BusinessMirror January 18, 2024 by BusinessMirror

WEF flags gaps in tech absorption, safety nets T

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HE economic growth of countries, including the Philippines, continues to be unsustainable and more needs to be done to address gaps, particularly in technology absorption and social safety nets, according to the World Economic Forum (WEF). In the Future of Growth Report 2024, WEF said the Philippines and other countries like Benin, Brazil, Côte D’Ivoire, Ghana, India, Jordan, Kenya, Morocco, Rwanda, and United Republic of Tanzania are expected to post growth of 5.5 percent this year. This is consistent with international expectations for the Philippine economy, but WEF said more needs to be done in terms of addressing gaps and challenges that would make economic growth more sustainable. “Common challenges preventing a stronger balanced growth performance of this group include technology absorption, lack of social safety nets, insufficient investment in renewable energy and insufficient healthcare system capacity,” the WEF said in a statement. The report said the Philippines’s GDP per capita

was at 9,252 in purchasing power parity (PPP) as of 2023. The average per capita income growth was 1.5 percent, while the average GDP growth was at 4.6 percent between 2018 and 2023. The WEF measured growth and sustainability of economies through the Future of Growth Framework, which is composed of four pillars—innovativeness, inclusiveness, sustainability, and resilience. Innovativeness measures a country’s ability to absorb and evolve in light of technological, social, institutional and organizational developments while inclusiveness measures the extent that a country is able to provide benefits and opportunities to all its citizens and stakeholders. Sustainability captures a country’s ability to keep its ecological footprint within finite environmental boundaries, while resilience measures how well countries can withstand and bounce back from shocks. The report explained that the framework is designed to produce an aggregate result for each pillar on a 0-100 scale, where 100 is an ideal and

hypothetical case where a country achieves perfect performance on every component of the pillar. Based on these, the Philippines’s lowest score was in innovativeness at 42.11 out of 100 followed by inclusiveness, 48.30; and sustainability, 50.68. The country’s highest score was in resilience at 54.14 out of 100. WEF said the global average of the sustainability dimension, which measures the extent to which an economy’s trajectory can keep its ecological footprint within finite environmental boundaries, is 46.8 out of 100. The innovativeness dimension—which captures how an economy’s trajectory can absorb and evolve in response to new technological, social, institutional and organizational developments to improve the longer-term quality of growth—attains the lowest global score, with a global average of 45.2 out of 100. The WEF said the report highlighted a significant economic slowdown, estimated to fall to the lowest rate in three decades by 2030, amid ongoing economic and geopolitical shocks.

This downturn is exacerbating a range of interconnected global challenges, including the climate crisis and a weakening social contract, which are collectively reversing progress in global development. “Reigniting global growth will be essential to addressing key challenges, yet growth alone is not enough,” said Saadia Zahidi, Managing Director, World Economic Forum. “The report proposes a new way for assessing economic growth that balances efficiency with long-term sustainability, resilience and equity, as well as innovation for the future, aligning with both global and national priorities.” Launching alongside this report is the Forum’s Future of Growth initiative, a two-year endeavour aimed at charting a new narrative for economic growth. The WEF also said this aims to support policymakers from around the world, together with economists and other experts, in identifying the best pathways in balance growth, innovation, inclusion, sustainability and resilience goals. Cai U. Ordinario

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Thursday, January 18, 2024 Vol. 19 No. 95

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

Recto: Carbon trading setup vital to PHL economy

B C U. O

@caiordinario

HE Bangko Sentral ng Pilipinas (BSP) is expected to cut its rates earlier than expected due to the slowdown in inflation, according to two international financial institutions. In economic briefs released on Wednesday, ANZ Research said the BSP could cut rates by the last quarter of the year; while HSBC said the rate cuts could start in the second half of 2024. ANZ Research said its latest projection arose from its revision of its initial forecast of the first quarter of 2025 to take into consideration the latest inflation print. “With a cautious approach, the progress on inflation should allow the BSP to initiate rate cuts earlier than we had anticipated. Therefore, we now expect the BSP to kickstart rate cutting in Q4 2024 [versus our earlier expectation of Q1 2025],” ANZ Research said. “We are pencilling in 50 basis point cut [bps] in 2024 and another 100 bps in 2025. Our new terminal rate forecast of 6 percent by yearend 2024 [that is, real rate at 2.5 percent] will also manage external imbalances,” it added. The revision, ANZ Research explained, also S “BSP,” A

DOUGH RISING

A local baker in Las Piñas City showcases freshly baked pandesal for sale. Faced with the rising costs of baking raw materials, a commercial baker association is urging for a price adjustment, proposing an increase of P2 to P2.50 on this breakfast staple. NONIE REYES

STABLISHING a carbon trading system in the country is critical to incentivizing industries to reduce their carbon emissions while improving the country’s fiscal space, according to newly designated Finance Secretary Ralph G. Recto. Recto said on Wednesday the development of a carbon tax and emissions trading system (ETS) in the country is a “crucial” step towards achieving a “low-carbon” economy. “These efforts will incentivize both industries and individuals to actively reduce their carbon footprints, while allowing the government to mobilize financial resources to boost fiscal space,” Recto was quoted as saying in a news release on Wednesday. “There is increased momentum in the establishment of carbon pricing systems in the Asia-Pacific region. This presents an opportunity for the Philippines to not only keep the pace, but to lead with determination,” he added. Recto called for the study of the most suitable carbon pricing instrument in the country as it transitions toward a “greener” future. The former socioeconomic planning secretary and lawmaker recently chaired the Technical Working Group Meeting for Preparing Carbon Pricing Instruments for the Philippines led by the Department of Finance (DOF). During the January 16 meeting, Recto noted that carbon pricing instruments are “powerful” fiscal tools that would allow the national government to “incorporate the social and external costs associated with carbon emissions.” “Identifying the optimal combination of pricing instruments for the country is crucial to ensuring the long-term success of carbon pricC  A

5 PINAYS ON FORBES ‘50 OVER 50’

B VG C

@villygc

IVE Filipino women have made it to the list of Forbes magazine’s “50 Over 50”— Asian women who have exerted their influence in the corporate world, the movie industry and peace-keeping efforts. The magazine highlighted Anna Ma. Margarita B. Dy, Ayala Land Inc.’s first female president and CEO. She was appointed in October last year.

“Her rise comes as the company—the real estate arm of the Ayala Group, a conglomerate controlled by billionaire Jaime Zobel de Ayala and his family—accelerates the launch of residential projects to meet surging housing demand,” Forbes said. Before being appointed CEO, Dy, 54, oversaw many of the firm’s luxury housing projects as chief operating officer and head of its S “F,”  A

PESO EXCHANGE RATES US 55.8850 ■ JAPAN 0.3797 ■ UK 70.6219 ■ HK 7.1409 ■ SINGAPORE 41.6338 ■ AUSTRALIA 36.7891 ■ SAUDI ARABIA 14.9011 ■ EU 60.7917 ■ KOREA 0.0417 ■ CHINA 7.7756 Source: BSP (January 17, 2024)

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Thursday, January 18, 2024

RECTO: CARBON TRADING SETUP VITAL TO PHL ECONOMY C  A

ing towards achieving net-zero emissions,” he said. Recto emphasized that adopting a carbon-pricing instrument requires going beyond “mere transformations within industrial sectors” but also necessitates the need for “research and development for low-carbon technologies, and incentivizing behavioral change.” Representatives from the Philippine government present at the meeting were Climate Change Commission (CCC) Secretary Robert E.A. Borje; Commissioner Rachel Herrera; Department of Environment and Natural Resource (DENR) Secretary Maria Antonia Yulo-Loyzaga; Usec. Analiza Rebuelta-Teh; Department of Trade and Industry (DTI) Secretary Alfredo Pascual; Department of Energy (DOE) Undersecretary Felix William B. Fuentebella; Department of Transportation (DOTr) Director Felicisimo C. Pangilinan Jr.; and National Economic and Development Authority (Neda) Director Nieva Natural. Representatives from the ADB and the UNDP were also at the meeting. The TWG is chaired by the DOF, with the CCC, NEDA, DOE, DENR, DOTr, and DTI serving as members. “[The TWG] offers advice on key considerations and provides context for carbon pricing in the Philippines,” the DOF said. “The Group also reviews and provides comments on draft deliverables prepared by the WB; identifies requirements and mechanisms for stakeholder communication and engagement; and supports data collection where required,” the DOF added. Jasper Emmanuel Y. Arcalas

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DTI OKs first wave of price changes for SKUs of goods

B A E. S J

@andreasanjuan

HE Department of Trade and Industry (DTI) said it has approved the first batch of price adjustments which include nine stock keeping units (SKUs) of coffee and salt.

“Price adjustments have been approved for 3 of 13 stock-keeping units [SKUs] of coffee and 6 of 19 SKUs of salt,” the Trade department said in a statement on Wednesday. For coffee, it noted that 3 SKUs with price adjustments are “characterized” by weight reduction, accompanied by either a decrease in price or no change in price. One additional SKU, meanwhile, is currently “under ongoing assessment” while the prices of the remaining 9 SKUs of coffee have not increased, with no notifications for

price adjustments fi led. For salt, DTI said the average price increase of the 6 SKUs is 8 percent. In a televised interview on Wednesday, DTI-Consumer Protection Group (CPG) Assistant Secretary Amanda Nograles explained that the agency is phasing the approval of price increase requests “to manage the concerns of consumers.” “For instance, only nine items out of 217 have been approved. So we will phase that, and in our phasing, we will also study how much more they want to adjust so that we

Forbes...

Susan Co, wife of businessman Lucio Co, is also on the list. Susan is the vice chairman of Puregold Price Club Inc., a supermarket chain which has grown popular with the middle class and has more than 300

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residential business group.

can also protect our consumers,” the head of DTI’s consumer protection arm noted. At a recent briefing, Nograles told reporters that of the 217 items in the SRP bulletin, 29 percent or 63 items currently have pending price adjustments. Meanwhile, prices of the remaining 71 percent or 154 items in the list would likely stay. With the recent approval of the first batch of price adjustments which are the nine SKUs out of the 63 items, Nograles said the remaining 54 notices of price adjustments include milk, instant noodles and canned products. On these 54 pending price adjustments, Nograles explained in a televised interview on Wednesday that the DTI considers several factors in greenlighting price adjustment requests, which include the price of packaging and raw materials of the products. She also noted that the agency will weigh if the requested price adjustment is aligned with their reason for the price adjustment

request. “What we’re saying is that if, for example, for the canned sardines, the price of tamban, or the packaging materials, the tin can, if that’s a factor, we will consider whether the price adjustment they seek is appropriate to the reason they are citing,” he noted. Trade and Industry Secretary Alfredo E. Pascual said “We are actively discussing with manufacturers regarding the pending price adjustment notifications for the 54 SKUs. Note that 154 or 71 percent of the 217 SKUs listed in the SRP Bulletin are not notified of price adjustments, and their prices will remain unchanged.” With prices of majority of the items in the SRP Bulletin unlikely to move, the Trade chief said the consumers “have the power of choice.” DTI said the final SRP Bulletin is set to be released this March 2024. The last time the DTI issued an updated SRP bulletin for basic necessities and prime commodities was in February 2023.

stores nationwide. Susan, 66, is vice-chair of Cosco Capital, a retail holding company with stakes in commercial real estate and liquor distribution businesses, and holds directorship in dozens of other companies. Meanwhile, Esther Go, CEO of electronic health-tech firm Medilink, is also on the list. Go, 52, has led the electronic health-tech firm Medilink for nearly 20 years, growing the company to connect more than 200,000 physicians with more than 2 million patients in the Philippines. She also serves as director of other Philippines corporations, including Equicom Health Services, Equicom Savings Bank, Security Bank, among others. Go earned her MBA at Harvard University and worked as vice president for CitiGroup in New York until 2005, when she returned to the Philippines. Miriam Coronel-Ferrer, 64, was also cited for her efforts in conflict resolution and gender inclusivity. She was awarded the Ramon Magsaysay Award in November 2023, the prestigious annual prize for improving life in Asia, and considered as the Asian Nobel Peace prize. During the 1970s, she fought

against martial rule and became a key figure in resolving post-dictatorship armed conflicts. She played a pivotal role in the 2014 Comprehensive Agreement on the Bangsamoro, a model of genderresponsive provisions and inclusive peace processes. Coronel-Ferrer, a former professor, cofounded the Southeast Asian Women Peace Mediators in 2020. More women at the peace table “would have a direct impact on their lives,” she said. Actress Dolly de Leon, 54, is also on the list. She gained international acclaim for her role as Abigail in the satirical 2022 film Triangle of Sadness. The Palme d’Or-winning film earned her a BAFTA nomination and she is the first Filipino nominated for a Golden Globe. She is also the first Filipino member of The Academy of Motion Picture Arts and Sciences, after acting for three decades while juggling her role as a single mother of four. De Leon recently starred in two US-made films, Between The Temples and Ghostlight, which premiered at the 2024 Sundance Film Festival. Forbes’ 50 Over 50 list was first launched in 2021 dedicated to spotlighting women over the age of 50.

BSP...

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takes into consideration the upside risks to inflation in the country. The slowdown in food prices have so far been the reason for the cooling down of inflation. However, the think tank noted, rice still posted a 20-percent price increase in December. It also said that while inflation expectations have “de-anchored,” these are still rising. Moreover, upside risks to food inflation that could stem from the impact of the ongoing El Niño could still send commodity prices rising in the Philippines. “For a policy pivot, the BSP will need consistent evidence of headline inflation remaining within the band and gradually converging towards the midpoint,” ANZ Research said.

Economy still resilient—HSBC

MEANWHILE, in a separate economic brief, HSBC Southeast Asia and India, Global Private Banking and Wealth Chief Investment Officer James Cheo said the Philippine economy remains resilient in 2024. Cheo said, however, BSP will stay vigilant in the first semester of the year and only start cutting rates in the second half of 2024. “Inflation remains a challenge and there could be an upside risk from higher-than-expected food prices; we think that BSP will stay vigilant and keep policy rates on hold for 1H and perhaps contemplate rate cuts in 2H. We forecast the Philippine Peso to stay stable at 55.2 against the US dollar by the end of 2024,” Cheo said. Cheo said the strength and resilience of Philippines economy in 2024 will be driven by consumption spending. This strength stems from the country having one of the “most favorable demographics in the region.” “The Philippines has one of the most favourable demographics in the region and is expected to enjoy the structural tailwinds of its demographic dividends in the years ahead. We expect Philippines’ economy to grow by 5.3-percent GDP growth in 2024,” Cheo said. Earlier, the Philippine Institute for Development Studies (PIDS) additional policy rate hikes last year will continue to haunt the economy this year, according to the government’s think tank. In a discussion paper, PIDS researchers led by Senior Research Fellow Margarita DebuqueGonzales said the additional hikes could impact the performance of the economy for a period of four quarters to as long as seven quarters. If the impact would last up to seven quarters, this means the additional rate hikes—the last being the 25 basis point (bps) increase in the Target Reverse Repurchase (RRP) Rate in the off-cycle meeting in October 2023—could extend the impact to 2025. PIDS said the Philippine economy is expected to post a growth of 5.5 to 6 percent while inflation is expected to fall within the Central Bank’s target range of 3 percent this year. Consumption is expected to support the Philippine economy amid the weakness in the global economy. It may be noted that the consumption accounts for 70 percent of the country’s GDP.

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

The Nation

Pinoys cautioned on rise of scammers engaged in travel-related online fraud By Roderick L. Abad Contributor

S tour-related online scams continue, the traveling public are reminded to take extra caution when making flight and hotel reservations online, especially from suspicious booking agents. Based on data of the Philippine National Police A nti- Cybercrime Group (PNP-ACG), web frauds related to travel have grown by 16 times from 51-recorded cases in 2021 to 842 in 2023. Almost half of the victims lost their money after buying discounted flights and accommodation from scammers, reaching at least P13.2 million last year alone. The PNP categorizes travel frauds into two. First is the “fakebooking”, wherein scammers rob a traveler’s personal information. The second refers to those who fell victim to scammers or illegitimate online travel agents. In most cases, they were asked to pay in partial or full to avail of a bogus discount, only to find out that they have been swindled. “They must go to a legitimate site. It can be a legitimate page or application [app], so at least, we can determine if there is something suspicious in their communication. We shall know who is at fault because we will be able to monitor the transaction when they use legitimate applications or websites. This means, they have security because these are legitimate and these are regulated, so their transactions are secured,” PNP-ACG Spokesperson Lt. Col. Jay Guillermo said in mix Filipino and English. Amid the rise of online travel book-

ings and further sophistication of fraudsters, airasia MOVE (formerly airasia Superapp) gives some prevention tips as follows. Before making a booking of anything, do a research. Do not give any personal information, identification document, financial details and payment until guaranteed of dealing with a legal platform, agency or seller. Be wary of offers that are too good to be true. A price that is hugely lower than published rates would likely turn up to be a scam. Watch out for red flags. Check for grammatical errors, typographical mistakes or awkward phrasing in posts or messages. Make a purchase or reservation directly through a downloadable travel app. The safest way to avoid frauds is to always book flights and accommodations directly through the airasia Superapp platform that is available on iOS and Android phones. According to Rowena Rivera, airasia MOVE (formerly airasia Superapp) head of travel for the Philippines, it is secure and credible to protect one’s personal identification. “airasia Superapp observes the highest standards in handling data, safety and security. It uses data encryption to safeguard user’s information. Legitimate platforms like airasia Superapp provide clear booking confirmations and transaction details. It even offers discounts every month that app users and subscribers can use to save on their flight and hotel bookings,” she said. “Travel has to be fun and memorable, and not stressful. We want to help avoid scams to protect every traveler,” she stressed.

Thursday, January 18, 2024

Co, Lagman trade barbs over 2024 unprogrammed funds By Jovee Marie N. Dela Cruz @joveemarie

HE chairman of the House Committee on Appropriations on Wednesday addressed the recent constitutional challenge initiated by Albay Rep. Edcel C. Lagman against alleged “excessive” unprogrammed appropriations in the 2024 General Appropriations Act (GAA). Responding to Lagman’s challenge before the Supreme Court, Ako Bicol Rep. Elizaldy Co urged his colleague to take a more proactive stance by filing a case and positioning himself as a respondent. “When he [Lagman] was a member of the Bicameral Conference Committee in 2023, he also approved unprogrammed funds of the same amount as 2024,” Co said.

‘More forgetful’ CO raised an intriguing question, speculating on whether Lagman’s recent exclusion from the Bicam has influenced his newfound perspective on the legality of unprogrammed funds. “Lagman, who once served as chairman of the appropriations committee and was a panel member for almost 15 years, never voiced any objections to unprogrammed appropriations during that extensive period. Why raise the issue now?” questioned Co. “Perhaps the gentleman from the first district of Albay is becoming more forgetful,” Co added. Co reiterated that the increase in unprogrammed funds was aimed at anti-inf lationary measures for near-poor Filipinos.

Expressing optimism about excess revenues, Co underscored the significance of unprogrammed funds, which, according to him, would directly benefit near-poor Filipino citizens. He said that unprogrammed funds are not a novel concept and expressed hope for surplus revenues to expand assistance programs for Filipinos. The focus on social services balance is a key aspect of this year’s budget, as Co outlines various priorities, including programmed initiatives like the Ayuda sa Kapos ang Kita Program, Assistance to Individuals in Crisis Situations, free medical assistance, 4PH housing, legacy projects for specialty hospitals, and certain loan payments.

Diversionary tactic FOR his part, Lagman raised concerns over what he perceived as a diversionary tactic by Co, saying the chairman of the appropriation committee should address the constitutional issues surrounding the contentious congressional allocation. Lagman emphasized that the historical practice of increasing unprogrammed appropriations, based on an incorrect interpretation and past practice, should not legitimize its continuation. The petition for certiorari and prohibition, docketed as G.R. No. 271059, was filed on Monday by Lagman, alongside co-petitioners Rep. Gabriel Bordado Jr. and Rep. Mujiv Hataman. Named respondents to the petition are Co, Senate President Juan Miguel Zubiri, House Speaker Martin Romualdez, Senate Finance Committee

chairman Sen. Sonny Angara, Executive Secretary Lucas Bersamin, Budget Secretary Amenah Pangandaman, and National Treasurer Rosalia De Leon. The lawmakers said the President’s National Expenditure Program’s (NEP) proposed a cap of only P281,908.056,000 for unprogrammed appropriations, a ceiling that Congress is explicitly prohibited from surpassing under Sec. 25(1) of Article VI of the 1987 Constitution. “The excess of P449.5 billion over the P289.1 billion proposed by the President for unprogrammed appropriations is an unconstitutional act of the Congress that is tainted with grave abuse of discretion amounting to a lack or excess of congressional jurisdiction, and perforce must be nullified,” said the petitioners.

REP. Gabriel Bordado Jr. of the Camarines Sur 3rd District, for his part, said that although he doubts the additional unprogrammed funds’ constitutionality, it is imperative to make sure they support economic growth and would not obstruct post-Covid recovery initiatives. Bordado was one of the signatories to the petition for a writ of preliminary injunction filed before the SC on Monday. The petition aims to annul the additional P449.5 billion in unprogrammed funds in the 2024 GA A. While acknowledging that he is still reviewing the petition, Bordado, however, clarified that his senior staff sent his e-signature to the Office of Albay Rep. Edcel Lagman without

his explicit approval, leading to a presumption of his full support for the petition. “I am definitely in favor of upholding the Constitution, and I ask my fellow representatives to protect our Constitution at all times,” emphasized Bordado. However, he said that he was still reviewing the petition and wanted to raise key points, particularly on safeguarding the unprogrammed funds to ensure they benefit economic growth and do not derail the momentum of post-Covid recovery programs. “I agree in questioning the constitutional soundness of the additional unprogrammed funds. We should let the Supreme Court decide whether or not it is within the bounds of the Constitution,” Bordado added. According to the East Asian Forum, the Philippine economy grew by 5.7 percent in 2023. The International Monetary Fund recently reported that the Philippine economy had rebounded strongly from the Covid-19 pandemic despite disrupted supply chains, inflation pressures, and dampened tourism revenues. Bordado pointed out examples, such as the revival of the Philippine National Railway South Long-Haul (PNR Bicol) railway project, which is crucial for economic growth in the Bicol region, as a project that can be covered by the unprogrammed funds. He also stressed the need to address vital government programs, like the modernization of the agriculture sector, which might have insufficient funding under the GAA.

cancellation of civil service eligibility; and disqualified him from taking the civil service examinations. Based on the records, Barrameda’s body was recovered by police officers in 2009 in hardened concrete inside a steel drum from the waters of Navotas City. Barrameda had been missing for more than two years before her body was discovered. A year after, the Department of Justice (DOJ) issued a resolution indicting Barrameda’s husband, Manuel Jimenez III for parricide. Jimenez appealed the DOJ’s resolution of his indictment before the Office of the President (OP). The DOJ, thus, forwarded the Barrameda case records to the Legal Affairs Office (LAO) of the OP. However, after news broke out that the OP-LAO was deliberately delaying the resolution of Jimenez’s appeal, the Palace investigated the issue and found out that the Barrameda case records could no longer be found. For the next few days, several staff

members searched the workstations and filing cabinets of all employees in LAO. On May 2, 2012, LAO employees found the missing case records with the draft decision in a locked filing cabinet used by Jacoba, who was then part of the Office of the Deputy Executive Secretary for Legal Affairs. The case records and the draft decision were immediately forwarded to Ochoa, who denied Jimenez’s appeal for lack of merit on the same day. After an investigation by the Office of the Executive Secretary (OES), Ochoa authorized the OP’s Internal Affairs and Complaints Committee to issue a formal charge for grave misconduct and serious dishonesty against Jacoba. The Executive Secretary eventually found Jacoba guilty of the charges against him and dismissed him from government service. Jacoba appealed before the CSC, but was denied. This prompted him to elevate the case before the CA, which modified the CSC and the OES rulings.

No explicit OK

DILG chief assures no delay in promotion of senior cops Dismissal of ex-Palace lawyer in possession of records of Barrameda murder case affirmed

EPARTMENT of the Interior and Local Government (DILG) Secretary Benhur Abalos on Wednesday vowed there will be no more delays in the promotion of third-level officers of the Philippine National Police (PNP). He made the assurance following the issuance of the National Police Commission (Napolcom) Resolution No. 2023-1704, which imposes a 30-day timeline to complete the processing of recommendations for the promotion of police officers with the ranks of police colonel to police lieutenant general. “A s l o n g a s t h e d o c u m e n t a r y requirements are complete. It will be acted upon within 30 days. That will be our hard and fast rule,” Abalos said in a mixture of Filipino and English. After Napolcom’s evaluation and also the confirmation of the Civil Service Commission, the promotional folders/

documents will then be forwarded to the Office of the Executive Secretary before the approval of the President. Abalos said he hopes the move will further improve the morale of police personnel and inspire them to work relentlessly in fighting criminality, illegal drugs, corruption, and in maintaining peace and order in their assigned jurisdictions. He, however, was quick to warn that while processing of their promotions will be fast, imposing sanctions and penalties for misconduct and breach of discipline will also be swift and decisive. “Reward and punishment—that is part of our plan to professionalize and improve the service of the police force. We will be quick in giving recognition for good performance, but at the same time, we will be as quick and as judicious in imposing punishments,” Abalos said. Rex Anthony Naval

By Joel R. San Juan @jrsanjuan1573

HE Supreme Court (SC) has affirmed the dismissal of a former Palace lawyer after being found guilty of grave misconduct and serious dishonesty for unlawfully taking possession of the missing records of the controversial Ruby Rose Barrameda murder case. In a 22-page ruling penned by Associate Justice Marvic Leonen, the Court en banc unanimously reversed and set aside the November 29, 2017 decision and July 5, 2018 resolution of the Court of Appeals (CA), which modified the Civil Service Commission’s (CSC) ruling against respondent, lawyer Jerik Roderick Jacoba. The SC’s decision stemmed from the consolidated petition filed by the CSC and former Executive Secretary Paquito N. Ochoa Jr., assailing the decision of the CA, which found Jacoba guilty of mere simple misconduct “because he failed to help search the missing case records by

checking his workspace and locker.” In reversing the CA decision, the SC declared: “Here, the Civil Service Commission and the Executive Secretary’s dismissal of Jacoba was based on evidence which tended to show that Jacoba had full access to the areas where the missing case records were last seen and that the case records were eventually located in a locked file cabinet under his control and for his exclusive use. “ The evidence, according to the High Tribunal, support the conclusion that Jacoba abused his influence and authority to take possession of the case records, hide them in a filing cabinet under his control, and then refuse to reveal their whereabouts when asked about them. “Hence, his dismissal and perpetual disqualification from government service due to grave misconduct and serious dishonesty should be upheld,” the SC stressed. Aside from the dismissal, the Court also ordered the forfeiture of Jacoba’s retirement benefits; his perpetual disqualification from re-employment in the government service;

DND beefs up cybersecurity infrastructure and processes

Rep. Dalipe says Senate’s Charter change push ‘vindicates’ House, but Rep. Barbers airs caution

S part of its efforts to protect itself from cyber attack, Department of National Defense (DND) Secretary Gilberto C. Teodoro Jr. announced that the agency is now beefing up its operational security as well as exploring ways to enhance c ybersecurity infrastructure and processes. And while government process models advance openness, transparency, and competitiveness, especially in acquisitions, this could be “anathema to actual realities of cybersecurity, even in cooperation.” “Naturally, cooperation in cybersecurity entails a critical political analysis of your foreign partners, like-minded nations, and treaty partners. Your friend today could be an adversary tomorrow in different aspects,” Teodoro said. Noting vulnerabilities in cyberspace, he added that the DND is transitioning into stricter operational security, which “starts from individual security, facility securit y, to digital hygiene, to the

OUSE Majority Leader Manuel Jose Dalipe on Wednesday said the Senate’s move to amend the economic provisions of the 1987 Constitution is a “vindication” for the lower chamber, which has fought long and hard to push for. But Surigao del Norte Rep. Robert Ace Barbers urged caution when it comes to the Senate’s proposed changes to the Charter. The Senate’s willingness to engage in constitutional changes validates the House’s stance over the 37-year-long struggle for constitutional reforms, according to Dalipe. He emphasized that the leadership of House Speaker Ferdinand G. Romualdez’s unwavering commitment to economic reforms through Charter change has now been acknowledged by the Senate. “This marks the first time the Senate has agreed to amend the Constitution, vindicating the House’s 37-year-long pursuit of constitutional reforms. It also reaffirms our position under Speaker Romualdez that constitutional amendments are essential

architecture that we’re going to put into our systems.” “So we have to start from base zero. We have had a gap analysis, and there’s a lot to do. We have to put in the right infrastructure, architecture, hardware, software, protocols, and hygiene,” the DND chief noted. “Secondly, contrary to government rules of just-in-time, inventory, etc., we will be building in redundancy, taking into account vendor reliability or servicing reliability,” he added. And as national security is of paramount importance, Teodoro stressed the need to create government standards for accountability and prevention rules and regulations to avoid abuse. He also encouraged the academe to spur further research and development, in consonance with the President’s instructions, to utilize the vast potentials of the country for the provision of revenue, security, and employment to all Filipinos. Rex Anthony Naval

to keeping pace with the rapidly evolving global economy,” said Dalipe. Dalipe said the House leadership would closely monitor Senate developments. As per Speaker Romualdez’s instructions, they will support Resolution of Both Houses 6, authored by Senate President Juan Miguel Zubiri. RBH 6 proposes amendments to Articles XII, XIV, and XVI of the 1987 Constitution, allowing Congress to legislate laws removing equity restrictions on certain industries. This move aims to address the alleged constitutional infirmity of Republic Act 11659, amending the Public Services Act to permit 100 percent foreign ownership in certain public services. “ The Speaker is happy that the Senate has finally recognized the need for constitutional amendments. We’ve tirelessly worked for economic reforms through Charter change, but this has been consistently opposed by the Senate. Now, it can be said that we were right all along,”

stated Dalipe. Dalipe emphasized that Speaker Romualdez’s courage and persistence in advocating for amending the 1987 Constitution have paid off with the Senate’s decision to support charter change through RBH 6.

Caution

HOWE VER, Barbers aired his caution regarding the Senate proposal on Charter amendments. He called on his colleagues in the House to carefully study the proposal, emphasizing potential confusion about the mode of amending or revising the charter under RBH 6. “The crux of this entire brouhaha is the mode of amendment or revision. Section 1 paragraph 1 of Article 17 of the Charter expressly states, ‘3/4 of all members of Congress.’ Where will RBH 6 fall then? This is precisely the problem that the People’s Initiative [PI] intends to fix and

clarify first. There is no other amendment mentioned in the PI. Once this is clear, only then can Congress proceed with further amendments,” Barbers said. Barbers cautioned against hastily considering RBH 6, highlighting the potential legal challenges that may arise. He suggested a thorough examination before jumping into the constitutional amendment fray, while advocating for the continuation of PI to gauge the sentiments of the sovereign people. “Should we go ahead and consider RBH 6 and grant, for the sake of argument, that it passes, the method used by Congress in passing it may be questioned in the Supreme Court and may therefore put to waste all the resources and time spent on it? It is therefore my suggestion to my colleagues to study this well before jumping into the fray. In the meantime, let the PI continue so we can see and hear the sentiments of our sovereign people,” Barbers said. Jovee Marie N. Dela Cruz

Thursday, January 18, 2024

Economy

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

PHL emerges as ‘new frontier’ in LNG market–BMI Research V

DOTr assures support for drivers and operators affected by PUVMP

By Lenie Lectura

@llectura

HE country’s liquefied natural gas (LNG) market is gaining ground, attracting strong interest from producers and traders overseas, BMI Research of the Fitch Group said.

“The Philippines is emerging as a new frontier LNG market,” it said, while noting that the country’s LNG imports could increase up to 22 mtpa (million ton per annum) if and when all seven LNG planned terminals are completed. Two LNG facilities have already been completed. These are FGen LNG Corp.’s interim f loating storage regassification unit (FSRU) LNG terminal, with a capacity of 5.26 mtpa, and Linseed Field Corp.’s FSRU and onshore regassification project, with a

capacity of 3mtpa. These two will supply FGen’s gas plants- 1,000 megawatt (MW) Sta. Rita, 500MW San Lorenzo, 414MW San Gabriel, and 97MW Avion—and the 1,200MW Ilijan plant owned by the power unit of San Miguel Corp. These LNG facilities are expected to improve the country’s energy supply in the Luzon grid. Citing records from the Department of Energy (DOE), BMI said the remaining terminals are scheduled to start commercial

operation from 2024 to 2026. The other five LNG projects will be developed by Luzon LNG Terminal Inc., Energy World Gas O perat ions Ph i l ippi nes Inc., Shell Energy Philippines Inc., Vires Energ y Cor p., and Samat LNG Corp. BMI also said that “lower spot LNG prices could encourage potential LNG importers to accelerate construction of LNG import terminals,” while noting that “uncertainties surround the levels of LNG demand and the volumes the Philippines will be importing.” “We anticipate LNG imports will vary depending on the buyers’ ability to pay and projected demand from power and industrial sectors. Any upside gains to prices will slow down LNG imports, while a drop will encourage increased imports,” said BMI. The foreign investors in LNG import terminals include LNG producers and LNG buyers and traders, such as Osaka Gas, Tokyo Gas, Excelerate Energy and Shell. Tokyo Gas holds 20 percent interest in FGEN LNG’s Batangas LNG

terminal, while Excelerate Energy and Osaka Gas hold participating interests in LNG import terminal projects operated by Luzon LNG Terminal and AG&P. “Based on the composition of foreign investors, future LNG supplies to Philippines are likely to come from US, UAE [United Arab Emirates] and portfolios of LNG assets held by Shell and Japanese companies,” it said, while adding that future LNG demand growth will depend on further expansion of gas-fired power generation capacities. The DOE earlier said that the entry of LNG as a new type of fuel into the energy mix increases diversity and security of the country’s energy needs. It likewise provides the country with fuel and technology that allows flexibility in supporting the various grid demands from baseload to providing reliable mid-merit to peaking power supply. This flexibility also enables the push to further develop intermittent renewable energy technologies, such as solar and wind.

