos

THE meeting at Davos will see over 50 heads of state taking part, along with global business leaders, celebrities and prominent social activists.

In his previous participation in various global fora, President Marcos has displayed an excellent ability to articulate the interests of the Philippines as well as the significant gains achieved under his administration and the country’s direction for future growth,” Romualdez noted.

I n an interview during his flight bound for Switzerland, Marcos had told reporters that WEF presents an excellent opportunity to soft launch the Maharlika Investment Fund and promote the Philippines as an investment hub.

“ We’ll talk about the Philippines, what the situation is as an investment destination. Now, added to that, we can talk about this sovereign wealth fund,” President Marcos explained when asked how he would introduce the MIF to the WEF participants.

So, I will say exactly what happened: that we are forming a sovereign wealth fund for big investments in the basic areas such as agriculture, energy, digitalization, and climate change,” the President added.

T he House of Representatives approved last December 16, 2022 House Bill (HB) No. 6608, creating the Maharlika Investment Fund (MIF) bill with the solid support of 90 percent or 282 of the 312 House members who were officially named as co-authors of the measure.

R omualdez, principal author of the measure, said HB 6088 includes adequate safeguard against possible abuse and fraud.

I n the same interview, President Marcos bared that a new format adopted for the Davos meet this year opens a wider latitude to communicate the government’s effort to attract foreign investments into the county.

T he President said the new WEF format is similar to that in the recent Asia Pacific Economic Cooperation (APEC) summit in Thailand where he, along Schwab and other selected guests were given time to deliver a short speech and answered specific questions from the audience.

He noted that most of the time the best deals are done outside of the forum, in particular during “pull away” engagements where certain parties may conduct talks on the sidelines to discuss business opportunities.

“ So we will have a lot of those because there are certain businessmen [attending the WEF], who our own business group want to engage,” President Marcos explained.

G eronimo pointed out that if a wealth tax were imposed on Filipino millionaires, the country could raise $3.8 billion a year. “This amount is enough to increase our health budget by two-fifths.”

‘Just the superyachts’ BUCHER said, “Taxing the superrich and big corporations is the door out of today’s overlapping crises. It’s time we demolish the convenient myth that tax cuts for the richest result in their wealth somehow ‘trickling down’ to everyone else. Forty years of tax cuts for the super-rich have shown that a rising tide doesn’t lift all ships — just the superyachts.”

A ccording to Oxfam, billionaires have seen extraordinary increases in their wealth.

D uring the pandemic and costof-living crisis years since 2020, $26 trillion (63 percent) of all new wealth was captured by the richest 1 percent, while $16 trillion (37 percent) went to the rest of the world put together. A billionaire gained roughly $1.7 million for every $1 of new global wealth earned by a person in the bottom 90 percent. Billionaire fortunes have increased by $2.7 billion a day. This comes on top of a decade of historic gains— the number and wealth of billionaires having doubled over the last 10 years.

Billionaire wealth surged in 2022 with rapidly rising food and energy profits. The report shows that 95 food and energy corporations have more than doubled their profits in 2022. They made $306 billion in windfall profits, and paid out $257 billion (84 percent) of that to rich shareholders. The Walton dynasty, which owns half of Walmart, re -

Remittances...

O piniano added that this, along with the rising cost of living in host countries, could also lead to reduced OFW remittances moving forward.

In the prepandemic era, remittances were said to be ‘countercyclical’. This metaphor means that even if countries experience economic recessions, remittance volumes will still rise,” Opiniano said in an email to BusinessMirror

“[But] the worry is 2023. I think if countries sending out and receiving international migrants and remittances all endure these global inflation rates challenges, the countercyclicality insight for remittances may be debunked,” he added.

T his insight is similar to the risks identified by Ricafort. He said risks/ headwinds include higher prices/inflation in host countries for OFWs that could potentially reduce OFWs’ disposable income and the amount of remittances sent to the Philippines.

R icafort said the headwinds include the risk of US recession that could slow down US/global econom -

O xfam is calling for a systemic and wide-ranging increase in taxation of the super-rich to claw back crisis gains driven by public money and profiteering.

“ Taxing the super-rich is the strategic precondition to reducing inequality and resuscitating democracy. We need to do this for innovation. For stronger public services. For happier and healthier societies. And to tackle the climate crisis, by investing in the solutions that counter the insane emissions of the very richest,” said Bucher.

Wealth tax

ACCORDING to new analysis by the Fight Inequality Alliance, Institute for Policy Studies, Oxfam and the Patriotic Millionaires, an annual wealth tax of up to 5 percent on the world’s multi-millionaires and billionaires could raise $1.7 trillion a year, enough to lift 2 billion people out of poverty, fully fund the shortfalls on existing humanitarian appeals, deliver a 10year plan to end hunger, support poorer countries being ravaged by climate impacts, and deliver universal healthcare and social protection for everyone living in low- and lower-middle-income countries.

O xfam urged governments to introduce one-off solidarity wealth taxes and windfall taxes to end crisis profiteering, permanently increase taxes on the richest 1 percent, for example to at least 60 percent of their income from labor and capital, with higher rates for multi-millionaires and billionaires, and tax the wealth of the richest 1 percent at rates high enough to significantly reduce the numbers and wealth of the richest people, and redistribute these resources.

This includes implementing inheritance, property, and land taxes, as well as net wealth taxes.

ic growth/recovery, global trade/ exports, investments/FDIs, remittances, jobs/employment worldwide, including some OFW jobs.

OFW remittances and conversion to pesos are expected to seasonally increase towards the end of 2022 in view of the seasonal increase in holiday spending that could increase further amid no more restrictions recently,” Ricafort, however, said.

T he BSP data showed cash remittance, on a year-on-year basis, posted a growth of 5.7 percent over the $2.5 billion posted in the same month in 2021.

O n a year-to-date basis, cash remittances coursed through banks in January-November 2022 amounted to $29.38 billion, 3.3 percent higher than the year-ago level of $28.43 billion.

B SP data showed the growth in cash remittances from the United States (US), Saudi Arabia, Singapore, and Qatar contributed largely to the increase in remittances in JanuaryNovember 2022.

PRESIDENTFerdinand R. Marcos Jr. said he decided to reappoint General Andres C. Centino as chief of staff of the Armed Forces of the Philippines (AFP) to address the low morale within its ranks.

Dengvaxia deaths spook immunization program

By Manuel T. Cayon @awimailbox Mindanao Bureau Chief

DAVAO CITY—The City Health Office has urged all parents to have their children, especially newborns, vaccinated in any of the district and barangay health centers in the city, an appeal raised to counter the skepticism that was mainly triggered by the controversial vaccine against the dengue virus in 2016.

The CHO said the Philippine National Immunization Program of the Department of Health (DOH) has recommended a set of vaccines and schedule to follow “to ensure maximum protection of a child against diseases, while assuring their bodies can properly handle the antigens in the vaccines.”

Under the DOH program, a newborn must be administered with the BCG Vaccine (Bacillus Calmette Guérin or Tuberculosis vaccine) and the Hepa B Vaccine at birth.

At six weeks old, an infant can be given the PENTA vaccine which fights Diphtheria, Tetanus, Pertussis, Hepatitis B, and Haemophilus influenzae Type B diseases. They can also be vaccinated against polio with the Oral Polio Vaccine, which is given in three doses, as well as the Pneumococcal Conjugate Vaccine (PCV). Vaccines given in partial are administered in intervals.

A child must be given two doses of the MMR Vaccine (Measles-MumpsRubella) at 9 and 12 months.

According to the World Health Organization, a child must be administered with all of the mentioned vaccines at the age of 1, to be considered fully immunized, while one given all mentioned vaccines past 12 months are dubbed a completely immunized.

In 2022, however, the city immunized only 74.4 percent of its target population of children. Of these, slightly half or 56.4 percent were fully immunized, while a low 18 percent were completely immunized.

Vilma Gonzaga, head of the CHO Tomas Claudio District Health Office Head said that while people’s opinion on vaccines was generally favorable, “there are still several skeptic parents who need further encouragement to have their children immunized.”

“ There are some who are afraid and they refuse the vaccines but there are only very few of them; maybe in a barangay there are one or two but we monitor them from time to time to try to change their minds,” Gonzaga said in an interview with the City Information Office.

T he Philippines experienced a sharp drop in confidence in the regular vaccines for children after the DOH, then under the leadership of Iloilo Rep. Janette L. Garin, implemented a school-based vaccination in 2016 of the Sanofi Pasteur-manufactured Dengvaxia vaccines against the dengue virus.

The program was later blamed for the deaths of 622 children with the manufacturer admitting that it has not conducted a global testing of the vaccine, and irate government lawmakers demanding apology from Sanofi for making Filipinos its “guinea pigs.”

T he Dengvaxia controversy triggered a national vaccine hesitancy, forcing many parents to shun regular immunization. A measles outbreak soon occurred.

97 percent of police generals, colonels file courtesy resignations–PNP chief

he added.

By Rene Acosta @reneacostaBM

AT least 97 percent of all colonels and star-ranked officials in the Philippine National Police (PNP) have already tendered their courtesy resignations, General Rodolfo Azurin Jr. revealed on Monday, even as he called on the remaining senior officers to follow suit to give the country’s police force a fresh start.

I am personally pleased with the response of the 97 percent 3rd level officers who courageously heed to the call of SILG [Secretary of the Interior and Local Government] Atty. Benjamin C. Abalos Jr. and signified their full support to cleanse the ranks of the whole PNP,” Azurin said at a news briefing.

I am also appealing to those who have not yet heeded to the call of SILG to join us and be a part of this noble intention,” the PNP chief added, as he also led the PNP in celebrating its 29th Ethics Day.

Two weeks ago, Abalos asked all police colonels and generals to submit their voluntary resignations and subject themselves to assessments by a five-man body, whose member include retired police general and Baguio City Mayor Benjamin Magalong, in a drastic move to weed out police officials with links to illegal drugs from the PNP.

L ast week, Abalos said those who would be found to be involved in illegal drugs, but with weak cases, would just be allowed to retire from the police service.

During the news briefing, Azurin said the 97 percent that turned in their courtesy resignations is made up of 929 out of 953 colonels and generals of the PNP.

He again defended the call for the voluntary resignation of senior officers, calling it as a chance for the PNP to address issues affecting the organization and to demonstrate its integrity and solidarity in the middle of challenges it is currently facing.

“ We want to ensure that the PNP is a professional and transparent organization. The public must have

Early restart of ‘Libreng Sakay’ program pushed

By Jovee Marie N. Dela Cruz @joveemarie

ASENIOR lawmaker on Monday  appealed to the Department of Transportation (DOTr) to work closely with the Department of Budget and Management (DBM) for the early restart of the “Libreng Sakay” or free bus ride program along Edsa.

CamSur Rep. and National Unity Party (NUP) leader LRay Villafuerte said the Libreng Sakay would provide another financial relief to commuters in the National Capital Region grappling with the increasing cost of living.

The DOTr must see to it that the LTFRB [Land Transportation Franchising and Regulatory Board] fast-tracks the documentation process, including the contract-signing with the two bus consortiums—ES Transport & Partners Consortium and Mega Manila Consortium Corp.—participating in Libreng Sakay, so this project on free bus rides can be restarted soon enough for the benefit of ordinary commuters in Metro Manila,” he said.

T he former CamSur governor made the call after DBM Secretary Amenah Pangandaman confirmed recently that the agency has allotted a P1.285-billion budget in the 2023 General Appropriations Act (GAA) for the DOTr’s SCP (Service Contracting Program) for Libreng Sakay, which had, till end-December, provided free bus rides on the EDSA Carousel route from Manila Central University in Caloocan City to Parañaque Integrated Terminal Exchange in Parañaque City.

M oreover, Villafuerte asked

Transport Secretary Jaime Bautista to “lobby Malacañang Palace or DBM

to provide a supplemental budget for SCP so the DOTr, through the LTFRB, can carry out Libreng Sakay till endDecember this year, given estimates by transport officials that the available outlay funder the 2023 national budget is enough only to provide free bus rides along Edsa for six months.”

“ With the rate of commodity price hikes  in December rising at its fastest  in 14 years, it is incumbent upon the DOTr to work closely with the DBM on speeding up the paperwork needed to restart Libreng Sakay as well as the release  of the 2023 funds intended for  SCP, so the government can continue offering free bus rides in Metro Manila, more so with the elevated, mostly imported, inflation, hounding our people into the new year,” Villafuerte said.

Sought for details, DBM spokesperson and Undersecretary Goddess Libiran said it was up to the DOTr, as the implementing agency, “to identify the scope/coverage of the program. They have the option to spread or limit its coverage, based on the result of their study.”

According to the Philippine Statistics Authority (PSA), inflation soared to a 14-year record of 8.1 percent last December, the highest since the 9.1 percent clip in 2008— the year of the global financial crisis —and the ninth consecutive month in 2022 that the pace of commodity price hikes breached the target range of 2 percent to 4 percent set by the Bangko Sentral ng Pilipinas (BSP).

PSA data showed the continued inflation spike last month resulted from the higher price index for electricity, vegetables, restaurant services, and private and public transport.

Villafuerte’s appeal for the early resumption of Libreng Sakay came a week after he lauded President

Marcos for providing immediate financial relief to Filipino consumers at the start of 2023 with his twin directives meant to hold off scheduled increases this 2023 in the cost of certain basic monthly expenses.

“It behooves the DOTr, LTFRB [Land Transportation Franchising and Regulatory Board] and DBM to find ways to resume the free bus rides ASAP [as soon as possible] — and to scour for funds to extend this pro-poor program till the end of 2023 at the least—considering that Neda [National Economic and Development Authority] directorgeneral and concurrent Economic Planning Secretary Arsenio Balisacan said earlier that  protecting the purchasing power of Filipinos remained on top of the Marcos administration’s priorities as domestic and global headwinds continue to be a challenge,” Villafuerte said.

Villafuerte stressed that “continued free bus rides, among other forms of subsidies for poor and low-income Filipinos, are extremely helpful for commuters in the National Capital [Region], given that in its Key Indicators for Asia and the Pacific 2022 report, the ADB [Asian Development Bank]  concluded that the poorest Filipinos need continued policy intervention and support to escape poverty because Covid-19 had adversely affected their lives and livelihoods.”

He pointed out that at the onset of 2023, for example, higher electricity and water bills await Filipino consumers even as prices of rice, meat, fish, vegetables and other basic  food items remain on the high side.

Libreng Sakay  reportedly provided 165 million free bus rides in 2022, benefiting a daily average of 389,579 passengers, and peaked to over 400,000 during holidays.

trust and confidence in the PNP as a whole, and that is why we are taking this big step,” Azurin said.

We have to keep in mind that the goal of this process is to achieve the highest standards of professionalism within the PNP. Together, at the end of this exercise, the PNP will be triumphant and an organization that we can all be proud of in the future,”

T he PNP chief also called on Magalong and the other members of the five-man committee to be fair and impartial in looking into the records of the officials.

As we dutifully heed to the call, we respectfully demand that the five-man member of the committee who will be reviewing the records and characters of 3rd level officers exercise utmost objectivity and fairness,” Azurin said.

They must maintain their impeccable character, probity and unquestionable integrity throughout the process, free from political and personal biases, so that the result will be acceptable to all,” he added.

A zurin said the PNP and its members are not perfect, but when they “fall short, we are committed to acknowledging and correcting any mistakes or errors we make.”

A zurin prodded policemen to always strive for excellence and asked them to reflect on the importance of ethics.

On this Ethics Day celebration, I want to remind our PNP personnel that ethics is not just important within the police organization, but in all aspects of our life. Hence, I encourage each one of you to reflect on your own personal and professional conduct and to strive to be the best versions of yourselves,” he said.

Sen. JV to DA, BOC: Why punish crewmen and not big-time smugglers?

By Butch Fernandez @butchfBM

SEN. Joseph Victor Ejercito on Monday slammed agriculture and Customs officials for focusing on punishing ordinary Filipinos and failing to arrest big-time smugglers, as the country grapples with soaring prices of agricultural goods.

During the hearing of the Senate Committee on Agriculture, Food, and Agrarian Reform chaired by Sen. Cynthia Villar, Ejercito said the amount of undocumented onions and fruits recently confiscated from 10 crewmembers of airline company are nothing compared to the amount of agricultural goods being smuggled into the country by major cartels.

“

Yung PAL [Philippine Airlines] crew, nagdadala ‘yan ng pasalubong for personal consumption. Dati, mansanas, ubas, pabango, sapatos. Ngayon, sibuyas na ang kanilang pinapasalubong sa kanilang mga pamilya. So, this is already a cause of alert?” he asked.

Two kilograms, 1 kilogram, with a value of $100 to $50. Pero milyun-milyon yung nakakalusot sa smuggling. Ito papatulan  natin, pero yung mga big-time na cartel, smuggler, protektor, nakakalusot?” Ejercito added.

Customs authorities recently issued a memorandum, stating that more than 11 kilos of onions and around 6 kilos of

lemon with a combined value of $100 were confiscated from PAL crewmembers of Flight PR 655 from Riyadh, Saudi Arabia.

T here were 10 crewmembers that reportedly brought in onions, which may mean that each one of them is only carrying 4 kilos for their personal consumption.

T he said crewmembers will be charged with violating the Customs Modernization and Tariff Act and the Plant Quarantine Decree of 1978.

T he lawmaker from San Juan City also lamented the failure of agriculture and Customs officials to fully implement the AntiAgricultural Smuggling Law, which he principally authored during his first term in the Senate.

“As authors, hindi madali magpasa ng mga batas. The AntiAgricultural Smuggling Law was designed to protect our farmers, lahat. Sa bigas, asukal, sibuyas, bawang, lahat na po. Six years after its enactment, wala pa akong naririnig na big-time smuggler na napapakulong,” Ejercito said.

“May pampabulag ba tayo? May pampalabo ng mata? Ano ba ang nangyayari sa’tin?” he asked.

L ater in the same hearing, Senator Raffy Tulfo weighed in on the issue and called out agriculture and Customs officials, asking them pointblank if the selective focus on small-time parties like the flight attendants indicates that some of them are “friends” with the smugglers.

By Jasper Emmanuel Y. Arcalas @jearcalas

THE Bureau of Customs (BOC) on Monday reminded foreign travelers and returning Filipinos from abroad that it is illegal to bring in vegetables and spices, including onions, to

the country without the necessary import documents.

T he Customs bureau made the announcement after crew members of an airline company were apprehended for bringing in nearly 40 kilograms of onions and fruits from the Middle East through their luggage recently.

Travelers may not bring in vegetables [regardless of quantity] into the Philippines without the required Plant Quarantine Clearance [for personal use] or Sanitary & Phytosanitary Import Clearance [for commercial use] from the Bureau of Plant Industry [BPI],” the BOC Port of Ninoy Aquino Inter -

national Airport said on its official Facebook page.

“Any person/company intending to import plants/plant products shall file an application for Plant Quarantine Clearance [PQC] [personal purposes]/Sanitary and Phytosanitary Import Clearance [SPSIC] [commercial purposes] with the NPQSD prior

to importation. This is to safeguard and prevent the spread of plant pests in the Philippines,” it added.

A SPSIC is a required document prior to any importation of agricultural commodities in the country. The SPSIC certifies that the agricultural commodity being imported is safe for human, animal

and plant health.

Foreign news outfits have reported that even some Overseas Filipino Workers (OFWs) returning to the Philippines are bringing home onions in lieu of chocolates and other gifts to help their families in the country cope with the elevated retail price of the commodity.

PNP Chief Gen. Rodolfo Azurin (left) and Interior Secretary Benhur Abalos PNA FILE PHOTO

www.businessmirror.com.ph

Congress allots ₧17.7B for road, bridge projects in tourism destinations

By Jovee Marie N. Dela Cruz  @joveemarie

AS lawmakers push to approve new tourism destinations across the country, a vice chairperson of the House Committee on Tourism revealed  Congress has earmarked P17.7 billion to bankroll the national government’s Tourism Road Infrastructure Program (TRIP) this year.

Q uezon City Rep. Marvin Rillo said the fresh funding for TRIP in the 2023 General Appropriations law will be spent to construct or upgrade roads leading to declared tourism destinations.

“ We are counting on the tourism sector’s recovery from the pandemic to create new employment and liveli-

hood opportunities for Filipinos, especially in the provinces,” Rillo said.

This is why we are investing additional money to improve road access to tourist attractions,” Rillo, also a House appropriations committee member, said.

T he TRIP funding is used to develop roads and bridges in priority areas in support of the National Tourism Development Plan.

T he Department of Tourism and the Department of Public Works and Highways jointly identify the projects to be funded.

Meanwhile, Rillo said that before Congress adjourned last month, the House of Representatives had approved on third and final reading a total of 34 bills seeking to declare an even number of sites as new tourism destinations.

In Luzon, the approved new tourism sites include the Wawa Dam in Rodriguez, Rizal; Polillo Group of Islands in Mauban, Quezon; Pilis Falls in Samal, Bataan; Naruron Falls in Dupax del Norte, Nueva Vizcaya; and Fuyot Springs National Park in Ilagan, Isabela.

In the Visayas, these include the Lulugayan Falls in Calbiga, Samar; Sohoton Caves and Natural Bridge Park in Basey, Samar; Ulot River in Paranas, also in Samar; Islas de Gigantes in Carles, Iloilo; and Tambaliza Island in Concepcion, also in Iloilo.

In Mindanao, these include the Pinandagatan and Managong Falls, both in Sibagat, Agusan del Sur; Bega Falls in Prosperidad, Agusan del Sur; Lake Himbang in Talacogon, also in Agusan del Sur; and Mighty Cave Park in Tagoloan, Lanao del Norte.

RCEP, the world’s largest free trade zone, commemorates first year anniversary

offices, officials still don’t know how the new regulations actually work, our correspondents from Southeast Asia and Japan report. The confusion also arises from the fact that many of the countries are already part of other bilateral and multilateral agreements.

cally important for the region.

W here is the Philippines in this important process?

THE P1.2-billion fund that was previously transferred by the Department of Information and Communications Technology (DICT) to the Metropolitan Manila Development Authority (MMDA) had been returned to the national treasury, a lawmaker bared on Monday.

Northern Samar Rep. Paul R. Daza said the inter-agency transfer of the fund for the project, NCR Fiber Optic

Backbone Development and Network Resiliency, was a hotly-contested issue as the previous year ended.

“It’s another win for the Filipino taxpayers!” said Daza in a news statement.

“I’m happy to note that said funds had already been transferred to the Bureau of the Treasury last month.

Clearly, the two house committees and their chairpersons Florida ‘Rida’ Robes and Tobias ‘Toby’ Tiangco, had

done an excellent job. The people’s will has won,” Daza added.

During the December 6 joint committee hearing, which was attended by relevant government agencies such as DICT, MMDA, and the Department of Budget and Management (DBM), it was revealed that the DICT’s internal counsel strongly advised against the transfer, citing the principle of ultra vires, meaning that such an endeavor is “beyond the scope and power” of the agency.

Daza also lauded former MMDA chairperson, now Interior and Local Government Secretary Benjamin “Benhur” Abalos Jr. for ensuring the return of the funds. “Secretary Abalos’ efforts in reaching out to MMDA, I believe, contributed to the positive outcome,” Daza said.

