BusinessMirror January 22, 2024

Has PHL lost 6-yr run as 2nd top banana exporter?

By Jasper Emmanuel Y. Arcalas @jearcalas

T

HE Philippines may have ended its six-year reign as the world’s second largest banana exporter last year as preliminary estimates by the United Nations indicated that the country has been outrivaled by Guatemala amid faltering production.

In its latest preliminary report, the United Nations’ Food and Agriculture Organization (FAO) projected that the Philippines dropped to the third place last year in terms of banana exports as its shipments declined by nearly 3 percent yearon-year to 2.206 million metric tons (MMT). The Philippines exported 2.272 MMT of bananas in 2022.

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With its estimated full-year exports last year, the Philippines was overtaken by Guatemala, which the FAO projected to have exported a total of 2.415 MMT of bananas last year.

It should be noted that the projections made by the FAO were only preliminary, with its full-year export estimates being based on the figures reported by countries as of September 2023. The FAO also made the projections using country responses to its 2023 questionnaire as well as secondary data and information from its desk research.

It may be recalled that in the FAO’s preliminary report last year it projected that Guatemala has already stripped the Philippines of its status as world’s second largest banana ex-

porter in 2022 but was revised in its final report issued in July last year.

(Related story: https://businessmirror .com.ph/2023/01/26/ phl-loses-no-2-spot-for-bananaexporters/) If the FAO’s latest forecast for the global banana market last year materializes, then the Philippines snaps its six-year rule as the world’s second largest banana exporter, a status that it regained in 2017, based on FAO historical data.

Based on FAO’s estimates, Ecuador remained as the world’s top banana exporter last year with a total volume shipment of 6.193 MMT.

Pest, logistics challenges

THE FAO explained that it projected the drop in the Philippines’s

banana exports last year due to the “devastating spread” of Fusarium Wilt Tropical Race 4 disease across plantations.

“The main exporter from the [Asian] region continues to be the Philippines, which supplies some 60 percent of Asian banana shipments on average but has seen production severely affected by the spread of TR4 in the country,” it said.

“According to information released by the Pilipino Banana Growers and Exporters Association in April 2023, approximately 15,000 plantations in the Philippines are affected by TR4, causing grave concern about the prospects for the country’s banana industry in 2023 and beyond,” it added.

BusinessMirror Monday, January 22, 2024 Vol. 19 No. 99

Continued on A4

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CUTS IN RRR, NOT JUST w

n

P25.00 nationwide | 2 sections 18 pages |

RATES, POSSIBLE–BSP

By Cai U. Ordinario

R

@caiordinario

ISING food costs may not stop the Monetary Board, the highest policy making body of the Bangko Sentral ng Pilipinas (BSP), from cutting not just policy rates but the reserve requirements of banks this year.

In a briefing over the weekend, BSP Governor Eli M. Remolona Jr. told reporters that it is possible that the policy rate would ease in the first semester, while a reduction in the RRR is also possible within the year.

“I don’t know [if the policy will ease in the first semester]. It depends on the data, as we always say, but it’s looking good. We like the trend so far. I would say it’s possible but maybe not likely,” Remolona said.

“Within the year, I think [an RRR cut is] very possible.”

Nonetheless, the BSP governor, who had just arrived from the World Economic Forum meeting in Davos, Switzerland, said the Philippines is “not out of the woods” yet; nor do they “see a smoking gun” regarding inflation.

The BSP expects inflation to be around 4 to 4.2 percent this year, which is close but not within the government’s 2 to 4 percent target.

He added that while they expect the supply shocks, particularly in food, to dissipate, there are risks that could drive second-round effects of inflation.

These risks, such as wage and transport fare increases, will have to be evaluated using the data that will come out and will define the actions of the Monetary Board.

See “Cuts,” A2

FEAST OF FAITH Residents of Malibay, Pasay City, representing diverse backgrounds, come together to joyously celebrate the feast of Santo Niño in the streets. Designated as the third Sunday of January, this day holds special significance in the Philippines as it commemorates the Santo Niño (Holy Child Jesus), symbolizing the birth of Catholicism in the country over 500 years ago. NONIE REYES

GROWTH AS PRIORITY MEANS MORE INEQUALITY–ECONOMIST

By Cai U. Ordinario @caiordinario

I

F the government is keen on making the economy more inclusive to allow a greater number of Pinoys to take part in the country’s growth story, it must be willing to temporarily sacrifice fast GDP growth, according to an economist.

In a recent interview, Ateneo de Manila University (ADMU) Depar tment of Economics Chairperson Alvin P. Ang said for this year, the economy could easily grow at 5.5 percent, even

without any major reforms.

But, he said, this steady growth rate is not good in addressing inequality. Ang said structural reforms are needed to ensure that more Filipinos benefit from growth, which could slow GDP growth to around 4 percent.

“Actually, that’s [steady growth of 5.5 percent] problematic because it is an inequalityworsening type of growth. Because only certain sectors are growing,” Ang said.

“For example, agriculture. You have to make a drastic move.

See “Growth,” A2

PHL, EU ‘aligned’ on key issues ahead of FTA talks

A

HEAD of the resumption of formal talks on the free trade agreement between the Philippines and the European Union, Manila said it is seeing “alignment” with EU on environmental protection and social governance, among others.

As Trade Undersecretary Allan B. Gepty expressed hope that the “stock-taking exercise” for the free trade agreement (FTA) between the Philippines and the EU would wrap up the assessments within the first quarter of this year, he told reporters at a recent forum that on the part of the Philippines, “we see a lot of alignments when it comes to policy direction.”

Adhering to what’s contained in

the Philippine Development Plan (PDP) 2023-2028 which is to pursue “forward-looking” FTAs, Gepty said, “we want also to position the Philippines as prime investment destination for environment, social governance-related investments.”

He said this after he explained that the trade agenda of the EU is “very particular” on their sustainable development, environment, climate change, among others.

In December, Gepty said the two parties were able to finish the stock-taking exercise, which he explained was meant to discuss “what would be the elements that we will include in the FTA, what would be our levels of ambitions depending See “PHL,” A2

EXPLAINER »B4

AI TAKES CENTER STAGE AT DAVOS 2024:

GENERATIVE AI, GOVERNANCE, AND FUTURE WORK TRENDS

PESO EXCHANGE RATES n US 55.8280 n JAPAN 0.3768 n UK 70.9406 n HK 7.1384 n CHINA 7.7582 n SINGAPORE 41.5449 n AUSTRALIA 36.6790 n EU 60.7297 n KOREA 0.0417 n SAUDI ARABIA 14.8855 Source: BSP (January 19, 2024)

News

BusinessMirror

A2 Monday, January 22, 2024

Arrivals via cruise ships hit 55K in ’23, signal rebound

By Ma. Stella F. Arnaldo

C

@akosistellaBM Special to the BusinessMirror

RUISE tourism is making a slow but steady rebound in the country, with 32 cruise ships dropping anchor in several destinations in the country last year.

Data provided by the Bureau of Immigration (BI) showed these international cruise ships brought in 55,442 travelers last year. No data on nationalities were available, however. The cruise ship arrivals were more than the 29 cruise ships, carrying 37,374 passengers, that the Department of Tourism (DOT) had projected for the year. In prepandemic 2019, there were 102 cruise ships that visited the Philippines.

This developed as tourism stakeholders groups welcomed the proposed visa waiver for cruise passengers to facilitate their quicker entry to the country, but also batted for an improvement in cruise port facilities and services.

Tourism Congress of the Philippines president Roberto Zozobrado told the BusinessMirror, “Anything that makes it easier for tourists to enter our country is a

good move. We’re eagerly waiting for the Bureau of Immigration to make it easier for more India and China citizens to come over.”

To attract more Chinese, Indian visitors

FOR his part, Philippine Tour Operators Association president Arjun Shroff said, although “it’s exciting to have more cruise ships visiting the Philippines…[it’s] very essential to have the necessary infrastructure in place to ensure smooth operations and well-equipped cruise terminals. Seamless efficient operations in place is a very crucially important factor for handling the influx of visitors and providing them a great experience.”

The BI earlier proposed to offer cruise visa waivers to help attract more cruise ships to the Philippines. BI’s parent unit, the

Department of Justice (DOJ) still has to approve the proposal. (See, “BI pushes ‘cruise visa waiver’ to boost foreign tourist arrivals,” in the BusinessMirror, January 16, 2024.) The Department of Foreign Affairs, which handles consular and visa services, has yet to issue a statement on the proposal.

There are 157 countries whose citizens are already allowed to enter the Philippines visa-free for 30 days. Certain nationalities like Indians, are allowed visa-free entry in the Philippines for 14 days if they have unexpired visas from the United States, the UK, Schengen countries, Japan, and Singapore.

BI spokesperson Dana Sandoval explained the cruise visa waiver “has long been a proposal actually by the technical working group [TWG] on the exploration of visa reforms. This is in line with the DOT’s aggressive tourism campaign, wanting more cruise ships to come to the Philippines. The TWG’s meetings with stakeholders show that one of the concerns is the ease of applying for visas, given that there are only limited Philippine posts abroad. That’s why the TWG wants more available options particularly for cruise tourists for convenience.”

2.9M cruising Chinese

THE TWG is composed of represen-

tatives from the DFA, DOT, DOJ, BI, and the Department of Information and Communications Technology (DICT). Separately, a TWG source said the cruise visa waiver will hopefully attract more Chinese and Indian tourists to visit the Philippines.

A n e lec t ron ic v i s a pl at for m which was intended to encourage more Chinese tourists, then later, Indian travelers, has been suspended by the DFA until further notice. The DOT has been pinning its hopes on the return of the Chinese market to aid in the rebound of tourism arrivals to pre-pandemic levels.

Prior to the pandemic, there were 2.9 million Chinese tourists who traveled aboard cruise ships.

Outside of domestic cruise destinations, the Chinese also boarded cruise ships to the Caribbean, Europe, and Asia (Philippines, Thailand, or Indonesia).

According to Cruise Timetables, there are about 15 ships dropping or raising anchor in Manila alone, carrying close to 28,000 cruise passengers this year beginning in February. Each of these ships will be carrying 458 to 3954 passengers. There will be 68 cruise ships v isiting Mimaropa and Palawan this year, as per separate statements issued by their local tourism officials.

PHL...

Continued from A1

on the areas or sectors that we will negotiate on.”

Gepty noted there had been “many developments already, there were many changes and the issues are also evolving” since the previous negotiations that transpired between the Philippines and the EU starting in 2016.

“The PH-EU FTA negotiations already started in 2016. In fact, we had two rounds of negotiations already, one in 2016 and the other in 2017. And of course the negotiation was suspended. So of course, it’s been a long time. Almost 5 years already,” the Trade official stressed.

After this stock-taking exercise, the objective is for the Philippines’s Trade department to come up with the “convergence” on certain issues, according him. Should there be some challenging issues, Gepty said, “At least we know them at the outset.”

Both sides will have their “respective” assessment, “so basically, of course on our part, in a way we have a glimpse of what EU wants. And also on the part of EU, they have also a glimpse of what Philippines wants,” Gepty told reporters last week.

On EU’s part, Gepty said, partly in Filipino, “There will be discussions on environment, another interest is government procurement, intellectual property. So that would be the direction. We are still at that point of discussion. We have not yet tackled what Manila wants.”

All this is still a prelude to the formal negotiations between the two parties, he pointed out.

Last August, the EU and the Philippines announced their intention to explore the relaunch of the negotiations for an “ambitious, modern, and balanced free trade agreement [FTA]—with sustainability at its core,” according to the EU website.

Trade and Industry Secretary Alfredo E. Pascual earlier told reporters that the formal negotiation of the FTA “could follow suit hopefully by the start of the new calendar year 2024.”

He also earlier noted that the Trade department “will really exert all efforts possible to get it done before the end of the Marcos Jr. administration.” Andrea E. San Juan

www.businessmirror.com.ph

Growth...

Continued from A1

If you don’t do anything, the economy would still grow but agriculture will keep lagging. Behind. And then manufacturing, for one, will keep trailing behind. You’ll become a service economy ka na walang tradable base,” he explained.

Ang said this will make the Philippines even more dependent on imports as well as labor export.

This also means those businesses with large capital will continue to grow but those with less resources, will see their situation worsen.

In order to correct this, Ang said, structural changes would are needed. These changes mean shifting resources and policies from top sources of growth to sectors that have been producing less of the country’s growth.

“You’ll slow down your growth engine, you’ll slow it down.. Because you will distribute it towards the laggards. But the laggards, cannot grow right away. So we may have to sacrifice growth to redistribute, to restructure the economy,” Ang said.

One important step for the government is to revisit the AmBisyon2040. Ang said this is because some of the AmBisyon may have already been achieved.

He said given the sheer number of motorcycles and even e-trikes nationwide, the AmBisyon of Filipinos to own a vehicle has already been achieved.

Another goal is free education which is already a reality, particularly where State Universities and Colleges (SUCs) are concerned.

In terms of income, Ang said, given the need to increase salaries and wages, the AmBisyon of a sixfigure salary may be achieved ahead of 2040.

Cuts...

For single detached housing, Ang said, this may take more time given the 6 million housing backlog in the country.

“Ibig sabihin, [the AmBisyon] is very, very minimum. [The AmBisyon are very] low. Hindi talaga siya ambisyon,” Ang said.

Earlier, National Statistician Claire Dennis S. Mapa said the latest data showed an improvement in the country’s gini coefficient. The Gini coefficient is a measure of inequality where perfect inequality is 100 and perfect equality is zero.

Based on the computation of PSA, the country’s gini coefficient improved to 0.4185 in the first semester of 2023, better than the 0.4368 posted in the same period of 2021.

Apart from the gini coefficient, the ratio of the income of the first decile or the poorest Filipinos and the 10th decile or the “richest” Filipinos or the upper 10 percent of the population narrowed.

Mapa said in the first semester of 2023, the income of the richest Filipinos is only 7.6 times that of the income of the poorest Filipinos.

This is lower than the 9 times recorded in the same period of 2021 and 10.1 times in the first semester of 2018.

The country’s National Statistician said this narrowing of the income difference as well as the reduction in the number of poor Filipinos was made possible by significant increases in income of the Bottom 30 percent.

The first decile or the poorest Filipinos saw a 21.4 percent increase in their income; the second decile, 19.4 percent; and the third decile, 18.3 percent.

Continued from A1

“So, we’re not out of the woods.

We don’t see a smoking gun. Choose your metaphor. So that’s where we stand,” Remolona said.

No choice

IN truth, according to Ateneo de Manila University Department of Economics Chairperson Alvin P. Ang, the Monetary Board may not have a choice on the matter when it comes to cutting rates.

Ang said the BSP has little influence when it comes to addressing supply shocks. However, what is pressing is the US Federal Reserve which, he expects, would cut rates by around March or April this year.

Given this, Ang expects the BSP to cut interest rates once El Niño dissipates. El Niño, Remolona said, is one of the risks that could raise food inflation again which the BSP is monitoring.

Based on the Philippine Statistics Authority (PSA), food accounts for 34.78 percent of the Consumer Price Index (CPI) for All Income Households and 51.38 percent for the Bottom 30 percent of households.

Ang added that the tight labor market in the US would require the Federal Open Market Committee of the US Federal Reserve to cut rates.

Remolona also said “enthusiasm” for the US economy is back due to the latest labor data. He said this has brightened the prospects of the US economy and indicated a “soft landing for monetary policy.”

But the US is not the only one with a vibrant labor market. Ang said this could also be another reason that can be used by the BSP in deciding on cutting rates.

Like the United States, the Philippine labor market is also tight with the addition of 7 million workers since the prepandemic period who have jobs, Ang said.

These 7 million workers have found themselves employed in the services sector, particularly in lowskill jobs in wholesale trade and malls nationwide.

“Kaya walang nagrereklamo sa inflation. Mataas, pero bakit, ano, walang social [unrest]? Kasi may trabaho mga tao. Tsaka, yan ang

indication kung bakit sobrang traffic [That’s why there’s no protest against inflation. It’s high, but why isn’t there social unrest? Because people have jobs. And that explains why there’s so much traffic],” Ang said in a recent interview with BusinessMirror.

‘Most welcome’

MEANWHILE, in the view of Unionbank Chief Economist Ruben Carlo O. Asuncion, a decision by BSP to cut rates and reduce the reserve requirement is “most welcome.”

Asuncion said the statement made by Remolona that a rate cut may be possible in the first semester of the year is “sooner” than their expectations.

Nonetheless, this would help improve investment sentiment and prompt the banking sector to lend more to Filipinos.

“If it does happen, it will greatly help investor sentiment in financial markets. This is a strong signal for banks and other related financial institutions to be ready to lend more,” Asuncion told BusinessMirror over the weekend.

“This is a signal that more economic activity will prop up very soon. In general, investment sentiment will improve and be better,” he added.

Timing crucial

HOWEVER, Jonathan L. Ravelas, senior adviser at professional services firm Reyes Tacandong & Co., said the timing of the cut in policy rates must be carefully calibrated.

Ravelas said if the BSP cuts rates ahead of the Federal Reserve, the Philippine peso could weaken, leading to higher prices, particularly of imported food and oil. The country is a net food and oil importer.

Based on BSP data, the peso weakened to P56.286 against the US dollar last January 11, the weakest since the P56.808 to the greenback on November 3 last year.

The peso closed at P55.828 to the dollar on Friday. The strongest value of the peso for this year was recorded at P55.418 to the greenback on the first trading day for 2024, January 2.

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

The Nation

Monday, January 22, 2024

A3

Canada, PHL to collaborate in countering cyber crimes

By Rizal Raoul S. Reyes

T

@brownindio

HE Canadian government has expressed its willingness to work with the Philippines in addressing cybersecurity threats and resultant crimes, according to its envoy.

“Now, more than ever, with growing threats from the proliferation of emerging technologies such as artificial intelligence and quantum computing, like-minded countries must work together to build a resilient and adaptable ‘cyber work force’ for the future—indeed, one trained and ready for whatever the future may hold,” Ambassador David Hartman said during the recently concluded Cybersecurity Conference organized by the

Defense Secretary to speak on WPS row for Tuesday’s MOPC meeting

D

EFENSE Secretary Gilberto “Gibo” Teodoro Jr. will tackle the West Philippine Sea (WPS) conflict and related security issues at the Manila Overseas Press Club’s “MOPC Defense Night” on Tuesday, January 23 at the Fairmont Makati Grand Ballroom.

The Department of National Defense (DND) chief is also expected to discuss his plans, projects, reforms, and updates on military, defense and security, as well as related geopolitical issues—including domestic insurgencies, terrorism the WPS, the Indo-Pacific strategy, an update on the Southeast Asia Treaty Organization or SEATO, and the enforcement of the United Nations Convention on the Law of the Sea or UNCLOS. An open forum will follow Teodoro’s speech. Ensuing discussions will be moderated by MOPC chair Tony Lopez.

The latter, who is the publisher of BizNewsAsia, considers the current DND chief as the “fightingest defense secretary.”

The press club noted that Teodoro’s strategy “so far is to be assertive toward China—the intruder into the South China Sea territorial and sovereign rights claims of the Philippines, and to boost the country’s naval weaponry.”

According to a statement from the MOPC, “Teodoro bristles at China’s swarming tactic ‘to unilaterally pound into submission other countries’ to accept their ‘definition of what international law is with respect to the law of the sea.’”

The press club added that “[in the WPS issue, President Ferdinand ‘Bongbong’ Marcos has tapped the 1989 bar topnotcher and Harvardeducated Master of Laws degree holder to assert Philippine territorial sovereignty and sovereign rights.”

It shared that “‘Gibo’ served as defense secretary from 2007 to 2009 under [former president Gloria Macapagal Arroyo. He was the nominee of Arroyo’s LakasKampi ticket in the 2010 presidential elections, where he lost to his second cousin Benigno S. Aquino III]. He is also a technocrat.”

The MOPC is Asia’s first and oldest press club. For more information about the event, contact its secretariat at 0920-2049229.

Stratbase ADR Institute, in partnership with the Canadian Embassy.

“It is in this light, my friends, that Canada is prepared to work hand-in-hand with the Philippines to build this capacity together,” Hartman added.

Head of the Canadian Centre Sami Khoury also noted the need for international partnership in addressing cybersecurity threats: “We look forward to being international partners on the cybersecurity front. Cyber

[attacks know no boundaries… actors don’t stop at Canada just because, or don’t stop at the Philippines, because they don’t intend to go out of the country].”

Khoury furthered that “[we need to know how to work together, learn from each other, share, and make each other an early-warning system of cyberthreats—you see something here, and you might be ‘patient zero.’ How do we learn from that patient zero so we can stop threats elsewhere?

It’s all about building that ‘international cyberteam’ and protecting our society.”

During the conference, Budget Secretary Amenah Pangandaman underscored the importance of cooperation among like-minded nations, especially in the areas of digitalization and economic development.

“In today’s fast-paced, modern, and interconnected world, it is inevitable that we fortify cyber cooperation toward digital security—as the title of this event suggests,” Pangandaman stated. “I believe

AMB. DAVID HARTMAN GOVERNMENT OF CANADA

today’s conference is a strong testament to our commitment to doing such, especially seeing astounding participation from different sectors of society— including members from the international community.”

The Department of Budget and Management chief added that cybersecurity remains a paramount concern for the agency, as they transition to digitalization: “Our [Information and Communications Technology] Group has strategically allocated 20.92 percent of the department’s ICT budget to

cybersecurity projects, which is notably even higher than 10 percent of the internationally recommended standard based on the report published by the Deloitte Center for Financial Services and the Financial Services Information Sharing and Analysis Center—the only global information-sharing community focused solely on financial services.”

Furthermore, top government officials, experts and the embassy’s personnel emphasized the need for cooperation within Philippine society, and among like-minded states to combat cybersecurity threats in the country.

For his part, Stratbase ADR Institute’s chief operating officer Rupert Paul Manhit said securing Philippine cyberspace needs a whole-of-society approach to promote a basic understanding of potential risks and threats, as he highlighted opportunities for growth.

“We are only as strong as our weakest link. [Let us work together to train our people, legislate and implement sound

regulatory frameworks, invest in technology, work with likeminded partners, and commit to a stronger cyber landscape in the Philippines,” Manhit insisted.

The Stratbase executive added that having a cybercrimeresilient society is important to encourage more investments in the country.

“A thriving digital economy backed by safe…cybersecurity strategies gives the Philippines a strategic and competitive advantage to attract—and keep—investors,” he explained.

“Cybersecurity issues have the potential to influence [businesses operations] across different sectors and the country’s national economic growth.”

Stratbase’s two-day conference gathered relevant stakeholders in cybersecurity— including top government officials, key private sector leaders, and experts from the academe and civil society organizations who shared their knowledge and explored innovative solutions to counter cyber risks and ensure digital security.

Bong Go hails Super Health Centers’ inaugurations in Sarangani, Cavite

S

EN. Christopher “Bong” Go, who chairs the Senate Committee on Health and Demography, lauded the groundbreaking of the Super Health Center in Maasim, Sarangani Province on January 18, which was led by Mayor Zyrex Pacquiao.

In his video message, Go emphasized the importance of Super Health Centers in fulfilling the government’s commitment to make basic health services more accessible even in far-flung areas nationwide.

The senator highlighted the crucial role of the centers in bridging the gap between the government and its constituents, focusing on their essential functions such as early detection of diseases and reducing hospital overcrowding.

He stressed that these roles are necessary for prompt and efficient health-care services.

The lawmaker noted in Filipino that people need not travel to far-flung hospitals for check-ups of minor cases, and that they can simply proceed to a Super Health Center for primary care and consultations for early disease detection. He also urged the sick to immediately avail of the services so that their illnesses would not worsen, as it will also aid in decongesting hospitals.

Go also mentioned that the centers could accommodate dialysis machines, and that he is very willing to help the expansions.

The facilities will offer database management, outpatient, birthing, isolation, laboratory and diagnostic services such as X-ray and ultrasound, pharmacy, and an ambulatory surgical unit. They will also have eye, ear, nose and throat or EENT services; oncology centers; physical therapy and rehabilitation centers; and telemedicine units, which makes remote diagnosis and treatment of patients possible.

During the groundbreaking, Go’s Malasakit Team also provided grocery packs, shirts, as well as basketballs and volleyballs to town residents.

Necessary funds have also

SENATORBONGGO.PH

been allocated to construct other Super Health Centers in six strategic locations in the province. The senator personally attended a center’s turnover ceremony in neighboring Kiamba town the previous day.