Romualdez, 2 other lawmakers file reso to probe Palawan’s power woes

N response to the mounting power crisis in Palawan and the reported surge in electricity rates, Speaker Ferdinand Martin G. Romualdez, along with Palawan Reps. Jose Chaves Alvarez and Edgardo L. Salvame, filed House Resolution 1544, urging the House Committee on Energy to conduct an inquiry to address the challenges faced by the Palawan Electric Cooperative (PALECO). “It has always been the responsibility of the State to provide the people with reliable, secure, and affordable power sources. And what is happening in Palawan involving high power rates, low energization levels and inefficient power distr ibution, Congress needs to intervene,” Romualdez said on Wednesday. “The dire situation in Palawan dampens our enthusiasm over the

directives of President Ferdinand R. Marcos Jr. to provide the people with low power rates and increase energization targets nationwide by 95 percent in 2025. I hope that with this probe, we can find a solution for all stakeholders in Palawan, especially our citizens,” he added. The power crisis in Palawan escalated when, in November of the previous year, PALECO entered into an Emergency Power Supply Agreement (EPSA) with Delta P, Inc. The Energy Regulatory Commission (ERC) mandated the cessation of PALECO’s Power Supply Agreement (PSA) with Delta in alignment with a Supreme Court ruling. The EPSA has a non-extendable life of only one year and is set to expire in October of this year. The EPSA has seen a rise in

energy rates, contested by PALECO, citing Department of Energy (DOE) Circular 2023-06-0021. PALECO argues that, as a Small Power Utility Group (SPUG), they are entitled to subsidies under the EPIRA Act of 2001, contrary to the DOE circular. Romualdez said all of these contentions would be clarified once the House Committee on Energy commences its hearings on the resolution. “What is important is that we address all matters at the soonest possible time to unburden Palaweños of the power woes of PALECO. It’s not their fault, but they are the ones suffering from the high electricity bills,” Romualdez said. As for PALECO, the House leader said they would do everything in their power to aid the cooperative in its current situation.

PA LECO is g rappling w ith poor performance indicators, including the lowest collection efficiency (91 percent) and the highest non-momentary power interruptions in Region I V-B during second quarter of 2023. The National Electrification Administration (NEA) also assessed PALECO with the lowest energization level at 73.67 percent, contradicting a Palace directive for increased energization to 95 percent nationwide by 2025. “We will also look for ways to help PALECO address its shortcomings and reduce its deficiencies. The sooner we resolve its problems, the sooner we get Palaweños out of this dire situation. As I have said, we aim to help all stakeholders in Palawan, and that includes PALECO,” he added. Jovee Marie N. Dela Cruz

ARIOUS transpor tation groups expressed their full support behind the government’s public utility vehicle modernization program (PUVMP), according to a statement released by the transportation department on Wednesday. The Land Transportation Franchising and Regulatory Board (LTFRB) earlier issued a circular allowing PUV operators and drivers without consolidated TSE or transport service entities to continue to operate only until January 31, 2024. Transportation Secretary Jaime J. Bautisa said that while the program focuses on the safety and convenience of commuters, the government would also extend its assistance to affected PUV operators and drivers during the program’s transition period. “ The program really focuses on commuters’ benefits. But we will not forget the responsibility to the drivers, to the operators,” the transport chief said. “It’s really good that major transport groups are supporting the PUVMP. The DOTr, together with the LTFRB, are determined to implement the program,” he stressed. Pasang Masda, Alliance of Transport Operators and Drivers Association of the Philippines, Alliance of Concerned Transport Organizations, Federation of Jeepney Operators and Drivers Association of the Philippines, Stop and Go Transport

Coalition, and Liga ng Transportasyon at Operators sa Pilipinas (LTOP) as well as UV Express National Alliance of the Philippines said during a news briefing with government officials Wednesday that the implementation of the modernization program is long overdue. Pasang Masda National President Obet Martin said the PUVMP is focused on serving commuters by providing safe and convenient public transport. “Kaming lahat po ay sumusuporta sa isang napaka-ayos at napakagandang programa ng pamahalaan . [ Ang PUVMP] ay makapagdudulot ng ligtas na paglalakbay sa ating mananakay at convenience sa kanilang pagsakay. Ika nga’y tinatawag nating sila ay nasa isang modernong sasakyan kung saan matagal nang minimithi ng ating mga kababayan na magkaroon ng magandang sasakyan,” Martin said. According to Orlando Marquez, LTOP president, their group has been supporting the modernization of PUVs since 1997. “ Nakasuporta po ako sa modernization simula pa 1997. Ipinapa-abot ko ang supor ta sa administrasyon ng ating Pangulong Bongbong Marcos Jr. Kaya ngayon sinasabi namin dito sa Magnificent 7, nakasuporta kay Secretary Bautista, LTFRB Chairman Guadiz at sa Pangulo,” he said. Lenie Lectura

Sen. Go lauds PBBM after completion of 131 new Regional Specialty Centers

ENATOR Christopher “Bong” Go, principal sponsor and one of the authors of the Republic Act No. 11959, also known as the Regional Specialty Centers Act, lauded the ongoing collaborative efforts of continuously deliver needed medical services closer to grassroots communities, particularly in terms of specialized healthcare. Just recently, the government announced the establishment of 131 new specialty centers across the nation. For Go, this is proof of continuity in providing accessible and quality healthcare for all Filipinos. “As chairperson of the Senate Committee on Health and the vice chairperson of the Committee on Finance, we pushed hard for the budgetary support to make these specialty centers a reality. It is our duty to ensure that every Filipino has access to the best available medical care, especially in specialized fields,” the senator cited. “Sinimulan ang programang ito noong panahon pa ni dating pangulong Rodrigo Duterte, at nagpapasalamat tayo kay Pangulong [Ferdinand] Marcos Jr. na naging prayoridad niya at ipinagpatuloy ang pagpapatayo at pagpaparami pa ng mga

specialty centers sa buong bansa ,” Go said. Go then reiterated his continuing commitment to the health sector, saying, “More than just establishing centers, this is also about sustaining them and ensuring they are equipped to provide the highest standard of care.” “This is where our focus lies, and we hope the government will continue to work tirelessly to achieve these goals,” he added. The President announced the establishment of these centers, a testament to the government’s unwavering commitment to health and well-being. “Noong August 24, 2023, pinirmahan ko ang Republic Act No. 11959, known as the Regional Specialty Centers Act. Ito’y mga ating specialty centers, specialty hospitals sa iba’t ibang lugar,” the President stated in a video message. Supported by a substantial allocation of P11.12 billion this year, these centers are a testament to the collaborative efforts of the government to enhance the health and well-being of Filipinos, with Go continuously supporting this transformative initiative.

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

News BusinessMirror

Thursday, January 18, 2024

Laguindingan, Bohol-Panglao airports to face Swiss Challenge in Q1–DOTr By Lenie Lectura

@llectura

HE government is eyeing the conduct of a Swiss challenge for the Laguindingan Airport International Airport and BoholPanglao International Airport within the first quarter of the year.

Transportation Secretary Jaime J. Bautista said the National Economic and Development Authority (Neda) already issued the green light to proceed. “Laguindingan, it will be ready for Swiss Challenge within the quarter. Bohol, we’re still negotiating, although the parameters, terms and conditions were already approved by Neda. We have communicated this to the proponent and we’re just negotiating the final terms. And then after that, we will report to Neda and then it will be ready for Swiss

Challenge also. Maybe within the quarter also,” said Bautista. If and when these are opened to Swiss challenge, the DOTr will give other proponents the opportunity to match the original bid within 60 days. The unsolicited proposals for the airports were submitted by Aboitiz Infracapital Inc., which has also submitted the same for Bicol International Airport. The Aboitiz Group earlier earmarked an investment of P12.75 billion for Laguindingan, P4.53 billion for Bohol, and P4.81 billion for Bicol.

PBBM OKs funds for improved AFP health care, rice subsidy

OV E RNME N T unifor me d personnel and their families will be getting better food and health-care benefits to improve their well-being this year, President Ferdinand R. Marcos Jr. announced Wednesday. This after he approved the budget for rice subsidies and Ter tiar y Health Care at the Armed Forces of the Philippines (AFP) Medical Center for advanced medical services and overall wellness support of the said beneficiaries. “With an increased 2024 budget for the DND [Department of Defense], we’re dedicated to ensuring the well-being

of our uniformed personnel and their families,” Marcos said in a brief post in his social media account. Under the 2024 General Appropriations Act (GAA), DND was allocated a P238.36 billion new appropriations, which was higher compared to P204.57 billion funding it got in the previous year. The DND budget includes P893,693,000 budget to provide military personnel a rice subsidy, equivalent to 20 kilos of rice a month in the form of financial assistance. It will also include a P2.2 billion allocation for Tertiary Health Care of the AFP Medical Center.

Marcos said the additional benefits were on top of the initiative of the administration to improve the “financial stability for military and civilian personnel” through the Revised AFP Modernization Program and the Pension and Gratuity Fund. “Beyond duty, we prioritize their daily lives,” Marcos said. The President made the remark after his New Year’s courtesy call with officials of the Philippine National Police (PNP) and the Armed Forces of the Philippines (AFP) in Malacañang Wednesday. Among the participants in the event were Presidential Adviser on

Military and Police Affairs Secretary Roman Felix; PNP chief Gen. Benjamin Acorda Jr.; PNP Acting Deputy Chief for Administration P/Lt. Gen. Rhodel Sermonia; PNP Acting Deputy Chief for Operations P/Lt. Gen. Michael John Dubria and PNP Chief of Directorial Staff P/Lt. Gen. Emmanuel Peralta. The military was represented by AFP Chief of Staff Gen. Romeo Brawner Jr., Philippine Navy Flag Officer-inCommand Vice Admiral Toribio Adaci Jr., Philippine Army Commanding General Lt. Gen. Roy Galido and Philippine Air Force Commanding General Lt. Gen. Stephen Parreño.

Batangas town okays ridge-to-reef integrated coastal management approach to conservation

He expressed high hopes that the Department of Environment and Natural Resources (DENR) and other LGUs in promoting coastal and marine protection and conservation would use such a policy as a model. “Hopefully,theDENRcanmainstream this kind of approach in other LGUs, as well,” he said. Trono is grateful that the members of the Municipal Council led by its presiding officer, Vice Mayor Leonido M. Bantugon and the mayor himself took the initiative to pass the ordinance. The ordinance mandates the creation of the Integrated Coastal Community Management Council, a multi-stakeholder policy-making body led by the mayor, Integrated Coastal Management Office, institutionalize the “Bantay Kalikasan,” a communitybased law enforcement group, and establish the Integrated Coastal Management Trust Fund where regulatory fees and fines that will be imposed under the new law, will pour in for purpose of funding conservation and protection activities.

HE coastal town of Mabini in Batangas, which boasts unique dive sites, approved an ordinance that would put in place a ridge-to-reef approach to protecting and conserving the environment, particularly its coastal and marine biodiversity. Ordinance No 031-2023 signed by Mayor Nilo M. Villanueva on October 27, 2023, takes effect on Friday, January 19, 2024. The ordinance puts in place an integrated management framework to achieve food security and livelihood opportunities through fishery and tourism development, including the promotion of Marine Protected Areas (MPA) and solid waste management as mitigating measures to reduce vulnerabilities to natural hazards, and impacts of climate change. Moreover, the ordinance will protect the rights and welfare of small and

marginalized coastal resource users and inhabitants in the preferential use of communal coastal and fishery resources. The ordinance also promotes ecofriendly tourism activities through the conservation of its coastal and marine areas. As a first-class municipality, Mabini is known for its rich marine biodiversity. But like other coastal towns in Batangas, it is threatened by unsustainable practices like solid waste management, agriculture, and even beach tourism. The enactment of the law aims to strictly regulate activities that put pressure on Mabini’s environment, according to Romy Trono, chairman of the Mabini Coastal Resource Management Technical Working Group that helped members of the city council craft the policy. Trono, a former executive director of solutions provider World Wildlife (WWF) Fund,

is a staunch environmental advocate. Along with Manolo Boy Jumaquio, community development specialist and former WWF Philippines and DENR staff, Trono helped facilitate numerous public consultations in preparation for the crafting of the ordinance. “Under the ordinance, the municipal government of Mabini will now adopt a ridge-to-reef approach to environmental protection. Before, it focused on coastal and marine areas. With this, solid waste management and other factors from the terrestrial body down to the coastal areas will now be factored in. The ordinance, which also regulates and promotes sustainable ecotourism practices, including the imposition of penalties and fines to violators, can serve as a model to other local government units (LGU). “This approach can be replicated in other areas,” he said.

Samuel P. Medenilla

Jonathan L. Mayuga

StartUp QC Program opens biz plan competition for students

FTER two successful cohorts, the Quezon City Government is expanding its StartUp QC Program to launch a competition for students this 2024. The program aims to develop the innovative business ideas of the youth through financial grants and mentorship sessions. “Our schools are a great source of future business leaders, innovators, and creative thinkers. Through this competition, we can develop the potential and skills of our students and help them create the next inspiring business success story,” QC Mayor Joy Belmonte said. The Quezon City Government, through its Local Economic and Investments Promotion Office (LEIPO), partnered with key national government

agencies, colleges and universities, and members of the start-up community to kick start the upcoming competition scheduled for April 2024. The StartupQC Program is the first local government unit (LGU)-led start-up initiative that aims to forward innovation, and entrepreneurship, and empower the local start-up community in Quezon City. The highlight of the StartUp QC Program in 2024 is the business plan competition for students that will provide capacity-building activities, such as lectures, mentoring, and network-building sessions. These activities are expected to assist and guide the student participants into preparing innovative proposals that address important societal and

community-based challenges. The StartUp QC Student Competition is open to individuals and groups with at least one member residing in Quezon City, 18 years of age, and currently enrolled in any college or university in the Philippines. Winners will have a chance to win up to P100,000 and other consolation prizes in addition to the unique learning experience the competition offers. The QC LGU continues to connect with universities and colleges, within and outside of Quezon City, to promote the program and invite participants who will undergo preliminary evaluation for admission to the competition. The success of the StartUp QC Program was made possible through the support of national and local agency

partners, such as the Department of Information and Communications Technology (DICT), Department of Trade and Industry (DTI); Academic institution partners, including the Ateneo de Manila University, Miriam College, Thames International, Technological Institute of the Philippines, University of the Philippines Diliman and the Quezon City University; and industry experts from the private sector represented by Launchgarage and StartUp Village. Online registration for StartUp QC is available on the QC e-services website (qceservices.quezoncity.gov. ph). The deadline for the application is Februar y 16, 2024. For more information, check out StartUp QC on Facebook, LinkedIn, and TikTok.

SEC fines lending firm P2M, warns vs. $ scam Meanwhile, the SEC’s Enforcement and Investor Protection Department (EIPD) issued an advisory against Titan Capital Markets/Titan Capital Markets Pty Ltd., which operates within SEC-Davao’s area covering Davao Region, Soccsksargen, Cotabato City and Maguindanao Province. The Davao firm offers investments to

the public allegedly through bot trading or staking for a minimum amount of $100 up to $3,000. Investors may earn 21 percent every month for 90 days or 24 percent for 180 days depending on their subscription plan, plus a 15 percent referral bonus and rewards of two percent up to 10 percent. Four other firms were likewise issued

another set of advisories for soliciting investments from the public without the necessary licenses. These are the Kalinga Ventures Group Opc/ Kalinga Ventures Capital/ Kalinga Ventures International/ Kalinga Wealth and Business Development Services. “This entity entices the public by offering various investment subscription

Continued from A14

plans that allegedly may earn 25 percent to 170 percent of income in nine to 40 days;

The other firms are:

TERRMUSH Co., which claims to serve as a platform to educate Filipinos about the financial and health benefits associated with mushrooms and as a means to

The group will invest around P22 billion for the rehabilitation and upgrade of the three provincial gateways: P12.75 billion for Laguindingan; P4.53 billion for Bohol; and P4.81 billion for Bicol. Bautista earlier said that interisland connectivity would only be achieved with the establishment of more airports, as it will guarantee improved accessibility and efficient mobility throughout the country. “Transforming our airports— through expansion, upgrade and rehabilitation—is not only at the

core of this administration’s thrust on infrastructure development but also crucial to connecting the country to the rest of the world,” Bautista said. Bautista stressed that these airports must adapt to technological innovation without sacrificing safety of passengers. He also cited the Civil Aeronautics Board’s (CAB) perspective that Philippine aviation is ripe for strategic investments in airport development and operation; maintenance, repair and overhaul (MRO); and PPP in airport development.

Bill allows ‘netizens’ to participate in amending, enacting new laws By Butch Fernandez @butchfBM

ENATOR Jinggoy Estrada, moving to allow netizens to participate in lawmaking, asked Congress to pass an enabling legislation that will“allow the public to participate in every step of the legislative process, whether to amend or enact new laws, through online platforms.” As proposed, the Estrada bill provides individuals or groups will allow netizens to join the lawmaking process. “Sa ilalim ng panukalang ito, maaari silang lumahok sa legislative process—mula sa First Reading, Second Reading at Third Reading— sa pamamagitan ng crowdsourcing,” Estrada said referring to his Senate Bill No. 2344, or the proposed “Crowdsourcing in Legislative Policymaking Act.” Estrada explained that the bill, if enacted into law,“would enable individuals or groups to engage in crowdsourcing, which is defined as the practice of engaging individuals or a group towards a common goal, often at innovation, problem-solving, or efficiency in the delivery of services.” The senator said he envisions that “through social media or online portals of the Senate and the Presidential Legislative Liaison Office [PLLO], the public can post or submit their inputs or comments to the committee deliberating on a bill.” Estrada added that after the filing of a bill in the Senate or after the First Reading stage, the public can submit their

comments within 15 working days, which shall be part of the inputs to be discussed during the committee deliberations. “Once the bill is reported on the floor during the Second Reading of the measure, the public is given three working days to submit their comments, and in the Third Reading, another three working days are allotted to the public for their inputs,” the senator clarified. Estrada added that the bill provides the PLLO website will be tasked to create an online platform where the public can start a campaign or petition to review, amend, or repeal a law or create a bill, the result of which may be transmitted to any member of both houses of Congress for appropriate action. The PLLO shall also provide an online crowdsourcing feedback report to inform the proponents of the actions taken. “Noong kasagsagan ng pandemya, naging virtual ang lahat, pati ang pagpapasa ng batas at dito nakita natin na lumalahok ang mga resource persons sa mga pagdinig sa Senado o committee hearings,” the veteran lawmaker noted. Estrada said he expects the bill will help broaden the reach of Congress in considering the inputs, suggestions, recommendations, and objections of the people on a particular legislative proposal. “It will also provide channels that will help lawmakers prioritize the issues and problems that need to be addressed, solicit ways on how to solve them, and obtain feedback on the implemented solutions and policies,” he added.

Starbucks recalls PWD, Senior discounts cap amid House probe Continued from A14

Fully honor

THE National Commission of Senior Citizens (NCSC) and the National Council on Disability Affairs (NCDA), as the primary agencies overseeing the concerns of senior citizens and persons with disabilities, jointly call upon establishments to fully honor the benefits and privileges granted to these groups under the Expanded Senior Citizens Act of 2010 (Republic Act No. 9994) and An Act Expanding the Benefits and Privileges of Persons with Disability (Republic Act No. 10754). Both laws extend a common benefit, offering senior citizens and persons with disabilities a 20-percent discount and VAT exemption on specific goods and services. Both NCSC and NCDA said they have been addressing complaints concerning alleged violations, encompassing issues ranging from the complete denial of discounts to restrictions on their utilization. The IRR of RA 10754 explicitly states that “subsequent purchases by persons with a distribute a variety of mushroom-fruiting bags, purportedly allowing its members to simultaneously profit from purchasing the said bags. It allegedly offers different ways to earn with a minimum amount of P300 for a guaranteed 2.5 percent daily income in a 64-day lock-in period; The Goshop Ph, engaged in a scheme known as “Tasking and Recharging” where the public is offered online jobs in the guise of performing certain tasks for a

disability on the same day from the same establishments shall still be subjected to a 20-percent discount and VAT exemption.” Both IRRs clarify that in cases of conflict or ambiguity, the rules should be liberally construed in favor of senior citizens or persons with disabilities. The NCSC and NCDA emphasized that, in accordance with RA 9994, RA 10754, and their respective IRRs, senior citizens and persons with disabilities are entitled to the 20-percent discount and VAT exemption without limitations beyond what the laws and rules prescribe. As an illustrative example, there is no justification for establishments to restrict the application of the discount to only one item. The NCSC and NCDA reminded establishments that both RA 9994 and RA 10754 provide tax incentives related to the discounts granted under these laws. The call is for establishments to adhere to the legal framework and ensure that senior citizens and persons with disabilities enjoy their entitled benefits without unwarranted limitations. promise of receiving monetary rewards or commissions but with a requirement of additional funding or “recharging” from the investor-victims before enabling them to withdraw their supposed earnings; and the One Key Progress Booster (OKPB) Inc. which asks people to invest in its socalled “Powed Apps Marketing Business” by registering for P1,000. Manuel T. Cayon

BusinessMirror

Thursday, January 18, 2024

ESTABLISHMENT / ADDRESS

ESTABLISHMENT / ADDRESS No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

QUALIFICATION AND SALARY RANGE

No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

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

ZHENG, BINNAN Procurement Specialist

Brief Job Description: A procurement specialist facilitates purchases from outside suppliers to keep a business running. Their primary responsibilities include researching key suppliers, negotiating purchase agreements, and ensuring all products and materials meet company standards.

Basic Qualification: Strong verbal and written communication skills. The ability to plan, delegate and evaluate progress toward goals is necessary for managing these projects. Must have strong problemsolving skills.

10.

11. CAI, QINGYUN Supply Chain Manager

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

CHEN, YAQING Supply Chain Manager

GUO, AHUI Supply Chain Manager

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Strong organizational and management skills including problem-solving, representational skills, and excellent verbal and written skills. Self-motivated and creative.

CHEN, ZHENZHEN Dynamic Functional Consultant 5.

Brief Job Description: Are key to finding the right business solution for an organization. Helps an organization implement a new business solution or tweak the existing solution.

WO KYAR HAWT Marketing Consultant Brief Job Description: Study company profile and conduct market research.

GONG, SONG AIOT GTM 12.

Brief Job Description: Steer the regional market launch of ecological chain products. Develop explosive Go To Market strategies for new products.

JIANG, QINGYI Dynamic Functional Consultant 6.

Brief Job Description: Are key to finding the right business solution for an organization. Helps an organization implement a new business solution or tweak the existing solution.

ZHAN, YUHENG Monogram General Operator 7.

Brief Job Description: A person who partakes for the design conceptualization up to the actual implementation of the designs to various garments using simple to latest and critical sewing machinery.

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

LIU, HONGYAO Quality Assurance Specialist

Brief Job Description: Ensure products meet established quality standards and industry benchmarks. They monitor processes and inspect produced goods and services. They propose measures and process improvements to enhance operations, ensure reliability of systems, and minimize downtime, errors, and defects.

Basic Qualification: Outstanding problemsolving and decisionmaking skills. Excellent verbal and writing skills. Strong analytical and organizational skills.

GOH YIK MUN Head Of Sales, Player Development Brief Job Description: Manage, guide and direct the sales effort of the team to achieve casino revenue goals by proactively targeting current and new high value patron accounts in the local market implementing effective sales deployment strategies to grow market share.

HE, XIUJUAN Marketing Consultant Brief Job Description: Study company profile and conduct market research.

Basic Qualification: College graduate, fluent in Mandarin and English languages and preferably 6 mos. to 1 year work experience in the same field. Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Researches and develops various marketing strategies for products and services and implements marketing plans and work to meet sales quotas.

QUALIFICATION AND SALARY RANGE Basic Qualification: Can contribute information ideas and research to help develop marketing strategies and can help to detail design and implement marketing plans for each product or service being offered. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: College graduate, fluent in Mandarin and English languages and preferably 6 mos. to 1 year work experience in the same field.

HONG, MEIRONG Senior Marketing Specialist 19.

Brief Job Description: Looking after the budget of the marketing department and making sure the budget spend is delivering a return on investment. Managing the design and production of promotional materials, such as websites and brochures.

Basic Qualification: Can work harmoniously with executive team such as the marketing director or managing director to set the marketing strategy for the business. Must be willing to hire and manage junior marketing team that includes PR and creative staff. Able to speak and communicate using Mandarin language is an advantage.

Basic Qualification: College graduate. With at least 3 years of work experience in GTM or any sales-related roles. Proficient in ChineseMandarin and English languages. Salary Range: Php 30,000 - Php 59,999

GIGA INFORMATION TECHNOLOGY AND SOFTWARE DEVELOPMENT INC. 2/f Lipam’s Building, 40 Presidents Avenue, B. F. Homes, City Of Parañaque NANA LAURENT Indonesian Financial System Manager 20.

Basic Qualification: At least 3 years of experience in Casino industry and 4 years of experience in VIP services. Must be able to effectively communicate in English language in both written and verbal forms.

Brief Job Description: Perform data analysis and advise senior managers on profit-maximizing ideas.

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

ALFI KURNIAWAN Indonesian IT Support Specialist

Basic Qualification: Exceptional ability to provide technical support and resolve queries.

Brief Job Description: Maintaining hardware and software installations.

KIM, JIKWON Korean IT Support Specialist 22.

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

Basic Qualification: Foreign language speaking.

Brief Job Description: Answering employee questions regarding computer system.

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

Basic Qualification: Foreign language speaking. Salary Range: Php 60,000 - Php 89,999

H.I.S. GLOBAL BUSINESS, INC. U-908 9/f Wilcon It Hub, 2251 Chino Roces Ave., Bangkal, City Of Makati C’EST LA VIE EVENT MANAGEMENT INC. 230, Narra Street, Marikina Heights, City Of Marikina

CAI, JIACHUAN General Trade Marketing Specialist Consultant 14.

Brief Job Description: Responsible for developing and executing commercial strategies.

Basic Qualification: Can work as an independent consultant to provide marketing expertise to clients and can research industries, markets, demographics, trends, sales results, and other data related to the client’s products or services. Salary Range: Php 30,000 - Php 59,999

SHI, WEIJIAN General Trade Marketing Specialist Consultant 15.

Brief Job Description: Responsible for developing and executing commercial strategies.

SASAKI, MINAMI Assistant Operation Manager - Native Japanese Speaker 23.

COSMO MEDICAL, INC. 2310 Tower 2 High Street South Corporate Plaza, 26th Street Corner 11th Avenue, Bonifacio Global City, Fort Bonifacio, City Of Taguig

SIM, YOUNGDO Marketing Supervisor 16.

Brief Job Description: Involve in day-to-day operations on how to implement management’s decision and support MKTG manager in coordinating projects.

Basic Qualification: Bachelor’s degree in Marketing or related field, communicate for both Filipino and Koreans, and experience in marketing or sales.

DAI, YUNLIANG Project Network Manager For PLDT/Smart Network Optimization Project 24.

17.

SHIN, HYUK Director And Chief Technology Officer Brief Job Description: Overall management of Regulatory Affairs.

EASTERN GOLD CORPORATION 503, Nueva St., Barangay 289, Binondo, City Of Manila

Basic Qualification: Appointed in Board Meeting. Knowledge in importing regulations from KR to PH. Salary Range: Php 30,000 - Php 59,999

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

Brief Job Description: Manage the PLDT/smart project network and service assurance solution. Manage task completion and project resources by developing project schedules.

Basic Qualification: Preferably graduated with a bachelor’s degree in communication and information systems or other related discipline. With masteral degree is an advantage. Highly proficient in Chinese and English languages. Salary Range: Php 150,000 - Php 499,999

JT INTERNATIONAL (PHILIPPINES) INC. Penthouse W Office Building, 28th Street Corner 11th Avenue, Bonifacio Global City, Fort Bonifacio, City Of Taguig

CARLOS LOPES JUNIOR, VALMIR Market Planning Manager 25.

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

COSTARMED, INC. Unit 2311a 23rd/f Centuria Medical Makati, Kalayaan Ave. Cor. Salamanca St., Poblacion, City Of Makati

Brief Job Description: Responsible for providing excellent customer service and determining the needs of the client. Ensure business continuity according to client’s requirements. To plan, develop, and propose business development.

Basic Qualification: Must be a native Japanese speaker (can speak, read, write in Hiragana, Katakana & Kanji). Been in Travel/ Tourism Industry for 1-4 years. Can assist with planning, and developing the team.

HUAWEI TECHNOLOGIES PHILS. INC. 53/f Pbcom Tower, 6795 Ayala Ave., Cor., V.a. Rufino St., Bel-air, City Of Makati

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

ASPIRE STANDARD SOLUTION SERVICES INC. 208 B 2/f Mtf Bldg., Dr. A. Santos Avenue, San Isidro, City Of Parañaque

18.

21.

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

Basic Qualification: Experience as monogram general operator is an edge. Solid knowledge of image editing and digital sketching software, like Photoshop, In design and Adobe Illustrator. Ability to collaborate and meet deadlines.

ZHANG, WENWU Marketing And Sales Agent

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

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

Basic Qualification: Should have analytical skills, communication skills, and creativeness. Experience in related field is an edge. Must have any Bachelor’s Degree Like Business Management or Computer Science.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

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

13.

Basic Qualification: College graduate, fluent in Mandarin and English languages and preferably 6 mos. to 1 year work experience in the same field.

No.

BIPO SERVICE PHILIPPINES INC. Unit 1002-1004, 10th Floor, The Mega Tower Edsa Corner Doña Julia Vargas Ave., Highway Hills, City Of Mandaluyong

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

ARISE AND GAIN MERCHANDISE CORP. 65, Road 20, Bahay Toro, Quezon City

QUALIFICATION AND SALARY RANGE

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

Brief Job Description: Study company profile and conduct market research.

ESTABLISHMENT / ADDRESS

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

NIU, YUANYING Marketing Consultant

www.businessmirror.com.ph

Brief Job Description: Manage market actual reporting, review and provide analytical support on market performance for actual and forecast to the management team to support critical management decisions.

Basic Qualification: College graduate. With strong financial analytics with at least 5 years of planning and reporting experience. Salary Range: Php 90,000 - Php 149,999

LABB APAC INC. Office D 7/f One Ayala, Ayala Ave., Edsa Ayala Center, San Lorenzo, City Of Makati

YOULES, STEVEN JOHN Global Head Of Training And Development 26.

Brief Job Description: Identify training and development needs within an organization.

Basic Qualification: Must be proficient in PEGA software and with more than 20 years of work experience. Salary Range: Php 150,000 - Php 499,999

MJP-INTERNATIONAL TECH INC. Unit 906 The Finance Centre 26th Street, Bonifacio Global, Fort Bonifacio, City Of Taguig

BusinessMirror

www.businessmirror.com.ph

ESTABLISHMENT / ADDRESS No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

KWON, SEUNG IL Technical Support Specialist 27.

Brief Job Description: Keeping current systems updated, conduct research & provide analysis data.

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: Excellent organizational and time management skills, understanding in Korean language, verbal & written. Advance organizational and proficiency in Microsoft excel, word & outlook.

No.

42.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

ZHANG, SHENGLI Chinese Customer Service Brief Job Description: Customer support and data base services.

Salary Range: Php 60,000 - Php 89,999 MPOTECH DIGITAL SYSTEM INC. 2/f 331 Bldg., Sen. Gil Puyat Ave., Bel-air, City Of Makati

ALVIAN OLIVANDY Indonesian Customer Service Representative 28.

Brief Job Description: Provide product/services, information, answer questions and resolve emerging problems.

DEVINCA AUDREY CHOWANSA Indonesian Customer Service Representative 29.

Brief Job Description: Provide product/services, information answer questions and resolve emerging problems.

SURIYANI HALIM Indonesian Customer Service Representative 30.

Brief Job Description: Provide product/services, information, answer questions and resolve emerging problems.

WILLIAM CHANDRA Indonesian Customer Service Representative 31.

Brief Job Description: Provide product/services, information, answer questions and resolve emerging problems.

43.

Basic Qualification: Graduate of 4 years bachelor’s degree with critical thinking and problem-solving skills. Salary Range: Php 30,000 - Php 59,999

44.

Basic Qualification: Graduate of 4 years bachelor’s degree with critical thinking and problem-solving skills. Salary Range: Php 30,000 - Php 59,999

45.

Basic Qualification: Graduate of 4 years bachelor’s degree with critical thinking and problem-solving skills. Salary Range: Php 30,000 - Php 59,999

46.

Basic Qualification: Graduate of 4 years bachelor’s degree with critical thinking and problem-solving skills. Salary Range: Php 30,000 - Php 59,999

47.

ZHANG, XINDONG Chinese Customer Service Brief Job Description: Customer support and data base services.

CHRISTOPHER ANTONIUS KARTA Indonesian Customer Service Brief Job Description: Customer support and data base services.

CINDI CRISTINA Indonesian Customer Service Brief Job Description: Customer support and database services.

ERIC TORNANDO Indonesian Customer Service Brief Job Description: Customer support and data base services.

FINKA Indonesian Customer Service Brief Job Description: Customer support and data base services.

NEW ORIENTAL CLUB88 CORPORATION 1331 Pearl Plaza Bldg., 133 Quirino Ave., Tambo, City Of Parañaque Sky Garage Bldg., Aseana Avenue, Entertainment City, Tambo, City Of Parañaque

32.

33.

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37.

38.

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41.

GAN, SHIWAN Chinese Customer Service Brief Job Description: Customer support and data base services.

JIANG, SHENG Chinese Customer Service Brief Job Description: Customer support and data base services.

KONG, LILI Chinese Customer Service Brief Job Description: Customer support and data base services.