A sked about the next step in Congress, Daza is hopeful that the practice of interagency transfers will be deeply scrutinized by the House of Representatives and DBM.

“I am aware that it is being done every now and then. However, there should be clearer guidelines and accountability,” Daza added.

Jovee Marie N. Dela Cruz

By Henry J. Schumacher

AT the beginning of January 2023, a colossus of the world economy celebrates its birthday. A year ago, the world’s largest free trade zone, the Regional Comprehensive Economic Partnership (RCEP), came into force in the Asia-Pacific region.

W hile the countries involved, such as Singapore, China, Japan, South Korea, Australia and New Zealand, hoped that this would result in economic growth and greater weight in the world, Europe feared being seen as a loser.

But a year after the start, it is clear that not everything is going as planned at the RCEP. The necessary forms are missing in order to be able to use the provisions of the free trade zone. In some customs

R egional Comprehensive Economic Partnership Gross Domestic Product 2022 in billion US dollars China 18.321 Japan 4.301 South Korea 1.734 Australia 1,725 Indonesia 1,289 T hailand 535 Malaysia 434 Singapore 424 Vietnam 414 Philippines 402 New Zealand 243 Myanmar 60 Cambodia 28 Brunei 18 L aos 16 Total 29.943 = 29 percent of World GDP However, it would be important for China in particular, by far the largest member of the free trade area, to implement the agreement quickly. This is also due to the growing conflict with the USA.

A s a result, Beijing has to look around for other export markets and tie its partners in Asia more closely to itself. Hong Kong SAR is also currently preparing to join the RCEP. Because even if China is an unpleasant neighbor politically, the economic giant is always economi-

Philippine approval of a key regional trade deal could come before the government puts in place the needed groundwork to prepare domestic industries for heightened competition, with agriculture still holding out for safeguards and protections, analysts said.

T he current situation highlights the long-running neglect of the agricultural sector, but there in no doubt that the RCEP will provide the Philippines with the impetus, force the Philippines to reform, and plug the Philippines into the digital world and the legal world.

T he RCEP started taking effect in the various jurisdictions on January 1. Participants include the 10 members of the Association of Southeast Asian Nations, Australia, China, Japan, South Korea, and New Zealand.

T he Philippines and Myanmar are the only remaining countries that have yet to formalize their participation in RCEP.

S en. Imee Marcos has established a technical working group to complete a committee report on RCEP ratification. The committee expects to report it out to plenary once sessions resume on January 23.

It is certainly hoped that the Philippines will very soon join RCEP; feedback is appreciated; please contact me at hjschumacher59@gmail.com

HELPING the poor for their economic upliftment is the priority of the 19th Congress under the leadership of House Speaker Martin Romualdez.

T his was emphasized by Ako Bicol and House Appropriations Chairman Rep. Elizaldy Co in a recent interview.

“Pagbukas pa lang ng 19th Congress last July, sinabi na sa akin ni Speaker Romualdez na tutukan ang pag ahon ng mga mahihirap na kababayan dahil ito nga din ang gusto ng Marcos administration,” Co said.

For this reason, ilang bilyon ang ipinalaan ni Speaker Romualdez sa 2023 national budget para sa social services ng Department of

Social Welfare and Development [DSWD], Department of Labor and Employment [DOLE], at Department of Health [DOH],” the lawmaker said.

A lthough Co did not provide amounts on how much funds they allocated to DSWD for Assistance for Individuals in Crisis Situation (AICS), Tulong Panghanapbuhay sa Ating Disadvantaged Workers (TUPAD) by DOLE, and Medical Assistance to Indigent Patients (MAIP) by DOH, it is said to be in billions of pesos which, he said, may be enough to help poor Filipinos.

T he chairman of the House Appropriations Committee explained that lawmakers are aware of the

hardships of most Filipinos amid the lingering effects of the pandemic.

“Kung walang trabaho, nariyan ang TUPAD ng DOLE.  Kung kailangan ng makakain o gamot o pamasahe ng tao, pwede silang lumapit sa DSWD,” the lawmaker said.

He added, “ Wala na rin silang poproblemahin sa paospital dahil pwede silang humingi ng pambayad sa DOH, sa pamamagitan ng MAIP [medical assistance for indigent patients].”

“ Speaker Romualdez wants this Congress to focus on the needs of our poor. Yung bang may malalapitan sila sa oras ng kanilang pangangailangan at mabibigyan talaga sila ng sapat na tulong ng gobyerno,” he concluded.

‘Disturbing’ socmed posts prompt Court to push for amendment of lawyers’ code

By Joel R. San Juan @jrsanjuan1573

SUPREME Court (SC) Associate Justice Maria Filomena Singh admitted on Monday that “disturbing” social media posts of several lawyers prompted the 15-man High Tribunal to push for the amendment of the lawyers’ code.

Justice Singh, who is the vicechairperson of the subcommittee for the review of the 34-year-old Code of Professional Responsibility (CPR), pointed out  that lawyers’ actions, whether personal or professional, are covered by the code.

H owever, the magistrate did not mention  the specific posts or identify the lawyers who made the disturbing posts.

So this is something that we want to emphasize to our lawyers, to keep on reminding them that not just because you’re posting something personal, the code stops its application to whatever action you have taken,” Singh said in an interview over ABSCBN News Channel.

To be very candid, it was actually several posts that came out on social media that promoted and really pushed the Court to finally constitute a sub-committee for the revision of the code. These posts were very disturbing, and of grave concern to the Court particularly because of certain accusations and statements, which were at the very least irresponsible,” she added.

Singh said now is the “perfect time” to update the code, especially with the prevalent use of social media even among lawyers.

“ We know that for the longest time there have been no set of rules or body of rules governing the use of social media and social media has been around for a  while,” she noted.

U nder the proposed Code of Professional Responsibility and Accountability (CPRA), lawyers are mandated to “ensure that his or her

online posts uphold the dignity of the legal profession and shield it from disrepute, as well as maintain respect for the law.”

It also bars lawyers from  posting, sharing, uploading and or disseminating false or unverified statements on social media.

L awyers are also not allowed to reveal, “directly or indirectly, in his or her online posts confidential information obtained from a client or in the course of, or emanating from, the representation, except when allowed by law or this Code.”

It also mandates that lawyers should uphold the dignity of the legal profession in all social media interactions in a manner that enhances the confidence of the public in the legal system, as well as promote its responsible use.

It also prohibits lawyers from creating, maintaining or operating accounts in social media for the purpose of hiding his or her identity to circumvent the law or the provisions of the CPRA.

A proposed provision also states that “a lawyer shall not reveal, directly or indirectly, in his or her online posts confidential information obtained from a client or in the course of, or emanating from, the representation, except when allowed by law or this Code.”

T he proposed CPRA also include a prohibition on lawyers from dating, sexual or romantic relationships with their clients during the engagement, unless the consensual relationship existed before lawyerclient relationship started.

T he SC held the penultimate caravan to discuss the proposed CPRA in Baguio City attended by about 180 judges and lawyers last week.

T he previous caravans were held in Cebu, Davao and Naga Cities.

T he caravan will culminate in the National Summit on Ethical Standards for Lawyers to be held next month.

Manila RTC acquits Sandra Cam, others of murder rap

By Joel R. San Juan @jrsanjuan1573

THE Regional Trial Court (RTC) of Manila has acquitted former Philippine Charity Sweepstakes Office (PCSO) board member Sandra Cam, her son and five others of the murder charges filed against them in connection with the killing of Batuan Masbate town vice mayor Charlie Yuson III in Sampaloc, Manila in 2019.

T his was disclosed by lawyer Buenaventura Miranda, who represented Cam and his son Marco Martin, during the trial of the case before the sala Manila RTC Branch 42 Presiding

Judge Dinah Aguila-Topacio. Miranda said the court ruled that “the prosecution failed to prove beyond reasonable doubt the guilt of the accused.”

Yuson, his aide Alberto Alforte and Wilfredo Pineda were having breakfast at an eatery in Sampaloc, Manila when they were attacked on October 10, 2019.

A lforte and Pineda were injured in the incident.

Cam has denied the accusation, saying her family  has no knowledge or involvement in Yuson’s killing.

It can be recalled that Marco Martin lost to Yuson’s son, Charmax Jan, in the 2019 mayoralty race in Batuan town.

Chinese tourists celebrating Lunar New Year elsewhere except in the Philippines

By Ma. Stella F. Arnaldo @akosistellaBM Special to the BusinessMirror

THE Philippines has yet to benefit from the sudden reopening of mainland China to international travel.

In its latest report, global ticketing data aggregator ForwardKeys said outbound flight bookings by Chinese travelers jumped by 192 percent between December 26, 2022 and January 3, 2023, compared to the same period last year. It added, 67 percent of these bookings were for travel during the period when Chinese celebrate the Lunar New Year, which begins on January 22.

However, these bookings are still 85-percent behind pre-pandemic levels. In 2019, there were close to 155 million outbound trips taken by mainland Chinese. Mainland China reopened its borders to international travel on January 8, as Beijing lifted its zero-Covid policy in December, after a series of mass protests by citizens against frequent testing and community quarantines.

Currently, the most popular return trips are to Macau, Hong Kong,

Tokyo, Seoul, Taipei, Singapore, Bangkok, Dubai, Abu Dhabi and Frankfurt,” said ForwardKeys.

“Notably, bookings to Abu Dhabi, which has traditionally been a major gateway between China and the West, are 51 percent behind 2019. Looking at onward bookings from there, 11 percent will go to Paris, 9 percent to Barcelona, 5 percent to London, 3 percent to Munich, and 3 percent to Manchester,” it added.

Travel rebound for the first time in 3 yrs

THE Philippines signed an Implementation Program on Tourism Cooperation with China during President Ferdinand R. Marcos Jr.’s recent visit to Beijing, which is expected to generate higher Chinese tourist arrivals and increased investments in tourism. (See, “PHL hopes for more tourism infra investments from China,” in the BusinessMirror , January 6, 2023.)

I n 2019, China ranked as the second largest source of tourists for the Philippines, with 1.74 million arrivals, accounting for 21 percent of the total 8.26-million international travelers that year. In 2022, there

were 39,627 tourists from China, putting the market in 10th place, of the total 2.65-million arrivals.

Meanwhile, Olivier Ponti, VP Insights, ForwardKeys, said although China will see a rebound in international travel during the Lunar New Year, for the first time in three years, it is still uncertain that this will lead to an explosion in global travel by Chinese tourists.

The reasons are: First, current scheduled international flight capacity is only at 10 percent of 2019 s level; and owing to approval requirements for traffic rights and airport slots, it will be difficult for airlines to gear back up in less than a few months. Second, ticket prices remain high, with average air fares in December 160 percent higher than in 2019. That said, there has been a downward trend since June, when quarantine was reduced from three weeks to seven days, and then to five days in November,” he stressed.

More countries impose Covid testing

PONTI added, the new pre-flight Covid test requirements by many countries imposed specifically on Chinese

travelers, along with an anticipated bottleneck and passports renewals and visa requirements may put off many of them from outbound travel.

[Some] countries, such as South Korea and Japan, are restricting short-term visas for Chinese travelers until the end of this month. Right now, we expect the Chinese outbound market will pick up strongly in Q2 2023, when airlines schedule capacity for the spring and summer, which include the May holiday, Dragon Boat festival in June and summer holidays.”

Many countries in the European Union have already required Chinese travelers to submit negative pre-departure Covid tests, along with the United Kingdom, the United States, Canada, Israel, Morocco, and Qatar.

In Asia and the Pacific, countries that have introduced more Covid measures on Chinese tourists include Australia, India, Malaysia, South Korea, Japan, and Taiwan. Philippine stakeholders have also called for an increase in entry requirements for Chinese tourists. (See, “Nancy, tourism stakeholders, DOTr: Tighten border controls for Chinese tourists in PHL,” in the BusinessMirror , December 29, 2022.)

Villafuerte pitches for broad popular support for MIF ahead of PBBM’s ‘soft launch’ in Davos

By Jovee Marie N. Dela Cruz @joveemarie

ALAWMAKER has said the broad popular support for President Ferdinand R. Marcos Jr.’s pet initiative Maharlika Investment Fund (MIF) should convince its critics to give this House-approved investment vehicle a chance to prove its worth as soon as the Senate passes its own version after the 19th Congress reopens this January following its month-long year-end recess.

C amarines Sur Rep. LRay Villafuerte issued the statement as Department of Foreign Affairs (DFA) Undersecretary Carlos Sorreta earlier bared the plan by President Marcos to “soft launch” the MIF during his trip to Davos, Switzerland to attend the 2023 World Economic Forum (WEF).

In a pre-departure briefing, Sorreta said the President would present the “broad strokes” of the MIF before his fellow national leaders at this year’s WEF summit.

Given the Marcos administration’s limited fiscal space resulting mainly from the enormous spending by the previous government on Covid-19 response, Villafuerte earlier called for support behind the President’s appeal for all Filipinos to give House Bill (HB) 6608—the

Army lists major accomplishments and thrusts in command conference

THE reactivation of two major units of the Philippine Army highlighted the Army’s achievements last year as it held an organization-wide command conference for 2023.

Based on the presentation of Col. Alvin Luzon, the Army’s assistant chief of staff for operations, the reactivation of the 1st Tank Battalion of the Armor Division and the 10th Field Artillery Battalion (SP-155) of the Army Artillery Regiment (AAR) were among the key accomplishments of the Army under its current commander, Lt. Gen. Romeo Brawner, last year.

A ccording to Army spokesman Col. Xerxes Trinidad, these two units are now at the forefront of

the Army modernization.

The Army is mandated to develop, organize, train, equip, support and sustain ground forces for the conduct of prompt and sustained ground operations to accomplish the missions of Armed Forces of the Philippines (AFP).

T he Army also underscored its four decisive engagements, 13 major engagements, 96 minor engagements and the neutralization of nearly 2,000 New People’s Army rebels and local terrorist group members and the seizure of around 1,800 firearms.

During the conference, Brawner issued his command guidance anchored on new AFP campaign plan “Pagkakaisa” under the administration of President Ferdinand R. Marcos Jr.

We shall continue to sustain our hard-earned peace and progress and guarantee Philippine security, territorial integrity, and sovereignty. In line with the Chief of Staff, AFP’s guidance, we will actively support the AFP’s Campaign Plan Peace, Law Enforcement, and Development Support Plan ‘Pagkakaisa 2023-2028,’ Brawner said.

T he Army chief also talked about his updated comprehensive command guidance encapsulated in SERVE: ensure the physical and mental health of soldiers, the Army’s most important resource; enhance individual soldier’s skills and unit capabilities; and push down muchneeded resources to all units nationwide. Rene Acosta

MIF bill—a chance and wait for the Congress to hammer out what Mr. Marcos described as the “perfect” version of this investment vehicle.

“ With one in every two Filipinos who are aware of the MIF actually supportive of this Presidentendorsed HB 6608, there is reason for even the doubting Thomases to give this proposal a chance to prove its worth once the Senate further tweaks and passes this year its own version that would likely address other concerns, if any, raised by skeptics and other critics,” Villafuerte said.

He was referring to the December mobile-based nationwide survey by market research and opinion pollster Tangere that showed that of the 83.75 percent of Filipinos who are aware of the MIF, 54.08 percent of them support its passage into law.

“

The Tangere survey results illustrated that aside from having the backing of various business groups and leaders as well as of international institutions like the ADB [Asian Development Bank], this investment vehicle plan already green-lighted by the House enjoys broad support among Filipinos from all over the country,” Villafuerte, a co-author of HB 6608, said.

He noted that President Marcos was correct in asking the people last December to wait for the final version of the MIF bill to be drawn up by

Congress, “considering that the MIF will still go through refinements after HB 6608 is transmitted to the Senate. At the Senate, it will again go through further refinements before the final, consolidated measure is hammered out at the bicam [bicameral] negotiations before being ratified by both Houses and then submitted to Malacañang Palace for the President’s signing into law.”

Villafuerte said that the initial reservations over certain features of the MIF bill, such as the use of Government Service Insurance System (GSIS) and Social Security System (SSS) pension funds, along with the Fund’s board chairmanship by the President, were quickly addressed with the major changes or amendments made last December at the House committee level.

He said that later last month, the measure reported out and signed by the respective chairmen of the House committees on banks and financial intermediaries, on appropriations and on ways and means already excluded the GSIS and SSS pension funds from the MIF’s funding source, and put the Finance Secretary (Benjamin Diokno) as the chairman,  in lieu of the President—as proposed in the original bill—of the would-be Maharlika Investment Fund Corp. (MIC).

In the House-approved version, he

MMDA deploys teams

said the number of independent directors in the MIC Board was also raised from the original two to the current 5 independent directors to increase private-sector participation.

Villafuerte said HB 6608 provides that the initial investment will come only from the investible funds of the  Land Bank of the Philippines (LandBank) and  Development Bank of the Philippines (DBP), gaming revenues of the Philippine Amusement and Gaming Corp. (Pagcor) and other state-run gaming operators and dividends of the Bangko Sentral ng Pilipinas (BSP).

T he respective chairmen of the banks, appropriations and ways committees are Reps. Irwin Tieng (Manila), Elizaldy Co (Ako Bicol) and Joey Salceda (Albay).

Villafuerte  said investments from the proposed MIF would also be limited to big-ticket projects approved by the National Economic and Development Authority (Neda) Board, which is chaired by the President, to make sure such ventures are in support of the Marcos administration’s socioeconomic development program.

He noted that the final House bill also has punitive measures—ranging from a prison term of six years to 20 years and/or a fine of P10,000 to P5 million—against future violators of investment guidelines and policies to be drawn up by the MIC Board.

Mabuhay Lanes, ease traffic at Edsa

By Claudeth Mocon-Ciriaco @claudethmc3

THE Metropolitan Manila Development Authority (MMDA) has deployed three teams to clear Metro Manila’s Mabuhay Lanes of all forms of obstructions for motorists traversing Edsa.

We shall have no let-up in clearing the Mabuhay Lanes of different kinds of obstructions. That is a proof that the government is serious in making our key routes accessible,” said MMDA acting chairman Romando Artes in a ceremonial sendoff held in Baclaran, Pasay City on Monday morning.

T he MMDA, in coordination with the Department of the Interior and

Local Government (DILG), National Capital Region Police Office and local government units covered by identified Mabuhay Lanes, vowed to sustain the clearing and keeping the alternate routes in the metropolis free from obstructions.

A rtes said that the regular operations and eventual turnover of the cleared area to its barangay captain is part of the memorandum of agreement between the agency and the DILG to maintain the cleanliness and orderliness of the roads.

Everytime the MMDA, DILG, and the police force conduct clearing, it will be turned over to the barangay captain in charge of the area. Those who will fail to maintain its cleanliness and orderliness could be charged with an

administrative case,” Artes warned. DILG Undersecretary for Barangay Affairs Felicito Valmocina said their office now has created a monitoring team that will coordinate with the DILGNational Capital Region to ensure that Mabuhay Lanes are clean and clear.

We will be employing new approaches to ensure commitment and prioritization of obstruction-free Mabuhay Lanes. It is high time for our LGUs, especially our barangay heads, to act and sustain our clearing efforts,” he said.

A rtes also said the MMDA would seek the support of President Ferdinand R. Marcos Jr. on plans to build a permanent area for vendors in Baclaran to provide them selling space that would keep them off the roads.

to clear Metro’s

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

WANG,

JINGHUA Chinese Chef Assistant

56.

Brief Job Description: Ensuring that food are of excellent quality and authentic taste are consistently achieved, modifying menus or create new ones that meet quality standards , estimating food requirements and food/labor costs, supervise kitchen staff’s activities, performing other duties assigned by the company.

Basic Qualification: Ability to assist and direct kitchen staff in meal preparation, creation, plating and delivery and ensure that kitchen activities operate in a timely manner. Ability to work with minimal to no supervision, Train new kitchen employees to meet restaurant and kitchen standard. Manage the kitchen team in the executive chef’s absence. High level of attention to detail. With experience in Chinese Restaurants. Fluent in Chinese language both oral and written.

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

DANG

DUNG Vietnamese Customer Service Brief Job Description:

Basic

Basic

Salary

- Php 59,999

Basic Qualification: Knowledgeable in computer application with good oral and written communication skills.

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

Basic Qualification: Knowledgeable in computer application with good oral and written communication skills.

Php

65. LE VAN CHIEN Vietnamese Customer Service Brief Job Description:

Customer

66. NGUYEN CONG HOANG Vietnamese Customer Service Brief Job Description: Customer support and data base services

67. NGUYEN

68. NONG

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

written communication skills

Qualification: Knowledgeable in computer application with good oral and written communication skills

Qualification: Knowledgeable in computer application with good oral and written communication skills

69. PHAM

the kitchen team in the executive chef’s absence. High level of attention to detail. With experience in Chinese Restaurants. Fluent in Chinese language both oral and written.

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

57.

JIN, HONGJUN Chinese Head Chef

Brief Job Description: Ensuring that food are of excellent quality and authentic taste are consistently achieved, modifying menus or create new ones that meet quality standards , estimating food requirements and food/labor costs, supervise kitchen staff’s activities, performing other duties assigned by the company.

Basic Qualification: Ability to assist and direct kitchen staff in meal preparation, creation, plating and delivery and ensure that kitchen activities operate in a timely manner. Ability to work with minimal to no supervision, Train new kitchen employees to meet restaurant and kitchen standard. Manage the kitchen team in

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

in computer

135.

CHAUHAN, SUSHANT KUMAR Senior Software Engineer

Brief Job Description:

Bachelor Degree Engineering (IT)

Basic Qualification:

Cucumber. Any DB backend mocking tool.

• Knowledge and Build Management tool like MAVEN. • Experience with Continues Integration (Jenkins), Continues Deployment. • UNIX will be the platform for servers. • Exposure and hands on with Clean Code, Refactoring, and Implementation of OOAD principles and Design Patterns

• Strong Knowledge of OOPS principles exposure to JEE background

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

Basic Qualification:

• Unit Testing – Principles and Tools like SOAP UI or Cucumber. Any DB backend mocking tool.

136.

KUMARI ARJITA Senior Software Engineer

Brief Job Description:

• Bachelor Degree Engineering (IT)

• Skills Required: Core Java, Basic PL-SQL for programming and a little more to test the backend for testing confirmations

• Knowledge and Build Management tool like MAVEN. • Experience with Continues Integration (Jenkins), Continues Deployment.

• UNIX will be the platform for servers. • Exposure and hands on with Clean Code, Refactoring, and Implementation of OOAD principles and Design Patterns

• Strong Knowledge of OOPS principles exposure to JEE background

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

Basic Qualification:

• Unit Testing – Principles and Tools like SOAP UI or Cucumber. Any DB backend mocking tool.

137.

MANDAL, JAYDEO Senior Software Engineer

Brief Job Description:

• Bachelor Degree Engineering (IT)

• Skills Required: Core Java, Basic PL-SQL for programming and a little more to test the backend for testing confirmations

• Knowledge and Build Management tool like MAVEN. • Experience with Continues Integration (Jenkins), Continues Deployment.

• UNIX will be the platform for servers. • Exposure and hands on with Clean Code, Refactoring, and Implementation of OOAD principles and Design Patterns • Strong Knowledge of OOPS principles exposure to JEE background

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

Basic Qualification:

138.