On January 5, the Malasakit Team also attended the groundbreaking of such in Malapatan. Last July 2023, Go personally visited the Super Health Center in Malungon for an inspection.

Go urged those facing health issues to seek help with their medical expenses at Dr. Jorge P. Royeca Hospital in nearby General Santos City, where a Malasakit Center is available. The health facility successfully held the groundbreaking of its Outpatient Department building last January 4, as the senator supported its funding.

‘SHC’ in Cavite

LIKEWISE, Go commended the blessing of a Super Health Center in Imus City, Cavite— an event spearheaded by the local government led by Mayor AA Advincula on Friday, January 19, with Health Secretary Teodoro J. Herbosa in attendance.

An adopted son of the Calabarzon Region, Go was represented by his staff during the blessing. The senator, in his message, expressed his gratitude and satisfaction with the realization of the project. He earlier inspected the Super Health Center while it was still under construction last February 2023.

“Today marks a milestone

in our ongoing efforts to bring comprehensive health-care services closer to our people,” he said.

Like the one in Maasim, the Super Health Center is set to offer a wide range of medical services, including physical therapy and rehabilitation.

The senator also highlighted the importance of collaborative efforts of government entities in bolstering the country’s health infrastructure.

“I am committed to supporting projects that enhance the well-being of Filipinos,” Go noted.

“This Super Health Center is a testament to our collaborative efforts with fellow legislators, LGUs and DOH…to improve health services across the nation.”

He also extended his “heartfelt gratitude and commendation to Secretary Herbosa for the successful inauguration and blessing of the Imus Super Health Center.

Your presence and support [are testaments] to the strong collaboration and shared vision we hold for the health and wellbeing of the Filipino people.”

In the province of Cavite, necessary funds were allocated to construct more Super Health Centers particularly in Bacoor City, Dasmariñas City, General Trias City, Carmona City, Tagaytay City, Imus City, Alfonso, Kawit, Magallanes, Tanza, General Mariano Alvarez, and Rosario.

Residents of Imus City and nearby localities have welcomed the opening of the center, and expressed hopes that it will significantly reduce travel

time and costs for medical consultations and treatments.

“Ensuring that every Filipino has access to quality health care—regardless of their location or socioeconomic status—is a significant step toward achieving universal health care,” Go said.

In the city, residents may seek assistance from the Malasakit Center at General Emilio Aguinaldo Memorial Hospital.

Another such center is located at Southern Tagalog Regional Hospital in Bacoor City.

Viable options

MEANWHILE, Go emphasized additional health initiatives— including the ongoing operations of Malasakit Centers and creating more Regional Specialty Centers.

A brainchild of his, the centers were institutionalized under Republic Act 11463, which he principally authored and sponsored to provide convenient access to government medical assistance programs. There are currently 159 in operation and according to DOH, these have helped around 10 million poor and indigent Filipinos nationwide.

The Super Health Centers aim to alleviate the burden on hospitals, offering a viable option for primary care and minor medical concerns. This approach is expected to decentralize health-care services, making them more accessible to residents in communities and neighboring areas.

As vice chairperson of the Senate Committee on Finance, Go helped secure sufficient

funds in the 2022, 2023, and 2024 national budgets for the construction of more than 700 Super Health Centers across the country.

The Super Health Centers— part of Senator Go’s key health initiatives—mark a substantial step in enhancing access to health-care services for Filipinos, especially in grassroots communities. “[These are priorities of President Ferdinand ‘Bongbong’ Marcos Jr. It’s a five-year, multiyear plan of the government establishing Specialty Centers in DOH regional hospitals like a heart, kidney, neonatal, mental and orthopedic center. They will be built in] existing DOH regional hospitals,” explained Go. The senator’s commitment to health care has been a cornerstone of his legislative agenda, according to a statement. It said that he has been instrumental in pushing for laws and policies that strengthen the country’s health-care system, including the Malasakit Centers Act, which aims to streamline access to medical and financial assistance provided by the government.

With 159 centers established throughout the country, the Malasakit Centers program has already assisted around 10 million particularly poor patients with their hospital expenses.

Furthermore, Go cited the enactment of RA 11959, also known as the “Regional Specialty Centers Act,” which he principally sponsored and is one of the authors. It mandates the establishment of the said centers within existing DOH regional hospitals that will provide specialized health care—including renal and transplant care.

Go is proud of the fact that, as principal sponsor, he received a 24-0 vote in the Senate, without any opposition, as his colleagues recognize that the act will help poor Filipinos.

He said that he will prioritize the marginalized through pro-poor programs that will assist those who only have the government for their needs.

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Economy

Monday, January 22, 2024

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

AC Logistics locks sights on more cold-storage structures across PHL A

Rep. Rodriguez to Canada: Recall adverse travel notice on Mindanao

By Andrea E. San Juan

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@andreasanjuan

C LOGISTICS HOLDINGS CORP., a wholly owned subsidiary of Ayala Corp., said it is eyeing to open more cold-storage facilities across the country.

out that the firm cannot disclose more details while they are having talks with potential partners on plans to set up more cold-chain facilities country-wide.

On the strategy that the firm will pursue in this type of business, Almendras hinted that the logistics arm of Ayala is looking into “ both greenfield and brownfield.”

Last June 2023, AC Logistics partnered with Glacier Megafridge Inc. to open a cold-storage facility in Cagayan De Oro. The facility can store up to 5,348 industrial pallets, and is expected to service the increasing cold storage demand of Northern Mindanao’s various industries, help ensure food preservation for the community, and be a key player in the region’s economic development.

Illustrating the impact of the cold storage it built in Cagayan De Oro, Almendras said, “We opened

our first cold storage in ‘CDO;’ when we started [it], vegetables were rotting in the streets because the farmers, [because their produce cannot be sold, just dump them on the street side.] We’re very happy with the fact that the coldstorage facility we opened in CDO reached a hundred-percent utilization in less than six months.”

“Until today, it is fully utilized.

[In a way, we were able to help.]

The facility we put up in Cagayan [de Oro is cold storage, supply and blast freezing. The meat from Bukidnon and the vegetables we can blast freeze, so that by the time they reach Manila, they are] still fresh,” Almendras also noted.

AC Logistics, a wholly owned subsidiary of Ayala Corp., serves as the Ayala group’s portfolio company for logistics-solutions services, providing end-to-end supply-chain solutions through its subsidiaries.

AC Logistics president and CEO Rene Almendras revealed this development to reporters on the sidelines of a recent forum, after he shared that the company’s first cold storage in Cagayan De Oro, which opened in June 2023, reached a hundred-percent utilization in less than half-a-year.

Asked on the number of coldstorage plants the firm is planning

to build, Almendras said: “A number,” but noted that Ayala’s logistics arm is planning to replicate the Cagayan De Oro cold storage in other parts of the country.

“We have 7,500 islands, and moving [across those is a challenge. Regardless of how many are in the pipeline], it’s about the locations and the pallet size,” the AC Logistics chief said, as he pointed

Has PHL lost 6-yr run as 2nd top banana exporter?

Rep. Villafuerte appeals to senators: ‘Enact bills benefiting various sectors’

Continued from A1

FAO also noted that Philippine banana exporters faced logistical problems last year that affected the quality of Filipino bananas being shipped to key markets, particularly Japan.

“While demand for bananas in [Japan] remained relatively stable, import quantities were reduced by the production shortages experienced in the Philippines, from where Japan typically sources some 75 to 80 percent of its banana imports.”

The Philippines has been facing stiffer competition from both Latin American and Asian banana producers, resulting in the erosion of its market share in key importing countries. Aside from pests that have been hampering domestic production, the Philippines has been grappling with higher tariff rates slapped on its bananas compared to other exporters as well as logistical issues. (Relatedstories: https://busi-

nessmirror.com.ph/2023/11/01/ phl-bananas-losing-global-market-share/ and https://businessmirror.com.ph/2023/10/24/execlo g i s t ic s-woe s- c r i m p - b a n a n ashipments-to-japan/)

By Jovee Marie Dela Cruz

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@joveemarie

SENIOR lawmaker urged senators to consider several House-passed bills aimed at supporting health workers, overseas Filipino workers (OFWs) and other sectoral groups.

On Sunday, Rep. LRay Villafuerte of Camarines Sur emphasized the importance of these measures to achieve inclusive growth and improve the lives of Filipinos.

The bills, he said, cover job security for barangay health workers (BHWs), specialized medical care for OFWs, training programs for out-of-school youths (OSYs), as well as increased professionalization and pay for Bureau of Immigration (BI) workers.

T he Hou se -approved measures that Villafuerte hopes the Senate would act on this year include bills that aim to provide job security to BHWs (House Bill or HB 6557); provide local and foreign specialist-doctors to migrant workers and their families at the OFW Hospital or OFWH (HB 8325); and furnish OSYs

with training and other social protection programs (HB 9347).

The solon highlighted these bills’ significance in benefiting millions of Filipinos and their families. He pointed out that the House, under Speaker Martin Romualdez’s leadership, swiftly approved such during the 19th Congress’ Second Regular Session.

A mong t hem i s H B 6557, which aims to provide economic incentives and benefits to BHWs, ensuring job security and improving their current precarious employment state.

Additionally, HB 8325 focuses on establishing the OFWH in Pampanga, which will provide specialized medical services to migrant workers and their families.

Villafuerte underscored the importance of the bills for OSYs (HB 9347), exempting teachers, soldiers, and uniformed personnel from government rightsizing plans (HB 7240), and empowering the BI (HB 8203).

“Speaker Martin traced the superb performance of the House of Representatives last year to the continued unity and coopera-

tion of all of us in the chamber in serving the highest interest of the Filipino people,” Villafuerte, who is the National Unity Party (NUP) president, commented.

“But [he has looked past something in his recap, and this has to do with his remarkable role] in shepherding the passage of a fairly large number of priority bills identified by the President and the LEDAC [Legislative-Executive Development Advisory Council] for urgent action.”

V i l l a f u e r t e s a id t h at t he NUP—with its 45 members and is the biggest power bloc in the House next to the Romualdezled ruling Lakas-CMD—remains fully supportive of the Speaker and of the legislative agenda of President Marcos, “in line with the Chief Executive’s commitment to not leave anyone behind in our country’s quest for high and inclusive growth.”

Last year, the NUP formally declared its continued support for Romualdez until the end of the 19th Congress in 2025, and for President Ferdinand R. Marcos Jr.’s legislative agenda when the latter’s term ends in 2028.

Gatchalian: ‘Gencos’ on disruptive power outages must be held liable

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EN. Sherwin Gatchalian has insisted that power-generating companies (gencos) that are unable to provide stable and steady supply of electricity should be held accountable for outages that result in economic losses.

Gatcha lian emphasized on such, following a power interruption in the Negros and Panay

sub-grid because of an unplanned outage of the Panay Energy Development Corp. (PEDC)-Unit 3 last January 17.

Specifically, the senator called on the Department of Energy and the Energy Regulatory Commission (ERC) to conduct audits on generation firms that consistently breach the reliability index

and, if warranted, impose sanctions against them.

“Generation companies that consistently fail to provide their committed power supply should be held accountable,” he said.

“They should not be allowed to get off the hook easily.”

The lawmaker explained that holding gencos accountable for power outages is explicitly provided for under ERC Resolution 10, Series of 2020, which enforces the maximum number of days for unplanned outages by generating assets within a year.

It can be recalled that the blackout which struck Western Visayas for several days early this year was attributed in part to the unplanned outage of PEDC Units 1 and 2, as well as the Palm Concepcion Power Corp.-Unit 1.

Gatchalian had earlier called for stiffer penalties against industry players found guilty of mismanaging power-related issues that result in economic losses, then insisted that penalties should be commensurate with economic losses

incurred in affected areas.

He noted that, in the case of the widespread power outage experienced in Western Visayas for several days, economic losses borne by both the Iloilo Province and Iloilo City have reportedly reached P5.7 billion.

Gatchalian remarked in Filipino that any negligence causing disruptions in everyday living and economic activities should have commensurate culpabilities to ensure that the said abnormalities do not become regular occurrences.

Under the reliability index implemented since 2020, allowable “unavailability” or outages “for power facilities equipped with pulverized coal technology shall be equivalent to 44.7 days—comprising 27.9 days of planned outages and 16.8 days of forced or unplanned outages.

For coal plants running on circulating fluidized bed technology, allowable outages shall be for aggregate 32.3 days, with 15.4 days of planned outages and 16.9 days of unplanned outages.”

SE A SONED solon h a s called on Canada to reconsider a recent advisory cautioning its nationals against “all travel” in four regions of the Philippines, and discouraging “non-essential travel” in two other areas across Mindanao.

In a statement, Rep. Rufus Rodriguez of Cagayan de Oro City pointed out the detrimental impact of travel advisories on foreign nationals, tourists, and investors, as he asserted that such statements hinder economic growth in the affected areas.

“We are appealing to the Canadian government, especially my good friend Amb. David Hartman, to reassess the peace and order and security situation in Mindanao, and to rethink its travel advisory that affects the entire island,” the lawmaker said.

He emphasized that Mindanao, as a whole, maintains a generally peaceful atmosphere, with many regions experiencing notable economic progress.

The Embassy of Canada recently came out with the said travel advisory because of the M i n d a n a o S t a t e U n i v e r s it y (MSU) bombing incident last December 3. The blast claimed the lives of four individuals.

The North American country advised its citizens to shun all travel in Northern Mindanao, Zamboanga Peninsula, Soccsksargen Region, and Bangsamoro Autonomous Region in Muslim Mindanao, as well as non-essential visits to Caraga and Davao Regions.

Rodriguez explained that the MSU bombing is an isolated event, and that authorities have already apprehended the suspects.

“As Canadian officials must have noticed, we have not had any serious cases of bombing or violence in Mindanao in recent years, even in areas that are traditionally known for armed [conflicts],” he said. “So, it’s not fair for any foreign government to impose a ‘shotgun travel advisory’ on our island.”

The solon said his home city of Cagayan de Oro, the province of Misamis Oriental, “and the rest of Northern Mindanao are very peaceful, and so are most of the regions affected by the travel advisory, which include Davao City and Zamboanga City.”

The lawmaker from the islandregion urged concerned security and foreign-affairs officials to meet with Canadian government representatives to explain the situation there.

“The problem with a travel advisory is that all foreigners, foreign tourists, and foreign investors— including non-nationals of the issuing foreign government—take note of it and take [such] seriously,” he pointed out.

Rodriguez said similar statements as the one given by Canada to its nationals impede economic growth in the affected areas.

“They are counterproductive,” he insisted. “If we don’t have economic activities and development, the more problems we will have with peace and order.”

Jovee Marie N. Dela Cruz

EcoWaste calls out QC stores for selling mercury-laced cosmetics

By Jonathan L. Mayuga @jonlmayuga

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HE EcoWaste Coalition on Sunday criticized beauty product stores in Quezon City for selling skin-lightening products containing mercury despite the nationwide ban imposed on the hazardous chemical.

Quezon City’s local government unit (LGU) has implemented a city-wide ban adopted in 2018 through Ordinance No. 2767—ahead of the 2020 phase-out deadline for mercury-added cosmetics under the Minamata Convention on Mercury.

Notwithstanding such a ban, some stores in Quezon City still sell imported skinwhitening creams adulterated with mercury, according to EcoWaste.

As part of its campaign to protect women and other vulnerable populations from mercury poisoning, the EcoWaste Coalition visited retail hubs in Cubao, Novaliches, and along Commonwealth Avenue on January 19 and 20 to check store compliances with the mercury cosmetic ban.

Before this, the group on November 11, 26, and 27, 2023 monitored 28 retail stores selling skin-whitening products banned by the Food and Drug Administration (FDA) for containing mercury above the maximum limit of one part per million (ppm), and for lacking valid certificates of product notification or CPN. The group promptly reported its findings to Mayor Josefina “Joy” Belmonte and Dr. Ramona Asuncion Abarquez of the Quezon City Health Department (QCHD).

“Much to our disappointment, we found at least 10 stores still selling mercurycontaminated facial and underarm whitening creams from Pakistan and Thailand,” said Aileen Lucero, who is EcoWaste Coalition’s national coordinator. “This is despite the recent store inspections conducted by the QCHD, in response to the complaints we lodged against the errant sellers.”

Nonetheless, Lucero credited the QCHD for its efforts to have Ordinance 2767 implemented, while requesting the FDA’s Regional Enforcement Unit to step in and assist Quezon City and other LGUs in curbing the unlawful trade of mercury-added cosmetics.

Last January 15, the Quezon City LGU, through its Business Permit and Licensing Department, endorsed the complaints lodged by the EcoWaste Coalition to the Office of FDA

Director General Samuel Zacate “for information and proper disposition [as the matter is within his authority.”

As it again demonstrated the toxicity of the said products, the coalition on January 20 purchased samples of the FDA-banned skin-lightening products for chemical screening. Among those obtained by the group and then screened for mercury were Goree Gold 24K Beauty Cream (bought for P200 from MC Skin Care at Murphy Public Market), Goree Day & Night Beauty Cream (P250, from Red Coco, Farmers Plaza), Goree Beauty Cream with Lycopene (P170, from David & Lyn, Commonwealth Market) and 88 Total White Underarm Cream (P280, from Frelan Trading, Nova Plaza Mall).

Using a handheld Olympus Vanta MSeries X-Ray Fluorescence analyzer, the group detected high mercury concentrations in the analyzed creams: 29,200 ppm for Goree Gold 24 K Beauty Cream; 28,960 ppm for Goree Day & Night Beauty Cream; 28,150 ppm for Goree Beauty Cream with Lycopene; and 2,352 ppm for 88 Total White Underarm Cream.

Added to cosmetics that are marketed to achieve a fairer and flawless skin complexion, mercury inhibits the body’s production of melanin that causes the skin to appear whiter. People are exposed to the supposed whitening agent through dermal absorption, inhalation of vapors, and ingestion.

Repeated exposure to the lethal chemical in skin-lightening products can, in fact, result in skin discoloration, rashes and scarring, as well as reduced ability of the skin to resist bacterial and fungal infections.

It can also damage the kidneys and the central nervous system, causing anxiety, depression, hallucinations, personality changes, and tremors.

Aside from sustained law enforcement action by national and local government agencies, the EcoWaste Coalition is also urging authorities to mount a “natural is beautiful” campaign to inculcate acceptance of one’s natural skin color among Filipinos, and to refrain from using chemical-based whiteners to change one’s skin tone.

“Embracing our natural skin color is the easiest way to avoid mercury exposure via skin creams with undisclosed mercury content,” the group said. “We need to stop equating beauty with whiteness. Let’s say no to colorism.”

Monday, January 22, 2024

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

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DA decision averts onion supply glut–groups

By Jasper Emmanuel Y. Arcalas

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@jearcalas

he Philippines will not allow the entry of imported onions in the next four months to avert a glut in local supply, a move hailed by local industry groups, saying it is “a step in the right direction.”

The Department of Agriculture (DA) recently ordered the temporary suspension of all onion imports during harvest season.

Agriculture Secretary Francisco P. Tiu Laurel Jr. said the policy decision was aimed at preventing “ further depression” of onion prices in the domestic market due to the ongoing harvest.

‘Reduce food prices by building more postharvest facilities’

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o s t h a r v e s t facilities, such as cold storages, dryers and transport facilities, will help increase farmers’ income and lower food prices, according to a lawmaker.

Agri Par tylist Rep. Wilber t T. Lee renewed his call to prioritize these facilities after Agriculture Secretar y Francisco Tiu Laurel Jr. said on Tuesday that a total of P93 billion is needed to build post-harvest facilities and prevent wasting corn and rice.

According to the Depar tment of Agriculture chief, around 12.7 percent to 15 percent of rice production is lost due to lack of postharvest facilities.

“We support the plan of Sec. Laurel to fund these projects dahil matagal na rin po nating panawagan ang paglalaan ng dagdag na pondo para sa post-harvest facilities,” Lee said in a statement.

“We call on the House leadership to deliberate soon our proposed House Bill No. 3958 or the ‘Post-Harvest Facilities Support Act’ and compel the government to construct and provide post-harvest facilities across the country.”

During the past budget deliberations, Lee said not enough agricultural products reach the market due to extremely high postharvest losses and lack of postharvest services.

Lee also previously questioned the DA on why the agency continued to propose low budgets for the said facilities despite the recurring problems of farmers on this phase of the agriculture value chain.

“Napakalaki ng diperensya sa pondong ipinagkakaloob para sa pre-harvest activities kumpara sa inilalaan sa post-harvest facilities and services. Ang suporta ng gobyerno, hindi dapat natatapos sa pagtatanim, dapat tuloy-tuloy ito hanggang sa anihan at paghahatid ng produkto sa merkado at mga consumers,” he said.

It can be recalled that during the plenary deliberations of the proposed 2 0 2 4 b u d g e t o f DA l a s t ye a r, Le e proposed to streamline and simplify the requirements to facilitate the distribution of services and establishment of facilities that will help farmers and fisherfolk increase their production, which the agency committed to do.

“Nakapanlulumo yung ilang beses na nating nababalitaan na kung hindi man sinisira na lang ng mga magsasaka ang kanilang produkto, ay bumibiyahe pa sila nang napakalayo at ibinebenta na lang ang ani nang palugi kesa mabulok,” he said.

“Hindi dapat tinetengga o tinitipid ang pondo para sa mga magsasaka at buong sektor ng agrikultura. Magiging winner tayo lahat, mula sa mga agri workers na kikita nang mas malaki, at consumers na makakatipid sa mas murang bilihin, kung imbes na mga walang silbing proyekto, ay itong mga post-har vest facilities ang tinataasan ang pondo at mabilis na itinatayo at ipinamimigay.”

Laurel added that the import suspension could be extended until July if the country sees a bumper harvest of onions.

He noted that some 99 metric tons (MT) of onions entered the country in the first two weeks of January due to shipment delays.

However, the latest data from the Bureau of Plant Industry (BPI)

showed that more red and yellow onions entered the country as of January 11. BPI data indicated that some 345 MT of red onions and 149 MT of yellow onion arrived in the Philippines.

“In principle, I agree with no onion importation until July. But that is on condition that if there is a sudden supply shortfall, we will have to import earlier,” he said.

“Hind i po natin a lam ang mangyayari dahil may El Niño .[We don’t know what would happen because of El Niño].”

Laurel made the policy decision following a recent dialogue with the Philippine Chamber of Agriculture and Food Inc. (PCAFI) which recommended the suspension of onion imports.

The BusinessMirror first broke the story that PCAFI was proposing to the DA to suspend the importation of onions in the next six months to prevent a sup-

ply glut due to the expected increase in local harvest. (Related story: https://businessmirror. com.ph/2024/01/17/suspendonion-imports-to-prevent-supply-glut-group/) “We are happy with the swift action of Sec. Laurel regarding our request to suspend importation of onions from February to May with possible extension to July,” PCAFI President Danilo V. Fausto told the BusinessMirror on Sunday.

The Samahang Industriya ng Agrikultura (Sinag) also lauded the DA’s policy decision, claiming that it is “game changing” and “a welcome development” for local onion producers.

“In the agriculture sector, policies must be timely, appropriate and prompt to reflect the prevailing conditions at the farm level,” it said.

“As a policy, the local agricul-

ture industry has] no problems with imports if there are problems with supply and as long as importers declare the right value of imports and pay the right duties.”

Retail prices of onions have been manageable this month, a far cry from the crisis that the countr y suf fered a year ago, thanks to the timely importation by the national gover nment which augmented domestic stocks. However, local supply remains insufficient to meet overall demand.

BPI data showed that the Philippines imported a combined volume of about 45,000 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.

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 ranged from P80 to P140 per kg.

A year ago, the DA did not monitor prices for imported onions 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 the DA’s 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.

Use import fees to improve coffee industry, govt told

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he Philippine Chamber of Agriculture and Food Inc. (PCAFI) urged the Department of Agriculture (DA) to improve the competitiveness of the local coffee industry by bankrolling programs for the sector using the fees and charges slapped on imports.

PCAFI recommended to Agriculture Secretary Francisco P. Tiu Laurel Jr. the use of the fund created under Republic Act (RA) 8800 or Safeguards Measures Act aimed at improving the competitiveness of various agricultural commodities.

Under the law, the national government must earmark all collected fees, charges and safeguard duties from concerned agricultural imports to two funds: the remedies fund and the competitiveness enhancement fund.