LENG, XUEJIAO Chinese Customer Service Brief Job Description: Customer support and database services.

LI, RONGHUA Chinese Customer Service Brief Job Description: Customer support and data base services.

MA, YUSHENG Chinese Customer Service Brief Job Description: Customer support and data base services.

SHI, QINGLONG Chinese Customer Service Brief Job Description: Customer support and data base services.

WU, YU Chinese Customer Service Brief Job Description: Customer support and data base services.

XU, SUNKAI Chinese Customer Service Brief Job Description: Customer support and data base services.

YU, JIAQIANG Chinese Customer Service Brief Job Description: Customer support and data base services.

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

48.

MELIYAN Indonesian Customer Service Brief Job Description: Customer support and data base services.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills.

49.

YULYSICA Indonesian Customer Service Brief Job Description: Customer support and data base services.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills.

50.

ZEFRIONA CHANG YI PHING Indonesian Customer Service Brief Job Description: Customer support and data base services.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer application with good verbal and written communication skills.

51.

SIM WEE CHUAN Malaysian Customer Service Brief Job Description: Customer support and data base services.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills.

52.

SZE EN SIANG Malaysian Customer Service Brief Job Description: Customer support and database services.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills.

53.

KYAW KYAW WIN Myanmari Customer Service Brief Job Description: Customer support and data base services.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills.

54.

THAN HTAY Myanmari Customer Service Brief Job Description: Customer support and data base services.

Thursday, January 18, 2024

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills.

No.

58.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills.

59.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills.

60.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer application with good verbal and written communication skills.

61.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills.

62.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills.

63.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills.

64.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills.

65.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills.

66.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills.

67.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer application with good verbal and written communication skills.

68.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills.

69.

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

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

70.

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

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

WAN HWE NEINT @ SAI SENG WAN Myanmari Customer Service Brief Job Description: Customer support and data base services.

YAN MYIN CHAUNG Myanmari Customer Service Brief Job Description: Customer support and data base services.

ZIN MIN THAW Myanmari Customer Service Brief Job Description: Customer support and data base services.

MATTRA, APICHON Thai Customer Service Brief Job Description: Customer support and data base services.

BUI THI DAO Vietnamese Customer Service Brief Job Description: Customer support and data base services.

BUI VAN LUAN Vietnamese Customer Service Brief Job Description: Customer support and data base services.

BUI, THI BICH Vietnamese Customer Service Brief Job Description: Customer support and data base services.

CHI QUAT THANH Vietnamese Customer Service Brief Job Description: Customer support and data base services.

CHU VAN PHO Vietnamese Customer Service Brief Job Description: Customer support and data base services.

DAU, THI NHU QUYNH Vietnamese Customer Service Brief Job Description: Customer support and data base services.

DINH, VAN DAT Vietnamese Customer Service Brief Job Description: Customer support and data base services.

DOAN THI NGOC HUYEN Vietnamese Customer Service Brief Job Description: Customer support and data base services.

DUONG KIM DUC Vietnamese Customer Service Brief Job Description: Customer support and data base services.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills.

55.

THAN HTIKE AUNG Myanmari Customer Service Brief Job Description: Customer support and data base services.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills.

56.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999

57.

THIRI SHWE SIN Myanmari Customer Service Brief Job Description: Customer support and data base services.

WAN HWAE HON @ SAILAIN WAN Myanmari Customer Service Brief Job Description: Customer support and data base services.

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

71.

DUONG, THI HAI YEN Vietnamese Customer Service Brief Job Description: Customer support and database services.

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

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

72.

HA DUC HUNG Vietnamese Customer Service Brief Job Description: Customer support and data base services.

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

Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999

73.

HAN DINH THIEN Vietnamese Customer Service Brief Job Description: Customer support and data base services.

QUALIFICATION AND SALARY RANGE Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer application with good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999

A6 A8

BusinessMirror

Thursday, January 18, 2024

ESTABLISHMENT / ADDRESS No.

74.

75.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

HO, NGOC TUAN Vietnamese Customer Service Brief Job Description: Customer support and data base services.

HOANG, THI HUYEN TRANG Vietnamese Customer Service Brief Job Description: Customer support and database services.

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills.

No.

90.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer application with good verbal and written communication skills.

91.

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

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

NGUYEN VAN HUNG Vietnamese Customer Service Brief Job Description: Customer support and data base services.

NGUYEN, HUU CUONG Vietnamese Customer Service Brief Job Description: Customer support and database services.

www.businessmirror.com.ph

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills.

No.

TEERADECHYOTHIN, MAHALARP NPO Consultant 106.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer application with good verbal and written communication skills.

76.

77.

78.

79.

80.

81.

82.

83.

84.

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86.

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89.

HOANG, THI THAM Vietnamese Customer Service Brief Job Description: Customer support and data base services.

KIM THI MINH Vietnamese Customer Service Brief Job Description: Customer support and data base services.

LAM TUAN HUY Vietnamese Customer Service Brief Job Description: Customer support and data base services.

LAM TUYET VY Vietnamese Customer Service Brief Job Description: Customer support and data base services.

LE THI MINH Vietnamese Customer Service Brief Job Description: Customer support and database services.

LE VAN HUU Vietnamese Customer Service Brief Job Description: Customer support and data base services.

LE, THI HIEN Vietnamese Customer Service Brief Job Description: Customer support and data base services.

LE, THI HUONG Vietnamese Customer Service Brief Job Description: Customer support and data base services.

LY CHAU CUONG Vietnamese Customer Service Brief Job Description: Customer support and data base services.

LY THI HOP Vietnamese Customer Service Brief Job Description: Customer support and database services.

LY, THI HOA Vietnamese Customer Service Brief Job Description: Customer support and data base services.

NGUYEN HONG SON Vietnamese Customer Service Brief Job Description: Customer support and data base services.

NGUYEN HUU KHANG Vietnamese Customer Service Brief Job Description: Customer support and data base services.

NGUYEN THI LAN Vietnamese Customer Service Brief Job Description: Customer support and database services.

92.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills.

93.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills.

94.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills.

95.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer application with good verbal and written communication skills.

96.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills.

97.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills.

98.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills.

99.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills.

100.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer application with good verbal and written communication skills.

101.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills.

102.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills.

103.

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

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

104.

NGUYEN, QUY Vietnamese Customer Service Brief Job Description: Customer support and data base services.

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

STEVEN LAU Indonesian Language - Support Officer

NGUYEN, THI BE THO Vietnamese Customer Service Brief Job Description: Customer support and data base services.

NGUYEN, THI HOAI THUONG Vietnamese Customer Service Brief Job Description: Customer support and data base services.

NGUYEN, THI THUY Vietnamese Customer Service Brief Job Description: Customer support and data base services.

NGUYEN, THI TRANG Vietnamese Customer Service Brief Job Description: Customer support and database services.

NGUYEN, THI VUI Vietnamese Customer Service Brief Job Description: Customer support and data base services.

NGUYEN, VAN CUONG Vietnamese Customer Service Brief Job Description: Customer support and data base services.

NGUYEN, XUAN NHAT Vietnamese Customer Service Brief Job Description: Customer support and data base services.

PHAN, THI CAM NHUNG Vietnamese Customer Service Brief Job Description: Customer support and data base services.

PHAN, THI LE Vietnamese Customer Service Brief Job Description: Customer support and data base services.

THAN THI NGOC Vietnamese Customer Service Brief Job Description: Customer support and data base services.

TRAN ANH TUAN Vietnamese Customer Service Brief Job Description: Customer support and data base services.

TRAN THI PHUONG TRUC Vietnamese Customer Service Brief Job Description: Customer support and data base services.

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

Basic Qualification: Knowledgeable in computer application with good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999

105.

TRIEU, THI NGOC NHUNG Vietnamese Customer Service Brief Job Description: Customer support and data base services.

Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills.

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

INDRA WIJAYA Indonesian Language - Support Supervisor 108.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills.

Brief Job Description: Provide consult on Plans, delivers, and executes technical activities to Nokia internal and external customers. Consultant for design, planning and optimization of Nokia products 2G/4G & 5G planning, optimization, and acceptance.

QUALIFICATION AND SALARY RANGE

Basic Qualification: Bachelor’s degree holder. Excellent communication skills. Salary Range: Php 150,000 - Php 499,999

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

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

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

109.

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

HO THI THUY VY Vietnamese Language - Marketing Officer Brief Job Description: Create specific promotions for affiliates.

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

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

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

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills.

NGUYEN THI THANH HANG Vietnamese Language - Support Supervisor 110.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer application with good verbal and written communication skills.

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

TANG BINH CUONG IT Support

111.

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

Brief Job Description: Maintains the computer networks of all types of organizations, providing technical support and ensuring the whole company runs smoothly, IT support monitors and maintains the company computer systems, installs and configures hardware and software and solves technical issues as they arise.

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

THUYEN NHUAN CHI IT Support

112.

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

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

TRUONG CAM XUONG IT Support

113.

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

TRUONG VINH XAM IT Support

114.

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

NOKIA SOLUTIONS AND NETWORKS PHILIPPINES, INC. 18/f The Curve Bldg., 32nd St. Cor. 3rd Ave., Bonifacio Global City, Fort Bonifacio, City Of Taguig

Basic Qualification: In-depth knowledge of computer hardware, software, and networks. Experience as an IT support specialist is an advantage. Experience in documenting processes and monitoring performance metrics. Ability to keep up with technical innovation and trends in IT support. Exceptional interpersonal and communication skills. Salary Range: Php 30,000 - Php 59,999

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

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills.

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

POCKETMARKET INTERNATIONAL ECOMMERCE CORP. 11/ef Cyber One Plaza Bldg., Eastwood City Cyberpark, Bagumbayan, Quezon City

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills.

Basic Qualification: Bachelor’s degree holder. Must fluently speak and write Vietnamese language. Can work under pressure.

TU MIEU THUONG IT Support

115.

BusinessMirror

www.businessmirror.com.ph

ESTABLISHMENT / ADDRESS No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

VONG, A THANH IT Support

116.

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: In-depth knowledge of computer hardware, software, and networks. Experience as an IT support specialist is an advantage. Experience in documenting processes and monitoring performance metrics. Ability to keep up with technical innovation and trends in IT support. Exceptional interpersonal and communication skills.

No.

125.

Brief Job Description: Responsible for the planning and execution of eCommerce initiatives for an organization or within an agency.

VU MINH DIU IT Support

117.

SU XUAN PHAT Sales And Marketing Agent 126.

Brief Job Description: Responsible for the planning and execution of eCommerce initiatives for an organization or within an agency.

CHANG, JU-HSUAN Sales And Marketing Agent 118.

Brief Job Description: Responsible for the planning and execution of eCommerce initiatives for an organization or within an agency.

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

CHI COC LUONG Sales And Marketing Agent 119.

Brief Job Description: Responsible for the planning and execution of eCommerce initiatives for an organization or within an agency.

Basic Qualification: Should possess a strong knowledge of the ecommerce space including competitive strategies, marketing strategies, product development, consumer research, usability best practices and industry trends. Must know how to use spreadsheet/ excel. Salary Range: Php 30,000 - Php 59,999

LE THI LOAN Sales And Marketing Agent 120.

Brief Job Description: Responsible for the planning and execution of eCommerce initiatives for an organization or within an agency.

TAN CHEN SOON Sales And Marketing Agent 127.

Brief Job Description: Responsible for the planning and execution of eCommerce initiatives for an organization or within an agency.

LU CAM LUAN Sales And Marketing Agent 121.

Brief Job Description: Responsible for the planning and execution of eCommerce initiatives for an organization or within an agency.

LU MY CUONG Sales And Marketing Agent 122.

Brief Job Description: Responsible for the planning and execution of eCommerce initiatives for an organization or within an agency.

SAIZ SORDO, FRANCISCO IVAN Chef De Cuisine 128.

Brief Job Description: Accountable for the quality, consistency, and production of the restaurant kitchen. Exhibits culinary talents by personally performing tasks while leading and managing all food related functions.

LIU, FEI Marketing Specialist 129.

Brief Job Description: Responsible for developing and managing all aspects of the company’s marketing strategy.

123.

Brief Job Description: Responsible for the planning and execution of eCommerce initiatives for an organization or within an agency.

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

NGUYEN TU TIEN Sales And Marketing Agent 124.

Brief Job Description: Responsible for the planning and execution of eCommerce initiatives for an organization or within an agency.

135.

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

Basic Qualification: Can conduct market research to find answers about consumer requirements, habits and trends. Can brainstorm and develop ideas for creative marketing campaigns. Can assist in outbound or inbound marketing activities by demonstrating expertise in various areas.

TATA CONSULTANCY SERVICES (PHILIPPINES) INC. 8th-12th, 14th & 15th Floor, Panorama Tower, 34th Street Corner Lane A, Bonifacio Global City, Fort Bonifacio, City Of Taguig

KUMARI, DIKSHA Finance Officer - Service Management

130.

Brief Job Description: Taking care of major incident and service request management to restore the service and reduce impact to the customer environment, service management for employees about their payroll related queries have to clear behalf of them form corporate for the Philippines region.

Basic Qualification: Minimum of 6 years of experience in an organized accounting department, general understanding of the securities regulation code and Bureau of Internal Revenue regulations with Master of Commerce in Finance degree.

136.

137.

Brief Job Description: Handles service support calls, emails and chats from inquiry of a client and/or customers through Mandarin to English language translation.

138.

132.

Brief Job Description: Process Mandarin interactive software in terms of developing and upgrading its systematic functions.

139.

HONG, QIANG Mandarin System And Support Specialist 133.

Brief Job Description: Process Mandarin interactive software in terms of developing and upgrading its systematic functions.

140.

134.

Brief Job Description: Automotive mechanics help diagnose and repair various issues for different automotive vehicles, including cars, trucks and vans.

Brief Job Description: Handle service support calls, emails, and chats related to inquiries from clients and/or customers through Mandarin-to-English language translation. PAN, YUEFU Customer Relation Representative (Mandarin Translation)

141.

Brief Job Description: Handle service support calls, emails, and chats related to inquiries from clients and/or customers through Mandarin-to-English language translation. RUDY HARTONO Customer Relation Representative (Mandarin Translation)

142.

Brief Job Description: Handle service support calls, emails, and chats related to inquiries from clients and/or customers through Mandarin-to-English language translation.

THEODORE TSEN SIANG HOU Customer Relation Representative (Mandarin Translation) 143.

Brief Job Description: Handle service support calls, emails, and chats related to inquiries from clients and/or customers through Mandarin-to-English language translation.

TU TU PHUONG Customer Relation Representative (Mandarin Translation) 144.

Brief Job Description: Handle service support calls, emails, and chats related to inquiries from clients and/or customers through Mandarin-to-English language translation.

ZHI, HAO Customer Relation Representative (Mandarin Translation) Brief Job Description: Handle service support calls, emails, and chats related to inquiries from clients and/or customers through Mandarin-to-English language translation.

146.

CHEN, SHANSHAN Chinese Consultant Brief Job Description: Provides professional and knowledgeable consultation.

Basic Qualification: Thorough, extensive & fluency in Mandarin language and characters. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Must develop skills in areas like problem-solving, communication, and attention to detail. Strong communication skills are a critical component of an auto mechanic’s abilities. Time management also helps mechanics estimate how long each repair will take. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Thorough, and extensive fluency in Mandarin language and characters. Salary Range: Php 30,000 - Php 59,999

YOUBIN CONSULTANCY INC. 7c Westgate Tower Condominium, Investment Drive, Mbp Ayala, Alabang, City Of Muntinlupa

Basic Qualification: Thorough, extensive & fluency in Mandarin language and characters.

VEHICLE MASTER SERVICE CORP. #27, T. Santiago St., Canumay West, City Of Valenzuela

KANG, XIAOBIN General Automotive Mechanic

Brief Job Description: Handle service support calls, emails, and chats related to inquiries from clients and/or customers through Mandarin-to-English language translation. NGUYEN THI HONG NHUNG Customer Relation Representative (Mandarin Translation)

Basic Qualification: Thorough, extensive & fluency in Mandarin language and characters.

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

Brief Job Description: Handle service support calls, emails, and chats related to inquiries from clients and/or customers through Mandarin-to-English language translation. NGUYEN MINH DAT Customer Relation Representative (Mandarin Translation)

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

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

Brief Job Description: Handle service support calls, emails, and chats related to inquiries from clients and/or customers through Mandarin-to-English language translation. LIEU MINH TAM Customer Relation Representative (Mandarin Translation)

145.

131.

Brief Job Description: Handle service support calls, emails, and chats related to inquiries from clients and/or customers through Mandarin-to-English language translation. KYEIN TONE Customer Relation Representative (Mandarin Translation)

TECHMAVE SERVICES INC. 11/f Liberty Plaza Bldg., 102 H.v. Dela Costa St., Bel-air, City Of Makati DONG GIA NGHIA Mandarin Speaking Customer Relation Representative

Brief Job Description: Handle service support calls, emails, and chats related to inquiries from clients and/or customers through Mandarin-to-English language translation. KOK CHIA JUN Customer Relation Representative (Mandarin Translation)

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

GAO, JUN Mandarin System And Support Specialist

LUONG THI LIEM Sales And Marketing Agent

Basic Qualification: 2-year degree from an accredited University in Culinary Arts, Hotel and Restaurants Management, or related major. 2 years of work experience related in culinary, food and beverages.

QUALIFICATION AND SALARY RANGE

HSU, JHONG-JIE Customer Relation Representative (Mandarin Translation)

SANY PHILIPPINES INC. Unit 18-a 18/f, Trafalgar Plaza 105 H.v Dela Costa St., Salcedo Village, Bel-air, City Of Makati

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

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

VICCI BUSINESS CONSULTANCY CORP. 10/f Liberty Plaza, 102 H.v. Dela Costa St., Bel-air, City Of Makati 44/f Pbcom Tower, 6795 V.a. Rufino St., Bel-air, City Of Makati

RL PROPERTY MANAGEMENT, INC. 11/f Robinson’s Cyberscape Alpha, Garnet & Sapphire Roads, Ortigas Center, San Antonio, City Of Pasig

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

No.

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

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Should possess a strong knowledge of the ecommerce space including competitive strategies, marketing strategies, product development, consumer research, usability best practices and industry trends. Must know how to use spreadsheet/ excel.

QUALIFICATION AND SALARY RANGE

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

ESTABLISHMENT / ADDRESS

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

PHAM THI LAN Sales And Marketing Agent

Thursday, January 18, 2024

147.

NING, XINCAI Chinese Consultant Brief Job Description: Provides professional land knowledgeable consultation.

Basic Qualification: 18-55 years old, with at least 6 months customer service experience and knowledgeable in computer applications. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: 18-55 years old, with at least 6 months customer service experience and knowledgeable in computer applications. Salary Range: Php 30,000 – Php 59,999

*Date Generated: Jan 17, 2024 Any person in the Philippines who is competent, able and willing to perform the services for which the foreign national is desired may file an objection at DOLE National Capital Region located at DOLENCR Building, 967 Maligaya St., Malate Manila, within 30 days after this publication. Please inform DOLE National Capital Region if you have any information on criminal offense committed by the foreign nationals.

A10 Thursday, January 18, 2024

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

‘Govt should invest ₧1.3T to hike food output’ By Jasper Emmanuel Y. Arcalas

@jearcalas

HE national government must invest at least P1.3 trillion over the next few years to boost food production and reduce food waste, Agriculture Secretary Francisco P. Tiu Laurel Jr. said.

Laurel said irrigating the remaining 1.2 million farm lands nationwide would already require P1.2 trillion in capital spending. “No major post-harvest facility was funded by the government in the last 40 years. Puro maliliit, patingi-tingi which is actually irrelevant, useless,” Laurel said in a recent press briefing. “Sayang, we really need to fund these projects. But we must build bigger. We have three designs— small, medium and large, not mini.” The agriculture chief said the

creation of integrated rice mills and warehouses complexes would cost P90 billion over several years to reduce an estimated 15 percent in losses in rice production. The investment, Laurel said, would save P10.7 billion worth of rice or an additional 23 days of rice inventory every year. This would also mean a reduction of rice imports by around 10 percent per annum, Laurel added. Laurel also disclosed that the DA is spending P1 billion this year to build four cold storage facilities at the Food Terminal

Suspend onion imports to prevent supply glut–group

HE Philippine Chamber of Agriculture and Food Inc. (PCAFI) urged the Department of Agriculture (DA) to suspend the importation of onions in the next six months to prevent a supply glut due to the expected increase in local harvest. PCAFI made the appeal as the group estimated a 40-percent expansion in areas planted with onions. “For the year 2024, I can predict a surplus of the local supply brought about by a good price of onions that encourages our farmers to plant more,” PCAFI President Danilo V. Fausto told the BusinessMirror recently. “Based on initial data from the local government of Nueva Ecija, there is an increase of around 40 percent of planted areas for onions. Even provinces that don’t usually plant onions are now planting, including Tarlac, Pampanga, Bataan and Zambales.” Fausto said his group will make a formal appeal to Agriculture Secretary Francisco P. Tiu Laurel Jr. this week. “We are now requesting [Laurel]

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to stop the importation of onions during harvest for 6 months from February to July 2024. If importation is not stopped, we will be throwing onions on the streets.” Retail prices of onions have been manageable this month, a far cry from the crisis that the country suffered a year ago, thanks to the timely importation by the national government which aug-

mented domestic stocks. However, local supply remains insufficient to meet overall demand. Latest Bureau of Plant Industry (BPI) data showed that the Philippines imported a combined volume of about 45,000 metric tons (MT) of yellow and red onions last year, which PCAFI noted, is below the 50,000-MT supply shortfall.

Nonetheless, the group noted that the anticipated higher domestic harvest this quarter would compensate for the lower import volume, thus ensuring sufficient stocks and stable prices for the commodity. Latest price monitoring reports by the DA showed that the retail price of imported yellow/white onions as of January 17 in Metro Manila markets ranged from P80 to P160 per kilogram (kg) while imported red onions fetched P80 to P140 per kg. A year ago, the DA did not monitor prices for imported onion stocks since it decided not to allow the entry of foreign supplies. As of January 17, the retail price of local red onions ranged from P120 to P190 per kg, nowhere near last year’s P320 to P450 per kg price range, based on DA price monitoring reports. The Philippines harvests the bulk of its onion production in the first half of the year with an average volume of about 230,000 MT, or around 90 percent of the country’s annual output. Jasper Emmanuel Y. Arcalas

PHL bans poultry imports from California, Ohio

HE Philippines has slapped a temporary ban on poultry meat, birds and day-old chicks from Ohio and California in the United States. Agriculture Secretary Francisco P. Tiu Laurel Jr. issued Memorandum Order (MO) 3 which imposed the ban on poultry products from the two US states. The memo was issued on January 15. According to MO3, which takes effect immediately, the ban was imposed after Washington confirmed to the World Organisation for Animal Health (WOAH) the outbreaks of H5N1 highly pathogenic avian

influenza (HPAI) in California and Ohio affecting domestic birds. This was confirmed by the National Veterinary Services Laboratories in Iowa. “The rapid spread of H5N1 Highly Pathogenic Avian Influenza in the United States of America in a short period of time since its first laboratory detection necessitates a wider coverage of trade restriction to prevent the entry of HPAI virus and protect the health of the local poultry population,” MO3 read. Laurel noted that the there has been a mutual HPAI-related

agreement in 2016 between the veterinary authorities of the US and the Philippines that a statewide ban will only be imposed if there are three countries affected with HPAI in one state. “[Ohio and California] have three or more countries affected with HPAI in their official reports in the WOAH,” Laurel said in MO3. With the ban in place, Manila suspended the processing, evaluation of the application and issuance of sanitary and phytosanitary (SPS) import clearance to poultry products from Ohio and California.

All shipments from the two states that are in transit, loaded and accepted unto port before the official communication of MO3 to American authorities will be allowed provided the products were slaughtered or produced 14 days before the first outbreak in the particular locality. Laurel noted that California’s first outbreak happened in Fresno County on November 20, 2023 while Ohio’s first outbreak took place in Union County on November 21, 2023. The US is one of the Philippines’s top sources of poultry meat.

Inc. (FTI) in Taguig to address the oversupply and wastage of vegetables from Luzon. Citing traders, he said transporting vegetables from Benguet to Metro Manila results in 30 percent in losses that are eventually passed on to consumers. “If we try to solve the problem as soon as possible, assuming a target of 2025, I need an additional P5 billion to address the vegetable cold-storage issue of the whole nation,” he said. “The 5,000-pallet position cold storage facility in FTI will take at least 12 months

to complete.” Laurel said, however, that addressing the oversupply of vegetables nationwide must be the responsibility of local government units since the majority of the national government’s role in agriculture has been devolved already. “The DA will assist, nonetheless, in resolving these perennial problems.” Laurel had said that the DA’s current thrust is to create a “network” of cold storage systems nationwide to prevent food wastages and losses.

Ifad aims to raise concessional blended financing, says Lario

HE International Fund for Agricultural Development (Ifad) said it is accelerating its efforts to catalyze increased private sector investments in rural and agricultural development. The United Nations agency said this coincides with its formal inclusion in the Development Finance Institutions (DFI) Enhanced Blended Concessional Finance working group. The working group operates as a collaborative platform to address global challenges and leverage, in a rigorous and transparent manner, concessional blended finance to stimulate investment in sustainable development. Ifad’s membership acceptance into the working group and its adherence to the DFI Enhanced Blended Concessional Finance Principles for Private Sector Projects aligns the institution with all DFIs and Multilateral Development Banks (MDBs) providing concessional blended finance. “We must accelerate our engagement with the private sector if we truly aim to end hunger and poverty and tackle climate change before it is too late,” said Alvaro Lario, president of Ifad, while in Davos for the World Economic Forum. He said private sector investments, know how, access to markets and available technologies are absolutely essential to transform rural economies and they are a lifeline to small-scale food producers on the frontline of the climate and food crises. “Ifad is stepping up action to provide more concessional blended financing to buffer risk and encourage vital private investments.” The strategic deployment of blended finance emerges as a cornerstone of Ifad’s approach, strategically leveraging development finance to mitigate risks and stimulate investments, particularly from the private sector, that might otherwise falter on purely

commercial terms. Last month, Ifad Member States endorsed a roadmap for Ifad 13th replenishment cycle (2025-2027) with a renewed ambition to scale up private sector investments through Ifad’s Private Sector Financing Program (PSFP) to essential private stakeholders in rural areas. Since 2021, the program was largely funded by earmarked donor contributions that complemented a $25-million seed funding provided by Ifad. Going forward, Ifad said it intends to significantly step-up its own direct financing of private sector operations, with a planned investment of over $100 million from its balance sheet under the PSFP during 2025-2027. While additional donor contributions will remain important, particularly for blending, this shift is meant to better leverage Ifad’s own financial capacity and help the PSFP catalyze up to $500 million of private sector investment to small scale producers and poor rural households. The PSFP provides funding through three types of instruments: debt including loans to rural SMEs, value chain actors and cooperatives and lines of credit to local financial institutions; risk sharing facilities and guarantees; and equity. “ The overarching objectives of the PSFP are job creation and economic inc lusion of yout h, women’s empowerment and promotion of climate adaptation and mitigation.” A new PSFP operation is being approved with Ifad providing $2.5 million to Hamkorbank, a leading commercial bank to support microloans available to dairy and horticulture producers in Uzbekistan. Since its launch in 2021, the PSFP has financed $33 million to fund eight operations and attracted $155 million in cofinancing, benefitting up to 500,000 people.

Cattle prices in Australia rebound as rains revitalize pastures

HE cost of Australian cattle has rebounded after widespread rainfall across farming regions in the eastern states revitalized pastures. The Eastern Young Cattle Indicator had tumbled to the lowest level in about nine years in October as farmers culled an expanded herd in anticipation of a drier summer following the onset of El Niño. However, prolonged rains since then have improved grazing land and driven livestock prices 74 percent higher. “Restockers are driving the move, they’re paying a 10-percent premium to feedlots,” according to Stephen Bignell, the manager of market information at Meat & Livestock Australia. “They either have grass in their paddock already or are confident that they will have some soon.”

Most cattle in Australia live and graze in massive paddocks, with a small portion moved to feedlots to enable a consistent supply of beef to domestic and international markets regardless of the weather, notably drought. Vast areas of Australia’s eastern states have been lashed by a months-long deluge, including a tropical cyclone in Queensland that inundated homes and damaged sugar crops. Heavy rains h ave a l so i mproved g row i ng conditions for cotton farmers, but delayed the harvest of wheat and barley.

Copper prices

COPPER prices slipped in London as traders weighed the risks to demand arising from elevated global interest rates against supply challenges that have tightened the

market for mined metal this year. Prices fell 0.3 percent on the London Metal Exchange, tracking losses in global stock markets as central bank officials pushed back against bets on aggressive

rate cuts. Keeping monetar y policy tight could weigh heavily on manufacturers and other industrial firms, after a downbeat year for demand in 2023. The dollar also rallied to a

one-month high, making dollarpriced commodities like copper more expensive for buyers using other currencies. Traders looked ahead to a speech by Federal Reserve Governor Christopher Waller later on Tuesday for cues on the timing of a US rate cut. On the supply side, there was fresh evidence of the struggles that miners are facing as Teck Resources Ltd. missed its 2023 production target. First Quantum Minerals Ltd. said it will cut spending, pause its dividend and put smaller mines up for sale in a sweeping effort to free up cash after it was ordered to shutter its $10 billion copper operation in Panama. The halt at Cobre Panama has caused turmoil in the spot market for mined copper ores known as concentrates, with the processing fees charged by smelters plunging

rapidly as supplies dwindle. So-called treatment and refining charges have fallen to their lowest level in more than two years, leaving smelters to compete for what’s left and reducing margins to around break-even at some plants. Smelting margins are now slim enough that some plants could start cutting capacity this quarter, said Xu Wanqiu, an analyst with Cofco Futures Co. Copper was 0.3 percent lower at $8,356 a ton as of 12:09 p.m. local time on the LME on Tuesday, as most metals declined. Zinc dropped 0.5 percent, paring gains seen on Monday after Nyrstar moved to halt production at a plant in Netherlands due to persistently high energy costs. The Budel plant has been operating at a reduced rate since 2021. Bloomberg News

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

TheWorld BusinessMirror

Thursday, January 18, 2024 A11

Davos hosts UN chief, top diplomats of US and Iran as World Economic Forum meeting reaches 2nd day By Jamey Keaten

The Associated Press

AVOS, Switzerland—The top diplomats of Iran and the United States sit down for public—and separate—one-onone chats while the UN chief and leaders of France, Argentina and Spain will deliver speeches as the World Economic Forum’s annual meeting saunters into a busy second day on Wednesday. The elite gathering in the Swiss ski resort of Davos takes a turn toward the environmental and climate concerns that have animated plea after plea from UN SecretaryGeneral Antonio Guterres for the world to come together to take more united action against global

warming—after a record-hot year in 2023. Experts and policymakers will take up issues like ensuring a sustainable Middle East and North Africa, working to crack down on plastic waste and searching for ways to maintain life on Earth,

JAKE SULLIVAN, US National Security Advisor, speaks during the Annual Meeting of World Economic Forum in Davos, Switzerland on Tuesday, January 16, 2024. The annual meeting of the World Economic Forum is taking place in Davos from January 15 until January 19, 2024. AP/MARKUS SCHREIBER

no less, amid growing threats to biodiversity. US Secretary of State Antony Blinken, after a day of meetings Monday including one with Ukrainian President Volodymyr Zelenskyy, is on tap for a broadcast

conversation with New York Times columnist Tom Friedman. Iranian Foreign Minister Hossein Amirabdollahian will speak with CNN’s Fareed Zakaria. On Tuesday, US forces led a new strike against Iran-backed rebels

Qatar, France send medicine for hostages in Gaza as war rages on and tensions spike By Najib Jobain & Samy Magdy The Associated Press

AFAH, Gaza Strip—A shipment of medicine for dozens of hostages held by Hamas was en route to Gaza on Wednesday after France and Qatar mediated the first agreement between Israel and the militant group since a weeklong cease-fire broke down in November. The medicines will be shipped through Egypt and delivered to the International Committee of the Red Cross, which will then hand them over to Hamas. Qatar said the deal also includes the delivery of additional medicine and humanitarian aid to Palestinians in the besieged coastal enclave. The deal came more than 100 days into a conflict that shows no sign of ending and which has sparked tensions across the Middle East, with a dizzying array of strikes and counterstrikes in recent days from northern Iraq to the Red Sea and from southern Lebanon to Pakistan. In Gaza, Palestinian militants are still putting up resistance across the narrow coastal strip in the face of one of the deadliest military campaigns in recent history. Some 85 percent of the territory’s population of 2.3 million people have fled their homes and the UN says a quarter of the population is starving. Israel has vowed to dismantle Hamas’ military and governing abilities to ensure that it can never repeat the October 7 attack that triggered the war. Militants burst through Israel’s border defenses and stormed through several communities, killing some 1,200 people, mostly civilians, and capturing around 250. Israel has also vowed to return the more than 100 hostages still held inside Gaza after Hamas released most of the rest in November in exchange for Palestinians imprisoned in Israel. Israel says only military pressure will bring about the release of more captives, but as the fighting grinds on they are at increased risk of being killed in Israeli strikes or during rescue operations.

PALESTINIANS walk through destruction by the Israeli bombardment in the Nusseirat refugee camp in Gaza Strip on Tuesday, January 16, 2024. AP/ADEL HANA

Hamas has said it will not release any more hostages until there is a permanent cease-fire, something Israel and the United States, its top ally, have ruled out.