NAYAK, SAMPREETI HAMMANNA Senior Software Engineer

Brief Job Description:

• Bachelor Degree Engineering (IT)

• Skills Required: Core Java, Basic PL-SQL for programming and a little more to test the backend for testing confirmations

• Unit Testing – Principles and Tools like SOAP UI or Cucumber. Any DB backend mocking tool. • Knowledge and Build Management tool like MAVEN. • Experience with Continues Integration (Jenkins), Continues Deployment.

142.

MOHAMED IBRAHIM, ABUL KASIM Tech Lead

Brief Job Description:

• Graduate of Bachelor’s Degree

• 3-5 years relevant experience

Basic Qualification: • Hands-on experience in Appian with in depth knowledge on Process Models, SAIL, Interfaces, Web APIs, Process Model as a Service, Admin Console, Document Management, and Integration Smart Services.

• Appian Designer Certification on recent Appian versions. • Must have prior experience/ knowledge on Continuous Integration and Deployment model, Test Driven Development, Behavioral Driven Development, and BFSI domain knowledge.

• Added advantage to have experience on automation of Appian support or DAU activities, Plugins developments, Appian server installations.

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

Basic Qualification:

• Hands-on experience in Appian with in depth knowledge on Process Models, SAIL, Interfaces, Web APIs, Process Model as a Service, Admin Console, Document Management, and Integration Smart Services.

• Appian Designer Certification on recent Appian versions. • Must have prior experience/ knowledge on Continuous Integration and Deployment model, Test Driven Development, Behavioral Driven Development, and BFSI domain knowledge. • Added advantage to have experience on automation of Appian support or DAU activities, Plugins developments, Appian server installations.

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

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

Basic Qualification:

143.

FAN, DAITAO Chinese Language - Marketing Staff Brief Job Description: Providing details to clients relative to services being offered.

LI, RENXIONG Chinese Language - Marketing Staff

Basic Qualification: Proficient in speaking, reading and writing in Chinese Salary Range: Php 30,000 - Php 59,999 144.

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

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

Salary Range: Php 30,000 - Php 59,999 145.

LI, YANYAN Chinese Language - Marketing Staff Brief Job Description:

Basic

Basic

68 dead, 4 missing after plane crashes in Nepal resort town

By Upendra Man Singh, Sheikh Saaliq & Anish Bhattarai The Associated Press

POKHARA, Nepal—A plane making a 27-minute flight to a Nepal tourist town crashed into a gorge Sunday while attempting to land at a newly opened airport, killing at least 68 of the 72 people aboard. At least one witness reported hearing cries for help from within the fiery wreck, the country’s deadliest airplane accident in three decades.

Images and videos shared on Twitter showed plumes of smoke billowing from the crash site, about 1.6 kilometers (nearly a mile) away from Pokhara International Airport. The aircraft’s fuselage was split into multiple parts that were scattered down the gorge.

Firefighters carried bodies, some burned beyond recognition, to hospitals where grief-stricken relatives had assembled. At Kathmandu airport, family members appeared distraught as they were escorted in and at times exchanged heated words with officials as they waited for information.

Tek Bahadur K. C., a senior administrative officer in the Kaski district, said he expected rescue workers to find more bodies at the bottom of the gorge.

Prime Minister Pushpa Kamal Dahal, who rushed to Tribhuvan International Airport in Kathmandu after the crash, set up a panel to investigate the accident.

“The incident was tragic. The full force of the Nepali army, police has been deployed for rescue,” he said.

South Korea’s Foreign Ministry said in a statement that it’s still trying to confirm the fate of two South Korean passengers and has sent staff to the scene. The Russian Ambassador to Nepal, Alexei Novikov, confirmed the death of four Russian citizens who were on board the plane.

has been involved in several deadly accidents over the years.

In Taiwan two earlier accidents involving ATR 72-500 and ATR 72-600 aircrafts happened just months apart.

In July 2014, a TransAsia ATR 72-500 flight crashed while trying to land on the scenic Penghu archipelago between Taiwan and China, killing 48 people onboard. An ATR 72-600 operated by the same Taiwanese airline crashed shortly after takeoff in Taipei in February 2015 after one of its engines failed and the second was shut down, apparently by mistake.

The 2015 crash, captured in dramatic footage that showed the plane striking a taxi as it hurtled out of control, killed 43, and prompted authorities to ground all Taiwanese-registered ATR 72s for some time. TransAsia ceased all flights in 2016 and later went out of business.

ATR identified the plane involved in Sunday’s crash as an ATR 72-500 in a tweet. According to plane tracking data from flightradar24.com, the aircraft was 15 years old and “equipped with an old transponder with unreliable data.” It was previously flown by India’s Kingfisher Airlines and Thailand’s Nok Air before Yeti took it over in 2019, according to records on Airfleets.net.

Yeti Airlines has a fleet of six ATR72-500 planes, company spokesperson Sudarshan Bartaula said.

R.

Hours after dark, scores of onlookers crowded around the crash site near the airport in the resort town of Pokhara as rescue workers combed the wreckage on the edge of the cliff and in the ravine below. Officials suspended the search for the four missing people overnight and planned to resume looking Monday.

Local resident Bishnu Tiwari, who rushed to the crash site near the Seti River to help search for bodies, said the rescue efforts were hampered by thick smoke and a raging fire.

“The flames were so hot that we couldn’t go near the wreckage. I heard a man crying for help, but because of the flames and smoke we couldn’t help him,” Tiwari said.

It was not immediately clear what caused the accident, Nepal’s Civil Aviation Authority said.

A witness said he saw the air -

2 killed, 12 missing in China chemical plant explosion

BEIJING—A massive explosion at a chemical plant in northeastern China has killed at least two people and left 12 missing.

Another 34 people were injured in the explosion Sunday on the outskirts of the city of Panjin in Liaoning province east of the capital Beijing.

News releases from the local government showed photos of flames and thick black smoke rising from the complex of chemical processing machinery, pipes and storage containers.

Fire crews have brought the blaze under control and the local environmental department was monitoring the impact on air quality in the area, the government of Panshan County in the city’s suburbs said in a news release.

The cause of the accident remained under investigation, authorities said. People posting on social media said they felt the shock of the explosion, but the damage did not appear to extend beyond the plant. AP

craft spinning violently in the air after it began descending to land, watching from the terrace of his house. Finally, Gaurav Gurung said, the plane fell nose-first towards its left and crashed into the gorge.

The aviation authority said the aircraft last made contact with the airport from near Seti Gorge at 10:50 a.m. before crashing.

The twin-engine ATR 72 aircraft, operated by Nepal’s Yeti Airlines, was flying from the capital, Kathmandu, to Pokhara, located 200 kilometers (125 miles) west.

It was carrying 68 passengers including 15 foreign nationals, as well as four crewmembers, Nepal’s Civil Aviation Authority said in a statement. The foreigners included five Indians, four Russians, two South Koreans, and one each from Ireland, Australia, Argentina and France.

Omar Gutiérrez, governor of Argentina’s Neuquen province, reported on his official Twitter account that an Argentine passenger on the flight was Jannet Palavecino from his province.

The Facebook page of Palavecino says she was manager of the Hotel Suizo in Neuquen city.

On the page, she described herself as a lover of travel, and of adventure tourism. “I am passionate about the mountains! Riding my bike in cycling. I love my garden and the countryside. I like to paint!” she wrote.

Her account has many photos of her in the mountains.

Pokhara is the gateway to the Annapurna Circuit, a popular hiking trail in the Himalayas. The city’s new international airport began operations only two weeks ago.

The type of plane involved, the ATR 72, has been used by airlines around the world for short regional flights. Introduced in the late 1980s by a French and Italian partnership, the aircraft model

Nepal, home to eight of the world’s 14 highest mountains, including Mount Everest, has a history of air crashes. According to the Flight Safety Foundation’s Aviation Safety database, there have been 42 fatal plane crashes in Nepal since 1946.

Sunday’s crash is Nepal’s deadliest since 1992, when all 167 people aboard a Pakistan International Airlines plane were killed when it plowed into a hill as it tried to land in Kathmandu.

The European Union has banned airlines from Nepal from flying into the 27-nation bloc since 2013, citing weak safety standards. In 2017, the International Civil Aviation Organization cited improvements in Nepal’s aviation sector, but the EU continues to demand administrative reforms.

Saaliq reported from New Delhi. Elise Morton in London, Kim Tong-hyung in Seoul, South Korea, and Adam Schreck in Bangkok contributed reporting.

Catholic priest burned alive in Nigeria’s hard-hit north

By Chinedu Asadu The Associated Press

ABUJA, Nigeria—A Nigerian priest was burned alive in his home in the country’s north on Sunday, police said.

Rev. Isaac Achi was killed in the Paikoro area of Niger state after gunmen failed to break into his house and instead set it on fire, said Wasiu Abiodun, the police spokesman. A second priest living in the compound escaped with a gunshot wound to his shoulder, he said.

“Unfortunately, the bandits reportedly attempted to gain entrance into the residence, which seemed difficult,” so they “set the

house ablaze” and the Catholic priest burned to death, Wasiu said.

Nigerian authorities are struggling to stem rising violence in the north and central regions where armed groups target rural communities, killing thousands and abducting people to ransom. Security forces are often outnumbered and outgunned and suspects are seldom detained, residents said.

The attacks sometimes target religious figures such as clerics. In July last year, Rev. John Mark Chietnum was killed after he was kidnapped in the northwestern Kaduna state.

Sunday’s incident sparked international condemnation. In a

statement, Antonio Tajani, the Italian foreign minister, called the attack “cowardly and inhuman.”

Niger state Gov. Abubakar Sani Bello said the killing signaled that no one was safe. “These terrorists have lost it and drastic action is needed to end this ongoing carnage,” he said.

Nigeria’s Christian Association has asked authorities to investigate and do more to protect civilians. “Enough of the attacks and wanton killings of innocent Nigerian citizens,” said Bulus Yohanna, the association’s chairman.

The Associated Press journalist Frances D’Emilio in Rome, Italy contributed.

Ukraine building suffers deadliest civilian attack in months; 35 killed

By Vasilisa Stepanenko & Andrew Meldrum The Associated Press

KYIV, Ukraine—The death toll from the weekend Russian missile strike on an apartment building in the southeastern Ukrainian city of Dnipro has risen to 35, an official said Monday.

Rescuers continued searching through the rubble for more victims, regional Gov. Valentyn Reznichenko said. At least 75 people were wounded and 35 others were still missing after Saturday’s strike.

About 1,700 people lived in the multi-story building, with residents saying there were no military facilities at the site. The reported death toll made it the deadliest attack in one place since a Sept. 30 strike in Ukraine’s Zaporizhzhia region, according to The Associated Press-Frontline War Crimes Watch project.

The strike on the building on Saturday came amid a major barrage of Russian cruise missiles across Ukraine.

Russia also targeted the capital, Kyiv, and the northeastern city of Kharkiv during a widespread barrage the same day, ending a twoweek lull in the airstrikes it has launched against Ukraine’s power infrastructure and urban centers almost weekly since October.

Russia on Sunday acknowledged the missile strikes but did not mention the Dnipro apartment building. Russia has repeatedly denied targeting civilians in the war.

Russia fired 33 cruise missiles on Saturday, of which 21 were shot down, according to Gen. Valerii Zaluzhny, the commander-in-chief of the Ukrainian armed forces. The missile that hit the apartment building was a Kh-22 launched from Russia’s Kursk region, according to the military’s air force command, adding that Ukraine does not have a system capable of intercepting that type of weapon.

In Dnipro, workers used a crane as they tried to rescue people trapped on upper floors of the apartment tower. Some residents signaled for help with lights on their mobile phones.

Ukrainian President Volodymyr Zelenskyy reported that at least 73 people were wounded and 39 people had been rescued as of Sunday afternoon. The city government in Dnipro said 43 people were reported missing.

“Search and rescue operations and the dismantling of dangerous structural elements continues. Around the clock. We continue to fight for every life,” Zelenskyy said.

Ivan Garnuk was in his apartment when the building was hit and said he felt lucky to have survived. He described his shock that the Russians would strike a residential building with no strategic value.

“There are no military facilities here. There is nothing here,” he said. “There is no air defense, there are no military bases here. It

just hit civilians, innocent people.”

Dnipro residents joined rescue workers at the scene to help clear the rubble. Others brought food and warm clothes for those who had lost their homes.

“This is clearly terrorism and all this is simply not human,” one local, Artem Myzychenko, said as he cleared rubble.

Claiming responsibility for the missile strikes across Ukraine, Russia’s Defense Ministry said Sunday that it achieved its goal.

“All designated targets have been hit. The goal of the attack has been achieved,” a ministry statement posted on Telegram said. It said missiles were fired “on the military command and control system of Ukraine and related energy facilities,” and did not mention the attack on the Dnipro residential building.

On Sunday, Russian forces attacked a residential area in the southern Ukrainian city of Kherson, regional Gov. Yaroslav Yanushevych said in a Telegram post. According to preliminary information, two people were wounded.

Russia’s renewed air attacks came as fierce fighting raged in Ukraine’s eastern Donetsk province, where the Russian military has claimed it has control of the small salt-mining town of Soledar but Ukraine asserts that its troops are still fighting.

If the Russian forces win full control of Soledar it would allow them to inch closer to the bigger city of Bakhmut. The battle for Bakhmut has raged for months, causing substantial casualties on both sides.

With the grinding war nearing the 11-month mark, Britain announced it would deliver tanks to Ukraine, its first donation of such heavy-duty weaponry. Although the pledge of 14 Challenger 2 tanks appeared modest, Ukrainian officials expect it will encourage other Western nations to supply more tanks.

“Sending Challenger 2 tanks to Ukraine is the start of a gear change in the UK’s support,” British Prime Minister Rishi Sunak’s office said in a statement late Saturday. “A squadron of 14 tanks will go into the country in the coming weeks after the prime minister told President Zelenskyy that the UK would provide additional support to aid Ukraine’s land war. Around 30 AS90s, which are large, self-propelled guns, operated by five gunners, are expected to follow.”

Sunak is hoping other Western allies follow suit as part of a coordinated international effort to boost support for Ukraine in the lead-up to the 1-year anniversary of the invasion next month, according to officials.

The UK defense secretary plans to travel to Estonia and Germany this week to work with Nato allies, and the foreign secretary is scheduled to visit the US and Canada to discuss closer coordination.

Meldrum reported from Kyiv. Sylvia Hui in London contributed reporting.

LOCALS watch the wreckage of a passenger plane as rescuers are scouring the crash site, in Pokhara, Nepal on Sunday, January15, 2023. A 72-seat Nepali passenger aircraft has crashed into a gorge while landing at a newly opened airport in the central resort town of Pokhara, killing at least 68 people. AP/KRISHNA MANI BARAL

EMERGENCY workers clear the rubble after a Russian rocket hit a multistory building leaving many people under debris in the southeastern city of Dnipro, Ukraine, on Saturday, January 14, 2023. AP/EVGENIY MALOLETKA

John Kerry tells AP he backs UAE oil chief overseeing COP28

By Jon Gambrell The Associated Press

ABU DHABI, United Arab Emirates—US climate envoy John Kerry backs the United Arab Emirates’ decision to appoint the CEO of a state-run oil company to preside over the upcoming UN climate negotiations in Dubai, citing his work on renewable energy projects.

In an interview Sunday with The Associated Press, the former US secretary of state acknowledged that the Emirates and other countries relying on fossil fuels to fund their state coffers face finding “some balance” ahead.

However, he dismissed the idea that Sultan al-Jaber’s appointment should be automatically disqualified due to him leading the Abu Dhabi National Oil Co. Activists, however, equated it to asking “arms dealers to lead peace talks” when authorities announced his nomination Thursday.

“I think that Dr. Sultan al-Jaber is a terrific choice because he is the head of the company. That company knows it needs to transition,” Kerry said after attending an energy conference in the Emirati capital. “He knows—and the leadership of the UAE is committed to transitioning.”

Still, Abu Dhabi plans to increase its production of crude oil from 4 million barrels a day up to 5 million even while the UAE promises to be carbon neutral by 2050—a target that remains difficult to assess and one that the Emirates still hasn’t fully explained how it will reach.

Kerry pointed to a speech alJaber gave Saturday in Abu Dhabi, in which he called for the upcoming COP—or Conference of Parties— to move “from goals to getting it done across mitigation, adaptation, finance and loss and damage.” Al-Jaber also warned that the world “must be honest with ourselves about how much progress we have actually achieved, and how much further and faster we truly need to go.”

“He made it absolutely clear we’re not moving fast enough. We have to reduce emissions. We have to begin to accelerate this transition significantly,” Kerry said. “So I have great confidence that the right issues are going to be on the table, that they’re going to respond to them and lead countries to recognize their responsibility.”

Each year, the country hosting the UN negotiations nominates a person to chair the talks. Hosts typically pick a veteran diplomat as the talks can be incredibly difficult to steer between competing nations and their interests. The nominee’s position as “COP president” is confirmed by delegates at the start of the talks, usually

without objections.

Al-Jaber is a trusted confidant of UAE leader Sheikh Mohammed bin Zayed Al Nahyan. He also led a once-ambitious project to erect a $22 billion “carbon-neutral” city on Abu Dhabi’s outskirts—an effort later pared back after the global financial crisis that struck the Emirates hard beginning in 2008. Today, he also serves as the chairman of Masdar, a clean energy company that grew out of the project.

Skepticism remains among activists over al-Jaber, however. A call by countries, including India and the United States, for a phase down of oil and natural gas never reached a public discussion during COP27 in the Egyptian resort of Sharm el-Sheikh in November.

Activists worry that COP being held in a Mideast nation reliant on fossil fuel sales for a second year in a row could see something similar happen in the Emirates.

Asked about that fear, Kerry said: “I don’t believe UAE was involved in changing that.”

“There’s going to be a level of scrutiny—and I think that’s going to be very constructive,” the former US senator and 2004 presidential contender said. “It’s going to help people, you know, stay on the line here.”

“I think this is a time, a new time of accountability,” he added.

Still, the Emirates and the US maintain close military relations, regardless of the federation making policy decisions disliked by Washington.

Dubai’s Jebel Ali Port is the most-used port of call for the US Navy outside of America. Some 3,500 American troops are deployed in the country, including at Abu Dhabi’s Al Dhafra Air Base and a Navy outpost in Fujairah. The UAE has some $29 billion in pending defense sales with the Americans, including purchasing its most-advanced air defense system known by the acronym THAAD.

For Europeans in particular, Russia’s war on Ukraine has led to a reckoning on the continent’s reliance of Moscow’s natural gas to heat their homes in the winter. Though aided by an unusually warm winter, Europeans are trying to source gas elsewhere while also looking for renewables to fill whatever gaps they can.

“No country is advantaged by having a petro-dictator be able to control their future and their prices and their economy with reckless behavior,” Kerry said, referring to Russian leader Vladimir Putin.

“To the degree there’s something that’s coming out of it that will change things for the better, that is Europe’s deep commitment to big reductions in emissions and to a whole shift in the nature of their energy supply,” Kerry said.

As Davos opens, Oxfam urges windfall tax on food companies

By Kelvin Chan AP Business Writer

LONDON—Food companies making big profits as inflation has surged should face windfall taxes to help cut global inequality, antipoverty group Oxfam said Monday as the World Economic Forum’s annual meeting gets underway.

That’s one of the ideas in a report by Oxfam International, which has sought for a decade to highlight inequality at the conclave of political and business elites in the Swiss ski resort of Davos.

The report, which aims to provoke discussions on panels featuring corporate and government leaders this week, said the world has been beset with simultaneous crises, including climate change, the surging cost of living, Russia’s war in Ukraine and the Covid-19 pandemic, yet the world’s richest have gotten richer and corporate profits are surging.

Over the past two years, the world’s super-rich 1 percent have gained nearly twice as much wealth as the remaining 99 percent combined, Oxfam said. Meanwhile, at least 1.7 billion workers live in countries where inflation is outpacing their wage growth, even as billionaire fortunes are rising by

$2.7 billion a day.

To combat these problems, Oxfam urged higher taxes on the rich, through a combination of measures including one-time “solidarity” taxes and raising minimum rates for the wealthiest. The group noted that billionaire Tesla CEO Elon Musk’s true tax rate from 2014 to 2018 was just over 3 percent.

Some governments have turned to taxing fossil fuel companies’ windfall profits as Russia’s war in Ukraine sent oil and natural gas prices soaring last year, squeezing household finances around the world.

Oxfam wants the idea to go further to include big food corporations, as a way to narrow the widening gap between the rich and poor.

“The number of billionaires is growing, and they’re getting richer, and also very large food

and energy companies are making excessive profits,” said Gabriela Bucher, Oxfam International’s executive director.

“What we’re calling for is windfall taxes, not only on energy companies but also on food companies to end this crisis profiteering,” Bucher told The Associated Press in an interview.

Oxfam’s report said wealthy corporations are using the war as an excuse to pass on even bigger price hikes. Food and energy are among the industries dominated by a small number of players that have effective oligopolies, and the lack of competition allows them to keep prices high, the group said.

At least one country has already acted. Portugal introduced

OIL STEADIES AS INVESTORS ASSESS THE IMPACT OF CHINA’S REOPENING

By Yongchang Chin

OIL steadied as optimism that China’s reopening will boost energy demand was balanced by slowdowns in other parts of the world.

West Texas Intermediate traded near $80 a barrel after rallying more than 8 percent last week. China ditched Covid-19 curbs in late 2022 after years of strict lockdowns. That’s set to improve economic activity and mobility, with analysts forecasting oil demand in the top crude importer will likely hit a record.

Crude has had a bumpy start to the year, collapsing in the opening week before

rebounding. In addition to China’s swift pivot, support for crude prices in recent sessions has come from growing expectations that the Federal Reserve is now nearing an end to rate hikes, and a weakening dollar. Traders are also tracking the impact of sanctions on Russian oil and product flows.

“While China was the primary driver of commodities last week, traders’ sentiment was also boosted by the expectation that the Fed will slow down on rate hikes,” said James Whistler, managing director of brokerage Vanir Global Markets Pte in Singapore. “We see upside, but be wary of a Lunar New Year lag,” he said, referring the nationwide break

next week.

This week, investors will dissect market outlooks from the Organization of Petroleum Exporting Countries as well as the International Energy Agency. The cartel turns in its analysis on Tuesday, followed by the IEA the next day. Extra commentary may come from attendees at the World Economic Forum in Davos.

Time spreads show a mixed picture. Brent’s prompt spread—the difference between its two nearest contracts—is in contango, a bearish pattern that indicates ample nearterm supply. Still, the three-month differential for the global benchmark is in the opposite, backwardated structure. Bloomberg News

Business trusted most in divided world–report

By Courtney Bonnell The Associated Press

LONDON—People worldwide are gloomier about their economic prospects than ever before and trust business far more than other institutions like governments, nonprofits and the media in an increasingly divided world, according to a survey from public relations firm Edelman.

Released late Sunday to coincide with the World Economic Forum’s gathering of business elites and government leaders this week in Davos, Switzerland, the online survey conducted in 28 countries shows that fewer people believe their family will be better off in five years.

