BusinessMirror January 18, 2022 by BusinessMirror

‘Water-food-energy nexus vital in poverty’ ‘Close borders, cut Omicron exposure risk’ By Cai U. Ordinario @caiordinario

E C

By Cai U. Ordinario

the WorlD »B7

North Korea fires short-raNge missiles iN 4th lauNch this year

RADICATING hunger and @caiordinario poverty will require governments to explore LOSING the country’s bordersways tois merge its initiatives in water, one of the most immediate food, and energy, according courses of action the govern- to an expert the Manila-based ment must takefrom to prevent the latAsian Development Bankfrom (ADB). est Covid-19 variant, Omicron, In an Asian Development Blog, reaching Philippine shores, accordADB South Asia Department Prining to local economists. cipal Energy Specialist AchaT he new var iant is a Jiwan threat, rya said considering the water, e s p e c i a l l y w it h t he hol id ay s food, nexusforeigners is critical for coming upenergy and more the growth and development being a llowed to travel to the of countries.De La Sa lle UniverPhilippines, MergingMar these sit y economist ia initiatives Ella Oplaswill also help countries told BusinessMirror. maximize their resources. Eradicating The holidays usually bring inhunger and poverty are part of Overseas Filipino Workersalso (OFWs) the Sustainable Development who are eager to spend Christmas

Goals (SDGs) which countries like the Philippines are struggling to to the pandemic. withmeet theirdue loved ones, while for “Governments are seeking eigners living in temperate regions to address this with increased food usually want to relax in tropical production and access to water and countries like the Philippines. This energy to lift the rural population year’s influx of OFWs is expected to out of poverty,” Acharya said. be heavier since many of them were “Towards this goal, they have unable to come home for the holidays subsidized water and energy for in December 2020. rural populations, leading “My recommendation is to protect to inefficient useallow andpeople degradation the borders. Do not with of resources. While respecting a history of travel to countries with n at ion a l to a ge nd a sOplas for said. so c io positive cases enter,” economic development in rural “We should be more restrictive. [We areas [by subsidizing water and have to be] more protective in terms energy], it is essential to ensure of our measures.” that said the that resource basewill is be susOplas while this tained, greenhouse gas emisa setback to some industries, this are restrained, and wateris a sions fair measure considering that borne diseases are checked,” this could help prevent placing thehe explained. country in another strict lockdown,

Apart from merging initiatives, Acharya said, there is a needshe forsaid, governments tocan incorwhich, the economy no porate water, food, and energy in longer afford. their planning for socioeconomic “It is better that we do protective development. preventive measures than get ex He added agenposed again. Wethat haveexecutive a lot to lose,” cies for water, food, and energy Oplas said. “We should do it now so should closely with that we canalso openwork just before Christhigher-level agencies, such as the mas. If it gets contained, we can open finance or planning ministries, it again.” which have broader overAteneomight Center for aEconomic Review and mandate. search and Development (ACERD) “Developing policy instruments Associate Director Ser Percival while considering the nexus K. Peña-Reyes said closing theof water, energy and food have been country’s borders would be effecthebut goal of many it is tive should stillplanners adhere but to the constrained by data, information, standards set by the World Health and knowledge gaps. Furthermore, Organization (WHO). political and administrative reWhat is needed, Peña-Reyes told sponsibilities among ministries this newspaper, is for travel restricaretonot necessarily conducive,” tions be put in place swiftly and

Acharya said. “Planners need to find ways to move forward with minimum interruption to existing for government to be proactive in bureaucracies.” imposing them. Previous In 2020, instances the Unitedwhen Nations the and ADB said the Philippines is imencountry had the opportunity to countering many “last mile” chalpose travel restrictions did not prelenges to achieving vent the when spreaditofcomes Covid-19. That was the SDGs. mainly because the decision was not The Philippineshewas deemed a made immediately, said. “last miler” in achieving energy de“Kung papatay patay [If we’re carbonization and universal access slow] and we get caught flat-footto [that’s energy;risky] promoting sustainable ed, We were too reurban and peri-urban development; active instead of proactive before. andshould securing the global environWe learn from that,” Peñamental commons. Reyes said. “It’s a delicate balancing The country was testing deemedand an act. We need to push aspirant in strengthening human tracing to be properly informed and Blanket/shotgun capabilities and ofwell-being our decisions. building sustainable food approaches could have diresystems conseand healthy nutrition patterns. quences on the economy.” See “Water-food-energy,” A2 See “Omicron,” A2

FIRB GRANTS TAX PERKS NATL GOVT BORROWINGS TO P10-B CEMENT FOR 10 MOS DIP TOMAKER P2.75T

w w

n n

Tuesday, January 29, 18, 2021 2022 Vol. Vol.17 17 No.52 No. 102 Monday, November

P25.00 P25.00 nationwide nationwide || 22 sections sections 18 20 pages pages ||

By Bernadette D. Nicolas By Bernadette D. Nicolas

China vows Omicron risk spurs revival ₧.8-B aid for of quarantine post-Odette rules in PHL rebuilding

@BNicolasBM @BNicolasBM

HE HEFiscal national Incentives government’s Review gross Board (FIRB) approved borrowings asthe of grant of tax incentives end-October shrank for proposed P10by aalmost 6 percent billion cement to year-on-year manufacturing project P2.75 trillion. in Mindanao seen to help reduce the Latest data from the Bureau of the country’s dependence Treasury showed that the government’s gross borrowings during on cement imports andthe 10-month period fell by 5.99 percent stabilize the price and from P2.92 trillion a year ago. With only two product. months left for supply of the

By Samuel P. Medenilla

@sam_medenilla

NTER NATIONA L concerns over the possible spread of the more infectious Omicron Covid-19 variant prompted the government to reimpose mandatory facility-based quarantine for all arriving passengers in the country. Acting Presidential spokesperson Karlo B. Nograles announced on Sunday that the Inter-Agency this year, the latest figure is already Task Force for the Management equivalent to 89.6 percent of its of Emerging Infectious Diseases P3.07-trillion borrowing program. (IATF)State suspended theForeign implemenCHINESE Councilor and Minister Broken Chaired by gross Finance Secretary down, domestic bortation of itscourtesy Resolution No. 150Wang Yi. (Photo of the Chinese Carlos G.from Dominguez FIRB rowings JanuaryIII, tothe October A (s.2021), effectively imposing Embassy in the Philippines board voted unanimously to grant settled at P2.23 trillion, down by stricter protocols for all inbound the incentives the project in HE People’s Republic of 5.08tax percent fromtoP2.35 trillion travelers. Davao del Sur, which is estimated ChinaIATF hasResolution pledged funds in 2020. To note, 150to produce 50.4 million cement bags worth 100 million renminA had allowed fully vaccinated The bulk of the amount was PEOPLE walk past the mural of Gat Andres Bonifacio at Manila City Hall Underpass. per year from to help meet theTreasury growing bi (P800 travelers million) from for the Philipnon-visa Green List sourced Fixed Rate The country will celebrate the 158th birth anniversary of Filipino revolutionary infrastructure requirements in pines in support of the national Bonds (P1.19 trillion), followed by areas to enter the country withhero Gat Andres Bonifacio on Tuesday, November 30. ROY DOMINGO Mindanao. gover nment reconstr uction short-term borrowings from Bangout the need’sfor facility-based ko Sentral The FIRB decision followed a efforts in areas devastated by ng Pilipinas or BSP (P540 quarantine as long as they secure recommendation of the Board of Typhoon Odette. billion), Retail Treasury Bonds/Prenegative Reverse TranscriptionInvestments. T he g rant wasReaction announced myo Bonds (P463.3 billion), Retail Polymerase Chain (RT Onshore In a statement, the Departby Chinese State Councilor and Dollar Bonds (P80.84 bilPCR) test within 72 hours prior ment of Finance said the FIRB Foreign Minister Wang Yi in a lion). In the same period, there was to their departure. decided to grant a two-year inspeech at the 5th Manila Forum By Jasper Emmanuel Y. Arcalas dating its registry following the them. This allows everyone to see programs as President Duterte also a net redemption of Treasury “Except for countries classified come tax holiday, followed by 5 AIR travelers fill the check-in area at the Ninoy Aquino International Airport Terminal 3 as the government implements a “no vaccine, no ride” directive to stem the coronavirus surge in the country. It for‘Red,’ Philippines-China Relations @jearcalas enactment of the Coconut Farmwho are listed in the registry and if is expected to sign the industry Bills amounting to P43.94 billion. as the testing and quarantine years of enhanced deductions, barred unvaccinated people who will travel to and from the National Capital Region from taking domestic flights starting Monday, January 17, 2022. The NCR is under Alert Level 3 until January 31, 2022, on Monday. ers and Industry Trust Fund law. farmer doesn’t see his name then he development plan in early 2022. protocols for all inbound interna Net debt redemption means and importa “When the Philippines was hit amid soaring Covid-19 infections. NONIE REYES ORE than 3 million Rosales explained that about shall coordinate with the PCA imRosales said the PCA will not tional travelers in all ports of entry thereduty wereexemption more debtson repaid comtions of capital equipment, raw by Typhoon Odette, President Xi coconut farmers and 500,000 coconut farmers and mediately,” he explained at a recent stop updating its list of coconut pared to the amount borrowed durshall comply with the testing and materials, spare parts, or accesJinping promptly expressed his workers are now regisworkers were added to the PCA’s dialogue with coconut farmers. farmers and enjoined them to reging the period. quarantine protocols for ‘Yellow’ sories for the project, which isborset sympathies and support, and the tered with the government’s reg2018 list that had about 2.5 million “On the other hand, if people ister in order to reap the benefits Meanwhile, gross foreign list countries,” Nograles said, citing to start commercial operations in Chinese government was among istry, which serves as the basis coconut farmers and farm workers. would see names on the list and of the decades-long idled coconut rowings in the same period also the provision of IATF Resolution July this year in Sta. Cruz, Davao the first to provide emergency asfor the number of people to be The PCA’s next step is to conthey think they are not coconut levy fund. “We will not stop at 3.1 contracted by 9.7 percent to P518.7 No. 151-A. del Sur. By Ma. Stella F. Arnaldo to support tourism promotions.” even prior to the pandemic. In 2019, sistance,” Wang said. covered by the utilization of the duct an exclusion-inclusion profarmers or their details are incormillion. We hope that more indibillion from last year’s P574.4 billion. He noted Hong Kong, which has For his part, Trade Secretary @akosistellaBM This year’s TPB budget is just a arrivals from Singapore fell 7.7 per He said the and P75-billion coconut levy fund. cedure by making the updated rect, they can report it to the PCA viduals will register in our coconut This was raised through global confirmed a casePhilippines of the Omicron Special to the BusinessMirror and FIRB co-chair Ramon Lopez tad less than the P1.78-billion cent to 158,595, while those from China are neighbors and “partners Philippine Coconut Authority farmers’ registry public, providfor immediate action,” he added. farmers registry,” he said. bonds (P146.17 billion), program variant, will also fall under the Yelsaid approving the euro-degrant of allocated to the agencynoted in 2021. Malaysia slipped byof3.7the percent to through thick and thin” and hoped (PCA) Deputy Administrator Roel ing everyone the opportunity to The PCA official that The updating coconut loansthat (P139.98 billion), low list countries. incentives to the project will also HE Tourism Promotions Board Funds for TPB are sourced from 139,882, which industry observers that the grant wouldofhelp M. Rosales said about 3.11 million check the veracity of the list, Rothe completion of the initial list farmers registry is mandated by nominated bonds (P121.97 billion), The suspension theboost rulesthe for pave the way for more jobs and (TPB) has been allocated a the national government’s earnnote should be the opposite, concountry’s recovery. coconut farmers and farm worksales added. of coconut farmers registry would Republic Act (RA) 11524 or the a project loan (P86.41 billion), and “Green List” countries will be in business activity on top ofbonds helpP1.73-billion budget with this year ings from Amusement sidering are among Philip “The Filipino people28, are2021 strong ers have been registered the “The list will be posted in public be just inPhilippine time for the expected Coconutthey Industry Trustthe Fund Act. yen-denominated samurai effect from November to ing achieve the country’s goal of to increase the visibility of the Philipand Gaming Corp. (25 percent) pines’s nearest neighbors. and resilient. We believe that under government since it started upspaces where people can easily see rollout of coconut levy-funded See “3-M farmers,” A2 (P24.19 billion). December 15, 2021. reducing dependence on cement pines in the global tourism arena, and and fees from international air Another major task for the agenthe leadership of President Duterte See “Borrowings,” A2 Continued on A2 imports and maintaining the attract at least 7 million arrivals from ports and seaports (25 percent). cy is the undertaking of a Meetings and the Philippine government, stability of price and supply of key international markets. According to the agency’s boardIncentives Conventions Exhibipeople of the affected areas will ren US 50.4600 n JAPAN 0.4374 Officer n UK 67.2329 n HK 6.4722 n CHINA 7.9013 n approved SINGAPORE n AUSTRALIA 36.2807 n EU 56.5758 Campaign, n SAUDI ARABIAbuild 13.4531 Source: BSP (November 26, 2021)date,” cement. TPB Chief Operating Work36.8968 and Financial Plan tions (MICE) Branding their homes at an early VELASCO-ALLONES Finance Assistant Secretary Ma. Anthonette Velasco-Allones for 2022, among the agency’s imaimed at promoting the Philippines Wang said. and FIRB Secretariat head Juvy told the BusinessMirror, “We ism (DOT). portant tasks this year is the hiring as a premier MICE destination in During the forum, Wang was Danofrata also pointed out that proposed P1.3 billion but DBM She added, “[DBM officer-inof a marketing representative in SinAsia. In 2018, the DOT launched joined by former President Glothe projected direct and indirect [Department of Budget of Mancharge/Undersecretary Tina Rose gapore and Malaysia, in the absence an ambitious MICE Roadmap 2030 ria Macapagal-Arroyo and other benefits from the project outweigh agement] increased it to P1.7 Marie Canda] told me they saw it of a DOT Foreign Office. Visitor araimed at increasing the country’s Filipino and Chinese officials in its projected costs, which include billion, which was approved by fit to increase our budget since rivals from Singapore and Malaysia, MICE revenues to some P25 billion support of a “stronger and reinthe foregone revenues from the Congress.” TPB is the marketing we have demonstrated fiscal judithough still in the Philippines top 10 by 2030, from P4.6 billion in 2016. forced” relationship and mutual tax incentives. arm of the Department of Tourciousness, and we need resources tourism markets, had been sliding See “Tourism,” A2 development between the two See “FIRB,” A2 countries. PNA

OVER 3-M FARMERS LISTED FOR P75-B COCO LEVY FUND

M TOURISM PROMOTIONS BOARD GETS P1.7B TO PUSH PHL T

PESO EXCHANGE RATES

PESO EXCHANGE RATES n US 51.0700

n JAPAN 0.4474 n UK 69.8535 n HK 6.5602 n CHINA 8.0386 n SINGAPORE 37.9082 n AUSTRALIA 36.8317 n EU 58.2913 n SAUDI ARABIA 13.6100

Source: BSP (January 17, 2022)

News

BusinessMirror

A2 Tuesday, January 18, 2022

House OKs VAT exemption, discounts on seniors’ utilities

By Jovee Marie N. dela Cruz

@joveemarie

HE House of Representatives on Monday approved on third and final reading the bill increasing the discount rate and exempting from value-added tax the monthly electric and water consumption granted to senior citizens.

Voting 203 affirmative and 0 negative, lawmakers passed House Bill 10568 to amend Republic Act 7432, as amended, or an act to max-

imize the contribution of senior citizens to nation building, grants benefits and special privileges. The bill will now be transmitted to

Bill...

Continued from A7

The measure seeks to strengthen the Witness Protection Program of the Commission on Human Rights and mandates the Commission to provide sanctuaries for high-risk HRDs, particularly those who have filed formal complaints against highranking government officials. It also ensures respect for the principle of non-refoulement or the practice of not forcing refugees or asylum seekers to return to a country where they are likely to be subjected to persecution.

the Senate for its own deliberations. The bill said senior citizens shall be entitled the grant of minimum 10 percent discount (from the current 5 percent) relative to the monthly utilization of water and electricity supplied by the public utilities and exemption from the VAT. Provided, that the individual meters for the foregoing utilities are registered in the name of the senior citizens residing therein. Under the measure, the discounts shall apply to the first 150 kwh consumption in electricity and the first 30 cubic meter consumption in water to these utilities under the name of the senior citizen. Also, the bill grants the privilege per household regardless of the number of senior citizens residing therein, and the registered senior

It also creates an independent collegial body to be known as the Human Rights Defenders Committee composed of one Chairperson and six members. The Chairperson shall be selected by the Commissioners of the CHR from among themselves in an en banc session. The six members shall be jointly nominated by representatives of human rights organizations. The nominees shall be appointed by the CHR not by the President to underscore the Committee’s independence of the Executive. Lagman said an identical bill authored by Sen. Leila de Lima is pending in the Senate which could be approved by the Senate for the expeditious enactment of the pioneering legislation. Jovee Marie N. Dela Cruz

citizen continues to live within the household address. Within 30 days after the effectivity of the proposal, the measure mandates the National Commission of Senior Citizens, in consultation with the Energy Regulatory Commission, Metropolitan Waterworks and Sewerage System and other concerned utility regulatory agencies, as well as national organizations of senior citizens, to promulgate the necessary rules and regulations for the implementation of the proposal. For his part, Senior Citizen Party-list Rep. Rodolfo Ordanes said the bill is “another milestone legislation that will ensure providing discounts to promote the well-being of senior citizens by providing them additional financial relief at these very challenging times.”

Water-food-energy... Continued from A1 The report said the Philippines was considered a sprinter in shifting towards sustainable and just economies.

Covid-19 impact

THE UN said Covid-19 is bound to have a significant impact in meeting the SDGs. The pandemic has already caused economies to post GDP growth contractions and is expected to increase the number of poor worldwide. The report gauged the performance of countries and economies in meeting the SDGs. They evaluated this performance of meeting the SDGs in terms of six transformative points —strengthening human well-being and capabilities; shifting towards sustainable and just economies; and building sustainable food systems and healthy nutrition patterns.

OWWA cash aid won’t replace OFWs Saudi claims

ISPLACED overseas Filipino workers (OFW) from the Kingdom of Saudi Arabia (KSA) who will avail themselves of the cash aid from the Overseas Workers Welfare Administration (OWWA) may still receive their unpaid claims, according to the Department of Labor and Employment (DOLE). It issued the clarification after OWWA recently announced it will provide a one-time P10,000 cash aid to the OFWs through its Financial Relief Assistance Package (FRAP) program. It will cover OFWs repatriated from Jan. 2016 to Dec. 2019 due to the “economic downturn” in KSA and have pending claims before the Saudi court. “The P10,000 is financial assistance from OWWA. The claims of the OFWs will be pursued until fully paid/ settled,” Bello told BusinessMirror in an SMS. Migrante International lauded the initiative of DOLE and OWWA for granting some of their demands they made in their dialogue with labor officials last month. “This is a victory for our Saudi OFWs who took collective action to push for financial assistance from DOLE and OWWA while their labor claims are pending in Saudi Arabia,” Migrante International said in a statement. It urged the DOLE to fast-track its negotiation with Saudi officials for the immediate settlement of the stillpending claims of concerned OFWs. “For more than five years they have been awaiting the resolution of their labor claims that amount to billions worth of unpaid salaries and end of service benefits from their companies who have filed for bankruptcy,” Migrante International said. The group appealed to DOLE to also consider extending the coverage of its FRAP to cover OFWs who are still stranded in KSA. “Because based on the requirements, they are excluded from this financial aid program,” Migrante International said. To qualify for FRAP, the applicant must have already permanently stayed in the country after being repatriated and has pending money claims from the Saudi court. Samuel P. Medenilla

www.businessmirror.com.ph

NYC Consulate to Pinoys: Be vigilant as Asian woman is pushed to oncoming train By Malou Talosig-Bartolome

HE Philippine Consulate General in New York has reminded the Filipino and Filipino-American communities in New York City, and other parts of the East Coast to remain vigilant after a 40-year-old Asian woman was killed after being pushed in front of an oncoming train. Consul General Elmer Cato said they have checked with the New York City police and confirmed that the latest anti-Asian hate crime, Michelle Alyssa Go, was a Chinese-American. “The Philippine Consulate General in New York joins the rest of the Asian-American Community in mourning the senseless death of another one of our own—a 40-yearold Chinese woman who was killed after she was pushed in front of an incoming train in Times Square this morning,” the Consulate General said in a statement. A 61-year-old homeless man with a string of criminal cases reportedly pushed Go at the train station. He claimed he is a “God” when reporters questioned him during his perp walk. “We also would like to remind our kababayan to be vigilant of their surroundings and to always stay behind the yellow line on the platform, when taking the subway,” the Consulate added. New York police believe this is a random attack, and there is no indication it was a hate crime. However, the Consulate said the incident is reminiscent of the recent killing of a Filipino-American oncology nurse, who was knocked to the ground by a homeless man fleeing from a cellphone snatching crime. According to advocacy group Coalition for the Homeless, New York City is experiencing the highest level of homelessness since the Great Depression of the 1930s. In October 2021, there are 48,723 homeless people, including 15,346 homeless children, sleeping each

Tourism...

night in the main municipal shelter system of the city. They cited studies showing that a large majority of unsheltered homeless New Yorkers are living with mental illness or other severe health problems. “As we express our deepest condolences to the family of the victim, we also recall our kababayan, Maria Luningning Ambrocio and our fellow Asian Yao Pan Ma, who both lost their lives as a result of the same senseless violence inflicted on them by homeless individuals with mental health concerns,” the Consulate said. Cato called on newly elected NYC Mayor Eric Adams to address the public safety issue involving homeless people with serious and dangerous mental problems. “We are counting on New York City Mayor Eric Adams in making the streets safe again by not only increasing police visibility, especially in subway stations, but also by addressing the housing and behavioral health needs of the hundreds of homeless individuals in the city,” the Consulate said.

Continued from A1

Part of TPB’s strategic objectives this year is to “optimize the use of technology to implement innovative marketing and promotions programs.” For one, the agency plans to finance virtual reality “[VR] experiential tours” for domestic destinations and engage the services of a digital marketing agency for an “integrated marketing communications campaign.” For its international promotions, TPB will have “co-branding [partnerships] with popular brands” in South Korea, launch a “Welcome Back to the Philippines” campaign with key opinion leaders/ influencers in China, undertake a social media activation campaign with consumers and travel partners in Japan, forge a young travelers social media campaign in The Americas, along with other digital and social media campaigns in other key TPB markets in Europe, Africa, and the Middle East. In

FIRB...

CATO

Asia Pacific, there will be virtual familiarization tours; online content marketing (through Facebook, Instagram, YouTube); and virtual business-to-consumer promotions in Australia. Among the major travel events the TPB intends to participate in this year include the Marine and Diving Fair (April) and Tourism Expo Japan (September) both in Tokyo, IBMTM Americas in Mexico (August); ASTA (American Society of Travel Advisors) Global Convention in Washington D.C. (August); PATA (Pacific Asia Travel Association) Annual Summit in UAE (March); ITB Asia in Singapore (October); and the World Travel Market in London (November), subject to confirmation by organizers. Other strategic objectives of the TPB this year are to “strengthen partnerships with stakeholders and customers” as well as “improve customer satisfaction.”

Continued from A1

The project is expected to stimulate forward linkages, promote the use of energy-efficient equipment that can lead to a transfer of knowledge and improvement in productivity, especially in the underdeveloped area where the project is located. The Corporate Recovery and Tax Incentives (CREATE) law expanded the FIRB’s powers and functions to include approval of tax incentives to registered business enterprises. The FIRB is tasked to review and approve fiscal incentives for projects with a total investment capital of more than P1 billion,

while the grant of tax incentives to those projects of P1 billion and below are delegated to investment promotion agencies. Last year, the FIRB also granted tax incentives for the rail operations of an P81-billion subway project in Makati City that is expected to begin commercial operations in January 2026. It also earlier granted tax incentives to P29.4 billion worth of projects outside Metro Manila, which include a mass housing development and two cement manufacturing plants.

Editor: Vittorio V. Vitug

The Nation BusinessMirror

May 9 elections on track despite ballot printing delay–Comelec By Samuel P. Medenilla @sam_medenilla

otwithstanding the delays in the release of the final list of candidates and the printing of ballots, the Commission on Elections (Comelec) on Monday assured that the poll body remains on track in its preparations for the 2022 polls. Comelec spokesman James Jimenez made the assurance after the poll body failed to release for the third time the final list of candidates, which will serve as the basis for the printing of ballots, during the weekend. “We are still within the allowances that we built in our schedule. We are still within that,” Jimenez said at a virtual news briefing on Monday. The release of the final list of candidates was supposed to have been finalized last month, but was repeatedly delayed due to pending cases against some aspiring candidates. This consequently pushed back the date of the printing of ballots, which was supposed to start on January 17, 2022. Last Monday, Comelec-Education and Information Department (EID) Assistant Director Elaiza S. David disclosed they finally completed the final list of candidates for national

positions, which will be used for the printing of 25-inches long ballots for overseas voters. David said they would now conduct a virtual walkthrough of the printing process at the National Printing Office (NPO) in Quezon City before they start the actual ballot printing. “We will have another announcement regarding when the printing will start, but it is going to be after the walkthrough,” David said. Jimenez said the completion of the printing would depend on the running capacity of the machines of the NPO. “We will know that within the day of the start of the printing of ballots,” Jimenez said. Comelec will be printing around 1.7 million ballots for overseas voters alone. Following the overseas voters, Comelec will then proceed printing the 26-inches ballot for local voters and the 30-inches ballot for those in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM). “The ballot for BARMM is the longest since they have more candidates and they have longer names,” David said. Comelec earlier said there will be 66 million local voters, who are qualified to participate in the 2022 polls.

DOTr: Firm enforcement of ‘no vax, no ride’ policy starts today By Lorenz S. Marasigan @lorenzmarasigan

he Department of Transportation (DOTr) started the enforcement of the “no vaccination, no ride” policy on Monday, but apprehension and imposition of fines and penalties will only start today, Tuesday. Transportation Secretary Arthur Tugade said the agency only issued warnings to apprehended individuals and transport workers on Monday, but said the government will be firm in the implementation of the policy to increase safeguards against Covid-19. “The implementation of the no vaccination, no ride policy must be tolerant and patient, but firm,” Tugade said. Meanwhile, Transportation Undersecretary for Legal Affairs Reinier Paul Yebra noted that the policy does not violate Republic Act 11525 or the Covid-19 Vaccination Program Act of 2021. “The issuance of the policy is not a violation of Republic Act 11525, which states that the vaccine cards are not a requirement for education, employment, and other government transactions. It does not, however, include access to public transportation,” Yebra said. He also emphasized that the policy does not prohibit unvaccinated individuals from traveling through other means of transportation, such as private cars or active transport modes. “Remember that the so-called right to ride needs to be balanced with our responsibility as transport regulator to maintain and preserve safe travel,” Yebra noted.