The two funds will have an equal share of 50 percent from all the fees, charges and safeguard duties collected by the national government.

The competitiveness enhancement fund must be used to improve local agricultural industries that are “affected by increased imports” following the liberalization of nearly all local commodities after

Bloomberg News

the Philippines joined the World Trade Organization (WTO).

PCAFI proposed to Laurel to include in the DA’s 2025 proposed budget the prudent use of the fund created by RA 8800.

“RA 8800 was approved last July 19, 2000. Two decades have passed and we have yet to see where the money collected under the law was allocated,” the group said.

“We understand that there is already a notice or a budget call

for all government departments to submit their budget to the DBM [Department of Budget and Management]. We would like to request the Honorable Secretary to ensure that the funds collected under RA 8800 be used for the agriculture sector.”

PCAFI said the coffee industry must benefit the most from the competitiveness fund, saying the bulk of the earmarked budget came from the commodity.

“We are convinced that most of these duties and taxes were generated out of Philippine imports of coffee products. We would like therefore to request that the future DA budget proposal should utilize these revenues to develop our coffee industry.”

PCAFI also asked the DA to distribute planting materials either through cuttings or tissue culture to expand the number of coffee plants nationwide. The group said

the industry must generate at least 5 million coffee plants with a yield of at least 700 kilograms per hectare to compete with its neighbors in Southeast Asia.

“While specialized varieties like arabica and liberica are encouraged due to its better price in the market, the robusta variety represents 90 percent of our coffee production because of its easy cultivation and management.”

T he DA must also prov ide training and better technology to coffee farmers as well as encourage the increase in the grant of National Seed Certification from the Bureau of Plant Industry, according to PCAFI. Lastly, PCAFI said coffee production must be expanded by intercropping it with coconut trees.

State budget documents for 2024 showed that the DA receives a competitiveness enhancement measures fund by virtue of RA 8800.

For this year, the DA has a P250million budget, which the documents stipulated, must be used by the department in implementing programs that would “promote the competitiveness of agri-fishery industries affected by increased imports.” Jasper Emmanuel Y. Arcalas

Scotland’s salmon farms navigate troubled waters for global industry

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t a village hall near Loch Linnhe, a sliver of water sandwiched between the Hebrides and Glasgow, Stewart Hawthorn laid out his plan to build the biggest salmon farm in the United Kingdom near this aging rural community. Once completed, the managing director of Long Loch Salmon said, it would create at least 16 jobs. It would feature eight enclosures holding up to 8,000 tons of fish, with a density double the industry standard. And most importantly, he claimed, it would help alleviate one of the biggest problems plaguing the business—excessive death rates.

Salmon is a hot commodity: its aquaculture is the fastest-growing food production system in the world. Promoted as a healthy alternative to red meat and chicken—and a way to close the so-called “protein gap” for a growing global population—Atlantic salmon production has expanded more than six-fold since 1995. The fish is now the UK’s dominant food export, with much of the farming taking place in Scotland.

But rising demand has come alongside record mortality numbers: around a quarter of Scottish salmon don’t make it to harvest, and in the last five years, there have been 53 million excess fish deaths, exceeding even larger producers. This is partly due to warming waters, which bring micro jellyfish and plankton blooms, but industry practices are also to blame: densely packed farms can

give rise to sea lice outbreaks and bacterial and viral infections. While lice outbreaks aren’t typically fatal, their treatments can be. In October, almost 5 percent of salmon on Scottish farms died. The death rate fell to 4 percent the following month, still far higher than the five-year average.

What’s happening in Scotland is a microcosm of broader challenges facing the global salmon industry, the bulk of which is concentrated in neighboring Norway. Despite pitching the red-fleshed fish as a more environmentally friendly alternative to beef, producers haven’t yet figured out how to scale sustainably.

While the obvious solution—less-crowded pens—reduces the spread of disease, it also dents profitability.

This has left salmon farmers in an unfor tunate holding pattern: either they continue to expand at the risk of exacerbating death rates, or they take punts on new systems. In Scotland, where local communities are increasingly mistrustful of a sector that they say fails to benefit them, salmon farmers have struggled to find places in which to experiment, casting further uncertainty over the future of the £600 million ($765 million) industry.

Swimming upstream

Facing a trickle of mostly white, middleaged couples concerned about how a

supersized salmon farm might impact their area, Hawthorn explained how his innovation—a giant PVC sack to protect fish from lice and micro jellyfish—could be the thing that finally allows the sector to expand.

“I’ve been accused by people of being a sort of evangelist, almost thinking I’m going to save the world,” the 56-year-old Scotsman said of his efforts to position farmed salmon as a lower carbon alternative to land-grown meat. “I don’t think that this project will save the world, but I think this project along with millions of other projects like it all around the world are exactly what’s needed.”

In Loch Linnhe, at least, it will take some work to win people over. While Hawthorn has promised that his net will capture up to 85 percent of the solid waste that thousands of fish will produce, such technology has only ever managed to catch less than half that. The system has never been successfully used at this scale, and locals fear that their beloved loch could become a laboratory for a start-up’s unproven technology.

“The developer’s claims are unrealistic,” said Jane Hartnell-Beavis, an interior designer turned community organizer, from a campaign stand outside the town hall. “Far from solving the welfare and environment issues, it will merely exacerbate them.

There’s no right way to do the wrong thing.”

Similar standoffs are playing out across the country. A less ambitious version of Hawthorn’s plan, set in a national park, is under appeal after being rejected, and another farm in the West Highlands was only approved following an appeal. In a 2022 industry review, Russel Griggs, chair of the South of Scotland Enterprise development agenc y, described the mistrust and animosity between the salmon industry and other stakeholders as unlike anything he had ever seen.

Tensions have been heightened by red tape around licensing; new farms must go through a lengthy and complex application process. While Scotland’s government had wanted to double salmon production by 2030, it has scaled back these ambitions.

Its goal now is an aquaculture sector that operates “within environmental limits.”

Between 2013 and 2022, the number of active Scottish salmon farms dropped from 257 to 210.

Science stalemate

Salmon farming can be a nasty business.

Breeding involves removing eggs and sperm from anesthetized fish, and typically euthanizing males after extraction. Larger farms generate enough excess fish feces and urine to potentially destabilize fragile ecosystems. Overcrowding can result in ghoulish, lice-riddled fish—leading

to images that anti-salmon farming campaigners have circulated online to persuade shoppers to stay out of the seafood section.

With these circumstances at least somewhat linked to mass fish death, corporate boardrooms are feeling the effects. Mowi, an Oslo-listed company that is the world’s largest salmon farmer, reported that die-offs resulted in thirdquarter costs of at least €36 million in 2023 out of an operating profit of around €200 million. One Mowi farm, Colonsay, reported 200,000 salmon deaths in a single week this October. Not even rising salmon prices have cushioned the blow.

At the moment, there is no clear industry path towards sustainable growth.

Nor is there scientific consensus on the environmental impacts or welfare implications of different farming systems.

So, salmon producers are experimenting in limited ways on existing farms. Mowi is introducing digital tools that enable farmers to better detect problems and respond to changes in underwater environments. It has also tried semi-closed systems such as Hawthorn’s, but these have run into problems: one cage was destroyed in a storm, and plagued with disease, according to media reports. Moreover, said Mowi CEO Ivan Vindheim, familiar issues resurface when fish get too big. Bloomberg News

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The World BusinessMirror

Monday, January 22, 2024

Editor: Angel R. Calso

Women and children are the main victims of Israel-Hamas war with 16,000 killed: UN

By Edith M. Lederer

U

The Associated Press

NITED NATIONS—Women and children are the main victims in the Israel-Hamas war, with some 16,000 killed and an estimated two mothers losing their lives every hour since Hamas’ surprise attack on Israel, the United Nations agency promoting gender equality said Friday.

As a result of the more than 100-day conflict, UN Women added, at least 3,000 women may have become widows and heads of households and at least 10,000 children may have lost their fathers.

In a report released Friday, the agency pointed to gender inequality and the burden on women fleeing the fighting with children and being displaced again and again.

Of the territory’s 2.3 million population, it said, 1.9 million are displaced and “close to one million are women and girls” seeking shelter and safety.

UN Women’s executive director, Sima

Bahous, said this is “a cruel inversion” of fighting during the 15 years before the Hamas attack on October 7. Previously, she said, 67 percent of all civilians killed in Gaza and the West Bank were men and less then 14 percent were women.

She echoed UN Secretary-General Antonio Guterres’ calls for a humanitarian ceasefire and the immediate release of all hostages taken captive in Israel on October 7.

“However much we mourn the situation of the women and girls of Gaza today, we will mourn further tomorrow without unrestricted humanitarian assistance and

Palestinians rescue a child from under the rubble after Israeli airstrikes in Gaza City, Gaza Strip on October 18, 2023. Israel's war on Hamas in the Gaza Strip has the Mideast simmering, raising the temperature on tensions across the region and increasing the risk that seemingly localized conflicts could spin out of control. AP Photo/Abed Khaled

an end to the destruction and killing,” Bahous said in a statement accompanying the report.

“These women and girls are deprived of safety, medicine, health care, and shelter.

They face imminent starvation and famine.

Most of all they are deprived of hope and

justice,” she said.

The health ministry in Hamas-run Gaza says nearly 25,000 Palestinians have been killed in the conflict, 70 percent of them women and children. The United Nations says more than a half million people in Gaza—a quarter of the population—are

starving.

In Israel, around 1,200 people were killed during the October 7 attack by Hamas that sparked the war, and some 250 people were taken hostage by militants. More than 100 hostages are believed to still be held captive in Gaza.

Bahous said UN Women had heard "shocking accounts of unconscionable sexual violence during the attacks" by Hamas, and she echoed UN calls for accountability, justice and support for all those affected.

Despite escalating hostilities in Gaza, the agency said women-led and women’s rights organizations continue to operate. It found that 83 percent of women’s organizations surveyed in the Gaza Strip are at least partially operational, mainly focusing on the emergency response to the war.

But UN Women said its analysis of funding from last year’s flash appeal for Gaza found that just 0.09 percent of funding went directly to national or local women’s rights organizations.

Bahous said there is a need for much more aid to get to Gaza, especially to women and children, and for an end to the war.

“This is a time for peace,” she said. "We owe this to all Israeli and Palestinian women and girls. This is not their conflict. They must no longer pay its price.”

Non-Aligned Movement leaders call Israel’s war As tensions spike, Iran launches satellite in Gaza illegal, condemn attacks on Palestinians that is part of Western-criticized program

By Risdel Kasasira

By Jon Gambrell

The Associated Press

The Associated Press

K

AMPALA, Uganda—Heads of states of the Non-Aligned Movement Saturday called Israel’s military campaign in the Gaza Strip “illegal” and strongly condemned indiscriminate attacks against Palestinian civilians, civilian infrastructure and the forced displacement of the Palestinian population.

While calling for a ceasefire desperately needed for humanitarian aid to access the Gaza Strip, the movement in a joint statement called for a two-state solution, on the basis of the borders before 1967, when Israel seized Gaza, the West Bank and East Jerusalem in a brief war with neighboring Arab states.

The group also reiterated support for a Palestinian state to be admitted as a member of the United Nations to take its rightful place among the community of nations.

The Non-Aligned Movement, formed during the collapse of the colonial systems and at the height of the Cold War, has played a key part in decolonization processes, according to its website. Member countries aspire not to be formally aligned with or against any major power bloc.

Ninety representatives, including 30 heads of state, from the 120 countries that are members of NAM took part in the weeklong conference in the Ugandan capital, Kampala.

It culminated in a summit of heads of state on Friday and Saturday.

Gaza’s Health Ministry says more than

J Heads of States and members of the Non-Aligned Movement (NAM), pose for a photo at Speke resort convention center in Kampala, Uganda on Friday, January 19, 2024. The President of the United Nations General Assembly Denis Francis and African Union Commission Chairman Moussa Faki Mahamat have called for an immediate ceasefire in Gaza. AP Photo/Hajarah Nalwadda 24,400 Palestinians have died in the current war, and the United Nations says a quarter of the 2.3 million people trapped in Gaza are starving. In Israel, around 1,200 people were killed during the October 7 attack by Hamas that sparked the war and saw some 250 people taken hostage by militants.

The NAM statement said members were very concerned at the continued deterioration of the situation on ground and the humanitarian crisis. It condemned Israel's continuing settlement construction and expansion activities throughout the Palestinian territories, as well as in Syria's Israeli-occupied Golan Heights.

The group called for the attention of the international community, especially the UN Security Council.

"To this end, it is high time to end this abhorrent occupation, which continues to be imposed in flagrant violation of international law, and to ensure the implementation of the

N. Korea strengthens ties with Russia against US and says Putin could visit at an ‘early date’

By Kim Tong-Hyung The Associated Press

S

EOUL, South Korea—North Korea said Sunday it has agreed to further strategic and tactical cooperation with Russia to establish a "new multi-polarized international order," as the two countries work to build a united front in the face of their separate, intensifying tensions with the United States.

In describing North Korean Foreign Minister Choe Son Hui's meetings with Russian President Vladimir Putin and Foreign Minster Sergey Lavrov in Moscow last week, the North's Foreign Ministry said Putin also reaffirmed his willingness to visit Pyongyang and said that could come at an "early date."

North Korea has been actively strengthening its ties with Russia, highlighted by leader Kim Jong Un's September visit to Russia for a summit with Putin.

Kim is trying to break out of diplomatic isolation and strengthen his footing as he navigates a deepening nuclear standoff with Washington, Seoul and Tokyo.

In a separate statement on Sunday, the North's Foreign Ministry condemned the U.N. Security Council for calling an emergency meeting over the country's latest ballistic test, which state media described as a new intermediate-range solid-fuel missile tipped with a hypersonic warhead. The ministry said the test-firing on January 14 was among the country's regular activities to improve its defense capabilities and that it didn't pose a threat to its neighbors.

South Korea on Thursday urged the Security Council "to break the silence" over North Korea's escalating missile tests and threats. Russia and China, both permanent members of the council, have blocked US-led efforts to increase sanctions on North Korea over its recent weapons tests, underscoring a

countless relevant General Assembly and Security Council resolutions,” the statement said.

UN Secretary General António Guterres told the summit that the refusal to accept the two-state solution for Israelis and Palestinians, and the denial of the right to statehood for the Palestinian people, were unacceptable.

He supported the NAM's position calling for reform of the Security Council.

"Your Movement has long highlighted the Council's systemic shortcomings and the need for reforms to make it truly effective and representative. How can we accept that the African continent still lacks a single Permanent Member?" he asked.

Guterres said the killing of 152 UN staff in Gaza is disheartening adding that the Hamas attack on Israel and the destruction of Gaza by the Israel army in 110 days was totally unprecedented during his mandate as UN Secretary General.

divide deepened over Russia’s war on Ukraine.

The alignment between Pyongyang and Moscow has raised international concerns about alleged arms cooperation, in which the North provides Russia with munitions to help prolong its fighting in Ukraine, possibly in exchange for badly needed economic aid and military assistance to help upgrade Kim’s forces. Both Pyongyang and Russia have denied accusations by Washington and Seoul about North Korean arms transfers to Russia.

North Korea's Foreign Ministry, in comments published by state media, said Choe and the Russian officials in their meetings expressed a “strong will to further strengthen strategic and tactical cooperation in defending the core interests of the two countries and establishing a new multi-polarized international order.”

Russia expressed “deep thanks” to North Korea for its “full support” over its war on Ukraine, the North Korean ministry said. It said Choe and the Russian officials expressed “serious concern” over the United States’ expanding military cooperation with its Asian allies that they blamed for worsening tensions in the region and threatening North Korea's sovereignty and security interests.

ERUSALEM—Iran said Saturday it had conducted a successful satellite launch into its highest orbit yet, the latest for a program the West fears improves Tehran's ballistic missiles.

The announcement comes as heightened tensions grip the wider Middle East over Israel's continued war on Hamas in the Gaza Strip, and just days after Iran and Pakistan engaged in tit-for-tat airstrikes in each others' countries.

Meanwhile Saturday, the US conducted new strikes on Yemen's Houthi rebels, who have been targeting shipping in the Red Sea over the war, and Iranian-backed militias in Iraq struck a base housing US troops, wounding several personnel.

The Iranian Soraya satellite was placed in an orbit at some 750 kilometers (460 miles) above the Earth's surface with its three-stage Qaem 100 rocket, the state-run IRNA news agency said. It did not immediately acknowledge what the satellite did, though telecommunications minister Isa Zarepour described the launch as having a 50-kilogram (110-pound) payload.

The launch was part of Iran's Revolutionary Guards' space program alongside Iran's civilian space program, the report said.

Footage released by Iranian media showed the rocket blast off from a mobile launcher, a religious verse referring to Shiite Islam's 12th hidden imam written on its side.

An Associated Press analysis of the footage suggested the launch happened at the Guard's launch pad on the outskirts of the city of Shahroud, some 350 kilometers (215 miles) east of the capital, Tehran. Iran's three latest successful satellite launches have all happened at the site.

There was no independent confirmation Iran had successfully put the satellite in orbit.

The US military and the State Department did not respond to a request for comment.

The United States has previously said Iran's satellite launches defy a UN Security Council resolution and called on Tehran to undertake no activity involving ballistic missiles capable of delivering nuclear weapons. UN sanctions related to Iran's ballistic missile program expired last October.

Under Iran’s relatively moderate former President Hassan Rouhani, the Islamic Republic slowed its space program for fear of raising tensions with the West. Hardline President Ebrahim Raisi, a protégé of Supreme Leader Ayatollah Ali Khamenei who came to power in 2021, has pushed the program forward.

The US intelligence community's 2023 worldwide threat assessment said the development of satellite launch vehicles “shortens the timeline” for Iran to develop an intercontinental ballistic missile because it uses simi-

lar technology.

Intercontinental ballistic missiles can be used to deliver nuclear weapons. Iran is now producing uranium close to weapons-grade levels after the collapse of its nuclear deal with world powers. Tehran has enough enriched uranium for "several" nuclear weapons, if it chooses to produce them, the head of the International Atomic Energy Agency repeatedly has warned.

Iran has always denied seeking nuclear weapons and says its space program, like its nuclear activities, is for purely civilian purposes. However, US intelligence agencies and the IAEA say Iran had an organized military nuclear program up until 2003.

The involvement of the Guard in the launches, as well as it being able to launch the rocket from a mobile launcher, raise concerns for the West. The Guard, which answers only to Khamenei, revealed its space program back in 2020.

Over the past decade, Iran has sent several short-lived satellites into orbit and in 2013 launched a monkey into space. The program has seen recent troubles, however. There have been five failed launches in a row for the Simorgh program, another satellite-carrying rocket.

A fire at the Imam Khomeini Spaceport in February 2019 killed three researchers, authorities said at the time. A launchpad rocket explosion later that year drew the attention of then-President Donald Trump, who taunted Iran with a tweet showing what appeared to be a US surveillance photo of the site.

In December, Iran sent a capsule into orbit capable of carrying animals as it prepares for human missions in the coming years.

Meanwhile Saturday, the US military's Central Command said it "conducted airstrikes against a Houthi anti-ship missile that was aimed into the Gulf of Aden and was prepared to launch."

"US forces determined the missile presented a threat to merchant vessels and US Navy ships in the region, and subsequently struck and destroyed the missile in self-defense,” a Central Command statement said. “This action will make international waters safer and more secure for US Navy and merchant vessels."

The Iranian-backed Houthis did not immediately acknowledge this seventh round of strikes.

The rebels have been targeting shipping since November in what they describe as an effort to stop the Israel-Hamas war. However, their targets have increasingly tenuous—or no—ties to Israel or the conflict.

In Iraq, a coalition of militias calling itself the Islamic Resistance in Iraq announced it had launched a missile salvo Saturday at al-Asad airbase in the west of the country that is used by the US military, the latest in a series of attacks by the group on US forces in Iraq and Syria.

Associated Press writers Amir Vahdat in Tehran, Iran, Qassim Abdul-Zahra in Baghdad, and Tara Copp in Washington contributed to this report.

The World BusinessMirror

www.businessmirror.com.ph

Monday, January 22, 2024 A7

Biden and Netanyahu finally talked, but their visions still clash for ending Israel-Hamas war

By Aamer Madhani & Zeke Miller

W

President Joe Biden is greeted by Israeli Prime Minister Benjamin Netanyahu after arriving at Ben Gurion International Airport on October 18, 2023, in Tel Aviv. Biden’s administration keeps pressing Israel for better treatment of Palestinians. Netanyahu mostly keeps saying no. That cycle seems unlikely to end, despite US Secretary of State Antony Blinken's fourth urgent diplomatic trip this week to the Middle East since the IsraelHamas war started.

The Associated Press

ASHINGTON—President Joe Biden and Israeli Prime Minister Benjamin Netanyahu finally spoke Friday after a glaring, nearly four-week gap in direct communication during which fundamental differences have come into focus over a possible pathway to Palestinian statehood once the fighting in Gaza ends.

Biden and his top aides have all but smothered Netanyahu with robust support, even in the face of global condemnation over the mounting civilian death toll and humanitarian suffering in Gaza as the Israelis have carried out military operations in the aftermath of the October 7 attack on Israel.

But the leaders' relationship has increasingly shown signs of strain as Netanyahu has repeatedly rebuffed Biden's calls for Palestinian sovereignty, gumming up what the US president believes is the key to unlocking a durable peace in the Middle East—the oft-cited, elusive two-state solution.

Neither side shows signs of budging.

Friday's phone call came one day after Netanyahu said that he has told US officials in plain terms that he will not support a Palestinian state as part of any postwar plan. Biden, for his part, in Friday's call reaffirmed his commitment to work toward helping the Palestinians move toward statehood.

“As we’re talking about post-conflict Gaza...you can’t do that without also talking about the aspirations of the Palestinian people and what that needs to look like for them," said National Security Council spokesman John Kirby.

The leaders spoke frequently in the first weeks of the war. But the regular cadence of calls between Biden and Netanyahu, who have had a hot-and-cold relationship for over three decades, has slowed considerably. Their 30- to 40-minute call Friday was their first conversation since December 23.

Both sides are hemmed in by domestic political considerations.

The chasm between Biden, a center-left Democrat, and Netanyahu, who leads the most conservative government in Israel's history, has expanded as pressure mounts on the United States to use its considerable leverage to press Israel to wind down a war that has already killed nearly 25,000 Palestinians.

There is also growing impatience with Netanyahu in Israel over the lack of progress in freeing dozens of hostages still held by Islamic militants in Gaza.

“There is certainly a reason to be concerned,” says Eytan Gilboa, an expert on US-Israeli relations at Israel ’s Bar-Ilan University, “The more and more we see political considerations dominating the relationship between Biden and Netanyahu, which is likely to continue because of the upcoming presidential election and the weakness of both leaders, the more we will see

AP Photo/Evan Vucci

them pulling apart.”

In their most recent calls, Biden's frustration with Netanyahu has grown more evident, even though the US leader has been careful to reaffirm his support for Israel at each step, according to US officials who requested anonymity to discuss the leaders' private interactions.

Yet, Biden, at least publicly, has not given up on the idea of winning over Netanyahu. Asked by a reporter on Friday if a two-state solution is impossible while Netanyahu is in office, Biden replied, "No, it's not."

Aides insist Biden understands the political box Netanyahu finds himself in with his hard-right coalition and as he deals with ongoing corruption charges that have left the prime minister fighting for his freedom, not just his political future.

Biden, meanwhile, faces American voters in November, in a likely rematch with former President Donald Trump. Netanyahu and Trump forged a close relationship during the Republican’s term in office.

Biden faces criticism from some on his left who believe he hasn't pushed the Israelis hard enough to demonstrate restraint as it carries out military operations.

Key Democratic lawmakers, including Massachusetts Sen. Elizabeth Warren and Connecticut Sen. Chris Murphy, this week warned

Zelenskyy calls Trump’s rhetoric about Russia-Ukraine war ‘very dangerous’

By The Associated Press

U

krainian President Volodymyr Zelenskyy said he was worried at the prospect of Donald Trump returning to the White House, branding Trump’s claim that he could stop Ukraine’s war with Russia in 24 hours as “very dangerous.”

In an interview with the UK’s Channel 4 News that aired Friday, Zelenskyy invited the former president and front-runner for the Republican presidential nomination to visit Kyiv, but only if Trump delivers on his promise.