A welter of strikes across the Middle East

IN just the last few days, a US-led coalition has carried out strikes against Iran-backed Houthi rebels in Yemen, Iran has struck what it described as an Israeli spy headquarters in northern Iraq and militant bases in Pakistan and Syria, and Israel and Lebanon’s Hezbollah have escalated the intensity of their fighting across the border. Iran-backed militant groups across the region say they are striking US and Israeli targets to pressure them to halt the Gaza offensive. Iran itself has encouraged the attacks while avoiding direct involvement, but appeared to be flexing its muscles with the strikes in Syria and Pakistan. The Houthis have vowed to continue attacking international shipping in the Red Sea in what they say is a blockade of Israel, with repercussions for global trade. Each party appears to be seeking some for m of deterrence against its adversaries, but the longer the war in Gaza lasts, the more likely it is that one of them goes a step too far, potentially triggering another war. The biggest risk is in Lebanon,

where Israel has vowed to halt Hezbollah attacks so that tens of thousands of Israelis can return to their homes in communities evacuated in October. Hezbollah hopes to take the pressure off Gaza by tying down Israeli troops in the north. Tensions are also soaring in the occupied West Bank, where Israeli forces have conducted near-daily arrest raids that often trigger shootouts with Palestinian militants. Israel said Wednesday that an airstrike in the urban Balata refugee camp in the northern West Bank killed a senior militant implicated in recent attacks on Israelis. Over 350 Palestinians have been killed in the West Bank since October 7.

Heavy fighting in Gaza

ISR AEL said at the start of the year that it had largely dismantled Hamas in northern Gaza and would scale back operations there, focusing on dense urban areas in the center and south of the territory. But there has been little apparent letup in strikes, with scores of Palestinians killed every day. Gaza’s Health Ministry says 24,285 Palestinians have been killed since the start of the war. The ministry does not differentiate between civilian and combatant deaths but says around twothirds of those killed were women

and children. Over 60,000 people have been wounded, and less than half of Gaza’s hospitals are even partially functioning. Israel blames the high civilian death toll on Hamas because it fights in dense residential areas. Israel says its forces have killed roughly 9,000 militants, without providing evidence, and that 190 of its own soldiers have been killed in the Gaza offensive. Palestinian militants are still fighting in all parts of the territory, and Israel appears no closer to freeing the scores of hostages still held by Hamas. Two hostages’ deaths were confirmed on Tuesday after Hamas said they were killed in Israeli airstrikes.

Aid bound for hostages and Palestinian civilians

FRANCE said it took months to organize the shipment of the medicines. Qatar, which has long served as a mediator with Hamas, helped broker the deal, which will provide three months’ worth of medication for chronic illnesses for 45 of the hostages as well as other medicine and vitamins. Several elderly men are among the remaining hostages held by Hamas after most women and children were released in November. Qatar said the deal includes the provision of additional humanitarian aid to Gaza, without elaborating. Senior UN officials have warned that Gaza faces widespread famine and disease if more aid is not allowed in. Israel completely sealed off Gaza after Hamas’ October 7 attack and only relented under US pressure. It says there are now no limits on the entry of humanitarian aid and that UN agencies could reduce the delays by providing more workers and trucks. But UN officials say aid delivery is hobbled by the opening of too few border crossings, a slow vetting process, and continuing fighting throughout the territory—all of which is largely under Israel’s control. Magdy reported from Cairo.

in Yemen, known as Houthis, who have been troubling Red Sea shipping lanes in recent weeks by firing missiles against vessels off the coast of the impoverished and divided Arabic Peninsula country. It came hours after one

missile strike earlier Tuesday hit a US vessel. The Yemeni rebels have carried out the campaign in response to Israel’s war against Hamas in Gaza since October 7, when the Palestinian militant group carried out a murderous rampage in Israel and seized hostages. French President Emmanuel Macron, recently reappointed Spanish Prime Minister Pedro Sanchez and A rgentina’s new president—self-described “anarcho-capitalist” Javier Milei—will take the podium Wednesday afternoon, after a morning address by Guterres. On Tuesday, Zelenskyy shuttled from room to room to meet with CEOs, financiers and political leaders and made a speech blasting his Russian counterpart, Vladimir Putin, over Moscow’s long-running military campaign in Ukraine and seeking more Western support when Ukraine’s allies are showing signs of war fatigue. “Please, strengthen our economy, and we will strengthen your security,” the Ukrainian leader said.

Pakistan condemns Iran over bombing targeting militants that killed 2 children By Munir Ahmed & Jon Gambrell

The Associated Press

SLAMABAD—Pakistan on Wednesday condemned Iran for launching airstrikes the previous day that Tehran claimed targeted bases for a militant Sunni separatist group. Islamabad angrily denounced the attack as a “blatant violation” of its airspace and said it killed two children. Tuesday’s strike in Pakistan’s restive southwestern Baluchistan province imperiled diplomatic relations between the two neighbors—Iran and nucleararmed Pakistan have long regarded each other with suspicion over militant attacks. However, both sides appeared wary of provoking the other. The attack also threatened to further ignite violence in a Middle East unsettled by Israel’s ongoing war on Hamas in the Gaza Strip. Iran launched strikes late Monday in Iraq and Syria over an Islamic State-claimed suicide bombing that killed over 90 people earlier this month. In state media reports, which were later withdrawn without explanation, Iran said its paramilitary Revolutionary Guard targeted bases for the militant group Jaish al-Adl, or the “Army of Justice.” The group, which seeks an independent Baluchistan and has spread across Afghanistan, Iran and Pakistan, acknowledged the assault in a statement shared online. Six bomb-carrying drones and rockets struck homes that the militants claim housed children and wives of their fighters. Jaish al-Adl said the attack killed two children and wounded two women and a teenage girl. Videos purportedly from the site, shared by the Baluch activist group HalVash, showed a burning building and two charred, small corpses. Pakistan’s Foreign Ministry said it issued a strong protest late Tuesday with Iran’s Foreign Ministry, and summoned an Iranian diplomat in Islamabad “to convey our strongest condemnation of this blatant violation of Pakistan’s sovereignty.” “The responsibility for the consequences will lie squarely with Iran,” it said. A senior Pakistani security official, speaking to The Associated Press on condition of anonymity as he was not authorized to talk to reporters, said Iran had shared no information prior to the strike. He said Pakistan reserved the right to respond at a time and place of the country’s choosing and such a strike would be measured and in line with public expectations.

“The dangerous precedent set by Iran is destabilizing and has reciprocal implications,” the official said. However, there were signs Pakistan was trying to contain any anger over the strike. The country’s typically outspoken and nationalistic media covered the attack Wednesday with unusual restraint. Jaish al-Adl was founded in 2012, and Iranian officials believe it largely operates in Pakistan. The group has claimed bombings and kidnapped members of Iran’s border police in the past. In December, suspected Jaish al-Adl members killed 11 people and wounded eight others in a nighttime attack on a police station in southeastern Iran. Another recent attack killed another police officer in the area. In 2019, Jaish al-Adl claimed responsibility for a suicide bombing targeting a bus that killed 27 members of Iran’s paramilitary Revolutionary Guard. Iran has suspec ted that Sunnimajority Pakistan is hosting insurgents, possibly at the behest of its regional archrival Saudi Arabia. However, Iran and Saudi Arabia reached a Chinese-mediated détente last March, easing tensions. Pakistan, meanwhile, has blamed Iran in the past over militant attacks targeting its security forces. Iran has fought in border areas against militants, but a missile-and-drone attack on Pakistan is unprecedented. It remains unclear why Iran launched the attack now, particularly as its foreign minister had met Pakistan’s caretaker prime minister the same day at the World Economic Forum in Davos, Switzerland. After the Islamic State bombings this month, Iran’s Intelligence Ministry alleged the two bombers involved in the attack had traveled from Afghanistan into Iran through its southeastern border at the Jalg crossing—meaning they had traveled through Baluchistan. Pakistan’s Baluchistan province, as well as Iran’s neighboring Sistan and Baluchestan province have faced a low-level insurgency by Baluch nationalists for more than two decades. They initially wanted a share of provincial resources, but later initiated an insurgency for independence. Iran’s attack on Pakistan came less than a day after Iranian strikes on northern Iraq that killed several civilians. Iraq recalled its ambassador from Tehran for consultations and summoned Iran’s chargé d’affaires in Baghdad on Tuesday in protest. Iran separately struck Syria as well. Gambrell reported from Jerusalem.

A12 Thursday, January 18, 2024 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

Awe-inspiring respect for non-interference

he People’s Republic of China, a country known for its deep concern for human rights and freedom of speech, has accused several nations of “interfering in China’s internal affairs” after world leaders sent messages to Taiwan’s president-elect Lai Chingte following his victory on Saturday. The PRC has strongly declared that it does not meddle in other nations’ internal affairs. Thus, it expects the same respect for its own domestic matters, particularly when it comes to Taiwan.

The PRC’s stance on Taiwan is a shining example of their unwavering commitment to consistency. They demand respect for their territorial integrity while conveniently ignoring the fact that Taiwan has its own government, its own military, and a population that has repeatedly expressed its desire for self-determination. After UK Foreign Secretary Lord David Cameron gave his “warm congratulations” to Taiwan president-elect Lai Ching-te, who vowed to safeguard the island’s de-facto independence from Beijing, a Chinese embassy statement on Saturday said: “We urge the United Kingdom to acknowledge the position that Taiwan is a province of China, cautiously handle Taiwan-related matters in accordance with the one-China principle, and stop any remarks that interfere in China’s internal affairs.” From The Straits Times: The Chinese embassy in Japan said on January 14 that it “resolutely opposed” Japanese Foreign Minister Yoko Kamikawa’s statement congratulating Taiwan’s new president-elect Lai Ching-te. In a statement on the Japanese foreign ministry’s web site on January 13, after the results of the Taiwan presidential election were announced, Ms. Kamikawa congratulated Mr. Lai on his victory, calling the self-ruled island claimed by Beijing “an extremely crucial partner and an important friend.” In response, the Chinese embassy in Japan, without mentioning Mr. Lai or acknowledging his victory, described Ms. Kamikawa’s comments as “a serious interference in China’s internal affairs.” The Ministry of Foreign Affairs of Singapore also issued a statement congratulating Lai for his victory. As a result, the Ministry of Foreign Affairs of the People’s Republic of China urged Singapore to “strictly follow the one-China principle and maintain friendly bilateral relationships between the countries in tangible ways.” Mao Ning, the spokesperson of China’s Ministry of Foreign Affairs, said that China has made “solemn démarches”—the equivalent of a diplomatic reprimand—to Singapore. From the Associated Press: “China blasts President of the Philippines for congratulating Taiwan election winner. China’s Foreign Ministry summoned the Philippine ambassador Tuesday and denounced President Ferdinand Marcos Jr.’s congratulatory message to the winner of Taiwan’s presidential election, Lai Ching-te.” Mao Ning told reporters that Marcos’s remarks “seriously violated the political commitments made by the Philippines to China and rudely interfered in China’s internal affairs.” “We would like to sternly tell the Philippines not to play with fire on the Taiwan issue...[and] immediately stop making wrong words and deeds on Taiwanrelated issues, and stop sending any wrong signals to Taiwan independence and separatist forces,” Mao said. It was unfortunate that among those that congratulated Taiwan’s new president-elect Lai Ching-te for his victory, only President Marcos was “blasted” and “sternly” warned by China. What did the President say? “On behalf of the Filipino people, I congratulate President-elect Lai Ching-te on his election as Taiwan’s next President. We look forward to close collaboration, strengthening mutual interests, fostering peace, and ensuring prosperity for our peoples in the years ahead.” That’s similar to the messages from other countries, which did not merit a “stern” warning. In the case of President Marcos, China sees him as “playing with fire on the Taiwan issue?” In deference to the One China Policy, the Philippines does not have diplomatic ties with Taiwan, a democratic self-ruling island that has been separated from the Chinese mainland since 1949. But President Marcos is the leader of all Filipinos, including some 200,000 overseas Filipino workers in Taiwan. As the DFA has said, that was the President’s “way of thanking them for hosting our OFWs and holding a successful democratic process.” It’s truly remarkable how China can champion non-interference while simultaneously building artificial islands in the South China Sea, breaching the provisions of UNCLOS in claiming disputed territories, and prohibiting Filipino fishermen from fishing in areas of the South China Sea falling within the Philippines’ exclusive economic zone. Apparently, China’s commitment to non-interference has its own fine print: “We don’t interfere with other countries, unless we feel like it.”

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here was a report that came out last week stating that Metro Manila now has the distinction of having the worst traffic congestion in the world, according to a study covering 386 cities and made by TomTom, an independent Dutch company that provides navigation and data. The study found out that Metro Manila motorists spent a total of almost five days per year in traffic, spending an average of 25 minutes and 30 seconds to navigate a 10-kilometer stretch, or almost a minute more from last year. The study further revealed a congestion level of 52 percent, meaning that half of the time you spend on the road, you will encounter traffic. This correlates to the economic losses due to traffic that amounts to somewhere around P5.4 billion, according to another study made by JICA. This does not surprise us anymore. Here in Metro Manila, we live, breathe, work and survive inspite of traffic that we forget anymore how an open road feels like, even if we enjoyed that brief respite during the pandemic. But who is to be blamed for our plight, and who will take the cudgels for all of these? Definitely we can always put the blame on the government. From years past, up to the present, administrations have won the elections on platforms with their promise to finally put a solution to the traffic gridlock; and once in

place have heralded their big-ticket solutions to eradicate this problem. With the last one, we even had the ambitious Build, Build, Build that promised infrastructure as well as policy changes that will jumpstart our progress. But going into the second half of their administration, it becomes apparent that the project will be unfinished in their term, if not still has to start. Usual red tape, corruption, lack of funds, lack of foresight—whatever is the case, the public has grown wary and weary of the government’s statements of resolv-

Stock market health test

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‘Trapiko, Trapik-mo’

OUTSIDE THE BOX

here are several basic Health Screening Tests that everyone should have done regularly, including a Hemogram, Cancer Screening, and a Lipid Profile. At the least, measuring your blood pressure and blood glucose level is something that you can do effectively at home, and with an acceptable degree of accuracy. My personal dietary rule is simple. No added salt; no added sugar. At 73, my “maintenance meds” are collagen, vitamin C, B-complex, and raw probiotics. My BP is 120/70 - 130/80 with a fasting blood sugar of 104. While the numbers are important, it is the trend and consistency of the test results that matter the most. Your blood pressure and glucose levels are in some ways the most basic measures of your health. Type 1 diabetes symptoms often start suddenly, and this disease is an absolute killer. Even mild symptoms can force dramatic lifestyle changes.

People with high blood pressure may not feel symptoms that usually develop over time. There is an increased risk of heart attack, stroke, and other serious health problems. Normal blood pressure and glucose levels are a good indication that your body is functioning without too much problem. Too low/too high or too little/too much is unhealthy. The stock market has two similar Health Screening Tests. One of the most quoted pieces of stock market wisdom from Warren Buffett is, “I buy on the assumption that they could close the market the

The mere fact that we are here in Metro Manila, occupying a square meter of space in this crowded metropolis, means we are also responsible for whatever situation we are in right now. I do agree that we are just recipients of bad or good decisions that the government may make, but we are part of the problem as well. ing this pestering issue. Then there is the persistent corruption. And we are not just talking here of the petty transactions of a traffic enforcer. Corruption comes in many shapes and sizes, including on policies that are non-transport related but have an indirect effect to this situation. But we cannot put the whole blame on the government, and we should not. We, the private sector, are also equally to be blamed. The mere fact that we are here in Metro Manila, occupying a square meter of space in this crowded metropolis, means we are also responsible for whatever situation we are in right now. I do agree that we are just recipients of bad or good decisions that the government may make, but we are part of the problem as well. Illegal parking, buying from street vendors that make them proliferate, patronizing illegal terminals, and simply not following existing traffic rules

While I am optimistic about the local stock market for 2024, the two stock market health checks, price volatility and liquidity, are ‘too high’ and ‘too low’ respectively for a sustained uptrend. next day and not reopen it for five years.” The full statement is often left out. “I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years.” Big difference. Buffett is NOT a stock market investor. He buys companies—not shares—for profit. His holding company—Berkshire Hathaway—owns 5.9 percent of Apple Inc., 8 percent of Coca-Cola, 99 percent of Dairy Queen and 100 percent of underwear maker Fruit of the Loom. He also owns 100 percent of See’s Candies, which he bought in 1972. Tell me how you are “Investing-likeBuffett”? The PSE index is up about 4-5 percent in 2024, which is good. Now tell me if you are willing to buy a sizeable amount—say P100k

and regulations do contribute to the congestion. Then you have the private establishments such as offices, shopping malls and even schools and churches with their inadequate parking space and ingress/egress to their premises. And in the same manner that we are part of the problem, then we can be part of the solution. It is not a big ask. Just an attitudinal one. It can be as simple but effective as just obeying traffic rules even when no one is looking, planning trips and avoiding unnecessary ones, carpooling, working at home (which is not so hard to do as we were used to that during the pandemic) for individuals. Then for larger organizations like commercial centers, they can provide adequate parking space and terminals, corporate transport, etc. Here lies the long term solution: the more we convince ourselves that we indeed can help solve the problem, the greater chances that indeed it will be. There is hope in our situation. But we need to be part of the solution. In this same manner that if we don’t come in to help, then whatever government infrastructure and policy changes they will make, traffic will remain, or guaranteed to get worse. As they say in tagalog: Trapiko, Trapik-mo. The author may be reached at thomas_orbos@ sloan.mit.edu

or P250k—of any non-PSEi issue and go sit in a cave on Mt. Makiling without access to knowing the price movement. Or to buy any issue including PSEi without the ability to sell and withdraw your cash for the next six months. While I am optimistic about the local stock market for 2024, the two stock market health checks, price volatility and liquidity, are ‘too high’ and ‘too low’ respectively for a sustained uptrend. Price volatility is important because we need prices to go up and down and up. We need to have buyers getting in and out and new buyers coming in, preferably with a stair step pattern. This will lead to a sustained bull market rally with “profit-taking” and “bargain hunting.” That is what we saw from 2009 to 2018. Since October 2020, we have effectively traded about a 17 percent range from PSEi 6,000 to 7,000. In 1993, the Chicago Board Options Exchange launched the CBOE Market Volatility Index or VIX, attempting to measure the magnitude of price movements of the S&P 500— its volatility. Widely known as the See “Mangun,” A13

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Opinion BusinessMirror

Thursday, January 18, 2024 A13

Egypt grapples with impact of Red Sea hits on Suez Canal revenue China’s economic Egypt, which increased the fees growth disappoints, Monday, had also been working on expanding the waterway fueling calls for stimulus E to bring in more revenue from what’s one of its prize assets. By Salma El Wardany & Mirette Magdy

By Bloomberg News

hina is still contending with major challenges from deflation pressures and the property crisis as the year kicks off, with investors underwhelmed so far by policies to keep economic momentum going. Data released Wednesday presented a mixed bag for the world’s second-largest economy, which hit an official growth target for the year but has failed to shake off several of the problems most persistently weighing on domestic demand and confidence. A slew of indicators for home prices and property-related spending disappointed, while a measure of broad price changes suggested deflation remains stubborn. “China’s economic data continues to point at stable consumption and services, but with seemingly neverending challenges in real estate,” said Gary Ng, senior economist at Natixis SA. “Although the macro picture looks somewhat resilient, it is increasingly a glass half-full or half-empty question for households, corporates and investors in 2024.” The MSCI China gauge and the Hang Seng Index both dropped for a fourth day, with global funds worried about a structural slowdown. The yields on China’s 10-year government bonds have been trading near a two-decade low on expectations that Beijing will ease more. Gross domestic product grew 5.2 percent last year, data released by the National Bureau of Statistics showed Wednesday, matching expectations. The fact that rate was in line with Beijing’s official target of “around 5 percent” was no surprise, though, given Premier Li Qiang revealed the number a day earlier in Davos, Switzerland. For the October-December period, the economy expanded 5.2 percent from a year earlier and rose 1 percent from the previous quarter. The Beijing-set growth target was deemed conservative by many economists when set last March. Persistent deflationary pressures and the prolonged property slump proved major challenges through 2023, eventually spurring authorities to roll out more stimulus in the form of rate cuts and fiscal support to help achieve that goal. Deflationary pressures aren’t going away, with recent data showing prices dropped in December for a third consecutive month. The GDP deflator—a broad measure of prices—fell 1.5 percent in the Octoberto-December period, according to Bloomberg calculations based on official data released Wednesday. That marked a third straight quarter of declines, the gauge’s longest slide since 1999. “This is the deepest and longest deflation in China since the 1998 Asian financial crisis,” said Robin Xing, chief China economist at Morgan Stanley. He pointed to the fact that nominal GDP is tracking lower than real GDP. “There’s a way out, if they rebalance and use money toward consumption—but size and speed matters,” Xing said. “The longer deflation stays, the bigger policy stimulus is required.”

Mangun . . .

continued from A12

“Fear Index,” the higher the VIX, the greater the level of fear/uncertainty in the market. Too much short-term volatility and a sustained upside is not going to happen. Likewise, too little short-term volatility also does not create a sustainable uptrend. From mid-2020, the PSE All Share index traded a 10 percent range. The only reason to invest in stocks is to be able to sell—at a price—and go back into cash. We have far too many issues where there is inconsistent liquidity or none at

Another big threat remains the property slump, which has weighed on business investment, undermined job creation and curbed consumer spending. Home prices fell the most since 2015 in December, while spending on construction and decoration fell 7.8 percent for the entire year compared to 2022, NBS data showed. Housing new starts—a key gauge of confidence among developers— plunged 20.9 percent. Other long-term headwinds are looming, too. China’s population extended a historic decline in 2023 as births fell to their lowest on record. A rapidly aging society would bring further headwinds to the country’s flagging economy, in part by shrinking the size of the workforce that drives growth and funds pension systems. While policymakers have stressed a focus on growth and suggested they’ll increase fiscal support this year, there remains a debate among economists and investors about what exactly that will entail and how large any aid will be. Li stressed in Davos that last year’s target was reached without resorting to “massive stimulus,” adding that “we did not seek shortterm growth while accumulating long-term risk.” “Soft December activity and the first rise in the jobless rate in five months drove home the message that weakness could extend into 2024 unless policy support is stepped up. The government is already turning up the fiscal throttle— and we expect stronger policy steps, especially on the fiscal side, in coming months. A high base from 2023, though, means it will be tough to drive growth higher this year,” said Bloomberg economists Chang Shu and David Qu. On the monetary policy front, the People’s Bank of China has made use of a lending program to boost property investment and construction. But the central bank has refrained from taking bold steps such as cutting interest rates further—a point reinforced on Monday when it unexpectedly held a key policy rate despite widespread expectations for a reduction. Fiscal policy is seen driving growth this year, though the size of any increase in spending also remains unclear. China is considering 1 trillion yuan ($139 billion) of new debt issuance under a so-called special sovereign bond plan, only the fourth such sale in the past 26 years, Bloomberg News reported Tuesday. That report “demonstrates the government is stepping up efforts to ensure adequate fiscal support for 2024 growth,” Bloomberg Economics wrote Wednesday. “It remains to be seen, though, whether fiscal support and other policies can materially lift confidence—the crucial driver for a robust recovery.” With assistance from James Mayger, Iris Ouyang, Zhu Lin and Tania Chen /Bloomberg

all. In Mid-November, Wilcon daily trading is P4m, P600k, P1m, P600k, and P1.5m. But in November, a normal month unlike December, out of 292 issues, 197 traded less than one million pesos and 94 had zero volume. Currently, we have neither the amount nor type of volatility and liquidity needed for a sustained uptrend. Both will come eventually. I hear that Mt. Makiling is a great place to take a long, quiet nap. 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.

gypt pushed ahead with an increase in transit fees through the Suez Canal this week, as a need for foreign currency trumped a fall in maritime traffic due to Houthi attacks on shipping in the Red Sea.

Revenue for the North African nation from the vital waterway—the shortest route between Asia and Europe—have slumped as some ships avoid the canal to protect themselves from missile and drone assaults. But rather than delay the long-planned hike, Cairo is betting additional income from those still transiting will help the cash-strapped economy. Traffic volumes through the Suez Canal were down 30 percent between January 1 and January 11 compared with a year earlier, according to canal authority head Osama Rabie, as the Iran-backed Houthis stepped up their attacks in response to Israel’s war against Hamas in Gaza, fueling concerns of a wider military conflict. “Because of security concerns, commercial ships may prefer longer routes than entering a war zone,” Rabie told a talkshow on the MBC

Masr TV channel late last week. “Even if I decreased tariffs, it won’t have an impact, because these are security fears.” Egypt, which increased the fees Monday, had also been working on expanding the waterway to bring in more revenue from what’s one of its prize assets. The Middle East’s most populous country is in talks with the International Monetary Fund over the possibility of at least doubling its current $3 billion rescue package. Attacks by the Houthis on vessels passing through the Red Sea have added to pressures, with the Yemen-based group’s leaders vowing to step up its assaults even after the US and allies began airstrikes to deter them. The Houthis said they were only targeting ships linked to Israel in response to the war in Gaza,

The Middle East’s most populous country is in talks with the International Monetary Fund over the possibility of at least doubling its current $3 billion rescue package.

but now say the US, UK and others are fair game. A.P. Moller—Maersk A/S and Hapag-Lloyd AG are among firms to have diverted ships, with some being rerouted around the tip of Africa — a far longer and costlier journey. The Suez Canal Authority raised transit fees by as much as 15 percent for some tankers, including those carrying crude oil and petroleum products, according to the October circular. Shipping company security concerns won’t be overcome with discounts or other incentives offered by the canal, Rabie said. “The impact of the crisis on global navigation is big, slowing down sup-

ply chains,” Rabie said. “It reminds us of Covid. Ships are not moving and if they do they arrive late.” Annual revenue from the canal reached $10.25 billion in 2023, Rabie said, and if the situation continues, the figure will be “very affected” in the current year. That said, many ships are still going through the canal. Egypt—which almost never stages military actions outside its borders—has made clear it fears any regional escalation that may have even graver implications for stability. That means the most Cairo is likely to do is keep pushing for a permanent cease-fire in Gaza, while resisting any effort to allow Palestinians to migrate en masse across the shared border. “Egypt can cope with a few weeks of lower traffic through the Suez Canal,” said Riccardo Fabiani, project director for North Africa at the Brussels-based Crisis Group. “But it cannot live with the permanent displacement of Palestinians into the Sinai Peninsula and the Gaza war’s crippling economic effects and risks of regional war.” Bloomberg

EU, China raise EV and liquor probes in Davos meeting By Bloomberg News

uropean Commission President Ursula von der Leyen and Chinese Premier Li Qiang raised their respective electric vehicle and liquor investigations during a meeting in Davos Tuesday, underscoring concern that the new probes risk triggering a broader trade conflict. Even though they broached the issue, there was no further discussion on either investigation, according to a person familiar with the meeting. China announced an anti-dumping investigation into imports of brandy and some other wine-based spirits this month, a move seen as retaliation for the EU’s probe into Chinese electric vehicle subsidies. Diplomatic ties have already been strained, with the EU criticizing Beijing for its failure to condemn Russia’s war in Ukraine and its reluctance to crackdown on Moscow’s attempts to get around western sanctions. The bloc has also called the trade relationship “imbalanced.” Following supply disruptions triggered by the pandemic and the Russian invasion, von der Leyen announced last year an effort to “de-risk” from China, reducing dependencies in industries such as pharmaceuticals, electronics and defense. Beijing has said that would amount to a European decoupling

since such a move would discourage Chinese investments in critical domestic infrastructure. A commission spokesperson declined to comment on whether the probes were discussed, pointing to a statement von der Leyen made after the meeting. A message left with China’s delegation in Davos wasn’t immediately returned. China’s Ministry of Foreign Affairs said in a statement that Li called on the EU to be “careful” about imposing trade restrictions and trade remedy measures. China’s investigation into EU liquor and brandy is the first major public action the country has taken directed at Europe after the EV probe was announced, and is similar to one announced into Australian wine in 2020, when relations with the country deteriorated. China eventually imposed tariffs that ended that lucrative trade, and is only now looking to remove them. Companies that don’t cooperate with China’s probe would likely face

China’s investigation into EU liquor and brandy is the first major public action the country has taken directed at Europe after the EV probe was announced, and is similar to one announced into Australian wine in 2020, when relations with the country deteriorated. China eventually imposed tariffs that ended that lucrative trade, and is only now looking to remove them.

higher tariffs, Bloomberg previously reported. The owner of Hennessy Cognac, LVMH Moët Hennessy Louis Vuitton SE, is cooperating with Chinese authorities and the EU is also preparing its own submission. The EU wasn’t surprised China announced the investigation, as they expected Beijing would respond to the EV probe, but there was no indication beforehand that brandy would be the target, according to a separate person with knowledge of the matter, who asked not to be identified as the information is private. For now, they don’t expect further actions from China, the person said. The EU’s recent trade actions toward China have extended beyond electric vehicles. Last month, the bloc

also opened anti-dumping probes into Chinese biodiesel and melamine exports. In November, Brussels also imposed provisional anti-dumping duties on imports of some plastics products from China. It’s not clear when China might impose any tariffs on brandy but provisional duties could come as early as March, according to another person familiar with the matter, who also spoke on the condition of anonymity. Provisional tariffs on electric vehicles could come as early as June. The EU’s trade deficit with China grew to more than $400 billion last year. European luxury brands or cosmetics companies could be vulnerable if there were to be retaliation, and China is already a huge and growing market for European luxury brands such as L’Oreal SA and LVMH. The French finance minister pushed for more exports when he visited Beijing in mid-2023. The vast majority of the spirits covered by the Chinese investigation come from France, which was seen as leading the push for the EU’s investigation. The EU and China could also discuss the dispute at other meetings, including at the World Trade Organization ministerial meeting next month, according to people familiar with the plans. Bloomberg

Top Federal Reserve official says inflation fight seems nearly won, with rate cuts coming By Christopher Rugaber | AP Economics Writer

ASHINGTON—A top Federal Reserve official said Tuesday that he is increasingly confident that inflation will continue falling this year back to the Fed’s 2 percent target level, after two years of accelerating price spikes that hurt millions of American households. The official, Christopher Waller, an influential member of the Fed’s Board of Governors, noted that inflation is slowing even as growth and hiring remain solid—a combination that he called “almost as good as it gets.” Waller’s remarks follow recent comments from other senior Fed officials that suggest that the central bank remains on track to begin cutting its benchmark short-term interest rate, likely by mid-year. In December, the policymakers collectively forecast that they would cut their rate three times this year. Wall Street investors and many economists expect the first cut in March. “The progress I have noted on inflation, combined with the data in hand on economic and financial conditions and my outlook has made me more confident than I have been

since 2021 that inflation is on a path to 2 percent,” Waller said in written remarks to the Brookings Institution. The Fed prefers for inflation to be about 2 percent, which it sees as having little negative effect on the economy. Consumer inflation, according to the Fed’s preferred measure, soared to about 7 percent in mid2022, compared with a year earlier. In response, beginning in March 2022 the Fed hiked its key rate 11 times, to its highest level in 22 years. Year-over-year inflation fell to 2.6 percent in November, the Fed’s measure showed. Yet in his remarks Tuesday, Waller cautioned that the Fed might not cut rates as urgently as many on Wall Street have envisioned. He noted that the economy is continuing to expand, with the unemployment rate at just 3.7 percent, not far above a half-

century low, while inflation cools. “But will it last?” he asked. Fed officials, he added, will want to see further evidence that inflation is still on track to 2 percent before embarking on rate cuts. “We can take our time to make sure we do this right,” he said. Before Waller spoke, Wall Street investors had placed a 72 percent likelihood of a rate cut in March, based on futures prices, according to CME’s FedWatch tool. That likelihood slipped to about 65 percent afterward. Krishna Guha, an economic analyst at the investment bank Evercore ISI, said that investors might have been disappointed by Waller’s remarks after an earlier speech of his in November, when he suggested that falling inflation could lead the Fed to cut rates as early as March. “We view his comments...as indicating that he does not expect to push for a March cut and read his arguments in general as more consistent with our baseline of a first cut in May or June,” Guha wrote in a note to clients. Still, Waller noted in his remarks that, “In the end, I am feeling more confident that the economy can con-

tinue along its current trajectory.” Waller provided few hints of the likely timetable for Fed rate cuts. He said the timing and pace of the cuts would depend on the path of inflation and other economic data. Waller did note an important shift in the Fed’s focus, from a singular emphasis on fighting inflation to a more balanced stance. The central bank, he said, now must consider both holding inflation in check and keeping employment high. Such a shift suggests that the Fed could cut rates quickly if the economy and hiring showed signs of faltering in the coming months. “Today, I view the risks to our employment and inflation mandates as being closely balanced,” he said. Waller’s comments followed similarly optimistic remarks from John Williams, president of the Federal Reserve Bank of New York, last week. Williams is also seen as a close confidant of Powell’s. “The data indicate that we are clearly moving in the right direction,” Williams said. “I expect inflation to continue to slow to about 2 ¼ percent this year, before reaching our 2 percent longer-run goal next year.”