The policy will be in effect within the National Capital Region while it is still under the Covid-19 Alert Level 3 or higher. A person is considered fully vaccinated against Covid-19 two weeks after receiving their second dose in a two-dose vaccination series, such as with the Pfizer or Moderna brand of vaccines, or two weeks after a singledose vaccine such as with Johnson & Johnson’s Janssen vaccine. Local governments have also implemented their own policies for restricted mobility due to the spike of Covid-19 cases in the country over the last few days. Transportation Assistant Secretary for Communication Goddes Hope Libiran noted that these are separate from the agency’s initiatives and may vary from one local government to another. “Local government units are operating and issuing tickets in line with their respective ordinances,” she clarified, when asked why government marshals in Quezon City are conducting apprehensions. The DOTr issued the policy last week to strengthen the safeguards against Covid-19 in the capital region, as the country posted record numbers of infections last week. The policy is also in line with President Duterte’s order of limiting the movement of unvaccinated individuals in Metro Manila. Several groups, including airlines, train operators, health workers, lawmakers, and other stakeholders have expressed their support for the said policy.

A4 Tuesday, January 18, 2022 A3

Three convicts bolt NBP as NBI foils drug lord’s attempt to escape detention facility By Joel R. San Juan

@jrsanjuan1573

USTICE Secretary Menardo Guevarra directed the National Bureau of Investigation (NBI) on Monday to tighten its security following a reported attempt by selfconfessed drug lord Kerwin Espinosa and two other prisoners to escape from the agency’s detention center.

“I have instructed the agency to intensify intelligence work and tighten up security in its detention facility, especially with respect to high-profile detainees such as Kerwin Espinosa,” Guevarra said. In a news statement, NBI Office-in-Charge(OIC) Director Eric Distor said its agents were able to thwart the escape of Espinosa and his two fellow inmates after receiving credible information about the plan on January 13. On the same night, Distor said authorities immediately conducted an inspection of the detention facilities where they discovered a deformed exhaust fan in one of the cells. “As soon as they received the info, they immediately acted on it without delay,” Distor said. Distor said when the exhaust fan was removed, it revealed a hole that would fit a detainee to escape. “In view of this incident, security measures at the jail have since been tightened with regular inspection of all jail facilities,” Dis-

tor stressed. Earlier, the Regional Trial Court of Makati City dismissed the drug charges filed against Espinosa and several others for failure of the prosecution to produce sufficient evidence to overturn their presumption of innocence. However, Espinosa is still facing trial for drug cases before the Manila RTC and in Albuera, Leyte.

1 of 3 escapees killed

In a related development the NBI and Philippine National Police (PNP) vowed to assist the Bureau of Jail Management and Penology to recapture three inmates who bolted from the maximum-security compound of the New Bilibid Prison (NBP) in Muntinlupa on Monday. Secretary Guevarra said he would also recommend to the Office of the President to take disciplinary action against officials of the Bureau of Corrections (BuCor) who may be found guilty of gross neglect of duty. The PNP, on the other hand,

The ceiling exhaust fan hole, which three National Bureau of Investigation detainees planned to use to escape. Photo courtesy of NBI

said a bulletin has been flashed to all PNP units within the National Capital Region and nearby provinces to be on the lookout for the fugitives. Guevarra said he has yet to receive an official report from the BuCor on the circumstances surrounding the escape of the three prisoners identified as Pacifico Villaruz Adlawan, 49, who is serving a life sentence for frustrated homicide and drug use; Arwin Bio Villeza, 35, who was convicted for attempted murder and murder; and Drakilou Yosores Falcon, 34, who is serving sentence for robbery with homicide and illegal possession of firearms. The three escaped past midnight on Monday, January 17, by sawing off the grills of the window of their dormitory cell. Three BuCor officers and an inmate were injured after the prisoners shot it out them while escaping. They were identified as corrections officers Angelito Marquez, 57; Mark Joseph Pesons, 29; and

Jancy Dagonas, 26; and prisoner Michael Dullavin. The four were immediately brought to the Ospital ng Muntinlupa for treatment. Meanwhile, BuCor spokesman Gabriel Chaclag reported that Adlawan was killed during a clearing operations conducted by combined elements of the BuCor and the Muntinlupa police at the outskirts of NBP reservation. Adlawan reportedly shot it out with authorities after being cornered at a creek at the MuntinlupaCavite Expressway. “Our government forces were forced to retaliate and after sometime, they neutralized the gunman who was later identified as one of the PDL [person deprived of liberty] escapees who bolted the maximum security compound earlier at dawn today [January 17],” Chaclag said. Authorities are still conducting clearing operations in a bid to capture the two other escapees. With Rene Acosta

Covid-19, Omicron biggest ‘threats’ to natl security, ex-NSA chief says

HE Covid- 19 virus and its latest mutation, Omicron, together with all other variants that may evolve in time, constitute the biggest threat to the country’s national security, according to a man who once was a top national security adviser (NSA) now seeking the presidency. While the man on the street equates national security with the defense of the country’s territories, former NSA chief Norberto B. Gonzales explained that national security involves all aspects of our lives: food security, health security, job security, securing the education of our children and care of the elderly, the safety of frontliners, teachers, soldiers, farmers, fisherfolk and employees and employers alike. The entire Philippines witnessed how the pandemic cost us

our security in all these aspects, he pointed out in a recent online briefing. The cost in lives alone cannot even be quantified, Gonzales stressed. With the Omicron variant’s arrival in the Philippines, the number of new cases jumped to record highs. In truth, after the vaccination of a good number of the population, the country let its guard down, which in part allowed the bearers of this more transmissible virus to sneak in and infect others, he added. Unfortunately, according to Gonzales, corruption played a role on how some personalities were able to skip the mandatory quarantine, enabling them to party while transmitting the virus to the many who came in contact with them.

One after the other, he recalled, the results of the contagion became manifest: medicines are in short supply in drugstores; the food supply stands in peril; alert levels imposed renew the people’s anxiety, and limitations on travel impact not only people but farm produce and other goods that must be transported. Jobs must revert to work-from-home again; businesses will likely contract. As the cases of Covid spiral, the health-care system is in danger again of being overwhelmed, Gonzales pointed out, as he underscored the national security implications of the crisis. He lamented that the response of the national leadership remains sorely inept. It is time, he said, to take the more correct perspective: that this is a matter of national security and that national security is at stake.

He lamented that the present leadership is not equipped with the expertise needed to safeguard the Philippines’s national security. Thus, in the next batch of possible leaders, the choices should be limited to the ones who are steeped in experience, knowhow and effectivity honed by years in the field. Gonzales pointed out that among all the presidential candidates, he is the one who offers this kind of difference—national security being at the core of his skills set, his forte, strength, capability. His supporters touted his reputation as one of the Philippines’s top peace negotiators to date. He also served as National Defense Secretary and NSA and Director General, under three administrations and presidents—Cory Aquino, Fidel V. Ramos and Gloria Macapagal Arroyo.

DENR chief lauds Philippine team’s award in annual wildlife conference We have to learn to live with the virus: Davao City By Jonathan L. Mayuga

@jonlmayuga

epa rt men t o f E nv i ro n ment and Natural Resources (DENR) Roy A. Cimatu has lauded the Philippine delegation for bagging the “Most Useful Project Resources Award” at the Global Wildlife Programme (GWP) Annual Conference held recently. “We will leave no stone unturned in our pursuit of illegal poachers, traders, and buyers. We will find and arrest the large-scale syndicates, the middle-men, the financiers, the ‘illegal wildlife lords,’” Cimatu said in a news statement. During the conference held from November 30 to December 2, 2021, Team Philippines presented seven video clips and nine text documents about wildlife, and bested 36 projects in 31 countries across Africa, Asia and Latin America. With the theme “ Working Together for Wildlife Conservation,” the 2021 GWP Annual Conference focused on successfully collaborating, engaging, and empowering stakeholders to support wildlife conservation and sustainable local livelihoods.

The GWP is a World Bank-led, Global Environment Facility (GEF)funded global partnership that seeks to reduce both the supply and demand that drives the illegal wildlife trade or IWT through various country projects and a broader global project. Cimatu noted that the materials exhibited by the Philippines were produced “to encourage the audience to spread awareness about illegal wildlife trade and inspire them to partner with the agency in protecting, conserving, and managing our country’s resources for the present and future generations.” “We are proud to share to a wider audience the fruits of our hard work and labor of love from the DENRAsian Development Bank/GEF Project on Combating Environmental Organized Crime in the Philippines,” he added. Held during the three-day annual GWP Conference, the contest aims to showcase lessons learned, good practices, innovations, and success stories through the knowledge products that they have developed, and to share them with other countries who might find it useful to the work that they do.

The partner countries presented samples of their knowledge products and resources to the organizing team. The GWP Team, in turn, uploaded the materials in “HowSpace,” a digital collaboration platform open to all conference participants. At the end of the event, all the conference participants voted for the country with the “Most Useful Project Resources,” among other awards. The award was part of a series of mini-competitions that included “Best Knowledge Market Pitch,” “Best Overall Knowledge Share/Need,” “Most Useful Project Resources,” and “Best HowSpace Collaboration.” Team Philippines was also nominated in the “Best Knowledge Market Pitch” category and was represented by Atty. Theresa Tenazas, Officer-in-Charge Chief of the Wildlife Resources Division of the DENR’s Biodiversity Management Bureau (DENR-BMB). For its prize, the GWP Team will co-design a webinar with Team Philippines.

Mayor Sara vows ‘liberal’ treatment in Covid mgmt By Manuel T. Cayon @awimailbox Mindanao Bureau Chief

AVAO CIT Y—T his city would maintain a “liberal’ attitude in the enforcement of the guidelines in handling the surge in Covid-19 cases, concentrating on observance of minimum health protocols rather than restricting movement of people and closing down shops in accordance to certain alert levels. “It is difficult to close and open and close again the establishments for every surge that we experience,” said Mayor Sara Duterte-Carpio in her regular Monday radio program. She said she already told the City Task Force on Covid-19 to ensure compliance of the minimum health protocols. “It is mask and distancing that we are concentrating on,” she said. The same liberal handling would go to bars and entertainment joints. “There would be no closure of establishments, including bars and

joints.” “Except that they are not allowed to serve liquors anytime of the day. That has been our policy then even when we eased our policy on alcoholic drinks,” she added. Duterte-Carpio said she already discussed with mall owners that the city would not close down establishments merely on the basis of the the recommendation of the national government on its alert levels in certain localities. “When we always open and then close them and again open them again, we can never untangle ourselves from this pandemic. We have to learn to live with it,” she added. She said there may be issues on her order to be liberal in the enforcement of the guidelines for Alert Level 3 classification but said she would wait for any statement or a “show cause” order from the InterAgency Task Force on Covid-19. Davao City has been on another surge, its fourth, alongside with the national surge, partly blamed on the holiday gatherings and partly on the infection by the Omicron

variant. Duterte-Carpio said there was still no confirmation from the genome sequencing “but the way the surge is going, it’s not farfetched that it’s Omicron.” “But whether it’s Omicron, Delta or what, we have to maintain our management strategy given by the Department of Health,” she said. From a daily average of infection of less than five in December, cases began to shoot rapidly by January 3 with 16 cases and positivity rate of five percent, to a high of 380 cases on Friday and a positivity rate of 33 percent and 493 on Sunday but with a lower 24 percent positivity rate. Despite the surge, she said the city’s 2,744 total number of isolation and holding rooms for positive cases have remained manageable, with utilization rate of 45 percent. The city has vaccinated 1,268,468 residents on first dose, which is 97.58 percent from the herd immunity target. Some 1,207,885 have already taken their second dose, which is 92.92 percent from target herd immunity.

Economy BusinessMirror

A4 Tuesday, January 18, 2022

Editor: Vittorio V. Vitug

Frozen pork inventory halts five-week skid–NMIS data By Jasper Emmanuel Y. Arcalas @jearcalas

he country’s frozen pork inventory as of January 10 grew by 2.3 percent week-onweek to 62,695.25 metric tons (MT), halting a five-week skid, latest government data showed.

Latest National Meat Inspection Service (NMIS) data showed that frozen pork inventory in cold storages rose by 2,458.68 MT from the 61,236.57 MT recorded volume last January 3.

NMIS data also showed that both locally produced and imported frozen pork grew on a weekly basis. Locally produced pork in accredited commercial and in-house cold storages reached

1,403.01 MT, 435.05 MT higher than the 1,838.06 MT recorded on January 3 while imported pork increased by 1,893.75 MT week-on-week to 61,292.24 MT during the reference period. The increase in the total frozen pork inventory was driven by higher volume in the cold storages of Regions 4A and 7. NMIS data showed that frozen pork inventory in Region 7 ballooned to 4,347.23 MT from a mere 52.64 MT, while inventory in Region 4A reached 18,453.48 MT from 19,068.23 MT recorded on January 4. However, NMIS data showed that frozen pork inventory in the National Capital Region (NCR) declined by 9.68 percent to 17,611.06 MT from 19,498.75 MT recorded on January 3. Furthermore, frozen

pork inventory in Region 3 declined to 20,875.36 MT from 21,020.71 MT, NMIS data showed. The frozen pork inventory covers stocks held by accredited commercial and in-house cold storage, which also includes meat processing plants and slaughterhouses. The NMIS data also showed that the inventory of dressed chicken in cold storages nationwide as of January 10 grew by 4.5 percent to 28,377.17 MT from 27,154.04 MT recorded on January 3. NMIS data showed that about 65 percent or 18,432.55 MT of the total dressed chicken inventory were imported while the remaining volume of

9,944.62 MT was locally produced. NMIS data showed that locally produced dressed chicken in cold storages during the reference period declined by 7.15 percent from 10,711.08 MT while imported dressed chicken rose by 12.09 percent from 16,442.96 MT. NMIS data showed the increase was driven by higher dressed chicken inventory in Regions 4A and 3. NMIS data showed that dressed chicken stocks in Region 3 rose to 9,496.54 MT from 9,045.92 MT, while inventory in Region 4A reached 9,418.32 MT compared to 8,506.15 MT last January 3.NMIS data showed that dressed chicken inventory in the NCR declined slightly to 5,518.87 MT from 5,678.58 MT.

Foreign chambers, private sector renew call for passage of PTSB bill By Tyrone Jasper C. Piad

@TypronePiad

he Joint Foreign Chambers (JFC), along with private sector groups, reiterated the need to immediately pass

the bill seeks to reduce major transportation accidents. In a joint statement on Monday, the foreign business groups called on the House and Senate to ratify the bill establishing

the Philippine Transportation Safety Board (PTSB). The groups noted that the bicameral conference committee has been constituted since September last year but has yet

to meet. They are hoping that both chambers of the Congress will ratify the bill when they resume session so it can be finally endorsed for enactment by the President. The PTSB bill, which has been repeatedly filed since 2004, has remained pending for nearly two decades already, the groups noted. “Only during the current 18th Congress has this bill reached the most advanced stage in both chambers and thus now has solid prospects for enactment,” the joint statement read. “Once enacted, the new PTSB can commence its programs to discourage and reduce major transportation accidents taking the lives of too many Filipinos,” American Chamber Executive Director Ebb Hinchliffe said. The bill also seeks to create a nonregulator y and independent agency with the primary task of conducting impartial investigations on transportation-related accidents and incidents. The said body is an attached agency to the Office of the President. Currently, they noted that different agencies handle the investigations

relating to transportation accidents. These include the Civil Aviation Authority of the Philippines, Maritime Industry Authority, Land Transportation Franchising and Regulatory Board, Philippine National Police, Land Transportation Office and Metropolitan Manila Development Authority. The proposed law seeks to prevent transportation accidents and make sure that transportation safety standards are duly implemented. The signatories of the joint letter include Air Carriers Association of the Philippines, American Chamber of Commerce of the Philippines, Australian-New Zealand Chamber of Commerce of the Philippines, Canadian Chamber of Commerce of the Philippines and European Chamber of Commerce of the Philippines. In addition, the International Air Transport Association, Japanese Chamber of Commerce and Industry of the Philippines Inc., Korean Chamber of Commerce of the Philippines Inc., Philippine Association of Multinational Companies Regional Headquarters Inc. and Safe Travel Alliance also signed.

Come the metaverse, will we go crazy? and analysts. But let’s also look at the downside: The metaverse and your mental health. At this point, the metaverse seems all but inevitable. Now, psychologists, professors, and tech ethicists are considering all the ways that a purely virtual world can rewire our brains. Pros and cons abound, but what may truly matter most is that we grapple with those questions today, as opposed to when social media snuck up on society over a decade ago.

Vitamin or villain?

By: Henry J. Schumacher

n my column last week, I tried to demonstrate that the metaverse could turn your body into a data collection tool. I outlined that if we’re not careful, the arrival of the metaverse could be way worse for data privacy than traditional social media already is, thanks to the tracking power of virtual reality (VR) and augmented reality (AR) technology. The concerns may be (mostly) manageable…but only if governments update laws, platforms stay transparent, and users push for features that obscure data collection, especially on physical reactions like eye movements. In immersive worlds, new technologies will siphon up data at an increasingly granular level—a person’s way to move, eye movements, emotions and more—putting far greater strain on existing safeguards In its current form, the Internet relies on data collection that some critics liken to mass surveillance. Technology companies and researchers are beginning to wonder whether the metaverse will be any different.

Metaverse prospects produce real optimism for investors

Apple Inc. hasn’t disclosed its plan for the virtual world, but many are betting the company will introduce extended-reality devices. Apple may not have triggered the current buzz about the metaverse, but the company is reaping the benefit. Excitement about how the iPhone maker could gain from a broad embrace of digital alternate realities has been a central facet of the rise in its share price in recent months, according to investors

Five tech-and-mental-health experts commented on the effects of the coming metaverse: n The metaverse may create a disconnect between imperfect reality and the perfect, idealized world of virtual worlds; n The metaverse could be beneficial in growing interpersonal connections—as long as the tech is developed with those concerns in mind; n The metaverse won’t change people’s habits... if someone is using tech to further distance themselves from healthy realworld habits, things will only get worse; n Since young people will be first adopters of the metaverse, it needs to be designed with their development in mind (unlike so many other tech innovations); n The biggest risk is people preferring virtual life over real life—an issue that would only worsen someone’s realworld anxiety. All we know for sure is that the technology is coming one way or another. Allowing the public to have a say in how it is developed, as well as preparing for its ramifications, is the healthiest thing we can do right now. One of my friends read my previous article on metaverse and commented: “I understand there is a risk…hence it is important that we have a working knowledge on it to lessen our fears.” And talking about virtual life and real life, I am super excited about the success of implanting the heart of a pig in a human. And the US man is recovering after the “breakthrough” pig heart transplant. Scientists hope pig organs will help alleviate shortages of donor organs. Wow—what’s next? We are living in exciting times!!! Feedback is more than welcome; contact me at hjschumacher59@ gmail.com

BM : JANUARY 10 & 18, 2022

News

BusinessMirror

Tuesday, January 18, 2022

Cayetano slams PPA move to raise port fees amid virus surge, ‘Odette’ recovery

By Jovee Marie N. dela Cruz

@joveemarie

ormer House Speaker and senatorial aspirant Alan Peter Cayetano has expressed concern over the decision of the Philippine Ports Authority (PPA) to raise tariffs on interisland shipping, saying now is “the worst time” for any increase in port fees. Cayetano, in news a statement, said the government must prevent causing price increases amid a surge in Covid-19 cases and with communities in the Visayas and Mindanao still reeling from the devastation of Typhoon “Odette” (international code name Rai). “It’s the worst time to raise tariffs. If you look at the United States and Europe, once their economies started recovering, inflation became a problem for them. Right now, government should really do some belt-tightening, but we must avoid causing price increases,” Cayetano pointed out. He said the country’s inf lation rate—the speed at which the prices for a given basket

of goods and services increases—reached an average of 4.5 percent in 2021, breaching the 2-percent to 4-percent target band set by the Bangko Sentral ng Pilipinas. Cayetano also said industry watchers warn that an increase in tariffs resulting from the PPA’s implementation of its Port Terminal Management Regulatory Framework, which essentially hands over control of tariff rates at the country’s ports to the highest bidder, will result in a wave of price increases in the country’s island provinces that are dependent on interisland shipping. Cayetano, meanwhile, appealed to policymakers to avoid levying additional taxes amid

higher-than-usual inf lation, pointing to the country’s P5-trillion budget in 2022 as sufficient for the state’s spending needs. “Our strategy right now should be to pumpprime the economy. Rather than taking money from the people, we should instead be giving them money,” he added. The former House Speaker warned that inf lation will only get worse as the country continues to inch its way towards recovery, slowed partly by the Covid-19 Omicron wave that has caused daily case rates in the Philippines to reach all-time highs this month. “The prices for everything have gone up— gas, bread, and if we’ll get around to having face-to-face classes again, I’m sure even private schools would have to increase fees, they won’t be able to fix their ventilation without extra cash, or be able to provide alcohol and everything,” he added. “All of that adds up to more expenses for the consumer. What our neighbors did—Singapore, Japan, South Korea—was give stimulus checks to their citizens in order to get money back into their economies,” said Cayetano.

DOH logs additional 37,070 DOLE advisory urges employers to shoulder pay Covid cases on Monday; for workers on quarantine leave, other benefits total infection at 3,242,374

heDepartmentofHealth(DOH)logged37,070 additionalCovid-19casesonMonday,bringing the total number of infections to 3,242,374. The DOH also recorded 33,940 recoveries and 23 deaths. Of the 37,070 reported cases, 36,001 (97 percent) occurred within the recent 14 days (January 4 to January 17, 2022). The top regions with cases in the recent two weeks were National Capital Region with 13,061 or 36 percent, Region 4A (9,048 or 25 percent), and Region 3 (4,173 or 12 percent). Of the 23 deaths, 20 occurred in January 2022 (87 percent), one in September 2021 (4 percent), one in April 2021 (4 percent), and one in September 2020 (4 percent) due to late encoding of death information to COVIDKaya. The DOH reiterated that this issue is currently being coordinated with the Epidemiology and Surveillance Units to ensure information is up to date. Of the total number of cases, 9.0 percent (290,938) are active, 89.4 percent (2,898,507) have recovered, and 1.63 percent (52,929) have died. There were 94 duplicates were removed from the total case count. Of these, 64 are recoveries and a death case. Moreover, two cases that were previously tagged as recoveries were reclassified as deaths after final validation. All laboratories were operational on January 15, 2022 but 12 labs were not able to submit their data to the Covid-19 Document Repository System. Based on data in the last 14 days, the 12 labs contribute, on average, 5.1 percent of samples tested and 5.1 percent of positive individuals. Claudeth Mocon-Ciriaco

ending the passage of the Paid Pandemic Leave bill, the Department of Labor and Employment (DOLE) on Monday issued a labor advisory urging employers to implement paid quarantine leaves for workers on top of their existing benefits. Citing the Labor Code of the Philippines and Occupational Safety and Health Standards Law, DOLE said it issued Labor Advisory No. 1-2022 to ensure safe and humane working conditions through compliance with general labor standards and occupational safety and health standards as well as the minimum public health protocols. In its advisory, DOLE said employers are urged, in consultation with the employees and employees’ representatives if any, to adopt and implement an appropriate paid isolation and quarantine leave program on top of existing leave benefits under the company policy, collective bargaining agreement, the Labor Code of the Philippines and special laws. “The paid isolation and quarantine leaves shall be without prejudice to other benefits provided by the Social Security System and the Employees’ Compensation Commission,” the advisory read. It also said employees falling under the case definition of close contact, suspect, probable or confirmed case shall complete the home-based or facility-based quarantine or isolation period in accordance with the prevailing Department of Health’s Memorandum 2022-0013 or the updated guidelines on quarantine, isolation and

Malnutrition deaths...

“The pandemic causes massive disruption, and given that it will result in an economic downturn, the government has to provide the ayuda and health expenditures to avert hunger and sickness. But in this area, the budget was woefully lacking even as corruption magnified —Pharmally—and spending was directed towards irrelevant or wasteful items like the nontransparent pork barrel, the unaccounted intelligence funds and the controversial counter-insurgency funds,” Sta. Ana told this newspaper. Ateneo Center for Research and Development (ACERD) Associate Director Ser Percival K. Peña-Reyes said investing in health is a given, but education is a must, too. These will prevent more Filipinos from dying of malnutrition. In order to do this, Peña-Reyes said the government should also provide direct assistance to small and medium enterprises in order for them to have the means to employ their workers. This will ensure the incomes of these employees. Supporting SMEs, he said, would go a long way because these businesses, which account for the majority of firms in the country, are always short on financial resources. “Subsidize businesses and set up the logistics to safely and directly link consumers and producers,” Peña-Reyes said. He said “SMEs, which have limited capital,” should get priority. Malnutrition deaths, as defined by PSA, covers those caused by kwashiorkor; nutritional marasmus; marasmic kwashiorkor; and unspecified severe protein-energy malnutrition. It also covers deaths caused by protein-energy malnutrition of moderate and mild degree; retarded development following protein-energy

testing for Covid-19 response and case management for the Omicron variant; Department of Health Circular 2022-0002 or Covid protocols for quarantine and isolation; and the DOLE and Department of Trade and Industry Joint Memorandum Circular 20-04-A or the supplemental guidelines on workplace prevention and control of Covid-19.

Shoulder the cost The Gabriela partylist welcomed the issuance of the labor advisory but asked the national government to shoulder the cost of paid quarantine leaves in the private sector “so as to offset additional costs especially for small and medium enterprises in this difficult time.” The group also reiterated its call to the leadership of the House of Representatives to expedite the passage of the Paid Pandemic Leave Bill or HB 7909, which has been pending at the House Committee on Appropriations for a year now. “Such measure only requires P27 billion to finance the benefits of quarantine-affected workers and those under the no-work, no-pay scheme,” it added. “The government has more than enough resources to finance the budgetary requirement of the paid pandemic leave bill in the 2022 General Appropriations Act. Instead of buying missiles, it should prioritize the welfare of Filipino workers who are keeping our economy afloat in this lingering Covid-19 pandemic,” the party-list group said. Jovee Marie N. Dela Cruz of Covid-19 deaths, respectively.

Continued from A7

malnutrition; and unspecified protein-energy malnurition.