“Donald Trump, I invite you to Ukraine, to Kyiv. If you can stop the war during 24 hours, I think it will be enough to come,” Zelenskyy said.

Trump campaign spokesman Steven Cheung did not respond to a message seeking comment Saturday.

The Ukrainian leader also shared his concern about the US taking unilateral action that failed to consider Ukraine’s perspective, noting the dearth of details around Trump’s “peace plan.”

Zelenskyy described the former president’s rhetoric as “very dangerous” and appeared apprehensive that Trump's idea of a negotiated solution might involve Ukraine making major concessions to Russia. “[Trump] is going to make decisions on his own, without...I'm not even talking about Russia, but without both sides, without us,” Zelenskyy said. “If he says this publicly, that's a little scary. I’ve seen a lot, a lot of victims, but that’s really mak-

ing me a bit stressed.”

He added: "Because even if his idea [for ending the war]—that no one has heard yet—doesn’t work for us, for our people, he will do anything to implement his idea anyway. And this worries me a little."

Trump has repeatedly insisted that he is well-positioned to negotiate an end to the war that has raged for almost two years, saying he has a good relationship with both Russian and Ukrainian leaders. Throughout his political career, he has frequently lavished praise on Russian President Vladimir Putin, including after Moscow’s February 2022 invasion of Ukraine.

At a campaign rally in Georgia just days after Russian tanks moved into Ukraine, Trump described Putin as a “smart” political player and expressed admiration for Russia's swift takeover of a vast, "great piece of land" at the cost of what he suggested were relatively minor sanctions.

The US House of Representatives impeached Trump when he was president, alleging he pressured Zelenskyy to pursue a politically motivated probe that might hurt Joe Biden's chance to win the 2020 presidential election while withholding $400 million in military aid that Congress approved to help Ukraine confront Russian-backed separatists in the country’s east.

The Senate acquitted Trump of the impeachment charges.

Elsewhere, the head of the UN atomic watchdog on Saturday warned that mines had been re-planted around the Russian-

occupied Zaporizhzhia nuclear power plant, Europe’s largest, just months after a team of international inspectors reported on their removal.

International Atomic Energy Agency chief Rafael Grossi cautioned that the presence of mines in the plant’s buffer zone, between its internal and external fences, is “inconsistent” with the agency's safety standards, according to a readout published on the organization’s website. The readout added that an IAEA team dispatched to monitor the plant’s safety had previously identified mines in the same location, but that these were removed last November.

The head of Ukraine’s state nuclear company on Saturday described the alleged planting of mines as “another crime”

by Russian forces that have occupied the Zaporizhzhia plant since the early weeks of the war.

In a Telegram update, Petro Kotin of Energoatom said that the situation at the plant “will remain fragile and dangerous as long as the Russians remain there.”

The IAEA has repeatedly expressed concern that the war could cause a potential radiation leak from the facility, which is one of world’s 10 biggest nuclear power stations. The plant's six reactors have been shut down for months, but it still needs power and qualified staff to operate crucial cooling systems and other safety features.

Also on Saturday, Russian forces shelled the southern Ukrainian town of Huliaipole, wounding a local resident as he stood in his yard, local Gov. Yuriy Malashko wrote on Telegram.

that Netanyahu's position on statehood could complicate negotiations in the Senate on a spending package that includes military aid for Israel.

Expect Netanyahu to “use every trick that he has to keep his coalition together and avoid elections and play out the clock,” said Michael Koplow, chief policy officer at the Israel Policy Forum. “And I'm sure that part of it is a conviction that if he waits until November, he may end up with Donald Trump back in the Oval Office.”

In recent weeks, some of the more difficult conversations have been left to Ron Dermer, a top aide to Netanyahu and former Israeli ambassador to the US, and Biden’s national security adviser, Jake Sullivan. The two top aides talk almost daily—sometimes multiple times during a day, according to a US official and an Israeli official, who were not authorized

to comment publicly and spoke on the condition of anonymity.

Other senior Biden administration officials including Secretary of State Antony Blinken and Defense Secretary Lloyd Austin, as well as senior advisers Brett McGurk and Amos Hochstein, have been at the forefront of the administration's push to engage the Israelis and other Middle East allies as the BidenNetanyahu dialogue has become less constructive.

Netanyahu, who has opposed calls for a two-state solution throughout his political career, told reporters this week that he flatly told US officials he remains opposed to any postwar plan that includes establishment of a Palestinian state.

The prime minister’s latest rejection of Biden’s push in that direction came after Blinken this week said at the World Economic Forum in Davos that Israel and its Middle East neighbors had "a profound opportunity" to solve the generational Israel-Palestinian conflict. Asked if he thought Netanyahu was up to making the most of the moment, Blinken demurred.

“Look, these are decisions for Israelis to make,” Blinken said. “This is a profound decision for the country as a whole to make: What direction does it want to take? Does it see—can it seize—the opportunity that we believe is there?”

The Biden-Netanyahu relationship has seen no shortage of peaks and valleys over the years. As vice president, Biden privately criticized Netanyahu after the Israeli leader embarrassed President Barack Obama by approving the con-

struction of 1,600 new apartments in disputed East Jerusalem in the middle of Biden’s 2010 visit to Israel.

Netanyahu publicly resisted, before eventually relenting to, Biden’s calls on the Israelis to wind down a May 2021 military operation in Gaza. And in late 2019, during a question and answer session with voters on the campaign trail, Biden called Netanyahu an “extreme right” leader.

The path to a two-state solution— one in which Israel would co-exist with an independent Palestinian state—has eluded US presidents and Middle East diplomats for decades.

But as the war grinds on, Biden and his team have pressed the notion that there is a new dynamic in the Middle East in which Israel’s Arab and Muslim neighbors stand ready to integrate Israel into the region once the war ends, but only if Israel commits to a pathway to a Palestinian state.

Biden has proposed that a “revitalized” Palestinian Authority, which is based in the West Bank, could run Gaza once combat ends. Netanyahu has roundly rejected the idea of putting the Palestinian Authority, which is beset by corruption, in charge of the territory.

Netanyahu argues that a Palestinian state would become a launchpad for attacks on Israel. So Israel "must have security control over the entire territory west of the Jordan River," Netanyahu said. "That collides with the idea of sovereignty. What can we do?" AP writers Julia Frankel in Jerusalem and Ellen Knickmeyer, Seung Min Kim and Colleen Long in Washington contributed reporting.

A8

Monday, January 22, 2024 • Editor: Angel R. Calso

Opinion BusinessMirror

www.news.businessmirror@gmail.com

editorial

MMDA questions traffic study’s methodology

M

etro Manila has often faced criticisms for its traffic congestion. Detractors use this as a deterrent to dissuade foreign tourists from visiting the country. While it is undeniable that Manila’s traffic can be overwhelming at times, it is crucial to acknowledge that traffic congestion is not unique to Metro Manila. Many other global cities face similar challenges.

TomTom is a software company that develops and sells navigation and locationbased products and services, including maps, traffic navigation software, and portable navigation devices. Based on the 2023 Tomtom Traffic Index, Metro Manila topped the list of Metro areas with the worst traffic in 2023.

Many studies on traffic and transportation systems analyze various metrics to assess the performance and efficiency of a city’s traffic network. And those making the study can subjectively choose the cities they want to include in the study. It is possible for them to focus on specific metrics that unfavorably affect a city’s ranking in the world.

From tomtom.com: “From the thousands of cities covered by TomTom Traffic, we selected and ranked 387 cities in 55 countries and 6 continents. The Index aims to rank these cities based on their average travel time and provide free access to city-by-city information.”

The Metropolitan Manila Development Authority (MMDA) questioned the TomTom “2023 Traffic Index” calling Metro Manila traffic the worst in the world.

MMDA Acting Chairperson Don Artes aired questions on TomTom’s methodology, after it claimed that it takes 25 minutes and 30 seconds to travel 10 kilometers, with over 117 hours lost per year during rush hours.

“We want to know the methodology employed. If there is an actual count and when did they conduct the study,” he said, citing as example Quezon Avenue, which, according to the study, was the busiest street in Metro Manila last year. “Per our data, it is still Edsa as Metro Manila’s busiest road based on our regularly conducted actual count. With this alone, we can see that there is a difference between our data and TomTom’s,” he said. “Quezon Avenue is only the third busiest road per our data.”

Artes acknowledged that traffic congestion in the metropolis is a decades-old problem and attributed it to various factors, such as vehicle volume, lane blockages, diggings and road repairs, ongoing construction of government flagship infrastructure projects, road configuration and conditions, and suspension of the No Contact Apprehension Policy.

“Metro Manila has exceeded its carrying capacity for vehicles since it has 3.6 million vehicles on a 5,000-kilometer road network. In EDSA alone, there are more than 400,000 vehicles traversing the highway daily, but its carrying capacity is only for 300,000 vehicles,” he said.

Despite these factors, Artes said the agency has ongoing and proposed initiatives to further alleviate the traffic congestion in the metropolis. The MMDA is also studying the proposed EDSA elevated walkways, and has recommended to the Department of Public Works and Highways and Department of Transportation that train systems that are yet to be constructed will all be subway or underground.

Also part of the agency’s current interventions are the new and improved MMDA Communications and Command Center, JICA-funded improvements in intersections of Metro Manila, Intelligent Transport System, and regular clearing operations conducted by the Special Operations Group-Strike Force.

While the whole of government approach will be employed, Artes also appealed to the public to help address the traffic problem in the metropolis.

As the MMDA seeks clarifications on TomTom’s 2023 study stating that Metro Manila has the worst traffic among 387 Metro areas in the world, it must be noted that in any global traffic study, comparability of metrics is important. It is crucial to examine the methodology and metrics used in the TomTom study. Different studies may use different criteria, such as traffic volume, average travel time, or road density, to assess traffic congestion. It’s possible that the study focused on specific metrics that unfavorably affected Metro Manila’s ranking.

In this kind of study, context matters. By emphasizing the “worst traffic” claim without acknowledging the vast number of unrepresented cities, headline writers who have immense power in shaping public perception and opinion risk painting an incomplete picture.

In the case of labeling the Philippines as having the “worst traffic in the world,” it is important to consider the limitations of the TomTom study and the vast number of cities worldwide that were not included in the rankings. While this study that ranked 387 cities may offer valuable insights, it represents only a fraction of the more than 10,000 cities across the globe. Failing to acknowledge this limited scope can lead to a distorted representation of reality and unfairly stigmatize the country.

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A celebration of the arts: Must-attend events at CCP Atty. Jose Ferdinand M. Rojas II

RISING SUN

A

s February approaches, which also happens to be National Arts Month, the Cultural Center of the Philippines (CCP) is gearing up for an extraordinary showcase of artistic brilliance with a lineup of events that promise to captivate and inspire.

From the vibrant streets to the enchanting theaters, there’s something for everyone during this weeks-long celebration of the arts.

The main event to mark on your calendar is PASINAYA 2024, the largest multi-arts festival in the country.

With the theme SULONG, PASINAYA 2024 is taking place on February 3-4, 2024. Palabas, Palihan, Palitan, Paseo Museo, and Pamilihan will come alive at various venues including the CCP Front Lawn, Tanghalang Ignacio Gimenez (CCP Black Box Theater), Vicente Sotto Street, and Liwasang Kalikasan. Additionally, the festival will extend its reach to Tagum City and Iloilo City, promising a nationwide celebration of creativity.

PASINAYA 2024 boasts an extensive selection of over a hundred shows, workshops, and diverse

events in music, theater, dance, visual arts, film, and literature. It’s an opportunity for art enthusiasts to immerse themselves in the rich cultural tapestry of the Philippines.

For more details, interested participants can check the CCP social media accounts and CCP’s official website.

On January 27, don’t miss “Joy and Daloy,” presented by the Cultural Center of the Philippines and Goethe Institut Philippinen. It features “ItikLandia” and Joy AlpuertoRitter’s “Babae,” with performances

by Daloy Dance Company and Joy Alpuerto-Ritter. This special dance event promises a unique experience of artistic expression that will leave

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a lasting impression.

Dance enthusiasts can also rejoice because the Alice Reyes Dance Philippines 2024 Dance Season is about to begin. Subscribers not only get to enjoy exciting new works and timeless gems but also receive special perks like priority booking, discounts on merchandise and additional tickets, complimentary souvenir programs, and a free dance class at the school of ARDP. For inquiries and subscription details, contact ardancephilippinesinc@gmail.com.

For those aspiring to join the world of ballet, the Philippine Bal-

let Theatre will be holding auditions for its 38th Season on January 28, 2024, at Step by Step Studio. Whether you’re aiming for the Company, Junior Company, Apprentices, or Scholars, this audition could be your gateway to a world of grace and beauty.

Female auditionees are requested to come in pink tights, black leotards, and pointe shoes, while male auditionees should wear black tights and a white top.

Finally, on February 9, 2024, music lovers can revel in an evening of timeless melodies with the Philippine Philharmonic Orchestra, featuring Polish pianist Roustem Saitkoulov as the guest soloist.

This is going to be held at the Samsung Performing Arts Theater and conducted by Maestro Grzegorz Nowak. The concert promises to be an enchanting experience, showcasing the virtuosity of Saitkoulov, a world-renowned pianist with a remarkable career.

As the curtain rises on these events, the next few weeks promise to be an exciting month of artistic exploration, a time to revel in the diverse and vibrant cultural expressions that define our artistic and cultural identity. Join in the celebration, immerse yourself in the arts, and let the creative spirit of the nation inspire you!

Pagcor chairman’s transparent leadership ignites global casino industry’s interest and drives record earnings

Founder Publisher

The main event to mark on your calendar is PASINAYA 2024, the largest multi-arts festival in the country.

With the theme SULONG, PASINAYA 2024 is taking place on February 3-4, 2024. Palabas, Palihan, Palitan, Paseo Museo, and Pamilihan will come alive at various venues including the CCP Front Lawn, Tanghalang Ignacio Gimenez (CCP Black Box Theater), Vicente Sotto Street, and Liwasang Kalikasan. Additionally, the festival will extend its reach to Tagum City and Iloilo City, promising a nationwide celebration of creativity.

LITO GAGNI

I

n the fast-paced world of global casinos, one name has been making waves—Al Tengco, the chairman and CEO of the Philippine Amusement and Gaming Corp. With an impressive record windfall in earnings, a growing reputation on the global casino industry, and a steadfast commitment to corporate social responsibility (CSR), Tengco is revolutionizing Pagcor and leaving an indelible mark on the state gaming firm.

Since assuming his role as Pagcor head a year and a half ago, Tengco has introduced a series of transformative changes to the government agency. Chief among them is his unwavering dedication to transparency. Recognizing the significance of this key principle, Tengco has made it a cornerstone of Pagcor’s operations, ensuring that every decision and action is conducted with utmost openness and accountability. This has resulted in the entry of known brands into the country.

This is why Tengco is intent on privatizing the 43 casino outlets un-

der Pagcor because the agency cannot be a regulator and at the same time casino owner, a situation he described during a press briefing as “unethical,” as the government agency cannot “assume a dual role, wearing two hats.”

Furthermore, he addressed public concerns regarding International Gaming Licensees, saying that Pagcor has implemented stricter requirements and actively taken measures against illegal operators. Notably, all Philippine Offshore Gaming Operators (POGOs) are now required to reapply under the revised framework

for International Gaming Licenses, which emphasizes site-specific regulations.

The new regulations require, among others, that an IGL must have an authorized capital of at least P100 million, of which P25 million must be paid up. This is higher than the previous capital requirement of only P15 million with P3 million paid up.

The IGL move shows Tengco’s business acumen. “From its peak of 1.8 million square meters of office space leased, the POGO industry currently accounts for about 600,000 square meters of leased office spaces, and this translates to about P5 billion in revenues for real estate companies,” he said.

“And this does not even include the leases for residential spaces occupied by POGO workers as well as revenues and employment generated by service providers such as transport, restaurants, and security,” he added.

Tengco’s significant shift towards transparency has led to a sea change in the IGL operations. With just a fourth of the old POGOS operating, Pagcor was able to almost double the revenues to P5 billion from just P2.9 billion when it was operating at full capacity. That means the IGL has the

potential to contribute P20 billion.

Tengco is bringing into the agency new ways of doing business and better rules that govern its operations.

For instance, he was dumbfounded to know that corporate planning, “the very lifeblood of Pagcor’s business,” is under the wings of the entertainment department, and purchasing is under marketing.

In his pursuit of boosting Pagcor revenues and increasing dividends to the government, Tengco is currently exploring the establishment of an exclusive online casino. In addition to overseeing the regulation of all games of chance and granting licenses to gaming operations nationwide, Tengco’s focus extends to the E-Games Licensing Department, which oversees a diverse range of activities including traditional bingo games, e-bingo, e-casino, sports betting, specialty games, and e-billiards.

“The market is big and there is so much potential. Technology continues to reinvent the wheel,” Tengco said as he mused about the potential of Pagcor’s own online casino.

Tengco is actively pursuing other changes as well. He frequently retreats to a Subic villa, which he See “Gagni,” A9

Opinion BusinessMirror

www.news.businessmirror@gmail.com

Philippines as a global tax leader

Raging love Siegfred Bueno Mison, Esq.

Joel L. Tan-Torres

DEBIT CREDIT Part eight

I

consider the Organization for Economic Cooperation and Development (OECD) the leading provider of information and resources on anything and everything about taxation. I continue my discussion on the recent work done by OECD. One recent undertaking of the OECD was the publication in September 2023 of the Tax Administration 2023: Comparative Information on OECD and other Advanced and Emerging Economies” (https:// www.oecd.org/ctp/tax-administration-23077727.htm.) This report is the 11th edition of the Tax Administration Series. It provides internationally comparative data on various aspects of tax systems and their administration in 58 advanced and emerging economies. While the other four countries of the Asean 5 group are all included, it is unfortunate that the Philippines is not included in this publication. I can just speculate on why this is so, including the possibility that the Philippine tax authority was not able to submit the data to OECD, inability to participate in the OECD surveys conducted for comping information, or the Philippines is not deemed to meet whatever standards to be included, and other reasons. Whatever this is, I say that the Philippines should exert extra effort to be included in the next edition of the Tax Administration series.

This will go a long way towards enhancing the image of the Philippines and projecting the fine efforts of the Bureau of Internal Revenue in its tax administration.

The publication contains a wealth of information for tax administrations for benchmarking their operations. This also provides information on global tax administration trends and performance for stakeholders and policymakers, including finance and economic officials, tax practitioners, business executives, researchers, and academicians.

The report has nine chapters that examine the performance of tax administration systems, using an extensive data set and a variety of examples to highlight recent innovations and successful practices. These chapters include

Responsibilities, Registration and identification, Collection and assessment, Services, Verification and compliance management, Disputes, Budget and workforce, and Digital transformation journeys. The last chapter mentioned narrates progress on the digital transformation of tax administration, including the use of artificial intelligence in operations. This information would be of relevance to the BIR, which is undergoing its digital transformation journey.

This publication has tables and figures on various aspects of tax administrations of the countries covered in the report. The segment on the workforce provides insights into the state of the tax administration staff in various countries. There is information on the number of personnel, age profile, and attrition and hiring patterns. This will be useful for the BIR, which is currently facing several personnel challenges, including retirement of top tax officials and retention and turnover of the younger staff.

The BIR must liaise with the OECD to be included in the next edition of this publication. The BIR has the experience and expertise, bolstered by data, that should be shared with the global tax community. The world can learn a lot from the BIR experience and undertakings.

Gagni . . .

budget of P500 million, the program he has meticulously designed will construct classrooms equipped with fiber connectivity, along with elibraries and socio-civic centers that offer wellness services.

In the previous year, Pagcor achieved a remarkable gross gaming revenue of P285.7 billion, surpassing the pre-pandemic levels of P256.49 billion. This impressive accomplishment serves as a testament to Tengco’s commitment to transparency, indicating that under his leadership, the agency is poised to reach even greater heights, soaring like an eagle.

continued from A8

has leased from the government, to spend quality time with his family.

It is in this serene environment that one witnesses his distinct trademark, which extends beyond his entrepreneurial innovation.

Recognizing the importance of advancing the government’s education initiative, which uplifts families’ income levels, Tengco has initiated a CSR project rooted in his philosophy of serving others. With an annual

(To be continued) Joel L. Tan-Torres was the former Dean of the University of the Philippines Virata School of Business. Previously, he was the Commissioner of the Bureau of Internal Revenue, the chairman of the Professional Regulatory Board of Accountancy, and Tax partner of Reyes Tacandong & Co. and the SyCip Gorres and Velayo & Co. He is a Certified Public Accountant who garnered No. 1 in the CPA Board Examination of May 1979. He is now back to his tax and consultancy practice and can be contacted at joeltantorres@yahoo.com and his firm JL2T Consultancy.

THE PATRIOT

R

oad rage has been a daily occurrence. In some social media posts, a couple of drivers became notoriously viral as they exhibited anger typically seen in traffic altercations in urban areas. One was spotted furiously asking another for a driver’s license, which is not sanctioned by the Land Transportation Office unless deputized by it. Repeatedly shouting “Akin na lisensya mo!” (give me your driver’s license), this driver was already suspended by the LTO. Another angry driver was caught on tape on different occasions as he lashed out in rage while holding a nightstick as if ready to punish another motorist, a la “Equalizer” style. He armed himself as if acting to arrest another, likely for obstruction of traffic or reckless driving.

Perhaps these two drivers were emboldened by the principle of citizen’s arrest, which is allowed in most jurisdictions including the Philippines. According to Rule 113 of the Rules of Court, even a private person may conduct a warrantless arrest under certain circumstances, which include “in flagrante delicto” cases (“in blazing offense,” “caught red-handed”), among others. By policy, the Philippine National Police (PNP) has encouraged the public to exercise citizen’s arrest against anyone, stressing that it is the duty of every Filipino to help the government maintain peace and order. However, effecting warrantless arrests should be done purposely to help keep the peace instead of disturbing the peace as in the case of these two angry drivers. Should anyone heed the call of the PNP and exercise a citizen’s arrest, no form of unnecessary violence, threat, or intimidation should be used. And almost always, when anger accompanies or precedes an act, it does not end well.

As a young lieutenant in the Army, I literally imposed physical punishment to discipline the rookie soldiers in my unit, who merely took a six-month crash course instead of undergoing a two year rigorous Army

training. Military training was expedited in the late eighties in light of the government’s effort to increase the number of troops to help combat a resurgence in communist influence in the countryside. Angered by the sheer lack of discipline essential to any combat mission, I usually inflicted pain on these soldiers as if they were being initiated into a fraternity if only to emphasize that uncontrolled indulgence has no place in any fighting force. Looking back, I regretted those “beating sessions.”

They were carried out in anger and in the heat of passion.

Anger makes people do irrational things. Science explains that the stress hormone cortisol, which increases blood sugar levels (glucose), is linked to feelings of hostility.

There’s a boost in testosterone levels as well whenever stress kicks in, hence, men feel more “macho” when angry, with the now infamous driver in the “Akin na lisensya mo!” video as Exhibit A. This is not to say that women cannot be uncontrollably angry since testosterone is also produced by women’s ovaries, though in smaller amounts. Either way, hormones and anger are related.

Transforming rage into something productive instead of destructive remains a challenge for everyone,

Monday, January 22, 2024

myself included. Yet, over time, my road rage tendencies have significantly reduced maybe because of a heightened tolerance that comes with age or because of a healthier lifestyle in the form of exercise and diet or on account of an increased spiritual maturity.

Anger is not only a human reaction but can also be a godly reaction. When believers try to justify their anger actions biblically, they resort to what Jesus did as narrated in John 2:14-16, which states, ”In the temple courts he found people selling cattle, sheep and doves, and others sitting at tables exchanging money. So, he made a whip out of cords, and drove all from the temple courts, both sheep and cattle; he scattered the coins of the moneychangers and overturned their tables. To those who sold doves he said, “Get these out of here! Stop turning my Father’s house into a market!” So, if Jesus can be angry, His followers can do the same. Yet, this table-flipping anger event is often misunderstood. I was taught that Jesus got into a whipping and flipping episode in anger because these money changers and cattle sellers were making it more difficult for non-Jews to worship God inside the temple. Such righteous anger was premised on love as Jesus wanted to involve all people in communal activities, not just the Jews.

He got angry at “legalists” who demanded religion, since Jesus wanted a relationship with all.

Anger can have positive effects.