Those who believe they’ll be better off dropped to 40 percent from 50 percent last year and hit all-time lows in 24 nations. That is because 89 percent fear losing their job, 74 percent worry about inflation, 76 percent are concerned about climate change and 72 percent worry about nuclear war.

The Edelman Trust Barometer also says 62 percent of respondents see business as both competent and ethical, compared with 59 percent for nongovernmental agencies, 51 percent for governments and 50 percent for the media. That was attributed to how

companies treated workers during the Covid-19 pandemic and return to offices as well as many businesses vowing to exit Russia after it invaded Ukraine.

People still said they distrusted CEOs as well as government leaders and journalists, while trusting their own corporate executives, coworkers and neighbors. Scientists were trusted the most—by 76 percent of respondents.

“The increased level of trust in business brings with it higher-than-ever expectations of CEOs to be a leading voice on societal issues,” said Richard Edelman, CEO of Edelman. “By a six-to-one margin, respondents want more societal involvement by business on issues such as climate change, economic inequality and workforce reskilling.”

But companies face stirring contention by jumping into those topics, with 52 percent saying businesses can’t avoid politicization when they tackle divisive social issues, he said.

Despite the uncertainty, people want companies to stand up for them: 63 percent say they buy or advocate for brands based on their beliefs and values.

Most respondents say business should do more, not less, to deal with climate change, economic inequality and other issues.

This comes as social divisions have become

entrenched, creating a polarized world that has left people feeling like they can’t overcome their differences or even willing to help others who don’t share their beliefs, the survey says.

Less than one-third of respondents said they would help, live with or work with someone who strongly disagrees with their viewpoints.

Six countries—Argentina, Colombia, the US, South Africa, Spain and Sweden—were listed as severely polarized, driven by distrust in government and a lack of shared identity.

If divisions are not addressed, people fear the result will be worsening prejudice and discrimination, slower economic development and violence in the streets, the report said.

More than 40 percent in the survey believe governments and companies must work together to solve social issues, with the onus on the most trusted institution—business— to bring people together.

Most respondents—64 percent—said companies supporting politicians and media outlets that build consensus would help increase civility and strengthen society.

In its 23rd year, the Edelman Trust Barometer surveyed more than 32,000 people online in 28 countries from Argentina to Saudi Arabia to the US from November 1 to November 28.

a windfall tax on both energy companies and major food retailers, including supermarket and hypermarket chains. It took effect at the start of January and will be in force for all of 2023.

The 33 percent tax is applied to profits that are at least 20 percent higher than the average of the previous four years. Revenue raised goes to welfare programs and to help small food retailers.

Oxfam said its analysis of 95 companies that made excess, or windfall profits, found that 84 percent of those profits were paid to shareholders while higher prices were passed on to consumers.

Puerto Rico to privatize power generation amid outages

By Danica Coto The Associated Press

SAN JUAN, Puerto Rico—Puerto Rico announced Sunday that it plans to privatize electricity generation, a first for a US territory facing chronic power outages as it struggles to rebuild a crumbling electric grid.

The move marks the beginning of the end for Puerto Rico’s Electric Power Authority, a behemoth long accused of corruption, mismanagement and inefficiency that holds some $9 billion in public debt—the largest of any government agency.

Many Puerto Ricans already irate and fatigued by power outages were wary of the announcement, given that serious complaints about the length of outages, costly power bills and other issues arose after the island’s government privatized the transmission and distribution of power in June 2021.

Fermín Fontanés, executive director of Puerto Rico’s Public-Private Partnerships Authority, said the board of directors unanimously approved the privatization of generation, including the members who represent the public’s interest.

It was not immediately known which company they selected to take over power generation. A spokeswoman with the authority said the contract was not yet public, in accordance with local laws.

Fontanés said the contract would be sent to the governing board of Puerto Rico’s power company and then to the territory’s governor for his signature. The contract is expected to be approved despite opposition to the privatization.

Carmen Maldonado, vice president of the main opposition Popular Democratic Party, said she and others would fight the plan.

José Luis Dalmau, a party member and president of Puerto Rico’s Senate, said lawmakers would scrutinize the process and demand that workers at the state power company be protected and that the grid is stabilized and number of outages reduced, among other things.

He noted that Puerto Ricans are dismayed with the current situation and demand a more reliable and economic electrical system: “The necessary transformation of our...system is a priority.”

AP reporter Barry Hatton in Lisbon, Portugal, contributed to this report.

RESIDENTS wearing masks shop at a supermarket in the Chaoyang district of Beijing on April 25, 2022. Food companies making big profits as inflation has surged should face windfall taxes to help cut global inequality, anti-poverty group Oxfam said Monday, January 16, 2023, as the World Economic Forum’s annual meeting gets underway. AP/NG HAN GUAN

US Special Presidential Envoy for Climate John Kerry speaks during a session on accelerating clean energy at the COP27 UN Climate Summit, Nov. 9, 2022, in Sharm el-Sheikh, Egypt. US climate envoy John Kerry told The Associated Press on Sunday, January 15, 2023, that he backs the United Arab Emirates’ decision to appoint the CEO of a state-run oil company to preside over the upcoming UN climate negotiations in Dubai, citing his work on renewable energy projects. AP/PETER DEJONG

Libreng Sakay: Encore! editorial

Lux Embourg was the first country in the world to scrap fares on all public transport in 2020. In october 2022, ma lta became the second country in the world to make public transportation free. As of last year, more than 50 cities and towns in Europe have introduced free public transport, citing climate ambitions and social equality as their primary motivators.

Proponents of the revolutionary transport policy say waiving fares helps incentivize people toward mass transit and keeps cars off the road, lowering vehicle emissions and improving air quality in the process. There were more than 300,000 premature deaths attributed to air pollution in the European Union in 2019 alone, part of 4.2 million such fatalities around the world each year.

From cnbc.com: “Washington, D.C. is on the verge of eliminating bus fares for city residents, joining other US cities that are working to make metro bus and rail systems free to ride. Already, Boston, San Francisco and Denver are experimenting with zero fare. In late 2019, Kansas City, Missouri, became the first major US city to approve a fare-free public transit system.”

In our Editorial on September 30, 2022—Why government needs to fund Libreng Sakay program—we underscored the importance of the government’s free ride program, noting that scrapping it during these challenging times would be a disservice to the millions of Metro Manila workers who are the backbone of our economic recovery.

High inflation can push many people into poverty, and some pundits say poverty is the mother of crime. But studies have shown that crime is not driven by poverty alone, but rather by inequality. The more inequality there is, the more incentive for the poor to do something illegal in order to survive. In general, the more inequality there is, the harder it is to maintain peace and order in any place. As prices continue to spiral, the government can help alleviate the suffering of ordinary workers. One way to do this is to fund the Libreng Sakay program. This could be done temporarily, until the government succeeds in taming runaway inflation in the country.

The Marcos administration has shown its responsiveness to the needs of the citizens by heeding the growing call for government to continue its Libreng Sakay program amid soaring inflation. As of December 27, 2022, the Land Transportation Franchising and Regulatory Board recorded a total of 164,966,373 passengers who have availed themselves of the Libreng Sakay program along Edsa last year.

The Department of Budget and Management on Thursday said the national government has allotted P1.285 billion to sustain the “Libreng Sakay” program this year. “We understand the plight of our commuting public. And so President Ferdinand ‘Bongbong’ R. Marcos Jr. gave us a directive to do our part, and to exert our best to help ease their burden. The Service Contracting program, which funds Libreng Sakay, is a big help,” DBM Secretary Amenah F. Pangandaman said (Read, “DBM allots P1.285B to sustain DOTr’s ‘Libreng Sakay’ in 2023,” in the BusinessMirror, January 13, 2023).

The DBM said the Department of Transportation’s Service Contracting program is well funded this year. The program, which gives way to the continuation of the Libreng Sakay, provides free bus rides for the public, including the bus commuters along Edsa. The DBM explained that the Libreng Sakay is a joint program of the DOTr and the Land Transportation Franchising and Regulatory Board to help commuters amid rising prices of commodities and services.

Kudos to the Marcos administration for finding a way to fund the government’s Libreng Sakay program, which benefits about 5.8 million workers in Metro Manila. Giving free rides to these workers certainly helps ease the impact of high commodity prices. Neda said that minimum wage earners are the ones heavily affected by soaring inflation.

The return of travelers

THE EnTrEprEnEur

Authorities have immediately restored normal airport operations and are doing the right things to assure travelers that a similar incident won’t occur again.

Most economists expect the reopening of the economy, removal of restrictions on people’s mobility and business operations to boost domestic demand, employment, services and trade to sustain the gross domestic product growth this year. There is a growing consensus that economic growth will reach 6 percent to 7 percent in 2023, supported by our growing labor market.

The reopening of tourism and educational establishments generated millions of jobs that effectively reduced the unemployment rate in the Philippines in the fourth quarter of 2022.

International visitor arrivals topped the 2-million mark last year, which, along with the recovery of domestic tourism, breathed new life into the transport, hotel, restaurant and retail sectors. While the number was still significantly below the 8-million arrivals registered in

the years prior to the pandemic, it showed we are moving forward to recovering lost grounds.

The recovery of the travel and tourism sector supported the growth in the labor market in the fourth quarter of 2022. Per Philippine Statistics Authority data, the unemployment rate in the Philippines eased to a 17-year low of 4.2 percent in November 2022 from 4.5 percent in October 2022, and 6.5 percent in November 2021, as the labor market sustained its return to the pre-pandemic level. It would have further improved in December, as holiday activities further increased domestic demand.

We now have one of the largest labor markets in Southeast Asia, with 49.7 million Filipinos employed as of November 2022, or up 4.2 million jobs over the past 12 months. The PSA attributed this to the increase in the ranks of wage and salary workers, specifically those employed in private establishments, which made up 48.1 percent of the employed population.

Results of the November 2022

Cash is not king

Labor Force Survey showed the labor force participation rate climbed to 67.5 percent in November, the highest since April 2005.

Finance Secretary Benjamin Diokno estimated that the labor market has recovered 7.2 million jobs since the start of the pandemic in January 2020, attesting to the country’s strong economic recovery.

The services sector, which includes travel and tourism, posted the biggest gains in employment. In fact, accommodation and food services generated 749,694 new jobs, while transportation and storage added 490,586.

A newly-reopened restaurant could easily create five to 10 direct jobs, while a medium-sized resort or hotel could add dozens, in addition to indirect opportunities created in the transport, logistics, retail and services sectors.

The tourism sector, by the estimate of Tourism Secretary Christina Frasco, has generated over 5 million tourism-related jobs since the start of the pandemic. The rise in international travelers visiting the Philippines seems to support her estimates.

International receipts generated from visitor arrivals reached P208.9 billion from February to December 2022, representing a 24-fold increase from P8.5 billion in 2021. The Philippines began reopening its borders to all types of travelers in February 2022.

From just 163,879 international visitors in 2021, foreign arrivals hit 2.65 million in 2022. It also surpassed the 1,482,535 arrivals in 2020, which had a strong first quarter before the pandemic forced authorities to close our borders in

mid-March.

The government expects international visitor arrivals to further improve to 4.8 million in 2023, although the figure would still be below the 8.26 foreign arrivals registered in 2019 before the pandemic.

Of course, it would be a challenge to match the pre-pandemic tourism figures, given the persistent threats of new Covid-19 variants. Just like the Philippines, other nations have yet to fully regain their tourism milestones. Thailand, one of the world’s top destinations, recorded just 10 million foreign visitors in 2022, or just a fourth of the 40 million arrivals it received in 2019.

There is also the matter of enhancing airport management systems, which has become complicated during the pandemic because of the additional health protocols needed to prevent the spread of the virus among passengers. We hope authorities will find ways to reduce the long queues at the airport, prevent delayed flights and make travel experience comfortable for millions of passengers, while ensuring that we observe the best global health protocols.

Our government officials have considered the best possible solutions to keep the Covid-19 situation in check, while allowing our economy, including the travel and tourism sector, to sustain the recovery.

To sum it up, the return of travelers represents the final phase of our economic recovery, which I am confident will be sustained this year.

For comments, send e-mail to mbv_secretariat@vistaland.com.ph or visit www.mannyvillar.com.ph

John Mangun

OuTSIDE THE BOX

IF you use a computer application like Word or Excel, you know that there are certain “default settings” like the font size and what “hot keys” do. The universe also has default settings that we broadly call the “Laws of Physics.”

It is the concept that, without interference, things happen or conditions exist in a certain way. We accept these “scientific laws” because we can repeatedly prove by observation, experiment, and the use of a sound formula to show causal relationship.

The stronger the default setting, the less interference is possible. King Canute of England, Denmark, and Norway did not have the power to stop the ocean’s tide from invading his land. “The settings you chose for

the left and right margins are too large for the page width”.

Money—or interchangeably “cash”—must be able to function as a medium of exchange, a unit of account, and a store of value with the following characteristics: portability, divisibility, and acceptability. While often cited, “limited supply” is not a significant factor as it is only a function of “acceptability.”

But cash is static and therefore inherently worthless—you cannot

Cash is not always king when you are afraid, confused, and thinking short term. That is why the lady on the Titanic grabbed the oranges and not the diamonds before getting onto the lifeboat. If you are anticipating a more favorable future, you get out of cash and go with an investment that will increase wealth longer term even if it carries a risk.

eat it or cover your private parts with it—until it is used as a medium of exchange, which then proves that it was a store of wealth. That P500 note that you stuck in your wallet 20 years ago for an emergency, was just a piece of useless paper until you exchange it for food or clothing.

We swap our time, labor, or expertise for someone else’s “stored wealth” most often in the form of cash. Cash is the default setting, but it just sits there. Pehr G. Gyllenham-

mar, CEO of Volvo, popularized the phrase “Cash is King” after the global stock market crashed in 1987 when people reset their wealth back to the “default setting.”

Despite the high interest rate currently being paid for holding cash and lending it to governments, cash is not king in 2023. No better example is the 25 percent increase in the price of Bitcoin (BTC) since 2023 began. Further, the Dow Jones index—and the Philippine stock market—is up 20 percent since the start of October 2022, followed by gold up 18 percent.

Some of this is attributable to the lower value of the US dollar against global currencies since last September. However, BTC is higher by almost an equal percentage against the yen and the euro. That is more an indication that King Cash is sitting on a shaky throne. But why? What is the general attitude about the future? Optimistic, pessimistic, both?

Manny B. Villar

Th I ngS are looking up for the tourism industry in 2023 despite the airport system glitch on January 1 at the ni noy Aquino International Airport and on January 11 in the un ited States.

China boost for flagging world economy looms as reopening starts

By Enda Curran | Bloomberg Opinion

China’s sudden reopening is set to offer a boost to a flagging world economy.

The growth impulse will be felt through services sectors such as aviation, tourism and education as Chinese people pack their bags for international travel for the first time since the pandemic. Tourism-reliant nations in southeast asia will likely be among the first to note a pick up, with developed economies also benefiting from the return of Chinese visitors.

While China’s economic reboot is expected to be rocky, the dramatic Covid shift coincides with efforts to shore up a real estate slump. That will give a lift to commodity producers like Chile and Brazil.

The impact is already flowing through financial markets. Copper prices have surged through $9,000 a ton for the first time since June, a gauge of Australian mining shares is honing in on an all-time high and the Chilean peso is enjoying its best streak of gains since August, all on China reopening bets.

The head of the International Monetary Fund last week described China’s pivot from Covid Zero as likely the single most important factor for global growth in 2023 and will mean China is a positive contributor to average global growth by around mid-year.

“China’s reopening will deliver a much needed jolt to global growth,” said Frederic Neumann, chief Asia economist at HSBC Holdings Plc. “As the second-largest economy in the world, accelerating Chinese household and investment spending will help put a floor under global trade at a time when demand in the West is faltering.”

For services, China expects the number of international flights to rebound to the equivalent of 15 percent to 25 percent of their pre-pandemic levels by the end of March.

Barclays Plc. analysts including Jian Chang expect a surge in outbound tourism and note data from Ctrip International Ltd. that shows international travel bookings for the upcoming Lunar New Year holiday soared by 260 percent compared with a year earlier. They say developed economies such as the US, UK and Australia will be among the beneficiaries.

Before Covid, China ran a $260 billion services deficit, 85 percent of which was due to outbound tourism, according to Barclays.

Tourist hot spots in Southeast Asia including Thailand and Vietnam are also looking forward to a return of Chinese visitors. Thailand attracted around 11.5 million foreign visitors last year, way down from the 40 million before the pandemic in 2019—when nearly a quarter was from China. The government expects 25 million foreign visitors this year.

At the same time, a domestic recovery in China will lend itself to firmer import demand and the purchases of foreign brands. While official data due Tuesday will likely show retail sales contracted last year,

The head of the International Monetary Fund last week described China’s pivot from Covid Zero as likely the single most important factor for global growth in 2023 and will mean China is a positive contributor to average global growth by around mid-year.

S&P Global has forecast retail growth of 5.8 percent in 2023.

Consumer confidence

For sure, China’s rebound isn’t expected to be linear. How the public health crisis plays out remains to be seen and it could yet leave a long shadow over consumer confidence.

The big slump in property prices will weigh against a consumer rebound. And government stimulus, so far at least, has been relatively restrained.

“When the Covid situation settles down enough for China truly to reopen, probably around March, the reopening boomlet will disappoint in comparison to the developed market response,” said Freya Beamish, chief economist at TS Lombard. “Chinese domestic stimulus has been pale in comparison and the pool of wealth to support pent-up demand is much smaller.”

There’s also a question around how China will impact global inflation. Bloomberg Economics estimates the reopening will push China’s 2023 GDP growth to 5.1 percent, which would add about 0.9 percentage point to global inflation relative to what would happen if Covid Zero policies had continued.

Policymakers are wary of how China may impact prices. Bank of Korea Governor r hee Chang-yong last week acknowledged that while China may boost his nation’s exports, it could also stoke inflation pressures.

“If China’s economy is recovering fast, that might be good for the current account balance of Korea, but it may cause crude oil prices to rise,” he told reporters.Still, for a world economy clasping for good news, a rebound in demand out of China will be welcomed. If the recovery plays out as expected, China may end up accounting for half of global growth, estimates Alicia Garcia-Herrero, chief Asia Pacific economist at Natixis SA.

“Given the meager growth expected for the US and Europe, with downward risk of a recession for both, our expected 5.5 percent GDP growth for China in 2023—even if not impressive—will greatly contribute to global growth,” she said.

if it carries a risk.

Look at the US. The personal savings rate is effectively at the lowest level since record keeping began in the 1950s. In the US—and also in the Philippines—consumer credit excluding home mortgages has never been any higher. The inflation rate may be peaking both here and there, but actual individual prices are still on a definite uptrend.

Cash is not always king when you are afraid, confused, and thinking short term. That is why the lady on the Titanic grabbed the oranges and not the diamonds before getting onto the lifeboat. If you are anticipating a more favorable future, you get out of cash and go with an investment that will increase wealth longer term even

Then again, maybe it is a fatalistic attitude like what was attributed to Greek philosopher Epicurus who supposedly said, “Eat, drink and be merry, for tomorrow we may die.” Nothing to lose perhaps.

However, the best investment opportunities always come from a period of fear. An expression first coined in the 1950s says that a sustained stock market rally begins during a time of economic or financial stress or climbs a “wall of worry.”

That emergency P500 cash you stashed away in January 2003 would have become P2,835 today had you put it on the PSE index.

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.

BusinessMirror

VAT ang hirap mong mahalin

atty. irwin C. nidea Jr.

Tax law for business

JurisprudenCe

on VaT has evolved over the years. The continuous change in interpretation by the courts on the same section of the Tax Code (section 112) has inflicted wounds that never healed, especially on claims for refund where wounds are always fresh.

First, it was well settled in the case of Atlas that the two-year period to file a claim for refund is reckoned from the filing of the quarterly VAT return. The deadline for filing is every 25th day following the end of every quarter. But this was reversed by the Supreme Court in the case of Mirant, where it ruled that the reckoning point in counting the deadline in filing a claim for VAT refund is not from the filing of the quarterly VAT return but from the end of every quarter. When Mirant was promulgated, many VAT refund claims that relied on Atlas were denied because according to the court, claims for refund that were filed two years from the filing of the quarterly VAT return is considered late. This is because a VAT return is usually filed 25 days after the end of the quarter.

Taxpayers bit the bullet and lost a lot of refundable amount that was actually due. For many years, it has been settled in Mirant that the unutilized input VAT payments not otherwise used for any internal revenue tax due the taxpayer must be claimed within two years reckoned from the close of the taxable quarter when the relevant sales were made pertaining to the input VAT regardless of whether said tax was paid or not.

Second, in the case of Aichi, the 120-day period for the Commissioner to decide a claim for VAT refund was found to be mandatory and not just an option. So, if the Commissioner fails to decide within 120 days,

the claim for refund is considered as deemed denied. Taxpayers who relied on previous jurisprudence where waiting for the decision of the Commissioner before elevating to the Court of Tax Appeals (CTA), even after 120 days is an option, have also lost their claims on the ground of late filing.

Third, the term “attributable” to zero-rated sales remains a blur. Some court decisions require taxpayers to prove that an input VAT that is subject of a claim for refund is attributable to zero-rated sales. The BIr argues that taxpayers must prove direct attribution and that only materials that are directly involved in production must be considered attributable to zero-rated sales. There are contradicting interpretations and decisions on this that have left taxpayers in quandary.

But there may no longer be a need to belabor on the definition of “attributable” because Cr E ATE happened. The taxpayer must now contend with a new monster—proving that its purchase is directly and exclusively used for its zero-rated sale.

Cross-border doctrine is dead, automatic zero-rating too. The BIr now requires prior approval for effective zero-rating, which leaves some industries in limbo on what to do if they fail to secure prior approval from the BI r Many are left with no choice but to pass on the VAT to their customers. How can customers recover the VAT that was

Cross-border doctrine is dead, automatic zero-rating too. The BIR now requires prior approval for effective zero-rating, which leaves some industries in limbo on what to do if they fail to secure prior approval from the BIR. Many are left with no choice but to pass on the VAT to their customers. How can customers recover the VAT that was passed on to them? Can they file a claim for refund? They might face a steep legal battle since the SC in Coral Bay has already ruled that if you are entitled to zero-rating but you still allowed your supplier to pass on VAT, you cannot file a claim for refund from the government. Your remedy is to ask your supplier to return the VAT that you must not have allowed to be passed on to you in the first place.

passed on to them? Can they file a claim for refund? They might face a steep legal battle since the SC in Coral Bay has already ruled that if you are entitled to zero-rating but you still allowed your supplier to pass on VAT, you cannot file a claim for refund from the government. Your remedy is to ask your supplier to return the VAT that you must not have allowed to be passed on to you in the first place.

Lastly, the SC in Luzon Hydro has ruled that a taxpayer cannot claim for VAT refund if it has no zerorated sales.

But in a very recent case, the SC went a step further and ruled that the two-year period to file a claim for refund must be reckoned from the time when the zero-rated sale was made.

The SC has effectively superseded its ruling in Mirant, which as discussed above, reckoned the two-year period to file a claim for VAT refund from

the close of the taxable quarter when the relevant sales were made pertaining to the input VAT regardless of whether said tax was paid or not.