Pandemic casualties

Based on PSA data, Covid-19 has become one of the top killers of Filipinos between January and October 2021. It accounted for a total of 75,285 deaths or 12.5 percent of the total registered deaths from January to October 2021. Covid-19 was identified as the 3rd leading cause of death in the country with 51,514 cases or 8.5 percent of the total deaths in the same period in 2021. Further, registered deaths due to Covid-19 with virus not identified accounted for 23,771 or 3.9 percent of the total deaths from January to October 2021, making it the 8th leading cause of death. Three regions report over 10,000 Covid-19 deaths. Among the 17 regions, the National Capital Region (NCR) registered the highest number of Covid-19 deaths, with 18,044 or 24 percent of the total Covid-19 deaths from January to October 2021. Calabarzon ranked second with 16,630 deaths or 22.1 percent of the total while Central Luzon came in third with 14,252 deaths at 18.9 percent of the total. Meanwhile, the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) reported the least number of registered Covid-19 deaths with only 80 cases. In NCR, Quezon City registered the most Covid-19 deaths at 3,955 deaths or 21.9 percent of the total Covid-19 deaths in the region from January to October 2021. This was followed by the City of Manila and City of Pasig with 2,558 or 14.2 percent of the total and 1,832 or 10.2 percent

Top Pinoy killers

Overall, Ischaemic heart diseases, cerebrovascular diseases, and neoplasms remain the leading causes of death in the Philippines in the January to October period in 2021. Deaths caused by ischaemic heart diseases reached 110,332 cases or 18.3 percent of the total deaths in the country. This indicated an increase of about 28 percent from the 86,164 deaths or 16.9 percent of the total deaths in the same period of 2020. In terms of cerebrovascular diseases, there were a total of 58,880 deaths or 9.7 percent share of all deaths in January to October 2021. It showed an increase of 10.9 percent from the 53,082 cases or 10.4-percent share in the same period in 2020. Deaths due to Covid-19 virus were now the third leading cause which accounted for 51,514 deaths or 8.5 percent of the total. In the same period in 2020, this only caused 7,357 deaths or 1.4 percent of the total deaths in the same period. Neoplasms, commonly known as “cancer,” ranked as the fourth leading cause of death with 48,937 recorded cases or 8.1 percent of the total deaths from January to October 2021. It decreased from 55,700 deaths or 11 percent of the total deaths in the same period in 2020. Further, PSA data showed that based on the 20 leading causes of death, registered deaths attributed to pneumonia recorded a substantial decline to 26,328 or 4.4 percent of the total in 2021. In 2020, pneumonia deaths reached 29,718 or 5.8 percent of all deaths during the period. This indicated a decrease of 11.4 percent, pushing its rank from 5th to 7th. Similarly, deaths due to respiratory tuberculosis decreased by 15.4 percent during the same period in 2021 from 15,688 in 2020 to 13,265 in 2020, moving down its rank from 10th to 12th.

Editor: Vittorio V. Vitug

Covid-positive Makatizens receive free home-care kit from City Hall By Claudeth Mocon-Ciriaco

total of 12,138 positive sy mptomatic Makatizens have received their free Covid home-care packages from the Makati City government, Mayor Abigail Binay said on Monday. “We ensure that our residents who have tested positive have the right equipment that can help them monitor themselves at home, especially with the highly contagious Omicron variant now in our midst. We want to be able to boost their recovery in the comfort of their homes,” Binay said. Such initiative, Binay said, started in August last year so Makatizens who have tested positive can monitor and care for themselves even when they are quarantined at home. Each Covid-19 home care kit contains 20 tablets of Biogesic, 30 capsules of Ascorbic Acid, Bactidol, Kamilo San spray, Betadine throat spray, Green Cross 500 ml Alcohol, Kool Fever, a box of face mask, a pulse oximeter, and an infrared thermometer. “We also ensure that these home care kits are delivered right at their

doorsteps by assigned MAC [Makati Action Center] personnel and we also provide food packages to the individuals that are home quarantined upon their request,” she said. The mayor also reported that personnel from the City Epidemiology and Surveillance Unit (CESU) are calling up residents who tested positive for the virus so they can be profiled and instructed on the next steps of their quarantine. Aside from the Covid-19 home care kit, the city government has continuously combatted the spread of the virus through rigorous identification and isolation of positive individuals, and contact tracing of the close contacts of those who tested positive. The Makati CESU has provided free community swabbing to residents who show symptoms of Covid-19. Meanwhile, Binay reminded all Makatizens not to be complacent and vigilantly monitor themselves when they show symptoms. They may call CESU hotlines 0917-8446997, 09178121229, 09178446904, 88701442, 8870-1444, 8870-1447 and 8870-1449.

Oil firms announce ‘big time’ fuel pump price hike today By Lenie Lectura @llectura

il companies on Monday announced another “ big time” fuel pump price increases effective Tuesday. In separate announcements, oil firms said they would increase gasoline prices by P0.90 per liter, diesel by P1.80 per liter, and kerosene by P2.30 per liter. The oil price hike is the third consecutive week of fuel price hikes. Oil firms, in separate statements, said they would implement the price adjustment at 6 a.m. of Tuesday. Cleanfuel, meanwhile, said it would adjust its prices at 4:01 p.m. Oil firms adjust their prices weekly to reflect movements in the world oil market. Prior to this week’s oil price hike, the year-to-date adjustments to stand at a total net increase of

Comelec... Continued from A7

Separate opinion

The Comelec also noted that the Presidential Decree 1994, which was cited by the petitioners since it added the penalty of perpetual disqualification for government officials who violated the NIRC, only took effect on January 1, 1986. “The accessory penalty of perpetual disqualification cannot be made to apply to the taxable years of 1982-1984,” the Division said. It did point out that the tax violation of Marcos for the taxable year of 1985 may be covered by PD 1994, but it stressed that by that point Marcos was no longer a public official, when his family fled the country in February 1986 after the EDSA Revolution. In a 7-page separate opinion, Kho said he “cannot agree” with that part of the decision, stating that merely fleeing the country does not immediately disqualify Marcos from holding public office. He noted that the taxable income of Marcos in 1985 was earned while he was working in the government. “To allow public office to escape the penalty of perpetual disqualification to hold public office for his failure to file his income tax returns by the simple expedient that he is no longer a public officer at that time of the filing of the said returns is contrary to law and frustrates the intention of dispensing justice by penalizing erring public officials for violation of the tax code,” Kho said.

P2.60/liter for gasoline, P3.50/ liter for diesel and P2.75/liter for kerosene. T he Depa r t ment of Energ y (DOE) said supply is still tight due to outages in Libya, Ecuador and Nigeria. There is also an ongoing conf lict in Kazakhstan though there are no reports yet on supply impact. As such, OPEC still pursued the continued increase in supply for the month of February. Also, crude prices started the new year on a bullish tone as the market sees limited impact on demand recovery from the Omicron variant. Despite rising cases, the hospitalization and death count remain low, allowing countries to do away with demand sapping loc kdow ns. Sig na l ing dem a nd conf idence, OPEC+ conf ir med an increase in its production by 400,000 barrels.

Moral turpitude

Nevertheless, Kho ultimately voted in favor of Marcos since the petitioners failed to prove the former lawmaker was convicted of an offense which has a penalty of perpetual disqualification from holding public office. In its decision, the Comelec Second Division said that the petitioners “are obviously clutching at straws,” when they raised the issue of moral turpitude as a ground for disqualifying Marcos. It cited the Supreme Court ruling on the government case against Ferdinand Marcos II and Imelda R. Marcos, which categorically declared that “failure to file an income tax return is not a crime involving moral turpitude.” “Considering the foregoing disquisitions, it now becomes manifest that Respondent’s material representation—that he is eligible for the position of President and that he has not been meted the penalty of perpetual disqualification from public office—are actually not false,” the Division said.

Appeal

Theodore O. Te, the legal counsel of the petitioners, said they disagreed with the ruling of the Comelec Second Division and they filed an appeal before the Comelec en banc. He declined to further discuss the grounds of their Motion for Reconsideration, which they will submit to the Comelec en banc before the end of the prescribed five-day filing period. “Additional updates will be provided once the same is filed,” Te said in a statement.

Tuesday, January 18, 2022

BSP PROBERS EYEING TO WRAP UP BDO PROBE BY END-JANUARY

HE Bangko Sentral ng Pilipinas cyber security team looking into the hacking of nearly 700 accounts at BDO Unibank in December is looking to wrap up their probe within the month. At Monday’s Senate inquiry by the Committee on Banks and Financial Institutions, BSP Director Mhel Plabasan assured senators they intend to render their report to the Monetary Board before the end of January. According to Plabasan, they could not as yet divulge what really happened in the incident, explaining it was “complex and requires a cyber forensic investigation.” He stressed that as of now, most of the 700 accounts were “restituted” or “already reimbursed.” BDO had outright promised, as soon as the hacking was reported, that bank account holders victimized through no fault of their own – or did not do anything and yet simply lost their monies – will be promptly restituted. Meanwhile, Plabasam recalled that at a hearing last

December, they were told there were account holders at BDO “where funds were withdrawn and transferred to the account of a certain Mark Nagoyo at Union Bank.” At one point, Senator Sher w in Gatchalian, v ice chairman of the Banks panel, noted that if the BSP is capable, why was it that there are still victims of hackers? “Kung may kakayanan ang BSP, bakit marami pa ang nabibiktima ng hackers gaya niyan na nagamit ang credit card sa muntik na pag order ng halos isang milyong pisong halaga ng pagkain sa isang online delivery app nung nakaraang taon? At tanong din, kung ano ang garantiya na hindi ito mauulit [If the BSP is capable of fighting hackers, why are there still so many victims, like the case of a credit card used to order almost a million pesos worth of food from an online delivery app last year? What’s the guarantee this won’t be repeated]?” the senator asked. He was apparently referring to his own case, when he fell victim to such fraud. Butch Fernandez

10-mo malnutrition deaths soar 40% in ’21, record high

By Cai U. Ordinario

@caiordinario

EATHS caused by malnutrition increased by almost 40 percent in the January to October 2021 period, the highest on record, according to latest data from the Philippine Statistics Authority (PSA). Data showed 4,844 Filipinos died of malnutrition in January to October last year compared to 3,514 in the same period in 2020, or a growth of 37.85 percent in 2021. Local economists believe this reflected government’s failure to respond to the health and nutrition needs of Filipinos, not only during the pandemic but also during nonpandemic years. “The ayuda may be there, but it is not enough. Nutrition is not something that is built within days or months, but requires continuous

investments if the person’s energy and health are to be sustained,” Ateneo Eagle Watch Senior Fellow Leonardo A. Lanzona Jr. told BusinessMirror on Monday. D at a o b t a i n e d f r o m P S A showed that deaths caused by malnutrition have not breached the 4,000 level prior to 2021. Data showed that this is the highest since 2006 when 2,276 Filipinos died of malnutrition. Prior to the January to October period last year, the highest was in 2019 when there were 3,827 deaths caused by malnutrition.

This was followed by 2018 and 2017 when there were 3,645 and 3,582 deaths caused by malnutrition, respectively. PSA data showed 2011 recorded the lowest number of deaths caused by malnutrition at 1,806 followed by 2007 at 2,007 deaths and 2009 at 2,126 deaths. PSA data showed 2015 recorded the lowest number of deaths caused by malnutrition at 2,803 followed by 2016 with 3,218 deaths and 2020 at 3,514.

Poor households at risk

LANZONA said poor households are always at risk of malnutrition and many do not have access to investments that could supplement their diets. He saw this as a failure of the country’s health institutions in insuring “against possible health risks.” “In effect, it is not Covid per se but the lack of institutional support for a stable and responsive nutrition program that has caused this observed increase in deaths,” he said. University of Asia and the Pacific (UA&P) senior economist Cid

L. Terosa told BusinessMirror that malnutrition can be linked to the effects of the pandemic on jobs and incomes. This is part of the scarring that the economy experienced during the pandemic. Terosa said malnutrition is the failure of individuals to have sufficient food. This can be addressed by creating opportunities for households to meet minimum daily food requirements. In this light, Terosa said, the government should respond to this problem by increasing “the quantity and quality of publicly provided health and nutrition services and facilities.” Action for Economic Reforms (AER) Coordinator Filomeno Sta. Ana III told BusinessMirror that containing the pandemic is important in preventing more Filipinos from dying from malnutrition in the years to come. However, it was necessary for the government to also be more judicious in spending public funds. Efforts to curb corruption are in order to enable the government to spend more for nutrition. See “Malnutrition deaths,” A6

Comelec throws out bid to cancel BBM’s COC By Samuel P. Medenilla

@sam_medenilla

ECLARING there was no material misrepresentation by presidential aspirant Ferdinand “Bongbong” R. Marcos Jr. when he filed his certificate of candidacy for the May polls, the Comelec’s Second Division dismissed on Monday another case seeking to take him out from the race. On Monday, Comelec Second Division denied through a unanimous decision the petition filed by Christian B. Buenafe’s group against Marcos for “lack of merit,” when it failed to prove the former lawmaker committed “material misrepresentation” in his Certificate of Candidacy (COC). Comelec spokesperson James Jimenez said the decision was penned by the Division’s presiding Commissioner Socorro B. Inting and was signed by Comelec commissioners Antonio T. Kho, Jr. and Rey E. Bulay. This was the second case against Marcos which was dismissed by Comelec, after the case filed by Danilo Lihaylihay to have the former senator declared as a nuisance candidate.

Relaxed compliance

IN its 32-paged resolution, the Comelec Second Division noted it could have immediately dismissed the petition outr ight since it cited grounds for disqualifying a candidate, when it sought to deny due course to or cancel the COC of Marcos—a violation of its rules. T he pet it ion c l a imed t hat Marcos committed moral turpitude, and being sanctioned with imprisonment for more than 18 months are grounds for disqualification. However, the Division decided to “relax compliance with its technical rules” and still moved to discuss the merits of the Buenafe case due to public interest in the case. It maintained Marcos did not make a false claim in his COC, when he ticked the “No” box in the COC portion asking if he had been convicted of a crime involv-

ing moral turpitude. The Division said the Court of Appeals (CA), which meted out Marcos with the conviction of violating the National Internal Revenue Code (NIRC) from 1982 to 1985, did not directly state Marcos will also face perpetual disqualification from running in public office in its decision. “There is nothing in the CA Decision dated 31 October 1997 that would have categorically apprised herein Respondent that he is suffering from any ineligibility,” the Division said. “Comelec does not have the jurisdiction to correct, amend, or even review the decisions of the Court of Appeals,” it added.

‘Not written in the law’

IN a separate statement, Vic Rodriguez, Marcos’s chief of staff and spokesman, said they welcomed the decision of the Comelec Second Division to allow the former lawmaker to run in the 2022 polls. “ The petitioners’ mere creativity for writing and wanting what is not written in the law as basis to cancel the certificate of candidacy of Presidential Aspirant Bongbong Marcos is way too frivolous and unmeritorious to override the basic precepts of the Constitution,” Rodriguez said. He said they hope the decision will give Marcos the chance “to run for public office free from any form of harassment and discrimination.” Marcos’s lawyers argued that the Court of Appeals 1997 amended decision “did not categorically hold that respondent is convicted of a crime involving moral turpitude nor did it positively pronounce that respondent is meted with the penalty of imprisonment of more than 18 months.” “After according the petitioners’ right to have their day in court where their case was fully heard and ventilated, the Comelec has unanimously spoken—the petition to cancel the certificate of candidacy of Bongbong Marcos was denied,” Rodriguez said in a statement. See “Comelec,” A6

A NO vaccine, no ride policy is enforced at the North Port Passenger Terminal at Pier 13 in Manila, as passengers wait to board their ships bound for the Visayas and Mindanao on Monday, January 17, 2022, the first day of the implementation of the public-transport ban for unvaccinated persons. ROY DOMINGO

Bill protecting rights defenders goes to Senate

HE House of Representatives on Monday endorsed for Senate approval the bill protecting human-rights defenders (HRDs). This, after 200 lawmakers approved on third and final reading House Bill 10576, entitled “An Act Defining the Rights and Fundamental Freedoms of Human Rights Defenders, Declaring State Responsibilities, and Instituting Effective Mechanisms for the Protection and Promotion of These Rights and Freedoms.” Albay Rep. Edcel C. Lagman, the principal author of HB 10576, said the enactment of the proposed Human Rights Defenders Act will put an end to the prevailing impunity on the extrajudicial killings and extreme harassment of HRDs. The bill defines an HRD as

“any person, who individually or in association with others, acts or seeks to act to protect, promote, or strive for the protection and realization of human rights and fundamental freedoms, at the local, national, regional, and international levels.” This definition is broad and inclusive enough to cover HRDs in both government and private sector who may not be bona fide connected to any human-rights organization. It also embodies the rights and fundamental freedoms enshrined in the United Nations Declaration on Human Rights Defenders such as the rights to: form associations and to peaceful assembly; represent and advocate; privacy; effective remedy and full reparation; and freedom f rom i nt i m id at ion, re pr i sa l ,

defamation, and stigmatization among others. The measure also prohibits all public authorities from participating, by acts of commission or omission, in violating human rights and fundamental freedoms. Subordinate employees have the right and duty to refuse any order from their superiors that will cause the commission of acts that contravene their duty to protect, uphold, and promote human rights and fundamental freedoms. Such refusal shall not constitute a ground for any administrative sanction. It strengthens the obligation of public authorities to conduct investigations on suspected humanrights violations of HRDs. The bill prohibits the public authority offender from invoking

presumption of regularity in the performance of duty which presumption is commonly used as a veneer to conceal accountability for violation of human rights and freedoms. The prohibition is consistent with the rule on the Writ of Amparo. The measure mandates government agencies to enforce and institutionalize command responsibility and impose sanctions against errant superiors in both military and civilian agencies as provided under existing laws and executive issuances. It also directs public authorities to adopt the human rights-based approach to governance and development including in counter-insurgency and anti-terror programs and policies. See “Bill,” A2

A8 Tuesday, January 18, 2022 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

What to do with PHL Unclos victory?

he US State Department recently examined anew China’s claim over the South China Sea and found, as the United Nations arbitral tribunal did, that China’s assertions are “unlawful” and the claim “gravely undermines the rule of law” in the oceans. The State Department’s Bureau of Oceans and International Environmental and Scientific Affairs has been studying maritime claims of coastal states all over the world since 1970 to “assess their consistency with international law.” In its latest “Limits in the Seas” series published on January 13, 2022, the study is on China. (Read, “US: China’s maritime claims in South China Sea are ‘unlawful,’” in the BusinessMirror, January 13, 2022). The US State Department scrutinized China’s insistence that it owns South China Sea based on maps that show drawings of dash lines around the South China Sea. It cited a number of points raised by The Hague-based special arbitral tribunal—whose verdict was sought by the Philippine government unilaterally in 2013. According to the US State Department study, there is “no provision” in the United Nations Convention on the Law of the Sea (Unclos) that allows countries to claim based on “historic rights.” It said there is no uniform understanding of what “historic rights” mean under international law. There were references on “historic bays” or “historical title” but those terms have limited scope to fishing rights or rights of access, and not claim on sovereignty, it added. The US cited the Chamber of International Court of Justice judgment on its dispute with Canada over their maritime boundaries in the Gulf of Maine. The ICJ said the Unclos provisions on exclusive economic zones, continental shelf and high seas override any arguments of prior usage or rights over a maritime area. “The Convention’s maritime zones and their geographic limits set forth the framework governing all parts of the sea, a framework from which no reservations are permitted,” the US State Department report said. The US also debunked the ownership or sovereignty claims of China over the four island groups—Spratly Islands, Paracel Islands, Scarborough Shoal and Pratas Island. It said China cannot claim sovereignty even on land features that are submerged or low-tide elevations in their natural states such as the Mischief Reef, Second Thomas Shoal and Reed Bank. The US also argued that China is not an archipelagic state and therefore cannot assert sovereignty over waters and submerged features within its claimed “island groups.” Archipelagic states, such as the Philippines, would need to draw archipelagic baselines and enclose such features within their island group to be able to assert sovereignty over submerged features and identify their maritime zones. China has not done such thing, the US added. Australia, in a declaration filed at the United Nations in New York on July 24, 2020, said it too rejected China’s maritime claims around contested islands in the South China Sea as being inconsistent with the UN Convention on the Law of the Sea. “Australia rejects China’s claim to ‘historic rights’ or ‘maritime rights and interests’ as established in the ‘long course of historical practice’ in the South China Sea,” it said. Australia also said it did not accept China’s assertion that its sovereignty over the Paracel Islands and the Spratly Islands was “widely recognized by the international community,” citing objections from Vietnam and the Philippines. On July 12, 2016, the Arbitral Tribunal in the South China Sea Arbitration (The Republic of the Philippines versus The People’s Republic of China) issued a unanimous award largely favorable to the Philippines. The tribunal’s ruling is certainly a legal victory for the Philippines over China as the judges agreed unanimously on almost all the questions submitted by the Philippines, including a declaration from the tribunal that China is obliged to comply with Unclos and that the award is legally binding on China. China has rejected the ruling, but experts said it could be a stepping-stone on the way to a peaceful resolution of the conflict. Filipinos will choose their next president on May 9, 2022. Here’s one important question we need to ask all presidential aspirants: “If you win, what do you intend to do with the country’s Unclos victory?”

We should stay focused and look beyond the horizon Manny B. Villar

THE Entrepreneur

businessman or trader must remain focused on his longterm goal and ignore the temporary distractions that will eventually die down.

It is important to remain calm despite the latest pandemic wave. As the daily Covid-19 infections reached a new record high last week, we need to keep in mind that other countries, such as the United States and those in Europe, are also registering daily infections by the hundreds of thousands. Yet, these developed nations are keeping their composure and refraining from pressing the panic button. The last thing we need in a crisis is to become jittery and resort to unnecessary tactics that may hurt the economy and the labor force. The record-high daily infections last week are a source of concern, of course, but

they should not be a reason to lock down the entire economy again. We could be creating a more serious problem if we shut down the economy, as what we have learned last year. There seems to be a silver lining in the latest wave of infections, which some experts believe is being driven by the Omicron variant. Most cases are moderate, meaning fewer patients require hospital or intensive care unit confinement. In fact, many of the positive cases are isolating themselves at home. I have repeatedly stressed in this column the need to expand our health-care capacity to prepare for any outbreak. Some experts, though,

Stagflation strategies

Since 2005

BusinessMirror A broader look at today’s business

John Mangun

OUTSIDE THE BOX

✝ Ambassador Antonio L. Cabangon Chua Founder Publisher Editor in Chief Associate Editor News Editor Senior Editors

Online Editor Creative Director Chief Photographer Chairman of the Board President Advertising Sales Manager Group Circulation Manager

T. Anthony C. Cabangon Lourdes M. Fernandez Jennifer A. Ng Vittorio V. Vitug Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Dennis D. Estopace Angel R. Calso Ruben M. Cruz Jr. Eduardo A. Davad Nonilon G. Reyes D. Edgard A. Cabangon Benjamin V. Ramos Aldwin Maralit Tolosa Rolando M. Manangan

BusinessMirror is published daily by the Philippine Business Daily Mirror Publishing, Inc., with offices on the 3rd floor of Dominga Building III 2113 Chino Roces Avenue corner De La Rosa Street, Makati City, Philippines. Tel. Nos. (Editorial) 817-9467; 813-0725. Fax line: 813-7025. (Advertising Sales) 893-2019; 817-1351, 817-2807. (Circulation) 893-1662; 814-0134 to 36. E-mail: news@businessmirror.com.ph.

www.businessmirror.com.ph

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

here are three major components to an economy. These are “economic growth” or the amount of increase or decrease in output and production/consumption. The second is “inflation” or the amount of change in the prices of goods and services, again higher or lower. Finally, the amount of “employment/unemployment” as the number of workers that create the economic growth. Each of these factors can stand independent of the others in that, for example, you might have “favorable” economic growth numbers and still have high unemployment and high inflation. “Retail sales rise faster than expected, as sales rose 1.7 percent in October. So much for soft consumer confidence signaling slower growth; what people do is much more important than what they say,” wrote Ian Shepherdson, chief economist at Pantheon Macroeconomics”. However, Pantheon Macroeconomics does have a “slight” tendency towards political bias. Pantheon has some firm “macroeconomic” views as to who should be the next Philippine president. What they failed to mention is that “retail sales” is a “dollaramount” and “monthly consumer

inflation surged 0.9 percent in October”. So, more than half of the sales increase was because of higher prices not higher volume. And then this happens. “Retail sales dropped 1.9 percent in December as higher prices caused consumers to curb spending.” Economists and their models are rarely reliable over time. “Stagflation” refers to an economy that is experiencing a simultaneous increase in inflation and stagnation of economic output [and perhaps high unemployment] such as retail sales are up because of high prices not increased consumption. It was first recognized during the 1970s when developed economies experienced rapid inflation and high unemployment. As expected, prevailing economic theory at the time could not explain how stag-

As more variants of Covid-19 may emerge in the future, we should not lose sight of our long-term economic goal. We should take control of the situation to generate more jobs, cut down poverty and enable the Philippines to graduate to an upper middleincome economy this year or next year.

believe that we may see the peak of daily cases later this month, which will be followed by a gradual decline in February or March. What happened in the September 2021 wave is something that we should study and take lessons from. Many people may have lowered their guard during the holiday season in their excitement to go to the malls. The Christmas rush obviously made social distancing nearly impossible given the volume of people trooping to the malls, and the low infection rate in December. But business establishments remained compliant with health protocols by conducting temperature checks and ensuring that customers

Listed companies with a low Price/Earnings and paying a cash dividend make a long list. I want a high cash flow and also dividends. Avoid “growth stocks” for now. Earnings will come later. Also, check out those companies that preserved and even increased Current and Total Assets during the past 12 months. Ignore the laggards. Find the leaders. flation could even occur, believing it to be impossible because their models said so. Reality is always a cruel mistress. Because economics is more of a religion with beliefs rather than a science with enduring truths, the rules change as needed. Maybe the biblical book of Genesis did not mean that the universe was formed during actual 24-hour days after all. So now there is “Nominal GDP Growth ” and “Real Economic Growth,” which factors the “GDP deflator” or inflation. “Nominal” or “Real?” Who cares? Economists are always correct. Making money during inflationary times is simple and easy. Just “BUY” and “BORROW.” But do not be the last one to leave the party or you will pay the bill. Stagflation requires being cleverer and more selective. Note initially, the Philippines is not and will not experience stagflation. We will

wear masks. Even in the face of record infections, we should take solace in the fact that hospitalizations and deaths are not rising as fast. Credit goes to the national government for undertaking an aggressive vaccination campaign and for moving to penalize the unvaccinated. Vaccines have saved countless lives and will continue to be our major protection against the lingering Covid-19 pandemic, along with health protocols and contact tracing strategy.