For instance, a parent might have anger fits if only to discipline his children out of love. Only when this anger becomes unrestrained that it turns into a rage that can be problematic. Anger impairs our physical and mental health as well as those around us. A writer once inquired, “So what is the purpose of anger?”

As a result of his studies, he reveals that the Bible compares anger to a consuming fire (Deuteronomy 32:22).

And just like fire, it can be utilized either for good or for destruction.

He proceeds by stating that “When

C

haos in the Red Sea is starting to disrupt shipments of produce from coffee to fruit— and threatening to halt a slowdown in food inflation that brought some relief to strained consumers.

Vessels loaded with foodstuffs are among those avoiding Houthi attacks in the key waterway by sailing around Africa, a longer and costlier route. But unlike gas, oil and consumer goods cargoes that have also been affected, lengthier shipping times risk making perishable foods unsellable.

That’s spooking the industry. Italian exporters fear kiwi and citrus

fruits will spoil on the way, Chinese ginger is getting pricier and some African coffee cargoes were briefly delayed. Grain is being diverted from the Suez Canal and a livestock carrier bound for the Middle East has changed course.

While the impact is so far limited, it’s a reminder of how fragile food supply chains can be. If disruptions worsen, they could stall the slump in food-commodity costs that had started to filter through to cheaper grocery bills.

“Everyone is a loser here,” said Nitin Agrawal, managing director of Euro Fruits, a major Indian grape exporter. The company usually ships

we get angry about something that is wrong, it can motivate us to take action and make things right. But when our anger is out of control, it can lead to violence and destruction.”

God’s Word has instructions on how to control our anger. In Ephesians 4:26-27, we are told to “be angry but do not sin.” Meaning, we should express our anger in positive ways, without letting it transform into hatred or revenge. We are also directed in James 1:19-20 to be “slow to anger,” commanding us to think BEFORE we react in moments of frustration or rage. And finally, Proverbs 29:11 articulates that “a fool gives full vent to his spirit,” meaning that someone who does not know how to manage their temper will often say or do things they regret eventually.

Hence, whenever we get a chemical imbalance that produces stress and, consequently, anger, we should be reminded that we have a choice to love or to hate. In the words of Tim Keller, “Anger is the result of love. It is energy for defense of something you love when it is threatened.”

Otherwise stated, this particular sentiment called anger, or fury, even wrath, ought to be predicated on the more stable emotion called love. Then and only then can our overt acts be manifested positively and more beneficially. Therefore, in keeping to what Jesus commanded us to love others, the next time we find ourselves at the brink of road rage, pause. Pause to remember that the choice of how to harness our anger lies within our hands.

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

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

Strategic negotiation: Fostering collaborations, mitigating risks, and navigating success in diverse settings

By Henry Go

T

HE importance of negotiation permeates various aspects of daily life, encompassing personal interactions with friends and family, professional environments, and even geopolitical diplomacy. It demands finesse and strategic insight, advocating for a positive and cooperative stance beyond immediate issue resolution.

The goal of negotiation should strategically enhance relationships, fostering enduring collaborations and establishing robust connections through prioritized open communication and understanding.

Among negotiation tactics, constructive negotiation stands out as a valuable framework for conflict resolution. It adeptly harmonizes diverse needs, creating a cohesive environment. By emphasizing outcomes beneficial to all parties, it en-

courages flexibility and adaptability, addressing immediate concerns and profoundly shaping the trajectory of long-term relationships and collaborations.

In the realm of negotiations, the overarching goal is to cultivate a positive and productive dialogue, laying the groundwork for enduring partnerships. Despite this aim, some persist in the belief that aggressive negotiation strategies ensure triumph, resorting to threats and extreme demands. However, employing such tactics risks immediate tensions and undermines the potential for sustained strategic collaborations.

In any negotiation context, the adoption of a hard-bargaining or aggressive negotiation style may lead to disaster, jeopardizing potential benefits and initiating destructive cycles detrimental to long-term partnerships. Opting for a more substantial strategic advantage involves

embracing an integrative tactic, characterized by creative problemsolving, trade-offs, and trust-building, leading to mutually beneficial agreements. Navigating this intricate landscape with diplomatic finesse necessitates a strategic commitment to insightful questioning and the exploration of differences.

This deliberate approach rejects the transient gains of aggressive tactics, strategically positioning negotiators for comprehensive and forwardthinking negotiations.

The strategic impact of this approach transcends immediate victories. By fostering an understanding of integrative negotiations, negotiators create a collaborative environment where trust is fortified, differences are explored constructively, and agreements are optimized for long-term success. These principles possess strategic universality, extending to diverse dispute resolution

Red Sea unrest is bad news for world’s fragile food supply

By Bloomberg News

A9

to Europe via the Red Sea, but now uses the longer route that’s more than quadrupling freight costs and doubling transit times.

That means grape quality will suffer, and most European importers have agreed to higher prices of Indian grapes, which will make them more expensive for consumers, Agrawal said. The European Union generally relies on India for about a seventh of its table grapes, and more than 35% at the crop’s peak in March-April, according to European fresh produce association Freshfel.

Italian exporters, which sell about $4.4 billion of agricultural produce to Asia, are worried that going around

Africa will hurt freshness and add to costs for fruit like apples, kiwi and citrus, said Massimiliano Giansanti, president of farm group Confagricoltura. Meat faces similar concerns, and India’s buffalo-meat shipments bound for regions like North Africa are grappling with delays, said Fauzan Alavi, spokesperson of All India Buffalo and Sheep Meat Exporters Association.

It’s also a headache for farmers who would have to cut their prices to make up for higher shipping costs.

“We have to sell even if prices fall as we can’t prolong the harvesting period,” said Sandeep Dagu Sandhan, a grape grower in India’s state

of Maharashtra, where harvesting has started in some areas. “Exporters always manage to cover their costs.

It will be our losses if prices crash.”

Wider worries

The shipping issues are also a concern for Europe’s exports of products like pork, dairy and wine, as well as imports of tea, spices and poultry— though it’s unclear the extent of any impact—according to CELCAA, which represents agri-food traders.

And ships carrying about 1.6 million tons of grain and headed for the Suez Canal were diverted to other routes in recent weeks, intelligence firm Kpler said. Most of that will be crops going

scenarios. Whether managing interpersonal conflicts, legal disputes, or diplomatic challenges, the foresight and adaptability embedded in these negotiation tactics offer a strategic advantage, positioning negotiators for sustained success in the everevolving and intricate landscape of negotiations.

While the primary focus of this article is on business negotiations, the articulated principles demonstrate a strategic universality extending to diverse dispute resolution scenarios.

Whether dealing with interpersonal conflicts, legal disputes, or diplomatic challenges, the foresight and adaptability in these negotiation tactics offer a strategic advantage.

Essentially, these diplomatic and strategic approach positions negotiators not merely for short-term victories but for sustained success in the ever-evolving, intricate landscape of negotiations.

to China and Southeast Asia.

UK grocery giant Tesco Plc has warned that shipping disruptions could lead to inflation on some goods and J Sainsbury Plc is working with the government to cope with delays.

Fresh ginger prices have jumped more than a third since December at East London’s New Spitalfields Market. Muhammed Patel of wholesaler Amer Superfresh Ltd., which usually sources from China, said suppliers are raising costs to account for longer journeys.

“Every now and then we have delays, but nothing like this,” Patel said.

With assistance from Celia Bergin and Gina Turner / Bloomberg

A10 Monday, January 22, 2024

MUCH MORE’ GOVT CAN DO 4 priority bills near approval ‘SOTO LURE INVESTMENTS–RISA T as Congress resumes session

A

By Jovee Marie N. dela Cruz

@joveemarie

S the House of Representatives resumes its sessions on Monday, Speaker Ferdinand Martin G. Romualdez announced that the chamber is on the verge of concluding the approval of four bills outlined by President Ferdinand “Bongbong” R. Marcos Jr. “We are almost done with the priority bills agreed upon by Congress and the executive branch. We have approved on final reading all but four of the 57 measures in the Ledac list,” said Speaker Ferdinand Martin G. Romualdez, referring to priority measures identified earlier by the Legislative-Executive Development Advisory Council.

He said that a crucial measure— denominated as House Bill (HB) No. 9713, focusing on institutionalizing a Philippine self-reliant defense posture program and promoting the

development of a national defense industry—is slated for third and final reading. This leaves only three measures awaiting final approval.

Romualdez emphasized the importance of having a credible defense program and industry to reduce dependence on foreign allies and suppliers for defense requirements.

“We have accomplished our mission as lawmakers by acting promptly on the legislative agenda of President Marcos, which is focused on sustaining economic growth, helping the poor and vul-

nerable sectors, creating jobs and income opportunities, and in general, making life better for every Filipino,” he said.

The three Ledac measures awaiting final approval are: amendments to the Electric Power Industry Reform Act (under technical working group finalization), Budget Modernization Bill, and National Defense Act (under committee consideration).

Additionally, a House priority law, HB No. 9571, titled “An Act prohibiting the development, production, stockpiling, and use of chemical weapons, providing for their destruction, and imposing penalties for violations thereof,” is scheduled for final passage.

Romualdez affirmed the House’s commitment to provide legislative support to the Marcos administration and address challenges facing the nation and economy in the years ahead.

Highlighting the benefits of Ledac-endorsed measures, Romualdez acknowledged the positive impact on the people, with the P5.768trillion 2024 national budget being a key achievement signed into law

by President Marcos.

He emphasized the budget’s significance as a tool for national progress and development, pro-

viding funds for infrastructure, assistance to various sectors, and supporting economic growth.

Among the Ledac bills signed into law are the SIM Registration Act, postponement of barangay/ Sangguniang Kabataan elections, strengthening professionalism in the AFP, New Agrarian Reform Emancipation Act, Maharlika Investment Fund Act, regional specialty hospitals, national employment recovery strategy/Trabaho Para sa Bayan Act, LGU Income Classification Act, Internet Transaction Act/E-Commerce Law, amendments to the BOT Law/PPP Bill, and Ease of Paying Taxes Act. The House and Senate have ratified conference committee reports on four other Ledac bills, including the New Passport Act, revitalizing the salt industry bill, Magna Carta of Filipino Seafarers, and Tatak Pinoy (Proudly Filipino) Act. Two more measures are set for bicameral conferences: amendments to the Anti-Agricultural Smuggling Act and Philippine Ecosystem and Natural Capital Accounting System Act. A total of 36 Ledac bills have been approved on third and final reading, covering a wide range of areas, from health and infrastructure to taxation and environmental conservation. Speaker Romualdez affirmed the House’s commitment to addressing the nation’s challenges through effective legislation.

HERE are so many measures that Congress and the Executive can do to encourage the inflow of more foreign investments in the country without tinkering with the Constitution, according to a Senate leader, who expressed hope that amendments made by the 18th Congress to three key but outdated economic laws will be upheld by the Supreme Court, where they have been questioned.”

“With all due respect even now, in the Resolution of Both Houses filed in the Senate, with all due respect to my colleagues, in the first place [there is no need to] liberalize the economic provisions of the Constitution; we have in fact, Congress has in fact, been doing that already through legislation,” said Deputy Minority Leader Risa Hontiveros in a recent TV interview.

She cited amendments to the Retail Trade Liberalization Act, the 80-year-old Public Service Act, and the Foreign Investments Act that were already amended in the previous Congress in a bid to encourage more investors.

“And to try to do that now through the basic law of the land, the Constitution . . . that’s not what the country needs now, and opening the floodgates to further amendments to the basic law, and...to the laws in those specific industries—advertising, education, public utilities—that’s really a slippery slope,”Hontiverso said, partly in Filipino.

While acknowledging studies that described the Philippine Constitution as among the most restrictive in Asia, the senator said she is convinced that the amendments to the Public Service Act, which is now being questioned in the SC, would suffice to pave the way for more investments in railway, telecommunications and utilities, which Congress redefined as

services to make it legal for these to be 100-percent owned.

Last week, Senate President Juan Miguel Zubiri conceded, while briefing reporters on his joint resolution for Charter-change review, that the pending petitions in the SC have apparently made foreign investors wary of coming in for the meantime.

“Well,” Hontiveros said, “we’re waiting to hear the Supreme Court’s opinion on that since the [amendatory laws] were raised to them. But as for what is needed, actually, to bring in more foreign direct investments, the Foreign Chambers of Commerce in the Philippines have spoken to that question already repeatedly, [and] their own surveys and studies as well.” And their findings indicate that restrictions on 100-percent foreign ownership represent a “major problem,” added Hontiveros.

What’s “top of mind [in their] studies and surveys is that . . the policies, the predictability of policies in the Philippines, equal application of the law, elimination of graft and corruption, and of red tape” are the major considerations. “The price of doing business here and ease of doing business, the price of energy, etc.”also pose key concerns, the senator stressed.

“So, there’s so much more that not just the legislature, but the executive can also do to make our business and economic environment more conducive,” for domestic investors as well, “to whom in my view, as Filipinos should get a premium, but also to foreign direct investors.” She advocated support for the foreign investors’ campaign to improve the local business environment. “And one of them is to reduce the instability, which, ironically, for the Cha-Cha advocates, Cha-Cha itself instigates.”

Butch Fernandez

Higher govt debt swells PHL external liability position in ’23 Q2—BSP

By Cai U. Ordinario @caiordinario

H

IGHER government debts increased the country’s net external liability position in the second quarter of 2023, according to the Bangko Sentral ng Pilipinas (BSP).

Based on the latest balance sheet data, the BSP said the country’s net external liability position widened by 4.8 percent quarter-on-quarter to P2.4 trillion in the second quarter of 2023 from P2.3 trillion in the first quarter of 2023.

The data showed non-financial corporations (NFC) and the general government (GG) are considered net debtors while households (HH), other depository corporations (ODC), rest of the world (ROW), other financial corporations, and the central bank (CB) are net creditors. “[This is] due to the higher net external liability positions of the non-financial corporations and the general government. However, this was partly offset by the lower net ex-

ternal liability position of the other financial corporations,” BSP said.

The data showed non-financial corporations continued to be the largest net debtor, with their net financial liability position widening by 3.8 percent in the second quarter of 2023 to P8.8 trillion.

BSP reported an increase in the other financial corporations’ holdings of equity and investment fund shares, as well as debt securities issued by the non-financial corporations.

The central bank also said the loans from non-residents and other depository corporations increased.

“Year-on-year, the sector’s net financial liability position widened, driven by higher loans availed from banks, as well as the rise in the other financial corporations’ holdings of equity and debt securities issued by the sector,” BSP said.

“Likewise, loans from the rest of the world and non-residents’ holdings of equity securities issued by the sector expanded,” it added.

Meanwhile, BSP data showed that the general government’s net

financial liability position grew by 2.7 percent in the second quarter of 2023 to P8.7 trillion.

This was attributed by the central bank to lower deposits with the other depository corporations and higher holdings of government securities of the other depository corporations and the other financial corporations.

The BSP said government security holdings of the rest of the world increased, as well as the other financial corporations and the other depository corporations.

The general government’s loans from non-residents also grew.

The data based on the gross financial assets and liabilities by sector showed that liabilities increased by 1.1 percent to P80.8 trillion in the second quarter of 2023.

Compared to the domestic economy’s assets, the growth of liabilities was faster and at a higher level.

Assets of the domestic economy posted a growth of a percent to 78.4 percent in the second quarter of 2023.

DMW bldg will still carry Blas Ople’s name

A

NEW and better version of the signage showing the name of former Labor Secretary Blas F. Ople is set to be placed at the facade of the main office of the Department of Migrant Workers (DMW).

“The DMW is in the process of renovating and upgrading our Head Office’s facade. As part of this project the old Blas F. Ople bldg. signage was removed so we could put in a newer, better signage,” the agency said in a brief statement.

DMW issued the clarification after a grandchild of Ople, Carlos Ople, made a post on social media lamenting the recent change in the

DMW main office.

“Drove by EDSA yesterday and was saddened to see that the Department of Migrant Workers took down the name of my late grandfather from the building,” the younger Ople said.

He said he wanted to know the explanation for the removal and who was responsible for it.

The DMW main office at the corner of EDSA and Ortigas was the previous office of the now defunct Philippines Overseas Employment Administration (POEA).

The building was named Blas F. Ople building in 2004 after the elder Ople for pioneering overseas

employment in the Philippines. Before his death in 2003 as secretary of foreign affairs, Ople was a senator and before that, member of the 1986 Constitutional Commission and labor secretary. It was during his term as labor secretary that Ople conceived of the labor export policy as a means to find jobs for skilled Filipino workers while filling the country’s need for scarce foreign exchange.

Ople’s daughter, Susan V. Ople, became the first secretary of DMW until she passed last year from cancer.

DMW is currently led by its officer-in-charge, Undersecretary Hans J. Cacdac. Samuel P. Medenilla

Companies BusinessMirror

Editor: Jennifer A. Ng

Monday, January 22, 2024

B1

‘Industrial output rebound to 2Go opens 100th store in San Juan prop up Meralco 2024 sales’

T

By Lenie Lectura

@llectura

he Manila Electric Co.’s (Meralco) energy sales volume for this year could grow by 4.5 percent on the back of the continued economic recovery of the Philippines, according to a company official.

Meralco Senior Vice President and Chief Revenue Officer Ferdinand Geluz also said energy sales volume in 2023 likely rose by 4.5 percent.

The power distribution utility firm has yet to report its 2023 financial performance, which will include energy sales volume and growth.

For this year, Geluz said Meralco is banking on an increase in electricity use across all sectors due to the recovery of the economy.

“We don’t expect another [double-digit growth] for commercial but still we’re expecting around maybe 5 or 6 percent. We do expect a rebound in industrial sector. Of course, with El Niño, there is a spike in residential.”

He said the full transition to face-to-face classes in both public and private schools and the warmer temperature expected during the hot dry season could lift sales growth this year.

In 2022, Meralco recorded 48,916 gigawatt hours (GWh) of

energy sales volume. From January to September last year, Meralco’s electricity sales volumes rose by 4 percent at 38,164 GWh compared with 36,553 GWh recorded in the same period for 2022.

During the 9-month period ending September 30 last year, residential sales volume further recovered and raised year-to-date sales by 3 percent to 13,363 GWh from the previous year’s 12,926 GWh. The industrial sector gradually showed signs of rebound as the drop in sales volume narrowed to 1 percent at 10,570 GWh versus10,677 GWh.

At the end of the 9-month period, consolidated customer count stood at 7.8 million.

Meanwhile, the foundation arm of Meralco has energized Blanga Elementary School in Sitio Blanga, Barangay Nalilidan in Kalamansig, Sultan Kudarat.

The school is an off-grid, 100 percent indigenous peoples (IP) school which can only be reached via 4x4 vehicles due to the rough and rocky terrain up the mountains. It is is the second home of 167 Dulangan Manobo elementary students from Grades 1 to 6.

With the help of its partners, primarily the Department of Education and their respective local governments, Blanga Elementary School has become the first school in Sultan Kudarat to be energized

by One Meralco Foundation harnessing the power of the sun.

Two more schools in the municipality of Lebak—Elem Elementary School and Datu Manggong Elementary School—were also energized with solar PV systems.

Globe blocks more child porn sites

G

lobe Telecom Inc. has intensified efforts to combat child pornography by blocking illegal sites.

In 2023, Globe said it blocked 489,849 child pornography sites, up 22 percent from the 401,487 sites blocked in 2022.

The number of disabled URLs hosting lewd content went up by 21.8 percent, reaching 486,802 in 2023 from 399,550 in the previous year. The figure for blocked domains also saw a 56.5-percent surge to 3,047 in 2023 from 1,947 in the same period the year before.

“We believe that a safer digital environment for our children re-

quires a multi-pronged approach.

Beyond blocking harmful content, we want to foster a culture of vigilance, awareness, and collaboration to protect the most vulnerable members of our society from the pervasive threats that lurk online,” said Chief Information Security Officer Anton Bonifacio.

Globe said it continues to enhance its capabilities to detect and block access to child pornography and other illegal sites. It has invested $2.7 million in content filtering systems to upgrade its site-blocking capabilities. It works with government agencies and local and international orga-

nizations to bolster child protection online.

Through its #MakeITSafePH campaign launched in 2017, Globe has been actively aligning its efforts with the Anti-Child Pornography Act of 2009 (Republic Act 9775). This law requires all internet service providers (ISPs) to deploy technologies that prevent access to or transmission of child pornography.

The Philippines is a leading source of online sexual abuse and exploitation of children content, according to the US-based National Center for Missing and Exploited Children. Lenie Lectura

Musk’s AI FPIP unveils integrated CSR program startup L secures $500M

E

lon Musk’s artificial intelligence company, xAI, has secured $500 million in commitments from investors toward a $1 billion goal, according to people with knowledge of the talks.

The company is discussing a valuation of $15 billion to $20 billion, though terms could still change in the coming weeks, the people said, declining to be named because they were not authorized to speak publicly about the investment. Musk said on X, the network formerly called Twitter, that the report was “fake news.”

Musk launched the startup last year as an alternative to Open AI, which he co-founded and later left over philosophical differences about how to profit from the technology. xAI’s product, a chatbot named Grok, is developed using social media posts on X, which Musk also owns. That allows Grok to access more recent data for its answers than other chatbots.

The two companies’ investors will likely overlap too. Bloomberg News

opez-led economic zone operator First Philippine Industrial Park (FPIP) has lined up various communityoriented initiatives to further improve conditions in the cities of Santo Tomas and Tanauan in Batangas and underscore its gratitude to the cities generously host ing t he company’s operations.

FPIP has consolid ated t he initiatives into one cohesive corporate social responsibility program that it launched recently as the “FPIP Kabuhayan” to encompass the company’s educational, occupational, and communal development projects.

“We believe that, as a unified CSR program, FPIP Kabuhayan will serve as a more efficient tool in delivering projects that foster a positive and lasting impact on our target communities that have consistently supported us over the past 26 years of our operations. This bold step also exemplifies our recognition that corporate responsibility extends beyond business operations,” said FPIP External Affairs Vice President Ricky Carandang.

Under the FPIP Kabuhayan umbrella program, the company will extend scholarships to deserving students; assist residents in getting work through its job fairs; provide relief during

disasters and emergencies; and support community healthcare and wellness activities, among other benefits.

FPIP Kabuhayan’s launch took place during the soiree or party that FPIP hosted for locatorpartners to celebrate also their successes last year. The soiree provided the perfect platform to unveil FPIP’s collective vision for com mu n it y de ve lopment and for the company’s call on its locator-partners to support in empowering their host communities of Tanauan City and Tomas City.

“We take great pride in announcing the official launch of FPIP Kabuhayan, and we warmly extend the invitation to you, our locator-par tners, to join us hand-in-hand as we forge a path of shared responsibility in elevating the communities that host us,” Carandang said during the launch of FPIP Kabuhayan.

The launch also included the

unveiling of the CSR program’s own logo design.

“A s FPIP K abuhayan takes center stage, FPIP looks forward to amplifying and deepening its partnerships with local communities, NGOs, and government entities to create meaningful and lasting change. The company remains steadfast in its dedication to fostering a brighter, more sustainable future for its host communities.”

Located in the thriving industrial Calabarzon area, FPIP was established in 1996 by local conglomerate First Philippine Holdings with Japanese global trading giant Sumitomo Corporation.

Tod ay, FPIP is one of t he fastest-growing contiguous industrial parks in the Philippines and home to a wide variety of world-class companies, such as Brother, Canon, Collins Aerospace, Dyson, Honda, and Thermos, to name a few.

Photo from www.2go.com.ph

By VG Cabuag @villygc

2

Go Group Inc. has opened its 100th retail store at Greenhills Shopping Center in San Juan, extending its services closer to consumers, entrepreneurs and nearby residents.

The retail store offers services from ticket purchases for 2Go Travel to document and parcel deliveries through 2Go Express and FedEx. The said store also extened services such as package pick-up, cargo logistics and forwarding services.

The newly established location at the Greenhills Shopping Center is intended to provide the public with convenient logistics service options, the company said.

“At 2Go Group, strategically positioned retail stores support and encourage nationwide business opportunities. Through our network, Filipino entrepreneurs anywhere in the country can effortlessly showcase and distribute premium local products both nationwide and globally,” 2Go President and CEO Frederic DyBuncio said.

“As we remain dedicated to foster-

ing economic growth for Filipinos, our goal is to continue enhancing connectivity through logistics.”

Blessie Cruz, business unit head for 2Go Retail, said the decision to establish a branch at Greenhills Shopping Center is “strategic.”