A14 Thursday, January 18, 2024

PALACE STUDIES DOH CALL TO HALT PHILHEALTH PREMIUM HIKE

ALACAÑANG on Wednesday said President Ferdinand R. Marcos, Jr. is now looking into the proposal of the Department of Health (DOH) to suspend the implementation of the 5-percent premium hike of the Philippine Health Insurance Corporation (PhilHealth). “The President is studying the request,” Presidential Communications Office (PCO) Secretary Cheloy V. Garafil said in a brief statement. She made the remark after DOH Secretary Teodoro J. Herbosa announced they submitted an appeal to the Palace to defer raising the PhilHealth premium to 5 percent this year in line with the schedule of increases under Republic Act (RA) No. 11223 or the Universal Healthcare Law. Saying PhilHealth has “enough money to actually continue to give benefits,”Herbosa on Wednesday revealed that he has appealed to the President that the implementation of the premium rate increase in 2024 be shelved. “It will not be hurt by delaying the increase in premium. I need to see good actuarials on this one. You need to have a science-based policy. Hindi ‘yung [Not simply a] whim na itataas mo lang [to raise it]. There are other things that are supporting health care,” Herbosa said in a media forum. He said his recommendation to Marcos is to start from where they stopped and not the current 5 percent. “If we stopped at 2 percent or 3 percent increase, we start at where it was suspended. That for me is the logical way to lift suspension. We don’t jump to a very high rate because people will suffer,”Herbosa said, partly in Filipino, in a media forum. He lamented that the prices of the commodities are also rising so it

is better to suspend the implementation at the moment. “I know PhilHealth is healthy with a very good reserve and a very good investment,” Herbosa said. Earlier, PhilHealth announced that the premium contribution of its members will increase this year from 4 percent to 5 percent, in line with the Universal Health Care (UHC) law. “We need the funds so we can sustain the good reforms we started in giving benefits under PhilHealth,”said PhilHealth President and Chief Executive Officer Emmanuel Ledesma, Jr. The additional premium will be used by PhilHealth, an attached agency of DOH, to expand its primary care benefit and essential services. RA 11223 initially set the PhilHealth premiums rate to 2.75 percent in 2019, which gradually grew to 4 percent in 2022. The premium rate was supposed to reach 4.5 percent last year, but Executive Secretary Lucas P. Bersamin issued a memorandum deferring its enforcement due to “socioeconomic challenges” faced by the public that time. Herbosa said the memorandum lapsed last month, which will compel PhilHealth to implement the scheduled 5-percent premium rate this year. He said he wants to suspend the premium hike, which will mean additional cost to PhilHealth members, until they can conduct an actuarial study on the funds of the stateowned insurer. DOH is confident PhilHealth has sufficient funds this year to afford the services of its members even without the 5-percent premium rate. PhilHealth estimated the higher premium would have allowed it to earn an additional P17 billion this year. Sam-

DBM chief: ₧12-B Comelec budget ‘can’ be spent for P.I.

By Reine Juvierre S. Alberto

AWMAKERS allotted a P12-billion budget to the Commission on Elections this year to gear up for the midterm elections in 2025—a part of which can be used for people’s initiative—the Department of Budget and Management (DBM) revealed on Wednesday. Budget Secretary Amenah Pangandaman said, “From our end, since it’s there, we respect that, and the same goes for Comelec— they will have to use the said amount kung matutuloy yung people’s initiative,” adding that it is DBM’s job to release the money. Earlier this month, Albay First District Rep. Edcel Lagman raised concerns that the additional P12-

billion budget for Comelec would be used to fund the people’s initiative for Charter Change. The P12-billion budget, under the 2024 General Appropriations Act (GAA), was allocated by Congress during last year’s bicameral conference committee after Comelec appealed to restore their budget. The DBM allocated a P2billion budget for Comelec in the

2024 National Expenditure Program (NEP). “The money is already there ‘pag kailangan na nila ng cash for the purpose. We will release it,” the budget chief added. Pangandaman clarified that the P12-billion budget is “not intended specifically or solely to fund the proposed Charter Change,” but Comelec has the discretion to use the said amount for a plebiscite if the government decides to pursue any change or if the people’s initiative will happen, she said. The chief added the budget may also be used for various activities of Comelec such as the preparation for the national and local elections, overseas absentee voting, continuing registration, recall, special elections, referenda, and other initiatives. Since 2025 will be the year when t he nat iona l m idter m,

S a n g g u n i a n g K a b at a a n a nd Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) elections will be conducted, the budget to be allotted for Comelec next year will be increased as well, said Pangandaman. Social services such as health and education as well as infrastructure under the Build Better More program, are the budget priorities for 2024, according to Pangandaman. The DBM issued the P6.12trillion budget call for 2025, about 6.1 percent higher than the 2024 budget of P5.768 trillion, to address the country’s socioeconomic issues under the National Budget Memorandum No. 149 issued by Pangandaman on the first week of January this year. (See:https://businessmirror.com.ph/2024/01/04/ dbm-issues-p6-12-t-nationalbudget-call-for-2025/)

uel P. Medenilla, Claudeth Mocon-Ciriaco

Starbucks recalls PWD, Senior discounts cap amid House probe By Jovee Marie N. dela Cruz @joveemarie

HOUSE of Represent atives inquiry has compelled popular coffee chain Starbucks to remove the cap imposed on the legally entitled 20-percent discount for senior citizens and persons with disabilities (PWDs), while other establishments have been cautioned against failing to follow the law. A House Committee on Ways and Means hearing ordered by Speaker Ferdinand Martin G. Romualdez prompted Starbucks to lift the cap it had imposed on the 20-percent discount that senior citizens and persons with disabilities (PWDs) are legally entitled to. Angela Cole, the Operations Director of Starbucks Coffee, made this announcement during a hearing of the House Committee on Ways and Means. Cole acknowledged the company’s “mistake” and said they have initiated the “immediate removal of the erroneous signage” that restricted the legally mandated discount to “one food item” and “one beverage.” T he committee hea r ing , chaired by Albay Rep. Joey Sarte Salceda, addressed gaps in the implementation of laws related to discounts, privileges, and benefits for senior citizens, PWDs, and solo parents. Romualdez, the principal author of the law expanding benefits for seniors and PWDs, initiated the inquiry in response to complaints about establishments failing to comply with relevant laws. Star-

bucks’ limitation of the 20-percent discount was one such complaint that prompted the inquiry. In addition to Starbucks, Salceda cited another complaint against Goldilocks, a bakery products chain, allegedly limiting the 20-percent discount “to one slice for every cake.” Salceda asserted, “We will look into this as well.” The committee also took note of a case against Marco Polo HotelPasig, where the Pasig Prosecutor’s Office filed charges against the establishment for failing to grant a senior citizen the mandated discount. Election lawyer Romulo Macalintal, the complainant’s counsel, indicated that arrest warrants were anticipated to be issued promptly. Salceda emphasized the need for universal application of these laws, extending discounts to various sectors, including online sellers and airline companies. Macalintal proposed the restoration of previous discounts for senior citizens and PWDs using expressways and skyways. Salceda said his committee would recommend remedial legislation or regulation to address gaps and confusion in the implementation of laws on discounts, privileges, and benefits for senior citizens, PWDs, and solo parents. “The Speaker wants us to scrutinize compliance with these laws by business establishments and service providers and ensure their proper and effective implementation,” Salceda said. Continued on A5

HIGH VOLTAGE Power linemen work on an electric pole for maintenance and repairs. January witnessed a marginal uptick in power rates, as disclosed by Meralco. The surge in charges from the Wholesale Electricity Spot Market (WESM), the trading platform for electricity as a commodity in the Philippines, reached P0.561 per kWh. This increase is linked to the elevated average capacity on outage in the Luzon grid. ROY DOMINGO

SEC fines lending firm ₧2M, warns vs. $ scam

AVAO CITY—The Securities and Exchange Commission (SEC) has revoked the certificate of authority (CA) of a lending company and warned the public on a dollar investment scheme. Besides revoking its license, the SEC also fined P2 million the Wealth and Personal Development Lending, Inc. and its officers for repeated failure to comply with reportorial requirements and alleged involvement in illegal activities. In a December 6, 2023 order, the SEC Financing and Lending Companies Division (FinLend) said the lending firm failed to submit several reports to comply with Republic Act No. 9474, or the Lending Company Regulation Act (LCRA), its Implementing Rules and Regulations, as well as other SEC guidelines. The firm was ordered to pay

the administrative fine “for its repeated failure to submit reportorial requirements, plus P125,000 for its non-compliance with SEC Memorandum Circular No. 3, Series of 2022 (MC 3).” Its officers, including Rodolfo B. Mayo, Jr., president and chairman; Romelito B. Mayo, vice president and board member; Ma. Victoria M. Porlucas, treasurer and board member; Jo-Ann G. Domingo, secretary and board member; and Ney S. Atadero, board member, were likewise ordered to pay P50,000 each for failing to ensure that the company was compliant with the law, the SEC said. The firm operates in the National Capital Region. The LCRA requires lending companies to pay an annual fee no later than 45 days before the anniversary date of their CA. They must

also submit a general information sheet (GIS), annual financial statements (AFS), and Special Forms for Financial Statements. However, FinLend said the firm “belatedly paid its annual fee for the years 2017 and 2018, and has no longer made payments since 2019.” No submissions were likewise made for its GIS since 2021; AFS since 2019; and Special Forms for Financial Statements from 2019 up to present, it added. FinLend said it found a House of Representatives resolution that indicated “the company’s alleged involvement in a drug buy-bust operation conducted by the Philippine National Police Drug Enforcement Group.” In addition, Wealth and Personal Development failed to comply with reportorial requirements set under

SEC Memorandum Circular No. 18, Series of 2019 (MC 18), and MC 3. MC 18, or the Prohibition on Unfair Debt Collection Practices of Financing and Lending Companies, requires lending companies to submit a sworn certification stating that the company has complied with the guidelines within 30 days. Wealth and Personal Development Lending failed to submit such statement. It also failed to submit a business plan and impact evaluation report provided under MC 3, which implemented Bangko Sentral ng Pilipinas Circular No. 1133 Series of 2021 on the Ceiling/s on Interest Rates and Other Fees charged by lending companies, financing companies, and their online lending platforms. Continued on A5

Editor: Jennifer A. Ng

Companies BusinessMirror

Thursday, January 18, 2024

junks Ortigas Campi upbeat on prospects SC petition to recover as auto sales surge in 2023 sequestered assets

By Andrea E. San Juan

@andreasanjuan

he Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) said it is banking on a positive economic outlook, new model introductions and the “electrification” trend to propel sales in 2024.

BusinessMirror file photo

Campi made this pronouncement after local carmakers reported that they breached their sales target for 2023. A joint report by Campi and the Truck Manufacturers Association showed that vehicle sales in 2023 reached 429,807 units, nearly 22 percent higher than the 352,596 units sold in 2022. The number of units sold in 2023 surpassed Campi’s revised sales forecast of 423,000 units. Campi said end-of-year deals pushed sales in December 2023 to 39,153 units, which is 5.1 percent higher compared to the 37,259 units recorded in December 2022. Across vehicle segments, light

the 37,683 units sold in November 2023. Campi attributed the industry’s 2023 performance to “sustained consumer demand, easier access to credit, and improved supply conditions across all brands.” Toyota Motor Philippines Corp. led the auto market in 2023 as it sold 200,031 units and cornered 46.54 percent of the domestic market. Mitsubishi Motors Philippines Corp. ranked second, accounting for an 18.23-percent share of the automotive market and selling 78,371 units last year. Ford Motor Co. Phils. ranked third as it had a 7.29-percent share. It sold

commercial vehicles, mainly pickup and sports utility vehicles, accounted for 78 percent of commercial vehicle sales at 248,148 units while commercial vehicles accounted for 75 percent of the 2023 sales pie, or 320,543 units. This was followed by passenger cars which accounted for 25.42 percent of 2023 sales; Asian utility vehicle, 19.09 percent; light-duty trucks and buses, 2.01 percent; medium-duty trucks and buses, 1.17 percent; and heavy-duty trucks and buses, 0.32 percent. On a month-on-month basis, vehicle sales also expanded by 3.9 percent in December 2023 from

31,320 units during the period. In a statement on Wednesday, Campi President Rommel Gutierrez said, “2023 was a very strong year for the industry and we are very excited about 2024.” Moving forward, the Campi head said, “positive economic outlook, new model introductions and the electrification trend are expected to contribute to record-breaking sales this year.” Last month, Gutierrez already hinted at the full recovery of the industry last year and it would breach prepandemic sales. In 2019, the Philippine auto industry sold 369,941 units.

JG Summit eyes more RE projects By Lenie Lectura @llectura

erbau Corp., the renewable energy (RE) arm of JG Summit Holdings Inc., has set its sights on undertaking more renewable energy (RE) projects with other Gokongwei-led firms following the completion of its 13.811 MWp (megawatt peak) solar energy project in Batangas. Merbau P resident Pat r ic k Henry C. Go said the company is currently looking into a portfolio of projects in partnership with Robinsons Land Corp., Universal Robina Corp. (URC), Cebu Pacific, as well as other companies within

China starts data review into Shein

hina’s top cybersecurity watchdog is probing how Shein handles data as the fast-fashion company is seeking Beijing’s approval for its initial public offering (IPO) in the United States, Wall Street Journal reported. The Cyberspace Administration of China is looking into whether Shein can protect data on its Chinabased staff, suppliers and partners effectively and prevent the information from leaking overseas, the Journal said, citing unnamed people familiar with the matter. The Chinese agency is also trying to learn what data Shein needs to provide to US regulators as part of its preparations for a listing in New York, according to the report. It took CAC months to investigate similar cases in the past, the Journal said, and the ongoing probe could result in delays to Shein’s stock sale in the US. Shein could be forced to completely scrap the IPO plan should Chinese cybersecurity officials find any serious fault with its data handling, according to the report. Bloomberg News

the Gokongwei Group. “We also plan to expand our RE portfolio to be able to deliver power to eligible end-users outside of the group in our commitment to solidify our dedication to sustainable and innovative energy solutions,” said Go. Merbau’s 13.811 MWp solar energy project will provide a significant portion of the energy requirements of the fully integrated petrochemical complex of JG Summit which houses JG Summit Olefins Corp. (JGSOC) manufacturing plants and the packaging division of URC. The project aims to reduce power consumption sourced from both

the in-house produced and from the national grid. This will also result in the significant reduction of greenhouse gas (GHG) emissions through the use of RE sources. It is foreseen to generate an estimated energy savings of 17.8 gigawatt hour per year and a projected GHG emissions reduction of 17K tons annually from both JGSOC and URC warehouses and building offices within the petrochemical complex. “This milestone marks a significant step in our journey as we aim to become a leading renewable energy company in the country,” said Go. Merbau has tapped Upgrade Energy Philippines (UGEP) as its

engineering, procurement and construction contractor. “The project reinforces UGEP’s commitment as a leading player in the country’s energy transition goals and demonstrates our dedication to driving sustainable solutions and contributing to a greener future,” said UGEP President Ruth Yu-Owen. Construction of the 13.811-MW solar project, which covered the rooftops of 9 buildings, commenced in August 2022. The project was rolled out in two phases: Phase 1, with a capacity of 5.8 MW was completed in December 2022; and Phase 2, with a capacity of 8 MW, was completed in April 2023.

Citystate Properties announces pre-selling for Sandari Calatagan

itystate Properties and Management Corporation (CPMC), a boutique real estate developer, announced the pre-selling of Sandari Calatagan, its latest offering in the idyllic landscape of Calatagan, Batangas. This is after the Department of Human Settlements and Urban Development (DHSUD) granted the License to Sell with License No. 0001684 for the development. Nestled within the growing tourism hub of Calatagan, Batangas, Sandari Calatagan is a seaside and hillside wellness residential community sprawled across 35.5 hectares. This development promises residents and investors an unparalleled lifestyle harmonized with the core principles of “Eat, Move, and Sleep,” as shared by Mark Anthony Almazora, CPMC’s Assistant Vice President for Marketing and Communications. “At Sandari Calatagan, our vision is to offer a holistic and balanced lifestyle where residents can embrace the beauty of nature while experiencing luxury living. Every facet of this community will reflect

our commitment to ensuring our residents’ well-being,” affirmed Almazora. Sandari Calatagan is designed with an array of amenities aimed at promoting health and wellness. The community will feature an active park, open areas, water parks, pocket gardens, edible landscaping, and an organic farm. These amenities are tailored to cater to the needs of its future residents. Interested investors are invited to explore this latest development as CPMC unveils its grand open house event, “Seaside Sanctuary,”

on January 27, 2024, at 10 AM. The event will be held at Sandari Calatagan, located in Brgy. Bagong Silang, Calatagan, Batangas. This development marks CPMC’s second wellness residence project after the success of its first venture, Sandari Batulao, in Nasugbu, Batangas, showcasing a fusion of luxury living and the serene embrace of nature. CPMC is a proud subsidiary of the ALC Group of Companies established by the late Amb. Antonio L. Cabangon Chua and currently chaired by D. Edgard A. Cabangon.

BusinessMirror file photo

By Joel R. San Juan @jrsanjuan1573

he Supreme Court (SC) has denied the petition filed by property developer Ortigas & Co. Ltd. Partnership (OCLP) seeking to recover two of its properties sequestered by the Presidential Commission on Good Government (PCGG). In a 70-page ruling penned by Associate Justice Marvic Leonen, the Court’s Second Division held that it found no error on the part of the Sandiganbayan when it dismissed OCLP’s Complaint for Annulment/ Declaration of Nullity of Documents, Deeds and Titles and Recovery of Possession with Preliminary Injunction. The complaint was filed by OCLP against PCGG, Asset Privatization Trust (APT), Anchor Estate Corp. (Anchor), and Mid-Pasig Land Development Corp. (Mid-Pasig). It sought the reconveyance of a 16-hectare land and a 2.4 hectare property covered by Transfer Certificates of Title (TCT) No. 337158 and No. 469702, respectively. The said lands were both registered in the name of Mid-Pasig, believed to be one of the dummy companies of the Marcoses. The subject properties were part of the 180 hectares of land travers-

ing Pasig City, San Juan City, Mandaluyong City, Rizal and Quezon City owned by OCLP. The petitioner claimed that sometime in 1968, former President Ferdinand E. Marcos Sr. and then First Lady Imelda Marcos expressed their interest in the property. Thus, the Marcos spouses summoned OCLP president, lawyer Francisco Ortigas Jr. and asked him to donate the property to them to be used as their residence, as a museum for Marcos memorabilia and for investment. When OCLP’s board of directors rejected the proposal, an allegedly “visibly angered” Marcos threatened to “use his vast powers to harass the company and its officers” if they did not abide by his wishes. Out of fear, the OCLP said its board acceded to Marcos’ demands. A Deed of Conditional Sale (DCS) was then executed over the 16-hectare portion in favor of Marcos’s nominee, Maharlika Estate Corp. Subsequently, a supplementary agreement was appended to the Deed of Sale with respect to the 2.4-hectare strip of land. In 1971, Maharlika Estate’s rights and obligations in the DCS were transferred to Mid-Pasig Land Development Corp. (Mid-Pasig). Continued on B2

SEC joins side event of COP 28 in Dubai

he Securities and Exchange Commission (SEC) said Wednesday it marked its maiden participation at a side event of the Conference of the Parties (COP 28) to the United Nations Framework Convention on Climate Change in Dubai, in the United Arab Emirates. The side event, titled “Reducing the Climate Finance Gap with Gender-responsive Nature-based Solutions (NBS),” was spearheaded by the UN Development Programme in the Philippines, in collaboration with the Department of Finance and the government of Canada. The side event sought to address the need for innovative financial policy initiatives with a focus on gender-responsive NBS. Rachel Esther J. Gumtang-Remalante of the SEC’s Corporate Governance and Finance Department highlighted the agency’s role in driving sustainability reporting since 2019. She trained the spotlight on the recent public exposure of the Sustainability Reporting (SuRe) Form, aiming to standardize reporting, striving for uniformity, consistency and comparability of data. The agency is keen on implementing the revised sustainability reporting guidelines and the use of SuRe form for listed firms starting this year, despite calls for the agency to

defer its implementation. The agency said it will release a new memorandum circular on the new guidelines later this year. “After careful consideration of the valuable feedback received, and in the interest of ensuring and maintaining meaningful compliance by PLCs, please be informed that the Revised Sustainability Reporting Guidelines for PLCs and the SuRe Form is scheduled for release in the year 2024,” the SEC said. “In keeping with developments on the globally recognized reporting frameworks, the commission is looking at making compliance applicable to data covering the year 2024, with reporting due the following year or on 2025.” Remalante also cited the importance of data availability and expressed the intent of the SEC to include gender and climate finance investment details in the reporting framework. The COP 28 side event served as an opportunity to enhance sustainability reporting and awareness in the Philippines. The SEC’s involvement “reflects a strategic move towards achieving comprehensive and standardized reporting, promoting transparency, and advancing sustainable practices in the country,” it said. VG Cabuag

Companies BusinessMirror

Thursday, January 18, 2024

PSE STOCK QUOTATIONS

January 17, 2024

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

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

70,220 620,663,458 27,340 269,735,683 756,290 836,666 177,989,894 52,530 819,248 28,620.50 28,200 21,352,773.50 16,073,780 1,016,750 2,581,500 19,040 423,850 1,019,065 6,804,321 2,691,240 13,350

135,944,979 24,413,583 47,250 665,972 -2,142,616.50 8,850 -95,370 -4,982,556 -4,884,290 -264,620 1,014,000 -127,565 2,564,500 -

INDUSTRIAL ACEN CORP 4.07 4.08 4.28 4.28 4.06 4.07 41,005,000 169,717,080 ALSONS CONS 0.53 0.54 0.56 0.57 0.54 0.54 547,000 300,140 ALTERNERGY HLDG 0.73 0.74 0.74 0.76 0.72 0.72 604,000 442,340 ABOITIZ POWER 38 38.05 38.05 38.1 37.9 38 2,036,900 77,378,935 RASLAG 1.2 1.23 1.2 1.24 1.2 1.23 110,000 132,140 BASIC ENERGY 0.19 0.193 0.191 0.194 0.189 0.193 450,000 86,040 FIRST GEN 17.9 17.92 17.9 17.96 17.9 17.92 814,000 14,597,498 FIRST PHIL HLDG 63.9 64 64.05 64.3 63.9 64 66,620 4,263,726 MERALCO 373 373.2 373 376.8 373 373.2 160,800 60,124,624 MANILA WATER 18.56 18.6 19.02 19.18 18.58 18.6 3,378,100 64,056,448 PETRON 3.41 3.44 3.4 3.44 3.4 3.44 121,000 412,660 REPOWER ENERGY 7.84 7.88 7.83 7.88 7.82 7.88 32,200 252,406 SEMIRARA MINING 31.5 31.65 32.05 32.15 31.3 31.65 1,038,300 32,925,910 SYNERGY GRID 7.62 7.65 7.77 7.77 7.62 7.65 1,682,200 12,912,796 SHELL PILIPINAS 10.74 10.96 11 11.02 10.72 10.96 60,100 657,790 SPC POWER 7.16 7.18 7.15 7.19 7.14 7.18 50,400 361,200 SP NEW ENERGY 1.19 1.2 1.25 1.26 1.2 1.2 25,815,000 31,291,320 AGRINURTURE 0.68 0.69 0.71 0.71 0.68 0.69 6,844,000 4,725,540 AXELUM 2.15 2.19 2.19 2.19 2.15 2.15 60,000 130,140 CENTURY FOOD 34.3 34.35 33.9 34.35 33.3 34.3 4,141,100 141,678,110 DEL MONTE 6.15 6.2 6.2 6.2 6.2 6.2 7,200 44,640 DNL INDUS 6.5 6.51 6.51 6.58 6.46 6.51 2,530,900 16,413,639 EMPERADOR 20.85 20.95 20.85 21 20.85 20.95 999,300 20,891,645 SMC FOODANDBEV 49.4 49.7 49.2 49.4 48.9 49.4 106,400 5,237,715 FIGARO COFFEE 0.62 0.64 0.63 0.64 0.62 0.64 4,770,000 3,018,290 FRUITAS HLDG 0.84 0.85 0.87 0.87 0.84 0.85 2,223,000 1,894,760 GINEBRA 161.4 164 165 165 161 164 800 130,900 JOLLIBEE 261.2 261.6 262.8 263 260.2 261.6 572,320 149,614,480 KEEPERS HLDG 1.44 1.45 1.43 1.44 1.43 1.44 462,000 662,680 MAXS GROUP 3.25 3.27 3.24 3.27 3.21 3.25 100,000 323,710 MONDE NISSIN 8.08 8.09 8.27 8.44 8.03 8.08 4,961,600 40,381,887 SHAKEYS PIZZA 10.06 10.08 10 10.06 10 10.06 303,000 3,034,576 ROXAS AND CO 0.43 0.44 0.44 0.44 0.435 0.435 70,000 30,550 RFM CORP 2.97 2.98 2.99 2.99 2.97 2.98 79,000 235,080 ROXAS HLDG 0.6 0.65 0.65 0.65 0.65 0.65 1,000 650 UNIV ROBINA 116.8 116.9 119.2 120 116.5 116.9 3,443,400 404,105,795 VITARICH 0.495 0.51 0.52 0.52 0.5 0.51 122,000 61,950 VICTORIAS 3 3.11 3.01 3.16 3 3.16 27,000 81,670 CONCRETE A 43.1 56.95 41.35 42.1 41.35 42.1 1,020 42,877 CEMEX HLDG 0.92 0.94 0.96 0.96 0.92 0.94 231,000 216,030 EC VULCAN CORP 0.68 0.69 0.7 0.72 0.69 0.69 1,454,000 1,003,660 EEI CORP 6.26 6.3 6.2 6.59 6.2 6.26 2,447,600 15,510,916 MEGAWIDE 3.31 3.33 3.26 3.33 3.26 3.31 825,000 2,725,840 PHINMA 19.5 20.15 20.4 20.4 20 20 8,100 162,040 TKC METALS 0.395 0.4 0.395 0.4 0.39 0.4 30,000 11,850 CROWN ASIA 1.57 1.58 1.57 1.57 1.57 1.57 27,000 42,390 LMG CORP 2.4 3.4 2.39 2.39 2.39 2.39 1,000 2,390 PRYCE CORP 5.22 5.24 5.24 5.24 5.24 5.24 21,200 111,088 GREENERGY 0.241 0.243 0.24 0.245 0.239 0.243 10,190,000 2,468,940 INTEGRATED MICR 2.56 2.58 2.65 2.65 2.55 2.57 806,000 2,078,370 IONICS 1.07 1.08 1.08 1.1 1.07 1.08 625,000 675,190 SFA SEMICON 2.31 2.39 2.36 2.4 2.35 2.4 426,000 1,011,260 CIRTEK HLDG 1.8 1.82 1.84 1.85 1.8 1.82 397,000 722,870

8,706,570 -21,140 -31,386,850.00 38,480 87,768.00 150,035 -9,998,596 13,612,478 -54,400 -6,230,830.00 -1,372,677 -166,498 -169,448 9,001,620 -724,970 -26,400 -35,458,290 -44,640 164,385 11,453,100 -2,439,550 6,720 24,600 9,627,148 21,600 -61,440 -3,141,233 472,888.00 -119,250 -71,807,200 -9,000 -60,000 -33,250 -2,944,000 646,090 2,440 -1,379,710 1,070 -

HOLDING & FRIMS

ABACORE CAPITAL ASIABEST GROUP AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL ANSCOR COSCO CAPITAL DMCI HLDG FILINVEST DEV GT CAPITAL HOUSE OF INV JG SUMMIT LOPEZ HLDG LT GROUP PACIFICA HLDG PRIME MEDIA SOLID GROUP SM INVESTMENTS SAN MIGUEL CORP SEAFRONT RES TOP FRONTIER ZEUS HLDG

33.5 139.1 6.9 108.9 31.4 8.72 54.9 8.71 18.7 53.5 22.5 72.2 44.65 1.27 2.56 2.7 0.45 1,013 174 2,500 0.77

1.02 2.81 680 48.2 11.6 11.3 4.85 10.28 5.51 621 3.5 39.95 4.29 9.03 1.4 2.65 0.95 875 123.7 1.34 98.05 0.077

33.6 139.2 6.95 109 31.5 8.74 55.5 8.85 18.72 54 23.5 72.35 44.75 1.3 2.57 2.71 0.5 1,199 176.9 2,630 0.8

1.03 2.94 683 48.9 11.62 11.5 4.87 10.3 5.59 628 3.78 40 4.4 9.07 1.5 2.68 0.99 875.5 124.2 1.74 101.8 0.086

33.1 139.4 6.81 111 31.5 8.71 55.5 8.85 18.7 54.05 23.5 73.75 45 1.34 2.6 2.72 0.5 1,013 177.7 2,500 0.79

1.07 2.85 679.5 49 11.6 11.7 4.9 10.3 5.52 618 3.61 41.8 4.28 9.03 1.4 2.65 0.95 890 124 1.8 100 0.083

33.8 140.7 6.95 111.9 31.6 8.8 56.2 8.85 18.72 54.05 23.5 73.75 45 1.37 2.62 2.72 0.5 1,014 177.8 2,648 0.79

1.07 2.9 683.5 49.2 11.64 12 4.94 10.3 5.52 631.5 3.61 41.8 4.28 9.12 1.4 2.66 0.99 890 124.2 1.8 102 0.083

33.1 138.6 6.81 108.6 31.5 8.7 54.8 8.7 18.7 54 23.5 71.75 44.65 1.3 2.57 2.72 0.45 1,013 176 2,500 0.78

1.01 2.85 672 48.2 11.56 11.3 4.78 10.16 5.45 618 3.5 40 4.28 9.03 1.4 2.65 0.95 869.5 123.6 1.34 98.05 0.083

33.7 139.2 6.95 109 31.5 8.74 55.5 8.85 18.7 54 23.5 72.2 44.75 1.32 2.57 2.72 0.45 1,014 176.9 2,502 0.78

1.03 2.9 683 48.2 11.62 11.3 4.87 10.3 5.52 628 3.5 40 4.28 9.03 1.4 2.65 0.99 875 124.2 1.34 102 0.083

2,100 4,435,180 4,000 2,459,840 24,000 95,900 3,204,200 6,000 43,800 530 1,200 295,010 358,300 773,000 995,000 7,000 850,000 1,005 38,450 1,075 17,000

5,201,000 2,000 302,140 560,300 3,361,200 19,300 277,000 2,873,500 20,800 500,020 76,000 2,268,800 5,000 1,125,400 7,000 724,000 11,000 295,470 856,790 2,000 3,650 100,000

5,356,370 5,750 205,198,625 27,095,230 38,969,490 222,692 1,344,310 29,426,518 114,261 313,210,370 268,350 91,099,710 21,400 10,212,006 9,800 1,918,620 10,490 259,043,895 106,270,861 3,140 365,025 8,300