Improving economy

The economy showed a strong performance in the fourth quarter of 2021, even though the official gross domestic product figures remain to be released. One important indicator is the level of exports, which grew 15.2 percent in the first 11 months of 2021 to $68.4 billion from the same period last year. A higher export level means companies are producing at greater capacity to meet orders and demand from other countries. Economists believe the GDP may have grown by more than 5 percent See “Villar,” A9

know more on January 27th with the release of fourth quarter GDP, expected at 7 percent. However, with slow and slightly increasing economic growth and flat to declining inflation, there is a particular strategy. As a personal business, consider borrowing judiciously to invest in company expansion. Interest rates will be higher 12 months from now. Note this for personal and for listed companies. You will not regain market share/profitability doing what you did in 2019. I want to see two things: companies expanding on what was successful during pandemic and companies finding new ways to do what they did pre-pandemic. For example, Grab food/product delivery was great back then. Now the space is super crowded and superless profitable. AllDay Marts will deliver “1kg Pork Mechado Cut” and a “Multi-Purpose Aluminum Ladder” in one order. Listed companies with a low Price/Earnings and paying a cash dividend make a long list. I want a high cash flow and also dividends. Avoid “growth stocks” for now. Earnings will come later. Also, check out those companies that preserved and even increased Current and Total Assets during the past 12 months. Ignore the laggards. Find the leaders. 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.

www.businessmirror.com.ph

Opinion

The future is private

A battle of taglines

BusinessMirror

Manny F. Dooc

Lyca Balita

TELLTALES

Onwards

ocial media made everyone famous. It’s an amazing power to be able to potentially reach thousands or even millions of people without getting out of one’s pajamas. Social media has made millionaires out of teenage influencers, enabled the average person to amass thousands of followers, and created so many income streams that cater to all sorts of passions. There are influencers for every niche market now. But it’s important to realize that not everyone was meant to be this famous. Social media has a downside: complete strangers can look us up, make anonymous comments, and easily destroy our reputation, hence, mental illnesses linked by several studies to high social-media use. This downside of fame could explain why so many traditional celebrities succumb to addiction, suffer mental illnesses, or are simply self-destructive. Several icons throughout history didn’t even live very long. To have thousands of eyes on a person requires mental preparation that many of us weren’t ready for. If the traditional celebrities struggle with publicity, how about the average person without training or a PR team at all? The problem with fame is this: there is always something to criticize about everyone. Even Jesus had and has critics. Damned if you do, and damned if you don’t. Interestingly, on social media, there’s been a movement towards privacy and exclusive community—a huge contrast against fame for public consumption. Many users keep public accounts to flex achievements and stay connected with friends and acquaintances, but spend most of their time in private or even anonymous social-media accounts. There are “dump” Instagram accounts where users only allow their closest friends to follow, and even Instagram itself has a “close friends” option for stories. Facebook has its own Facebook groups and a new paid Subscription feature I recently learned about. Paid community platforms like Patreon, Ko-Fi, Substack, and the infamous OnlyFans have been steadily growing in popularity, too, where the market pays to have access to exclusive content and to be part of a niche community. Many users have separate Twitter accounts for personal use, fandoms, and other communities, and with Generation Z, Discord is an essential messaging app that allows communities to interact (the app is admittedly intimidating at

Villar. . .

Continued from A8

in 2021 and may expand faster at 6 percent or 7 percent in 2022, even with the latest virus surge. I agree with them and this is possible if we will remain calm and cautious at the same time. The business sector relies on the prognosis of economists and the latest actions by the government. As most economists agree that 2022 will be a year of sustained recovery for the Philippines, the government should support it by keeping the economy open and functioning. This way, we can attract more foreign direct investments that play an important role in boosting the growth of an economy. FDIs are additional funds that the economy absorbs, aside from services, exports and remittances. They create jobs and opportunities for the people. Per government data, net inflows of foreign direct investments climbed 48 percent in the first 10 months of 2021 to $8.1 billion from $5.5 billion in the same period in 2020. Many companies are expanding their operations in the Philippines, while major business process outsourcing providers continue to hire thousands of people.

Put simply, the future is shifting to privacy and community. It’s something for businesses and developers to consider. People are willing to pay for exclusive access to content and communities with value and relatability, so it’s a new way of perceiving a market. first, but surprisingly powerful when understood). In Web 3.0, the NFT space is also fueled by privacy and exclusive community. One way to look at collectible NFTs is a membership pass to a community that wants the project to succeed, so everyone helps each other. Just recently, a Filipino NFT Project aimed at educating Filipinos on Web 3.0 called “Bored Punks of Society” just sold out, and its Discord community has been continuously helping each other out with giveaways, business discounts, NFT game scholarships, and connections. Put simply, the future is shifting to privacy and community. It’s something for businesses and developers to consider. People are willing to pay for exclusive access to content and communities with value and relatability, so it’s a new way of perceiving a market. Gone are the days when everyone wanted to be famous to everyone. Now, there is a growing number of people who just want to belong to a smaller and more active community that fosters belongingness and shares value to its members. It’s easy to perceive this as a healthier way of social media. Less toxicity and need for public approval, and more of lifting each other up and sharing interests. Maybe some of us weren’t made to be famous to everyone. Maybe some of us just need to find our own little communities to find the fulfillment we’ve been fruitlessly searching for on traditional social media. For feedback, send an e-mail to lyca.balita@ gmail.com

FDIs create a ripple effect on other production sectors and subsequently support household spending. More people in the labor force means more consumers have purchasing powers that keep local communities and markets vibrant. We should continue to attract foreign direct investments into our country by ensuring that the economy and the supply chain networks are functioning well to accommodate their entry. We have learned ample lessons in the past two years that can guide us through 2022, no matter how challenging the first few weeks of the New Year are. We now know that a blanket lockdown is not the answer to containing the sporadic virus outbreaks. Granular or targeted restrictions would be more effective in restraining the spread of infections. As more variants of Covid-19 may emerge in the future, we should not lose sight of our long-term economic goal. We should take control of the situation to generate more jobs, cut down poverty and enable the Philippines to graduate to an upper middle-income economy this year or next year. For comments, send e-mail to mbv_secretariat@vistaland.com.ph or visit www.mannyvillar. com.ph

N every presidential election, a battle royal of taglines erupts among the presidentiables to promote their candidacies. Presidential taglines are the political campaign slogans. They are normally catchy and pithy phrases that project the best feature of the aspirants to keep them alive in the minds of the voters.

In the US and in the Philippines, no presidential bet has gone out in the hustings without arming himself with a campaign slogan, which becomes his political battle cry. Remember President Ramon Magsaysay’s campaign slogan? “Our democracy will die kung wala si Magsaysay.” With the lurid photograph of then Secretary of National Defense Magsaysay carrying the lifeless body of Moises Padilla in his arms, people realized that our fragile democracy was at its death throes. Coupled with the tune of “Mambo, Mambo, Magsaysay,” his political jingle, the voters just went crazy about it and catapulted The Guy to the presidency in 1953. Such is the magic of a catchphrase in rallying people behind a political leader and his cause. On the other hand, the intended catchphrase may boomerang and fall flat on its face. A good example of this was the slogan of NY Governor Al Smith, the first Catholic to run for US president in 1928 at the height of Prohibition. He ran on an anti-Prohibition platform that makes drinking alcohol legal. So he was dubbed “wet candidate.” His slogan said it all, “Make your wet dreams come true.” The voters were repulsed because of its sexual innuendo and the fact that taking booze was supposedly against the teachings of his faith. Sometimes, instead of animating supporters, the opposite happens and the slogan is cannibalized to deride the candidate. This was the case of Senator Barry Goldwater

whose extreme conservative ideals were criticized by his political opponents. Goldwater came out with his slogan, “In your heart, you know it’s right” in the 1964 presidential contest. His adversary, President Lyndon B. Johnson, countered this with his own slogan, “In your guts, you know he’s nuts.” Johnson clobbered Goldwater with an overwhelming victory at the polls. At the height of the Great Depression in America, Franklin Delano Roosevelt challenged the incumbent, President Herbert Hoover, with a winning slogan, “Happy Days Are Here Again.” It aimed to enliven the economy and buoy up the people’s depressed mood and spirit. W hen it was his turn to seek the US presidency, General Dwight “Ike” Eisenhower trounced the Democratic bet, Illinois Governor Adlai Stevenson II, with his simple tagline that he adopted in 1952, “I like Ike.” Ike was a popular war hero and his slogan captured the mood of the ordinary Americans. It was plain and honest and embodied Eisenhower’s simple character. Yet it was so effective, giving Ike a landslide win over his cerebral opponent. Other flashy slogans that helped boost candidates were: “Keep cool with Coolidge,” which President Calvin Coolidge adopted in the 1924 presidential election. Running on a peace platform in 1916 after the 1st World War broke out in Europe, President Woodrow Wilson was reelected on the strength of his strong efforts not to engage his country in the raging

Tuesday, January 18, 2022 A9

war. His campaign tagline, “He kept us out of war,” resonated with the general public. And who would ever forget George H.W. Bush’s tagline, “Read my lips: No new taxes,’’ only to violate it when the US economy took a spin. When President Bush ran for reelection against Arizona Governor Bill Clinton, the latter’s slogan spelled in no uncertain terms the issue in that election: “It’s the economy, stupid!” And the Americans loved Clinton for that. Filipino presidentiables are no less creative when it comes to sloganeering. When Senate President Ferdinand E. Marcos challenged incumbent President Diosdado P. Macapagal in 1965 who had promised to serve only for one term to give others a chance to occupy Malacañang, Marcos’s slogan was direct and harsh, “Alis diyan,” and the voters followed Marcos. Later, after over two decades of staying in power under an authoritarian rule, Cory Aquino’s battle cry during the snap election in 1986 was a shout out for Marcos to vacate power: “Tama na, sobra na.” When it was his turn to run for president, Joseph “Erap” Estrada came up with a short but powerful campaign slogan. “Erap para sa mahirap” captured the essence of his strong pro-poor stance, which he had portrayed in all of his toughie movie roles. This was enough for Erap to prevail over a wide field of candidates that were more deserving to hold the office of the presidency. But he was dislodged by the 2nd People Power due to charges of corruption and involvement in illegal games. His successor, President Gloria Macapagal-Arroyo, suffered from corruption charges as well, and other irregularities. Benigno Aquino III capitalized on the weaknesses of his predecessors and coined the famous lines: “Kung walang corrupt, walang mahirap.” This carried him to Malacañang in 2010. Mayor Rodrigo R. Duterte garnered the people’s support with his slogan, which was supposed to personify his qualities as a leader: “Tapang at malasakit,” and the sovereign

people gave him the highest position within their power to give. But after the charges of EJKs have surfaced, some people now think that there is more “tapang” to it. The current crops of presidentiables in this year’s election have also put up their own taglines. VP Leni Robredo has just adopted a new one: “Gobyernong tapat, angat buhay lahat.” She finally found her bearing that a message of honest and incorrupt government is the answer to our economic woes. On Bongbong Marcos’s part, he dreams to awaken our country from stupor with his slogan: “Bayan babangong muli.” Although critics had recently scored him by claiming that he even failed to rise from his bed to attend the early morning hearing of the disqualification cases filed against him. Mayor Isko Moreno encapsulates his youth and vigor in his chosen campaign slogan: “Bilis Kilos.” This projects his quick and immediate response to the pandemic crisis and disasters. Senator Panfilo Lacson’s tagline is: “We need a leader 2022.” As an experienced public servant, he has chosen to emphasize his track record to distinguish himself from less seasoned aspirants. Our bible-quoting presidentiable, Senator Manny Pacquiao, as expected has put up “For God and country” but I read in one of his campaign leaflets the words: “Taong nanggaling sa hirap and siyang kakalinga sa mga mahihirap.” This stresses his compelling narrative to identify himself with the common masses. I have not heard from other candidates but I’m sure they’ll all come up with their own colorful taglines that will be easy to recall and hard to forget by the voters. Coming up with words that will win for the candidate is an art by itself. As the famous writer and wit William Safire has once said: “Good slogans have rhyme, reason or alliteration to make them memorable.” And if I may add, it should capture the personae of the candidate or his passion to serve, which will keep him locked in the peoples’ hearts.

Issues related to refund of unutilized creditable withholding taxes Atty. Mabel L. Buted

Tax Law for Business

he withholding tax system is a mechanism for which taxes are collected at source as payment of the taxes due from the income recipients. Taxes withheld are advance payments as the taxes are deducted from the income and paid to the tax authority even before the income earner is required to file its tax return. The source of the income is constituted as both a representative of the income recipient for the remittance of taxes and a representative of the government for the collection of taxes. In fact, the withholding agent may be penalized for not doing that obligation. The tax withheld may either be final tax, where the tax withheld is considered final and the income earner is no longer required to pay tax on the related income. In many instances, however, the tax withheld is simply creditable where the taxpayer is still required to include the income in computing its tax liability and applies the taxes withheld as credit. Because almost all types of income are now subject to withholding taxes, with some at high rates, it is not unusual for income earners to have excess creditable withholding taxes. The taxpayer may either carry-over those excess advance income tax payments to be utilized as credits in the future. The other remedy is to seek reimbursement through a refund. In applying for refund, taxpayers must consider the basic requirements. These are: (a) the income upon which the taxes were withheld were included as part of the gross income declared in the returns of the taxpayer; (b) the fact of withholding is proven by withholding tax certificates issued by the withholding agents; and (c) the claim, both in the

administrative and judicial levels, must be filed within two years from date of payment. Lately, we have noticed that some deviations and concerns have been raised in relation to claims for refund for unutilized creditable withholding taxes. One of these is with respect to the exhaustion of administrative remedies, before resorting to judicial remedies, which was previously discussed by my colleague in this column. We have encountered many others and had likewise been receiving inquiries on this matter. One of these relates to the documentary requirements. At the administrative level, some applications are being denied for failure to present the originals or the certified true copies of the withholding tax certificates. There are even instances where applications are not accepted simply because they are not accompanied by such documents. Also, while the Courts had consistently declared that proof of remittance of withholding tax by the withholding agents is not required, we still encounter applications being denied at the administrative level simply on the ground

that the taxpayer fails to present proofs of remittance of withholding taxes by the withholding agent, such as the latter’s withholding tax returns and alphabetical list of income payees. This is contrary to the pronouncements by the Courts that in a claim for refund, only the fact of withholding, and not the fact of remittance, must be proven. So the taxpayer need not show that the withholding agent actually remitted the tax withheld. The taxpayer needs only to show that its income had been subjected to withholding. It is, thus, sufficient for the taxpayer to submit the certificate of withholding (BIR Form 2307). Whether or not this should be the original and certified true copy is another question. There is no specific issuance that enumerates and clarifies the requirements when applying for refund of unutilized withholding taxes. It is time to have one to properly guide both the taxpayers and the BIR examiners in dealing with refund claims. In doing so, however, practices that had already been settled through Court decisions should be respected. On giving the administrative claim a chance to be acted upon before elevating to the Courts, the CREATE law provided for a specific period to process and decide on refund claims. But this was vetoed. So, as it stands now, the law does not provide a specific period within which an administrative claim should be acted upon. The rule remains that the refund for income taxes due to excessive withholding should be filed within two years, both administratively and judicially. Hence, a taxpayer may already invoke the jurisdictions of the Courts if that period is about to lapse, even if there is no decision yet on the administrative claim. This notwithstanding, it is a com-

mon practice for the tax authority to argue pre-mature filing of judicial claims pending the decision at the administrative level. And as noted above, there also seems to be some Court decisions holding that the claim at the administrative level should be given sufficient time to be acted upon before it is considered denied by inaction. I agree that the tax authority should be given a chance to review applications for refund and to issue decision on or before it is considered effectively denied through inaction. And we’ve seen that necessity during this pandemic. The difficulty in the preparations and filing leaves no option but for the taxpayer to file at the last minute, and to meet the 2-year period for judicial action, elevates the same to the Court after only a few days. But that’s how the law is presently crafted. And even if a period should be granted to the tax authority to review, how long would that be? The law does not say. These are just a few of the concerns related to claims for refund of unutilized advance income tax payments. There are many others. Some can be addressed through administrative issuances. But others need legislative intervention. I hope that these can be addressed to provide clarity on the requirements needed from the taxpayers and on the processing of claims by the tax authorities. The author is a junior partner of Du-Baladad and Associates Law Offices (BDB Law), a memberfirm of WTS Global. The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at mabel.buted@ bdblaw.com.ph or call 8403-2001 local 312.

AMID A HARVEST OF AWARDS, YOUR SUPPORT COUNTS MOST

HE pandemic tested the media industry, forcing newsrooms around the world to overhaul the way they do their job while following strict health protocols in order to survive a deadly infection. The BusinessMirror, the country’s premier national business daily, was tested like everyone else, and survived, even continuing to live up to its promise to provide a broader look at today’s business. In November 2021, the business broadsheet was recognized as the “Business News Source of the Year” for 2020 by the Economic Journalists Association of the Philippines (Ejap), the country’s premier organization of business reporters, editors and wire agencies. It was a 4-peat for BM, having gotten the same honors for the years 2017, 2018 and 2019. And, as in the past Ejap awards, it also swept half of the individual categories, with its seasoned reporters adjudged as best in their respective coverages. Earlier in 2021, the BusinessMirror was given the Pro Patria Award by the Rotary Club of Manila, for “its commitment of valuable resources for the protection of free expression and its resilience in disseminating fair and truthful information resulting in an informed and enlightened citizenry.” It was just the latest recognition from the prestigious Rotary Club, which named it “Business Newspaper of the Year” for 2018-2019, and again in 2020. In all, it has received six top

Rotary journalism awards in its short 16-year existence. The BusinessMirror has also consistently reaped top awards in the Brightleaf Journalism Awards for Agriculture and the Philippine Agricultural Journalists-San Miguel Corp. (PAJ-SMC) Binhi Awards, also for the best in agriculture journalism. The BusinessMirror was also repeatedly adjudged the leading daily in biotechnology journalism, a recognition bestowed by the Jose G. Burgos Jr. Biotechnology Journalism Awards. The “broader look” mantra also drew recognition from the Philippine Statistics Authority (PSA) which named the BusinessMirror, at its first awards rites in 2018, as the inaugural “Data Champion.”

In the first “Bantog Science for the People” awards for media from the Department of Science and Technology, the BusinessMirror got the top award for the Institution category for Print; and the grand prize in the individual category for science journalist Stephanie Tumampos. In 2018, Environment Reporter Jonathan Mayuga received the Luntiang Aligato award from the Climate Reality Project, a nonprofit organization founded by Nobel Laureate and former US Vice President Al Gore. The Broader Look at biodiversity was also recognized. It was named among the Asean Champions of

Biodiversity, for the Media Category, by the Asean Centre for Biodiversity. The Broader Look also extended to the paper’s corporate social responsibility. It organized and staged the first-ever recognition rites for the best of the Philippines’s friends in the world, with the “MISSION PHILIPPINES: The BusinessMirror Envoys & Expats Awards.” The initiative won a Gold Anvil in 2019. Distinguished institutions in government have also repeatedly recognized the BusinessMirror’s role in spreading the word about the work they do—information that shines a light on good governance and committed public service to uplift people’s hopes. Most notably, these are the Social Security System and Pag-IBIG Fund. Sixteen years, two of them in a pandemic, have tested the promise of a Broader Look. But they are also a measure of the unstinting support of friends—advertisers and news sources alike—and readers who continue to believe in that promise.

THANK YOU, EVERYONE. YOUR LOVE AND SUPPORT IS OUR MOST IMPORTANT TROPHY.

BusinessMirror A broader look at today’s business

Companies

Editor: Jennifer A. Ng

Tuesday, January 18, 2022

Illegal investment schemes rise during pandemic–SEC

By Butch Fernandez

@butchfBM

omplaints against investment scammers received by the Securities and Exchange Commission (SEC) in 2017 to 2021 reached 493, amid concerns the numbers keep rising even during the pandemic. T he Senate Committee on Banks and Financial Institutions learned from SEC Commissioner Ephyro Luis Amatong at a hearing on Monday that the most prominent investment scam case they handled was that of the Kapa Community Ministry in 2018, where millions of victims allegedly lost

a whopping total of P50 billion. The scam happened even though regulators have been exposing and warning against investments scams in previous years. As an example, Amatong cited the P100-billion Multinational Telecom investment scam involving Rosario Baladjay in the 1980s; the P30-billion

Legacy Group scam of Celso de los Angeles in 2009; and the P12-billion Amman Futures trading scam of Manuel Amarillo in 2012. Also cited was the P12-billion Performance Investments Productions Corporation scam involving Micheal Liew in 2017 and the P8billion scam of Rigen Marketing of King Paul Bryan in 2019. According to Amatong, scammers cashed in on the economic growth and robust business, and the steady increase in individual savings of Filipinos. During the Covid-19 pandemic in 2020 and 2021, the SEC was compelled to issue 241 advisories to potential investors as it noted a perceptible rise in new scams. The regulator also issued 20 cease and desist orders and at 40 orders cancelling the certificates of registra-

tion of investment scammers. The SEC has been facing squarely the challenge of prosecuting these cases, even in the absence of lack of witnesses testifying against scammers, the official said. He noted that the SEC has no power to order the scammers to return funds to victims, and this has led many victims to file their own individual criminal cases against the culprits. The SEC is looking to lawmakers to pass the financial consumer protection bill now being tackled by the Senate. This expands the powers of the SEC to help victims of financial or investment scams. It also grants SEC the power to strictly limit the activity of investment advising to duly licensed parties, as a means of cutting off the so-called investment gurus that have proliferated.

Haus Talk raises ₧750M from IPO By VG Cabuag @villygc

hares of Haus Talk Inc., the first company to list on the Philippine Stock Exchange (PSE) this year, were little changed during its debut on Monday. Its shares closed 6 percent higher, or P0.10, to close at P1.60 from its listing price of P1.50 per share. Haus Talk listing also braved the mainly jittery market conditions, with the benchmark PSE index shedding 37.51 points to close at 7,223.83 points. The company’s listing also marks the debut of a participant in the PSE’s handholding program for micro, small, medium, and emerging enterprises (MSMEs). “While this ceremony represents the end of House Talk’s initial public offering of its shares, and the start of it being a listed company, I also view it as the company’s graduation from the handholding program of

the Philippine Stock Exchange,” PSE President and CEO Ramon S. Monzon said. “This program is a free service offered by the exchange under which we conduct one-on-one sessions with potential listing applicant companies to help them navigate their listing roadmap and connect them with IPO financial, legal, and accounting advisors who can help bring their IPO journey to fruition.” Monzon said there are more than 30 companies registered under the handholding program. “And we look forward to getting more of them listed this year and next.” Manuel Ocampo, Investment and Capital Corp. of the Philippines managing director, said the company’s maiden share sale attracted wide participation from local stock brokers and small investors. “We are allocating P25.1 million for capex [capital expenditures],

Typhoon-hit stations now open–Petron

etron Corp. said Monday that nearly all its stations that sustained damages in Visayas and Mindanao have been fully restored and operational less than a month since the onslaught of Typhoon Odette (international name Rai). Some stations in Bohol, Cebu, and Siargao—among the hardesthit areas by the typhoon—are still undergoing repair works. Despite the power outages, most Petron stations were still able to operate using power generation sets. Petron’s on-ground teams worked double-time to fast-track the restoration and re-opening of stations that had to close down to undergo damage assessment and repair, the oil firm said. Petron’s ter mina ls worked round the clock to meet the growth in demand, soaring by almost 200 percent in some affected areas. Additional tank trucks were deployed to accelerate the

delivery process and reach more customers. It also made other adjustments like securing alternative source plants to ensure continuous and uninterrupted product replenishment. The oil firm said it remained in close coordination with its dealers to ensure order and compliance in its stations. Through its local teams, dealers, and the LGUs, Petron was able to identify the urgent concerns of vulnerable communities in typhoon-battered areas. The company, through its Petron Foundation and terminals, had already distributed canned goods in Mandaue and Mactan to about 3,700 families. Petron had earlier assured the public of building up its product inventory to accommodate the high demand for fuel, especially from government agencies crucial in recovery and clearing efforts, as well as hospitals, power plants, airports, water facilities, among others. Lenie Lectura

P10 million for the acquisition of new technologies [hardware and software]. That will include the acquisition of a new ERP [enterprise resource planning] system. We are also investing into construction equipment to make our production more efficient,” the company said The company sold to investors 500 million shares, grossing P750 million, proceeds of which will be used for land acquisition and project development. It plans to spend P462.01 million for land acquisition, and P216.58 million for project development. Haus Talk said it is looking at acquiring properties in Bacoor, Cavite; Calasiao, Pangasinan; Sta. Cruz, Laguna; and Antipolo. The company also plans to use part of the proceeds for the development of its property in Mariveles, Bataan. The company will use around P216.58 million to develop its 240,647-square meter property, which is being eyed for an economic

and socialized housing development. “The project will be developed in three phases. with each phase commencing within the first three years of disbursement. The P216.58 million will be split among the land development, construction, and administration expenses of the project,” Haus Talk said. For the first year, the company will allot P76 million for land development and construction, after which it will allot the remaining P140.58 million for the construction of the units which were pre-sold during the first year. Trade Secretary Ramon Lopez meanwhile expressed hope that Haus Talk’s IPO will inspire more MSMEs to aspire for scaling up like Haus Talk. “May this also serve to amplify the signal that our capital market is healthy and ready to support the growth of our MSMEs,” Lopez said. Haus Talk caters to the mid to lowincome families who want to live in affordable gated communities.

Toll Group sees double-digit growth By Tyrone Jasper C. Piad @TyronePiad

n Australia-based logistics firm expanding in the Philippines is aiming for doubledigit growth in the next five years on the back of higher demand for its services from the retail, technology and automotive industries. The Toll Group said it is growing its presence across Asia with the official opening of a local office in the Philippines. The company is in Parañaque City, Metro Manila, which is near major sea and airports. “The Manila office enables Toll Group to more effectively support Philippines-based businesses in their supply chain needs, empowering them with a suite of best-in-class supply chain solutions and access to regional growth opportunities,” the company said in a statement. The logistics firm has been in the Philippines since 2007 but only through local partners. The move to open a local hub is seen to provide the Toll Group “more autonomy and control over operations and service quality, streamlining goods transition and coordination in line with industry best practices.” In addition, Toll Group said its Philippine footprint will allow local businesses to access its global freight forwarding network, which can lead

to new business opportunities in regional value chains. “A key objective of our direct expansion into the Philippines was to enhance access to global opportunities for local businesses. Many freight forwarders in the Philippines operate through a partner-based model and do not personally own a global or regional supply chain network, creating challenges in visibility and quality control,” said Benjamin Bathan, who has been appointed as the country manager for the Philippines. Linking local companies to global value chains, Toll Group said, is in line with its efforts to tap the Philippines’s unrealized $49-billion export potential. “Today, uncertainties and supply chain bottlenecks have made a multimodal approach to transport and the ability to access multiple suppliers and markets critical for business continuity and resilience,” said Rajeev Sood, Senior Vice President— ASEAN and Indian Subcontinent, Toll Global Forwarding. “Having a direct presence in the Philippines reaffirms Toll Group’s commitment to helping businesses across Asia navigate supply chain challenges and contributes to the continued expansion of our regional network and presence.” The company caters to over 20,000 customers across the world through its 500 sites across 25 countries and a forwarding network covering 150 countries.