“Greenhills is known for being a thriving hub for MSMEs [micro, small and medium enterprises], hosting a vibrant community of online sellers offering a diverse range of merchandise, from clothing to gadgets, and more. With 2Go’s presence, business owners in the vicinity can effortlessly ship their products worldwide.”

The company said the recent expansion of 2Go Retail into malls aims to elevate the shopping experiences of both the public and business owners by bringing the company’s services closer to busy locations.

2Go has a nationwide retail network of almost 3,000 outlets of company owned stores and retail partners through SM Business Centers, Alfamart, Waltermart, Fax Parcel and Print, Savemore, and accredited agents. These outlets offer a comprehensive range of 2Go services for documents, packages, cargo and travel.

Cyber response team of PLDT joins FIRST

T

he PLDT Group would be able to predict and respond to threats faster before they can compromise its assets after its Cyber Security Incident Response Team (CSIRT) has been officially admitted to the global Forum of Incident Response and Security Teams (FIRST).

“FIRST offers a treasure trove of information shared by more than 700 incident response teams from governments, businesses, and the academe in more than 100 countries around the world.

As we continue to beef up our preventive and detective capabilities, FIRST also enables us to further protect and secure our customers and their data,” said Angel Redoble, chief information security officer at PLDT, Smart and ePLDT. The PLDT Group’s CSIRT is also the first and only Philippine-based organization to join FIRST. FIRST was convened to address these issues by providing a platform for stakeholders to share their best practices and experiences. It encourages cooperation and coordination among members in incident prevention, to stimulate rapid reaction to incidents, and to promote information sharing, especially, in the global community.

“The PLDT Group can, likewise, share its extensive experience in fending off cyber-attacks and pre-

venting cybersecurity incidents with our fellow FIRST members,” added Redoble.

The PLDT Group has thwarted more than 16 billion cyber-attacks and attempts to breach its network in 2023. It has also prevented more than 18 billion attempts to open malicious domains in the same period.

PLDT and Smart also keep customers secure from cyber-attacks by preventing attempts to open malicious domains, and blacklisting malicious URLs and links tied to phishing, spams, hoaxes and other illegal activities.

Last week, PLDT Global Corporation (PLDT Global) and the Overseas Workers Welfare Administration (OWWA) announced a partnership to assist Overseas Filipino workers (OFWs) access the Overseas Workers Welfare Administration’s (OWWA) Helpline 1348 for free.

The OWWA Helpline 1348 enables the government agency to provide faster and more responsive service to client calls requesting assistance on various OWWA programs, services, and benefits, including issues on employment contracts, repatriation assistance, and other OFW-related concerns. The OWWA Helpline can be accessed for free via TINBO (Tindahan ni Bossing), the one-stop online marketplace for global Filipinos. Lenie Lectura

B2

Companies BusinessMirror

Monday, January 22, 2024

PSE STOCK QUOTATIONS

January 19, 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 NTL REINSURANCE PHIL STOCK EXCH SUN LIFE VANTAGE

351,770 308,610,518 285,780 220,330,717 1,899,440 2,205,512 85,648,273 301,256 183,676 10,038 121,700 7,716,505 16,881,520 1,290 30,840 38,000 17,700 38,250 13,600

3,360 73,233,804 -53,349,548 -15,750 2,146,973 51,925,598.50 -8,928 -2,491,385 -3,462,190 -17,700 38,250 -

INDUSTRIAL ACEN CORP 4.13 4.14 4.09 4.17 4.09 4.14 6,189,000 25,570,120 0.54 0.55 0.53 0.57 0.52 0.55 681,000 362,620 ALSONS CONS 0.72 0.73 0.73 0.73 0.7 0.72 994,000 709,870 ALTERNERGY HLDG ABOITIZ POWER 37.85 38 38.1 38.1 37.6 37.85 97,000 3,674,795 RASLAG 1.2 1.23 1.22 1.23 1.2 1.21 30,000 36,410 0.188 0.19 0.187 0.193 0.187 0.19 340,000 64,630 BASIC ENERGY 17.72 17.8 17.8 17.86 17.72 17.72 334,400 5,954,002 FIRST GEN FIRST PHIL HLDG 63.5 63.8 64 64.05 63.5 63.8 83,030 5,312,830.50 MERALCO 376.8 377 374 378.4 374 377 138,750 52,308,492 18.48 18.5 18.58 18.58 18.3 18.48 224,100 4,140,884 MANILA WATER 3.4 3.41 3.36 3.44 3.36 3.41 163,000 553,690 PETRON PHX PETROLEUM 4.21 4.8 4.8 4.88 4.8 4.8 3,000 14,480 7.68 7.71 7.86 7.86 7.71 7.71 70,500 547,261 REPOWER ENERGY 31.25 31.3 31.3 31.5 31.2 31.25 624,000 19,512,355 SEMIRARA MINING 7.71 7.72 7.56 7.79 7.55 7.72 819,900 6,338,117 SYNERGY GRID SHELL PILIPINAS 10.84 10.98 10.8 10.98 10.8 10.98 20,200 220,468 SPC POWER 7.01 7.1 7.15 7.15 7 7.1 76,200 534,454 1.21 1.22 1.23 1.23 1.2 1.22 5,838,000 7,061,720 SP NEW ENERGY 0.66 0.68 0.66 0.69 0.66 0.68 1,678,000 1,128,820 AGRINURTURE AXELUM 2.23 2.3 2.05 2.23 2.05 2.23 33,000 71,850 CENTURY FOOD 34 34.2 34 34.4 33.7 34 1,146,900 39,060,460 6.08 6.2 6.07 6.2 6.07 6.2 5,400 33,441 DEL MONTE 6.52 6.53 6.56 6.56 6.5 6.53 500,600 3,265,580 DNL INDUS EMPERADOR 20.95 21 21.1 21.1 20.9 20.95 1,594,200 33,453,655 SMC FOODANDBEV 48.9 48.95 49 49 48.35 48.95 79,800 3,904,560 0.62 0.63 0.63 0.64 0.62 0.63 1,696,000 1,067,430 FIGARO COFFEE 0.82 0.83 0.85 0.85 0.81 0.83 1,657,000 1,356,570 FRUITAS HLDG GINEBRA 162 164 164 165 163 164 4,310 706,850 JOLLIBEE 259 267 260 267 257.6 267 323,310 85,711,390 1.44 1.45 1.45 1.45 1.44 1.45 309,000 446,380 KEEPERS HLDG 3.26 3.27 3.25 3.26 3.24 3.26 24,000 78,050 MAXS GROUP MONDE NISSIN 8.15 8.17 8.2 8.29 8.12 8.15 4,236,700 34,537,735 SHAKEYS PIZZA 10.12 10.3 10.1 10.3 10.1 10.3 172,400 1,760,352 0.43 0.435 0.43 0.475 0.43 0.43 3,250,000 1,504,050 ROXAS AND CO 2.9 2.97 2.98 2.99 2.9 2.9 5,576,000 16,277,170 RFM CORP SWIFT FOODS 0.058 0.065 0.065 0.065 0.065 0.065 70,000 4,550 114 114.9 114 115 113.1 114.9 1,254,790 143,484,162 UNIV ROBINA VITARICH 0.51 0.52 0.52 0.52 0.51 0.51 79,000 40,300 2.92 3.1 3 3.07 3 3 60,000 180,700 VICTORIAS 43 57.95 43 43 43 43 500 21,500 CONCRETE A CONCRETE B 40.3 50 50 50 50 50 200 10,000 0.93 0.96 0.91 0.96 0.89 0.93 662,000 606,910 CEMEX HLDG 0.67 0.69 0.69 0.69 0.67 0.69 37,000 24,890 EC VULCAN CORP 6.08 6.12 6.18 6.2 6.04 6.12 448,100 2,732,373 EEI CORP MEGAWIDE 3.26 3.28 3.3 3.3 3.25 3.28 103,000 336,590 TKC METALS 0.39 0.395 0.4 0.4 0.39 0.39 90,000 35,500 1.55 1.58 1.59 1.59 1.53 1.58 74,000 113,980 CROWN ASIA 5.54 5.59 5.59 5.6 5.59 5.6 1,600 8,945 MABUHAY VINYL PRYCE CORP 5.24 5.29 5.29 5.29 5.24 5.24 21,900 115,066 0.24 0.242 0.241 0.244 0.24 0.24 2,680,000 645,360 GREENERGY 2.55 2.59 2.54 2.58 2.52 2.55 274,000 704,240 INTEGRATED MICR 1.07 1.09 1.04 1.09 1.03 1.09 279,000 297,710 IONICS PANASONIC 4.51 5.63 5.64 5.64 5.64 5.64 1,200 6,768 2.3 2.4 2.34 2.4 2.3 2.3 401,000 953,370 SFA SEMICON 1.91 1.93 1.82 1.93 1.79 1.93 1,142,000 2,154,740 CIRTEK HLDG

-8,260,180 7,020 23,030 -582,700 -11,280 -2,070,860 -180,030.50 -10,386,318 -903,696 -71,610 -13,558,005 -322,608 -93,330 -1,420 1,819,570 -157,500 -24,420 -10,275,260 -2,136,538 -19,845,810 -3,743,885 16,300 -49,260 49,098,994 -13,000 22,549,791.00 568,630 -9,000 -7,425,990 -26,272,231 -21,440 13,040 -2,410 -619,880 -239,000 1,038,990

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

-126,010 -14,727,235 18,867,755 -7,647,756 -292,464,500 -19,681,216 -70,639,305 -66,762,325 1,079,533 -18,078,805 -3,012,342 -

HOLDING & FRIMS

33.55 136.8 6.75 106.2 31.5 8.8 56 8.75 18.74 54 22.1 71.9 43.45 1.23 2.56 0.36 177 2,550 0.78

1.08 675 48.8 11.62 11.6 0.395 0.38 4.8 10.18 5.51 1.66 612 3.4 38 4.26 9.17 2.65 0.94 870 120.4 1.34 98 0.25 0.084

33.6 136.9 6.84 106.8 31.55 8.81 56.3 8.85 18.76 55.5 23.4 72.25 43.5 1.29 2.57 0.435 177.5 2,700 0.8

1.09 677 48.9 11.66 11.98 0.42 0.39 4.85 10.2 5.59 2.24 614 3.7 38.7 4.36 9.18 2.67 0.99 879 120.6 1.71 101.9 0.27 0.086

33.5 136 6.9 109 31.45 8.71 55.2 8.75 18.76 55.8 22 71.8 44.4 1.29 2.57 0.38 177 2,550 0.8

1.03 674 48.7 11.6 11.98 0.415 0.38 4.86 10.16 5.59 2.24 615.5 3.4 39 4.26 9.12 2.69 0.94 880 121.9 1.92 98.05 0.27 0.083

33.6 137.6 6.9 109.5 31.6 8.8 56.3 8.85 18.76 55.8 23.4 72.25 44.4 1.29 2.57 0.38 177 2,550 0.8

1.09 682 48.8 11.7 11.98 0.415 0.38 4.9 10.28 5.59 2.24 616.5 3.4 39.1 4.26 9.18 2.71 0.99 881.5 121.9 1.92 99 0.27 0.083

33.5 135.9 6.2 106.2 31.45 8.71 55.2 8.75 18.7 55.5 22 71.65 43.4 1.29 2.57 0.38 177 2,550 0.8

1.03 673 48.1 11.54 11.52 0.415 0.38 4.8 10.12 5.5 2.24 606.5 3.4 38 4.26 9.07 2.67 0.94 868.5 120 1.71 98.05 0.27 0.083

33.6 136.8 6.84 106.2 31.5 8.8 56.3 8.85 18.74 55.5 23.4 71.9 43.5 1.29 2.57 0.38 177 2,550 0.8

1.09 675 48.8 11.66 11.98 0.415 0.38 4.8 10.2 5.5 2.24 612 3.4 38 4.26 9.17 2.67 0.94 870 120.6 1.71 99 0.27 0.083

10,500 2,258,290 43,200 2,056,930 60,300 250,700 1,527,990 34,400 9,800 180 5,500 107,410 385,400 1,000 12,000 100,000 100 15 17,000

4,749,000 123,950 820,900 1,703,000 1,600 20,000 1,170,000 61,362,000 3,058,200 4,700 1,000 187,710 25,000 2,411,200 4,000 1,255,700 16,000 38,000 173,580 50,100 13,000 1,960 10,000 10,000

5,088,990 83,695,470 40,037,200 19,828,730 18,938 8,300 444,600 294,594,670 31,261,068 25,949 2,240 114,805,610 85,000 92,154,985 17,040 11,486,912 43,240 36,770 151,216,945 6,046,333 22,950 193,052 2,700 830

PROPERTY ARTHALAND CORP 0.415 0.44 0.42 0.42 0.42 0.42 250,000 105,000 4.94 6.39 6.4 6.4 6.4 6.4 100 640 ANCHOR LAND 32.3 32.35 32 32.55 31.8 32.35 10,739,800 346,079,940 AYALA LAND AYALA LAND LOG 1.74 1.76 1.73 1.74 1.72 1.74 303,000 525,420 8.99 9.38 9.39 9.39 9.39 9.39 700 6,573 ALTUS PROP 1.14 1.16 1.1 1.19 1.08 1.16 4,906,000 5,605,390 ARANETA PROP 34.1 34.15 34.1 34.15 34 34.1 511,900 17,461,660 AREIT RT A BROWN 0.65 0.66 0.66 0.66 0.66 0.66 47,000 31,020 0.69 0.71 0.69 0.72 0.69 0.71 20,000 13,850 CITYLAND DEVT 0.066 0.071 0.066 0.071 0.066 0.071 30,000 2,030 CROWN EQUITIES 2.63 2.64 2.66 2.66 2.6 2.64 136,000 359,400 CEB LANDMASTERS CENTURY PROP 0.265 0.28 0.28 0.28 0.275 0.28 50,000 13,850 2.69 2.7 2.68 2.7 2.67 2.69 1,610,000 4,320,230 CITICORE RT 7.67 7.8 7.89 7.89 7.67 7.8 122,700 952,249 DOUBLEDRAGON 1.22 1.23 1.23 1.24 1.22 1.23 750,000 922,680 DDMP RT DM WENCESLAO 5.8 5.94 5.8 5.94 5.8 5.94 8,100 47,940 0.122 0.125 0.125 0.125 0.121 0.125 1,070,000 130,360 EMPIRE EAST 0.275 0.285 0.275 0.285 0.275 0.285 420,000 117,850 EVER GOTESCO 3.09 3.1 3.1 3.2 3.08 3.1 883,000 2,757,200 FILINVEST RT FILINVEST LAND 0.66 0.67 0.69 0.69 0.66 0.67 2,225,000 1,488,860 GLOBAL ESTATE 0.83 0.89 0.84 0.84 0.83 0.84 577,000 481,680 8.6 8.93 8.98 8.98 8.98 8.98 100 898 8990 HLDG 853 880 880 880 880 880 100 88,000 GOLDEN MV PHIL INFRADEV 0.53 0.55 0.55 0.55 0.53 0.53 8,000 4,380 0.76 0.77 0.77 0.77 0.76 0.77 73,000 55,890 CITY AND LAND 1.98 1.99 1.98 1.99 1.98 1.99 7,502,000 14,897,410 MEGAWORLD 1.42 1.45 1.28 1.46 1.28 1.45 2,310,000 3,288,310 MRC ALLIED MREIT RT 13.96 13.98 13.8 14.2 13.7 13.98 2,228,900 31,235,636 PHIL ESTATES 0.325 0.345 0.325 0.325 0.325 0.325 40,000 13,000 1.53 1.55 1.53 1.55 1.53 1.55 120,000 185,840 PREMIERE RT 2.32 2.33 2.33 2.33 2.33 2.33 31,000 72,230 PRIMEX CORP RL COMM RT 5.31 5.32 5.12 5.31 5.12 5.31 1,726,000 9,134,522 ROBINSONS LAND 15.86 15.88 15.98 16 15.84 15.86 400,600 6,362,678 0.137 0.16 0.155 0.16 0.155 0.16 200,000 31,500 PHIL REALTY 1.4 1.43 1.43 1.43 1.43 1.43 40,000 57,200 ROCKWELL SHANG PROP 3.89 3.9 3.9 3.92 3.9 3.9 102,000 398,300 3.3 3.41 3.4 3.41 3.35 3.41 20,000 67,550 STA LUCIA LAND 32.75 32.9 33 33.1 32.7 32.75 3,624,500 118,879,435 SM PRIME HLDG 0.76 0.81 0.81 0.83 0.8 0.81 157,000 126,730 SUNTRUST RESORT 1.76 1.77 1.75 1.78 1.75 1.77 61,000 107,400 VISTA LAND VISTAREIT RT 1.72 1.74 1.73 1.75 1.73 1.73 588,000 1,027,190

SERVICES ABS CBN 4.99 5 4.92 5 4.75 5 567,000 2,810,260 8.87 8.89 8.88 8.89 8.87 8.89 376,100 3,341,730 GMA NETWORK 0.201 0.233 0.201 0.201 0.201 0.201 120,000 24,120 MANILA BULLETIN GLOBE TELECOM 1,731 1,740 1,733 1,751 1,731 1,731 18,370 31,891,560 PLDT 1,262 1,270 1,270 1,274 1,262 1,270 26,560 33,717,980 0.013 0.014 0.013 0.014 0.013 0.014 11,500,000 156,200 APOLLO GLOBAL 8.78 8.79 8.68 8.9 8.68 8.79 1,572,400 13,840,858 CONVERGE DFNN INC 3.07 3.18 3.05 3.07 3.05 3.07 101,000 308,070 2.44 2.45 2.44 2.51 2.42 2.45 3,125,000 7,722,060 DITO CME HLDG 1.15 1.17 1.19 1.19 1.15 1.17 714,000 827,240 NOW CORP 0.132 0.133 0.132 0.133 0.132 0.133 300,000 39,890 TRANSPACIFIC BR ASIAN TERMINALS 15.82 16 15.8 16.4 15.8 16 33,700 539,920 1.47 1.53 1.51 1.52 1.51 1.52 228,000 346,280 CHELSEA 32.95 33.1 32.75 33.1 32.6 33.1 147,300 4,840,230 CEBU AIR 239.2 240 246.2 246.2 236.4 239.2 10,196,900 2,458,062,302 INTL CONTAINER LBC EXPRESS 15.32 17.94 18.06 18.06 17.98 17.98 400 7,200 4.1 4.13 4.12 4.15 4.12 4.13 242,000 1,001,200 MACROASIA 5.2 5.48 5.5 5.5 5.14 5.14 5,900 32,275 PAL HLDG 0.82 0.86 0.81 0.86 0.81 0.86 105,000 85,380 HARBOR STAR BOULEVARD HLDG 0.062 0.064 0.062 0.065 0.062 0.065 24,450,000 1,520,700 7.03 7.25 7.25 7.25 7.25 7.25 18,800 136,300 IPEOPLE 0.53 0.54 0.52 0.54 0.52 0.54 1,812,000 960,790 STI HLDG 1.16 1.17 1.15 1.17 1.15 1.17 210,000 242,820 BELLE CORP BLOOMBERRY 10.1 10.12 9.98 10.1 9.8 10.1 5,086,100 50,908,973 PACIFIC ONLINE 4.4 4.44 4.2 4.45 4.2 4.44 2,140,000 9,310,780 0.82 0.85 0.82 0.84 0.82 0.82 262,000 217,450 PH RESORTS GRP 0.67 0.68 0.67 0.68 0.67 0.68 7,139,000 4,830,030 PREMIUM LEISURE DIGIPLUS 7.56 7.57 7.53 7.64 7.53 7.57 384,400 2,917,042 PHILWEB 1.81 1.87 1.91 1.91 1.81 1.81 475,000 863,790 0.159 0.16 0.161 0.161 0.159 0.16 940,000 150,440 ALLDAY 1.14 1.15 1.13 1.15 1.13 1.15 385,000 441,750 ALLHOME METRO RETAIL 1.29 1.3 1.27 1.3 1.27 1.3 343,000 438,650 PUREGOLD 28.3 28.35 28.2 28.4 27.85 28.3 763,700 21,583,075 36.05 36.5 36.4 37.35 35.9 36.05 1,510,300 54,615,010 ROBINSONS RTL 75 76 77 77 77 77 300 23,100 PHIL SEVEN CORP SSI GROUP 2.63 2.64 2.65 2.65 2.62 2.65 643,000 1,697,720 1.34 1.49 1.49 1.49 1.49 1.49 23,000 34,270 UPSON INTL CORP WILCON DEPOT 21.7 21.95 21.7 21.95 21.2 21.95 127,300 2,762,775 0.216 0.219 0.219 0.219 0.219 0.219 50,000 10,950 APC GROUP 0.31 0.315 0.315 0.315 0.315 0.315 20,000 6,300 MEDILINES PRMIERE HORIZON 0.171 0.172 0.173 0.176 0.172 0.172 2,130,000 370,400 SBS PHIL CORP 4.21 4.4 4.24 4.44 4.24 4.44 16,000 69,760

MINING & OIL ATOK 4.69 5.07 4.8 5.07 4.65 5.07 31,500 147,325 2.91 2.93 2.88 2.94 2.87 2.91 2,219,000 6,462,160 APEX MINING ATLAS MINING 3.3 3.46 3.49 3.49 3.3 3.3 22,000 73,080 4.73 4.74 4.76 4.76 4.73 4.74 14,000 66,350 BENGUET A 2.03 2.07 2.02 2.07 1.97 2.07 1,077,000 2,157,870 FERRONICKEL 0.04 0.041 0.044 0.044 0.04 0.04 2,900,000 122,800 GEOGRACE LEPANTO A 0.075 0.076 0.075 0.075 0.075 0.075 110,000 8,250 0.0043 0.0044 0.0044 0.0044 0.0044 0.0044 3,000,000 13,200 MANILA MINING B 0.83 0.86 0.86 0.86 0.83 0.86 652,000 552,290 MARCVENTURES 0.495 0.58 0.58 0.58 0.58 0.58 2,000 1,160 NIHAO NICKEL ASIA 4.7 4.72 4.7 4.76 4.61 4.7 2,755,000 12,913,350 ORNTL PENINSULA 0.62 0.65 0.62 0.65 0.61 0.65 191,000 117,090 3.18 3.19 3.2 3.22 3.19 3.19 374,000 1,194,140 PX MINING 4.84 4.9 4.56 4.96 4.56 4.84 24,000 115,700 ENEX ENERGY ORNTL PETROL A 0.008 0.0082 0.0081 0.0081 0.0081 0.0081 4,000,000 32,400 0.0078 0.0082 0.0078 0.0078 0.0078 0.0078 1,000,000 7,800 ORNTL PETROL B 0.0076 0.008 0.0077 0.0077 0.0077 0.0077 13,000,000 100,100 PHILODRILL 3.85 3.89 3.89 3.9 3.85 3.89 87,000 335,400 PXP ENERGY

PREFFERED HOUSE PREF B 100.2 101 101 101 100.2 100.2 210 21,050 1,070 1,079 1,079 1,080 1,079 1,080 840 907,100 ACEN PREF B 96.05 99 97 97 97 97 100 9,700 ALCO PREF C BRN PREF A 96.9 98 98 98 98 98 240 23,520 34 35 35 35 33.95 33.95 900 31,395 CEB PREF 94.8 95 94.9 95 94.9 95 81,520 7,744,340 DD PREF 91.05 100 100 100 100 100 10 1,000 EEI PREF A EEI PREF B 96.5 96.95 96.5 96.95 96.5 96.95 2,150 208,217.50 951 970 950.5 950.5 950.5 950.5 50 47,525 GTCAP PREF B 92.05 96 97 97 97 97 10 970 MWIDE PREF 4 100 101 101 101 101 101 200 20,200 MWIDE PREF 5 PCOR PREF 3A 990 991 990 991 990 991 550 544,600 990 997 997 997 997 997 10 9,970 PCOR PREF 3B 971 1,009 971 971 971 971 760 737,960 PCOR PREF 4A 995 1,000 1,000 1,000 1,000 1,000 100 100,000 PCOR PREF 4C SMC PREF 2F 72.45 73 72.35 72.45 72.35 72.45 1,850 133,997.50 70 73.9 70 70 70 70 2,100 147,000 SMC PREF 2J 78 78.5 78.5 78.5 78 78 5,010 390,785 SMC PREF 2L 77.8 78.5 77.8 77.8 77.8 77.8 500 38,900 SMC PREF 2N SMC PREF 2O 78.1 78.2 78.1 78.2 78.1 78.2 690 53,919 48.4 48.5 48.5 48.5 48.5 48.5 800 38,800 TECH PREF B2D

4,809,025 -1,338,525 -246,560 -46,020 -24,600 -19,950.00 -1,240,360 101,660 3,900 -1,378,380 -13,900.00 -3,197,080 -342,552 174,360 -14,994,055 80,000 -15,790 -14,423,575 -6,494,270 -1,300 -3,031,221 397,900 68,380 -957,010.00 -180,376,898 -550 3,120 -46,080 -905,673 -74,800 41,820 -82,960 19,619 3,200 -86,250 13,000 4,420,655 -28,907,310 20,790 2,980 654,145 60,200.00 566,920 -1,530.00 -1,537,050 24,400 -77,000 -

PHIL. DEPOSITARY RECEIPTS

ABS HLDG PDR 4.7 4.87 4.6 4.9 4.6 4.9 21,000 101,250 8.24 8.98 8.22 8.24 8.22 8.24 254,800 2,094,496 GMA HLDG PDR

WARRANTS

TECH WARRANT

0.295

0.325

SMALL, MEDIUM & EMERGING

CTS GLOBAL HAUS TALK LFM PROP MERRYMART XURPAS

0.74 0.94 0.06 1.01 0.26

0.75 0.96 0.064 1.02 0.275

EXHANGE TRADE FUNDS FIRST METRO ETF

102.8

102.9

0.29

0.33

0.265

0.325

790,000

229,000

14,250.00

0.75 0.75 0.75 0.75 30,000 22,500 0.96 0.96 0.96 0.96 1,000 960 0.06 0.06 0.06 0.06 150,000 9,000 1.02 1.03 1.01 1.02 340,000 346,530 0.275 0.275 0.27 0.27 320,000 87,800

-

103 103.5 102.9 102.9 5,790 596,872 163,223

www.businessmirror.com.ph

PH1 expects revenues from Cavite property to hit ₧1.8B

P

By VG Cabuag

@villygc

H1 World Developers Inc., a unit of Megawide Construction Corp., said revenues from its Trece Martires development in Cavite could reach P1.8 billion.