PROPERTY ARTHALAND CORP 0.415 0.435 0.435 0.44 0.415 0.415 110,000 46,100 AYALA LAND 32.3 32.35 33.15 33.6 32.3 32.3 13,489,200 440,261,905 AYALA LAND LOG 1.71 1.72 1.8 1.8 1.7 1.72 2,539,000 4,394,740 ALTUS PROP 8.99 9.38 8.99 8.99 8.99 8.99 800 7,192 ARANETA PROP 1.04 1.06 1.05 1.07 1.03 1.06 2,086,000 2,192,350 AREIT RT 33.8 33.95 34.1 34.15 33.8 33.95 690,600 23,458,195 A BROWN 0.64 0.66 0.66 0.66 0.66 0.66 1,000 660 CITYLAND DEVT 0.7 0.72 0.69 0.73 0.69 0.72 33,000 23,320 CROWN EQUITIES 0.066 0.071 0.071 0.071 0.071 0.071 10,000 710 CEB LANDMASTERS 2.6 2.63 2.6 2.64 2.59 2.6 34,000 88,500 CENTURY PROP 0.265 0.275 0.275 0.275 0.27 0.275 410,000 112,600 CITICORE RT 2.66 2.67 2.68 2.69 2.66 2.66 2,086,000 5,577,280 DOUBLEDRAGON 7.7 7.78 7.7 7.9 7.6 7.78 174,100 1,351,466 DDMP RT 1.25 1.26 1.25 1.26 1.24 1.25 2,101,000 2,631,160 DM WENCESLAO 5.7 5.98 5.99 5.99 5.8 5.98 8,300 48,195 EMPIRE EAST 0.123 0.124 0.125 0.126 0.124 0.124 2,750,000 342,040 EVER GOTESCO 0.275 0.285 0.28 0.285 0.28 0.285 310,000 88,300 FILINVEST RT 3.09 3.1 3.11 3.14 3.09 3.1 558,000 1,731,490 FILINVEST LAND 0.68 0.69 0.67 0.68 0.66 0.68 11,590,000 7,737,010 GLOBAL ESTATE 0.85 0.86 0.85 0.87 0.85 0.85 445,000 378,270 8990 HLDG 8.56 8.6 8.99 9.13 8.56 8.56 112,200 991,544 GOLDEN MV 843 880 845 880 845 880 190 166,620 PHIL INFRADEV 0.54 0.55 0.54 0.55 0.54 0.55 46,000 24,850 CITY AND LAND 0.76 0.77 0.77 0.77 0.77 0.77 2,000 1,540 MEGAWORLD 1.96 1.97 1.98 1.99 1.96 1.96 24,152,000 47,575,290 MRC ALLIED 1.3 1.32 1.36 1.42 1.3 1.3 883,000 1,165,860 MREIT RT 13.62 13.64 13.32 13.8 13.3 13.62 1,181,300 16,090,194 PREMIERE RT 1.54 1.55 1.54 1.55 1.54 1.55 18,000 27,860 RL COMM RT 5.2 5.22 5.27 5.28 5.18 5.2 2,760,500 14,331,966 ROBINSONS LAND 15.96 16 16.14 16.24 15.92 16 2,257,800 36,282,350 PHIL REALTY 0.132 0.149 0.14 0.14 0.132 0.132 260,000 34,740 ROCKWELL 1.4 1.44 1.4 1.45 1.4 1.45 20,000 28,050 SHANG PROP 3.9 3.91 3.92 3.93 3.9 3.91 197,000 770,610 STA LUCIA LAND 3.26 3.41 3.39 3.41 3.39 3.41 28,000 95,420 SM PRIME HLDG 33.35 33.45 33.85 33.85 33.35 33.35 8,284,300 277,308,010 SOC RESOURCES 0.35 0.395 0.39 0.39 0.39 0.39 30,000 11,700 VISTAMALLS 2.31 2.38 2.3 2.3 2.3 2.3 2,000 4,600 VISTA LAND 1.77 1.78 1.8 1.8 1.77 1.78 1,209,000 2,146,530 VISTAREIT RT 1.73 1.74 1.73 1.74 1.73 1.74 242,000 420,590 SERVICES ABS CBN 5.09 5.1 5.82 5.95 5.08 5.09 4,484,100 24,553,028 GMA NETWORK 8.87 8.88 8.89 8.9 8.84 8.87 359,500 3,186,724 GLOBE TELECOM 1,749 1,755 1,806 1,806 1,743 1,749 51,665 90,973,675 PLDT 1,284 1,285 1,291 1,291 1,272 1,284 73,800 94,527,905 APOLLO GLOBAL 0.013 0.014 0.013 0.014 0.013 0.014 115,800,000 1,508,600 CONVERGE 8.8 8.84 9.31 9.39 8.8 8.8 6,993,500 62,566,151 DFNN INC 3.01 3.09 3 3.01 3 3.01 4,000 12,010 DITO CME HLDG 2.45 2.46 2.49 2.52 2.45 2.46 3,223,000 7,977,760 NOW CORP 1.16 1.2 1.17 1.21 1.15 1.2 925,000 1,088,190 TRANSPACIFIC BR 0.134 0.139 0.134 0.139 0.134 0.139 40,000 5,410 ASIAN TERMINALS 15.9 16.1 16.1 16.1 15.7 16.1 2,000 31,520 CHELSEA 1.5 1.51 1.45 1.52 1.45 1.5 379,000 571,040 CEBU AIR 33.35 33.6 33.65 34.2 33.3 33.6 261,100 8,844,260 INTL CONTAINER 247.4 248 249 252.2 247.2 248 1,417,160 352,664,062 LBC EXPRESS 15.16 18.1 15.02 15.02 15.02 15.02 300 4,506 MACROASIA 4.09 4.11 4.04 4.2 4.04 4.11 1,953,000 8,019,580 METROALLIANCE A 0.445 0.5 0.445 0.445 0.445 0.445 18,000 8,010 PAL HLDG 5.3 5.47 5.48 5.48 5.47 5.47 600 3,283 HARBOR STAR 0.85 0.87 0.82 0.89 0.82 0.87 866,000 743,200 ACESITE HOTEL 1.8 1.88 1.89 1.89 1.8 1.8 158,000 284,920 BOULEVARD HLDG 0.061 0.064 0.062 0.062 0.062 0.062 2,300,000 142,600 DISCOVERY WORLD 1.15 1.29 1.1 1.1 1.1 1.1 3,000 3,300 WATERFRONT 0.385 0.395 0.38 0.385 0.38 0.385 190,000 73,100 CENTRO ESCOLAR 8.06 8.74 8.74 8.74 8.02 8.74 2,700 22,590 STI HLDG 0.5 0.52 0.49 0.52 0.49 0.52 5,100,000 2,563,150 BELLE CORP 1.16 1.17 1.18 1.18 1.15 1.17 250,000 290,450 BLOOMBERRY 9.7 9.73 9.8 9.88 9.55 9.7 10,775,400 104,393,141 PACIFIC ONLINE 3.93 3.94 4 4 3.9 3.94 1,637,000 6,498,310 PH RESORTS GRP 0.84 0.86 0.85 0.86 0.84 0.84 888,000 749,720 PREMIUM LEISURE 0.64 0.65 0.66 0.66 0.64 0.65 4,751,000 3,107,300 DIGIPLUS 7.57 7.6 7.79 7.83 7.6 7.6 1,520,100 11,665,092 PHILWEB 1.88 1.91 1.82 1.96 1.82 1.91 3,829,000 7,252,050 ALLDAY 0.157 0.16 0.159 0.161 0.156 0.16 4,470,000 708,250 BERJAYA 7.46 7.85 7.46 7.46 7.46 7.46 19,100 142,486 ALLHOME 1.12 1.13 1.17 1.19 1.12 1.13 2,845,000 3,247,110 METRO RETAIL 1.26 1.27 1.26 1.27 1.26 1.26 37,000 46,630 PUREGOLD 28.3 28.45 28.4 28.45 28.05 28.45 1,655,200 46,849,725 ROBINSONS RTL 37.7 37.75 39.5 39.5 37.75 37.75 1,947,000 74,461,365 PHIL SEVEN CORP 76 76.5 76.25 76.25 76 76 159,800 12,151,465 SSI GROUP 2.65 2.66 2.69 2.69 2.61 2.66 2,021,000 5,327,530 UPSON INTL CORP 1.48 1.49 1.49 1.5 1.49 1.49 35,000 52,180 WILCON DEPOT 22.25 22.45 22.5 22.5 22.05 22.25 1,046,700 23,287,110 APC GROUP 0.216 0.221 0.22 0.22 0.219 0.219 530,000 116,290 MEDILINES 0.305 0.325 0.315 0.325 0.305 0.305 670,000 207,750 PRMIERE HORIZON 0.172 0.173 0.177 0.177 0.173 0.173 620,000 107,820 SBS PHIL CORP 4.26 4.48 4.3 4.44 4.3 4.44 11,000 48,120 MINING & OIL APEX MINING 2.87 2.88 2.9 2.93 2.85 2.87 4,015,000 11,550,960 ATLAS MINING 3.26 3.34 3.26 3.27 3.26 3.27 24,000 78,270 BENGUET A 4.73 4.74 4.74 4.76 4.74 4.74 64,000 303,560 BENGUET B 4.7 4.71 4.72 4.74 4.72 4.74 30,000 141,700 COAL ASIA HLDG 0.151 0.158 0.158 0.158 0.158 0.158 10,000 1,580 CENTURY PEAK 3.06 3.11 3.09 3.11 3.05 3.11 71,000 218,060 FERRONICKEL 2.06 2.1 2.12 2.12 2.06 2.1 694,000 1,449,890 GEOGRACE 0.034 0.035 0.032 0.034 0.032 0.034 1,400,000 47,400 LEPANTO A 0.075 0.076 0.075 0.076 0.075 0.076 2,130,000 160,360 LEPANTO B 0.076 0.078 0.079 0.079 0.079 0.079 20,000 1,580 MANILA MINING A 0.0044 0.0048 0.0046 0.0046 0.0045 0.0045 21,000,000 95,600 MANILA MINING B 0.0041 0.0046 0.0043 0.0043 0.0038 0.0038 9,000,000 36,700 MARCVENTURES 0.91 0.92 0.93 0.93 0.9 0.92 568,000 520,200 NICKEL ASIA 4.79 4.8 4.89 4.89 4.78 4.8 10,932,000 52,663,720 PX MINING 3.2 3.21 3.22 3.22 3.19 3.2 2,427,000 7,780,810 UNITED PARAGON 0.0039 0.0044 0.004 0.004 0.004 0.004 12,000,000 48,000 ENEX ENERGY 4.61 4.8 4.9 4.9 4.9 4.9 5,000 24,500 ORNTL PETROL A 0.008 0.0081 0.008 0.0081 0.008 0.0081 8,000,000 64,200 PHILODRILL 0.0077 0.008 0.0076 0.0077 0.0076 0.0077 5,000,000 38,100 PXP ENERGY 3.89 3.9 3.79 3.89 3.78 3.89 84,000 323,970 PREFFERED HOUSE PREF B 99.1 100 99 99 99 99 68,260 6,757,740 ACEN PREF A 1,050 1,085 1,050 1,050 1,050 1,050 200 210,000 ACEN PREF B 1,075 1,079 1,080 1,080 1,079 1,079 1,435 1,549,715 AC PREF AR 2,480 2,506 2,480 2,480 2,480 2,480 100 248,000 ALCO PREF D 453 499 499 499 499 499 2,500 1,247,500 AC PREF B2R 490 494 495 495 490 490 550 270,150 BRN PREF A 97.5 98 97.5 97.5 97.5 97.5 100 9,750 CEB PREF 34.05 35 34.1 35 34.1 35 11,200 391,655 DD PREF 95.1 95.3 95.35 95.5 95 95.3 4,330 412,293 EEI PREF B 96.9 97 97 97 97 97 500 48,500 JFC PREF B 925 950 948 948 948 948 10 9,480 MWIDE PREF 2B 94.1 99 94 99 94 94.1 520 48,980 MWIDE PREF 4 94.5 98 94.5 94.5 94.5 94.5 8,910 841,995 MWIDE PREF 5 100.1 101 101 101 101 101 1,000 101,000 PNX PREF 3B 23.25 25.6 25 25.6 25 25.6 200 5,060 PNX PREF 4 220.2 242.6 229 242.8 229 242.8 1,170 268,068 PCOR PREF 3A 990.5 995 995 995 990.5 990.5 60 59,475 PCOR PREF 3B 990 995 999 999 985 995 120 118,550 PCOR PREF 4A 970 1,009 1,009 1,009 1,009 1,009 100 100,900 SMC PREF 2F 72.35 73 72.5 73 72.35 73 29,110 2,109,520 SMC PREF 2I 70.85 72.8 72.8 72.8 72.8 72.8 130 9,464 SMC PREF 2J 69.3 71 69.1 69.2 69.1 69.2 2,090 144,428 SMC PREF 2K 69.4 71 69 70 69 69.3 8,720 608,069 SMC PREF 2L 78 78.5 78 78 78 78 9,200 717,600 SMC PREF 2O 78 78.25 78 78 78 78 500 39,000 TECH PREF B2D 48.35 48.5 48.5 48.5 48.5 48.5 200 9,700

PHIL. DEPOSITARY RECEIPTS

ABS HLDG PDR 4.9 4.99 5.41 5.41 4.85 4.9 263,800 1,327,867 GMA HLDG PDR 8.11 8.94 8.98 9 8.8 8.94 160,000 1,421,799

WARRANTS

TECH WARRANT

0.295

0.3

SMALL, MEDIUM & EMERGING BALAI FRUITAS CTS GLOBAL HAUS TALK ITALPINAS LFM PROP MERRYMART XURPAS

0.41 0.74 0.92 0.64 0.062 1.01 0.27

0.425 0.76 0.96 0.67 0.068 1.02 0.28

EXHANGE TRADE FUNDS FIRST METRO ETF

103.6

103.8

825,800 -50,987,235 -8,655,775 12,823,852 -491,110 -4,227,798 42,814,335 -76,005,975 -54,079 -1,400 49,212,765 56,516,489 -332,780 -66,533,790 107,340 -15,670 -2,358,750 -23,400 624,520 291,279 -16,000 -85,500.00 46,730 1,809,060 -354,470 -286,450 117,200 -671,736 -7,892,087 2,654,144 -27,210 -20,460 4,050,530 0 -1,036,040 -13,678,980 29,783,865 -5,768,611 -3,839,340 -877,570 53,985,966 -3,004 -221,270 -3,800 -8,740 4,900 -53,090 -28,071,369 -8,600 -575,440 238,272 249,450 -207,200.00 6,827,665 -40,713,240 -1,985,705 -10,660 1,500 -20,776,570 15,770 109,110 -30,750 -380,350 -32,900 -283,330 2,767,590 388,245 -21,000 761,799 -

0.415 0.415 0.415 0.415 30,000 12,450 0.73 0.74 0.73 0.74 896,000 663,020 0.92 0.96 0.92 0.96 184,000 173,220 0.64 0.68 0.63 0.68 44,000 28,830 0.07 0.07 0.069 0.069 20,000 1,390 1.02 1.02 1.01 1.02 753,000 767,320 3,060 0.305 0.305 0.27 0.28 3,340,000 960,350 180,850 105 105.3 103.8 103.8 16,300 1,705,579 107,661

www.businessmirror.com.ph

SEC gives nod to ₧12.9-B IPO of Citicore Renewable

By VG Cabuag

@villygc

he Securities and Exchange Commission (SEC) has approved the initial public offering (IPO) of Citicore Renewable Energy Corp. aimed at raising as much as P12.94 billion.

In its January 16 en banc meeting, the SEC approved the registration statement of Citicore covering 10.04 billion common shares. Citicore will offer to the public up to 2.9 billion common shares, and an additional 435 million shares for overallotment option, at a maximum price of P3.88 apiece. Based on the latest timeline submitted by Citicore to the SEC, the IPO will run from March 4 to 8. The company targets to list its shares on the main board of the Philippine Stock Exchange on March 15.

Citicore expects to net more than P10.71 billion from the primary offer for capital expenditures and pipeline development for solar energy power plants and general corporate purposes. The company engaged UBS AG as sole global coordinator and joint bookrunner, and BDO Capital and Investment Corp. as domestic lead manager and joint bookrunner for the IPO. Citicore is a pure-play renewable energy platform that directly and through its subsidiaries and

Fujitsu takes $1-B knock MUTUAL FUNDS

ore than $1 billion was wiped off the value of Fujitsu Ltd. on Wednesday after the company’s European chief said it had a moral responsibility to provide compensation for its role in the UK Post Office scandal. Shares fell 4 percent by the close of trading in Tokyo on Wednesday, and are now down more than 8 percent since the start of the year. Glitches in the Japanese technology titan’s Horizon software led to hundreds of local Post Office managers—known as sub-postmasters— being wrongly convicted for theft and false accounting between 1999 and 2015. The scandal has been reignited in Britain following a recent televised

January 17, 2024

drama. On Tuesday, UK politicians quizzed several people including Fujitsu’s Europe head Paul Patterson, who said he was “personally appalled” by the evidence surrounding the case. The UK government has agreed to overturn the convictions of subpostmasters, and pay hundreds of millions of pounds in compensation. Members of Parliament have argued that Fujitsu should contribute to the payments. “I think there is a moral obligation for the company to contribute,” Patterson told the House of Commons Business and Trade Committee. He said the matter had been discussed with Fujitsu’s senior leaders in Japan. Bloomberg News

the development of run-of-river hydro in Ilaguen, Isabela. It has secured wind energy service contracts for at least seven off-shore wind projects. “In 2021, we completed the construction of solar rooftops, which delivered 6.5MW in solar energy capacity, and commissioned an additional 115.7MW solar energy capacity in 2022. From 2021 until September 30, 2023, we almost doubled our total installed capacity, having developed, operated and maintained ten operating solar assets with a combined gross installed capacity of 285.1MW1 as of September 30, 2023,” the company said. The company is the vehicle used by Citicore Power Inc. to pursue renewable energy platform investments in greenfield and brownfield projects, and manage the operation of power generation projects for solar, hydro and wind technologies. CPI is a direct subsidiary of Citicore Holdings Investment Inc., the parent company of Megawide Construction Corp.

joint venture manages a diversified portfolio of renewable energy (RE) generation projects, power project development operations and retail electricity supply in the Philippines. The company said it is developing some 1,000 megawatts of additional capacity annually in the next five years. The sponsor company for real estate investment trust, Citicore Energy REIT Corp., said it has over 5 gigawatts of project pipelines in varying stages of development. Citicore currently operates 10 solar power plants, and one microgrid solar rooftop systems with total aggregate capacity of 284 MWpdc across the country. These solar facilities include Citicore Solar Bulacan Inc., CS Bataan Inc., CS Tarlac 1 Inc., CS Tarlac 2 Inc., Clark Solar Farm Inc., CS South Cotabato Inc., CS Ceb Inc., CS Negros Occidental Inc., Arayat-Mexico Solar Farm (a joint venture with ACEN Corp.) and solar rooftop systems in Bataan. The company also ventured into

NAV

One Year Three Year

Five Year

Y-T-D

per share Return*

Return

Stock Funds ALFM Growth Fund, Inc. -a

215.89

-2.66%

-2.2%

-3.87%

-0.18%

1.4888

3.32%

3.9%

0.01%

1.82%

1.09%

ATRAM Philippine Equity Opportunity Fund, Inc. -a 3.0035

-3.73%

-1.9%

-5.91%

-2.08%

Climbs Share Capital Equity Investment Fund Corp. -a 0.7055 -0.47%

-4.55%

ATRAM Alpha Opportunity Fund, Inc. -a

First Metro Consumer Fund, Inc. -a

0.6368

-9.33%

First Metro Save and Learn Equity Fund, Inc. -a 4.7184-5.2%

2.44%

-5.63% n.a

-5.24%

-5.76% n.a

1.79%

-2.09%

-3.08%

1.91%

-0.16%

First Metro Save and Learn Philippine Index Fund, Inc. -a 0.7106-5.37% -2.58% n.a n.a MBG Equity Investment Fund, Inc. -a

85.21

8.13%

-5.94%

PAMI Equity Index Fund, Inc. -a 44.1385 Philam Strategic Growth Fund, Inc. -a

-4.79%

-2.55%

-3.13% n.a

2.86%

458.82

-2.63%

-2.6%

-3.14%

-0.18%

2.56%

Philequity Dividend Yield Fund, Inc. -a

1.2217

-0.82%

0.89%

-1.25% n.a

1.36%

Philequity Fund, Inc. -a

-2.69%

34.5383

-6.74% n.a

-0.81%

-2.03%

1.62%

-1.51%

-2.84% n.a

Philequity PSE Index Fund, Inc. -a

4.635

-3.81%

-1.7%

-2.36%

1.51%

2.76%

Philippine Stock Index Fund Corp. -a

771.57

-3.94%

-1.86%

-2.43%

1.5%

2.8%

Soldivo Strategic Growth Fund, Inc. -a 0.6941

2.47%

-4.21%

-1.64%

-4.94% n.a

1.23%

Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.4473

-4.55%

-2.23%

-0.16%

-4.2%

-2.17%

-2.72% n.a

United Fund, Inc. -a

-2.75%

0.69%

2.28%

-2.04%

2.61%

2.69%

Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.875 -3.85%

0.97%

0.26%

Philequity MSCI Philippine Index Fund, Inc. -a 0.8883-2.68%

3.1619

1.97%

-4%

2.47% 2.82%

Primarily invested in Peso securities (units) COL Equity Index Unitized Mutual Fund, Inc. -a 1.0846-4.14% n.a n.a n.a

2.75%

COL Strategic Growth Equity Unitized Mutual Fund, Inc. -a,2 1.0167 n.a n.a n.a n.a 1.19% Philequity Alpha One Fund, Inc. -a

1.0315

-8.72%

-2.31% n.a n.a

1.23%

Philippine Stock Index Fund Corp. -a

936.74

-3.95% n.a n.a n.a

2.81%

Exchange Traded Fund (shares) First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c104.8369-3.36%-1.45%

-2.11%

2.19%

2.85%

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

$0.7926

-14.03%

-15.17%

-3.54%

-1.81%

-3.58%

Sun Life Prosperity World Voyager Fund, Inc. -a $1.6613

11.97%

-0.9%

7.33% n.a

-0.03%

Balanced Funds Primarily invested in Peso securities (shares)

SC junks Ortigas petition to recover sequestered assets Continued from B1

The OLC claimed that Marcos owned and controlled both Maharlika Estate and Mid-Pasig through his dummies. Following the 1986 revolution which ousted the Marcoses, Maharlika Estate and Mid-Pasig, voluntarily surrendered the titles and possession of properties held for Marcos to the government which included the subject properties. They were placed under the PCGG’s control, prompting the OCLP to file a letter-complaint before the commission seeking to recover the properties. However, the PCGG dismissed the request and explained that it had no jurisdiction to annul the contracts with Mid-Pasig. This prompted the OCLP to seek redress before the courts where it claimed that the subject properties were forcibly taken from them through intimidation and undue influence employed by the Marcoses. On March 13, 2020, the Sandiganbayan First Division dismissed the OCLP’s petition for their failure to prove that the properties were unjustly taken by the Marcoses. In upholding the Sandiganbayan’s decision, the SC agreed that the evidence and circumstances surrounding the sale of the subject properties

do not support the petitioner’s claim of intimidation. “Ortigas (OCLP) asserts that Atty. Ignacio and the rest of the Board of Directors’ decision should be seen within the context of the Marcos regime. However, this Court has already clarified that while abuses proliferated under martial law, it is not per se a consent-vitiating phenomenon,” the SC said. “Also worth noting, Atty. Francisco and the rest of the Board of Directors are people with great business acumen. They run and manage a profitable partnership. Unlike an unwitting and powerless layperson, Atty. Francisco and the board members cannot so simply be pressured into giving away two properties.” The court also did not give weight to OCLP’s assertion that the low selling price of P40.00 per square meter proves the defect in its consent. The SC, however, agreed with the PCGG and Mid-Pasig that the price was reasonable since OCLP sold parcels of land in the same area for prices ranging from P50.00 to P62.79 per square meter. “Thus, the price cannot be considered grossly inadequate. In any case, the gross inadequacy of price may only be an indication of a voidable contract. It does not per se establish that the party’s consent was vitiated,” the SC said.

-1.44%

-0.51%

0.53%

0.22%

ATRAM Unicapital Diversified Growth Fund, Inc. -a,41.5141

ATRAM Philippine Balanced Fund, Inc. -a 2.2186

2.58%

0.62%

-3.6%

-2.43%

-1.39%

0.23%

First Metro Save and Learn Balanced Fund, Inc. -a 2.5237

-3.91%

-1.67%

-0.89%

-0.69%

1.08%

First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.1932

-5.34%

-1.25% n.a n.a

1.47% NCM Mutual Fund of the Phils., Inc. -a

1.9618

-2.87%

-0.39%

0.72%

1.66%

PAMI Horizon Fund, Inc. -a

3.5985

0.03%

-1.99%

0.09%

0.8%

1.2%

Philam Fund, Inc. -a

15.7441

-0.38%

-2.7%

-0.63%

0.48%

1.16%

Solidaritas Fund, Inc. -a

2.0565

-0.7%

-0.96%

-0.67%

1.32%

1.41%

Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.445

-1.04%

-1.57%

-1.75%

0.23%

-0.79% n.a

0.85%

Sun Life Prosperity Dynamic Fund, Inc. -a 0.912

-1.17%

0.4%

1.49%

1.09%

Primarily invested in Peso securities (units) Sun Life Prosperity Achiever Fund 2028, Inc. -a 0.94760.56%

-2.76% n.a n.a

0.78%

Sun Life Prosperity Achiever Fund 2038, Inc. -a 0.863-2.65%

-3.56% n.a n.a

1.88%

Sun Life Prosperity Achiever Fund 2048, Inc. -a 0.8437-3.49%

-3.77% n.a n.a

2.19%

Primarily invested in foreign currency securities (shares) Cocolife Dollar Fund Builder, Inc. -a $0.03287

0.46%

PAMI Asia Balanced Fund, Inc. -b$0.8837 -8.16%

-5.45%

-1.51%

0.12%

-1.02%

-9.77%

-1.5%

-1.12%

-3.43%

Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.2765

7.28%

-2.28%

4.44%

Sun Life Prosperity Dollar Wellspring Fund, Inc. -a $1.0341

2.93%

-4.08%

1.04% n.a

2.86%

-0.36% -0.66%

Bond Funds Primarily invested in Peso securities (shares) ALFM Peso Bond Fund, Inc. -a 390.95

3.26%

1.75%

2.59%

2.27%

0.12%

ATRAM Corporate Bond Fund, Inc. -a

1.9115

1.4%

0.16%

0.59%

0.08%

0.14%

Cocolife Fixed Income Fund, Inc. -a

3.3375

2.93%

1.24%

2.3%

3.78%

0.37%

Ekklesia Mutual Fund, Inc. -a 2.2795

3.63%

-0.22%

-0.29%

1.3%

1.49%

1.73%

0.02%

1.99%

1.93%

-2.52%

2.13%

1.03%

-0.21%

Philam Managed Income Fund, Inc. -a

1.3809

4.06%

1.5%

3.19%

1.83%

0.56%

Philequity Peso Bond Fund, Inc. -a

4.0341

3.14%

0.4%

2.53%

1.76%

-0.01%

2.6%

0.35%

3% n.a

0.07%

First Metro Save and Learn Fixed Income Fund, Inc. -a 2.4516 Philam Bond Fund, Inc. -a

Soldivo Bond Fund, Inc. -a

4.2888

1.0504

1.24%

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

3.3052

3.96%

1.09%

3.37%

2.29%

Sun Life Prosperity GS Fund, Inc. -a

3.23%

0.33%

2.52%

1.65%

-0.18%

1.7662

-0.23%

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

1.011 n.a n.a n.a n.a

0.34%

Primarily invested in foreign currency securities (shares) ALFM Dollar Bond Fund, Inc. -a $495.9

2.97%

0.83%

ALFM Euro Bond Fund, Inc. -a Є214.17

2.54%

0.13%

0.14%

0.84%

0.08%

ATRAM Total Return Dollar Bond Fund, Inc. -b$1.03851.65%

1.85%

-0.81%

-6.39%

-1.7%

0.12%

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

4.2%

-1.94%

-0.08% n.a

-3.86%

-3.06%

-0.49%

-0.41%

PAMI Global Bond Fund, Inc. -b$0.8532

-1.53%

-7.73%

Philam Dollar Bond Fund, Inc. -a

$2.2976

4.83%

-3%

0.97%

1.88%

-0.96%

1.61%

-0.66%

1.34%

1.59%

0.14%

0.68%

-4.66%

-0.82%

0.47%

Philequity Dollar Income Fund, Inc. -a $0.0610001

Sun Life Prosperity Dollar Abundance Fund, Inc. -a $2.7729

-0.4%

-2.15%

Money Market Funds Primarily invested in Peso securities (shares) ALFM Money Market Fund, Inc. -a 137.05

2.82%

1.8%

2.5%

2.05%

0.13%

First Metro Save and Learn Money Market Fund, Inc. -a 1.1101 3.28%

1.93% n.a n.a

Sun Life Prosperity Peso Starter Fund, Inc. -a 1.37772.84%

2.44%

2.02%

2.04%

0.15%

Primarily invested in Peso securities (units) ALFM Money Market Fund, Inc. -a 104.83

4.17% n.a n.a n.a

0.24%

Primarily invested in foreign currency securities (shares) Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0996

2.66%

1.46%

1.57% n.a

0.19%

Feeder Funds Primarily invested in Peso securities (units) ALFM Global Multi-Asset Income Fund, Inc. -a 43.207-0.47% n.a n.a n.a Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a 1.4707

16.32%

0.22%

8.3% n.a n.a

0.1% Sun Life Prosperity World Income Fund, Inc. -a,1

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

0.21%

Primarily invested in foreign currency securities (Units) ALFM Global Multi-Asset Income Fund, Inc. -a $0.7979-2.64%

-6.94% n.a n.a

a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. 1 - Launch date is August 22, 2023.

2 - Launch date is October 6, 2023.

-0.6%

c - Listed in the PSE.

3 - Launch date is May 25, 2023.

4 - Renaming was approved by the SEC last May 21, 2020 (formerly, ATRAM Dynamic Allocation Fund, Inc.) “While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www.

pifa. com.ph to see the latest NAVPS/NAVPU.”

www.news.businessmirror@gmail.com

Banking&Finance

VAT exemption hiked in sale of houses, lots

HE Bureau of Internal Revenue (BIR) has raised the valueadded tax (VAT) exemption for the sale of houses and lots by 12.5 percent to P3.6 million from nearly P3.2 million. BIR Commissioner Romeo D. Lumagui Jr. issued Revenue Regulations 1-2024 that authorized the hike in the VAT-exemption pursuant to existing laws and regulations of the country. The adjustment in the VAT-exempt selling price threshold for the sale of house and lots was in compliance with Section 109 of the National Internal Revenue Code, according to the BIR. The BIR explained that the bureau must adjust the VAT-exempt amount every three years to its present value using the Consumer Price Index (CPI) as published by the Philippine Statistics Authority (PSA). Section 109 of the NIRC provides that beginning January 1, 2021, the VAT exemption “shall only apply to sale of real properties not primarily held for sale to customers or held for lease in the ordinary course of trade or business, sale of real prop-

erty utilized for socialized housing as defined by Republic Act 7279, sale of house and lot, and other residential dwellings with the selling price of not more than P2 million.” The law also provides that the amount of exemption shall be adjusted to its present value every three years after 2021 using the CPI as published by the PSA. According to the BIR chief, the increase in the selling price threshold, for VAT exemption purposes, of the sale of house and lot, and other residential dwelling from P3,199,200 to P3.6 million “gives testament to the BIR’s improved and updated services.” Lumagui said the BIR will focus this year on improving its excellent taxpayer services. He noted that the signing into law of the Ease of Paying Taxes Act paves “the way for a more modern tax system, with the ultimate goal of helping taxpayers in their tax obligations.” “This subject revenue regulation also shows the government’s commitment to a just and service-oriented taxation in the Philippines,” he added. Jasper Emmanuel Y. Arcalas.

Young Pinoys still lured by investment vehicles By Rizal Raoul S. Reyes @brownindio

HE Manufacturers Life Insurance Co. (Manulife PHL) announced having introduced a suite of digital services to buy insurance and process claims for its customers. According to Manulife PHL Chief Information Officer Ivan Buenaventura, the suite includes a mobile version, a mobile app and an online store. Buenaventura said these initiatives “support Manulife’s existing efforts to fully digitalize its customer journey, helping them learn about insurance products and customizing them based on their individual goals, so they can understand more complex insurance products and their suitability for personal financial goals.” “Grounded by our commitment to becoming our industry’s most digital, customer-centric global company, our digital services at Manulife are focused on addressing the most common pain points related to insurance, such as information access, financial literacy, affordability, and ease of use,” he added. “We believe that with our continuous efforts at digital transformation, we are making insurance more accessible, intuitive, inclusive, and convenient.” According to Paul Jeffrey Lu, head of the Manulife Investment Management and Trust Corp. (MIMT) Wealth Solutions unit, the company has been attracting a growing number of investors in its diverse range of unit investment trust funds (UITFs), especially among Filipino millennials and Gen Zs. Since the onset of the pandemic, the total number of our millennial and Gen Z clients has more than doubled, accounting for more than half of our client base, Lu said. Based on the firm’s study, the pandemic accelerated their financial transformation, particularly because some of them lost their jobs or experienced reductions in their total family income as a result of the economic disruptions. “This caused shifts in their behavior that emphasize the importance of saving, investing, and prioritizing necessities,” the study noted. However, Lu pointed out that firsttime investors must start with a sound financial plan with clear investment

goals and a thorough assessment of their risk appetite. “It is tempting to jump headfirst into the world of investing, but having a plan that is aligned with your investment goals and risk appetite will help you make more informed investment decisions and enable you to take full advantage of different investment options. This can be done with a trusted financial professional who can personally guide you,” Lu said. MIMT provides guidance to investors who will start their investment journey by providing them affordable access to its distinctive selection of UITFs via Manulife iFUNDS, its easy-to-use and secure digital investment platform. The company’s certified UITF salespersons can help facilitate investors’ choices considering their unique goals, needs and risk appetites. Lu said online platforms have been instrumental in broadening financial awareness on reliable investment strategies such as long-term investments and diversification. He added that MIMT has made it easy for investors to diversify their investments through its UITFs that invest in both local and global securities. Through Manulife iFUNDS, investors can explore different investment options, schedule regular investments or top-ups via the Regular Savings Plan and manage their UITF investments onthe-go with a few taps, he said. “While there is a perception that young Filipinos are chasing the fastest returns, we are more hopeful on the improving trends seen in investor education. Our study revealed that many Filipino millennials and Gen Zs are keen to learn more about investing, giving us the opportunity to educate them further on the important role that UITFs can serve in creating a sound financial plan even during periods of high market volatility. Although market volatility is an inherent element of financial markets, history shows that investing regularly can potentially reap better results over time. Moreover, there are investment options available for investors who prefer a stable holding facility for their surplus cash while planning for their next move,” Lu added. Investors can invest in MIMT’s UITFs for as low as P1,000 or $100 via iFUNDS.

BusinessMirror

Editor: Dennis D. Estopace • Thursday, January 18, 2024

Smuggled goods from China blamed for local price drop

By Jasper Emmanuel Y. Arcalas

@jearcalas

HE Bureau of Customs (BOC) said it seized P5-million worth of smuggled fruits and vegetables that were believed to be contributing to the dampening of farm-gate prices of local crops in recent months.

The BOC said the seizure was the result of several inspections it conducted across multiple warehouses in Manila last Tuesday. The warehouses held hundreds of crates of agricultural products from China, the BOC added. The BOC explained that the operations stemmed after local traders in Benguet complained that smuggled vegetables were causing poor sales of their produce even during the peak Christmas season. “‘We hear you.’ That’s what we want to say to our vegetable farmers and traders,” Customs Commissioner Bienvenido Y. Rubio said last Wednesday. Rubio added the bureau wants to assure farmers and trad-

ers “that we are going after these groups and we are being diligent in prosecuting them, so they cannot victimize our hard-working farmers again.” “This is why we are committed as ever to come after these smuggling groups—it is our farmers, our economy, and our consumers that we aim to protect with these operations,” added the BOC chief. The BOC said its agents from the Customs Intelligence and Investigation Service at the Manila International Container Port (CIIS-MICP) and the National Bureau of Investigation-Anti-Organized and Transnational Crime Division (NBI-AOTCD) went to three warehouses—one in

San Nicolas and two in Binondo—to implement the Letters of Authority (LOAs). BOC-CIIS Director Verne Y. Enciso said the national government’s composite team inspected the warehouses and discovered fresh imported broccoli worth P2 million in the San Nicolas storage. The team also found a warehouse of WSH Trading in Santo Cristo Street in Binondo containing fresh imported vegetables and fruits. “Among these were bell pepper, garlic sprout, volcanic sweet potato, cauliflower, lotus root, corn, spinach, romaine, mushroom, oranges, strawberry, grapes, pear, melon, kiwi, apple, longgan, and cherry tomato, which amounted to more or less P2 million,” the BOC said. The BOC added that another storage in El Cano Street in Binondo yielded cauliflower, yam, water bamboo, lotus root, spinach, tomato, baby cabbage, crown daisy, and apple with an estimated value of P1 million. “These were just the initial assessment of the value of these goods. There will be a thorough inventory and inspection of the goods found to determine the exact value, so we can file the appropriate cases against the owners of the warehouses and the

companies and people behind these smuggling activities,” Enciso said. The inventory of the goods will be conducted by the assigned Customs examiners, and to be witnessed by agents from CIIS and the respective warehouse representatives, according to the BOC. Customs Deputy Commissioner for Intelligence Juvymax R. Uy emphasized that curbing agricultural smuggling remains one of the priorities of the bureau. “I believe I speak here for everyone when I say we are equally frustrated by reports from farmers and traders that their Christmas sales were severely impacted by smuggling. Anti-smuggling operations go through a long and rigorous process, but this process also ensures we will put these perpetrators in courts and behind bars,” Uy said. The BOC said it gave the owners of the warehouses 15 days to present the proper documents “to clear out allegations they were storing illegally imported vegetables and fruits.” If found without proper documents, the corresponding seizure and forfeiture proceedings will be conducted against the subject shipments for violation of pertinent laws, according to the BOC.