Philex may extend Padcal mine life

Photo from www.philexmining.com.ph

By Jonathan L. Mayuga @jonlmayuga

hilex Mining Corp. (Philex) is considering further extending the operation of its underground mine in Padcal, potentially overlapping with the start of the commercial production at its Silangan mine in 2025. A decision to extend Padcal’s mine life beyond 2024 will depend on the study of the remaining mineable reserve, favorable price of copper and gold, as well as the cost of producing the metals moving forward and obtaining the required government permits, Philex said in a statement. Padcal, where copper and gold have been extracted starting 1958, is scheduled to cease operation by the end of 2024 after several extensions of its mine life. Philex will begin the development of a starter mine in Silangan this year. The copper and gold mine will start commercial operation by early 2025, limiting any major impact on Philex’s income flow even if Padcal ceases operation as scheduled in 2024, it said. An overlap in Padcal and Silangan’s operation could further bolster Philex’s income stream. Eulalio B. Austin Jr., president and CEO of Philex said studies are ongoing. “The extension of Padcal’s operation will be dependent on the

study of the remaining mineable reserve, favorable price of copper and gold, as well as cost of producing the metals moving forward and obtaining the required government permits. If prices hold on to the levels where they are now, which we consider high, then there is a possibility of extension,” he said. Philex has secured all regulatory approvals for Silangan, including the nod of the local government units, indigenous people, and the Department of Environment and Natural Resources. The Mineral Production Sharing Agreement, which was scheduled to expire in 2024, had also been extended by the full 25year term or up to 2049. An initial investment of $224 million is needed to develop a starter mine that will produce around 2,000 tons of ore per day. Production, under the current development plan, will be ramped up to 12,000 tons a day or 4 million tons a year by the 12th year. Over its 28-year-mine life, Philex estimated total investment, including spending to operate and maintain the mine, will reach $1.5 billion. It is expected to generate thousands of jobs, particularly in Surigao del Norte towns of Placer, Tubod, Tagana-an, and Sison, and contribute billions of pesos in taxes to both the LGUs and the national government.

TransCo to operate in off-grid provinces

tate-led National Transmission Corp. (TransCo) will soon operate the grid systems in Palawan, Mindoro, Catanduanes and Marinduque. According to the Philippine Energy Plan 2020-2040, preparatory works for the development of a business plan for the islands of Palawan, Mindoro, Catanduanes and Marinduque, which involves organizational, operational, legal, financial, and regulatory aspects, are underway. “The launch of the full operations for the island controls centers and the National Control Center for Island SO [system operator] is targeted in August 2022,” it said. In February last year, the Department of Energy (DOE) has designated TransCo as operator of off-grid power systems with more than one power supplier. This is meant to support and implement the policies set under the DOE issued “Omnibus Guidelines on Enhancing Off-Grid Power Development and Operation.” Off-grid areas are not connected to the national transmission system. The DOE said TransCo will take over the eligible off-grid systems that procure power from National Power Corp.’s small utilities group and distribution utilities. For off-grid areas with only one power supplier, the distribution utility shall continue to perform its mandate as off-grid SO.

The National Electrification Administration (NEA) had already instructed electric cooperatives (ECs) serving the off-grid areas to ensure the smooth transition of their system operator functions to TransCo. The NEA, which supervises 121 ECs nationwide, is responsible for providing technical assistance, financial and management support to enhance the operations of the electric distribution system in the off-grid area. TransCo continues to conduct regular inspection of transmission facilities and projects to ensure quality, reliable, affordable and secured supply of electricity across the country. Sourcing of funds for the feed-in-tariff eligible renewable energy (RE) developers will be continuously pursued including the timely filing of FiT-All application, it added. TransCo is also working on a high-speed internet project, dubbed Project AirGig, which aims to deliver internet service along TransCo’s transmission lines without the use of cables, satellites, and fibers. It turned over the management and operation of its nationwide transmission system to the National Grid Corporation of the Philippines after it secured a franchise to operate the transmission network. However, TransCo still owns all the transmission assets. Lenie Lectura

Companies BusinessMirror

Tuesday, January 18, 2022

Zambales-based essential oil maker gets fiscal perks

By Tyrone Jasper C. Piad

@TyronePiad

he Board of Investments (BoI) has granted incentives to an essential oil producer for its P109.5-million project in Zambales. The attached agency of the Department of Trade and Industry (DTI) said Monday that it has approved the registration of Iba Botanicals Inc., whose operation is expected to start this month. The project is seen to contribute P245.28 million to the economy. It will produce essential oil export products from ylang-ylang, vetiver

and elemi species, setting India, Thailand, Malaysia and Singapore, among others, as target markets. It has a capacity of 35.6 metric tons or 35,688 kilograms per year. Iba Botanicals uses organic farming techniques and is in the process of securing a third party international organic certification. The company may employ 430

Italpinas inks JV deal with partner in CDO

workers by the fifth year of operation. It will hire up to 200 direct workers from a community in the vetiver plantations in San Juan, Zambales. “As the pandemic has affected the employment of the Filipinos, the project will help in easing both through generation of jobs that will be brought during its construction and commercial operations,” the BoI said in a statement. The DTI attached agency noted that “extensive” research and development was conducted in studying the demand for the said products. This includes the establishment of trail plantation areas in order for the sample product to be produced for testing and market development. The common essential oils in the

mutual funds

January 17, 2022

NAV One Year Three Year Five Year

per share Return*

ALFM Growth Fund, Inc. -a

232.22

0.62%

-4.06%

-1.66%

ATRAM Alpha Opportunity Fund, Inc. -a

1.6339

23.09%

3.17%

3.69%

-1.82%

ATRAM Philippine Equity Opportunity Fund, Inc. -a 3.2153

1.06%

-7.58%

-4.4%

-0.69%

Climbs Share Capital Equity Investment Fund Corp. -a 0.7573 -6.64%

-7.04% n.a.

0.11%

-3.8% n.a.

-1.08%

5.1427

2.3%

-2.31%

0.19%

-0.77%

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

0.7769

1.08%

-3.87%

-3.24%

MBG Equity Investment Fund, Inc. -a

95.22

-7.01%

-7.62% n.a.

0.84%

PAMI Equity Index Fund, Inc. -a

47.6254

-0.13%

-2.73%

-0.13%

-1.04%

Philam Strategic Growth Fund, Inc. -a

498.84

0.45%

-2.5%

-0.6%

-0.37%

5.59% n.a. n.a.

0.48%

Philequity Alpha One Fund, Inc. -a,d

1.1683

Philequity Dividend Yield Fund, Inc. -a

1.3907

16.91%

Philequity Fund, Inc. -a

36.3895

2.83%

0.939

talpinas Development Corp. (IDC) on Monday said it has executed a joint venture (JV) agreement with the land owner of its new project in Cagayan de Oro City. In its disclosure, the company that develops mainly green buildings or condominiums, said its new project will be on a 11,327-square meter property in Uptown Cagayan de Oro City, and is near its existing developments, Primavera Residences and Primavera City. “Once completed, the new project is planned to consist of a series of low-rise walk-up green buildings [four stories], offering both residential and commercial space. The chosen format will accentuate the precinct’s communitycentered character, while simultaneously delivering contemporary Italian Design, open spaces, and modern conveniences,” the company said in its disclosure. “The architectural design will be in keeping with the Italian-Filipino company’s

philosophy of bringing cutting-edge, sustainable design to dynamic, emerging Philippine cities. The new project site is located near IDC’s existing developments, enabling the company to leverage its well-established knowledge of the local area and its dynamic market conditions.” For the nine months of 2021, the company reported its income fell by 39 percent to P28.27 million from the previous P46.73 million. Sales declined 29 percent to P248.5 million, from the previous year’s P353.34 million, partly due to the compliance with the accounting principles on the recognition of sales. The company said it saw a decrease in rental income last year. “Further, there were cancellations in 2020 for default accounts in which the corresponding collections were forfeited, thus, an income to the company for last year,” it said. Italpinas mainly has two projects—one in Cagayan de Oro City and Miramonti in Sto. Tomas, Batangas.

2.24%

2.8%

-1.67%

0.95%

-0.56%

-2.92% n.a.

-0.25%

Philequity PSE Index Fund Inc. -a

4.9099

0.63%

-2.04%

0.49%

-1.03%

820.05

0.45%

-2.05%

0.45%

-1.02%

Soldivo Strategic Growth Fund, Inc. -a

0.7458

2.25%

-5.87%

-2.6%

-0.9%

Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.7497

1.66%

-3.92%

-0.94%

-0.68%

Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.9346 0%

-2.38%

0.23%

-1.05%

United Fund, Inc. -a

-2.15%

0.85%

-0.91%

-1.83%

0.94%

3.4059

1.25%

-0.82%

2.54%

Philippine Stock Index Fund Corp. -a

Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 110.3602

0.75%

-1%

Primarily invested in foreign currency securities $1.1446

-11.85%

6.44%

5.54%

1.61%

Sun Life Prosperity World Voyager Fund, Inc. -a $1.8084

ATRAM AsiaPlus Equity Fund, Inc. -b

5.95%

15.74%

11.28%

-2.06%

0.14%

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

1.6943

0.23%

-0.35%

-0.34%

ATRAM Philippine Balanced Fund, Inc. -a

2.2841

-1.44%

0.12%

0.05%

0.11%

First Metro Save and Learn Balanced Fund Inc. -a 2.6827

1.07%

0.54%

1.45%

-0.31%

First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.2126 NCM Mutual Fund of the Phils., Inc. -a N.S.

5.98% n.a. n.a.

N.S.

PAMI Horizon Fund, Inc. -a

3.7613

-1.58%

1.65%

0.78%

-0.1%

Philam Fund, Inc. -a

16.8281

-1.55%

1.17%

0.69%

-0.1%

Solidaritas Fund, Inc. -a

2.1164

-0.03%

-0.17%

0.6%

-0.24%

0.5%

-1.19%

0.04%

-0.46%

Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.6304

-4.86% n.a. n.a.

-0.93%

Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.9382

-2.47% n.a. n.a.

-0.67%

Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.9267

-2.13% n.a. n.a.

-0.77%

Sun Life Prosperity Dynamic Fund, Inc. -a

6.34%

0.9582

0.33%

1.72%

N.S.

Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9806

0.59%

0.42%

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

$0.03735

-3.96%

1.75%

1.04%

PAMI Asia Balanced Fund, Inc. -b

$1.0809

-10.16%

4.28%

3.6%

1.29%

3.3%

11.21%

8.29%

-1.43%

Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,2 $1.1851 - 0.33%

5.95%

4.23%

-1.13%

Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.7336

-1.56%

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

374.69

0.95%

2.88%

2.57%

0.1%

ATRAM Corporate Bond Fund, Inc. -a

1.8862

-0.84%

0.54%

0.01%

0.08%

Cocolife Fixed Income Fund, Inc. -a

3.248

0.99%

2.92%

3.87%

0.12%

Ekklesia Mutual Fund Inc. -a

2.2525

-1.84%

1.77%

1.44%

0.04%

First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4295 -0.85%

3.03%

1.8%

0.14%

Philam Bond Fund, Inc. -a

-4.8%

4.52%

1.5%

0.27%

4.4074

Philam Managed Income Fund, Inc. -a

1.323

0.17%

3.88%

2.9%

0.3%

Philequity Peso Bond Fund, Inc. -a

3.9894

0.08%

3.87%

2.74%

0.6%

Soldivo Bond Fund, Inc. -a

1.0295

-0.97%

4.36%

1.96%

0.13%

Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1943

-0.17%

4.48%

3.22%

0.22%

Sun Life Prosperity GS Fund, Inc. -a

-0.71%

3.65%

2.62%

0.32%

1.7362

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

$489

1.08%

2.87%

2.44%

-0.12%

ALFM Euro Bond Fund, Inc. -a

Є219.6

0.07%

1.07%

0.96%

-0.19%

ATRAM Total Return Dollar Bond Fund, Inc. -b $1.1998

-5.23%

1.97%

1.6%

-0.34%

First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0259 -1.52%

1.32%

0.87%

-0.38% -1.29%

PAMI Global Bond Fund, Inc -b

$1.0096

-7.03%

-0.95%

Philam Dollar Bond Fund, Inc. -a

$2.4662

-2.03%

4.04%

2.33%

-1.58%

Philequity Dollar Income Fund Inc. -a

$0.0622537

0.04%

2.94%

1.94%

-0.06%

Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.1267 -2.29%

2.67%

1.14%

-2.17%

2.56%

0.06%

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

131.27

1.06%

2.72%

First Metro Save and Learn Money Market Fund, Inc. -a 1.0584 0.96% n.a. n.a.

0.07%

Sun Life Prosperity Peso Starter Fund, Inc. -a,1 1.3165

0.07%

1.46%

2.54%

2.53%

Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0608

0.75%

1.42% n.a.

0.02%

Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d 1.3948

20.46% n.a. n.a.

0.86%

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

$0.96

-3.03% n.a. n.a.

PSE STOCK QUOTATIONS

January 17, 2022

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

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

3,000 134,930 1,680,420 216,661,189 1,440,910 136,436,499.50 111,100 2,864,675 97,000 933,017 2,331,470 134,660,365.50 21,600 198,720 93,100 1,871,070 1,500 83,850 10 1,031 9,000 180,552 826,550 92,593,808 96,290 9,685,490 207,000 354,950 531,000 2,151,670 85,000 272,850 22,000 17,820 10,000 2,850 10 9,800 550,000 394,270 80 16,808 15 42,000 40,000 32,090

-4,450 7,776,481 -15,068,815 10,300 14,502.00 -25,900,427.50 -464,015.00 67,080 10,250 -15,823,106 275,474 -339,560 -11,520 -

INDUSTRIAL AC ENERGY 9.5 9.53 9.53 9.7 9.47 9.5 8,972,000 85,985,618 ALSONS CONS 1.05 1.06 1 1.05 1 1.05 624,000 648,880 30.9 31.1 30.9 31.45 30.85 30.9 561,900 17,403,380 ABOITIZ POWER 0.56 0.57 0.58 0.58 0.55 0.56 6,159,000 3,479,780 BASIC ENERGY FIRST GEN 28.05 28.2 28.15 28.2 28.05 28.05 91,500 2,573,785 FIRST PHIL HLDG 70.2 70.5 70.4 70.5 70.2 70.2 12,940 910,727 4.08 5.48 5.49 5.49 5 5 2,300 12,186 JOLLIVILLE HLDG MERALCO 309.4 310 306 313 305.8 309.4 258,920 79,983,138 MANILA WATER 25.8 25.9 25.6 26 25.25 25.9 2,979,200 76,911,680 PETRON 3.29 3.3 3.3 3.38 3.3 3.3 1,330,000 4,408,110 4.01 4.24 4.24 4.25 4.24 4.24 28,000 118,920 PETROENERGY PHX PETROLEUM 10.52 10.84 10.52 10.84 10.52 10.84 19,700 210,094 SYNERGY GRID 13.1 13.16 13.1 13.2 13.02 13.16 1,727,200 22,632,622 PILIPINAS SHELL 19.06 19.1 19.04 19.28 19.04 19.1 55,500 1,059,928 13.88 13.9 13.94 13.96 13.88 13.9 238,600 3,318,450 SPC POWER 1.6 1.61 1.53 1.62 1.52 1.61 253,242,000 397,694,270 SOLAR PH AGRINURTURE 4.8 4.85 4.88 4.88 4.69 4.85 81,000 388,720 AXELUM 2.83 2.89 2.89 2.89 2.81 2.89 187,000 536,120 27.45 27.5 27.3 27.9 27.3 27.45 1,824,600 50,107,405 CENTURY FOOD 15.28 15.48 15.5 15.58 15.28 15.28 99,400 1,537,024 DEL MONTE DNL INDUS 8.6 8.67 8.88 8.88 8.6 8.6 21,284,800 184,163,743 EMPERADOR 19.54 19.58 19.5 19.7 19.28 19.58 11,932,300 233,327,074 68.65 69 69 69.4 68.65 69 56,910 3,922,580 SMC FOODANDBEV 0.62 0.63 0.62 0.63 0.62 0.62 27,000 16,750 ALLIANCE SELECT FRUITAS HLDG 1.2 1.24 1.2 1.24 1.2 1.24 7,873,000 9,660,020 GINEBRA 123.9 124 118.4 124 118.4 124 204,370 24,998,851 225 225.4 229 229 225 225 221,500 50,119,818 JOLLIBEE 1.47 1.48 1.43 1.48 1.43 1.47 15,185,000 22,195,090 KEEPERS HLDG MAXS GROUP 6.45 6.46 6.4 6.46 6.4 6.46 64,700 416,065 MG HLDG 0.143 0.147 0.142 0.148 0.142 0.148 510,000 74,160 17.16 17.24 17.02 17.42 16.98 17.24 16,413,500 282,903,714 MONDE NISSIN 9.65 9.74 9.61 9.74 9.6 9.74 86,500 834,111 SHAKEYS PIZZA ROXAS AND CO 0.65 0.67 0.65 0.68 0.65 0.65 2,108,000 1,410,880 RFM CORP 4.63 4.65 4.65 4.65 4.64 4.64 90,000 417,730 1.03 1.14 1.05 1.05 1.04 1.04 24,000 25,060 ROXAS HLDG SWIFT FOODS 0.101 0.106 0.103 0.103 0.101 0.101 560,000 57,200 UNIV ROBINA 126.5 126.6 129.5 129.5 126.2 126.5 2,928,630 371,402,067 VITARICH 0.7 0.71 0.71 0.71 0.7 0.71 339,000 240,420 2.4 2.54 2.4 2.4 2.4 2.4 53,000 127,200 VICTORIAS 1.04 1.05 1.03 1.05 1.03 1.04 2,029,000 2,110,800 CEMEX HLDG EAGLE CEMENT 14.8 14.82 14.88 14.92 14.8 14.8 249,900 3,703,092 EEI CORP 6.47 6.5 6.69 6.69 6.47 6.5 28,100 183,628 5.51 5.55 5.62 5.62 5.5 5.51 104,400 577,448 HOLCIM 5.06 5.07 5.11 5.18 5.07 5.07 172,800 884,397 MEGAWIDE PHINMA 20.1 20.5 20.5 20.5 20.05 20.5 32,100 656,280 TKC METALS 0.77 0.8 0.8 0.8 0.77 0.77 42,000 32,860 0.85 0.86 0.86 0.89 0.85 0.85 1,285,000 1,104,690 VULCAN INDL 1.72 1.74 1.71 1.74 1.71 1.74 64,000 110,900 CROWN ASIA EUROMED 1.37 1.49 1.49 1.49 1.49 1.49 17,000 25,330 MABUHAY VINYL 4.2 4.34 4.34 4.34 4.34 4.34 4,000 17,360 5.66 5.78 5.8 5.8 5.72 5.72 5,600 32,104 PRYCE CORP 20.2 21.15 20.1 20.1 20.1 20.1 100 2,010 CONCEPCION GREENERGY 2.15 2.18 2.2 2.22 2.15 2.18 985,000 2,157,190 INTEGRATED MICR 9.98 9.99 9.86 10.1 9.86 9.99 2,191,100 21,922,920 0.72 0.73 0.72 0.73 0.72 0.72 71,000 51,620 IONICS PANASONIC 5.75 6.06 6.04 6.07 5.65 6.06 23,400 138,397 SFA SEMICON 1.1 1.12 1.11 1.15 1.1 1.1 9,000 10,070 CIRTEK HLDG 3.98 4.04 4.11 4.14 3.97 4 1,421,000 5,718,820

2,918,495.00 9,360 -2,035,745 -1,120 -340,025 32,430 9,476,346 -16,159,135 -116,660 -2,207,638 -479,958 -4,170 1,942,020 -4,810 -40,460 -15,363,370 149,538,463 116,657,240 -1,223,258.50 -6,200 -45,140 -8,786,921 -4,009,990 577,370 18,028,850 -99,348 1,328,560 -413,090 -301,611,062 26,400 -53,640 3,230,814 8,280 -115,225 -85,690 -26,884 -731,260 -3,983,285 137,290

HOLDING & FRIMS

-0.37%

First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.7626 1.91%

Philequity MSCI Philippine Index Fund, Inc. -a

@villygc

Y-T-D Return

Stock Funds

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

By VG Cabuag

country used in aromatherapy are extracted from endemic plants, BoI noted, such as ylang-ylang (cananga odorata), lemon grass (citronella), patchouli, vetiver, castor seeds (castor oil), pili, eucalyptus (mint), malunggay, sampaguita, sambong, and ginger. Essential oils are aromatic essences that come from plants, flowers, trees, fruits, bark, grasses and seeds. These are deemed essential inputs for producing items in perfumery, personal and healthcare, pharmaceuticals, cosmetics, household care, food and beverage industries, among others. In 2021, the global essential oils market is estimated to have amounted to $10.3 billion. It is expected to grow to $16 billion by 2026.

www.businessmirror.com.ph

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

44.5 127.2 94.05 25.75 9.57 57.5 8.85 20.05 55.95 103.1 20 111 100.5 1.65 4.08 3.22 0.8 0.285 950 0.65 209.6 2,750 0.81

0.92 850 60.1 12.48 7.9 0.475 5.15 8.5 7.4 556 3.49 58 0.65 3.12 9.93 0.38 3.9 1.15 2.9 950 111.2 123 0.166

45 128 94.7 25.8 9.6 57.55 9.2 20.1 57 114 20.5 112 100.8 1.72 4.12 3.32 0.87 0.325 980 0.72 212 2,800 0.89

0.93 853 60.5 12.5 8.2 0.48 5.16 8.51 7.77 558 3.6 58.6 0.66 3.15 10.06 0.415 3.96 1.2 3.01 952 112 126.9 0.175

45.05 129 94.9 25.75 9.53 57.8 9.2 20.2 55.9 103.1 19.94 112 101.9 1.71 4.07 3.21 0.81 0.285 980 0.7 209.6 2,800 0.81

0.94 857 60.5 12.38 8 0.46 5.15 8.33 7.62 565 3.6 59.2 0.65 3.1 10 0.375 3.98 1.23 3 950 110.6 125.9 0.165

45.15 131 95.45 25.8 9.66 58.4 9.2 20.2 55.9 103.1 20.5 112.5 101.9 1.72 4.12 3.21 0.81 0.285 980 0.72 212 2,800 0.81

0.94 867.5 61.25 12.66 8.8 0.475 5.16 8.55 7.77 566.5 3.6 59.3 0.65 3.15 10.1 0.375 3.98 1.23 3 960 112.6 126.9 0.175

44.5 127.2 94.05 25.55 9.53 57.5 9.2 20.05 55.9 103.1 19.94 111 100.1 1.71 4.05 3.21 0.81 0.285 980 0.7 209.6 2,800 0.8

0.92 846 60 12.38 7.9 0.46 5.08 8.33 7.4 556 3.49 57.5 0.65 3.1 9.93 0.375 3.9 1.2 3 943 110.6 123 0.165

44.5 127.2 94.7 25.8 9.6 57.5 9.2 20.05 55.9 103.1 20 111 100.5 1.72 4.12 3.21 0.81 0.285 980 0.72 212 2,800 0.8

0.93 853 60.1 12.5 7.9 0.475 5.15 8.5 7.4 556 3.49 58 0.65 3.12 9.93 0.375 3.9 1.2 3 950 112 126.9 0.175

5,210,000 110,640 454,960 5,322,400 165,800 630,000 2,323,400 6,042,100 51,200 66,440 18,000 2,064,230 77,000 180,000 2,678,000 100,000 5,998,000 26,000 7,000 102,980 44,480 910 170,000

4,851,410 94,324,535 27,478,003.50 66,609,654 1,348,848 297,150 11,958,762 51,358,239 379,785 37,122,550 64,250 120,498,497.50 50,050 562,040 26,895,652 37,500 23,572,330 31,230 21,000 98,163,465 4,983,890 113,939 28,150