The development, which is situated on a 5-hectare lot and is expandable to 30 hectares, will have 330 units in total, the company said.

The company broke ground on the site over the weekend.

The said project comes four months after the introduction of Northscapes, the company’s first horizontal development in San Jose del Monte, Bulacan.

PH1 Landscapes General Manager Eric Gregor Tan said he is optimistic about the sales performance of the company’s latest project in Cavite, based on the current positive uptake of its counterpart in the north.

“Almost 80 percent of Northscapes had been sold in 2023,” Tan said.

Northscapes is offering singleattached units, the townhouse endunit and the middle-unit townhouse.

“All will have two storeys with three bedrooms each and are priced from P3 million to P8 million,” he said.

“Just like Northscapes, our latest offering in Trece Martires is envisioned to offer an extraordinary kind of living. We aim to set the bar high in terms of innovation in horizontal developments.”

Tan said the Cavite development

STOCK-MARKET OUTLOOK

development.

“On top of the energy efficiency features, unit owners can expect higher quality, consistency, and durability since Megawide will be undertaking design and build for the project. Through our parent company’s innovative technologies, we herald developments that provide a wide range of extras: extra space, extra convenience, and extra value.”

Alcantara said the company is currently negotiating for other properties to augment the company’s horizontal-project pipeline. In the next two years, its Luzon expansion will focus on Bulacan, in San Jose del Monte; and Cavite, including Trece Martires, and potentially in Batangas.

The company is also eyeing potential expansions to the Visayas, specifically Cebu and Iloilo.

“We are looking at 200 hectares for the PH1WD horizontal pipeline.

This will enable PH1 to launch two horizontal projects annually for the next few years,” Alcantara said.

will have Northscapes’ features, such as incorporating energy-saving features into the structure of each unit.

For instance, solar energy panels will ensure each home can utilize solar energy and lessen electricity bills while reducing carbon footprint.

Meanwhile, its tinted windows will prevent excessive sunlight and heat from seeping into the unit and its insulated walls will protect the interior from scorching outdoor temperatures, keeping homes cool given the area’s tropical climate.

Energy efficiency will also be felt throughout the development with solar-powered streetlights and e-shuttle services. Electric and telecommunication cables are also installed underground, eliminating unsightly overhead wirings.

PH1 President Gigi Alcantara said the company’s developments in the greater Manila area are seen as disrupting the Philippines’s real estate and infrastructure sectors, challenging conventions while setting elevated standards in property

MUTUAL FUNDS

January 19, 2024

NAV

One Year Three Year

per share

Five Year

Y-T-D

Return*

Return

Stock Funds

Last week

Share prices plunged last week as investors cashed in on their gains amid increasing concerns over escalating geopolitical tensions.

The benchmark Philippine Stock Exchange index fell 139.64 points, or 2 percent, to close at 6,503.54 points.

The main index was down almost all-week long, except on Monday, when it gained 37.27 points.

Average daily trading for the week was higher, valued at P5.01 billion. Foreign investors, who cornered half of the trades, were net sellers at P496.94 million.

All other sub-indices ended in the red. The broader All Shares index shed 54.83 to 3,451.78, the Financials index lost 23.34 to 1,812.68, the Industrial index dropped 125.64 to 9,077.94, the Holding Firms index decreased 138.30 to 6,222.45, the Property index fell 75.11 to 2,816.68, the Services index was down 33.19 to 1,595.09 and the Mining and Oil index plunged 298.69 to 9,210.20.

For the week, losers outnumbered gainers 137 to 76 and 31 shares were unchanged.

Top gainers were GEOGRACE Resources Philippines Inc., Xurpas Inc., Seafront Resources Corp., Araneta Properties Inc., STI Education Systems Holdings Inc., Coal Asia Holdings Inc. and Harbor Star Shipping Services Inc. Top losers, meanwhile, were Paxys Inc., LMG Corp., Concrete Aggregates Corp. A shares, Metro Alliance Holdings and Equities Corp. A, Roxas Holdings Inc., Manila Bulletin Publishing Corp. and Integrated Micro-Electronics Inc.

ALFM Growth Fund, Inc. -a

-5.09%

-2.59%

1.4692

2.71%

3.93%

-0.1%

1.69%

-0.24%

ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.9479

211.72

-6.18%

-2.22%

-6.39%

-2.26%

Climbs Share Capital Equity Investment Fund Corp. -a 0.7004 -1.39%

-4.54%

-5.87% n.a

First Metro Consumer Fund, Inc. -a

-5.31%

-6.19% n.a

0.74%

-2.43%

-3.51%

0.1%

ATRAM Alpha Opportunity Fund, Inc. -a

0.6302

First Metro Save and Learn Equity Fund, Inc. -a 4.6345-7.45%

Share prices may rise this week, mainly on bargain hunting as investors are still looking for signs to trade.

Broker 2TradeAsia said last week, the market failed to revisit the 6,700-point level, and is currently retesting 6,500.

“Nothing short of expected as the three-month long rally has to pull back and take pauses to reaffirm its legs. The goal is to stay in the marathon for more exciting impetus expected in the second half of the year.”

The first meeting of the United States Federal Reserve is scheduled for January 30 to 31.

The broker said price movements leading into this in the first quarter of the year imply that markets have not given up hope yet for the Fed to telegraph earlier-than-expected easing, such as before midyear 2024.

“We remain skeptical, albeit welcoming, of any surprise easing prior to the third quarter.

A gradual ramp up in expectations is more desirable at the moment, in the face of medium term volatility in energy prices, and geopolitical tensions flaring up in the Middle East and China,” it said.

“Note that after the Fed’s first meeting, the BSP [Bangko Sentral ng Pilipinas] will not make a scheduled policy move until its first MB meeting on February 15. Expect for elevated volatility in between, especially as Philippine inflation for January, which is more sensitive to energy and forex variability relative to regional peers, will be released in the interim.”

Support for the main index is at 6,400, and resistance is at 6,700.

Stock picks

Maybank Securities gave a hold recommendation on the stock of port operator International Container Terminal Services Inc. (ICTSI), despite expectations that its business will continue to grow this year at single-digit rates.

“We expect ICTSI’s volume to grow 3.2 percent year-on-year in 2024, which, together with higher yields, should raise revenues by 4.1 percent year-on-year and net income by 12.2 percent year-on-year as we account for lower costs and incremental equity impact from DCT [Durban Container Terminal],” it said.

Since October 2023, ICTSI’s stock price has risen by 20 percent as investors responded favorably to the acquisition of DCT and the expectation of a tariff hike at ICTSI’s largest port in Manila, the broker said.

It gave a target price on the stock at P245.

ICTSI’s shares closed Friday at P239.20 apiece.

Meanwhile, it gave a buy rating on the stock of Areit Inc., the real estate investment trust of Ayala Land Inc. (ALI).

The broker said the company’s scheduled infusions this year will exceed its target by 30 times. “We expect its sponsor ALI to infuse at least 100,000 square meters of gross leasable area by 2025,” it said.

“We forecast 2023 to 2025 earnings CAGR [compounded annual growth rate] of 41 percent, which will be supported by high occupancy rates, annual rental escalation and additional asset infusions from its sponsor.”

Areit shares closed last week at P34.10 apiece. VG Cabuag

-0.38%

0.46%

-0.34%

First Metro Save and Learn Philippine Index Fund, Inc. -a 0.6971-7.79% -2.87% n.a n.a MBG Equity Investment Fund, Inc. -a

85.05

6.71%

-6.08%

PAMI Equity Index Fund, Inc. -a 43.2847

-7.28%

-2.86%

-3.66% n.a

0.87%

Philam Strategic Growth Fund, Inc. -a

449.54

-5.17%

-3.02%

-3.68%

-0.39%

0.49%

Philequity Dividend Yield Fund, Inc. -a

1.2089

-2.77%

0.72%

-1.63% n.a

0.3%

Philequity Fund, Inc. -a

-4.85%

-1.14%

-2.55%

1.43%

Philequity MSCI Philippine Index Fund, Inc. -a 0.8698-5.61% Philequity PSE Index Fund, Inc. -a

33.9112

-6.95% n.a

-1.95%

-3.49% n.a

0.33%

-2.01%

-2.89%

1.31%

0.8%

756.9

-6.41%

-2.17%

-2.96%

1.31%

0.85%

Soldivo Strategic Growth Fund, Inc. -a 0.6814

-6.58%

-1.94%

-5.42% n.a

-0.63%

Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.3871

-6.67%

-2.53%

-4.47%

-0.34%

Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8584-6.67%

-2.48%

-3.25% n.a

United Fund, Inc. -a

0.53%

0.71%

3.1134

-5.96%

-2.3%

-3.26%

0.24%

0.66%

0.82%

-6.3%

Philippine Stock Index Fund Corp. -a

0.08%

0.07%

4.5463

0.68% 0.87%

Primarily invested in Peso securities (units) COL Equity Index Unitized Mutual Fund, Inc. -a 1.064 -6.6% n.a n.a n.a

0.8%

COL Strategic Growth Equity Unitized Mutual Fund, Inc. -a,2 1.0035 n.a n.a n.a n.a -0.12% Philequity Alpha One Fund, Inc. -a

1.0074

Philippine Stock Index Fund Corp. -a

919

-3.07% n.a n.a

-1.14%

-6.42% n.a n.a n.a

-11.1%

0.87%

Exchange Traded Fund (shares) First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 102.8346-5.86%-1.77%

-2.64%

1.99%

0.88%

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

$0.7591

-17.46%

-16.27%

-4.58%

-2.24%

-7.65%

Sun Life Prosperity World Voyager Fund, Inc. -a $1.6393

9.98%

-1.15%

6.95% n.a

-1.35%

Balanced Funds Primarily invested in Peso securities (shares) ATRAM Philippine Balanced Fund, Inc. -a 2.1957

This week

-11.24%

-4.38%

1.55%

-1.59%

-0.82%

0.43%

-0.81%

ATRAM Unicapital Diversified Growth Fund, Inc. -a,41.499

-0.08%

-3.76%

-2.72%

-1.49%

-0.77%

First Metro Save and Learn Balanced Fund, Inc. -a 2.4962

-5.36%

-1.88%

-1.16%

-0.79%

-0.02%

First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.1913

-6.86%

-1.42% n.a n.a

0.47% NCM Mutual Fund of the Phils., Inc. -a

1.9423

-4.18%

-0.57%

0.44%

1.56%

PAMI Horizon Fund, Inc. -a

3.5602

-1.48%

-2.25%

-0.24%

0.69%

0.13%

Philam Fund, Inc. -a

15.5731

-1.83%

-2.96%

-0.96%

0.37%

0.06%

Solidaritas Fund, Inc. -a

2.0354

-2.12%

-1.16%

-0.97%

1.22%

0.36%

Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.4093

-2.34%

-1.76%

-2.06%

0.13%

Sun Life Prosperity Dynamic Fund, Inc. -a 0.9028

0.23%

-1.1% n.a

-0.17%

-3.03%

0.48%

0.04%

Primarily invested in Peso securities (units) Sun Life Prosperity Achiever Fund 2028, Inc. -a 0.943-0.11%

-2.82% n.a n.a

0.29%

Sun Life Prosperity Achiever Fund 2038, Inc. -a 0.8502-4.98%

-3.8% n.a n.a

0.37%

Sun Life Prosperity Achiever Fund 2048, Inc. -a 0.8306-5.84%

-4.01% n.a n.a

0.61%

Primarily invested in foreign currency securities (shares) Cocolife Dollar Fund Builder, Inc. -a $0.03289

0.95%

-5.48%

-1.48%

0.13%

PAMI Asia Balanced Fund, Inc. -b $0.8571 -10.71%

-10.65%

-2.14%

-1.43%

-6.34%

-0.96%

Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.2242

5.64%

-2.57%

4.12%

Sun Life Prosperity Dollar Wellspring Fund, Inc. -a $1.0228

1.67%

-4.37%

0.79% n.a

2.73%

-1.58% -1.75%

Bond Funds Primarily invested in Peso securities (shares) ALFM Peso Bond Fund, Inc. -a 391.01

3.17%

1.73%

2.58%

2.27%

0.13%

ATRAM Corporate Bond Fund, Inc. -a

1.9118

1.37%

0.16%

0.58%

0.08%

0.15%

Cocolife Fixed Income Fund, Inc. -a

3.3354

2.79%

1.22%

2.28%

3.77%

0.3%

Ekklesia Mutual Fund, Inc. -a 2.2789

3.28%

-0.27%

1.29%

1.49%

-0.31%

First Metro Save and Learn Fixed Income Fund, Inc. -a 2.4511 Philam Bond Fund, Inc. -a

1.65%

0%

1.83%

-2.64%

2.04%

1.02%

-0.3%

Philam Managed Income Fund, Inc. -a

1.3811

4.02%

1.46%

3.18%

1.83%

0.58%

Philequity Peso Bond Fund, Inc. -a

4.0341

3.27%

0.4%

2.5%

1.76%

-0.01%

Soldivo Bond Fund, Inc. -a

2.57%

0.31%

2.95% n.a

0.07%

4.2851

1.0504

1.97%

1.23%

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

3.304

3.87%

1.02%

3.31%

2.29%

Sun Life Prosperity GS Fund, Inc. -a

3.12%

0.26%

2.47%

1.65%

-0.23%

1.7654

-0.25%

-0.27%

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

1.0115 n.a n.a n.a n.a

0.39%

Primarily invested in foreign currency securities (shares) ALFM Dollar Bond Fund, Inc. -a $495.72

2.83%

0.81%

ALFM Euro Bond Fund, Inc. -a Є214.09

1.71%

-0.82%

1.99%

2.54%

0.1%

0.12%

0.83%

0.05%

-6.68%

-1.81%

0.07%

First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0248 3.33%

-1.94%

-0.08% n.a

PAMI Global Bond Fund, Inc. -b $0.8539

-1.45%

-3.84%

-3.06%

-0.41%

Philam Dollar Bond Fund, Inc. -a

$2.2851

3.31%

-3.23%

0.84%

1.83%

-1.5%

Philequity Dollar Income Fund, Inc. -a $0.061019

1.56%

-0.69%

1.34%

1.6%

0.17%

-0.94%

-4.89%

-0.94%

0.41%

ATRAM Total Return Dollar Bond Fund, Inc. -b $1.03360.57% -7.75%

Sun Life Prosperity Dollar Abundance Fund, Inc. -a $2.7573

-0.88% -0.4%

-2.7%

Money Market Funds Primarily invested in Peso securities (shares) ALFM Money Market Fund, Inc. -a 137.08

2.8%

1.8%

2.5%

2.06%

0.15%

First Metro Save and Learn Money Market Fund, Inc. -a 1.1103 3.28%

1.93% n.a n.a

Sun Life Prosperity Peso Starter Fund, Inc. -a 1.37792.84%

2.44%

2.02%

2.05%

0.17%

0.16%

Primarily invested in Peso securities (units) ALFM Money Market Fund, Inc. -a 104.85

4.18% n.a n.a n.a

0.26%

Primarily invested in foreign currency securities (shares) Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0998

2.67%

1.46%

1.58% n.a

0.21%

Feeder Funds Primarily invested in Peso securities (units) ALFM Global Multi-Asset Income Fund, Inc. -a 42.9211-1.64% n.a n.a n.a Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a

1.449

13.95%

-0.44%

8.01% n.a n.a

-1.37% Sun Life Prosperity World Income Fund, Inc. -a,1

0.9934 n.a n.a n.a n.a

-0.63%

Primarily invested in foreign currency securities (Units) ALFM Global Multi-Asset Income Fund, Inc. -a $0.7925-3.72%

-7.15% 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.

-1.27%

c - Listed in the PSE.

3 - Launch date is May 25, 2023.

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

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

www.news.businessmirror@gmail.com

Banking&Finance BusinessMirror

Perspectives Improving margins

I

T’S easy to lose track of cost discipline when markets are frothy and Assets Under Management (AUM) is growing faster than it can be invested. But now markets have shifted and many asset managers and pension plans are starting to find their cost bases are growing faster than their AUM. Managing expenses has become a top priority for many institutional asset management boards, chief financial officers and executives.

With margins under pressure in recent months, many asset managers have responded with some level of cost-cutting exercise.

Internally-driven and focused on the immediate response, most of these initiatives focus on direct cost containment—more often than not, characterized by sudden spending freezes. Yet, in no time, costs have a tendency to quietly creep back up. Without changes to the underlying cost structure, the savings simply aren’t sustainable.

Pulling the right cost levers

Today, many institutional investors have started to explore a range of tactical cost optimization levers aimed at realigning their existing cost structures. Focus of these initiatives falls into three broad areas of consideration: Budget reviews. The intent being, just because we spent it last year, doesn’t mean we need to spend it this year. Institutional investors are carefully reassessing their budgets based on actual utilization and realigning forecasts accordingly; discretionary budgets are a great place to start.

Some investors are exploring budget optimization by, for example, closing open headcounts after a set period of time. Institutional investors are also eliminating budget lines completely, particularly for items that have been deemed by the business as no longer required (old software licenses, for example). That is also allowing the business to reallocate that to new and emerging needs that may not have been forecasted.

Procurement. In times of material system growth, you often need to spend money to make money.

Now is the time to go back and right-size that spend to align to a very different current (and future) reality. Institutional investors are assessing their current utilization of systems and outsourced services and then using that information in their next contract negotiations.

Many institutional investors are also rationalizing their vendors (particularly system, application and data vendors across the front, middle and back-office functions).

There is also greater use of consumption and policy management techniques to improve control over costs on a go-forward basis.

Resource optimization. People are always seen as client’s most valuable resource. They are also ordinarily the greatest expense.

During times of growth, many institutional investors competed for talent. Nobody wanted to let rare capability go, even if it wasn’t optimally productive. Today, many institutional investors are looking at their resource productivity and workforce plans to identify high and low performers and to realign their capabilities to actual current and emerging needs. They are looking to optimize role productivity by reducing duplication and aligning utilization. And they are looking across their spans and layers more strategically to assess where value is being generated.

Moving from tactical to transformative

Tactical cost optimization levers are a great way to score

quick wins and achieve longerterm tactical savings. But the real money comes when you start to fundamentally change your cost structures through more transformative activities. Operating models will likely need to be disrupted. Difficult questions should be asked—and answered.

Some of the big gest costsaving opportunities are driven through operating model simplification. As one might expect, new technologies and tools have allowed the modernization and simplification of middle and back-office activities. Some of the more agile institutions are starting to consider how they might simplify processes and models in the front office.

The virtuous cycle of cost optimization

IN part, this is about using your experience from the initial cycle of cost optimization to identify new opportunities (like, for example, using your findings from a data rationalization program to rethink how data is used and accessed across the organization, thereby leading to a change in cost structure). Initial transformative saving initiatives can also help embed new, more agile ways of working across the back and middle office in particular.

It’s also about investment dollars. Nobody wants to expend finite resources looking to identify and realize cost savings.

Productivity leaders, therefore, are looking at this as a long-term reinvestment program where savings harvested from quick wins are channeled back into future (more valuable) transformation productivity initiatives. In the medium term well-structured reinvestment programs can become self-funded with demonstratable ROI. What does it take?

Operationalizing this flywheel of sustainable cost improvement isn’t easy. Ultimately, the true success of this type of cost transformation program can be influenced by five key drivers: n Culture n Cost consciousness/awareness n Practical implementation roadmap n Nothing is sacred mindset n Executive sponsorship

The long-term strategic win

IF one thing is clear, it’s that the future is uncertain. Institutional investors with the most efficient and productive cost structures and operating models are expected to have the agility and flexibility needed to adapt quickly to opportunities and to respond to challenges in the market as they arise. Those with overburdened cost structures will likely find it increasingly difficult to maneuver. KPMG professionals believe it is time for institutional investors to get serious about transforming their cost structures.

At the end of the day, this is more about long-term growth than it is about short-term margins.

This excerpt was taken from the KPMG Thought Leadership publication: https://kpmg. com/xx/en/home/insights/2024/01/improvingmargins.html © 2024 R.G. Manabat & Co., a Philippine partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

For more information, you may reach out through ph-kpmgmla@kpmg.com, social media or visit www.home.kpmg/ph.

This article is for general information purposes only and should not be considered as professional advice to a specific issue or entity. The views and opinions expressed herein are those of the author and do not necessarily represent KPMG International or KPMG in the Philippines.

Editor: Dennis D. Estopace • Monday, January 22, 2024

B3

House panel preps Create More Bill for plenary debates this week

I

By Jovee Marie N. dela Cruz

@joveemarie

N a bid to stimulate economic growth and innovation, the House Committee on Ways and Means has finalized the proposed Corporate Recovery and Tax Incentives for Enterprises Act (Create More), which seeks to establish a 20-percent income tax rate for both domestic and foreign corporations under the enhanced deduction income tax regime.

House Committee on Ways and Means Chairman Joey Sarte Salceda, who will sponsor the bill in the plenary, said the comprehensive changes aim to enhance fiscal and non-fiscal provisions under Title XIII of the National Internal Revenue Code of 1997, addressing disparities, clarifying rules, and fostering a more competitive business environment.

“We cannot afford to lag behind in the fast-paced global economy.

The Create More Act is our ticket to fostering innovation, attracting investments, and creating a busi-

ness-friendly environment that will propel us into a new era of economic prosperity,” said Salceda.

The House debates on Create More are expected this coming week after the final approval before the ways and means committee on Tuesday.

Congress is expected to resume session this Monday (January 22) following its Christmas break.

According to Salceda, the bill seeks to enhance the fiscal and nonfiscal provisions under Title XIII of the National Internal Revenue Code

of 1997, as amended.

It will also reconcile disparities between the Corporate Recovery and Tax Incentives for Enterprises (Create) Act and its implementing rules and regulations while addressing the concerns about value-added tax (VAT) administration affecting registered export and domestic market enterprises.

The proposed Create More imposes a 20-percent income tax rate for both domestic and foreign corporations under the enhanced deduction income tax regime.

The bill also reverts the approval or denial of tax incentives to Investment Promotion Agencies (IPAs) and includes the Bangsamoro Board of Investments and Bangsamoro Economic Zone Authority in the list of IPAs. It grants additional deductions, including a 200-percent deduction for power costs accumulated during the Income Tax Holiday (ITH) period.