Officials consult on MIF LBP continues to waive fees among Davos delegates for fund transfers of ₧1,000 By Jovee Marie N. dela Cruz @joveemarie

EMBERS of the Philippine delegation to the 2024 Annual Meeting of the World Economic Forum (WEF) met with leading sovereign fund managers and top government leaders to exchange ideas, best practices and insights on the management, investment policies and sovereign wealth fund strategies. In a statement issued last Wednesday, Speaker Ferdinand Martin G. Romualdez said the meeting aims to attract more foreign investments, foster economic growth and generate employment opportunities for Filipinos through collaborations facilitated by the Maharlika Investment Fund (MIF). “These high-level engagements with international business leaders and policymakers in this year’s WEF annual meeting are invaluable as they provide us with opportunities to explore avenues for partnerships, collaborations and investment opportunities to unleash the potential of the Maharlika Investment Fund for the benefit of the nation and our people,” said Romualdez, who headed the delegation. The statement said that Romualdez interacted with Israfil Mamadov, CEO at the State Oil Fund of the Republic of Azerbaijan (Sofaz). As of March 31, 2023, Sofaz reported assets amounting to $53,437.6 million and received the 2007 United Nations Public Service Award for Improving Transparency, Accountability and Responsiveness in Public Service. According to the statement, the lawmaker also met with Lim Boon Heng, chairman of Singapore state investment firm Temasek Holdings

Ltd. Founded in 1974, Temasek Holdings operates globally with a net portfolio of US$287 billion as of 2023. “The exchange of ideas, best practices and insights on management, investment policies and the sovereign wealth fund could prove invaluable in helping realize the vision for the MIF as a catalyst for our nation’s growth and development,” Romualdez was quoted in the statement as saying. The MIF was introduced by President Ferdinand R. Marcos Jr., to the international community during the fund’s soft launch at the WEF annual meeting last year. Romualdez also held discussions with Eric Nussbaumer, president of the National Council (Parliament) of Switzerland, focusing on strengthening bilateral ties and exploring potential areas of enhanced partnership. Energy emerged as a promising sector for collaboration, given Nussbaumer’s extensive experience in the field, the statement read. Highlighting the Philippines’s commitment to an ambitious energy transition under Marcos, Romualdez emphasized the exploration of renewable energy sources, including geothermal, hydroelectric, solar and wind power, along with the potential integration of nuclear energy. The lawmaker also met with Vietnam Prime Minister Pham Minh Chinh, reinforcing diplomatic relations and discussing potential collaborations. President Marcos is scheduled to visit Vietnam at the end of January for a state visit, including the formalization of a rice supply deal. Romualdez underscored that engagements at the WEF provide a platform to foster cooperation, address global challenges and contribute to policy debates that promote global cooperation.

HE Land Bank of the Philippines (LandBank) announced last Wednesday that it continues to waive fees for fund transfers to other banks via InstaPay and PESONet for transactions worth P1,000 and below. “LandBank customers can enjoy free online fund transfers for the first three transactions facilitated in a day through the LandBank Mobile Banking App (MBA), and the bank’s online retail banking channel,” read the statement the state-run lender issued on January 17. For interbank fund transfers amounting to more than P1,000, a lowered fixed transaction fee of P15 from the previous rate of P25 will be

applied. Meanwhile, fund transfers between LandBank and Overseas Filipino Bank (OFBank) accounts, regardless of the amount, remain free-of-charge. “We are extending our waiving of fees for small-value online fund transfers to encourage more clients to embrace cashless transactions, in support of the National Government’s thrust of building a cash-lite economy,” LandBbank President and CEO Lynette V. Ortiz was quoted in the statement as saying. “Beyond the convenience of free fund transfers, customers can also use Landbank’s digital platforms for bills payment, cardless withdrawal, and opening of additional deposit account.”

Investor demand prods early bond offer ending By Cai U. Ordinario

@caiordinario

TRONG demand from retail and institutional investors has prompted BDO Unibank Inc. to close the offer period for its second Asean Sustainability Bond issue ahead of schedule. In a statement on Wednesday, BDO said they closed the offer period a week before the original schedule of January 22, 2024. The peso-denominated FixedRate Sustainability Bonds have a minimum aggregate issue size of P5 billion. The first peso-denominated Sustainability Bond was worth P52.7 Billion issued in January 2022. “The offer was backed by strong demand from both retail and insti-

tutional investors, hence the decision to close the offer period a week earlier than the original schedule of January 22, 2024,” BDO said. BDO said the net proceeds of the issuance are intended to diversify the Bank’s funding sources, and finance and/or refinance eligible assets as defined in the Bank’s Sustainable Finance Framework. The Peso-denominated Sustainability bonds bear a coupon rate of 6.025 percent and are due in 1.5 years. Standard Chartered Bank was the issue’s Sole Arranger, while BDO Unibank, Inc. and Standard Chartered Bank were the Selling Agents and BDO Capital & Investment Corp. was the Financial Advisor.

US proposes new rule to slash banks’ overdraft fee income in crack down

HE US government unveiled a long-awaited regulation that could slash the biggest banks’ overdraft fee income by as much as $3.5 billion each year. Under the new rule proposed by the Consumer Financial Protection Bureau in conjunction with the White House, banks would only be able to charge overdrawn customers what it costs for them to break even for covering an overdraft— or abide by a specific cap set by the agen-

cy. That would effectively eliminate the average $35 charge customers currently pay for overdrawing their bank accounts. The agency is considering caps of $3, $6, $7 or $14, according to the proposal released Wednesday. The new rule would apply to firms with more than $10 billion assets, meaning about 175 of the country’s largest banks and credit unions would have to comply, according to the CFPB. While the regulation wouldn’t ban

overdraft fees outright, it would regulate how banks can levy them. Banks would still be able to charge customers who overdraft to recoup their costs, but wouldn’t be able to make steep profits on the service. Instead, they would have to charge a so-called “breakeven standard” that would equal the bank or credit union’s cost to write off an overdraft. Along with fee limits, the CFPB is considering subjecting overdraft pro-

grams to enhanced standards required by the Truth in Lending Act. The Federal Reserve, which oversaw overdraft programs until the CFPB’s creation in the 2010 Dodd-Frank Act, exempted overdrafts from the federal financial disclosure law in 1968 — a discrepancy that has earned large financial institutions billions of dollars in revenue, according to the CFPB. “Today, we are proposing rules to close a longstanding loophole that al-

lowed many large banks to transform overdraft into a massive junk fee harvesting machine,” CFPB Director Rohit Chopra said in the statement. Under the proposal, banks and credit unions above that $10 billion threshold would have to disclose the interest rate of overdraft loans and determine a person’s ability to repay an overdraft loan. For many average American consumers, overdraft fees aren’t consequential to their overall financial health, but for

others, they can be disastrous. The charges have come under persistent scrutiny, prompting some banks such as Capital One Financial Corp. and Citigroup Inc. to do away with them altogether, while others have lowered their fees. Even so, banks still collect around $9 billion per year in the charges, according to the CFPB. The agency estimates that policy changes among the largest banks have already saved consumers around $3.5 billion per year.

Health&Fitness BusinessMirror

B4 Thursday, January 18, 2024

Filling in the gaps in viral hepatitis care with the ‘StITCH’ Project By Rory Visco

Contributor

OT many people are aware that the Hepatitis B virus (HBV) and Hepatitis C virus (HCV) are global health concerns that can result in liver cirrhosis and hepatocellular carcinoma (HCC). Around the world, HBV accounts for about 44 percent of all HCC or liver cancer cases, while HCV is at about 21 percent. In an online health forum organized by the Committee on Media Communications of the Philippine College of Physicians titled “ The StITCH Project: Piloting the Model of Care for Viral Hepatitis,” Dr. Janus Ong, Associate Professor at the UP College of Medicine and Project Leader of the Strengthening Integrated Treatment and Care for Hepatitis (StITCH) initiative in the Philippines, said that there is a high burden of hepatitis in the country. He said that based on modeling studies, about one in every 10 Filipinos nationwide, or around 10 million Filipinos have HBV while 439,000 contracted HCV. In 2020, he added, at least one in 20 liver-related deaths were due to viral hepatitis.

Grim scenario for hepatitis DR. Ong pointed out that if current global efforts related to hepatitis were to continue, viral hepatitis is expected to kill more people by 2040 compared

to the Human Immunodeficiency Virus (HIV), Tuberculosis and Malaria combined. To address this, Dr. Ong said the World Health Organization (WHO) formulated two global health strategies. One was released in 2016 which he said had ambitious goals, among which is to reduce HBV and HCV infection by around 90 percent, and reduce deaths due to liver cirrhosis and cancer by 65 percent by the year 2030. Under the same timeline, Dr. Ong added that other objectives of the strategy were to have at least 90 percent of people infected with HBV and HCV be diagnosed and 80 percent of those eligible may receive treatment for HBV and be cured of HCV. The latest WHO strategy was released last year and came up with consolidated guidelines that included HIV and Sexually Transmitted Infections (STIs), and emphasized a peoplecentric primary health care approach to the management of viral hepatitis.

“Admittedly, with the number of people estimated to be infected with HBV and HCV, it won’t be possible to eliminate the infections unless everybody is involved,” Dr. Ong pointed out. He admitted, however, that health system challenges still remain and this prevents medical professionals from providing the “right care at the right time, and at the right place.” W hen they conducted interviews related to patient journey mapping, Dr. Ong said the patient felt that his world became smaller after being diagnosed with HBV, plus the fact that he felt the stigma and discrimination, and difficulty in accessing healthcare services. “Even healthcare workers rued that they were unable to provide services to hepatitis patients due to lack of support in terms of making them adept in managing viral hepatitis, or there were problems in commodities in terms of testing and treatment. This, despite the fact that hepatitis is highly preventable and treatable,” he said. As a recommendation, Dr. Ong said that to be able to improve hepatitis diagnosis, care and treatment, there is a need to improve access, utilization and quality, improve participation, health literacy and care seeking behavior, and improved determinants of health. “Therefore, there is a need to invest in the primary health care system through political commitment, policy framework, funding and resources, and community healthcare worker engagement.”

The StITCH Project T h e St re n g t he n i n g I nt e g r at e d

Treatment and Care for Hepatitis (StITCH) project is an initiative UP Manila is working on together with various stakeholders such as the Harvard Medical School, Department of Health (DOH), Central Luzon Center for Health Development of the DOH, the provincial government of Tarlac, and other organizations like the Hepatology Society of the Philippines. He said they will be piloting their model of care in Tarlac, with a simultaneous implementation in Thai Binh province in Vietnam. Dr. Ong said StITCH is a six-phase, four-year project and so far, they have already completed one-and-ahalf years and will be entering the implementation phase this year. They have started engaging with national, regional, and local authorities and stakeholders, from the DOH Central Office and the DOH Central Luzon Regional Office, Tarlac provincial government, and going to the sites where StITCH will be piloted such as in Moncada, Concepcion, and Tarlac City in Tarlac. Based on their baseline assessments, Dr. Ong revealed that awareness of hepatitis is low and stigma is prominent and multi-faceted, while screening should continue to be developed and integrated with counseling, care and treatment. He also noted that patients, once diagnosed, are receptive to care but are wary of issues like availability, affordability, and access that impact continued care. “But among these, family plays a big role in co-constructing the journey by providing logistical, financial and emotional support and advice.”

Nadine Lustre, Janine Gutierrez reveal their beauty secrets, skincare staples By Reine Juvierre S. Alberto

ince Nadine Lustre moved to Siargao, she has been under the sunny skies, surfing the waves, and recently started diving. As she soaked under the harmful sun and saltwater, Nadine said it “really damaged” her skin and added: “When I go to the beach, I’m really burnt after.” Looking at the even brighter side of it, Nadine said, “There are ways to protect yourself” and that is by using skincare products.

Skincare staples For the actress-singer, applying sunscreen, before going outside and even if she’s inside her house, and then moisturizing after a day on the beach helps her skin recover. Nadine said she always brings moisturizer anywhere she goes, especially when she travels abroad where the climate is different. She added it makes a big difference to her skin, making it always look fresh. She also religiously applies sunscreen since even the visible light coming from fluorescent bulbs and blue LED lights can cause skin damage and aging. Adding to the list of Nadine’s skincare staples are toner and micellar water which removes excess makeup and dirt from her face that weren’t removed even after wash-

ing her face. “It’s nice to sleep knowing that your skin is so clean especially if you’re wearing makeup,” she said. She also uses soothing cream and undergoes skin treatments if her skin is severely damaged. Janine Gutierrez, meanwhile, shares her top three skincare essentials: wash gel, eye cream, and same with Nadine, micellar water to double cleanse her face as it removes waterproof mascara and eyeliner.

Beauty secrets She revealed that it was only during the pandemic that she “learned to love the process of applying skincare.” “[For me, it’s] therapeutic and that’s what makes me look forward to applying it,” Janine noted. With this beauty secret, aside from drinking lots of water and doing a workout that she likes, finding a line that works for her skin makes everything easier. Janine shared that her new favorite skincare products are from Bioten’s Hydro-X-Cell collection which gives her skin moisture for up to 72 hours and hydration. Her favorite among the line, she said, is the Bioten Hydro-X-Cell Wash Gel that has natural spirulina, cellular water, hyaluronic acid and phytoceramides.

“This is what I have been using as my facial wash for the past few months. It’s nice [because] it removes all my makeup but at the same time, it doesn’t feel like my skin is dry after. It still feels supple and hydrated,” Janine stated. The actress said that her beauty regimen is just using the right products on her skin. “I think when you’re happy with it, aside from the products working and giving you a glow, there’s also glowing from the inside,” Janine said. For Nadine’s beauty secret, castor oil, which can be bought at drugstores, saved her damaged eyelashes. She recalled the time when she got eyelash extensions and when she took those off, her lashes became short. So, she used castor oil, dipped a spoolie into it and brushed it on her lashes. Nadine, who is also called “President Nadine” because of how she would stand up for herself and clapback on haters, has the current and younger generation looking up to her. Her advice to them is this: “If you have something that you’re uncomfortable with, that you’re insecure about, learn to love it because your insecurities are something that makes you you—that sets you apart from everyone else.” She shared that one of the things she

shop” setup. At the heart of the hospital’s endeavor lies a dedication to providing the highest echelon of care and expertise. From bone and joint care to Pediatric specialties in Neurology, Hematology and Oncology, Cardiology, and beyond, a myriad of specialties converges under one roof. Moreover, CMC’s commitment

extends beyond medical specialties to encompass a holistic approach, catering to the diverse needs of our esteemed clientele. T he Mu lt i - S p e c i a lt y C e nt e r stands as a haven catering to a wide spectrum of healthcare needs. Beyond offering extensive laboratory and diagnostic services, the hospital takes pride in being the preferred

T.I.P. alumni bag BPI-DOST innovation award for developing rehab device

HandMATE prototype

By Rizal Raoul S. Reyes Contributor

echnological Institute of the Philippines (T.I.P.) Quezon City alumni Joanna Keith Ildefonso, Orwell Orit, Liezl Lalaine Patrimonio, and Keanu Readova started it as a thesis project as part of their electronics engineering (ECE) course. Interestingly, the graduates turned the award-winning project into a promising rehabilitation device that seeks to aid recovering stroke patients. Their project is called “HandMATE,” and it recently won the “Best Project of the Year” at the 2023 BPIDOST Innovation Awards. In collaboration with their adviser ECE faculty member John Joel Martinez, the team collectively known as “RAD Tech,” came up with a glovelike device made of light materials that makes use of a network of costeffective internet-based technologies to facilitate the therapy of patients. “The HandMATE has been specifically designed to address the extended healing period associated with hand rehabilitation, a process influenced by limited blood circulation,” the team wrote in the abstract of their study. “By leveraging neuroplasticity, it aims to reestablish connections be-

tween nerve cells, restore lost motor skills, and meticulously monitor the healing process, thereby contributing to an enhanced quality of life for poststroke patients,” they added. According to the National Library of Medicine, neuroplasticity refers to the ability of our nervous system to change its activity in response to intrinsic or extrinsic stimuli by reorganizing its structure, functions, or connections after a stroke or other types of traumatic brain injuries. Martinez said his students worked on the “HandMATE” project for one and a half years. They also tested the prototype “numerous times with satisfactory results,” which notably became their competitive edge. “This device stands out for its capacity to facilitate both passive and active exercises, prioritizing rehabilitation, integrating IoT [internet of things]-based control and data retention functionalities, and providing an affordable solution,” team RAD Tech noted. The team recently accepted their award in a ceremony organized by the Bank of the Philippine Islands (BPI) Foundation and the Department of Science and Technology (DOST) Science Education Institute held in Makati City.

MakatiMed’s exec receives THOMAS Award for Leadership in Public Health

Janine Gutierrez (left) and Nadine Lustre at Bioten’s Hydro-X-Cell collection launch

is insecure about before was her face, specifically her wide cheeks, which has always been a struggle for her because she’s on the television. “Eventually, I’ve grown out of my insecurities. I’ve worked on it,” she added. Regarding other people’s insecurities, she said, “There are things you can do to work on it. It all just depends on how you handle it. At the end of the day, you’re you. Those insecurities are what made you. So it’s okay.” This year, aside from upcoming work projects, she’s working on her mental health and relationships. “I guess it really shows when you’re in a good place and the thing is, to achieve that, there’s really a lot of work that needs to be done,” Nadine said.

Capitol Medical Center offers easy access to quality healthcare

et’s kick off 2024 by immersing yourself in a cutting-edge landscape of comprehensive diagnostic services being offered by Capitol Medical Center’s MultiSpecialty Clinic The hospital’s state-of-the-art facility stands as a beacon of comprehensive diagnostic prowess, embodying the essence of a “one-stop

Editor: Anne Ruth Dela Cruz

destination for patients seeking guidance and expertise in critical areas such as internal medicine, obstetrics-gynecology, pediatrics, and surgery. As you step into the facility, you will be embraced by a serene ambience, a haven crafted to imbue comfort and tranquility. Our recently renovated hemodialysis center stands

r. Saturnino P. Javier, Medical Director and Co-Interim President and CEO of Makati Medical Center (MakatiMed), was honored with the THOMAS (Thomasian Outstanding Medical Alumni) Award for Leadership in Public Health and Health-Related Issues. The awarding ceremony took place on January 6, 2024, during the University of Santo Tomas Medical Alumni Association (USTMAA) 84th Grand Alumni Homecoming program. The THOMAS Awards recognize exceptional achievements and contributions of UST alumni in medicine and healthcare. Dr. Javier’s acknowledgment reflects his outstanding leadership and dedication to advancing public health. As the Medical Director and Interim Co-President & CEO of Makati Medical Center, Dr. Javier has played a pivotal role in elevating the standards of healthcare delivery and administration. His efforts in spearheading various initiatives such as providing innovative clinical services and packages, robust clinical research programs, international collaborations, and new training programs aimed at impacting patients served by Maka-

tiMed, further improving their overall well-being. The THOMAS Award for Leadership in Public Health and Health-Related Issues stands as a testament to Dr. Saturnino P. Javier’s exemplary contributions to the medical field. His dedication to advancing healthcare and addressing societal health challenges makes him a beacon of inspiration for future generations of medical professionals.

as a testament to our unwavering commitment. With a nature-inspired treatment area and a team of RENAPaccredited nurses and resident doctors, the clinic endeavors to provide a nurturing environment for patients. There is a dedicated space for O ut-Pat ient Consu lt at ions a nd meticulously scheduled Specialty Clinics. Above, a realm devoted to Child Development, Laboratories, and additional Specialty Clinics awaits, ensuring that every aspect

of your health receives the attention it deserves. CMC’s mission is simple yet powerful. It is to ensure that every individual receives the “Right Care, Right Here.” For more information towards a personalized healthcare excellence, connect with us through our hotline at (02)8372-3825 or 53185100. Our dedicated Care Concierge team is also available at 0919-0691891 to 92.

MakatiMed Medical Director and Co-Interim President and CEO Saturnino P. Javier, MD with his THOMAS Award for Leadership in Public Health and Health-Related Issues

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Editor: Gerard S. Ramos • Thursday, January 18, 2024

Let’s do a digital declutter

N 6 tips for self-trust this new year TRUST is the foundation of any relationship, especially with yourself. Start the new year right by rebuilding it. Boost your self-confidence, improve decision-making skills, reduce stress levels, and have more control of your circumstances to achieve resolutions. “There is no one more important to trust than yourself,” stated Erica Cirino, science writer, author, artist and researcher, whose stories explore the intersections and connection of humans and nature. “It is one of the most helpful things you can do for you in your life,” she added. Cirino, who is also the communications manager of the Plastic Pollution Coalition, explained that one can lose this trust after a mistake, or when faced with harsh or constant judgment from other people. “It can feel more difficult to make decisions when you cannot trust yourself because you fear you will make the wrong choice. Or you might be more prone to criticizing your own decisions after you make them,” she explained. The author of Thicker Than Water: The Quest for Solutions to the Plastic Crisis, however, stressed that with some effort, one can still build it up over time. “This can make life feel a little easier and much more enjoyable,” she assured. Echoing Cirino of the Benilde Well-Being Center (BWC) of the De La Salle-College of Saint Benilde (DLS-CSB) shared her reminders posted on the digital wellness platform Healthline, which were medically reviewed by Dr. Timothy Legg, a licensed psychologist and board-certified geriatric and psychiatric mental health nurse practitioner. Here are the tips: 1. Be yourself. When you start to feel insecure around others, remind yourself that it is okay to be yourself. Practice around the people you feel most comfortable with. These may be your friends and family. 2. Be kind to yourself. Love yourself unconditionally. Get rid of negative thoughts and self-criticism. Keep a close eye on your inner voice. Track how it reacts to your actions. 3. Spend time with yourself. Allow time for one-on-one with yourself. Look inward. Meditate in a quiet place for 5 to 15 minutes each day. Pay close attention to your breathing and listen to your body. As any thoughts or self-criticisms arise, acknowledge them. Then, let go. 4. Set reasonable goals. Plot several small and more realistic goals. These will put you in the right direction toward your big aspiration. It will help you gain confidence as you complete accomplishments along the way. 5. Focus on your strengths. Accept both your strengths and weaknesses. Spend more time doing the things you are good at. If you are not sure, ask those closest to you. Build your trust knowing you will excel. 6. Be decisive. Stop questioning your decisions and actions. Stick with your choices. If it turns out not to be the best, do not beat yourself up over it. You can learn from your mistakes. Believe that you will do better next time. Move on. Have faith in yourself and your decision-making skills.

EW Year is always a time for resolutions. For me, it is always a time to find another way to simplify my life. Cybersecurity company Kaspersky suggests adding another practical and smart resolution to your 2024 list: protect your precious data by clearing your digital clutter. Digital clutter is a by-product of the digital age. This happens when users of devices create digital documents and files at an unstoppable rate as it is now. Users install way more apps than they use, rarely update them and usually don’t adjust the security/privacy settings of these apps properly. In this situation, users don’t worry about storage limits and become lethargic about reviewing these files and updating the apps. This means that the digital junk sits on the devices or in the cloud forever. These all amount to what we call digital clutter. 2023 saw at least three major cyber incidents in the Philippines that caused fear, anger and frustration among Filipinos. From ransomware attacks to data leaks that compromised massive public data and personal financial information, these threatened not just the government and businesses but especially ordinary people who didn’t think they would be affected until it happened. “When it comes to cybersecurity, education is the most powerful form of defense. The more we educate and prepare ourselves, the more likely that we can minimize the risks to our personal data and money,” said Yeo Siang Tiong, general manager for Southeast Asia at Kaspersky. Kaspersky suggests doing one or more of these tips to become safe digitally this new year: 1. Kiss passwords goodbye. We saw one major improvement in network security in 2022: giants Apple, Google and Microsoft simultaneously introduced passwordless sign-ins. Instead of a password, your device stores a unique cryptographic key for each site. There’s no need to type it in and it’s extremely difficult to steal. It’s also convenient because you no longer need to think up a password, memorize it and later enter it. Chrome, Edge and Safari support the technology on both desktop and mobile platforms.

2. Go disposable. Information leakage remains one of the biggest digital risks for all of us. User data gets stolen from ISPs, insurance companies, delivery services, social networks and even school databases. The stolen data is then used to perpetrate various scams. Unfortunately, there’s little we users can do to prevent leaks. We recommend giving minimal information to non-critical services (primarily online stores and commercial digital services) by not specifying your last name or social media accounts, and generally skipping optional fields. And use disposable e-mail addresses and phone numbers as your contact information. Numerous services provide temporary phone numbers for receiving confirmation texts, as well as one-time email addresses — just google “disposable phone number/e-mail address.” Some paid services of this kind even offer disposable credit card numbers, which makes online shopping even safer. 3. Get away from toxic social media. Year after year, we encounter way too many negative events, plus the waves of hate on social media continue to reach new heights. If social media gave you the jitters in 2023, this year, it’s time to part company for good. That said, some prefer not to quit, but to migrate, for example, to Telegram or Mastodon. 4. Stop doom scrolling. Social networks and news sites can consume hours of our time and lots of nervous energy. To avoid endless checking of news

and posts, set a time limit on your phone for social networks and news apps. Start with an hour a day, and try to stick to it. Many vendors offer this feature: Apple’s name for it is Screen Time, Google’s is Digital Wellbeing, and Huawei’s is Digital Balance. And if your children are spending too much time on social networks, Kaspersky Safe Kids can help. YouTube also has such a feature, called Take a Break. 5. Keep private and work lives separate. Separating work and private life is good for many reasons. It helps both physical and mental health since work doesn’t interfere with family-and-friends time, and domestic matters don’t distract you during work hours. And your employer gets improved cybersecurity because you don’t mix personal and work information, apps, and so on. Ideally, the separation should be physical, which means different phones and computers for work and private life. 6. Observe cyber hygiene. Use security software on all computers and phones. For each site that still requires a password, make it unique. Regularly update all apps and the operating system. These tips are nothing new, yet millions of people continue to ignore them, some out of ignorance, others out of laziness. You can avoid all the hassle by entrusting the whole routine to a comprehensive solution like Kaspersky Premium. Discover more about Kaspersky Premium’s security features for the entire family at www.kasperskyph.com. n

Four hacks to lift up your mood on busy days THERE are days when everything at school or work goes as planned, and then there are those when the stress keeps you from being productive. These are the times many dread the most because it disrupts one from being in the zone. To help you get through these days, try out these simple hacks that can help lift your mood up even on your busiest day. n Call a friend. Sometimes, a friend’s listening ear and empathic voice are the balms you need to get through your day. Lean on your support group and don’t hesitate to ask for help. n Watch cute animal videos. Have you ever watched videos of tiny animals being all cute and silly on your feed? These videos might just melt your heart and make you feel warm and fuzzy inside. Turns out, studies prove that watching these videos

helps reduce anxiety levels by up to 50 percent. n Schedule something fun after work hours. Try this no-fail

hack on your worst work days. Rally your friends and have an after-work karaoke sesh, game night, dinner, or gig night. Having something to look

forward to after the day’s battles can really help manage your stress. n Have a snack break. Snack breaks are the perfect excuse to escape your desk, huddle with your teammates, and vent your stress away. You also get to recharge with delicious snacks, and who doesn’t like that? Speaking of snacks that help you recharge, have you tasted Kropek ni Mang Juan in Spicy Fried Pusit flavor? It offers a “kakaibang” snacking experience with its light and “crispy sarap” texture, and a “saktong anghang at alat” flavor of fried squid. It’s a oneof-a-kind snack that can satisfy your tastebuds. Kropek ni Mang Juan in Spicy Fried Pusit flavor from a convenience store near your office and share it with your colleagues. Mang Juan is a snack brand from Universal Robina Corp. (URC, www.urc.com.ph), maker of well-loved Filipino snack and beverage products.

NEW YEAR, NEW FAVORITES WITH DELUXE ‘UBE’ COLLECTION AS we enter the New Year, a good cup of coffee that can make you feel festive and optimistic for your new life chapter is definitely something to be savored. And this is what awaits coffee lovers as Seattle’s Best Coffee introduces the newest Ube Deluxe Collection featuring four ube-filled beverages that everyone can enjoy. Ube and coffee lovers alike can enjoy their favorites with a special twist from the newest collection – first off with the new Hot Ube Coco. This drink is a combination of ube jam, milk and coconut water that’ll make you feel warm and delighted in every sip. Up for something refreshing? There’s also the new Iced Ube Coco which is an over-ice drink made with ube jam, milk, coconut water and ice to help you

feel cool and energized as you start your new day. Next up is the Ube Affogato—a treat like no other combining the rich-flavored coffee and enticingly delicious ice cream. This one-of-a-kind drink lets you taste the best of both worlds. This decadent flavor is a luscious coffee-based drink with a blend of ube ice cream, milk and espresso topped with whipped cream. And if you’re looking for a next-level indulgence, there’s the new Ube Cream Cheese Milkshake to excite your usual go-to beverage. These new offerings are available in Seattle’s Best Coffee branches nationwide, available to order for dine-in, take-out, pick-up, and delivery through GrabFood, foodpanda, and Facebook Messenger.

Thursday, January 18, 2024

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PHILIPPINE OVERLAND EXPEDITION:

SO DRIVE THE BRAVE

CCORDING to an article titled “So Fight the Brave” which appeared in the Sunday Times Magazine on March 3, 1946, writer TD Agcaoili narrates that when General Guillermo Nakar was detained at Fort Santiago, he regularly used the thumbs up gesture to signal that “everything was okay, keep your chin up, and keep on fighting” thus uplifting the spirit of the inmates. General Nakar, Quezon is home not only to some of the most challenging terrains in the country; its unpredictable weather can render the jungle trail unpassable in a blink of an eye. An adventure through the jungles of General Nakar definitely isn’t one for the weak-hearted but for the resilient and brave, off-roaders and adventurers who will never give up until they cross the finish line. Now on its 2nd year, the Philippine Overland Expedition (PHL-OX) 2024 is guaranteed to take extreme 4x4 racing and overlanding to the next level, with the introduction of more challenging obstacles, the inclusion of international-spec 4x4 rigs, and the opportunity for non-competitors to experience General Nakar like never before. PHL-OX 2024 is truly an adventure for the brave. Happening from February 19 to 25, 2024 in General Nakar, Quezon, and Dingalan, Aurora, the Petron Philippine Overland Expedition will not only include technical multi-stage segments designed to challenge each competitors’ driving and survival skills but will also include an expedition that

will give camper participants the chance to traverse the very same jungle trail that the competition convoy will take to Dingalan, Aurora. Participants may opt to join the Team Competition as a group comprised of three rigs with six competitors. But unlike in the maiden edition where competitor teams were required to use production vehicles with slight modifications, competitors can now include prototype and modified rigs provided a team has a minimum of one production vehicle and a maximum of one prototype vehicle. Prototype rigs are heavily modified race rigs built to compete in highly technical 4x4 competitions. There are no restrictions in terms of the engine type and body structure for these types of vehicles, provided they adhere to the safety guidelines of the competition. Windshield, firewall, and functioning electrical systems are musts. Modified rigs on the other hand are production units that have been customized in terms of body size and engine type while retaining the production look of the vehicle. With regards to the Prototype and Modified category vehicles, special emphasis will be given to driver safety in addition to vehicle set up and capabilities, with rig specifications used in international 4x4 competitions to be followed. For the Team Competition, similar to 2022, participating vehicles must have full recovery and river crossing capacity; hence winch and snorkels are required. Each team must also be self-reliant, bringing with

them provisions such as food, water, power source, as well as critical vehicle spare parts and supplies. For PHL-OX 2024, the event will officially flag off from the General Nakar Municipal Hall in Quezon province, with each competitor team tasked to complete multiple timed stages (TS), enroute to the final challenge in Dingalan, Aurora. Timed stages are man-made and natural tracks designed to test each competitor’s off-road driving, navigation, and recovery skills. The team with the fastest time to complete each TS will receive maximum points. Penalty points will be deducted should a competitor fail to adhere to certain safety guidelines such as not wearing of seatbelt while the vehicle is in motion, and not using gloves when winching. Similar to PHL-OX 2022, there will be a prize pot of P1 million with the champion team taking home P500,000. The 2nd and 3rd placers will receive P200,000 and P100,000 respectively. Special Awards will also be given to select Competitor Teams and individual competitors for performance-related achievements during the competition. For camper participants of the PH OVERLAND EXPO, which takes place from February 21 to 25, they have the option to elevate their PHLOX experience by joining as a full-time camper / spectator, tagging along the competition convoy from Campsite 1 in Masanga Point all the way to Campsite 2 in Dingalan, Aurora. Full-time campers may opt to take NLEX to Dingalan, or via Machine Gun Hill trail to Umiray, General Nakar, the same route that will be taken by competitor teams. Those who wish to join the competition convoy will be required to submit their vehicle for inspection on February 20. Campers also have the option to join the event as camper/spectator in either the Masanga Point or Dingalan campsite only. PHL-OX 2024 is co-organized by Mototesto Overland Equipment Philippines and All Traction Performance and is made possible with the support of Petron Corporation, Motolite, ARB 4x4 Philippines, Bushranger and Second Air. Be part of this epic adventure! Visit www. mototesto.com to register. At the end of the day, fortune favors the bold and the brave!