PROPERTY ARTHALAND CORP 0.6 0.64 0.62 0.64 0.6 0.64 335,000 202,660 AYALA LAND 35.7 35.8 36 36 35.65 35.7 2,595,100 93,020,140 6.21 6.22 6.18 6.25 6.18 6.21 1,621,500 10,071,656 AYALA LAND LOG 0.96 1.01 1.02 1.02 1.02 1.02 1,000 1,020 ARANETA PROP AREIT RT 49.6 49.95 49.55 50 49.55 49.6 382,700 19,084,955 A BROWN 0.78 0.8 0.78 0.8 0.78 0.8 43,000 33,870 0.73 0.74 0.74 0.74 0.73 0.73 33,000 24,410 CITYLAND DEVT 0.098 0.102 0.102 0.102 0.102 0.102 10,000 1,020 CROWN EQUITIES CEB LANDMASTERS 2.91 2.92 2.9 2.95 2.87 2.92 815,000 2,374,050 CENTURY PROP 0.4 0.405 0.4 0.405 0.395 0.4 550,000 219,850 7.18 7.19 7.2 7.25 7.18 7.18 175,600 1,261,294 DOUBLEDRAGON 1.79 1.8 1.79 1.8 1.78 1.79 6,849,000 12,262,700 DDMP RT DM WENCESLAO 6.77 6.78 6.77 6.78 6.77 6.78 15,300 103,731 EMPIRE EAST 0.25 0.265 0.26 0.26 0.25 0.25 470,000 120,650 0.31 0.315 0.305 0.315 0.305 0.31 2,140,000 660,300 EVER GOTESCO FILINVEST RT 7.84 7.85 7.84 7.86 7.8 7.85 14,869,700 116,728,379 FILINVEST LAND 1.09 1.1 1.11 1.11 1.09 1.1 2,505,000 2,757,680 GLOBAL ESTATE 0.91 0.93 0.92 0.95 0.91 0.91 140,000 127,670 11.6 11.7 11.7 11.88 11.52 11.7 282,100 3,315,258 8990 HLDG 523 540 513.5 540 513.5 540 230 123,405 GOLDEN MV PHIL INFRADEV 1.14 1.17 1.14 1.14 1.14 1.14 132,000 150,480 CITY AND LAND 0.89 0.9 0.89 0.89 0.89 0.89 13,000 11,570 3.17 3.19 3.23 3.27 3.16 3.17 13,114,000 42,139,300 MEGAWORLD 0.231 0.232 0.235 0.235 0.231 0.232 2,750,000 642,400 MRC ALLIED MREIT RT 21.9 22.2 21.8 22.55 21.55 22.2 3,087,400 68,636,240 OMICO CORP 0.34 0.35 0.35 0.35 0.35 0.35 100,000 35,000 0.49 0.495 0.485 0.49 0.485 0.49 1,600,000 781,950 PHIL ESTATES PRIMEX CORP 2.2 2.23 2.19 2.28 2.11 2.23 1,015,000 2,179,020 RL COMM RT 8.74 8.8 8.7 8.8 8.67 8.74 2,030,900 17,791,271 ROBINSONS LAND 18.98 19.12 19 19.2 18.82 19.12 7,536,600 144,282,054 0.191 0.198 0.201 0.201 0.198 0.198 690,000 137,710 PHIL REALTY 1.48 1.49 1.48 1.52 1.48 1.48 22,000 33,120 ROCKWELL SHANG PROP 2.58 2.62 2.62 2.62 2.62 2.62 4,000 10,480 STA LUCIA LAND 2.71 2.84 2.8 2.85 2.8 2.85 18,000 51,110 34.15 34.3 34.5 34.55 34 34.15 3,810,500 130,670,710 SM PRIME HLDG 0.58 0.61 0.59 0.59 0.58 0.58 30,000 17,600 SOC RESOURCES VISTAMALLS 3.6 3.7 3.6 3.7 3.6 3.7 5,000 18,300 SUNTRUST HOME 1.08 1.11 1.1 1.11 1.08 1.11 35,000 38,310 3.49 3.5 3.5 3.54 3.5 3.5 63,000 220,710 VISTA LAND SERVICES ABS CBN 13.24 13.4 13.42 13.64 13.02 13.24 194,500 2,615,662 GMA NETWORK 14.9 14.94 14.66 14.94 14.66 14.94 1,429,100 21,258,844 0.415 0.43 0.43 0.43 0.43 0.43 10,000 4,300 MANILA BULLETIN GLOBE TELECOM 3,278 3,280 3,300 3,306 3,272 3,280 35,740 117,391,320 PLDT 1,860 1,873 1,890 1,896 1,860 1,860 61,330 114,884,085 APOLLO GLOBAL 0.076 0.077 0.072 0.077 0.071 0.076 180,680,000 13,387,040 31.15 31.25 31.25 31.9 31.15 31.15 4,877,800 153,200,030 CONVERGE 2.35 2.42 2.48 2.48 2.35 2.42 62,000 147,230 DFNN INC DITO CME HLDG 5.15 5.16 5.31 5.36 5.15 5.15 29,239,400 152,723,363 IMPERIAL 1.39 1.63 1.41 1.41 1.39 1.39 91,000 127,370 1.41 1.43 1.38 1.48 1.33 1.43 2,060,000 2,926,690 NOW CORP 0.345 0.35 0.315 0.345 0.315 0.345 16,860,000 5,668,400 TRANSPACIFIC BR 2GO GROUP 7.41 7.5 7.5 7.5 7.41 7.5 24,500 182,693 ASIAN TERMINALS 13.64 13.9 13.9 13.9 13.9 13.9 2,400 33,360 1.65 1.67 1.67 1.67 1.65 1.67 1,110,000 1,838,920 CHELSEA CEBU AIR 42.1 42.6 42.85 43.3 42 42.1 131,500 5,606,360 INTL CONTAINER 203 204.2 199.5 207.8 198.6 203 988,980 202,294,888 LBC EXPRESS 21.75 24.7 24.8 24.8 24.7 24.7 1,200 29,745 0.91 0.92 0.91 0.91 0.91 0.91 1,000 910 LORENZO SHIPPNG MACROASIA 5.26 5.28 5.39 5.41 5.26 5.28 550,100 2,924,592 METROALLIANCE A 1.02 1.16 1.16 1.17 1.01 1.02 115,000 119,320 HARBOR STAR 0.87 0.88 0.86 0.88 0.86 0.88 28,000 24,260 1.51 1.61 1.51 1.55 1.51 1.51 61,000 93,310 ACESITE HOTEL DISCOVERY WORLD 1.8 1.86 1.8 1.85 1.79 1.8 72,000 132,360 GRAND PLAZA 10.4 14.32 10.36 14.32 10.36 14.32 200 2,468 WATERFRONT 0.475 0.48 0.475 0.475 0.475 0.475 210,000 99,750 6.69 7.54 7.5 7.54 7.5 7.54 1,500 11,306 IPEOPLE STI HLDG 0.335 0.345 0.345 0.345 0.33 0.34 890,000 302,400 BELLE CORP 1.33 1.34 1.34 1.34 1.32 1.34 77,000 102,240 BLOOMBERRY 6.38 6.39 6.32 6.43 6.3 6.38 630,100 4,018,105 1.24 1.29 1.27 1.29 1.24 1.29 3,627,000 4,578,430 LEISURE AND RES 0.74 0.76 0.77 0.77 0.74 0.74 560,000 415,990 PH RESORTS GRP PREMIUM LEISURE 0.43 0.44 0.43 0.44 0.43 0.43 2,670,000 1,160,750 PHIL RACING 5.65 5.75 5.75 5.75 5.65 5.65 100,200 566,150 1.9 1.96 1.88 1.97 1.87 1.92 221,000 420,610 PHILWEB 0.61 0.62 0.63 0.64 0.61 0.62 29,694,000 18,545,860 ALLDAY BERJAYA 5.53 5.55 5.52 5.55 5.52 5.55 17,400 96,468 ALLHOME 8.8 8.85 8.83 8.95 8.8 8.8 1,631,700 14,367,379 1.41 1.42 1.37 1.42 1.37 1.41 136,000 191,110 METRO RETAIL PUREGOLD 37.4 37.5 37.55 38.5 37.5 37.5 1,891,200 71,517,695 ROBINSONS RTL 58.1 58.2 58.5 58.5 58.2 58.2 170,900 9,973,211 PHIL SEVEN CORP 86.15 89.5 86.5 91 86.5 89.5 1,250 111,200 1.08 1.09 1.09 1.09 1.07 1.08 605,000 651,720 SSI GROUP 28.5 28.55 28.55 28.9 28.5 28.55 1,084,300 31,071,235 WILCON DEPOT APC GROUP 0.23 0.235 0.23 0.236 0.22 0.236 90,000 20,560 EASYCALL 4.01 4.48 4.5 4.5 4.48 4.48 6,000 26,900 6.95 7 7 7 7 7 1,200 8,400 IPM HLDG MEDILINES 1.16 1.18 1.21 1.22 1.16 1.18 5,030,000 5,959,530 PRMIERE HORIZON 0.51 0.52 0.52 0.53 0.51 0.51 1,934,000 1,005,850 MINING & OIL ATOK 6.01 6.2 6.02 6.24 6 6.24 63,300 380,204 1.64 1.65 1.67 1.69 1.63 1.65 2,174,000 3,593,070 APEX MINING 6 6.04 6.17 6.17 6 6 1,465,100 8,876,041 ATLAS MINING BENGUET A 5.05 5.2 5.05 5.05 5.05 5.05 4,000 20,200 COAL ASIA HLDG 0.27 0.285 0.265 0.27 0.25 0.27 310,000 82,250 2.56 2.76 2.57 2.76 2.56 2.76 35,000 94,650 CENTURY PEAK 4.56 5.49 5.5 5.5 5.5 5.5 3,000 16,500 DIZON MINES FERRONICKEL 2.25 2.26 2.17 2.3 2.15 2.26 28,839,000 63,916,610 LEPANTO A 0.137 0.138 0.138 0.138 0.136 0.138 2,550,000 349,280 0.133 0.14 0.133 0.133 0.133 0.133 10,000 1,330 LEPANTO B MANILA MINING A 0.0096 0.0098 0.0098 0.0099 0.0098 0.0098 7,000,000 68,800 MARCVENTURES 1.35 1.38 1.37 1.41 1.35 1.35 2,044,000 2,818,690 NICKEL ASIA 5.85 5.87 5.64 5.95 5.61 5.87 20,995,200 122,801,744 0.78 0.8 0.8 0.81 0.8 0.8 290,000 232,420 ORNTL PENINSULA PX MINING 5.45 5.47 5.36 5.47 5.36 5.45 1,034,100 5,610,072 SEMIRARA MINING 24.95 25 24.5 25.25 24.3 25 3,287,000 81,928,050 UNITED PARAGON 0.0069 0.0072 0.007 0.0072 0.0068 0.0072 12,000,000 84,800 32.6 33.35 33.6 33.8 31.5 33.35 379,700 12,507,675 ACE ENEXOR 0.01 0.011 0.01 0.01 0.01 0.01 2,300,000 23,000 ORNTL PETROL A ORNTL PETROL B 0.01 0.011 0.011 0.011 0.01 0.011 8,100,000 85,100 PHILODRILL 0.0094 0.0095 0.0095 0.0095 0.0094 0.0094 11,000,000 104,100 5.94 6 5.89 6.07 5.89 6 17,500 104,753 PXP ENERGY PREFFERED HOUSE PREF A 100.8 101 101 101 101 101 10,130 1,023,130 AC PREF B2R 520 524.5 520 520 520 520 100 52,000 103.2 104.4 104 104 104 104 20,900 2,173,600 BRN PREF A 41.85 42 42.1 42.1 42 42 39,100 1,644,300 CEB PREF DD PREF 100.9 101.2 100.9 101.2 100.9 101 3,470 350,580 EEI PREF B 106.2 107 107 107 107 107 12,970 1,387,790 102 105 102.5 102.5 102 102 10,000 1,021,500 FGEN PREF G GTCAP PREF B 1,015 1,045 1,043 1,048 1,043 1,048 195 203,760 JFC PREF B 1,004 1,010 1,005 1,010 1,003 1,010 10,230 10,263,300 MWIDE PREF 2A 98.5 99.95 98.5 98.5 98.5 98.5 140 13,790 100.8 101 100.9 100.9 100.9 100.9 7,020 708,318 PNX PREF 3B PNX PREF 4 998 999 998 998 998 998 160 159,680 PCOR PREF 3A 1,048 1,060 1,060 1,060 1,060 1,060 105 111,300 PCOR PREF 3B 1,115 1,144 1,125 1,125 1,125 1,125 50 56,250 79.2 79.6 79.6 79.6 79.2 79.2 12,800 1,013,772 SMC PREF 2F SMC PREF 2J 76.5 76.8 76.5 76.5 76.5 76.5 2,700 206,550 SMC PREF 2K 75.9 76 75.85 75.85 75.85 75.85 340 25,789 TECH PREF B2D 53.45 53.65 53.35 53.65 53.35 53.65 1,800 96,270 PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 12.6 13 12.6 12.8 12.6 12.6 2,500 31,520 GMA HLDG PDR 14.3 14.38 14 14.4 14 14.3 70,700 1,009,230 WARRANTS TECH WARRANT 0.89 0.91 0.96 0.97 0.89 0.91 1,826,000 1,675,170

1,648,370 -2,662,525 475,588 34,746,948 -5,670 -2,940,878 3,751,811 -352,059 -15,716,780 -2,142,524 12,040,692 -4,303,400 14,730,370 30,108 -5,076 18,150 6,414,645 -2,780,908 -1,024,290 780 23,680 375,260 -31,850 -66,752 328,010 10,000 -223,837 -663,210 -52,780 569,562 5,724,470 159,560 -28,639,790 -4,953,764.00 -96,761,822 8,000 8,880 6,402,065 14,700 -3,380 -47,423,460 -8,515,720 -75,270 -34,906,465 2,480 23,449,862.00 -18,630 -354,350 509,505 17,492,335 24,800 -524,444 7,740 3,150.00 4,010 655,814 198,300 -59,200 4,300 -192,080 3,525,490 13,851,125 -127,905 -844,435.50 87,740 -69,660 3,849,795 -207,570 40,780 1,670 -143,148 81,850.00 -828,390 1,360 25,061,337 228,030 -11,795,630 16,100 - -416,000 -997,500 -50,500 - 1,280 8,400 -10,650

SMALL & MEDIUM ENTERPRISES -1.03%

"While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the

ALTUS PROP HAUS TALK ITALPINAS KEPWEALTH MERRYMART XURPAS

newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www. pifa.com.ph to see the latest NAVPS/NAVPU."

FIRST METRO ETF

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

18.84 1.6 1.12 2.8 2.37 0.475

19.4 1.61 1.13 2.9 2.38 0.48

EXHANGE TRADE FUNDS 110

110.8

19.2 1.49 1.14 2.82 2.39 0.55

19.5 1.73 1.15 2.95 2.44 0.56

18.7 1.45 1.11 2.8 2.37 0.45

18.86 1.6 1.12 2.9 2.38 0.475

15,400 220,619,000 1,019,000 19,000 1,944,000 19,660,000

295,590 354,122,000 1,151,020 53,740 4,648,950 9,911,265

-684,670 14,820 -189,920 8,770

110.5 111.5 110 110 7,130 788,576 84,184

www.businessmirror.com.ph

Banking&Finance BusinessMirror

Haste to waste

HE year 2022 began on a sour note. The NCR was again back to Alert Level 3 due to the steep rise of Covid cases in a matter of days. From December 24, 2021, with only 80 infections, there was an exponential rise in cases. As of January 10, 2022, the infection reached a high of more than 33,000. How did this happen? Last August, a hard lockdown was recommended so that consumers and businesses will be able to have a good Christmas. It was also projected that the last quarter will allow businesses to recover. It is a small sacrifice that will give us a long-term gain. Then later in November, the alert level was brought from 3 down to 2; meaning the restriction was more relaxed. Ever since the pandemic began, I have been accustomed seeing few people in the malls and supermarkets. But this time around, it was totally different. I was shocked to see people behaving as if there was no pandemic. Parents brought their babies or toddlers (unvaccinated and no face mask). It seems the government is in such a hurry to revive the economy at the expense of public health. Worse, there was already the threat of the highly-infectious Omicron variant late-November, which the government unintentionally imported owing to its failure to implement a longer quarantine requirement like that of Hong Kong’s. Unfortunately, a lot of overseas Filipino workers came home with the Omicron variant. Then there was also the news about people skipping quarantine via bribery. In haste, all the gains we got in December went to waste. The effort and sacrifice we all made went to a naught. We are back to square one. The hospitals are seeing a rise in the confinement of patients as compared to almost zero last December. We are doing the same thing over and over again but the government expected a different result. Evidently, not only does the government took short cuts; travellers did. too. Similar to driving, if one isn’t familiar with the road network, one can reach a dead end. The same applies in our personal finance. A lot of people are always in a hurry to get ahead faster than others and, most often than not, end up with nothing. In their haste, they got into a scam. Instead of growing money, they lost everything. How do we avoid this scenario? Below are some pointers: 1. Know yourself and your situation. Similar to the pandemic, our authorities seem to not know what they are doing. They can see what is happening abroad but seems not to learn anything. They even recommend the same erratic measures that yielded disastrous results. One needs to study the situation and seek wise counsel from those who have been successful. 2. Be proactive. Knowing full well what lies ahead, it pays to have a plan of action as compared to waiting

Edmund Lao

personal finance for the risk to occur and then react. That will be too late. Similar to our Covid response, our authorities will act only after the case is severe. In managing money, we need to think far ahead and see the future risk that is certain to occur. Having the luxury of time gives us room to prepare without much stress. Failing to plan the future is simply planning to fail in the future. Lost time cannot be recovered and one will definitely pay a heavy price later. 3. Prevent rather than cure. When our health secretary said that the entry of Omicron is not a matter of “If” but a matter of “When,” I already know his mindset. China’s policy is zero-Covid. So when we read news we see the difference in their actions. Prevention of the entry of the variant is definitely a lot cheaper than letting it come in and treat the citizens. The latter mindset causes government and the citizens to lose lots of money unnecessarily. Scams are similar to the Covid virus that takes away hard-earned money. When these scammers guarantee high return, we should treat this as a red flag and avoid them the way we avoid the virus. Remember that if the offer is too good to be true, then it’s too good to be true. Using that information as the antidote, we can prevent scams. If only authorities prevented the Omicron variant from coming in, then we will not be in a mess now. 4. Learn from mistake humbly. We already had three surges during the pandemic. Yet authorities still do not seem to learn. Every time a new variant appears, they will always say that they are prepared. They do not want to admit their mistake and reject suggestions from knowledgeable people. The result will always be deaths and overwhelmed health workers. Similarly, in the haste to make money and recoup past losses, a lot of people keep on getting scammed over and over again. They even go against the warnings of financial advisors on the dangers of the offer. The lure of easy money gave them the idea of invincibility. Unless they humble themselves, unlearn and re-learn, they will keep on repeating the same mistakes until it is too late. Let us all hope that the pandemic be over soon so that we can continue building our future wealth. Always remember, money needs time to grow and haste only makes waste. Let this be a Happy 2022! Edmund Lao is a registered financial planner of RFP Philippines. To learn more about personalfinancial planning, attend the 93rd RFP program in January 2022. To inquire, e-mail info@rfp.ph or text at 0917-6248110.

Editor: Dennis D. Estopace • Tuesday, January 18, 2022

Thousands of digital fraud complaints filed with BSP By Butch Fernandez

@butchfBM

ANGKO Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno warned last Monday of the proliferation of complaints from victims of hackers and scammers amid the growing number of clients availing of online transactions. Appearing before the Senate Committee on Banks chaired by Sen. Grace L. Poe, Diokno disclosed that from 2020 until 2021, the BSP received 42,456 complaints filed before its Consumer Empowerment Group.

The central bank governor recalled that the amount of questionable financial transactions ballooned up to P2 billion in 2021. For instance, Diokno cited complaints involving “unauthorized fund

transfers” and ballooning amortization from a bank borrower. According to the BSP chief, most of the complaints were considered “closed” but assured these went through a long process and that most of the decisions were not in favor of the complaining financial consumers. Diokno added that in the same period, the Insurance Commission received 2,992 complaints against insurance and pre-need companies and Health Maintenance Organizations (HMOs). He noted hundreds more complaints from victims of investment scams since 2019 were received by the Securities and Exchange Commission (SEC). Based on monitoring by the BSP, he noted the top three cybercrimes listed by probers were: account takeover or identity theft; phishing and

social engineering schemes; and, “card-not-present fraud” or transaction perpetrated by a scammer even without the victim’s credit card. Moreover, he recalled that beginning 2019, fraud cases ballooned to 2,324 percent in 2020 while hacking and malware attacks went up to 302 percent in 2020, including phishing and social engineering schemes. In the same period, identity theft also rose by 2.5 percent, prompting Diokno to affirm support for the Senators’ efforts to consider tougher penalties against identity theft as card-not-present-fraud cases also rose by 26.8 percent. Due to this development, the BSP Governor affirmed support for remedial legislation under consideration in the senate for a financial transaction protection bill.

SC OKs disposal of Banco Filipino’s assets thru BSP By Joel R. San Juan @jrsanjuan1573

HE Supreme Court (SC) has affirmed the second amended decision issued by the Court of Appeals (CA) in November 2019 giving the Bangko Sentral ng Pilipinas (BSP) the go-signal to bid out, sell and dispose the assets of the defunct Banco Filipino Savings and Mortgage Bank. In a 19-page decision penned by Associate Justice Edgardo L. de los Santos, the Court’s Third Division denied the petition filed by Banco Filipino stockholder Ekistics Philippines Inc., which sought to set aside the appellate court’s second amended decision on the petition filed by the BSP. The BSP petition assailed the lower court’s order issued on October 17, 2016, and October 25, 2016, which granted Ekistics’ motion for the issuance of a writ of preliminary injunction (WPI) to enjoin the BSP from disposing Banco Filipino assets pending the resolution of the case and granting its plea to reduce the P1.2 billion injunctive bond imposed by the court. In 2017, the CA ruled in favor of the BSP and lifted the injunction issued by the Makati RTC on the ground that Ekistics was not entitled to the grant of the WPI since the alleged right sought to be protected. As well, the requirements of grave and irreparable injury were not established. Not in conformity with the decision, Ekistics moved for the reconsideration of the ruling, which the ap-

pellate court granted in an amended decision issued in July 2018. The CA held the consideration the validity of the BSP Resolution, which placed Banco Filipino under receivership, is still pending before the Court and that the legality of the resolution ordering the liquidation of Banco Filipino is yet to be resolved by another division in the CA. Hence, the CA held it is prudent to reverse its original decision in order to prevent the proceedings before the Court and the CA becoming moot and academic. Aggrieved, the BSP filed a motion for reconsideration, which the CA granted through its second amended decision issued on November 13, 2019, that reinstated its 2017 ruling that, in turn, set aside the injunction issued by the Makati RTC in favor of Ekistics. This prompted Ekistics to elevate the issue before the High Tribunal. In denying Ekistics’ petition, the SC held that the orders issued by the Makati RTC are void considering that it had no jurisdiction over the BSP since the latter is not a party in the liquidation case pending before the trial court where Ekistics filed the petition-in-intervention. “Here, although the BSP was sent notice of hearing to take up the petition-in-intervention with prayer for WPI and TRO against it, the fact remains that it was not impleaded in the case nor was made a party thereof,” the SC said in a recentlyreleased decision. “As such, the RTC had no jurisdiction over the person of the BSP when it issued the WPI enjoining the BSP

from proceeding with the liquidation process, including the public bidding and disposal of Banco Filipino assets,” it explained. The Court also said Ekistics cannot “get around the rules and underhandedly” use the petition-inintervention to restrain a final and executory order of the Monetary Bank directing the liquidation of Banco Filipino. It stressed that under Section 30 of Republic Act 7653 or the New Central Bank Act, actions of the Monetary Board are considered final and executory and may not be restrained by the court except on petition for certiorari on the ground of grave abuse of discretion amounting to lack or excess of jurisdiction. It further stated that the petition for certiorari should be filed by the stockholders-of-record representing the majority of the capital stock within 10 days from receipt by the board of directors of the institution of the order directing receivership, liquidation or conservatorship. “Assuming Ekistics filed a petition for certiorari, it still has no legal standing to file the same considering it is a stockholder-of-record merely holding a minority share. As the rules clearly provide, only majority stockholders-of-record are allowed to file the petition for certiorari,” the SC stressed. Likewise, the Court said the Makati RTC’s issuance of the WPI is invalid since it has failed to acquire jurisdiction over the BSP. “Since BSP was not impleaded or was not made a party to the case, the injunctive

writ cannot be validly imposed upon it,” it added. “The CA properly lifted the WPI issued by the RTC on the ground that the issuance thereof was tainted with grave abuse of discretion amounting to lack or excess of jurisdiction considering that the movant failed to evince and establish the essential elements to warrant the grant of an injunctive writ,” the SC added. Court records showed Banco Filipino was incorporated on June 25, 1964, with a term of 50 years or until June 25, 2014. It was closed in 1985 but was reopened nine years later after the SC declared the closure illegal and directed the BSP to allow the bank to resume its business operations. But on March 17, 2011, the Monetary Board of the BSP placed Banco Filipino under receivership of the Philippine Deposit Insurance Corp. and then ordered its liquidation on October 27, 2011, after determining the lender cannot continue its business without involving probable losses to its depositors and creditors. However, the trial court suspended the bank’s liquidation proceedings upon the petition filed by some of its stockholders. While the liquidation proceedings were suspended, the BSP published on its website an invitation to bid for the sale of certain properties, which included those of Banco Filipino. Ekistics then sought the trial court’s issuance of a writ of an injunction against the BSP’s move, which it granted in an order issued on October 17, 2016.

BTr fully awards P15B in T-bills BSP eyes incentivizing sustainable finance adoption as investors opt for short tenors By Tyrone Jasper C. Piad @Tyronepiad

By Bernadette D. Nicolas @BNicolasBM

HE Bureau of the Treasury (BTr) fully awarded P15 billion in Treasury Bills (T-Bills) as rates declined on the back of investor-preference for short tenors. Rates across all tenors of the security ended up lower when compared to those from previous auction results and secondary-market benchmark rates. Total bids submitted by investors during the auction reached P77.7 billion, making the auction five-times oversubscribed. National Treasurer Rosalia V. De Leon explained that the decline in rates was due to the slowdown in the country’s inflation rate and the heavy investor bias for short tenors as the US Federal Reserve is expected to begin raising interest rates.

“Unwind of easy monetary policies has been anticipated; more so now in US with high inflation,” De Leon’s message to reporters read. “Again, [Bangko Sentral ng Pilipinas] Governor [Benjamin E.] Diokno has reassured that economic recovery will be supported.” Asked about the Treasury’s plans to issue offshore bonds before the rate liftoff, De Leon replied: “Let’s see.” She also did not give a categorical answer when asked if they are planning to issue euro-denominated bonds just like what they did in the past two years. “Will see; sentiment may not be different,” De Leon said. The 91-day T-bills capped at an average rate of 0.875 percent, down by 9.4 basis points from the previous auction’s 0.969 percent. Total investors’ bids for the security

stood at P27.5 billion, more than five times the P5-billion offering. Meanwhile, the average rate for the 182-day T-bills fell by 2.4 basis points to 1.097 percent from 1.121 percent. The debt paper attracted P26.38 billion in tenders, equivalent to more than five times the P5-billion offering. Likewise, the 364-day Tbills posted a lower average rate at 1.415 percent, slipping by 5.3 basis points from 1.468 percent. Bids for the security reached P23.8 billion, more than four times the P5-billion offering. For this month, the Treasury is set to borrow P200 billion from the local debt market. For this year, the national government programmed to borrow P2.47 trillion, a fifth lower from the P3.07-trillion borrowing target last year.

ITH the goal of further promoting sustainability in the financial sector, the Bangko Sentral ng Pilipinas (BSP) is looking into providing regulatory incentives to banks implementing such an initiative. BSP Governor Benjamin E. Diokno said they are studying the “potential use of preferential rediscount rates or provision of higher loan values to enable banks to extend green loans or finance sustainable investments.” Diokno said that the BSP is evaluating the potential perks to be extended to said financial institutions to avoid “unintended consequences.” “Nevertheless, we have initially proposed the inclusion of sustainable finance as a form of compliance with the mandatory credit to the agriculture sector,” he noted. The central bank governor said that providing regulatory incentives is in line with the third phase of the Sustainable Finance Framework. The first two phases were issued in the past two years.

“Under this framework, we expect banks to progressively increase their loan allocations for green or sustainable projects as part of their set strategic environmental and social objectives,” Diokno explained. The BSP chief said that the country, through the Inter-Agency Technical Working Group on Sustainable Finance, is coordinating with the Department of Finance in developing policies to further widen the reach of sustainable finance. In addition, the government also teams up with multilateral development agencies to raise funds for sustainable projects. These include the Asian Development Bank, the International Finance Corp. and the United Nations Development Program. Last month, the BSP released the “Environmental and Social Risk Management,” or ESRM, framework, supporting its bid in promoting sustainability. The framework is slated to take effect in 2023. “The ESRM framework provides specific expectations on the management of environmental and social [E&S] risks in relation to credit and operational risks, taking into account the size, risk profile and complexity of operations of banks,”

Diokno said. “It builds on the Sustainable Finance Framework issued in April 2020, which provides the broad expectations on embedding sustainability principles in the corporate and risk governance frameworks, business strategies and operations of banks.” With the ESRM framework in place, the regulator expects that financial institutions will incorporate E&S risks with their credit risk strategies and overall credit risk management system. The board of directors, as such, is also enjoined in setting strategic E&S objectives, which may include boosting allocations for green project funding or financing. “It is important to consider the economic sector and location of the borrower as well as the collateral for the loan, among others, in assessing the exposures to such risks,” Diokno said. In addition, the financial institutions under the said framework are expected to factor in the E&S risks in their operational risk management framework and to hold vulnerability assessments of their operations, systems and offices and branches to physical risks and natural disasters.

Art

BusinessMirror

Tuesday, January 18, 2022 • Editor: Gerard S. Ramos

www.businessmirror.com.ph

Today’s Horoscope

Dale Kronkright, head of conservation and preservation at the Georgia O’Keeffe Museum, works on restoring O’Keeffe’s painting Spring, November 13, 2021, in Santa Fe, New Mexico. AP

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Jason Segel, 42; Jesse L. Martin, 53; Mark Messier, 61; Kevin Costner, 67. Happy Birthday: Take your time, think things through and make decisions based on your needs. Put your health and well-being first, and strive to look and feel your best. How you handle situations will determine the opportunities and support you receive along the way. A domestic change will encourage you to let go of the past and strive for a better future. Your numbers are 4, 16, 21, 26, 30, 38, 42.