This new ruling is effectively saying that the reference point of the two-year period to file a claim for refund is the end of the quarter when the zero-rated sale was made and not when the input VAT was incurred. It must be noted that currently, the reference point by the courts and even by the BIr in granting or denying claims for VAT refund is not when the sale was recorded but when the input VAT was incurred. A claim for VAT refund will be denied for being out of period if the input VAT was recorded beyond the taxable quarter. But if it is true that Mirant has been superseded, how will taxpayers now proceed? How can it reconcile the zero-rated sale during the quarter vis a vis the input that is being claimed during the same quarter? It must be noted that it is probable that the input VAT that was incurred during the quarter of claim is not the one that is attributable to the zero-rated sale during the same quarter. For example, the fuel that were purchased by an export enterprise from which it recorded input VAT during the first quarter of 2023 may not be the same fuel that it used during its production and sale for the first quarter of 2023, as it may still have inventory of fuel that it purchased in 2022.

The evolution of VAT continues. A looming new jurisprudence is scary as it will redefine claims for VAT refund as we know it. old wounds will again be reopened.

The author is a senior partner of Du-Baladad and Associates Law Offices, 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 irwin.c.nideajr@ bdblaw.com.ph or call 8403-2001 local 330.

Biden: Americans should ‘pay attention’ to MLK’s legacy

By Aamer Madhani | The Associated Press

aTLanTa president Joe Biden made a historical pilgrimage sunday to “america’s freedom church” to mark Martin Luther King Jr.’s birthday, saying democracy was at a perilous moment and that the civil rights leader’s life and legacy “show us the way and we should pay attention.”

As the first sitting president to deliver a Sunday morning sermon at King’s Ebenezer Baptist Church, Biden cited the telling question that King himself once asked of the nation.

“He said, ‘Where do we go from here?’” Biden said from the pulpit. “Well, my message to this nation on this day is we go forward, we go together, when we choose democracy over autocracy, a beloved community over chaos, when we choose believers and the dreams, to be doers, to be unafraid, always keeping the faith.”

In a divided country only two years removed from a violent insurrection, Biden told congregants, elected officials and dignitaries that “the battle for the soul of this nation is perennial. It’s a constant struggle...between hope and fear, kindness and cruelty, justice and injustice.”

He spoke out against those who “traffic in racism, extremism, insurrection” and said the struggle to safeguard democracy was playing out in courthouses and ballot boxes, protests and other ways. “At our best, the American promise wins out.... But I don’t need to tell you that we’re not always at our best. We’re fallible. We fail and fall.’’

The stop at Ebenezer came at a delicate moment for Biden after Attorney General Merrick Garland on Thursday announced the appointment of a special counsel to investigate how the president handled classified documents after leaving the vice presidency in 2017. The

White House on Saturday revealed that additional classified records were found at Biden’s home near Wilmington, Delaware.

In introducing Biden, the church’s senior pastor, Democratic Sen. r aphael Warnock noted that the president was “a devout Catholic” for whom “this Baptist service might be a little bit rambunctious and animated. But I saw him over there clapping his hands.”

King, “the greatest American prophet of the 20th century,” as Warnock put it, served as co-pastor from 1960 until he was assassinated in 1968.

Warnock, like many battleground state Democrats who won reelection in 2022, kept his distance during the campaign from Biden as the president’s approval rating lagged and the inflation rate climbed.

But with the election behind him and a full six-year term ahead, Warnock fully embraced Biden at the service. Near the close, he asked Biden to come to the front of the church and asked Ebenezer’s congregants to pray for the president as he listed several of Biden’s legislative achievements.

“That, my friends, is God’s work,” said Warnock, adding that Biden “had a little something to do with it.”

As Biden begins to turn his attention toward an expected 2024 reelection effort, Georgia is going to get plenty of his attention.

In 2020, Biden managed to win Georgia as well as closely contested Michigan and Pennsylvania, where

This moment, he said, “is the time of choosing.... Are we a people who will choose democracy over autocracy? Couldn’t ask that question 15 years ago because everybody thought democracy was settled.... But it’s not.” Americans, he said, “ have to choose a community over chaos.... These are the vital questions of our time and the reason why I’m here as your president. I believe Dr. King’s life and legacy show us the way and we should pay attention.”

Black votes made up a disproportionate share of the Democratic electorate. Turning out Black voters in those states will be essential to Biden’s 2024 hopes.

The White House has tried to promote Biden’s agenda in minority communities. The White House has cited efforts to encourage states to take equity into account for public works projects as they spend money from the administration’s $1 trillion infrastructure bill. The administration also has acted to end sentencing disparity between crack and powder cocaine offenses, scrapping a policy widely seen as racist.

The administration also highl ights Biden’s work to diversify the federal judiciary, including his appointment of Justice Ketanji Brown Jackson as the first Black woman to serve on the Supreme Court and the confirmation of 11 Black women judges to federal appeals courts— more than those installed to those powerful courts under all previous presidents combined.

Biden’s failure to win passage of a measure that would have bolstered voting right protections, a central campaign pledge, is one of his biggest disappointments of his first two years in office. The task is

even steeper now that r e publicans control the House.

In his remarks, the president said that for all the progress the United States has made, the country had now reached a critical point in its history. He said democracies can backslide, noting the collapse of the institutional structures of democracy in places such as Brazil.

“Progress is never easy, but it’s always possible and things do get better in our march to a more perfect union,” he said. “But at this inflection point, we know a lot of work that has to continue on economic justice civil rights, voting rights, protecting our democracy. And I’m remembering our job is to redeem the soul of America.”

This moment, he said, “is the time of choosing.… Are we a people who will choose democracy over autocracy? Couldn’t ask that question 15 years ago because everybody thought democracy was settled.... But it’s not.” Americans, he said, “ have to choose a community over chaos.... These are the vital questions of our time and the reason why I’m here as your president. I believe Dr. King’s life and legacy show us the way and we should pay attention.”

King, who was born on Jan. 15, 1929, was killed at age 39. He helped drive passage of the Civil r ights Act of 1964 and Voting r ights Act of 1965. Members of King’s family attended the service, including his 95-year-old sister, Christine King Farris.

“I’ve spoken before parliaments, kings, queens, leaders of the world ... but this is intimidating,” Biden said in opening his sermon. The president plans to be in Washington on Monday to speak at the National Action Network’s annual breakfast on the King holiday.

Associated Press writer Bill Barrow in Atlanta contributed to this report.

COAST GUARD HALTS CHINA-BOUND MINERAL ORE SHIP IN ZAMBALES

By Rene Acosta @reneacostaBM

THE Philippine Coast Guard reported on Monday that it has stopped a vessel from leaving the province of Zambales for China after an order was issued against its shipment of mineral ore.

The PCG Task Force Aduana assisted in implementing the “Cease and Desist Order against the shipment of mineral ores consigned to Yinglong Steel Corporation (YSC) on board MV Van Knight in Sta. Cruz, Zambales,” the Coast Guard said in a statement.

T he PCG said the Bureau of Customs (BOC) found out that the vessel will transport an “undetermined amount of mineral ore from the Philippines to China.”

T he PCG said that the Department of Environment and Natural Resources-Mines and Geosciences Bureau (DENR-

MGB) declared that the YSC’s mineral ore export permit had been suspended as of January 12, 2023 for allegedly violating Presidential Decree No. 1586 (Establishing an Environmental Impact Statement System, including other Environmental Management Related Measures and for other Purposes).

The PCG Task Force Aduana is currently securing and preventing the said vessel from departing the vicinity waters off Sta. Cruz, Zambales,” the Coast Guard said.

T he problem of unregulated mineral ore shipments leaving Zambales on ships bound for China had been flagged since 10 years ago, particularly after Customs authorities conceded that they had not been able to monitor such strictly.

T he DENR has also been cracking down on unregulated mineral ore extractions in the province of Zambales.

‘Higher rates to be a drag  on PHL property sector’

By VG Cabuag @villygc

AS the Bangko Sentral ng Pilipinas poises more rate hikes and the borrowing rates remain high, the mortgage rates will remain higher and will continue to be a drag on the country’s property sector, online stockbroker Col Financial Group Inc. said in a paper.

In 2022, mortgage rates increased by around 200 bps for the five-year and 10-year loans. We estimate that for every 100 basis points increase in the home loan rate, the monthly amortization increases by around 2.45 percent for the five-year loans and around 4.5 percent for 10-year loans. This reduces the affordability of housing for buyers availing of bank loans, which comprises most of the market,” it said.

It said while the steep rise in rates last year did not substantially reduce take-up sales, this was due to the depreciation of the peso, which benefited the dollar-earnings of overseas Filipino workers. The peso, however, is no longer expected to depreciate as sharply this year against the dollar.

T he soft drop in take-up sales was also attributed to higher demand brought by the reopening of the economy.

“Coupled with the deteriorating global economic outlook, overseas sales could see a slowdown this year. Local sales are also expected to face challenges brought about by higher prices of basic goods, higher mortgage rates and slower economic growth,” it said.

Growth in revenues of residential unit developers will continue to slow down due to the lengthening payment terms, since developers stretched their payment terms to entice more buyers in the last two years, according to the report.

“While most developers have started to shorten their payment periods, they are still far from prepandemic levels. This means that residential units sold since the pandemic started will take a lot longer to book, which in turn will lead to slower top line growth. Also, the stretched payment terms mean developers need to put more of their own capital to work during the construction period. This puts some strain on the balance sheet of smaller developers,” the broker said.

I n the office segment, it said the

high space inventory will keep leasing rates subdued this year though net take-ups will continue to grow.  “ Take-ups were driven by the IT-BPM (information technologybusiness process management) segment and robust demand from the traditional office segment. This year we should see growth in office take-up to continue despite calls for more workplace flexibility among IT-BPM players,” it said.

Despite the positive outlook on demand and take-ups, the office segment will continue to see higher vacancy rates primarily due to scheduled completion of more projects.

“Colliers is forecasting a 20.5 percent vacancy rate in Metro Manila for 2023, up from 19.5 percent in 2022 and 15.7 percent in 2020. Makati and Pasay have the highest vacancy rates as 22 percent, followed by Ortigas as 17 percent.

The vacancy rate should peak this year given the lower new supply expected to be completed in 2024 and 2025,” it said.

“ While overall picture looks bleak, we expect office leasing revenues of listed developers to grow this year due to contribution of new spaces added last year and those to be added this year. Also, rents of existing tenants usually have builtin escalations annually. We expect renewal rate of expiring leases to remain high as they usually have been before the pandemic,” it said.

L easing revenues will grow an average of 6.4 percent, slower than the 9.4 percent growth in the first nine months of last year.

It expects higher revenues from existing tenants and higher mall occupancy rates as retailers gain more confidence and look to take advantage of the robust consumer spending.

“As of the third quarter, operational GLA (gross leasable area) improved to more than 80 percent of pre-COVID levels, foot traffic was around 80-90 percent of pre-Covid level, and tenant sales were almost at par with pre-Covid levels,” it said.

“ We believe fourth quarter numbers will show that foot traffic and tenant sale have exceeded fourth quarter 2019 levels,” it said.

For the year, the broker said it expects mall revenues to grow by an average of 25 percent, slower than the nine months growth of 86.7 percent as there will be no more low-base effect.

Emergency onion importation will not even work, after all

By Jasper Emmanuel Y. Arcalas @jearcalas

THE volume of imported onion that will enter the country this month may be below 5,000 metric tons (MT), as importers showed a weak appetite for the government’s emergency import program.

I n a Senate hearing, Bureau of Plant Industry (BPI) Director Glenn Panganiban disclosed that importers only applied to bring in 25 percent of the 21,060-metric ton onion importation program of the national government. This would translate to about 5,000 MT in applied import volume.

T he BPI only entertained applications for the issuance of sanitary and phytosanitary import clearances (SPSICs) for the onion import program until January 13.

U nder the importation rules released by the agriculture department, the BPI will reject any applications filed after last week’s deadline.

F urthermore, Panganiban pointed out that importers usually use up to half of the approved and issued SPSICs. This would mean that the actual onion import arrivals this month could be even lower than 5,000 MT.

“Only half applied  [for the onion importation]. And usually, that [approved volume] does not arrive in the country totally. So we are expecting less than 5,000 metric tons [to arrive],” Panganiban told the Senate Agriculture and Food

Committee, which heard stakeholders’ views on a Senate resolution inquiring into soaring prices of local onions.

Panganiban also vowed to lawmakers that the BPI would follow to the letter the onion import rules, particularly rejecting late SPSIC applications as well as denying entry any shipments that would enter the country beyond January 27.

E arlier this month, the Department of Agriculture (DA) greenlit the importation of 21,060 MT of fresh yellow and red onions to temper the commodity’s retail prices, which have skyrocketed to more than P700 per kilogram in recent weeks.

S enior Agriculture Undersecretary Domingo F. Panganiban issued a memorandum authorizing the issuance of sanitary and phytosanitary import clearances (SPSICs) for the importation of fresh yellow and red onions.

T he memorandum was addressed to all Bureau of Plant Industry (BPI) licensed onion importers and was dated January 6.

I n the memorandum, Panganiban said the importation program will be implemented “to ad -

dress the supply gap prior to peak harvest in 2023 and to stabilize the continuous increase in the price of fresh onions in the market.”

‘Expected to fail’

IN a report, the United States Department of Agriculture-Foreign Agricultural Service in Manila (USDA-FAS Manila) said the temporary onion import program of the Philippines is “expected to fail” due to stringent import rules.

B ecause of this, USDA-FAS Manila doubted that the onion import program would be able to achieve its “intended result of providing price relief to consumers.”

“ The extreme conditions attached to the unscheduled quota all but guarantee that it will not be filled and likely will not come close to filling,” the USDA-FAS Manila said in its Global Agricultural Information Network (Gain) report published recently.

Furthermore, the international agency emphasized that there are also “several” other conditions that would “reduce the likelihood” that the 21,060-MT quota would be realized.

A mong these conditions include that strict arrival deadline, the limited volume per SPSIC, the few designated ports, restriction on cold storage management, and threat of ineligibility in succeeding importation programs due to failure to use a given quota, according to the USDA-FAS Manila.

“ Given the time restriction, proximity, and shipping lanes, the measure gives strong favor to Chinese exporters over those in Europe

and India. A 40 percent tariff is assessed on all imports, regardless of origin,” it said.

T he USDA-FAS Manila pointed out that China is not the most favored foreign supplier of onions by importers. It noted that the Netherlands accounted for nearly half of the total onion imports of the Philippines from October 2021 to September 2022.

‘Welfare of farmers in mind’ REACTING to the report of the USDA-FAS Manila, Agriculture Assistant Secretary Kristine Y. Evangelista said the import rules were crafted with the welfare of the local onion farmers in mind of the BPI.

Nonetheless, Evangelista pointed out that the low import volume application may bode well with the industry since the 5,000 MT of imports will not totally flood the domestic market.

Evangelista reiterated that the agriculture department would pursue imposing a suggested retail price (SRP) on imported onions to “protect” local farmers.

“ We have an upcoming harvest and farmers are worried that they will be flooded. With just 5,000 metric tons, at least the entire domestic requirement of our consumers will not be purely imported, bulk of it would still come from local production,” she told reporters in an interview on Monday.

The 5,000 metric tons would still have an impact [on farm-gate prices] but the retail market will not be flooded that much,” she added.

Marcos: Ukraine peace talks must be bilateral

WHILE the Philippines supports the end of armed conflict between Ukraine and Russia, the peace talks between the two countries should be done bilaterally, President Ferdinand R. Marcos Jr. said.

M arcos made the remark when asked if he was willing to co-sponsor before the United Nations the proposed peace plan by Ukraine President Volodymyr Zelenskyy.

A mong the pro plan is the restoration of Ukraine’s territorial integrity and the imposition of sanctions against Russia’s aggression.

“ That’s not for us to decide.

Those details are—should there be talks—between Ukraine and Russia,” Marcos told reporters in PR001 en route to Davos, Switzerland to attend the 2023 World Economic Forum.

“ What will they do with the territories that have changed stance, et cetera. That is really clear between the two countries,” he added.

T he President, however, urged Ukraine and Russia to declare a ceasefire to end the ongoing bloodshed between their troops.

Conflict between the two countries erupted last Feb. after Russia launched “special military operations” in Ukraine, which drew in -

ternational condemnation.

Z elenskyy sought support from members of the international community, including the Philippines, to help its cause against Russia.

L ast week, Denys Mykhailiuk, charge d’affaires of the Embassy of Ukraine in Malaysia, disclosed they had requested last year for a phone call between Zelenskyy and Marcos to discuss bilateral cooperation.

However, he noted the request is still pending until now.

M arcos confirmed there was such a request, but he pointed out they have yet to finalize the details

of the said phone call.

T hat’s why we were surprised when the special envoy came out and said we have yet to reply. We already replied but we didn’t get it—we couldn’t get it scheduled,” Marcos said.

T he President assured he is open to having such bilateral talks with Zelenskyy to show support to his cause for peace.

“ I have no problem with talking to President Zelenskyy, especially now that the war in their [territory] has intensified. So of course we are —again on the side of peace and that remains the same,” Marcos said. Samuel P. Medenilla

CLEARED! Part of the Mabuhay Lane in Baclaran in Pasay/ Parañaque side is shown in this photo cleared of side street vendors and illegal parking after the clearing operations of combined government agencies MMDA, DILG, LGUs and the PNP. NONIE REYES

Editor: Jennifer A. Ng

BusinessMirror

Meralco, Aboitiz mull over extension of power deal

By Lenie Lectura @llectura

The Manila electric Co. (Meralco) and Aboitiz Power Corp. may extend their emergency power supply agreement (ePSA) that will expire next week.

“Verbally, I received advice from Aboitiz that they will extend an offer after January 25. But we have not received any from them with respect to the extension of the Dinginin plant. So, I don’t know what will be the capacity offer, if it’s 300 megawatt or less and I don’t know how

the rates will be,” said Meralco First Vice President Jose Ronald Valles during a webinar. Last month, Meralco signed an EPSA with the Aboitiz-led GNPower Dinginin, Ltd. to partially replace the 670-megawatt (MW) PSA with San Miguel Corp.’s South Premiere Power Corp.

(SPPC). The EPSA took effect on December 15, 2022 and will end on January 25.

The EPSA, which has a rate of P5.96 per kWh, will reduce Meralco’s exposure to the Wholesale Electricity Spot Market (WESM) and, in turn, partly shield its customers from volatile and potentially higher generation costs.

It can be recalled that the SPPC halted the power supply to Meralco after the issuance by the Court of Appeals (CA) of the 60day temporary restraining order (TRO) on their PSA.

Meralco then asked SPPC to pay the price difference between the contract price and the WESM price, to which Meralco would be exposed during the effectivity of the TRO.

The claims, Meralco added,

will be on top of all applicable fines, penalties, and liquidated damages under the PSA in the event that the CA eventually resolves the main case and denies the petition of SPPC.

Meralco said it has been exhausting all efforts to protect its customers from potentially higher generation costs, while ensuring continuity of stable, reliable, and least cost power under the current circumstances.

Earlier, the Energy Regulatory Commission rejected the petition of San Miguel and Meralco to increase generation charges due to higher costs of coal and natural gas, noting that the agreed price in the PSA is fixed and the causes cited by the companies were not factors for price adjustments.

Petron concludes tender offer of notes

PETRON C orp. said Monday it has received $37.48 million in tender offer of $50-million senior perpetual capital securities listed in Singapore.

In a disclosure, Petron said that out of the $37.48 million, it is “accepting for purchase $22.47 million in aggregate principal amount of securities at a purchase price of

Peri-Peri expands store network

By VG Cabuag @villygc

LISTED f irm Shakey’s Pizza Asia Ventures Inc. on Monday said its Peri-Peri Charcoal Chicken has opened new stores in Central and North Luzon, further expanding its store network beyond Metro Manila.

“Peri-Peri has grown significantly over the past three years, despite the pandemic. In a short span of time, it has become a strong number two player in the category,” Vicente Gregorio, Shakey’s president and CEO, said.

“It offers a flavor adventure and dining experience like no other, which is why our guests keep coming back for more. Given its strong performance in the Metro, we believe it’s high time to expand to new cities and give their local residents a taste of Peri-Peri.”

In December, the chicken chain opened in Baguio City, a popular mountain town in the northern part of the country known for its cool weather and interesting food finds.

The group also opened in Tuguegarao, the capital city of Cagayan and an emerging area in the North. The new store is at SM Tuguegarao, together with other brands, such as Shakey’s Pizza, Potato Corner and R&B Milktea.

All brands saw record-breaking sales performances, a testament to the pent up demand in new and developing cities and the complementary nature of the company’s brands.

Peri-Peri also built a new store along the North Luzon Expressway Shell of Asia. The outlet is alongside Shakey’s.

Other new branches were also opened in Cabanatuan, Nueva Ecija and Cauayan, Isabela, populous cities in Central and North Luzon in the fourth quarter of 2022.

$927 per $1,000 in principal amount of securities” under the Modified Dutch Auction Procedure.

The date of payment for the offers is set on January 19.

Under the Modified Dutch Auction Procedure, the offeror will determine, in its sole discretion, following expiration of the tender offer, the purchase price for the securities.

Petron has tapped Mizuho Securities Asia Limited as the dealer manager. It also engaged Morrow Sodali Limited as the information and tender agent for the tender offer.

The oil firm earlier said the tender offer is meant to optimize the cost of capital and capital structure. It also provides liquidity to investors at a premium to market price.

Petron is the country’s remaining oil refiner that provides nearly 40 percent of the country’s petroleum requirements. It has put up over 2,000 service stations nationwide.

It booked a net income of P8.2 billion in January to September 2022, 64 percent higher than the P4.99 billion recorded in the same period a year earlier. Lenie Lectura

SEC annuls ASFII’s share acquisitions

Th E S ecurities and Exchange Commission (SEC) annulled Alliance Select Foods International Inc.’s (ASFII) share acquisitions in 2014 and 2015.

In a 33-page ruling signed by SEC Chairperson Emilio Aquino and Commissioners Javey Paul Francisco, Kelvin Lester Lee, Karlo Bello and McJill Bryant Fernandez, the SEC’s En Banc reversed the decision of the Market Securities Regulation Department (MSRD) on a complaint dated November 2, 2020.

The verdict was promulgated last December 15 but was released to the media only recently.

“Wherefore, premises considered, the appeal is hereby granted. The decision of the [MSRD] is hereby reversed and set aside,” the ruling said.

“The ASFII shares acquired by Strongoak, Inc. under the 2014 Private Placement and 2015 SRO are hereby declared void subcriptions and shall be cancelled from the Stock and Transfer Book (STB) of ASFII where these shares shall be considered as unsubsribed, and shall be allocated for subscription by any person who intends to buy the same provided that he/she complies with all the legal requirements; and once the subscription is fully paid, ASFII shall pay Strongoak the price it paid for the subscriptions that were nullified,” it further held.

It stemmed from the

complaint filed by minority stockholders h e dy S.C. YapChua, h a rvest All Investment Ltd., Victory Fund Ltd. and Bondeast Private Ltd.