TCL wins big for 115-inch TV, other innovative products across categories at CES 2024

CL Electronics, a leading consumer electronics brand and the world’s top two TV brand, recently announced that a number of its products and technical solutions, including the 115-inch QM891G QD-Mini LED TV, smartphones and tablets with TCL’s new NXTPAPER 3.0 display technology, RayNeo X2 Lite AR Glasses and TCL Q Class soundbars have been honored with recognitions from authoritative media and organizations. This year, TCL made a spark at CES with a leading portfolio of innovative technologies across multiple categories. Taking center stage, TCL won six accolades at the 2023-2024 Global Top Brands Awards Ceremony (GTB) organized by Asia Digital Group and European Digital Group, with support from International Data Corporation and TWICE. This event was characterized by professionalism and credibility in the global consumer electronics industry. Bill Jiang, Vice President of TCL Indus-

tries and General Manager of Global Marketing Center, attended the ceremony and accepted the awards on behalf of the company. Notably, TCL’s 115-inch QM891G, the world’s largest QD-Mini LED TV, received the “Innovative Display Technology Gold Award of the Year” from GTB for the breakthrough in display technology that it represents. The latest tablet TCL NXTPAPER 14 Pro and RayNeo X2 Lite AR Glasses, both part of one of the industry’s first smart connected mobile devices entertainment solutions by TCL, also took home the “Eye Protection Display Technology Innovation Award” and “AR Glasses Innovation Award of the Year” respectively. In addition, TCL was recognized by GTB as “2023-2024 Global CE Brands Top 10”, “20232024 Global TV Brands Top 10” and “2023-2024 Global CE Brands Top 50” for its commitment to “Inspire Greatness” through an extensive line-up

of innovative products. Aside from the recognitions from GTB, the TCL 40 NXTPAPER smartphone was also honored with a CES 2024 Innovation Award in the “Mobile Devices, Accessories & Apps” category. As the world’s first and one of the smartphones optimized for human eyes, TCL 40 NXTPAPER is recognized for bringing a revolutionary fullcolor, paper-like comfort visual experience to smartphones. Moreover, many of TCL’s innovative technologies and smart products across categories that were unveiled at CES 2024 received “Best of CES 2024” awards from international media. In total, TCL was honored with over 34 recognitions from authoritative technology media, including Digital Trends, Android Authority, and more. Boasting best-in-class quality and outstanding innovation in its comprehensive product portfolio, the company has also been recognized by various authoritative organizations. Its pioneering X955 and C755 TV Series were the first in the world to be certified by TÜV Rheinland for their Realistic Visual Experience. The 27R83U/34R83Q Professional Monitor Series received Pantone Validated recognition at CES 2024, which is based on the Pantone Matching System (PMS), the only validation with the real-world color testing over 2,000 colors. Over the years, TCL Electronics has been on a consistent journey of growth and transformation into a globally leading intelligent technology company. With several R&D centers worldwide and strong support from thousands of industry partners worldwide, TCL Electronics is leveraging this global synergy to continuously expand its product portfolio, create further breakthroughs in innovation and empower users to pursue greatness.

AVE REGINA PACIS The Antipolo Cathedral will be declared the International Shrine of Our Lady of Peace and Good Voyage on January 26, 2024. The celebration and Holy Sacrifice of the Mass will be led by Most Reverend Charles John Brown, D.D., Apostolic Nuncio to the Philippines together with the Most Reverend Archbishops and Bishops of the Philippines.

Asia’s biggest dog show happening at the Big Dome

HE Smart Araneta Coliseum is set to host one of the most anticipated canine events in the country as the Philippine Circuit Show 2024, the biggest dog show in Asia, takes place at the Big Dome until January 21, 2024 The event, which is organized by the Philippine Canine Club, Inc. (PCCI), will showcase a wide array of competitions and activities that dog lovers from here and abroad will surely appreciate. The show opened on January 17 with the 2nd PCCI-FCI International Grooming Competition, where local and international dog groomers competed for prestigious titles and showcased their exceptional skills. Noteworthy is the Mondioring demonstration featured the Philippine Team that recently participated in the FCI Mondioring World Championship in Mafra, Portugal. The excitement will continue at the Big Dome with the much-anticipated Agility Competition. Highly trained dogs will navigate challenging obstacle courses with precision and speed, delivering a thrilling spectacle for the audience. Adding a playful touch to the event, a fun match featuring the Philippine Forest Dog will unfold. The highlight of the event, the Conformation Shows is expected to take place during the remainder of the Philippine Circuit Show 2024. Exhibitors from around the

world will converge at the storied Smart Araneta Coliseum to present the finest and most excellent canine specimens, competing for esteemed titles and recognition. An international panel of judges, chosen from diverse backgrounds, will preside over the competition, ensuring a fair and comprehensive evaluation of the participants. “We are thrilled to once again be the venue of the Philippine Circuit Show. From the very beginning, we have been working hand-in-hand with the PCCI to stage this wonderful event that celebrates man’s best friend. We would like to invite all pet lovers out there to join us for the latest iteration of the Philippine Circuit Show and see the immense talent and beauty of our four-legged friends,” Irene L. Jose, COO, Uniprom said. The Philippine Circuit Show 2024 allows dog lovers, enthusiasts, and professionals to come together and appreciate the elegance, skill, and variety of dogs from various parts of the world. To learn more about this event, visit www.pcci.org.ph or email philippinecircuitdogshow@gmail.com. For more information about Smart Araneta Coliseum and all upcoming events at the Big Dome, please visit https://smartaranetacoliseum.com/. You may also like and follow them on Facebook, Instagram, X (Twitter), and TikTok.

IAN G., BIGO Live Philippines Country Manager with Jovie Conception, PRIME Agency Co-founder

Glam, Glitz, and Streaming Hits: The BIGO Awards Gala

HE Philippines’ number one live-streaming platform, BIGO Live, started the year on a high note as it reveled in the success of being a trailblazer in the country with their signature Bigo Awards Annual Gala held last January 11, 2024, at The Manila Hotel. The event was dedicated to honoring the platform’s extraordinary live streamers and their commitment to excellence in the digital space. BIGO Live Philippines anticipates an exhilarating year ahead, building on the success of 2023. During this remarkable period, they expanded their user base and ventured into the digital realm supported by captivating offline events like BIGO Nights, their Mid-year Gala, and the SLAY Model search in collaboration with MAC Cosmetics. “Our mission is to forge unbreakable connections and pave the way for host opportunities. We recognize that our hosts and content creators are not just contributors but the backbone of our enduring success. It’s a commitment to empowerment, a promise to amplify voices, and a dedication to a future where every creator’s potential knows no bounds,” said Ian G., BIGO Live Philippines Country Manager. In recognition of their extraordinary hosts who have made an impact in their respective communities, BIGO championed 22 awards throughout the night including the GALA Top 1 Agency, awarded to PRIME Agency, for their strategic impact in shaping the landscape of live streaming content on the platform. “We are not just an agency, we are a family. That’s what we want to communicate to all. We treat our supporters as family, and since we are global, we make it a point to meet with our global Filipino audience when they come home. We create activities to interact with them so that they feel that “This agency is a part of their lives, not just on BIGO but in real life,” said Jovie Concepcion, Co-founder of PRIME Agency. “Most of our viewers are mostly Overseas Filipino Workers, so we’d like to have more in-person activities where they are more involved, and we’re gearing our content to cater to this global Filipino audience so

that they can go on BIGO and feel like they’re home” Conception added. Parading in Old Hollywood Glam, live streamers across all categories and niches—from fashion and lifestyle to sports graced the evening alongside singer and host Zendee Tenerefe and social media star Kim Baranda. Streamed live on the app itself, the Awards Gala garnered over 180,000 views. Twenty-one other awards were given including Powerhouse Agency Of The Year, Most Popular New Host of the Year, Most Popular Livehouse Star of the Year, and Super Giver of the Year. Jannine Cartagena (Bigo ID: Ninjajannine) received the most number of awards for the night with a total of 5 awards. These are the PK Star, Rangking Star, Best DIYOnline Event Family, PK Guinness Record Breaker of the Year, and Top 1 Family, which she received on behalf of The Daniels. “I am overwhelmed by the love and support, but this award just proves that passion and perseverance can bring you far. I used to just stream with scotch tape. I’d buy a roll every day. Since I didn’t have a ring light, I’d use a fluorescent bulb, even if it was too hot on my skin. It was all raw determination, but thanks to the incredible community that BIGO Live has cultivated, I get to be where I am today,” said Cartagena. Beyond the glitz of the BIGO Awards Gala, the brand’s commitment extends to providing creators with exciting prospects for growth and success. BIGO strengthens its creator monetization policies and amplifies fame exposure for up-and-coming content creators. As BIGO embarks on the journey through 2024, it reaffirms its commitment to shaping the future of live streaming, setting the stage for excellent hosts and empowered online communities. Share the experience and show your support to the content creators who have been the heartbeat of the community by downloading and voting on the BIGO app available on Google Play and App Store. Stay tuned through BIGO’s website and their social media channels Facebook and Instagram for more news and updates.

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Thursday, January 18, 2024

GERMAN F.M. AT M.O.U. SIGNING The German-Philippine Chamber of Commerce SIX DECADES OF COOPERATION

Representatives from the European Union Delegation member-states and the Department of Foreign Affairs led the launch of the 60 years of diplomatic ties logo at the SM Mall of Asia globe in Pasay City on January 12: Deputy Head of Mission Dalibor Mička of the Czech Republic (from left), Foreign Affairs Assistant Secretary Ma. Elena Algabre, Ambassador Marie Fontanel of France, Ambassador William Carlos of Ireland, Ambassador Luc Véron of the EU, Ambassador Dr. Andreas Pfaffernoschke of Germany, Foreign Affairs Undersecretary Ma. Theresa Lazaro, Ambassador Juha Pyykkö of Finland, SM Supermalls president Steven Tan, Ambassador Michel Parys of Belgium, Ambassador Titanilla Toth of Hungary, Ambassador Răduţa Dana Matache of Romania, Ambassador Marielle Geraedts of the Netherlands, and Charges d’Affaires Alvaro Moreno of Spain. FB: EUROPEAN UNION IN PH

LEARNING RESOURCE CENTER UNVEILED The Embassy of Israel in the

Philippines unveiled the Jerusalem Learning Resource Center at Bagong Tanyag Elementary School–Annex A in Taguig City. The project is part of the embassy’s support to the Department of Education’s (DepEd) recent Brigada Eskwela 2023 campaign. Ambassador Ilan Fluss (standing, fourth from right) personally visited the school for the official turnover of the center: “Named after the heart of Israel which is Jerusalem–our capital–this library is a humble donation and an unwavering commitment we share toward nurturing the minds of the future generation. We look forward to participating and contributing to future initiatives and opportunities in the education [sector].” ISRAELI EMBASSY

and Industry Inc. and the Technical Education and Skills Development Authority affirmed their partnership through a memorandum of understanding to bolster their cooperation in technical-vocational education and training or TVET, and to implement a long-term cooperation and implementation of enterprise-based training programs in the Philippines. The event was witnessed by Foreign Minister Annalena Baerbock of the Federal Republic of Germany (first row, right) during her state visit in the Philippines on January 11. The MOU served as the next step in the partnership between Tesda and various German entities in developing TVET programs aimed at making the Philippines a globally competitive labor force, and Germany as an accessible market for foreign workers. The Philippine agency also signed various memoranda of agreement to bolster its cooperation with other German entities in the Philippines such as Siemens Inc. and Festo Inc. The ceremony also affirmed the cooperation of both countries toward skilled labor, migration, and development with the signing of the Joint Declaration of Intent by Baerbock and Officer in Charge Hans Leo J. Cacdac of the Department of Migrant Workers (first row, left). GPCCI

Envoy: US keen on funding A Mindanao Railway Project

Denmark’s embassy on succession to kingdom’s throne: ‘extraordinary, historic’

HE United States has offered to support the stalled Mindanao Railway Project, according to Philippine ambassador Jose Manuel Romualdez. The Philippine envoy said the US has indicated its interest in investing “over a billion dollars” in the infrastructure program, with the financing expected to emanate from the International Development Financial Corporation (DFC). Romualdez first made the announcement in his recent Philippine Star column as part of his yearend report to the US-based Filipino community. “The US has also offered assistance for the Mindanao Railway Project, with financing expected to

come from the [DFC] that invests in infrastructure and development projects to help developing countries create jobs and foster economic growth,” he penned. “The Mindanao Railway Project was supposed to be financed by China but last November, the Philippines decided not to pursue Chinese official development assistance [ODA] [financing for such].” A representative from the DFC will also be part of the highly anticipated presidential trade and investment delegation that will visit the Philippines in March 2024, the

AMBASSADOR Jose Manuel Romualdez PNA

ambassador disclosed. Transportation Secretary Jaime Bautista earlier said the country has dropped China as a source of funding for the project due to lack of progress in negotiations. The Transportation chief also con-

firmed that the government is looking for other sources—a “combination of Philippine government support, ODA, and private-sector support” to bankroll the P81.7-billion Mindanao Railway Project’s Phase 1 Tagum-DavaoDigos Segment. Joyce Ann L. Rocamora/PNA

Australia, UNDP support Davao Oriental resiliency

O strengthen the disaster and climate resilience of its emerging tourism and agribusiness sectors, Davao Oriental’s provincial government entered into a partnership with the United Nations Development Programme (UNDP) under the Australia-supported “Strengthening Institutions and Empowering Localities against Disasters and Climate Change (SHIELD)” program. Gov. Niño Sotero Uy Jr. of the province and Deputy Resident Representative Edwine Carrié of UNDP recently signed the memorandum of understanding (MOU) for SHIELD in Mati City. First Secretary for Development Paul Harrington from the Australian Embassy in the Philippines and SHIELD consortium partners from UN Habitat, Philippine Business for Social Progress (PBSP), and the Consortium of Bangsamoro Civil Society witnessed the landmark signing, together with regional officials of the Department of the Interior and Local Government, and key local government officials of Davao Oriental. As he recognized the timing and relevance of the partnership, Uy noted that “climate change

continues to advance at an unprecedented rate. This MOU serves as our commitment to actively build institutional and community resilience to disasters and climate [instability].” The governor added that “it will [support the updating of our ‘Provincial Physical Development Framework Plan’ and help us prepare for the rollout of the province’s ‘Community-Based Monitoring System’] …making our communities safer and more empowered in the face of extreme events.” Representing the Australian Embassy, Harrington said that: “Through our flagship resilience initiative SHIELD, we aim to further strengthen local-government capacities by working closely with provincial and municipal governments toward a safer and more resilient Davao Oriental.” Tourism is booming in Davao Oriental and is a major economic driver—because of its pristine forests, beaches, waterfalls, and historical sites. However, the constant threat of disasters and climate change looms over the province due to its geospatial features. It is situated along the eastern seaboard of the country,

and portions are located along the Philippine Fault system. The province has experienced destructive earthquakes and typhoons in the past, such as Typhoon Pablo (international name: Bopha) in 2012, which claimed hundreds of lives and displaced thousands of families. SHIELD will complement the province’s existing disasterrisk reduction and management efforts, as well as in climate change adaptation and mitigation. Carrié said: “This is an exciting partnership opportunity for the SHIELD consortium, as we plan to help Davao Oriental contextualize their appreciation of [DRM], but we can also learn a lot from [its experiences].” With the help of consortium partners PBSP, National Resilience Council, Consortium of Bangsamoro Civil Society, and UN-Habitat, the multistakeholder partnership under SHIELD will also support the joint development of evidencebased actions to build resilience. These actions are seen to dovetail with the governor’s priority agenda of ensuring food security, economic growth, and the health and wellbeing of his constituents amid increasingly complex risks.

A re a s of s up p or t u nde r SHIELD include risk-based land use and development planning, budgeting, and investment programming, the development of bankable proposals to access national and global financing pools for climate and disaster-risk reduction initiatives, conduct of value chain analysis, as well as the forging of multistakeholder partnerships with regional and national counterparts to enhance resilience building. Speaking further on the linkage, the UNDP official is hopeful “that the support for Davao Oriental under SHIELD will create wider ripples of appreciation on [making building resilience matter]. Consequently, we hope to see it flourish through the commitment of more actors in the province, [as well as] to work together to withstand and prevail against the impacts of disasters and climate change.” The SHIELD Program will strengthen the disaster and climate resilience of 11 provinces and two regions that are most vulnerable to the impacts of disasters and climate change. The MOU with Davao Oriental is the seventh provincial partnership forged under SHIELD.

S Queen Margrethe II abdicated the Kingdom of Denmark’s throne on January 14, the Embassy of Denmark described the event as both an extraordinary and historic event, as it will be the first time in almost 900 years that this has happened in the said country. This gave way to the coronation of its new king, His Majesty Frederik X, as the new head of state. The embassy explained: “In some countries, it is the custom, or at least something that occurs, that the head of state makes room for the next generation by stepping down–abdicating. This is the case in, among other countries, the Netherlands, where four out of six sovereigns since the monarchy was established in 1813, have abdicated. This occurred most recently in 2013, when the thenQueen Beatrix handed over the throne to her eldest son: His Majesty King Willem-Alexander, on Queen’s Day on April 30. Queen Beatrix herself assumed the throne through the abdication of her mother, Queen Juliana, in 1980. Also in Belgium, Luxembourg and Spain, there are examples of the heads of state stepping aside by abdication in recent times.

KING Frederik X FB: EMBASSY OF DENMARK IN THE US

In other countries, including Denmark, Norway and Sweden, there is no tradition of abdicating. The last time a Danish sovereign voluntarily gave up the throne before his death was in 1146, when the king Erik III stepped down to enter a monastery. Even though abdication is not a Danish constitutional practice, the Act on Succession to the Throne of the Kingdom of Denmark presumes that abdication can take place, as it stipulates that the act’s other provisions–which are based on the death of the sovereign–also apply in case the sovereign relinquishes the throne.” The term “abdication” comes from the Latin word abdicare, which means that one relinquishes something. The expression is traditionally used in a situation where a sitting sovereign voluntarily gives up his or her throne or authority.

EU, Save the Children project changes lives of 19,000 disabled individuals

FTER three years of implementation, “Project SCOPE’s” efforts to enhance the lives of more than 19,000 persons with disabilities in Parañaque City, Taguig City, and Municipality of Pateros have paid off. Project SCOPE empowered children with disabilities, their parents, caregivers, organizations of persons with disabilities (OPDs), and other civil society organizations (CSOs) to engage effectively with local governments by expressing their rights and monitoring the use of public resources for their benefit. This linkage, in turn, helped improve policies, programs and services for disabled children. The P33.4-million project was funded jointly by the European Union (EU) and Save the Children. It was co-implemented by the Affiliated Network for Social Accountability—East Asia and the Pacific. During the closing ceremony, the EU and Save the Children Philippines underscored the critical role of organizations of persons with disabilities, groups of children with disabilities, and parents to advocate for their rights and their inclusion in the local governments’ policies and programs. “While Project SCOPE is ending,

the work has just begun for the local government units (LGUs), OPDs and CSOs whose capacities were strengthened to work together to develop and implement laws/policies, programs and services to fulfill the rights of persons with disabilities, especially children, and to allow them to participate in the design of those policies,” said Christoph Wagner, who is the head of cooperation of the EU’s delegation to the Philippines. “We hope to share our lessons in empowering children with disabilities to more partners, so that more [LGUs will recognize the capacities of kids] with disabilities living in an enabling community,” said Atty. Alberto Muyot, who is the CEO of Save the Children Philippines. People with disabilities, particularly children in the three Metro Manila LGUs are now represented in planning and policy-making bodies such as the Local Council for the Protection of Children, Municipal Development Council, and Municipal Disaster Risk Reduction Management Council. As one of the project’s activities, Project SCOPE has also developed a database of people with disabilities to help the LGUs ensure policies and programs are inclusive, while leaving no one behind.

Sports BusinessMirror

Groseclose in harness for Youth Olympic Games in South Korea

B8 | T

hursday, January 18, 2024 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

By Josef Ramos

ANGWON, South Korea— It’s time to taper down for short track speed skater Filipino-American Peter

Groseclose but his mom, Victoria, acknowledged his son’s passionate desire for a strong performance at the Winter Youth Olympic Games that open Friday. “Right before competition, the training is not too intense,” said Victoria Groseclose, who’s originally from Alabang and mom to another winter sports athlete, 22-year-old Jacqueline, a former figure skater. Victoria said her son’s AmericanHungarian coach John-Henry Kruege is keenly focused in honing Groseclose for his competition in the men’s 1,500 meters on Saturday, 1,000 meters on Sunday and 500 meters on Monday. Groseclose set foot at the Youth Olympic Village at the Gangneung

Wonju National University on Thursday and plunged into training with at the Gangneung Ice Arena. The 16-year-old Groseclose arrived in Seoul three days ago and didn’t waste any time to also train at the Mokdong ice rink ahead of the Winter Youth Olympic Games that open Friday. “I’m very honored and grateful to become part of the Winter Youth Olympic Games representing the Philippines,” said Groseclose, whose American dad Timothy is an author and professor. “I think it will be a great experience and I’m very excited.” Groseclose is one of 36 men short track speed skaters with the host South Koreans favored to dominate anew after ruling four events in Innsbruck 2012 and Lausanne 2020. The other Filipino athletes—

freestyle skier Laetaz Amihan Rabe and crosscountry skier Avery Balbanida—are due here this week along with Philippine Olympic Committee president Abraham “Bambol” Tolentino and secretarygeneral Atty. Wharton Chan. Groseclose said he has his eyes on the 2026 Milano Cortina Italy Winter Olympics. “That’s a goal of mine—to represent the Philippines in the 2026 Olympics,” said the 11th grader at Oakton High School in Virginia, USA. Krueger represented the US at the Pyeongchang 2018 Winter Olympics and clinched the men’s short track 1000m event. He then became a naturalized athlete for Hungary and helped his new team to the men’s 2,000m mixed relay in Beijing 2022.

Record 30 seeds survive Aussie Open first round T M

POC constitution adheres to good governance policy

SHORT track speed skater Peter Groseclose (in blue) trains in Gangwon. PHOTO CREDIT: @CHAMPIONICESKATING

Diving, hyperbaric medicine seminar slated in February

IVE enthusiasts and medical professionals alike are invited to participate in a comprehensive two-part seminar on diving and hyperbaric medicine featuring distinguished international resource speakers. The event is scheduled at the Bai Hotel in Mandaue City in Cebu from February 15 to 17, followed by sessions at the Luxent Hotel in Quezon City from February 19 to 21. Each venue will accommodate 150 participants, providing an exclusive learning experience. The seminar is organized by the Dive Committee, composed of the Department of Tourism (DOT), Tourism Infrastructure and Enterprise Zone Authority (TIEZA), the Philippine Commission on Sports Scuba Diving (PCSSD) and the Tourism Promotions Board (TPB). The primary goal is to harmonize all scuba diving programs and activities across the country. Richard “Dick” Clarke, president of the National Baromedical Services Inc. in the US and recipient of the 2023 DAN Lifetime Achievement Awardee, and Dr. Alicia Fleur Turner, a diving and hyperbaric medicine practitioner from Australia, will conduct the three-day sessions covering topics such as Diving Medicine review and update, Hyperbaric Chamber Operational and Safety Aspects and Hyperbaric Oxygen Therapy Review. The seminar is a direct response to the insights gathered during the dive dialogue in Cebu City September last year, addressing the expressed needs of the dive industry. The inaugural Diving and Hyperbaric Medicine seminar took place in 2018, marking this as a significant continuation of knowledge dissemination and skill enhancement. Registration and online payment can be completed through the provided QR code or via direct transfer to TIEZA DBP current account No. 0405-018676-030. For inquiries and details, reach out to divehyperbaricmedicine2024@ tieza.gov.ph.

ELBOURNE, Australia—The extra-day experiment for the first round finished on time on the Australian Open’s two main courts, with Jessica Pegula converting her second match point just before midnight to conclude the program on Tuesday. In a bid to reduce the number of late finishes, organizers extended the Australian Open to 15 days—one more than usual. It started on a Sunday for the first time, and spread the first round over three days. It didn’t prevent Days 1 or 2 going well past midnight. But Elena Rybakina and Carlos Alcaraz advanced in straight sets in night matches on Rod Laver Arena on Day 3, and Pegula finished off the Margaret Court Arena program to make show-court deadline by 10 minutes. Wimbledon champion Alcaraz’s 7-6 (5), 6-1, 6-2 win over 37-year-old Richard Gasquet and Olympic champion Alexander Zverev ’s 4-6, 6-3, 7-6 (3), 6-3 victory over Dominik Koepfer meant a record 30 seeds advanced to the men’s second round. Sumit Nagal prevented it from being 31. He became the first Indian male to beat a seeded player at a Grand Slam event since 1989 with a 6-4, 6-2, 7-6 (5) triumph over No. 31 Alexander Bublik. “The tour has great players, a lot of them that can beat anyone,” Alcaraz said. “So I think it’s really, really open. But, 30 from 32, I think they deserve it.” His opinion on the three-day first-round format? “It’s better for the players...better for everyone,” the 20-year-old Alcaraz said. “For the crowd to have more days to have matches, for the tournament as well.” The fifth-seeded Pegula started her day watching TV coverage of the Buffalo Bills beating the Pittsburgh Steelers, 31-17, in an American Football Conference wild-card playoff. She finished it by beating Canadian qualifier Rebecca Marino 6-2, 6-4, and acknowledged some Buffalo fans in the crowd holding up “Billieve” signs. “I see some Bills fans over there. It was on at 8:30 this morning,” she said in a post-match TV interview. “I’m happy I could finish the day with a win. It was a good day for Buffalo!” The only match still in progress after hers finished just after midnight, with local hope Ajla Tomljanovic recovering

a break in the third set to beat Petra Martic 7-6 (3), 4-6, 6-4 in almost three hours. Top-ranked Iga Swiatek survived an early test in her bid for a fifth major title when she held off 2020 champion Sofia Kenin 7-6 (2), 6-2 in the opener on Rod Laver Arena. Kenin served for the first set at 5-4 but could not close it out. Swiatek rallied to take it in a tiebreaker and then broke serve five games later. “It wasn’t easy to find my rhythm. I felt a little bit off and Sofia did everything to keep it that way, huge respect to her,” Swiatek said. “I managed to get my level up in the second set.” Swiatek faces another exAustralian Open finalist next. Danielle Collins, runner-up here two years ago, beat 2016 champion Angelique Kerber 6-2, 3-6, 6-1. “A tough little bracket that we have!” Collins said. “I was like, ’wow, I get really great draws now. But if you’re trying to win a Grand Slam, you have to beat everyone.” AP

Lifetime Achievement Awards for hoops greats CAIDIC

LIM

WO basketball greats and three champion coaches— all legendary in their own rights—are the latest batch to be feted with a Lifetime Achievement Award in the annual San Miguel Corp.-Philippine Sportswriters Association (SMC-PSA) Awards Night on January 29. Hoop icons Allan Caidic and the late Avelino “Samboy” Lim join basketball’s brilliant minds Dante Silverio, Joe Lipa and Arturo Valenzona in being honored by the

Hello again, Dwight THE first time National Basketball Association (NBA) star Dwight Howard came to Manila was for NBA Madness in 2005. NBA Madness is the NBA’s interactive basketball lifestyle event that is held in malls and regales Pinoy fans with hoops, dance performances, an NBA Cares outreach program and special appearances of NBA players and dance teams. Then still a rookie with the Orlando Magic, Howard was one of those truly outstanding high school basketball players who went straight to the NBA without passing through college. He was however the last of that species that included Kevin Garnett, Kobe Bryant and LeBron James, among others. The NBA changed the age limit in 2005 so all players had to be 19 at draft time. Howard had barely slipped through the door. When he was first here, Howard was a shy, serious and soft-spoken young player. He gave off the impression that he was still very much a home-loving, parentdependent young man as he had his parents Sheryl and

LIPA

SILVERIO

country’s sportswriting fraternity for their immense personal contributions in enriching Philippine basketball. All four awardees, along with Lim’s family—widow Atty. Darlene Berberabe and karate champion daughter Jamie Lim—are expected to add nostalgia in the formal gathering at the grand ballroom of the Diamond Hotel as they recall their heydays while still playing and coaching the game. Their recognition comes on a night the oldest media organization in the Philippines headed by its president,

Dwight Howard Sr. with him. At the NBA party thrown at that time at the trendy and legendary Giraffe Bar in Makati, Howard spoke of his deep faith in God and how much the Bible, church service and peer preaching were a part of his life. His parents were present at the event and they went up the stage as he shared his little piece with the guests. Even then, Howard—later to emerge with a new persona as Superman after the NBA All Star Weekend of 2008—was both touched and impressed by how much he was warmly welcomed and loved in the Philippines. Most visiting NBA players, in fact, are both amazed and incredulous about how much into basketball and the NBA Filipinos are. People at Customs, even baggage handlers at the airport—their first stop in the country—know who they are and are up to date about what they’ve been up to. Eight years later in October 2013, Dwight Howard came back. He did not have his parents with him. He was no longer shy or soft spoken. He projected a strong, assertive, confident persona—a flowering perhaps from his Superman fame at the All-Star in ’08 where he scored perfect “50” scores on both of his first-round dunks. He iconized himself with that image of him rising up to throw down those eyepopping dunks, his Superman cape sailing in the wind. By then, Howard had already journeyed from the

VALENZONA The Philippine Star sports editor Nelson Beltran, salutes Gilas Pilipinas for ending 61 years of waiting by winning the elusive basketball gold in the 19th Asian Games in Hangzhou, China. Gilas Pilipinas will be accorded with the President’s Award during the blue-ribbon event presented by the 24/7 sports app in the country ArenaPlus, and Philippine Sports Commission, Philippine Olympic Committee, Cignal, Milo and PLDT/ Smart as major sponsors, and backed by the Philippine Basketball

RUSSIA’S Mirra Andreeva moves forward to the second round while Spain’s Carlos Alcaraz is enjoying the tournament’s new format. AP

Association, Premier Volleyball League, Rain or Shine and 1-Pacman Partylist Rep. Mikee Romero. Caidic, Lim, Lipa, Valenzona and Silverio all served in national men’s basketball team. Lim and Caidic formed part of Northern Consolidated Cement’s (NCC) glorious basketball program which won the 1985 Jones Cup and 1985 FIBA Asia Championship. Even after NCC disbanded, they continued to represent the country in international tournaments, including the 1986 Seoul Asian Games—the last time the country sent an allamateur team to the continental showcase—and the 1990 Beijing Asiad—the first time the country sent all all-pro team to the games. The two close friends, among the country’s most decorated players of all time, went on to carve colorful careers in the Philippine Basketball Association (PBA).

Orlando Magic (where he played for eight seasons and led the team to the 2009 NBA Finals) to the Los Angeles Lakers to the Houston Rockets. The Rockets, then coached by Kevin McHale, played the Paul George-led Indiana Pacers in the NBA Global Games—the first official NBA game played in Manila in the 2013-14 pre-season. He would journey on to the Atlanta Hawks (2016-17), Charlotte Hornets (2017-18), Washington Wizards (201819), Lakers again (2019-2020) and the Philadelphia 76ers (2020-21). His NBA career became complex and his image with some teams and teammates was not very flattering. His leadership style, on-court conduct and locker room demeanor were criticized.

HE Philippine Olympic Committee (POC) General Assembly unanimously ratified the organization’s amended constitution that was revised in strict compliance with the International Olympic Committee’s (IOC) principles on good governance. It took three years for the POC to finally secure the IOC’s approval of the amendments that bordered on gender equity—at least 30 percent of the Executive Board must be female—to a maximum of three consecutive terms for officials and setting an age limit at 75 years old for POC leaders. “No objection,” said POC president Abraham “Bambol” Tolentino after the extraordinary General Assembly on Tuesday at the East Ocean Palace Restaurant in Parañaque City. “Finally, after three years, the POC constitution is amended.” The approved and ratified amended constitution came 10 months ahead of the POC’s quadrennial elections on the last Friday of November in this Olympic year. All national Olympic committees were tasked to amend their constitution by the IOC through its “Basic Universal Principles of Good Governance Within the Olympic Movement” which were approved during the Olympic Congress in Copenhagen in 2009 and updated in the framework of Recommendation 14 of Olympic Agenda 2020+5-“Strengthen the Olympic Movement Through Good Governance.” The POC constitution amendment committee was chaired by Rep. Richard Gomez with lawyers Al Agra, Marcus Antonio Andaya and Avelino Sumagui as members. The amended constitution adhered to internationallyrecognized standards of corporate governance with all members of the Olympic Movement standards in their respective rules, regulations, policies and operations. The new POC constitution—last amended in 2008—put emphasis on the promotion of women in sports at all levels and in all structures, gender equality on and off the field of play and solidarity and social responsibility. “Athletes’ representation now also has a heavier weight within the POC revolving on their active participation in the decisionmaking processes,” Tolentino said. “The amended constitution also focuses on diversity and inclusion.” Tolentino said that the amended constitution stressed on athletes’ physical and mental health, conflict of interest policy and also heavily on political neutrality and autonomy but with harmonious relations with government authorities and external partners.

He left the NBA in 2022 and he joined the Taoyuan (Taiwan) Beer Leopards in 2023. He is in Manila now as part of the Strong Group Philippine team that will compete in the 33rd Dubai International Basketball Championships at the United Arab Emirates from January 19 to 28. Howard is now the opposite of that soft-spoken, Gospelloving teen-ager who made his first trip out of the US in 2008. He’s a lot more gregarious, heaps more comfortable, goofier and blunter with his speech. Pinoy fans love him just the same, or maybe, even more. He is expressive about his appreciation to Pinoy fans. He has taken selfies with them, signed autographs for them, even teased them with the thought that he might play in the Philippine Basketball Association. When he was first here, there was no social media to make messages swirl around people, places or events. This time, with social media, Superman can feel all the love more intensely than before. That he’s playing for the Philippines makes him all the more special to fans. The addition of NBA stars to the team gives it a strength Strong Group did not have last year. “My team in the Philippines could beat the Pistons. Me, Andray Blatche, Andre Roberson and McKenzie [Moore], lol it’s over,” Howard posted. “Taklesa” he may be, as they say. But he’s refreshingly real.