ARIES (March 21-April 19): Use your intelligence wisely. Get involved in events that offer information that discloses all angles of a situation. Being prepared will help you make better decisions when the time is right. A change of heart will point you in a new direction. HHHHH

Damaged O’Keeffe painting on display again after restoration ANTA FE, New Mexico—A damaged Georgia O’Keeffe painting is back on display after conservators spent 1,250 hours and $145,000 restoring it. Dale Kronkright, head of conservation at the Georgia O’Keeffe Museum in Santa Fe, called the job the most massive restoration project he has ever worked on. The results will be on display at the museum through October 10. The painting will then travel to the San Diego Museum of Art in 2023. The late American modernist artist painted the piece, titled Spring, in 1948. It was last seen by the public in 2019, the Albuquerque Journal reported. The painting combines such O’Keeffe trademarks as desert primroses, a large vertebra and the northern New Mexico mountain peak named Pedernal. Measuring about 4 by 7 feet (1.2 by 2.1 meters), it was the largest canvas the artist had

CANCER (June 21-July 22): Save for something worthwhile. Think about the changes you can make to improve your community, relationships, qualifications and ability to get ahead. Broaden your interests, information and skills. A partnership will encourage new trends. Romance is featured. HHH

SIONIL JOSE

TAURUS (April 20-May 20): You'll find it challenging to stick to one thing. Promising more than you can deliver will not bode well with superiors. Put your physical strength and energy where they will bring the highest return. Actions speak louder than words. HH

painted up to that point. The water damage likely was caused by a tarantula tunneling through the roof at the artist’s 18th-century adobe home in Abiquiú, in northern New Mexico. Conservators had to repair not only the water damage but previous restoration work that had failed. The artwork also had been varnished, a process no longer used in conservation. “The damage is consistent with it being stacked against another painting,” Kronkright said. “It’s clear at some point that it was sanded. It was almost as if the paint had been pulled off.” O’Keeffe Museum Curator Ariel Plotek said the work feels like a statement about a new chapter in the artist’s life. The painting of Spring coincided with O’Keeffe’s return from New York—where she spent three years settling the estate of her late husband, Alfred Stieglitz—and the remodeling of her New Mexico home.

National Artist F. Sionil Jose’s inurnment at Libingan ng mga Bayani NATIONAL Artist F. Sionil Jose was laid to rest on January 18, 2022, at the Libingan ng mga Bayani. Before the inurnment, a mass was held at 10 am, followed by the State Funeral. The National Artist passed away on January 6 while confined at the Makati Medical Center waiting to undergo angioplasty. He was 97. The inurnment was by invitation only, in accordance with IATF protocols. Those who wanted to pay their last respects were able to tune in to the live streaming via the CCP Facebook Page. The necrological service and tribute at the Cultural Center of the Philippines has been deferred upon the advice of the family. One of the most revered and read Filipino writers, F. Sionil Jose was known for his novels and literary works espousing national sovereignty and social justice, such as his famous Rosales Saga series. He was bestowed the National Artist Award in 2001 for his outstanding contributions to Philippine literature. The founder of the Philippine chapter of PEN, he received various accolades such as the

CCP Centennial Honors for the Arts in 1998, the Outstanding Fulbrighters Award for Literature in 1988, the Ramon Magsaysay Award for Journalism, Literature and Creative Communication Arts in 1980, as well as several Palanca Awards.

“The primrose is associated with mourning; the bones are connected to death. It’s interpreted as kind of a memorial to Alfred Stieglitz,” Plotek said. Plotek said the fact that O’Keeffe kept the painting for several decades shows it was important to her. In letters to her New York gallerist, Edith Halpert, O’Keeffe wrote that she didn’t know if anyone else would like it. After the water damage, O’Keeffe sent Spring to her personal conservator in New York, calling it “unmanageable and hard to clean.” It was restretched and cleaned. Ultraviolet light showed large sponge marks on the painting, likely attempts by the artist to clean it, Kronkright said. The museum acquired the painting when it opened in 1997. A $75,000 Bank of America grant funded part of the restoration work, while the museum’s operating budget paid for the rest. AP

S.E.A. artists highlighted at Silverlens Dina Gadia, Yee I-Lann, Maria Taniguchi and Mit Jai Inn are the SEA artists highlighted in the exhibit All States No State. In the region, artists often come together through informal networks, establishing communities and collectives that become long-term structures of artistic collaboration and exchange. Such is the practice of all three artists. The title is taken from a series of flags of imagined countries made by Gadia. Dina Gadia is an artist based in Manila with a cult following. Known for satire, she makes paintings and prints sourced from comics, schoolbooks and magazines from the American post-war period. She slices, then reconstructs narratives of a tricky relationship that was troubled from the moment it began. I-Lann Yee (Kota Kinabalu) is a mid-career artist who grabbed the moment of the pandemic to stay home and make work with her communities. Always making waves across Southeast Asia, she is presenting a new series of photographs, titled Measuring Project. Maria Taniguchi (Dumaguete City) makes works encompassing painting, sculpture, video and installation. Her practices investigate space and time along with social and historical contexts. She won the Hugo Boss Asia Art Award in 2015. Mit Jai Inn (Chiang Mai, Thailand) is a widely respected senior Thai artist known for his boundary-defying painting and socially engaged practices. He is showing pieces from his Actants series, which are paintings of woven ribbon and canvas. Mit’s collaboration with light, color, labor and time correspond to metaphysical, political and social constructions of power and belief. Projector X: James Clar (Milwaukee) is an American artist of Philippine heritage. Living between New York and Manila, he uses light and technology systems to tell stories of significant human experiences. S.E.A. Focus: All States No State on view until January 23.

GEMINI (May 21-June 20): Spend more time with your peers, and you will gain perspective regarding the best way to move forward. Eliminate individuals from your circle who are indulgent or exaggerate. Intelligence and determination will lead to success and happiness. HHHH

LEO (July 23-Aug. 22): Emotions will surface if someone tries to interfere with your plans. Don't make changes because someone else does; do what's best for you. An intelligent and healthy approach to life, love and your relationships with others will help you gain respect. HHH

VIRGO (Aug. 23-Sept. 22): You'll gravitate toward unique people and pastimes. The more you indulge in something foreign to you, the easier it will be to recognize what's possible. Execute your plans with detail and precision, and positive change will follow. Romance is in the stars. HHH

LIBRA (Sept. 23-Oct. 22): Be smart; provide valid reasons for the changes you make or the plans you pursue. A proactive approach, an open mind, and expressing compassion and understanding will help keep the peace and encourage the help you require to reach your goal. HHHH

SCORPIO (Oct. 23-Nov. 21): Don't labor over something you cannot change. Take physical action, and do what you can to make your life better. Expand your interests, friendships and physical activities. Make home improvements that will benefit your health and well-being. HH

SAGITTARIUS (Nov. 22-Dec. 21): Money and emotions will lead to confusion and costly mistakes. Rethink your financial plan, and choose to put spending limits in place. Refuse to let anyone talk you into an expense that will tax your standard of living. Say no to indulgent behavior. HHHHH

CAPRICORN (Dec. 22-Jan. 19): Take the time to make your surroundings conducive to what you need and want to be successful. A personal change will lift your spirits and fetch compliments. An affectionate signal will spark your interest. Share something special with someone you love. HHH

AQUARIUS (Jan. 20-Feb. 18): Take notice of what's going on around you. Be open to suggestions, but don't go out of your way to please someone who doesn't reciprocate. Be fair, not gullible. Don't be prone to letting others take advantage of you. HHH

PISCES (Feb. 19-March 20): Leave nothing to chance or unfinished. A spontaneous motion will result in an emotional setback. Work alongside people who are striving for the same results as you. Build a solid base, strong relationships and good work ethic, and you'll excel. HHH Birthday Baby: You are enthusiastic, changeable and resourceful. You are opportunistic and playful.

Universal Freestyle 3 by Craig Stowe The Universal Crossword/Edited by David Steinberg ACROSS 1 “Ain’t No Mountain High Enough” singer 10 Underlying cause 14 Onslaught of both real and fake news 15 Skin care or printing product 16 Daytime TV drama 17 Best 18 Throat malady, for short 19 “Wise up!” 21 It might be spilled, in more ways than one 23 “___ No More” (immersive theater production) 24 Had the guts 27 Cuts down 29 Sing with your mouth closed 31 Embezzlement, e.g. 33 Draw the short straw 34 Exhausts 35 Desensitizes 37 Yours and mine 38 “Makes sense to me” 39 Precedent-setting trials 41 Roofing goo

2 Back talk 4 44 Addition to a building 45 Disney film whose remake stars Liu Yifei 47 Big bang source? 48 By its very nature 51 The Phantom of the Opera’s instrument 56 Wind instrument that Lizzo plays 57 “This is our destination!” 59 What F6 and F8 might represent on ticket stubs 60 All of the leads in “Ocean’s 8,” e.g. 61 Munch Museum city 62 “So relatable!” DOWN 1 Put down 2 Playing a tie-breaking quarter, briefly 3 Way off 4 “Don’t think so” 5 Welcomed into the family 6 Single goblet squat 7 Horseshoe-shaped Greek letter 8 Father

9 Sing “Doo-bee doo-bop,” perhaps 10 66, for one 11 Free 12 Sophocles tragedy after which a Freudian concept was named 13 Moderate horse gait 15 Works like a dog 20 Opposite of ENE 22 Adam’s apple locale? 24 Collections for genetic testing 25 Like always 26 Get up 27 Great Lakes mnemonic 28 Flows back 30 Glitter often makes one 31 “That so?” 32 Sticks (out) 33 Cash advance 36 Superfan 40 Tallest freestanding structure in the Western Hemisphere 42 Jewelry boxes? 43 Gasteyer of Lady Dynamite 46 Game nearly everyone loses 47 Linzer ___ (fruit pastry) 48 “In that case ...”

49 Drink that might be served with cake rusk 50 The “T” in STEM, informally 52 Take it easy 53 Deep wound 54 Field of study 55 Home on a Wingspan card 58 Period that might be named for a president

Solution to today’s puzzle:

Show BusinessMirror

www.businessmirror.com.ph

Editor: Gerard S. Ramos

• Tuesday, January 18, 2022

Prince Harry files court claim over UK police protection L

The claim to a judicial review was filed in September to challenge the British government’s decision-making behind the security procedures. Harry and his wife Meghan lost publicly funded police protection in the UK when they stepped down as senior working royals and moved to North America in 2020. The couple said their decision was due to what they described as unbearable intrusions and racist attitudes of the British media. The couple first went to Canada before settling in the United States. They stated that they privately funded security for their move to the US after then President Donald Trump said his government wouldn’t pay for their protection. The statement said Harry’s security was “compromised due to the absence of police protection” during a short visit to the UK in July, when his car was chased by photographers as he left a charity event.

ONDON—Prince Harry has filed a claim for a judicial review against the British government’s decision not to let him personally pay for police protection while in the UK. The Duke of Sussex’s legal representative said Saturday that Harry wants to bring his children Archie and Lilibet to visit his home country from the US but that is too risky without police protection. The representative said Harry wanted to fund the police protection himself. His private security team in the US doesn’t have adequate jurisdiction abroad or access to UK intelligence information, they said. “The Duke and Duchess of Sussex personally fund a private security team for their family, yet that security cannot replicate the necessary police protection needed whilst in the UK,” a statement said. “In the absence of such protection, Prince Harry and his family are unable to return to his home.”

Harry and Meghan’s 7-month-old daughter Lilibet has yet to meet her great-grandmother, Queen Elizabeth II, and other members of the royal family. The statement said Harry first offered to personally pay for UK police protection for himself and his family in January 2020, during talks with the queen over the Sussexes’ future. The offer was “dismissed,” the statement said. “The goal for Prince Harry has been simple—to ensure the safety of himself and his family while in the UK so his children can know his home country,” it said. “The UK will always be Prince Harry’s home and a country he wants his wife and children to be safe in.” Britain’s government said its security system is “rigorous and proportionate” and declined to comment on details. It also said it was inappropriate to comment on any legal proceedings. AP

Alec Baldwin surrenders phone for shooting probe

Highly-anticipated Book 2 of hit ‘Prima Donnas’ coming

SANTA FE, New Mexico—Alec Baldwin has surrendered his cellphone to authorities as part of the investigation into a fatal shooting on a New Mexico film set last fall, a law enforcement official said. Santa Fe County Sheriff’s Office spokesman Juan Rios said Baldwin’s phone was turned over Friday to law enforcement officials in Suffolk County, New York, who will gather the information from the phone and provide it to Santa Fe County investigators, the Santa Fe New Mexican reported. Sheriff’s office investigators in December obtained a search warrant for the phone’s contents in their investigation into the October 11 shooting on the Rust film set at Bonanza Creek Ranch near Santa Fe. Baldwin was an actor and co-producer, and the search warrant for his phone sought text messages, images, videos, calls or any other information related to the movie. Authorities have said Baldwin’s prop revolver discharged a live round during a rehearsal, killing cinematographer Halyna Hutchins and wounding director Joel Souza. Baldwin’s lawyer, Aaron Dyer, said his client had been cooperating with authorities throughout the course of the investigation, and the delay in providing information from the phone was no indication otherwise. “Alec voluntarily provided his phone to the authorities this morning so they can finish their investigation,” Dyer said Friday in a statement. “But this matter isn’t about his phone, and there are no answers on his phone.” Baldwin, who has denied any wrongdoing in the shooting, and said in an Instagram message on January 8 that New Mexico needed to go through New York law enforcement and that the process of specifying exactly what is needed took time. “They can’t just go through your phone and take your photos, or your love letters to your wife, or what have you,” he said. Baldwin has said he didn’t know the gun he was holding contained a live round when it went off. Investigators are trying to find the source of the live round. No charges have been filed in the shooting. AP

The heartwarming story of Donna Marie, Donna Belle and Donna Lyn is back bigger than ever in Prima Donnas Book 2. The all-star cast excitedly returns to reprise their roles and again step into the lives of the characters that Filipinos worldwide have come to love. Bannering the show are three of GMA Network’s brightest and talented teen stars: Jillian Ward as Donna Marie, Althea Ablan as Donna Belle, Sofia Pablo as Donna Lyn—now the heiresses to the Claveria family—and they are more than ready to showcase a different side to the beloved sisters. Playing their well-loved characters once more are seasoned actors Katrina Halili as Lilian, Wendell Ramos as Jaime, Chanda Romero as Lady Prima, Benjie Paras as Agaton, James Blanco as Ruben, and the newest addition to the cast— Sheryl Cruz as Bethany Howards. The top-rated series promises more interesting twists, family revelations, and scenes that will leave viewers on the edges of their seats. Back for vengeance as Kendra Fajardo is one of the industry’s top actresses, Aiko Melendez. Also returning to the highly-successful series are fast-rising teen stars Elijah Alejo as Brianna, Will Ashley as Nolan, Vince Crisostomo as Cedrick, Allen Michael Ansay as Fonsie, Bruce Roeland as Hugo. The first season left its audience raving for more as it ended on a shocking note—Kendra is alive. Now that she’s back, she will do everything in her power to ruin Lilian and Jaime’s relationship, as well as take back the life that the three Donnas now enjoy. More secrets will be unraveled, new characters will come to light, and the endless pursuit of happiness for the Claveria family continues. How will they remain strong amidst the many challenges life throws at them?

From left: Althea Ablan, Jillian Ward and Sofia Pablo star in Prime Donnas.

Director Gina Alajar shared that while the story continues, it will be significantly different from the first season. “Of course hindi maaalis yung awayan nina Lilian at Kendra. Hindi rin siyempre mawawala yung awayan nina Lilian at Bethany,” she said. “Magkakaroon din ng awayan ang mga bata. Hindi natin sure kung alin doon ang susundan ng viewers but we make it a point na maging iba ‘yung show sa mga nagawa na namin.” She further emphasized that they will delve more into the complexity of Kendra as the antagonist: “Mas ipapaliwang din dito kung saan ‘yung pinanggagalingan ng galit ni Kendra. Kung bakit gusto niya makuha ‘yung crown ni Lady Prima, bakit hindi

niya ma-give up ‘yung pagmamahal ni Jaime kahit na harap-harapan na sinasabi sa kanya na hindi s’ya mahal. Lahat iyon, malinaw at inisa-isa namin dito sa Book 2.” This original series is headed by the SVP for Entertainment Group Lilybeth G. Rasonable, VP for Drama Cheryl Ching-Sy, Senior Program Manager Redgynn S. Alba and Executive Producer Erwin Hilado. The show will take viewers back to the first season with recap episodes from January 17 to 21, Mondays to Saturdays, after Eat Bulaga. Fresh episodes of Prima Donnas Book 2 begins on January 24 in GMA’s afternoon block. More information is available at www.GMANetwork.com.

For the love of their daddy Dolphy

The late Dolphy’s brand of comedy remains unmatched up to this day and his actor-sons Eric, Jeffrey and Vandolph Quizon continue to make their daddy proud, acknowledging upfront that none of them can ever come close to the flair the late Comedy King had in acting and his brilliance in making people laugh. “There is no comparison at all,” asserted Eric, who has won his share of acting awards and directorial projects for film and television in his more than 30 years in the entertainment business. Now in his mid 50s, Eric shuttles between acting and directing. Once based overseas, Eric has decided to make Manila his home base once more, especially after the Hong Kong riots and given the current pandemic. If he finds time, he flies to the US where his mom Pamela Ponti resides.

There is a new comedy show, called Quizon CT, on the free TV channel Net25 where Eric and his two brothers Jeffrey and Vandolph share the spotlight. “CT stands for Comedy Theater. We pitched this concept a while ago to many possible producers, and Net25 was the most interested, so when we got the green light, we buckled down to work right away,” he told us, adding that he also shares directing duties with his brother Jeffrey. “Epi [Jeffrey’s nickname] has also taken interest in directing, and he started with short films. So I felt this new show can also be a good platform for him to hone his directing skills,” Eric added. He shared that there is a segment in the show called “Dolphy’s Classics,” where selected sketches from his dad’s former shows and movies are reenacted by the cast. “It is also our small way of paying tribute to the legacy and the brand of humor that our daddy left behind.” Quizon CT is almost a family show. Aside from the three brothers, the cast also includes Vandolph’s wife Jenny, who used to be a member of an allfemale dance group. They have been married for almost 14 years now. Comedians Gene Padilla, Bearwin Meily, Garry Lim, Martin Escudero and Miss Universe Philippines runner up Billie Hakenson make up the

From left: Jeffrey, Eric and Vandolph Quizon, and their father, the legendary Dolphy.

crazy cast of this Sunday evening comedy show. In the coming episodes, it will be interesting to see Eric’s other brother Ronnie and Eric’s nephew Miguel in the cast. Miguel is the son of Ronnie and actress Eula Valdez who has shown promise in the few movies he did, among them Giancarlo Abrahan’s CinemaOne Original’s Best Film Paki

(Please Care) and the Cinemalaya movie Ani (The Harvest). Both Ronnie and Miguel were also cast in Jeffrey’s short film Bukal. “This new comedy show is a dream come true for our family,” shared Eric, adding, “Every project that we do, there’s always a part dedicated to our daddy. This one is especially for the love of daddy.”

B6 Tuesday, January 18, 2022

First Metro wins big at the 15th Annual Deal and Solution Awards by Alpha Southeast Asia

Meralco recognized for outstanding service innovations amid the pandemic

HE Manila Electric Company (Meralco) emerged as one of the top companies in the Philippines on service excellence, leveraging both digital and traditional customer channels despite the challenges brought about by the ongoing COVID-19 pandemic. In the recently concluded 2021 ASEAN Enterprise Innovation Awards presented by Asia IoT Business Platform (AIBP), Meralco was recognized for its entry, Transformation Powered by Technology and Tradition, which showcased the power distributor’s programs aimed at enhancing customer experiences through process improvements and digital transformation. Among Meralco’s key customercentricity initiatives are its Facebook Live Chat, which serves 8,000 transactions per hour; Virtual Customer Assistant, which allows customers to speak with Meralco representatives via video conferencing;

and Online Customer Appointment, which enables customers to schedule appointments before visiting Business Centers. All these are geared towards ensuring the safety and convenience of Meralco customers. In addition, Meralco introduced the Customer Account Number, which is a permanent reference number for all payment transactions. Another important initiative is the redesigned electricity bill which is easier to understand as it provides all necessary information such as the customer’s 24-month consumption and payment history. Meralco also arms its crews with a Meter Reading App that helps in optimizing service routes and ensures accurate readings of electricity consumption. Through the RealTime Payment Validation App, Meralco avoids incidents where the electricity service

of customers is disconnected due to the late reflection of customer payments for unsettled bills. In 2021, Meralco also unveiled its most advanced Operations Platform and Telecommunications Integrated Command Center (OPTIC), which manages all information, communication, and technology (ICT) systems across the Company. OPTIC is a state-of-the-art facility that aims to reduce unplanned downtime of critical ICT systems, increase employee productivity, and enhance service delivery to Meralco customers. Meralco First Vice President and Head of Information Communication Technology and Transformation Rocky D. Bacani said the AIBP recognition affirms the Company’s commitment to service innovations that improve customer experience. “What guided us through our journey is the clear and decisive leadership which accelerated the change and ensured that everyone marches to the same beat as we move forward with our transformation program,” he said. “We also embraced agile delivery allowing us to address customer pain points rapidly through incremental improvements. This Innovation Award is indeed a recognition of Meralco’s continued and strong thrust for customer centricity and digital transformation,” Bacani added. Meralco President and Chief Executive Officer Atty. Ray C. Espinosa, meanwhile, said: “Excellent customer service and communication are at the core of what we do in Meralco, and transparency is a value we have long adhered to. To be recognized internationally for campaigns focused on these is a remarkable feat, and a great honor to the many women and men of Meralco who toil relentlessly for the fulfillment of these programs and their objectives, despite adversities brought by the pandemic.”

Travel better together in 2022 with El Nido Resorts

RAVELING in the pandemic era is becoming less about tickingoff destination bucket lists and more about traveling with a purpose. While the government’s willingness to reopen borders has a close connection with national levels of vaccination, travelers are now also thinking about the environmental impact of their visits and how it affects the destination’s economy. The Department of Tourism encourages the public to travel locally so as to provide support to locals who were greatly affected by the pandemic. This battlecry is supported by El Nido Resorts (ENR), the country’s leading chain of sustainable resorts. By mid-2020, ENR saw an opportunity to embrace an inclusive manner of travelling which will benefit the locals, the travelers and the tourism industry. This

innovative approach triggered a change of mindset for travelers with the launch of its first-ever “travel bubble” to slowly and safely restart the island’s tourism. The resorts group is now known to have had the first and longest running DOT-approved travel bubble program with a total of 124 bubbles which welcomed 18,831 guests from July 2020 to November 2021. The group’s 'Travel for a Cause' which was launched last June 2020 is a community support program that generated at least P 1 M in donations to sustain their furloughed local employees. The travel program offered guests with existing reservations then, different booking incentives to encourage them to rebook for future dates, instead of canceling their trip. The long pause brought by the

pandemic paved the way for the group to reimagine travel experiences. Since 90% of its workforce are Palaweños and while they have been supporting the local community since the start, the flexible travel packages provided a solid introspective journey for travelers to decide what should be integrated in their journeys to make them more authentic, driving a more positive economic outcome to the island they visit. ENR remains true to its slogan, Sustainability Begins with the Community, and has always been creating avenues to support the local community, which is core of its operations. Check out ENR's packages at www. elnidoresorts.com, email holiday@ elnidoresorts.com and follow its social media accounts on Facebook, Instagram and Twitter.

IRST Metro Investment Corporation, the investment banking arm of the Metrobank Group, won four awards in the 15th Annual Deal and Solution Awards organized by leading regional capital markets magazine Alpha Southeast Asia. The Bureau of the Treasury’s US$1.59 billion Retail Dollar Bonds bagged the Best Retail Dollar Bond Deal of the Year and Best Sovereign Bond Deal of the Year awards. First Metro was one of the joint issue managers of the first-ever onshore retail dollar bond issuance. Meanwhile, the P55.89 billion initial public offering (IPO) of Monde Nissin Corp., the country’s largest IPO, was awarded the Best IPO Deal of the Year in the Philippines. First Metro acted as local lead underwriter and joint bookrunner of the offering. First Metro also participated in the P15.29 billion IPO of MREIT, Inc., which was chosen as the Best Equity Deal in the Philippines. MREIT, Inc. is a company designated by Megaworld Corporation to operate as a Real Estate Investment Trust (REIT). The transactions were cited not only for their size but also because they were executed

and closed in the middle of the pandemic, with a challenging operating environment for many investment banks and financial institutions. Planning, coordination, selling and distribution were done largely via virtual meetings and formats, including regulatory approvals and processes. “We are both honoured and grateful for these awards. First Metro has been at the forefront of capital markets development for several decades now,” said First Metro president Jose Patricio Dumlao. “Our commitment to serve the needs of our clients and meet the changing demands of the market has not faltered even and especially during difficult times brought about by the pandemic.” Alpha Southeast Asia is the first and only institutional investment magazine focused on Southeast Asia. Now on its 15th year, the Annual Best Deal and Solution Awards remains as the first and only award that uniquely recognizes deals/solutions completed in Southeast Asia by banks in the region.

Dumaguete tops Quincentennial marker tilt

HE City of Dumaguete topped the recently-concluded competition for the Best Site Development of Quincentennial Historical Markers in observance of the 500th anniversary of the Philippine Part of the First Circumnavigation of the World. Dubbed Panilongon Landmark, the marker’s landscape is inspired by the galleon Victoria, flagship of Ferdinand Magellan, and stands at the 2-hectare reclaimed Pantawan People’s Park along Rizal Boulevard. The contest was held among 32 local government units which hosted historical markers where the expedition of Magellan and Sebastian Elcano passed by in 1521 en route to the Spice Islands in present-day Maluku in Indonesia. The National Historical Commission of the Philippines (NHCP) and the National Quincentennial Committee (NQC) unveiled 34 sites across the archipelago from March

to October last year to mark the period where the Spanish crew was in the country’s waters. The NQC funded the fabrication of specially-designed pedestals with the NHCP markers and bas relief depicting the expedition’s episodes, and were installed on the identified sites in partnership with local governments for the site development. The Panilongon Quincentennial Landmark was unveiled in May 4 last year to mark the day when survivors of the Spanish expedition sailed to the waters of Negros Island after their defeat in Mactan in the hands of Lapulapu and the burning of their ship Concepcion by the natives of Bohol. Historical accounts say that according to Francisco Albo, one of the expedition’s navigators, Panilongon (Negros) is believed to be abundant in gold and ginger. From that point, they sailed to various parts of Mindanao before reaching their destination and completing the circumnavigation of the world the next year. According to Dumaguete mayor Felipe Antonio Remollo, the city government completed the marker in two months, with 80 percent of materials donated by civic-spirited residents and groups. For bagging the top honors, the city was awarded a P 250,000 cash incentive by the contest organizers. Other winners in the NQC site development contest were Punta Cruz in Maribojoc, Bohol, and Tagima at FuegoFuego Beach in Isabela City, Basilan, which bagged second and third places, respectively. The board of judges is composed of NHCP chairman and NQC executive director Rene Escalante, and representatives from the National Commission for Culture and the Arts, the Department of the Interior and Local Government, and the Department of Tourism, and the Department of Foreign Affairs.