Yap-Chua and others alleged that the private placement of shares made were null and void as it violated Section 19 of the Securities Regulations Code.

The MSRD, however, junked the complaint for prescription of action and forum shopping on May 19, 2022.

In the assailed decision, the MSRD did not pass upon the matters relating to the possible violation of Section 19 of the SRC and its Implementing Rules and Regulations (IRR), and preceeded to dismiss the complaint on the basis of a finding that Yap-Chua, et al.’s cause of action has prescribed, and that they were guilty of forum shopping.

This prompted them to appeal their case before the SEC En Banc, which found that it impressed with merit.

According to the commission En Banc, the cause of action of the appellants is

not yet barred by prescription.

“While the MSRD took cognizance of the fact that the appellants filed with the Office of the Chairperson a complaint letter on 5 October 2018, it posited that such filing did not toll the prescriptive period because under the 2016 Rules of Procedure of the [SEC], it is the filing of a verified complaint that triggers the commencement of an adjudicative action,” the commission ruled.

Considering the seriousness of the alleged violation, the SEC En Banc held that it found “the complaint filed on 04 October 2018 substantially compliant with the requirements of the 2016 Rules, therefore filed within the period prescribed under Section 62.2 of the SRC, and more importantly, sufficient in substance as to not preclude the commission from acting on the same.”

The SEC also found that the complainants did not violate the rule against forum shopping.

SRA urged to help planters affected by CADPI mill closure

By Jasper Emmanuel Y. Arcalas @jearcalas & Samuel P. Medenilla @sam_medenilla

The Federation of Free Farmers Inc. (FFF) has called on the Sugar Regulatory Administration (SRA) to assist the sugarcane planters displaced by the closure of Central Azucarera Don Pedro Inc.’s (CADPI) sugar mill.

FFF Chairman Leonardo Q. Montemayor said sugarcane planters in Nasugbu, Batangas were left scrambling for a milling plant following the closure of the mill.

Montemayor said FFF has hundreds of members in Batangas who were affected by the shutdown of CADPI’s sugar mill (Related story: https://businessmirror.com.ph/2023/01/16/ cadpi-milling-ops-closure-has-sugar-planters-worried/).

“These are small (sugarcane) planters, and quite a huge number of those are certificates of land ownership award (CLOA) holders. These are CARP [Comprehensive Agrarian Reform Program] beneficiaries,” he told the BusinessMirror in an interview.

“The foremost problem of the sugarcane planters is where they will bring their harvest. The nearest [mill] to CADPI is the one in Balayan being operated by URC [Universal Robina Corp.].”

Montemayor said the closure of CADPI’s sugar mill may discourage sugarcane planters in the area to plant sugarcane in the next crop year. This, he said, may have an adverse impact on Luzon’s overall sugar production.

“If they will have a hard time delivering their sugarcanes then next season they might reduce production as well as hire fewer seasonal farm workers.”

In crop year 2021-2022, CADPI operated for 13 weeks producing 41,682 metric tons (MT) of raw sugar, based on SRA data. CADPI’s raw sugar output in the previous crop year was 31.31 percent lower than the 60,679 MT it produced in crop year 2020-2021.

CADPI was the second largest raw sugar producer in Luzon, accounting for 31 percent of the total 133,403 MT produced last crop year. CADPI milled 477,487 MT of sugarcanes in the previous crop year.

Publicly available online SRA documents showed that the Don Pedro Mill District had 4,835 sugarcane farmers in crop year 2017-2018, bulk of which or about 4,194 were tilling below 5 hectares of land.

Members of the two labor unions of CADPI are now preparing to go on strike as they accused the company of union busting, unfair labor practices, and gross violation of their collective bargaining agreement (CBA).

The Department of Labor and e mployment (DOL e ) ha s launched last-ditch efforts to stop the looming work stoppage in one of the largest raw sugar producers in Luzon.

In a phone interview with the B usiness M irror last Monday, the National Congress of the Unions in the Sugar Industry of the Philippines (NCUSIP) President Roland de la Cruz said majority of the members of the Batangas Labor Union (BLU), which covers the rank and file employees of CADPI, and the Professional Technical Workers Union (PTWU), voted in favor of the strike.

Of the 280 BLU members, only 30 voted against the strike. As for the 60 PTWU members who voted, only 11 are against the work stoppage.

A strike vote is necessary for a labor union to conduct an authorized labor strike.

“Seven days after the submission of the vote strike report, we can already hold a strike,” De la Cruz said.

‘Sudden termination’

The labor leader noted that his group filed a notice of strike in response to the “sudden announcement” of the CADPI management to terminate the employment of 125 workers of its milling department last December 15.

The termination took effect on January 15.

The CADPI management cited “inadequate sugar supply” in its decision to permanently shutter the company’s sugar milling operations.

De la Cruz said the move by the CADPI management “constituted unfair labor practices, illegal lockout, and gross violation of CBA” since it was abruptly disclosed to the affected workers and is also “a form of union busting.”

“From the rank and file, 10 union members were affected while for supervisory [union], 5 were affected.”

DOLE intervention

I N an at tempt to avert the looming strike, DOL e w ill conduct another conciliation and mediation meeting this week for the management and union members of CADPI.

“DOL e t hrough the NCMB [National Conciliation and Mediation Board] has been conducting conciliation conferences with the union leaders. The dispute stemmed from the permanent closure of the milling department of the company which affected 125 workers,” Labor Secretary Bienvenido e Laguesma told the BusinessMirror via SMS.

During the upcoming meeting, De La Cruz said the unions are hoping that the management of CADPI will decide to continue its milling operations especially amid sugar shortage.

h o wever, he noted that over half of the affected workers have already accepted their termination package and quit claim.

DOL e - Region 4-A Director Ma. Karina B. Trayvilla said the agency is preparing livelihood aid for the displaced CADPI workers.

“We have proposed for livelihood and emergency employment assistance for the affected employees, field workers including small planters. We are waiting for the approval of the Central Office,” Trayvilla said in a Viber message.

Benedicta Du-Baladad is new MAP president

The Management Association of the Philippines (MAP) said Benedicta Du-Baladad has taken on the role of leading the business organization for 2023 with her election as its 75th president.

According to MAP, Du-Baladad is the founding partner and C e O of Du-Baladad & Associates (BDB Law). It noted that the newly-elected president brings to the table a “solid experience” in management being an accountant and a lawyer, with a joint degree of Masters of Law and International Tax program at the h a rvard University. h er experience, expertise, determination, and strong will, all contributed to making BDB Law one of the leading tax and corporate law firms today leading to its consistent recognition as an outstanding tax law firm by international ranking bodies, including the Chambers and Partners, International Tax Review, Legal 500 and Asia Legal Business,” MAP said in a statement on Monday.

The business organization also said Du-Baladad was the President of the Financial e xecutives Institute of the Philippines (FIN e X ) in 2017. In fact, MAP noted, she spearheaded the creation of the FIN e X A cademy as a center of learning and excellence on capital market development in the country. From 2019 to 2022, MAP said Du-Baladad served as the co-chairman of the Capital Market Development Council (CMDC).

Finex is a platform of national advocacy for financial issues while CMDC is a joint publicprivate sector coordinating body tasked to promote and develop the Philippine capital market.

MAP said Du-Baladad also served in various posts in offices involved in operations, policy formulation and legal as she is a former official of the Bureau of Internal Revenue (BIR). It noted that one of her significant contributions in the BIR was the setting up of and designing the organizational structure of the Large Taxpayers Service (LTS).

Du-Baladad moved to the private sector in 2001 and shortly thereafter became the president of the Tax Management Association of the Philippines.

Banking&Finance

NY Court has jurisdiction over case vs RCBC

By Cai U. Ordinario @caiordinario

THE Supreme Court of the State of New York, the first instance trial court, affirmed that it has jurisdiction over the case filed by the Bangladesh Bank against RCBC and its current and previous employees.

said New York is a “convenient forum to try the case.”

RCBC’s disclosure to the Philippine Stock Exchange (PSE) stressed that the decision and order did not cover the merits of the case and only resolved “jurisdictional issues.”

“The Decision and Order merely resolved the jurisdictional issues and is not in any way, a finding of liability on the part of RCBC or any of the individual defendants,” RCBC stated in a disclosure on Monday.

“RCBC will continue to defend the case vigorously and is considering all options, including the possibility of an appeal against the denial of the

motions to dismiss,” it added.

In a separate statement sent to news agencies, RCBC said the decision was made by the New York Court “notwithstanding that most of the witnesses to the case and evidence to be presented would be from the Philippines.”

“According to the New York Court, the advent of technology now allows persons and evidence found in the Philippines to be examined on the opposite side of the globe,” RCBC said.

The bank added that to this day, more than six years after the Bangladesh bank heist, what happened within the halls of the Bangladesh

bank that led to the heist “remains unexplained.”

RCBC noted that the Bangladesh bank has not released a report on the incident to reveal “what truly occurred within the confines of their offices and people they control.”

It was in 2016 when a cross-border electronic heist made headlines, as hackers were able to steal $81 million of Bangladesh Bank’s funds, funds that were deposited in the Federal Reserve Bank of New York.

The stolen money eventually found its way into the Philippines through accounts in RCBC, where much of it was withdrawn and disappeared into

the country’s casino sector.

In mid-2016, following investigation and processing of the issue, the Bangko Sentral ng Pilipinas (BSP) sanctioned RCBC with P1 billion in fines—the largest amount ever to be imposed as a fine for a banking institution in the Philippines.

The incident also prompted officials to include the gaming houses in the Anti-Money Laundering Council’s (AMLC) coverage and in 2018, President Duterte signed into law Republic Act 10927, effectively designating casinos as covered entities under the Anti-Money Laundering Act of 2001.

FOMO FOBO Lawmakers eye imposition of tax on luxury goods

THERE are so numerous initialisms and acronyms we see in digital platforms that we even have to perform an Internet search on what they mean. It is very likely one may have observed a Millennial or a Gen Z mention use the terms “ICYMI,” “AFAIK,” “IIRC,” “ATM,” “SMH,” “IMHO,” “IRL” or “FTW.”

In this article, I will be focusing on two terms that may have just gained traction during the last decade (2010s) but—I am willing to bank on the odds—you have experienced these two earlier in your life: FOMO and FOBO.

Have you felt jealous that while others are having a good time, you are doing something else that is less enjoyable? How about feeling restless because you might have missed something fun? FOMO, or “fear of missing out,” is the feeling of uneasiness with the thought of foregoing something that others are currently experiencing or enjoying.

It is one of the traps that we usually face when it comes to personal financial planning (think of the adage “Keeping up with the Joneses”). New gadgets, fashion fads, food, travel—there are so many things that we might miss! This psychological phenomenon derails us from reaching our financial goals by making us spend today what should have been saved or invested instead.

How can we deal with this fear?

I suggest that one should have a financial plan, with goals that are specific, measurable, attainable, realistic, and time-based, or “Smart.” Your goals should also reflect what makes you content and what makes your life fulfilled and worthwhile.

Once you have your goals, it is easier now to pass up on the next big thing that is currently trending if it does not fit your plan currently. Or if you really want to have that gadget, vacation, or anything, you can include it as one of your goals and work towards it.

Another perspective is to view unwise spending due to FOMO as a step back from achieving your financial goals—think about the fear of missing out (YES) on having comfortable retirement, a memorable, well-deserved vacation with loved ones or having that insurance coverage that makes you sleep better at

night as few examples.

On the other hand, FOBO, or “fear of better options,” usually results to inaction caused by act of waiting for a better alternative. An example of this is an applicant waiting for a better job offer from the one offered. In personal finance, one can be drowned in data of funds or investment returns from various investment companies or from extent of coverage from numerous insurance companies to the point of being stumped and unable to act accordingly, eventually hoping for a better investment vehicle or insurance policy coverage to be available.

Dealing with FOBO is just similar to dealing with FOMO—having a financial plan anchored on Smart goals and with the current financial resources one has. Such comprehensive financial plan gives an individual or a household concise idea regarding the extent of insurance coverage needed and the investment returns required to meet financial goals for example.

With a plan, one will not feel overwhelmed with the range of financial products available in the market as what is needed has been assessed already. Bear in mind that financial products to be bought should be suitable and aligned with the goals of an individual or household.

In my opinion, experiencing FOMO and FOBO is normal. Denying its presence is like sweeping dust under the rug. What’s important is the awareness that these two exist and that we have an approach to deal with these when it comes to our own respective financial situations—having a financial plan addressing our financial responsibilities and with goals which reflect what makes our lives content and fulfilled.

John Hero Salvador is a registered financial planner of RFP Philippines. To learn more about investment planning, attend the 99th batch of RFP program this January 2023. To register, e-mail info@rfp.ph or text at 0917-6248110.

By Jovee Marie N. dela Cruz @joveemarie

AMID calls to tax the rich, the chairman of the House Committee on Ways and Means on Monday said the panel is studying the imposition of non-essentials goods taxes on several lines of luxury items.

Albay Rep. Joey Sarte Salceda issued his statement in response to calls from international organizations like Oxfam International that the Philippine government impose taxes on the country’s super-rich.

The calls were also made as President Ferdinand R. Marcos Jr. heads off to the World Economic Forum where he will address the world’s richest individuals and countries.

“I can’t target one specific section of the population for what they supposedly own. They will simply apply for foreign citizenship and move their money to other countries that will be happy to take them,” Salceda said. “But wealth induces luxurious lifestyles―what economists call conspicuous consumption. We can slap taxes on those items, since they won’t mind paying them anyway.”

Salceda is referring to Section 150 of the Tax Code, as amended, which currently imposes a 20-percent tax on the price of jewelry, perfumes

and yachts.

The lawmaker added that the committee will definitely pass a measure expanding that list.

“But we will discuss which items can generate the most revenue for the least effort.”

Salceda said his committee is particularly studying taxing the following: wristwatches, bags and other leather items above P50,000; private jets; luxury cars above P5 million; the sale of residential properties above P100 million; beverages above P20,000 per bottle; and, traded paintings above P100,000, among other items.

“Generally, the point of the debate will be what can be universally considered ‘luxury,’” the lawmaker said. “To me, it is when an item is beyond reasonable reach of the vast majority of the population and is not necessary for any essential function.”

Salceda added that the correct valuation of real property in the country is “also an essential step in ensuring that we tax the rich properly.”

“Instead of taxing highly mobile or movable capital such as cash, stocks, bonds and other financial instruments, we can tax luxury real assets better,” Salceda added. “And we won’t have to create new taxes, because we are supposed to value those properties correctly anyway.”

Obscene inequality levels

OXFAM and its Philippine affiliate noted that “Inequality experienced in the Philippines is starker with the nine richest Filipinos having more wealth than the bottom half [55 million] of the population.”

Salceda agreed that “the levels of inequality in the country are obscene.”

“That’s not just in income or wealth. That is also present in concentration of economic power. We have the highest concentration of business in the hands of a few among all Asean countries,” he said. “And it leads to having a cartel pretty much in every essential industry.”

However, Salceda said that “taxing much needed capital will lead to more problems than solutions.”

“I want the rich to keep their money in the Philippines and spend it on our development,” the lawmaker said. “Driving them away by taxing highly mobile assets solves nothing for the country.”

Definitely an option

MEANWHILE, Salceda said taxes on the rich could lead to lower taxes on working class.

He said that the reforms he has pushed for tended to “take from the rich a fairer share and lower tax rates for everybody else.”

Salceda cited the Train law (Republic Act 10963) and Create law (RA 11534) as examples.

He explained that the Train law increased income taxes on the superrich, but lowered taxes for the rest of the public—some 99 percent of payers of personal income tax.

Meanwhile, the Create law, Salceda said, clawed back some of the tax incentives from overgrown or over-pampered industries but lowered corporate income taxes for everybody else, especially small businesses.

“If we can raise more consumption taxes on luxury items, we might be able to begin lowering the VAT [value-added tax] for most other things,” the lawmaker said. “That’s definitely an option—if we can raise enough revenues from the purchases of the rich.”

Earlier, Makabayan bloc has refiled House Bill (HB) 258, which seeks to impose “super-rich tax” on individuals with net value assets exceeding P1 billion.

The bill proposed a tax on the super-rich: a tax of 1 percent on wealth above P1 billion; 2 percent on wealth above P2 billion; and, 3 percent over P3 billion.

The bloc said the proposal will raise P236.7 billion annually just from the 50 richest Filipinos alone.

TRaiN law seen to expand taxpayers’ take-home pay

By Butch Fernandez @butchfBM

SENATOR Sherwin T. Gatchalian said last Monday that most individual taxpayers are expected to bring bigger take-home pay this year as provided in the Tax Reform for Acceleration and Inclusion, or “TR AIN,” law (Republic Act 10963).

In helping craft the final version of the TRAIN Law, the senator said that starting 2023, taxpayers earning more than P250,000 a year but not over P8 million will be covered by lower income tax rates ranging from 15 percent to 30 percent from 20 percent to 32 percent previously, as provided by RA 10963.

Gatchalian cited, for instance,

Govt raises target amount for T-bills sale

By Jasper Emmanuel Y. Arcalas @jearcalas

FOR the first time in five months, the national government was able to fully raise its intended amount of P15 billion from a single auction of Treasury bills (T-bills) as investors’ asking rates continue to ease.

The Bureau of the Treasury’s (BTr) auction committee on Monday fullyawarded the P15-billion T-bills in 91-day, 182-day and 364-day tenors, which were oversubscribed by three times.

This was the first time since August 15, 2022 that the Treasury was able to fully-award a T-bills auction. The Treasury struggled to raise money from the local debt market in the previous quarter as investors sought for higher

interest rates last year.

Treasury data showed that offers for the 91-day T-bills reached P16.321 billion while the 182-day T-bills had P15.2 billion in total tender. The 364-day Tbills saw a total offer of P14.37 billion.

The average interest rate for the 91day T-bills was at 4.25 percent, lower than the 4.389 percent secondary market benchmark level.

Meanwhile, the average interest rates for the 182-day T-bills and 364day T-bills were at 4.967 percent and 5.448 percent, respectively. The interest rates for the government securities were in line with secondary market benchmark levels that were pegged at 5.045 percent for 182-day T-bills and 5.413 percent for 364-day T-bills.

This is now the third consecutive week that the Treasury was able to raise

over P10 billion from the sale of T-bills.

The Treasury raised P14.75 billion on its T-bills Auction last January 9 and P13.65 billion last January 3.

At the start of the year, National Treasurer Rosalia V. De Leon expressed optimism that the BTr’s auctions would continue to see near full-awarding of T-bills.

The national government seeks to raise a total of P200 billion from the sale of T-bills and Treasury bonds this month.

For the whole year, the national government plans to borrow P2.207 trillion with a 75:25 mix in favor of domestic sources. In terms of domestic borrowings, the national government aims to raise a total of P1.654 trillion, P54.1 billion of which coming from the sale of T-bills.

that a public school teacher categorized as Teacher 1 with a monthly salary of P27,000 or Salary Grade (SG) 13 and who has an annual income of P351,000 will now have monthly tax savings of P420.83 or P5,050 for the entire year. Another case he cited is a public hospital nurse—categorized as Nurse III or SG 17 who has an annual income of P559,390 or P43,030 monthly—will now have monthly savings of P1,289.13 or annual tax savings of P15,469.50.

Inaasahan natin na lalo pang lalakas ang domestic consumption na may malaking kontribusyon sa paglago ng ating ekonomiya. Dahil sa pinababang buwis, mas mataas ang take-home pay ng mga empleyado na magiging malaking tulong sa gitna ng mataas na presyo ng mga bilihin.”

[We expect domestic consumption, which is a major contribution to the growth of our economy, to further strengthen. Due to reduced taxes, employees’ take-home pay will be higher, which will be a big help amid high commodity prices.]

Additional savings

GATCHALIAN noted the case of a sales and marketing junior executive with a monthly salary of P22,500 or an annual income of P292,500.

“His/her savings of P2,125 yearly or P177.08 monthly can buy him/her 2.5 kilograms of regular milled rice and 12 eggs estimated to be worth P176.50,” the senator said. He also cited the case of an information technology junior executive who earns P45,000 monthly or P585,000

yearly, noting that additional food items can be bought with an additional monthly savings of P1,395.83 or P16,750 annually.

“Dahil sa mas mataas ang kanilang kita, inaasahan din natin na magiging maganda itong insentibo para sa mga empleyado na lalo pa nilang paghusayan ang kanilang trabaho at magtulak sa kanila para mag impok o kaya ay mamuhunan,” Gatchalian said. [Because their income is higher, we also expect that it will be a good incentive for employees to improve their work even more and push them to save or invest.]

“Individual taxpayers with annual taxable income amounting to P250,000 or below will continue to be exempt from paying income tax,” he added.

ARBITRAGE TRADE

This October 26, 2022, photo shows a man pedaling past the Bank of Japan (BOJ) building. The spread between the prices on Japanese 10-year debt and similar-maturity futures has swelled in recent weeks, providing room for so-called basis trades that try to take advantage of the difference.

The gap widened as the Bank of Japan bought bonds to support prices in an effort stave off growing wagers that its yield-curve-control policy will end as soon as its meeting this week. BloomBerg News

Editor: Dennis D. Estopace

In

said the

Supreme Court of the State of New York, the first instance trial court,

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John Hero salvador

Lizanne Uychaco and her paintings of perennial prosperity

icon of her artworks. “There are general things that bring good luck that can go anywhere. So it’s not always about feng shui, because art is art.”

HARNESSING “energy forces” to maximize luck under belief systems such as the Chinese Zodiac deal with time-specific variables. The year of one’s birth, for example, determine what colors are most auspicious, or what numbers must be avoided.

How, then, does a visual artist like Lizanne Uychaco, whose art espouses the principles of feng shui, ensure that her paintings’ promise of prosperity applies to everyone, while standing the test of time and changing signs?

“Some things are perennial, like the coin,” the Filipino-Chinese artist said, referring to the central

In time for the Chinese New Year, Uychaco headlines the 22nd edition of Conrad Manila’s Of Art and Wine series with a solo exhibition, titled Colors of Prosperity. The show opened on January 10 and will be on view until March 18 at the Pasay City hotel’s Gallery C. Showcased are Uychaco’s 34 artworks rich in textures and symbols intended to attract good luck, harmony and success. Most of the pieces feature the artist’s signature recurring symbol, the oriental coin, with its round shape and void square representing heaven and earth, yin and yang. The balance serves as the basis of the I-Ching, or the circle of life, and the Zen of meditation.

When Uychaco was five years old, she caught a great illness that forced her to drop out of school. Her parents, who heavily subscribed to Chinese beliefs, brought her to a monk. She was handed with what was promised to her as a “magic coin.”

“’You will get well, you will be very lucky, you will

CONTINUED ON B5

Benildean artists dominate Animahenasyon Festival

THE Animation Council of the Philippines Inc. celebrated the talents and skills of professional and promising Filipino cartoonists and creators at the recentlyconcluded 16th Animahenasyon Philippine Animation Festival.

Motivated to provide a venue for Filipino creatives to showcase ideas and meet established industry experts, the annual competition included a series of plenary sessions and classes, technical workshops and exhibitions.

The Student Division of Animahenasyon competition was dominated by the homegrown talents from the Animation Program of the De La Salle-College of Saint Benilde School of New Media Arts (SNMA).

Benildean Mikayla Elise Lariosa swept

the Grand Prize and the Best in Storytelling titles for her three-minute short Dear Friend. Revolving around the bond between a semicircle toy and a piece of clay, it sheds light on the importance of social support system.

“As a person who still struggles with accepting the way I look, I wanted to inspire people to start opening up to each other about the way they feel about themselves,” Lariosa shared. “If we share the experience together, we can help each other feel less alone in dealing with our own pressures— creating safe spaces for people to process the irrational thoughts they may have about themselves.”

Frankie Aldana took home the Best Nonnarrative Animation and Best Production

Design recognitions for It’s Just a Cupcake, a commentary and an awareness film about eating disorders. It stars Bo, whose anxieties around food take shape in a spiky little shadow monster.

“I wanted to focus on sharing the feeling over anything else because I wanted my film to encourage understanding through empathy,” Aldana explained. It’s Just a Cupcake likewise clinched The John Martin Award, an annual recognition given to a professional or a student participant per year.

Mitzi Lim earned the Jury’s Special Citation for Binhi, which is about the journey of a lumberjack, a forest spirit, and the implications of excessive logging.

“I wanted to show the consequences

of our choices,” she declared. “I think it is important to relay this message given the current environmental crisis our country is going through.”

To complete the roster of winners, Dionisio Bacudio III from Jose Rizal University won the Best Technical Award for Guhit.

The Collector by his schoolmates Gerry Garcia, Austine Leigh Abedejos, Elvin Matthew Nido, Creshane Zaslove Pausal and Jong Won Teves was first place for the Audience Choice Award.

For more information about Animahenasyon, visit www.facebook.com/ AnimahenasyonPH. To learn more about Benilde Animation Program, visit www. benilde.edu.ph/animation.

TODAY’S HOROSCOPE

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Zooey Deschanel, 43; Michelle Obama, 59; Jim Carrey, 61; Steve Harvey, 66.

HAPPY BIRTHDAY: If you help without asking for something in return, the rewards will surpass your expectations. A change of heart will occur if you appreciate the little things in life that put a smile on your face. Put your energy into personal growth, fitness and health, and you’ll accumulate momentum that will carry you throughout the year and beyond. Live life your way. Your numbers are 4, 11, 17, 24, 31, 35, 42.

ARIES (March 21-April 19): Your creative drive will push you above and beyond your dreams, but before you sprint toward the finish line, consider the logistics behind your plans. Recognize your skills and where best to apply them before you accept a challenge. Avoid emotional spending. ★★★

TAURUS (April 20-May 20): An unexpected change will limit your achievement. Look for an alternative route, and reach out to those who owe you a favor. Keeping up will require skill, precision and a unique way of approaching your goal. ★★★

GEMINI (May 21-June 20): You’ve got your mojo in high gear and are on the road to victory. Concentrate on what’s most important to you to avoid taking on too much and falling short. Call in experts to handle what you can’t do yourself. Learn from experience. ★★★

CANCER (June 21-July 22): Don’t make a faux pas because you are underprepared and overly confident. Pay attention to detail, and strive to put your imprint on whatever you pursue. You may not like change, but it’s necessary to come out on top. ★★★

LEO (July 23-Aug. 22): Rewards are apparent. Plan to do things you enjoy. Attend a function that allows you to mix business with pleasure or to expand your circle of friends. You’ll make an impression on someone important if you follow through with your promises. ★★★★★

VIRGO (Aug. 23-Sept. 22): Don’t mix emotions with responsibilities. It’s best to clear your calendar before you take on a new project. An unusual conversation will offer insight that reconstructs how you think and proceed. Validate what you hear before passing it along. ★★

LIBRA (Sept. 23-Oct. 22): Show off what you have to offer. Don’t limit what you can do because you are scared or intimidated by someone unpredictable. Consider what and who moves you, then head in that direction. Today it’s necessary to give up something in order to grow.

SCORPIO (Oct. 23-Nov. 21): Expect to face opposition at home and when dealing with partners. Refuse to let your emotions jump in and take over. Giving someone the upper hand will make your journey difficult. Be direct, make your intentions clear and proceed. Protect your health. ★★★

SAGITTARIUS (Nov. 22-Dec. 21): Question your motives before you make a move. Your heart must be in the right place to get the best results. An improvement at home will give you the space you need to take on a new project that can raise your income.

CAPRICORN (Dec. 22-Jan. 19): Observe, listen and be reasonable. Overreacting will put you in a precarious position. Keep life simple, make positive changes at home and set up a plan to help you save for something important. Take better care of your health and loved ones. ★★★★

AQUARIUS (Jan. 20-Feb. 18): Take a moment to collect your thoughts and consider how best to respond to what’s happening around you. Don’t be afraid to take the road less traveled. Be secretive regarding your plans until you have everything in place. ★★

PISCES (Feb. 19-March 20): Let your creativity lead the way. Presenting who you are and what you can do will attract attention. An opportunity to travel and meet with someone who recognizes your talents and values your input will change how you work and play. ★★★★★

BIRTHDAY BABY: You are engaging, confident and persuasive. You are informative and welcoming.

Team Jolly, Sparkada members take prime-time spotlight via ‘Caught In His Arms’

EACH night will be filled with love, thrills and inspiration for TV audiences as GMA brings to light its first primetime offering for 2023, Luv Is: Caught In His Arms, which debuted yesterday, January 16. The program is bannered by Sofia Pablo as Florence and Allen Ansay as Nero, together with the Sparkada boys: Michael Sager as Owen, Vince Maristela as Tristan, Raheel Bhyria as Aldus, Sean Lucas as Troy.

Sofia and Allen, or also known as Team Jolly, shared how grateful they are to headline their firstever primetime series.

Said Sofia: “I’m really thankful na pinagkatiwalaan kami ni Allen for this project. Ang saya-saya namin and I hope makapagpa-kilig kami. Bilang paghahanda naman personally, nag-aral akong magluto online kasi si Florence, my character, magaling magluto. Gusto kong ibigay ang best ko kaya ’yung cooking scenes dito, ako talaga ’yun.”

Allen adds: “Nagpapasalamat kami sa GMA Network at Sparkle sa ibinigay nilang tiwala. Talagang binigay ko ang 100 percent ko rito kasi si Nero napakalayo sa totoong Allen, the way na magsalita at gumalaw.” Completing the cast are some of the country’s well-established artists in films and television: Ariel Ureta, Audie Gemora, Debraliz Valasote, Bobby Andrews, Gio Alvarez, Denise Joaquin, Rain Matienzo and Boom Labrusca.

The drama is a production of GMA Network in collaboration with Wattpad WEBTOON Studios. Based on the breakthrough web novel of Ventre Canard, it follows the story of Florence, a beautiful and bubbly teenager who loves to cook.  She was awarded a scholarship from the prestigious Gyronella University. However, she had to set her dreams aside after her father was diagnosed with a heart ailment. Florence looks for a job to make ends meet and fortunately, she gets an opportunity to cook for the Ferells, one of the richest clans in town.

In the Ferell mansion, Florence meets the amiable Lolo Garpidio and his five grandsons, Owen, Tristan, Aldus, Troy, and Nero—the most mysterious of them all. Every day seems like a struggle for Florence as the five guys pester and annoy her. But in return, Florence uses her culinary skills to slowly win their hearts, especially Nero who will soon develop feelings for her.

GMA assistant vice president for drama Helen Rose Sese guarantees that the audience will love the young and fresh stars of the series: “Based sa material, kitang-kita na may mga ibubuga sila and we’re proud of them. Salamat sa support at tulong ni [director] Barry Gonzalez dahil naging magaling sila sa acting. Makikita ng viewers sa palabas kung gaano sila ka-deserving sa project na ito.”

Meanwhile, Wattpad WEBTOON Studios development executive and creator manager for international operations and strategy Ryan Benitez talks up their journey with the network: “We have been working with GMA to find the perfect story to launch this partnership and Caught In His Arms was one of our most-well loved stories. We are so glad that we have partnered with GMA because they understand our vision.”

Director Barry Gonzalez details how the cast developed chemistry and camaraderie throughout their lock-in taping: “Sobrang nagulat ako kasi overwhelming ’yung galing ng mga batang ito. Magaling ang Sparkle kasi tama ang pagpili sa kanila, lahat sila nagexcel nang sobra. Mahirap siya nung una pero nung tumagal, nagtutulungan na sila kaya sobrang saya at fulfilling.”

Luv Is: Caught In His Arms airs weeknights at 8:50 pm on GMA, and at 11:30 pm from Monday to Thursday and at 11 pm every Friday on GTV.

Major show for Louie O.

CELEBRATED

director Louie Ocampo marks a major milestone in his illustrious career with a two-night concert (February 4 and 5) at The Theater at Solaire in Parañaque’s Entertainment City.

Produced by Viva Live and billed as Lang, Ocampo will be joined by the country’s top performance artists who have also become his friends over his 45 years in the music industry. Some of the singers who have accepted the invitation to join this special show are Basil Valdez, Sharon Cuneta, Sarah Geronimo, Zsa Zsa Padilla, Marco Sison, the APO’s Jim Paredes and Boboy Garovillo, Regine Velasquez, and his dear friend Martin Nievera who calls him Louie O.

The title of the concert was inspired by the comment of a losing contestant in a local television singing search who posted those three words on social media the day she lost because Ocampo apparently did not vote for her. The post went viral for a few days, and the amateur singer eventually apologized to the composer.

Ocampo is aware that as an artist, it is impossible to please everyone. “Even as a songwriter, one is never too sure if his composition will be recorded or received well. There is really no formula to guarantee a hit song and in the same manner, there are also a lot of factors why a song becomes a hit.”

The 62-year-old composer, lyricist and arranger remains highly admired, and is also much soughtafter in the concert circuit as a music director. Take these titles of his timeless hits and the singers who collaborated with Ocampo: “Kahit Isang Saglit” (Verni Varga), “Say That You Love Me” (Basil Valdez), “You are My Song” (Martin Nievera), “So Many Questions” (Side A), “Ikaw” (Sharon Cuneta), “Don’t Say Goodbye” (Pops Fernandez), “Closer You and I” (Gino Padilla) and “Ewan” (The Apo Hiking Society).

There is one name though who is always brought up every time talks shift to Ocampo and his colorful romantic life: Joey Albert. The singer, who is now based in Canada, once played beautiful music with Ocampo, and the romance led to many unforgettable songs like “Ikaw Lang ang Mamahalin,” “Yakapin Mo Ako,” “It’s Over Now,” “You Threw it All Away” and perhaps the best of the lot: “Tell Me,” which became a

her to tell her that I miss her and that I was going to see her soon. Then I said, ‘I love you, like I always do,’ but she was just silent. I asked her why she was quiet

devastated. Then I started writing a song which would Ocampo’s other songs also have unforgettable back two-night concert. We were told tickets are already selling like hotcakes, because this show of Louie O. is expected to be one for the books. n

UK royals appear for first time after Harry’s book published

LONDON Members of the UK royal family appeared in public on Thursday for the first time since the publication of Prince Harry’s explosive memoir, touring charities and a hospital as they got on with the task of being working royals.

Prince William and Kate seemed relaxed as they arrived at Royal Liverpool University Hospital in the home city of The Beatles, but they were confronted by a man outside the media area in blustery conditions who appeared to say: “Do you ever plan to comment on Harry’s book, sir?”

The couple ignored the question and soldiered on, touring the critical care ward, meeting nurses and posing for selfies.

King Charles III, meanwhile, traveled to Scotland to meet with local groups that help combat rural isolation. After “Scotland The Brave” rang out on the pipes, Charles toured the Mid-Deeside Community Shed,

near Aboyne in Aberdeenshire, and watched craft skills including wood and stone carving in action.

Harry’s book Spare offers myriad

revelations and accusations, many of which have been splashed across the global media for days. In the ghostwritten memoir, Harry, 38,

recounts his grief at the death of his mother, Princess Diana, a fight with brother Prince William and his unease with the role of royal “spare” in the shadow of his elder sibling, who is heir to the UK throne.

In a series of interviews, Harry repeatedly blamed the media for his troubles, saying that unfair and intrusive coverage contributed to the rift with William. He also accuses members of the royal family of leaking stories to the media to burnish their own reputations. And people are snapping the memoir up.

Penguin Random House announced on Wednesday that first-day sales topped 1.4 million copies. By contrast, Michelle Obama’s blockbuster Becoming needed a week to reach 1.4 million when it was released in 2018.

The sales figures for Spare include hardcover, audiobook and e-book editions sold in the US, Canada and the United Kingdom. AP

Lizanne Uychaco and her paintings of perennial prosperity

Continued from B4

succeed,’” Uychaco, who also sits as a senior vice president of SM Investments Corp., quoted the monk as saying.

“I’m not sure I’m very rich, but I think I can really say that I’ve been very lucky, very happy, and very blessed.”

Uychaco wore that coin until it corroded. But she keeps its meaning and magic intact by depicting its image on most of her paintings, including those featured in her ongoing solo exhibition, her second with Conrad Manila.

In Money Tree in Full Bloom the coin appears in bunches as fruits growing from a heavily textured tree, set against a striking tri-colored background of red, white, and green.

Meanwhile, the image figures in a more central placement in Earth’s Blessings and other entries to the artist’s vertically-oriented series.

Both artworks, along with the others in the show, display Uychaco’s proficiency in working with mixed media. She combines the principles of sculpture, pottery, jewelry-making, silver craft, gold gilding, and calligraphy, as well as painting with watercolor, oils, and acrylics.

According to Conrad Manila general manager Fabio Berto, the exhibition reflects the group’s commitment in sharing the light and warmth of hospitality through curated touches of luxury that are empowering and bold.

“We are delighted to usher in 2023 and the Year of the Rabbit with Lizanne’s vibrant Filipino-Chinese art pieces that echo tradition, family and positivity,” he said.

More information about Conrad Manila’s Of Art and Wine Series: Colors of Prosperity is available at conradmanila@conradhotels.com or 8833-9999, and Art Elements Asian Gallery at 0917-9577005. n

As soon as the plane landed, Ocampo went straight

COMPOSER and musical director Louie Ocampo

BRITAIN’S Prince William and Kate, Princess of Wales, visit the Royal Liverpool University Hospital in Liverpool, England, on January 12, 2023. AP

THE young cast of Luv Is: Caught In His Arms.

Conti‘s Puts Fresh Fruits, Veggies in Fresh Starts and Better Mental, Heart Health for 2023

Cathay Land announces development of College Business District in Cavite

JEFFREY Ng’s Cathay Land recently broke ground on Crestkey Estates, a 19-hectare master-planned, mixeduse estate envisioned to be the first college business district in Metro South.

Crestkey Estates, located within the Silang-Sta. Rosa growth corridor, is designed to be home to a diverse selection of office buildings, retail outlets, and exciting dining establishments, among others.

The development will be easily accessible through the Sta. Rosa-Tagaytay Road via the South Luzon Expressway (SLEX) and the Sta. Rosa-Tagaytay and Silang East exits via the Cavite Laguna Expressway (CALAX). With its proximity to major infrastructures that make it

Top 5 tips

easily accessible from Metro Manila and Tagaytay City, it is well-positioned not only to be a significant landmark in the area but also a partner for success for businesses.

The sprawling commercial district will be located right beside Chiang Kai Shek College South Forbes. Its concept is inspired by iconic college towns across the world where the university population and its surrounding residential communities can enjoy easy access to a wide array of conveniences.

The estate is expected to create a strong synergy with its surrounding communities with two of Cathay Land’s residential developments—Nirwana Bali and Fullerton Suites; and three of Cathay

to

Land’s joint venture developments with Ayala Land—Lanewood Hills, Hillside Ridge, and Verdea in its immediate vicinity.

Crestkey Estates will offer 54 flexible commercial lot cuts, ranging from approximately 469 to 1,316 square meters. Each lot in the development can be custom-built to suit the requirements of a varied array of businesses from retail stores, restaurants, and offices.

With Cathay Land’s new venture, the leading Metro South developer is optimistic that it will continue its growth trajectory this year and beyond.

To know more, you can visit www. crestkeyestates.com or call 0917-312-6798.

keep your body, mind energetic while on-the-go

night's sleep whenever you can.

To be able to sleep well, you also have to let your mind and body relax. APL GO’s Relax (RLX) can help take the load off and give you the rest you deserve. RLX drops support your body’s ability to achieve relaxation and mental calmness, perfect for aiding in your sleep.

Exercise your brain

THE long Christmas season is over and now it’s time for another exciting period, one filled with making resolutions and drawing up goals as we look back to help ourselves recalibrate the future.

It’s that special time when we dust off the excesses of the festive holiday season and clean our plates for a fresh new start. And as new starts go, the best ones are those filled with healthgiving goodness for better minds and hearts and more positive moods this year.

The new salads of Conti’s Bakeshop and Restaurant perfectly fit the bill. Light but filling, tasty but healthy, they’re sure to help make new beginnings or restarts for this exciting time of the year as delightful as everyone hopes.

The Signature Salad has all the classic goodness everyone loves in one bowl –fresh strawberry slices, candied walnuts, and crispy mixed greens tossed in Conti’s’ signature raspberry vinaigrette. The dish is topped with lacey parmesan crisps for added taste and texture.

It’s something special but light and fresh and nothing complicated. And it has something in common with Conti’s’ signature cakes: layers of complementing flavors. It’s tangy, sweet, and salty that gives a singular gastronomic delight.

For a bit more indulgence without the guilt, the new Homemade Caesar Salad serves up fresh greens with Southern-style chicken fillet, croutons, and Conti’s zesty homemade

Caesar dressing. The bowl is topped with softboiled egg and anchovy to taste.

The new Conti’s salad bowls further expand the homegrown restaurant chain’s menu, providing more healthy but delectable options alongside classic and popular food dishes and the brand’s well-loved cakes. Designed to put the fresh in fresh starts and the new in new beginnings for 2023, the Signature Salad and Homemade Caesar’s Salad are perfect for those seeking better mental and heart health this year.

Available for dine-in in all Conti’s branches throughout the Philippines. Also available via Grab and Foodpanda. To know more, send a message to Conti’s Messenger, call 85808888, visit the website at www.contis.ph or check out the Conti’s Facebook (@contisph), Instagram (@contis_ph), and TikTok (@ contisph) pages. Other pages bearing the Conti’s name and images are fake. They do not in any way represent the brand.

Maybank Philippines anniversary gala event:

MAYBANK Philippines, Inc. (MPI) recently celebrated its 25th Anniversary with a FilipinianaThemed Gala last November 25, 2022 at the Grand Ballroom of Shangri-La at the Fort, Bonifacio Global City, Taguig City, with more than 300 valued clients and VIP guests attending to celebrate this milestone.

Colourful performances from Filipino impersonator and theatre artist Willie Nepomuceno portraying past Philippine Presidents served as backdrop to the highlights of MPI’s journey for the past 25 years.

HEALTH trends come and go, but the emphasis on staying healthy while on-the-go remains, especially with our modern lifestyles. With the rise of social media, countless fitness fads and diets have cropped up in online articles, viral posts and trending videos. And with the alarming health concerns that arose due to the pandemic, the attitude towards taking care of one’s health has become more proactive, incorporating fun activities to health and wellness routines without compromising current lifestyles.

Without exerting too much effort, you can still be healthy and ready to pursue your goals and aspirations in life, especially with the help of food supplements made from natural substances that can boost your energy and immunity while you’re on-the-go. Achieving your personal and wellness goals can be simplified with these five recommendations.

Eat right for you

EATING nutritious food and having balanced serving sizes might be a challenge with food delivery apps always available and new restaurants popping up left and right. As part of your New Year’s resolution, you can manage your diet and eat healthy, while also not compromising your happiness and appetite.

Do not restrict yourself from eating but be better at choosing food with the proper amount of calories and nutrients. Meal planning and recipe apps can help support your goal of eating right by planning your meals ahead and keeping track of your calories and diet. APL GO lozenges can also

help support your digestion with its MultiSpectrum (MLS) drops that help maintain your healthy gut microbiome and digestive processes. With proper exercise and a healthy diet, this may also support your already normal gastrointestinal wellbeing and feeling of vitality and renewal.

Exercise can be fun

EXERCISING doesn’t require great feats of strength, speed or agility. There are various alternatives to intense workouts that emerged since staying at home became the norm like sit-down chair exercises, online aerobics sessions, and the like. Doing activities you enjoy like walking your beloved pets or a friendly game of badminton with friends can be considered workouts too, as long as you get your body up and moving. As long as you manage to get 150 hours of moderate physical activity in a week, then you’ll be able to stay in shape.

And with all the activities you have planned, your body needs support to keep up. APL GO’s Get Strength (GTS) supports the body’s vitality and endurance while Grow (GRW) drops maintain the body’s natural alert and active immune responses. Perfect to keep you up on your feet all day long.

Get enough sleep

HAVING enough sleep can improve a person’s health substantially, helping our bodies and minds function properly for the day to come. With all the activities we try to fit in a day, sleeping is a must to regain the strength we lost and replenish our energy. Do yourself a favor and try to have a good

As they say, the mind is the most powerful tool in a person’s body because it has the power to affect the physical status and emotional well-being of an individual. Which is why, aside from exercising your body, you also need to exercise your brain. Puzzles and games can help keep your mind sharp as you shift to problem-solving mode, while reading books, listening to podcasts, or even jamming along on your favorite songs can help your brain make new connections between topics and themes that you care about.

APL GO’s Brainy (BRN) can help support your cognitive abilities, active concentration and focus. BRN drops have essential nutrients that support your established cognitive clarity for learning, thinking, managing mental stress, and alertness.

Spend time with your loved ones

TIME flies, so spend it with the people you love the most, doing things that you enjoy - eating your favorite food, retelling memorable stories, hanging out and having fun.

To state the obvious, all these activities require an active and healthy body. Support your body’s daily activities by taking APL GO’s Power (PWR) drops, which comes in lemon flavor for men and apricot flavor for women. This helps maintain vitality for active lifestyles while maintaining your mood balance during times of occasional stress.

APL GO’s delicious candy-like supplements can help support you as you live your life on-the-go, especially as we enter a new year. Enjoy the important moments in life without uncertainties about your wellbeing. With proper diet and exercise and additional support from APL GO, you can manage your lifestyle and achieve your health and wellness goals on-the-go.

For more information on APL GO and its products, visit ph.aplgo.com.

Maybank Group Chairman Tan Sri Dato’ Sri Zamzamzairani Mohd Isa and Maybank Group President and CEO Dato’ Khairussaleh Ramli led the list of distinguished guests who joined in the celebration. Also present were Maybank Group Director and MPI Chairman Puan Fauziah Hisham, CEO for Group CFS Dato’ John Chong, CEO for Maybank International Mr. Michael Foong, and the MPI Board of Directors and Senior Management. Bangko Sentral ng Pilipinas (BSP) Governor Felipe M. Medalla was keynote speaker, while Secretary of Finance Benjamin E. Diokno delivered a pre-recorded congratulatory message.

“MPI’s 25th Anniversary symbolises our Group’s commitment to our regionalisation, deepening customer centricity, the power of our vision and value of our heritage,” commented Michael Foong, CEOInternational. “Our unity across Maybank Group continues to be our strength, and our diversity, our growth.”