Sun Life Grepa launches funds for offshore investment

UN Life Grepa Financial, Inc. (Sun Life Grepa) is launching three new Peso funds that invest in various financial instruments worldwide, thus allowing clients to maximize the growth potential of their Philippine Pesos. These are the SLG Peso Global Income Fund, SLG Peso Global Growth Fund, and the SLG Peso Global Opportunity Fund. These new SLG Peso Global Funds are available as fund options to any Sun Life Grepa PHP-denominated investment-linked life Insurance plans that provide coverage until age 88 or 100, depending on the plan chosen. This will allow them to enjoy the combined benefit of insurance protection and investments in one financial solution. Each SLG Peso Global Fund operates as a fund-of-funds; Peso premiums will be converted into US dollars and will be invested in high-quality fixed incomecentric, equity-centric, and multi-asset global funds. “These new funds are for clients who want to expand the investment reach of their Peso assets by getting access to global markets,” Sun Life Grepa President Richard S. Lim said. “It is suitable not only for

those who want to address life insurance protection needs but also for those who aim to diversify their assets to address wealth accumulation and long-term needs such as preparing for retirement.” For more information, contact your Sun Life Grepa advisor, visit any Sun Life Grepa branch or email wecare@sunlifegrepa.com.

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

The World

China’s economy grows 8.1% in 2021, slows in second half

EIJING—China’s economy expanded by 8.1 percent in 2021 but Beijing faces pressure to shore up activity after an abrupt slump in the second half as the ruling Communist Party forced its vast real estate industry to cut surging debt. Growth in the world’s secondlargest economy sank to 4 percent over a year earlier in the final three months of 2021, government data showed Monday. That was down from the previous quarter’s 4.9 percent and an eye-popping 18.3 percent in the first three months of 2021. Forecasters warn weakness will persist this year due to renewed coronavirus outbreaks and the debt crackdown. That has potential global repercussions, depressing Chinese demand for steel, consumer goods and other imports. China rebounded quickly from the coronavirus pandemic, but activity slowed as Beijing tightened controls on borrowing by the real estate industry, causing a slump in construction that supports millions of jobs. That fueled consumer jitters about spending and financial market anxiety about possible defaults by developers. “Downward pressure on growth will persist in 2022,”Tommy Wu of Oxford Economics said in a report. He said the government is likely to launch “policy support” to keep annual growth above 5 percent. Growth in consumer spending, the economy’s biggest driver, plunged to just 0.2 percent in December from the previous month’s 3.9 percent. Growth in investment in factories, real estate and other fixed assets decelerated to 1.7 percent, down from the full year’s level of 4.9 percent, as developers canceled or postponed building plans. Worsening weakness toward the end of 2021 prompted suggestions Beijing needs to cut interest rates or inject money into the economy through public works spending. The World Bank and private sector forecasters have trimmed this year’s growth outlooks, though to levels above those of most other major economies. On Monday, the Chinese central bank cut its rate for medium-term lending to commercial banks to its lowest level since 2020 during the pandemic. Coronavirus outbreaks have prompted Chinese leaders to impose travel controls or outright lockdowns on cities including Tianjin, a port and manufacturing center near Beijing. That has hurt spend-

ing on service industries. Industry analysts say processor chip manufacturing and other fields might feel an impact if the disruption lasts more than a few weeks. “Economic momentum remains weak amid repeated virus outbreaks and a struggling property sector,” Julian Evans-Pritchard of Capital Economics said in a report. Compared with the previous quarter, the way other major economies are measured, the Chinese economy grew 1.4 percent in the final three months of 2021. That was up from the previous quarter’s 0.2 percent. Chinese exports, reported Friday, surged 29.9 percent in 2021 over the previous year despite a global shortage of semiconductors needed to make smartphones and other goods and power rationing imposed in major manufacturing areas. Chinese exporters have benefited from reviving global consumer demand at a time when their foreign competitors are hampered by antivirus controls. But economists say this year’s trade growth is likely to be weak and export volumes might shrink due to congestion at ports. “With supply chains already stretched to capacity, last year’s boost from surging exports can’t be repeated,” said Evans-Pritchard. Auto sales fell for a seventh month in November, declining 9.1 percent from a year earlier, reflecting consumer reluctance to commit to big purchases. Chinese leaders are trying to steer the economy to more sustainable growth based on domestic consumption instead of exports and investment and to reduce financial risk. One of the country’s biggest developers, Evergrande Group, is struggling to avoid defaulting on $310 billion owed to banks and bondholders. That has fueled fears about other developers, though Chinese officials have tried to reassure investors any impact on lending markets can be contained. Economists say a potential Evergrande default should have little effect on global markets. Factories in some provinces were ordered to shut down in mid-September to meet official targets for energy use and energy intensity, or the amount used per unit of output. Asian financial markets were mixed Monday after the Chinese interest rate cut and data release. The Shanghai Composite index gained 0.6 percent while Hong Kong’s Hang Seng dropped 0.6 percent. AP

BusinessMirror

Tuesday, January 18, 2022

Omicron variant invades China’s political, financial and tech hubs

micron has breached the political, financial and technology centers of China for the first time, putting pressure on the country’s response to the more transmissible variant as it awaits the Winter Olympics starting in less than three weeks. China has detected locally transmitted Omicron infections in the capital Beijing, the financial center Shanghai, and Guangdong, where the southern technology center of Shenzhen is located, which together account for one-fifth of the country’s gross domestic product. The highly mutated strain has been detected in one out of every five provinces, while 14 of them have reported imported cases. While still very small in number, the flareups are causing consternation because of their timing, in addition to their location. The Lunar New Year holiday, an event marked by mass travel as millions return home from urban centers to attend large family gatherings, begins in two weeks on February 1. The Beijing Winter Olympics are slated to start later that week on February 4.

Lasting impact

The spread of Omicron is adding

to an outbreak of the Delta strain of Covid-19 that has been simmering in the world’s most populous country for more than a month. At least 166 domestic cases were found across China on Sunday, according to the National Health Commission. The latest epicenter, in the northern city of Tianjin, reported a record high of 80 new daily cases. Previous outbreaks took place in less economically important areas like the northwestern city of Xi’an and central Henan province. The simultaneous flareups of Omicron in Beijing, Shanghai, and Guangdong are creating bigger hurdles for government officials since aggressive efforts to contain the virus, including lockdown measures, are less feasible in politically and economically crucial areas. Local governments are ramping up targeted measures as part of the Covid Zero approach. Ex-

isting tests can find Omicron, providing reassurance about their ability to help contain outbreaks, officials said at a health commission briefing over the weekend. One of China’s key strategies is mass testing entire city populations multiple times to root out undetected spread. The policies already in place have undercut private consumption, dampening tourism and restaurant spending over the past two years. The rise in Omicron cases is likely to further curtail travel ahead of the Lunar New Year, with many cities asking people not to travel.

Restraining consumers

“China’s Zero Covid strategy is still quite a big restraining factor on consumption, and it doesn’t look promising for the first quarter either,” said Liu Peiqian, China economist at NatWest Group Plc. “Retail sales are likely to be sluggish for a while.” In Beijing, authorities are asking everyone who comes to the city to get an additional Covid-19 test within 72 hours of arrival, starting on January 22, after its first Omicron infection was reported on Saturday. They already are required to have a negative test within two days of traveling to the city and a green health code that shows they haven’t been in any known highrisk environments. The person who contracted the first known Omicron infection in

Beijing received international mail, which subsequently tested positive for the virus, said Pang Xinghuo, an official with the city’s health agency, at a briefing. T he strain is consistent with virus circulating in North America and Singapore. The city isn’t ruling out the possibility that the patient was infected by mail delivered from overseas, Pang said. All 69 of the person’s close contacts have since tested negative. Officials previously said they may suspend inbound flights and ticket sales from cities where the virus is circulating. There is concern that Covid controls that have impacted private consumption will increasingly hurt industry. While factory output in the first quarter is traditionally weaker due to slower exports after Christmas and the Lunar New Year shutdown domestically, additional restrictions on factories, tr uck d r ivers or por ts cou ld f u r t her e nt a n g l e a l r e a d y c o n g e s t e d inter nat iona l supply c ha ins. In Tianjin, the northern port city that borders Beijing, a sustained outbreak with nearly 300 infections to date seems to be ebbing, a national health official said. The spillover risk is gradually declining as most of the new cases have been detected among people in quarantine, according to He Qinghua, an NHC official. Bloomberg News

Group: Tax rich to fund vaccines for poor hit by Covid-19 pandemic

ONDON—Anti-poverty organization Oxfam called Monday for governments to impose a one-time 99-percent tax on the world’s billionaires and use the money to fund expanded production of vaccines for the poor— part of an effort to combat global inequality widened by the coronavirus pandemic. The ranks of the super-rich have swelled during the pandemic thanks to ample financial stimulus that pumped up stocks, the group said. Meanwhile, poor countries have suffered more than their share from Covid-19 because of unequal access to vaccines, which have mostly gone to rich nations, Oxfam said in a report aimed at informing discussions at the World Economic

Forum’s online gathering of political and business leaders this week. “The pandemic has been a billionaire bonanza,” Oxfam International Executive Director Gabriela Bucher said in an interview. “When governments did the rescue packages and pumped trillions into the economy and to financial markets in order to support the economy for all, what happened is a lot of it went into the pockets of the billionaires.” Vaccine development has been one of the pandemic’s success stories but Bucher said they’ve been “hoarded by the rich countries” seeking to protect pharmaceutical monopolies. Since the pandemic erupted in March 2020, a new billionaire has been minted almost every day. The

fortunes of the world’s 10 richest men—including Elon Musk, Jeff Bezos and Bill Gates—more than doubled to $1.5 trillion, making them six times more wealthy than the world’s poorest 3.1 billion people, Oxfam said. Meanwhile, 160 million more people have been forced into poverty during the pandemic, Oxfam said, citing numbers from the Forbes 2021 Billionaires List, Credit Suisse’s Global Wealth Databook and the World Bank. Oxfam called for rich countries to waive intellectual property rules on Covid-19 vaccines in an effort to expand their production. A one-off 99-percent tax on the 10 richest men’s pandemic windfalls could earn more than $800

billion and be used to fund that effort and other progressive social spending, the group said. The money “would be able to pay for vaccines for the whole world, have health systems for everyone,” Bucher said. “We would also be able to compensate for the damage of climate change and have policies that address gender-based violence,” while still leaving the 10 billionaires $8 billion richer than they were at the start of the pandemic, she added. It’s not all doom and gloom. The group noted that the US and China, the world’s two biggest economies, are starting to consider policies aimed at countering inequality, such as raising tax rates on the rich and taking action against corporate monopolies. AP

North Korea fires short-range missiles in 4th launch this year

EOUL, South Korea—North Korea fired two suspected ballistic missiles into the sea Monday in its fourth weapons launch this month, South Korea’s military said, with the apparent goal of demonstrating its military might amid paused diplomacy with the United States and pandemic border closures. South Korea’s Joint Chiefs of Staff said the North likely fired two short-range ballistic missiles from an area in Sunan, the location of Pyongyang’s international airport. The missiles were launched four minutes apart Monday morning and flew around 380 kilometers (236 miles) on a maximum altitude of 42 kilometers (26 miles) before landing in waters off the country’s northeastern coast, it said. The US Indo-Pacific Command said the missiles did not pose an immediate threat to US personnel or territory, or to its allies, but highlighted the destabilizing impact of the North’s “illicit” weapons program. Japan’s Defense Minis-

ter Nobuo Kishi said the missiles landed outside Japan’s exclusive economic zone, and the chief cabinet secretary, Hirokazu Matsuno, condemned North Korea’s actions as threats to peace. South Korean President Moon Jae-in, who is visiting the United Arab Emirates, instructed officials to make “utmost efforts to ensure stability” on the Korean Peninsula, his office said. It also said members of the presidential National Security Council stressed the need to revive nuclear diplomacy with Pyongyang. North Korea had conducted a pair of flight tests of a purported hypersonic missile on January 5 and January 11 and also test-fired ballistic missiles from a train Friday in an apparent reprisal over fresh sanctions imposed by the Biden administration last week for its continuing test launches. North Korea has been ramping up tests in recent months of new, potentially nuclear-capable missiles designed to be maneuverable and fly at low altitudes, which potentially

People watch a TV screen showing a news program reporting about North Korea’s missile launch with a file image, at a train station in Seoul, South Korea, on January 17. North Korea on Monday fired two suspected ballistic missiles into the sea in its fourth weapons launch this month, South Korea’s military said, with the apparent goal of demonstrating its military might amid paused diplomacy with the United States and pandemic border closures. AP/Lee Jin-man

improve their chances of evading and defeating missile defenses in the region. Some experts say North Korean leader Kim Jong Un is going back to a tried-and-true tactic of pressuring his neighbors and the US with missile launches and outrageous threats before offering negotiations meant

to extract concessions. A US-led diplomatic push aimed at convincing North Korea to abandon its nuclear weapons program collapsed in 2019 after the Trump administration rejected the North’s demands for major sanctions relief in exchange for a partial surrender of its nuclear capabilities.

Kim has since pledged to further expand a nuclear arsenal he clearly sees as his strongest guarantee of survival. His government has so far rejected the Biden administration’s call to resume dialogue without preconditions, saying that Washington must first abandon its “hostile policy,” a term Pyongyang mainly uses to describe sanctions and combined US-South Korea military exercises. Kim Dong-yub, a professor at Seoul’s University of North Korean Studies, said the North may have conducted another launch to pressure Washington and could continue to dial up its testing activity after vowing stronger action over what it perceives as US hostility. Last week, the US Treasury Department imposed sanctions on five North Koreans over their roles in obtaining equipment and technology for the North’s missile programs in its response to the North’s earlier tests this month. The State Department ordered sanctions against another North

Korean, a Russian man and a Russian company for their broader support of North Korea’s weapons of mass destruction activities, and the Biden administration also said it would pursue additional UN sanctions over the North’s continued tests. The announcement of the sanctions just came hours after North Korean state media said Kim Jong Un oversaw a successful test of a hypersonic missile on Tuesday, which was the country’s second test of the system in a week, and claimed that the weapon would greatly increase the country’s “war deterrent.” The North also on Friday fired two short-range ballistic missiles from a train in an apparent retaliation against the fresh US sanctions tied to the hypersonic tests. Friday’s test came hours after the North’s Foreign Ministry issued a statement berating the Biden administration over the new sanctions and warned of “stronger and certain reaction” if Washington maintains its confrontational stance. AP

Sports

Interest on EASL grows way ahead of official launch

HE East Asia Super League (EASL) is fast gaining ground around the region months before the league takes off. Inquiries about the fledgling league set for an early October launch have been nonstop since its formation was first unveiled last December. EASL CEO and co-founder Matt Beyer admitted being deluged with queries by other leagues that were not yet included as part of the four major groups comprising its initial cast. “Since we made this global announcement, there have been several leagues all around the region asking to be a part of this. People are paying attention to the concepts, not only in Asia, but all over the world,” said Beyer, the former National Basketball Association interpreter of Chinese superstar Yi Jianlian. “It warmed the heart and encouraged me a lot because one of our objectives is to become one of the top three leagues in the world in basketball by 2025,” he added. Grateful the EASL may be, but for now Beyer said the league will stick with its eightteam member representing the Philippine Basketball Association (PBA), Korean Basketball Association, Japan B. League, P.League+ of Taiwan and Greater China. Beyer said expansion could come in by the third year of the league at the most. “In Season 3, the league will expand into 16 teams and will increase teams from the member leagues,” he said. “Hopefully, the PBA will feel that this partnership is good, and that they would want to send more teams in the future. The PBA already agreed to send two of the top four teams, possibly of the Philippine Cup, to the EASL. The champion team at the end of the four-month, home-and-away tournament will receive $1 million, while runner-up gets $500,000 and third place $250,000. The EASL reached a 10-year agreement with Fiba recognizing and supporting to run an annual league for top professional ballclubs in the East Asian region.

BusinessMirror

| Tuesday, January 18, 2022 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

DEBATE GOES ON ON NOVAK SAGA M

ELBOURNE, Australia— To some, it seemed a cloud had been lifted from the Australian Open. To others, Novak Djokovic still was almost palpably present, the name on everyone’s lips on the opening day of the first major tennis tournament of the year. Djokovic left Australia late Sunday when he failed in his legal challenge to overturn the cancellation of his visa due to his lack of a Covid-19 vaccination. His flight from Melbourne was touching down in Dubai early Monday just as the first matches of the tournament began. As the No. 1 ranked male player and the three-time defending champion, Djokovic would have been the marquee attraction of the tournament. In absentia, he still exercised an outsized influence on opening day. When his Serbian Davis Cup teammate Dusan Lajovic beat Marton Fucsovics of Hungary in a tight five-setter, a Serbian fan immediately

tweeted “Dusan Lajovic has avenged his Serbian brother by eliminating Martin Fucsovics.” Fucsovics had angered Djokovic’s supporters before the tournament when he was quoted in the media criticizing Djokovic’s unvaccinated status and decision to travel to Australia. Djokovic received an exemption from vaccination rules to play in the Australian Open, based on a coronavirus infection in midDecember. But upon arrival, border officials said the exemption was not valid and moved to deport him— sparking an 11-day legal battle and an ongoing political drama. After his win at Melbourne

Park, Lajovic displayed a Serbian flag emblazoned with Djokovic’s image and the words “like it or not, The Greatest of All Time.” Lajovic said denying Djokovic the opportunity to defend his Australian Open title would only make him more determined to become the best ever tennis player. “I think the way they treated him was terribly wrong. I think the decision itself was terribly wrong, and also the reason why they did it is also for me terribly wrong,” Lajovic sid. “I hope that in the future he will be the best tennis player in history, and that this will be only looked at as a setback on his path.” AP

By Josef Ramos

ERALCO center Raymond Almazan—like all other players in the Philippine Basketball Association (PBA)—has experienced the stress that comes with playing in a bubble. The PBA staged its Philippine Cup to salvage its 45th season in a Clark bubble that went on for three months with an exorbitant price tag. “I’m ready to play in any environment whether pure bubble or not, but to be honest, it’s so stressful with a lot of hassle,” the 32-year-old former Letran Knight said. “We already experienced how difficult it was inside a pure bubble, so we’re praying it won’t happen again.” PBA officials, including chairman Ricky Vargas and commissioner Willie Marcial, already dismissed a bubble setup for the suspended Governors’ Cup and are going for a closed circuit or “home-venue-home” policy to limit exposure to Covid-19. And they’re getting there after Marcial announced that the Games and Amusements Board has endorsed the league’s request for a non-bubble environment to the Inter-Agency

Task Force for the Management of Emerging Infectious Diseases. Almazan, 32, said it’s his job as a professional basketball player to oblige to his team and PBA rules, but he also has a family to take care of and a business to attend to. “Psychologically, a bubble is very stressful because I have two young kids and businesses to take care of in Manila,” said the 6-foot7 Almazan, who lives in a Pasay City condominium but occasionally brings his wife Liza and kids Jacob, 5, and Joaquin, 2, to their small farm in Tagaytay City. With group training and scrimmage banned under Alert Level 3, all players are forced to stay in shape at home and keep in touch with their coaches online. “The players have been working with programs coming from our trainers to stay in shape,” Meralco head coach Norman Black said. “Our [virtual] meetings are more on sharing information with the players.”

NOVAK DJOKOVIC has arrived early Monday in Dubai after his deportation from Australia. The Emirates plane carrying Djokovic touches down after a 13 and a half hours flight from Melbourne. AP

MERALCO’S Raymond Almazan has experienced the stress a bubble setup brings.

Journey from Gabon FROM growing up in Libreville, Gabon, to Youthsports Academy as its Chairman and President. To say that Stevy Worah-Ozimo has come a long way is an understatement. Worah-Ozimo was recruited by NCAA Division I school North Carolina Central Eagles from Prytanee Militaire de Saint Louis School in Senegal. Stevy played one season (2008-2009) for the Eagles averaging 7.7 points and 8.2 rebounds per game. The 6-foot-9 220-lb center was the Eagles’ only legitimate big man. Despite being undersized, WorahOzimo led the nation in rebounding for about 50 to 60 games until he injured his elbow. Stevy has played in the National Basketball Association D-League and in leagues all over the world from National Basketball League Canada playing for the Halifax Rainmen to Plaza Casablanca in Morocco.

POC thanks PSC for Winter Olympics support HE Philippine Olympic Committee (POC) thanked the Philippine Sports Commission (PSC) for approving the release of P3.3 million for the country’s campaign in the Beijing Winter Olympics. POC President Rep. Abraham “Bambol” Tolentino also thanked Asics for continuing to be Team Philippines official outfitter for both the Summer and Winter Olympics. Filipino-American alpine skier Asa Miller is the country’s lone representative to the Beijing Games set from February 4 to 20. But the Beijing organizers require a minimum six-member delegation that will accompany Miller who will compete in men’s slalom and giant slalom. “The POC expresses its gratitude to PSC and Asics for their valuable support to our participation in the

Almazan hopes Govs’ Cup won’t resume in a ‘bubble’

COURTESY VISIT

Tokyo Olympics boxing bronze medalist Eumir Felix Marcial (right) pays Philippine Olympic Committee President Rep. Abraham “Bambol” Tolentino a courtesy visit in Tagaytay City ahead of his flight on Monday afternoon to the United States where he will resume his professional career.

Playing overseas has given Worah-Ozimo new and different perspective, broadened his horizons, learned different cultures, established lifelong relationships and saw how people from other countries conduct their day to day lives. These days, Stevy runs, manages and personally oversees successful grassroots programs benefitting the youth in the United States and Asia. He’s had to be creative and innovative, circumventing the pandemic to continue part of his work, to coach, mentor and guide kids holistically. Stevy is the President and Chairman of Youthsports Academy and according to its web site, uthsports.org, “Youthsports Academy is a for-purpose organization to empower the next generation of leaders through sports, education, and professional training. Our programs are designed to address essential pillars of the United Nations’ Sustainable Development Goals within the communities we serve, helping to promote peace, prosperity, and equality through athletics. “Ultimately, our goal is to provide holistic and relevant life opportunities to young athletes through elite sports programs, high-quality scholastic initiatives, and vocational training tailored for the modern world. The ripple effects of these three pillars are far-reaching and provide the youths we serve with the confidence, knowledge, and skills needed to succeed—both within athletics and beyond. “We strive to make each program flexible and replicable so that many varied communities can benefit from our thoughtful educational model. We also work with world-changing organizations—including the United Nations Affiliates, and the University Global

PBA commissioner in PSA Forum

HAT lies ahead of the Philippine Basketball Association (PBA) Governors Cup following its abrupt postponement because of the alarming spike in Covid-19 cases? PBA Commissioner Willie Marcial will provide the answers as he appears

in the virtual Philippine Sportswriters Association Forum on Tuesday. The session starts at 10:30 a.m. The league’s season-ending conference was suspended indefinitely after Metro Manila and nearby provinces were placed under Alert Level 3. PBA Chairman Ricky Vargas was

Winter Olympics,” Tolentino said. Accompanying Miller are Chef de Mission Bones Floro, Philippine Ski and Snowboard Federation President Jim Palomar Apelar, Covid-19 liaison officer Nikki Cheng, athlete and administrative officer Dave Carter, athlete welfare officer Jobert Yu and Asa’s coach Will Gregorak. “We are very grateful for the generous support of the POC and PSC inspite of this very difficult time,” Floro said. “It is our hope that our continuous participation in sporting events bring some hope and national pride to our countrymen.” Floro will be flying to Beijing on January 27 while the rest of the delegation will follow on January 28. They are expected back on February 18. The slalom races are set from February 13 to 16 at the Xiaohaituo Alpine Skiing Field in Yanqing, China. also invited for the weekly program presented by San Miguel Corp., Milo, Amelie Hotel Manila, Braska Restaurant and the Philippine Amusement and Gaming Corp. and social media and webcast partner Prime Edge. The forum is livestreamed via the PSA Facebook page fb.com/PhilippineSportswritersAssociation and officially shared by Radyo Pilipinas 2 Facebook page.

Osaka, Nadal advance as Australian Open action begins

ELBOURNE, Australia—The first test of Naomi Osaka’s new approach to tennis might have been when she completely whiffed on an overhead to give her opponent a break point on Day 1 of the no-Novak Djokovic Australian Open. Osaka didn’t chuck her racket. She didn’t roll her eyes. She smiled. “There are situations where I previously would get upset. But at this point in my life, like, I’m here because I want to be here and because I find that it’s fun for me,” Osaka said. “Might as well enjoy it while I still can.” In Osaka’s mind, the drama involving nine-time champion Djokovic’s deportation on the eve of the Australian Coalition—to make these programs as impactful and effective as possible while addressing the triple bottom line to ensure tangible, sustainable results. “As individuals, our team knows first-hand the power of each of these pillars. As an organization, we are committed to providing these same opportunities to others, helping to cultivate the next generation of leaders—who will then pass these ideals on.” Armed with a degree in Business Management and Accounting, there’s no stopping Worah-Ozimo from making an impact in the lives of the youth around the world through sports and education. Education is the great equalizer and sports will teach children values such as teamwork, discipline, hard work and humility. To be a great rebounder, athleticism can only do so much, you have to position yourself well under the basket and have the desire to want the ball more than anyone on the floor. Stevy had a desire to play at the highest levels of the game which he has achieved and accomplished ever since he started out in Gabon, now, he looks to impart everything he knows in the game of life to his kids at Youthsports Academy.

Open was something for the players in the men’s draw to worry about. Osaka’s title defense began smoothly enough: She won the first five games on the way to a 6-3, 6-3 victory over Camila Osorio on the tournament’s main court. With so much attention on the 11-day saga of Djokovic’s attempt to participate in the year’s first Grand Slam tournament, and bid for a fourth consecutive title at Melbourne Park, the returns of Osaka and Rafael Nadal have been overshadowed. Osaka wasn’t bothered by that. Nadal didn’t seem to be put off by it, either, renewing his bid for a record 21st Grand Slam singles title with a 6-1, 6-4, 6-2 win over Marcos Giron. “Growing up, I’ve looked up to him,” said Giron, a 28-yearold from the US. “He’s one the absolute legends of the game.” Nadal is tied with Djokovic and Roger Federer with 20 major singles titles each, the most in the history of men’s tennis. With Djokovic unable to defend his title in Melbourne because he didn’t meet Australia’s strict Covid-19 vaccination criteria, the door is slightly more ajar to Nadal. Osaka’s main concern, meanwhile, is winning a fifth major title, and her third at the Australian Open. “To be completely honest, it didn’t really affect me,” Osaka said about what went on with Djokovic. “My goal, like even before this whole situation, is to just focus on myself more, what I need to do to become better. “Me, I’m a tennis player. I’ll focus on my matches. You as, I guess, an audience, focus on whatever is in the news, no?” After winning here last year, capturing her second Australian Open title in three years, Osaka pulled out of the 2021 French Open before the second round, then sat out Wimbledon. She played at the Tokyo Olympics, where she lit the cauldron, but ended her 2021 season early after a third-round loss and a teary news conference at the US Open. AP

NAOMI OSAKA’S title defense begins smoothly enough. AP