Recognitions were also given out to long-time clients and industry partners who demonstrated the same T.I.G.E.R. values embraced by MPI. Twenty-two (22) T.I.G.E.R. Champions exemplifying Teamwork, Integrity, Growth, Excellence and Efficiency, and Relationship-Building have been presented with special trophies of appreciation.

“Reaching one’s 25th year is reason enough to celebrate, and Maybank Philippines marking it on the Year of the Water Tiger makes this milestone even more auspicious,” said MPI President and CEO Abigail Del Rosario in her thanksgiving message.

“We are grateful that we get to celebrate this momentous occasion with our key shareholders and regulators, who continuously provide guidance and governance; our People, 1,300 strong Maybankers in the Philippines, who have always been the heart and soul of this organisation; and our Customers and Community Partners, who have always been the reason why we are where we are today, and have always stood as our inspiration,” she added.

Maybank’s 25th Anniversary Gala concluded with a toast led by MPI PCEO Gail Del Rosario, and an affirmation of the Bank’s unchanging commitment to humanise financial services in the next 25 years.

Maybank Philippines is a member of Malaysia’s largest banking group by assets and a leading regional financial services provider with an international network of over 2,626 retail and 51 investment banking branches in 18 countries. In the Philippines, Maybank maintains a “phygital” proposition that combines physical accessibility through its network of more than 60 branches and over 90 ATMs nationwide, and digital capabilities through its Maybank2U PH mobile and internet banking platforms.

A toast to 25 years of service, from silver to gold!

LEADING the thanksgiving toast are, from left, MPI Director Mr Roberto Reyes; MPI PCEO Ms Gail del Rosario; CEO of Group CFS Dato’ John Chong; CEO International Mr Michael Foong; MPI Chairman Pn Fauziah Hisham; Group Chairman Tan Sri Dato’ Sri Zamzamzairani; Group PCEO Dato’ Khairussaleh; MPI Director Datuk Lim Hong Tat; MPI Director Pollie Sim; MPI Director Simoun Ung; and MPI Director Manuel Tordesillas.

CONTI’S Bakeshop and Restaurant’s Homemade Caesar Salad and Signature Salad

2022 was 5th or 6th warmest on record as Earth heats up

By Seth Borenstein AP Science Writer

DENVER—Earth’s

But expect record-shattering hot years soon, likely in the next couple of years because of “relentless” climate change from the burning of coal, oil and gas, US government scientists said.

Despite a La Nina, a cooling of the equatorial Pacific that slightly reduces global average temperatures, the US National Oceanic and Atmospheric Administration calculates 2022’s global average temperature was 58.55 degrees (14.76 degrees Celsius), ranking sixth hottest on record. NOAA doesn’t include the polar regions because of data concerns, but soon will.

If the Arctic—which is warming three to four times faster than the rest of the world—and Antarctic are factored in, NOAA said it would be fifth warmest. NASA, which has long factored the Arctic in its global calculations, said 2022 is essentially tied for fifth warmest with 2015. Four other scientific agencies or science groups around the world put the year as either fifth or sixth hottest.

NOAA and NASA records go back to 1880.

NASA Administrator Bill Nelson said global temperature is “pretty alarming...What we’re seeing is our warming climate, it’s warning all of us. Forest fires are

intensifying. Hurricanes are getting stronger. Droughts are wreaking havoc. Sea levels are rising. Extreme weather patterns threaten our well-being across this planet.”

Berkeley Earth, a nonprofit group of independent scientists, said it was the fifth warmest on record and noted that for 28 countries it was the hottest year on record, including China, the United Kingdom, Spain, France, Germany and New Zealand.

Another group, whose satellite-based calculations tend to run cooler than other science teams, said it was the seventh hottest year.

Last year was slightly toastier than 2021, but overall the science teams say the big issue is that the last eight years, from 2015 on, have been a step above the higher temperatures the globe had been going through. All eight years are more than 1.8 degrees (1 degree Celsius) warmer than pre-industrial times, NOAA and NASA said. Last year was 2 degrees (1.1 degrees Celsius) warmer than the mid-19th century, NASA said.

“The last eight years have clearly been warmer than the years before,” said NOAA analysis branch chief Russ Vose.

In a human body an extra 2 degrees Fahrenheit is considered

a fever, but University of Oklahoma meteorology professor Renee McPherson, who wasn’t part of any of the study teams, said the global warmth is actually worse than the equivalent of a planetary fever because fevers can be treated to go down quickly.

“You can’t take a pill for it so the fixes aren’t easy,” McPherson said. “It’s more what you consider a chronic illness like cancer.”

Like a fever, “every tenth of a degree matters and things break down and that’s what we’re seeing,” Climate Central Chief Meteorologist Bernadette Woods Placky.

The likelihood of the world shooting past the 1.5 degrees Celsius (2.7 degrees Fahrenheit) warming threshold that the world adopted in 2015 is increasing with every year, said the World Meteorological Organization. The United Nations weather agency

said the last 10 years average 1.14 degrees Celsius warmer than preindustrial times. Vose said there’s a 50-50 chance of hitting 1.5 degrees Celsius temporarily in the 2020s. Vose and NASA Goddard Institute of Space Studies Director Gavin Schmidt both said there are hints of an acceleration of warming but the data isn’t quite solid enough to be sure. But the overall trend of warming is rock solid, they said.

“Since the mid-1970s you’ve seen this relentless increase in temperature and that’s totally robust to all the different methodologies,” Schmidt said.

The La Nina, a natural process that alters weather worldwide, is in its third straight year. Schmidt calculated that last year the La Nina cooled the overall temperature by about a tenth of a degree (.06 degrees Celsius) and that last

year was the hottest La Nina year on record.

“The La Nina years of today aren’t the La Nina years of yesterday,” said North Carolina state climatologist Kathie Dello.

“Historically, we could rely on La Nina turning down the global thermostat. Now, heat-trapping gases are keeping the temperature cranked up, and handing us another top-10 warmest year on record.”

With La Nina likely dissipating and a possible El Nino on the way— which adds to warming—Schmidt said this year will likely be warmer than 2022. And next year, he said, watch out if there’s an El Nino.

“That would suggest that 2024 would be the record warmest year by quite a large amount,” Schmidt said in an interview with The Associated Press.

Scientists say about 90 percent

of the heat trapped by greenhouse gases goes into the upper 6,561 feet of the ocean (2000 meters), and figures released Wednesday show 2022 was another record year for ocean heat.

“There’s a real good connection between the patterns of ocean warming, the stratification, and then the weather that we experience in our daily lives on land,” including stronger hurricanes and rising seas, said study co-author John Abraham of the University of St. Thomas.

In the United States, global warming first grabbed headlines when Schmidt’s predecessor, climate scientist James Hansen, testified about worsening warming in 1988. That year would go on to be the record warmest at the time. Now, 1988 is the 28th hottest year on record.

The last year that the Earth was cooler than the 20th century average was 1976, according to NOAA.

But scientists say average temperatures aren’t what really affect people. What hits and hurts people are how the warming makes extreme weather events, such as heat waves, floods, droughts and storms worse or more frequent or both, they said.

“These trends should concern everyone,” said Cornell University climate scientist Natalie Mahowald, who wasn’t part of the study teams.

WMO Secretary-General Petteri Taalas said in 2022 those extremes “undermined health, food, energy and water security and infrastructure. Large areas of Pakistan were flooded, with major economic losses and human casualties. Record-breaking heat waves have been observed in China, Europe, North and South America. The long-lasting drought in the Horn of Africa threatens a humanitarian catastrophe.”

World’s biggest ship skips India, holding back Modi’s trade goals

By Karthikeyan Sundaram, Kevin Varley & Ann Koh

PRIME Minister Narendra Modi’s goal of making India the world’s factory risks being held back by the country’s inability to attract bigger container ships due to inadequate port infrastructure.

Most harbors along India’s coast aren’t deep enough to handle vessels like the Ever Alot, the world’s largest boxship at 400 meters long and with a capacity of more than 24,000 twenty-foot equivalent units. Neighboring Sri Lanka as well as Malaysia have in recent months received visits from the Ever Alot, which can rival the Empire State Building in length.

India’s biggest state-run container handling facility, Jawaharlal Nehru Port Trust, lacks the 17-meter draft needed for such vessels to navigate. One facility that has said it can handle the behemoth—Mundra Port,

operated by billionaire Gautam Adani’s conglomerate—has so far been skipped. The 17,292TEU APL Raffles is the biggest vessel to have berthed there, in January 2022 with 13,159 TEUs on board.

“Ultra-large ships provide economies of scale,” said Shailesh Garg, a director at Drewry Maritime Advisors. “However, increasing the vessel size alone will not help in speeding up the movement of goods to and from the hinterland.” Road and rail links from ports to warehouses, factories and shops also need to be improved, he said.

Poor shipping connectivity has hindered India’s integration into the global value chain, according to a Reserve Bank of India report in 2022. The country scored 34 percent in the GVC participation index compared to 45.9 percent for the 10-member Association of Southeast Asian Nations, the RBI said. Vietnam was above 50 percent in the gauge,

according to a separate report.

Mundra Port hosted APL Raffles three years after Vietnam welcomed a similarclass ship, illustrating how Asia’s third-largest economy risks falling behind in the competition for a bigger share of trade as businesses move away from China. Mundra is India’s highest-ranking port in terms of performance, sitting at 48th in an index compiled by the World Bank Group and S&P Global Market Intelligence.

Weak infrastructure is undermining Modi’s target to lift the share of manufacturing to 25 percent of gross domestic product from 14 percent and increase the nation’s slice in global goods exports to 3 percent by 2027 and to 10 percent by 2047, up from 2.1 percent now.

“The existing port and terminal infrastructure in India do limit the possibility of utilizing the full strength of ultra large vessels,” said AP Moller-Maersk A/S in an

e-mail reply to queries. Some factors include “the draft in the ports, cranes at terminals used for loading and unloading cargo, port throughput capacity.”

The other thing to consider, according to Maersk, which is the world’s second-largest container shipping line, was that Indian importers and exporters are spread across the country, and it is more cost and time effective to send and receive cargo through a port closer to their operations.

“In such a case, smaller vessels offer flexibility to go to more ports and move smaller volumes, than concentrate on a single hub,” Maersk said.

“Development of maritime capacity will be key to competing with China and other emerging manufacturing hubs in Southeast Asia and other regions,” said Drewry’s Garg. “China has a far more developed and efficient port and logistics infrastructure.”

In terms of container throughput, India’s 16 million TEUs as of December 2020

compares with 245 million TEUs for China, according to London-based data analysis firm CEIC Data.

While only 0.7 percent of the operational global container fleet is comprised of vessels with a draft of 17 meters or deeper, these larger ships are becoming more vital to Europe and China trade. That’s a route that India can be part of given its strategic location between the Suez Canal and the Strait of Malacca.

Vizhinjam Port in south India’s Kerala is a deep-sea facility with a natural draft of 20-24 meters, so it is capable of attracting bigger ships. It is expected to be operating by 2024, said Roy Paul, a spokesman for Adani Group, which is developing the project.

Another port in Maharashtra that has a natural draft of 18 meters is expected to be completed in 2028, according to the government’s Maritime India Vision 2030. With assistance from Adrian Leung and Kevin Dharmawan/ Bloomberg.

fever persisted last year, not quite spiking to a record high but still in the top five or six warmest on record, government agencies reported Thursday.

PEOPLE cool off in the water on a hot and sunny day at the beach in Barcelona, Spain on July 15, 2022. Earth’s fever persisted last year, not quite spiking to a record high but still in the top five or six warmest on record, government agencies reported Thursday, January 12, 2023. AP/EMILIO MORENATTI

CONE ON GOORJIAN: REALLY SPECIAL COACH

By Josef Ramos

HEAD Coach Tim Cone enumerated several reasons why Barangay Ginebra San Miguel practically ran away with the Philippine Basketball Association Commissioner’s Cup on Sunday night at the Philippine Arena in Bocaue.

Tops among them were he got healthier players, the fans—basically all 54,589 of them who packed the mammoth Bulacan venue—and Hong Kong Bay Area head coach Brian Goorjian.

Without a doubt, that was the toughest finals series,” he told reporters after their 114-99 victory in the no-tomorrow Game 6 that won for Ginebra its 15th crown and Cone his 25th title in the PBA.

Coach Brian Goorjian is really special and I can honestly say that,” he stressed. “He goes basically three different line-ups with Canadian Andrew Nicholson, with an allChinese line-up and with American Myles Powell.”   Nicholson went down with an

ankle injury in Game 3 forcing the Dragons to play Games 4 and 5 without Nicholson and Powell who also had injury issues.

W ith their backs against the wall as Ginebra led 3-2, Powell was activated and played true to form for a Game 6 win that sent the best-ofseven series to the limit.

His [Goorjian] team stayed in the flow and when they lost Andrew Nicholson, the spirit was incredible, their motor really lifted instead of going down,” Cone, 65, said. “They didn’t feel sorry for themselves.”

A healthier line-up, too, was the key to Ginebra’s title-conquest, according to Cone.

The bottom line was we had the healthier line-up, I think, and they didn’t. If they had a healthier line-up all the way through, I do not know if I made the podium,” Cone said.

G oorjian’s defensive and offensive strategies, Cone said, are “so impressive that it made it so difficult to keep up.”

A nd yes, the fans.

Cone said that the pro-Ginebra crowd has the power “so they have the

responsibility to play their best and win for them.”

I just think you learn a lot about your team and I think the team learned a lot,” said Goorjian, who coached Australia to the men’s gold medal at the Tokyo Olympics in 2021.

G oorgian said their unfamiliarity with playing a Game 7 tolled on them.

We have a younger group which has never experienced anything like this and our battle against Ginebra the whole time and against the top Filipino teams is the mentality and the physical aspect of the game,” he said.

Up next for the team, according to Goorjian, is the East Asia Super League.

Ne wly-naturalized Justin Brownlee was at his usual spectacular self on Sunday and finished with 37 points—15 he made in the first quarter—eight rebounds, 12 assists and three steals.

The series seasawed from the beginning with Ginebra winning the odd number games—96-81, 89-82 and 101-91—and the Dragons the even number matches—99-82, 94-86 and 87-84.

NADAL TEETERS IN FIRST MATCH VS. 21-YR-OLD FOE AT AUSSIE OPEN

MELBOURNE—Rafael

Nadal never truly seemed in danger of becoming the first Australian Open defending men’s champion to lose in the first round since his current coach, Carlos Moya, managed to beat Boris Becker a quarter of a century ago.

Still, this was not a vintage performance by Nadal, who came into Monday’s matchup of left-handers against 21-year-old Jack Draper with an 0-2 record in 2023 and six losses in his past seven outings overall.

A fter nearly two hours of so-so play, Nadal found himself even at a set apiece.

He appeared to be pulling away, taking advantage of his opponent’s bout with cramps on an afternoon with the temperature at about 85 degrees Fahrenheit (30 Celsius), when suddenly Draper went up by a break in the fourth set. From there, though, Nadal would not drop another game, beginning his pursuit of a record-extending 23rd Grand Slam championship with a 7-5, 2-6, 6-4, 6-1 victory that took more than three-and-a-half hours in Rod Laver Arena.

N adal was not in peak form. All in all, it was a bit of a struggle. He tried to put a silver-lining spin on things, nonetheless.

If we put in perspective all the situation that I went through the last six months,” the 36-year-old from Spain said, “I think it was a very positive start.”

A mericans Jessica Pegula, Coco Gauff and Danielle Collins, the 2022 runner-up at Melbourne Park, all reached the second round in the women’s bracket with victories earlier Monday.

The biggest surprise of the day was the withdrawal of Wimbledon finalist Nick Kyrgios, who needs surgery on his left knee.

Th ird-seeded Pegula overwhelmed Jaqueline Cristian of Romania, 6-0, 6-1, while seventh-seeded Gauff overcame a second-set wobble to beat Katerina Siniakova, 6-1, 6-4.

Collins, the runner-up last year to Ash Barty and seeded 13th, battled a left knee injury while defeating Anna Kalinskaya, 7-5, 5-7, 6-4.

P egula and Gauff could meet in the semifinals while Collins could play No. 1 Iga Swiatek in the fourth round.

A q uarterfinalist in Melbourne in each of the past two years, Pegula needed just 59 minutes to get past the 161st-ranked Cristian, who was appearing in her third Grand Slam event. AP

Belated turnover of reins at PSC

PSC highlighted by the successful return of the PSC-Batang Pinoy National Championships in December in Ilocos Norte.

ORGANIZER Sports Vision is pulling out all the stops to make the Premier Volleyball League’s (PVL) new season bigger and better by putting emphasis on mechanics and developing refereeing skills and keeping officials in line with current trends in the sport.

The PVL, in cooperation and under the guidance of the Philippine National Volleyball Federation (PNVF), will conduct a PNVF Referees Refresher Course on January 19 and 20 at the PhilSports Arena in Pasig City.

PNVF, PVL hold joint refresher course for referees

After rolling out the video challenge system last year, we’re kickstarting the new season with this Referees Refresher Course, which will now be a regular fare preparatory to the PVL having its own group of referees culled from the PNVF Licensed Referees,” Sports Vision and PVL president Ricky Palou said.

Songsak Chareonpong, chairman of the Asian Volleyball Confederation referees committee, will grace the

two-day event that aims to improve and update the knowledge and competence of the participants under international standards and at the same time encourage the development of refereeing skills not just in the league but also in the Spikers’ Turf.

The Referees Refresher Course aims to fuse in the interpretation of rules, correct adoption of system with emphasis on mechanics and continue to promote the sport and develop

Malixi goes 1-under in first round but trails by 4 shots

RIANNE MALIXI birdied four of the last eight holes to rescue a one-under 72 but still fell by four strokes behind China’s Alice Zhao and the US’s Sophie Stevens at the start of the Annika Invitational in Orlando, Florida, Sunday.

Malixi produced a pair of back-toback birdie feats on Nos. 11 and 16 as

she battled back from a three-over card marred by a double bogey on No. 4 and a bogey on the 10th of the par-73 Eagle Creek Golf Club to salvage a 38-34 round and join nine others at 13th place with two rounds left in the second leg of this year’s American Junior Golf Association (AJGA) circuit.

Z hao, 13, came away with a

bogey-free five-under 68 while Stevens shot six birdies against a bogey as they wrested a one-stroke lead over Italy’s Francesca Fiorellini, and Vanessa Borovilos, Ashleen Kaur and Kati Li of the US, who matched 69s in cold conditions.

L auren Kim of Canada and Czech Denisa Vodickova stood at

it’s the group’s founder, Andrew Petcash.

A s I conversed with the product of Boston University, one of Profluence’s core competencies is telling stories and one of the ways they do it is through their online newsletter which has a subscriber base of 28,000 and counting.

P rofluence unintentionally influences their readers through facts and information. Their website says “Profluence brings together founders, investors, athletes and the smartest people in sports. Going beyond the headlines to provide the most thoughtful and useful information in the rapidly growing sports industry.”

Influence of Proflulence

IN sports business, just like in any other business, the company or organization’s identity comes from the person or persons who founded the entity and in Profluence’s case,

The newsletter contains analysis, thoughts and insights on the business of sports, athletes and NIL (name, image and likeness) and an analysis of emerging trends like professional athletes investing their time and resources into sports team ownership groups.

The platform gave an insight on professional athletes buying stakes in sports ownership. In my opinion, to diversify their brand, to stay relevant in sports and sports

and produce a new breed of volley referees,” PNVF president Ramon “Tats” Suzara said.

R egistration starts at 8 a.m. with Palou, Suzara and PNVF secretary-general Donaldo Caringal set to deliver welcome remarks, along with resource speakers PNVF referees and rules chairman Yul Benosa and Chareonpong.

joint seventh with 70s.

The AJGA top guns likewise put themselves in early contention with No. 1 Gianna Clemente, who became only the second player in history to qualify into three consecutive Ladies Professional Golf Association Tour events last year, shooting a 71 for a share of ninth with three others, including fellow American Yana Wilson, who foiled her in last year’s US Girls’ Junior finals.

B

I would like to thank and honor former Chairman Noli Eala for his service and dedication to support our national sports associations and national athletes,” Bachmann, the PSC’s 12th chairman, said during the simple turnover ceremony.

“I look forward to learning more about the programs that are in the pipeline, as well as those that are already being implemented.”

E ala thanked Bachmann in return for giving him the opportunity to share the thoughts and knowledge he gained during his short stint as PSC chairman and guaranteed his full support to the former pro basketball player’s administration.

B achmann made special mention of the PSC workforce as the agency prepares to celebrate its 33rd anniversary later this month.

M alacañang announced Bachmann’s appointment last December 28 and was sworn in last a week later.

PSA Forum tackles Spikers’ Turf

news, and since a career in sports as a professional athlete isn’t a lifelong endeavor, wise investment decisions have to be made to make sure all that earned salary throughout the career sustains them after they’ve hung ‘em up.

P rofluence and Petcash have a formidable online presence to the tune of 60,000 followers on Twitter, 15,000 on TikTok and 6,000 on Instagram. You can expect these numbers to go up as Profluence is still in its infancy.

A nd as we are two weeks into the new year, I wish that all the fights and games the fans want come to fruition.

I hope that Ryan Garcia doesn’t back out of his fight against Tank Davis. If Garcia dodges Davis again, Davis fights Devin Haney.

I a lso hope that Jon Jones makes a successful comeback in the UFC by winning the world heavyweight championship.

A nd that Nate Diaz either moves to Bellator or gives bare-knuckle fighting a shot in the arm and that NIL for high school student athletes becomes legal in all 50 states in the US.

THE coming Spikers’ Turf Open Conference will be the main topic in the Philippine Sportswriters Association Forum on Tuesday at the Rizal Memorial Sports Complex.

A ppearing in the public sports program are Ricky Palou, president of the organizing Sports Vision, along with tournament director Mozzy Ravena and a representative from coveror Cignal TV.

The session starts at 10 a.m.

The Spikers’ Turf, the country’s premier men’s club league, opens on January 22 with National University-Sta. Elena expected to defend its crown.

The forum is presented by San Miguel Corp., Milo, Philippine Sports Commission, Philippine Olympic Committee and Philippine Amusement and Gaming Corp.

It is livestreamed via the PSA Facebook page fb.com/ PhilippineSportswritersAssociation and aired live on a delayed basis over Radyo Pilipinas 2, which also shares it on its official Facebook page.

IT’S not the vintage Rafael Nadal who struggles to advance to the second round. AP

THE Barangay Ginebra San Miguel Gin Kings strike a familiar championship coach Hong Kong Bay Area’s Head Coach Brian Goorjian and Glen Yang hoist the runner-up trophy. PBA IMAGE

EMMANUEL “NOLI” EALA

formally turned over the reins of the Philippine Sports Commission (PSC) to his replacement, Richard Bachmann, in a belated ceremony at the agency’s offices on Monday at the Rizal Memorial Sports Complex.

achmann thanked Eala for his four-month administration at the

EMMANUEL “NOLI” EALA formally turns over the Philippine Sports Commission’s leadership to Richard Bachmann.

B8 Tuesday, January 17, 2023 mirror_sports@yahoo.com.ph Editor: Jun Lomibao