It also includes a 100-percent additional deduction for expenses for trade fairs, missions, or exhibitions; inclusion of the tourism industry in the coverage of the reinvestment allowance; and, application of the net operating loss carryover within five years after the end of the ITH entitlement period.

The bill also introduces a Special Skills Visa for foreign nationals with

highly specialized skills and working visas for foreign nationals in executive, technical, and advisory positions.

The measure provides clarity on the duty and VAT application of goods and services directly attributable to registered projects or activities.

The proposed Create More sets up a separate unit within the Bureau of Internal Revenue (BIR) to facilitate transactions for RBEs. It extends ITH entitlement to domestic market enterprises (DMEs) in the creative industries as per the Philippine Creative Industries Development Act. The proposal redefines the functions of FIRB, including recommending standards for economic zones and policies to prevent abuse of tax incentives.

The bill delegated to the Department of Finance the determination of terms and conditions for enhanced deductions.

It also clarifies the incentives for RBEs enjoying benefits before the enactment of Create, including an extension of VAT incentives from 10 to 12 years.

The proposal seeks to amend the National Internal Revenue Code of 1997, the Corporate Recovery and Tax Incentives for Enterprises Act and the Ease of Paying Taxes Act.

GoTyme Bank gains 2.3-M customers in just 14 months

By VG Cabuag

G

@villygc

OTYME Bank, a joint venture with the Gokongwei and Singapore-based Tyme group, has reached over 2.3 million customers in just 14 months, having an average of 250,000 customers per month over the past three months.

The company said GoTyme’s first 14 months were ahead of Tyme group’s South Africa operation on a like-for-like basis. It acquired 1.6 million customers within the same timeframe.

“We see this as further validation that our unique retail distribution model is a major accelerator in building a sustainable digital bank.

This gives us even more confidence that GoTyme is on the right track to build one of the largest retail banks in the country and fulfill its mission of unlocking the financial potential of all Filipinos,” GoTyme CEO Nate Clarke said.

Tyme attributes its success and growth potential to its unique sales and service model, which is a combination of digital and human engagement integrated into physical retail ecosystems. In the Philippines, GoTyme’s model was met with higher-than-expected demand, the bank said.

“A society that has only recently begun to embrace digital banking alternatives, Filipinos associate conve-

BIR holds Nationwide Tax Compliance Verification

I

nient and efficient customer service with direct interactions with people rather than chatbots—a need that GoTyme Bank fulfills by offering access to physical kiosks and banking ambassadors in partnership with partners and retailers nationwide,” the company said.

By 2027, one third or 32 percent of the population is predicted to have embraced digital banking which bodes well for GoTyme Bank, it said.

Tyme, meanwhile, said it posted an annualized revenue run rate of $160 million in 2023, while its flagship South African operation TymeBank becomes the world’s fastest profitable standalone digital bank.

N a historic move towards bolstering taxpayer awareness and cultivating a culture of compliance, Commissioner Romeo D. Lumagui Jr. of the Bureau of Internal Revenue (BIR) led a two-day Nationwide Tax Compliance Verification Drive (TCVD) recently,an initiative involving all Revenue Regions and Revenue District Offices nationwide. BIR officers from Luzon, Visayas, and Mindanao.

From January 18 to 19, they were deployed to the streets and visited establishments and offices to help educate taxpayers on their tax obligations.

“Our 2024 mission is centered on BIR Commissioner Romeo Lumagui Jr. kicks off the 2-day nationexcellent taxpayer service. This nation- wide tax compliance verification drive. PHOTO FROM BIR wide TCVD is about having a conversathis comprehensive enforcement activity is tion with taxpayers in order to improve vast, covering a substantial number of busitheir understanding of BIR requirements. ness establishments. The visits to establishThis TCVD is a pivotal step in achieving the ments was meant to show BIR’s commitment goal of excellent taxpayer service by incorpoto engage taxpayers directly and ensure they rating a grassroots approach. We are taking are well-informed about their tax obligations. the technical concept of taxation to the doors “Taxation is for everyone. It was not meant of ordinary Filipinos, while communicating to be understood only by a few people. You can through a layman’s point of view,” Commisbe assured the BIR will always work alongside sioner Lumagui said as he kicked off the napeople to guide them,” said Lumagui, partly tionwide drive. in Filipino.

The TCVD, conducted on a massive scale, In encouraging open communication was aimed at advising taxpayers on better between taxpayers and the government, he compliance with existing tax laws, rules, underscored the significance of the TCVD and regulations. Lumagui said this activity in the BIR’s broader mission to promote tax goes beyond the usual tax mapping efforts awareness and education. By actively engagundertaken by the BIR, with the primary ing with businesses and individuals, the BIR goal of assisting taxpayers in fulfilling their aims to create an environment conducive to obligations to the government. voluntary compliance, thereby contributing The TCVD saw the active involvement of to the nation’s overall economic developBIR examiners, who guide taxpayers during ment, he said. compliance verification checks. The scope of

Tyme Bank said it now ranks in the top 5 percent of digital banks globally. The South African operation also qualifies as one of the world’s fastest-growing digital banks, as it secured 8.5 million customers since its launch in February 2019 and achieved 30 percent growth in its SME lending portfolio in 2023.

“We are proud of our growth in emerging markets, as we bring critical financial access to individuals and businesses. These markets are significantly underserved compared to more established markets, representing enormous growth opportunities for Tyme Group,” Coenraad Jonker, co-founder and executive chairman of Tyme, said.

QC simplifies idle land tax exemption application flow

T

O further promote food security and urban agriculture in Quezon City, the QC Food Security Task Force (FSTF) has implemented a simplified procedure in applying for Idle Land Tax exemption to landowners who utilize their land for urban farming.

In 2020, the Mayor approved City Ordinance SP-2972 S-2020, which provides for exemption of idle land tax payment to landowners who allot their idle lands for urban agriculture use like gardening and composting for a minimum of three years. The produce from their land can be used for personal or public consumption.

“In order to strengthen our advocacy of achieving food security, landowners with idle lands that will be converted to urban farms need only to submit a one-time application to the city government. This is a win-win solution for both the landowners and the city,” Mayor Joy Belmonte said.

Under this simplified process, landowners who wish to apply for idle land tax exemption must submit via email an application letter, a duly accomplished Application for Waiver of Idle Land Tax for Food Security, the latest photos of their property, and at least one copy of any of the following documents: latest Real

Property Tax (RPT) official receipt/ Tax Bill; Tax Declaration; or Land Title/CTC. The Food Security Task Force will assess the application form and supporting documents, and an inspector will validate the application by visiting the idle land.

After validation, the applicant will be issued an Urban Agriculture Activity Certification (UAAC) signed by the City Mayor. This certification indicates the landowner has already initiated urban agriculture activities on the land. This UAAC will be forwarded to the City Assessor’s Office (CAO) for Idle Land Tax delisting.

The applicant will then receive via email a notice from the CAO approval for idle land tax exemption.

“We highly encourage landowners of idle lands to make use of their land for urban agriculture, which can help the city achieve its food security goals, especially now that we simplified our process,” QC-FSTF Co-Chairperson Emmanuel Hugh Velasco said.

Currently, there are 1,026 urban farms in the city being managed by 25,650 urban farmers.

For applications, you may check this https://quezoncity.gov. ph/wp-content/uploads/2024/01/ Guidelines-for-Idle-Land-Tax-forFood-Security_2024.pdf.

Explainer BusinessMirror

B4 Monday, January 22, 2024

www.businessmirror.com.ph

AI is the buzz, the big opportunity and the risk to watch among the Davos glitterati A man walks in front of a screen with an artificial intelligence-generated artwork by media artist Refik Anadol, inside the Congress Center where the World Economic Forum takes place in Davos, Switzerland, Sunday, January 14, 2024. AP/Markus Schreiber

By Kelvin Chan & Jamey Keaten

A

The Associated Press

rtificial intelligence is easily the biggest buzzword for world leaders and corporate bosses diving into big ideas at the World Economic Forum’s glitzy annual meeting in Davos.

Breathtaking advances in generative AI stunned the world last year, and the elite crowd is angling to take advantage of its promise and minimize its risks.

In a sign of ChatGPT maker OpenAI’s skyrocketing profile, CEO Sam Altman made his Davos debut to rock star crowds, with his benefactor, Microsoft CEO Satya Nadella, hot on his heels.

Illustrating AI’s geopolitical importance like few other technologies before it, the word was on the lips of world leaders from China to France. It was visible across the Swiss Alpine town and percolated through afterparties.

Here’s a look at the buzz:

OPENAI OPENING BIG AT DAVOS

The leadership drama at the AI world's much-ballyhooed chatbot maker followed Altman and Nadella to the swanky Swiss snows.

Altman's sudden firing and swift rehiring last year cemented his position as the face of the generative AI revolution but questions about the boardroom bust up and OpenAI's governance lingered. He told a Bloomberg interviewer that he's focused on getting a “great full board in place” and deflected further questions.

At a Davos panel on technology and humanity Thursday, a question about what Altman learned from the upheaval came at the end.

“We had known that our board had gotten too small, and we knew

that we didn’t have a level of experience we needed,” Altman said.

“But last year was such a wild year for us in so many ways that we sort of just neglected it.”

Altman added that for “every one step we take closer to very powerful AI, everybody’s character gets, like, plus 10 crazy points. It’s a very stressful thing. And it should be because we’re trying to be responsible about very high stakes.”

WORLD LEADERS WANT TO LEAD THE WORLD ON AI

From China to Europe, top officials staked their positions on AI as the world grapples with regulating the rapidly developing technology that has big implications for workplaces, elections and privacy.

The European Union has devised the world's first comprehensive AI rules ahead of a busy election year, with AI-powered misinformation and disinformation the biggest risk to the global economy as it threatens to erode democracy and polarize society, according to a World Economic Forum report released last week.

Chinese Premier Li Qiang called AI “a double-edged sword.”

“Human beings must control the machines instead of having the machines control us,” he said in a speech Tuesday.

“AI must be guided in a direction that is conducive to the progress of humanity, so there should be a redline in AI development—a red line that must not be crossed,” Li

People reflected in a window of a building at the Davos Promenade with a slogan about AI alongside the World Economic Forum in Davos, Switzerland, Thursday, January 18, 2024. AP/Markus Schreiber

said, without elaborating.

China, one of the world’s centers of AI development, wants to “step up communication and cooperation with all parties” on improving global AI governance, Li said.

China has released interim regulations for managing generative AI, but the EU broke ground with its AI Act, which won a hardfought political deal last month and awaits final sign-off.

European Commission President Ursula von der Leyen said AI is “a very significant opportunity, if used in a responsible way.”

She said “the global race is already on” to develop and adopt AI, and touted the 27-nation EU's efforts, including the AI Act and a program pairing supercomputers with small and midsized businesses to train large AI models.

French President Emmanuel Macron said he’s a “strong believer” in AI and that his country is “an attractive and competitive country” for the industry. He played up France’s role in helping coordinate regulation on deepfake images and videos created with AI as well as plans to host a follow-up summit on AI safety after an inaugural gathering in Britain in November.

IT’S ALL IN WHAT THE GLITTERATI SEES

The letters “AI” were omnipres-

People gather in front of a building named the “AI House” at the Davos Promenade alongside the World Economic Forum in Davos, Switzerland, Thursday, January 18, 2024. AP/Markus Schreiber

A huge advertising banner with a slogan about AI is fixed at a building at the Davos Promenade, alongside the World Economic Forum in Davos, Switzerland, Thursday, January 18, 2024. AP/Markus Schreiber

ent along the Davos Promenade, where consulting firms and tech giants are among the groups that swoop onto the main drag each year, renting out shops and revamping them into showcase pavilions.

Inside the main conference center, a giant digital wall emanated rolling images of AI art and computer-generated conceptions of wildlife and nature like exotic birds or tropical streams.

Davos-goers who wanted to delve more deeply into the technical ins and outs of artificial intelligence could drop in to sessions at the AI House.

THE WAVE OF THE FUTURE

Gener ative AI systems like ChatGPT and Google's Bard cap-

tivated the world by rapidly spewing out new poems, images and computer code and are expected to have a sweeping impact on life and work.

The technology could help give a boost to the stagnating global economy, said Nadella, whose company is rolling out the technology in its products.

The Microsoft chief said he's “very optimistic about AI being that general purpose technology that drives economic growth."

Business leaders predicted AI will help automate mundane work tasks or make it easier for people to do advanced jobs, but they also warned that it would threaten workers who can’t keep up.

A survey of 4,700 CEOs in more than 100 countries by PwC, re-

leased at the start of the Davos meetings, said 14 percent think they'll have to lay off staff because of the rise of generative AI. “There isn’t an area, there isn’t an industry that’s not going to be impacted” by AI, said Julie Sweet, CEO of consulting firm Accenture.

For those who can move with the change, AI promises to transform tasks like computer coding and customer relations and streamline business functions like invoicing, IBM CEO Arvind Krishna said.

“If you embrace AI, you’re going to make yourself a lot more productive,” he said. “If you do not ... you’re going to find that you do not have a job.”

ALSO, IT’S SEXY?

During a session featuring Meta chief AI scientist Yann LeCun, talk about risks and regulation led to the moderator's hypothetical example of “infinitely conversant sexbots” that could be built by anyone using open source technology.

Taking the high road, LeCun replied that AI can’t be dominated by a handful of Silicon Valley tech giants if it’s going to serve people around the world with different lang uages, cu ltures and values.

“You do not want this to be under the control of a small number of private companies,” he said.

www.businessmirror.com.ph

Style

BusinessMirror

Editor: Gerard S. Ramos • Monday, January 22, 2024

B5

Age is just a number

W

HEN 69-year-old Jocelyn Cubales was announced as one of the official candidates vying for the title of Miss Universe Philippines Quezon City, it sent shock waves across the country and beyond.

Though the age restrictions were lifted by the Miss Universe Organization, nobody thought that a senior citizen would dare pursue her dream of becoming a beauty queen.

Known in fashion and pageant circles as Joyce Penas Pilarsky, Cubales is a fashion designer with her eponymous label and was a former flight attendant at Philippine Airlines and Saudi Arabian Airlines. The most vicious commentary, unfortunately, came from her colleagues in local fashion. It left her hurt and heartbroken.

However, Cubales remains optimistic and “believes that the younger generation can learn a lot from her life experiences, most especially grit.”

The fashion industry is historically notorious for putting a premium on youth. But recent times have become more tolerant. The Canadian-American sex symbol Pamela Anderson, 56, received praise for going makeup-free at Paris Fashion Week. Isabella Rossellini, 71, scored the covers of Vogue Italia and French Elle, wrinkles and all on her beautiful SwedishItalian features.

The legendary Diana Ross is the face of Saint Laurent by Anthony Vaccarello’s campaign for the French label’s Spring 2024 collection, and the 79-yearold singer is being shown all the love by the internet.

Dame Maggie Smith, 88, Oscar winner and Downton Abbey icon, is the star of the Spanish brand Loewe’s Spring 2024 pre-collection campaign.

Harking back to her modeling heydays, lifestyle maven Martha Stewart became the oldest cover model in Sports Illustrated’s swimsuit issue, fronting it in 2023.

The founder of Martha Stewart Living Omnimedia, 81, lives by two mottos: “When you’re through changing, you’re through” and “Learn something new every day.”

Patrick Dempsey, beloved by many as neurosurgeon Derek “McDreamy” Shepherd on ABC’s Grey’s Anatomy but beloved by me since 1987’s Can’t Buy Me Love, finally became People magazine’s Sexiest Man Alive in 2023, at age 57: “I’m glad it’s happening at this

point in my life. It’s nice to have the recognition, and certainly my ego takes a little bump, but it gives me the platform to use it for something positive.”

The Victoria’s Secret Valentine’s Day 2024 campaign includes Italian supermodel Elisabetta Dessy, who gushed on Instagram: “As a woman of 66

years I am thrilled to be part of this beautiful @victoriassecret campaign celebrating all women and the beauty of LOVE. We need to start by loving ourselves within so we can express our love outwardly and share with all who cross our paths.

Love is like Rome, my hometown—eternal!”

Elisabetta was one of the cover models of the epic October 2023 issue of Vanity Fair Italia and France which gathered 21 supermodels from the 1960s to the 1990s. On the third panel of the Fashion Issue, she was joined by the British Penelope Tree and Twiggy, Americans Pat Cleveland and Lauren Hutton, and Czech-American Paulina Porizkova. Would have loved to also see American Jerry Hall, Brit Jean Shrimpton and the German Veruschka.

If there’s a Teen Vogue, is the Philippine version positioning itself as Senior Vogue? For its December 2023/January 2024 issue, the cover model is Miss International 1964 Gemma Cruz Araneta, a writer and former tourism secretary.

For its August 2023 issue, the mag featured National Scientist of the Philippines Dr. Dolores Ramirez, National Artist for Dance Alice Reyes, culinary luminary Glenda Barreto, curator and critical thinker Marian Pastor Roces, and heritage advocate Felice Prudente Santa Maria.

I’m hopeful that Vogue Philippines will consider the great and glamorous Gloria Romero, 90, to grace its cover.

The most important cover of 2023, however, is the April edition with 106-year-old Indigenous tattoo artist Apo Whang-Od, the oldest person to ever appear on the front page of any of its international issues.

In a New York Times guest essay, supermodel-author Paulina Porizkova cited the cover as a “Turning Point,” in which writers explore what critical moments from 2023 might mean for 2024: “I may no longer represent the ideal prototype of a young woman, but I don’t aspire to. I finally look like the person I have been on the inside all along, one of flaws and complexity. My age has rendered me imperfect and as such, relatable and real. Why would I ever want to filter that?”

The legendary model added on her Instagram: “Modeling means something entirely different to me now. When I was young, I was a blank canvas rented out so I could build the life I thought I wanted.

Today, I am a fully formed woman. When I model, I’m honored. My wrinkles are not flaws that need to be hidden or fixed—instead, it’s a representation of a different kind of beauty. I get so happy when I see other mature women beautifully portrayed in media.

It inspires me to keep working on my own acceptance of who I am, and in turn try to inspire you.

“Thank you all who support the pro-aging movement: designers, makeup companies, magazines—but most of all, the consumers, you seasoned women out there. Don’t forget. You are the ones steering this ship.”

As with Jocelyn Cubales still relentlessly pursuing her goals, we should all be welcoming of awesome women and men of a certain age who live life to the fullest.

After all, who are we to invalidate their dreams? n

MAGGIE SMITH for Loewe (JUERGEN TELLER/LOEWE); Martha Stewart (RUVEN AFANADOR/ SPORTS ILLUSTRATED); Diana Ross for YSL (DAVID SIMS); Jocelyn Cubales (JOYCE PENAS PILARSKY FACEBOOK); Patrick Dempsey (PEOPLE/CARTER SMITH); Vanity Fair Italia (LUIGI AND IANGO); Elisabetta Dessy for Victoria’s Secret (ZOEY GROSSMAN); Apo Whang-Od (ARTU NEPOMUCENO/VOGUE PHILIPPINES); Gloria

Romero

Shiseido’s age inclusive collection Vital Perfection gets tech-driven revamp

UNIQLO ANNOUNCES FOUR NEW STORES THIS 2024 INCLUDING NEW AND ELEVATED SM MALL OF ASIA BRANCH

GLOBAL apparel retail brand Uniqlo hits the ground running in the Philippines this new year, with the announcement of four new store openings in time for the spring/summer season.

Set to open on March 1, 2024 is the Uniqlo Venice Grand Canal along McKinley Drive in Taguig City, Metro Manila. The brand also plans to expand its presence in the northern part of Metro Manila and Central Luzon with the soon-to-beannounced openings of SM City Caloocan and SM City Tarlac, respectively.

Rounding out the list of new Uniqlo stores is the much-awaited opening of the new and elevated Uniqlo SM Mall of Asia this 2024. The country’s first Uniqlo outlet, the SM Mall of Asia branch was launched in 2012. Its expanded and well-curated space promises a bigger and better shopping experience for everyone to enjoy Uniqlo’s LifeWear products and more. The date for the branch’s official opening will be announced soon.

Meanwhile, customers can still shop for their LifeWear needs in the temporary Uniqlo SM Mall of Asia branch.

They may also download the Uniqlo App via Google Play Store or Apple Store, or visit and shop from Uniqlo’s online store at www.uniqlo.com/ph.

SINCE the pandemic, I have gone through two jars of Shiseido’s Vital Perfection Uplifting and Firming Cream. I like it because it’s very moisturizing and does have firming properties.

The Japanese brand’s popular age inclusive cream has been revamped with the strengthening power of Shiseido’s patented SafflowerRED and ReNeuraRED technologies, and is now called Vital Perfection Uplifting and Firming Advanced Cream.

SafflowerRED is derived from the Mogami Safflower, which is commonly used to improve blood circulation and beautify the skin. This flower comes from Japan’s Yagamata Prefecture where the women are said to be the most beautiful. On the other hand, ReNeuraRED allows the nerves in your skin to detect active ingredients better so that your skin can respond and regenerate faster, optimizing blood flow and oxygen level.

“These technologies work synergistically to enhance the skin’s nutrient network, ensuring optimal nutrient delivery in our skin to address the triple challenges of aging: firmness, lifting and dark spots. In one week, see a 35 percent firmer, brighter and more lifted look with reduced wrinkles,” said Shiseido in a media release.

Through its #PotentialHasNoAge campaign led by Vital Perfection Global Ambassador Anne Hathaway, the brand aims to embrace graceful aging.

“I’m so honored that they [Shiseido] felt I was a fit. They’re a brand that’s been synonymous with the highest quality for so many generations; they have such integrity. I’m just really, really thrilled they felt

that I am somebody who could effectively reflect that,” Hathaway told Vogue after she was named Shiseido Vital Perfection ambassador last year.

Last week, Shiseido Philippines gave members of the media an exclusive sneak peek on Vital Perfection’s improved formula. We saw the efficacy of the product when it was applied on a model using Shiseido’s massage technique of thumbs resting on the jaw. The model’s jawline was measured before and after and there was a reduction of 6mm. The side where the product was applied was also significantly lifted. The process was similar to a lymphatic drainage massage except that it was quicker.

Of course, the effect is temporary so it is encouraged that you do it regularly, maybe even nightly. Pre-massage, Shiseido also encourages some facial exercises to improve skin laxity and tone.

First, you lift your head with your mouth closed to 10 counts.

Then, you repeat this process twice, once with your mouth pursed as if kissing someone and then with a smile (both to 10 counts). I love the Vital Perfection Uplifting and Firming Advance Cream, which “melds” with a wonderful texture and the elegant, fresh scent of the noble orchid.

The revamped Vital Perfection line also includes two new creams. The Vital Perfection Concentrated Supreme Cream (P9,250) is a highly potent cream with twice the SafflowerRED concentration compared to the Uplifting and Firming Advanced Cream.

It also has an additional skin benefit of sculpting the face as it activates facial muscles and improve lymph flow for a sharper look after just one week of use. If you want a cream with a lighter consistency, there is the Vital Perfection Uplifting and Firming Advanced Soft (P7,050). The smooth, luxurious formula has a lighter touch and quick absorption. All three creams are refillable, which I love. I think most Shiseido creams are refillable.

Shiseido Asia-Pacific will highlight the revamp of Vital Perfection at the first-ever Asia-Pacific event “Journey of Potential” in Bangkok as part of the #PotentialHasNoAge campaign.

The Philippines’ Sarah Lahbati and Sofia Andres,

SHISEIDO’S Vital Perfection Uplifting and Firming Advanced Cream is powered by Shiseido’s patented SafflowerRED and ReNeuraRED technology. PHOTO FROM SHISEIDO

Shiseido Thailand Win Metawin and Violette Wautier, Shiseido Korea brand ambassador Lee Sungkyung, and Shiseido Taiwan skincare ambassador Alice Ko will be at “Journey of Potential,” a first-ofits-kind immersive launch party that drives the #PotentialHasNoAge message to beauty users around the world. The party brings to life decades of Asian skin expertise and research in the Invisible Nutrient Network (INN), which infuses luxury skincare with superior and advanced technologies.

In the Philippines, customers will be able to learn more about the revamped Vital Perfection Advanced Cream, enjoy exciting campaign perks on and offline with pop-ups in Metro Manila malls, expert consultations via the Skin Visualizer and expert beauty consultants, and 15-minute “Firm, Lift & Brighten” services that can instantly wipe out at least 1mm off of your facial contours at Shiseido counters. Local recruitment sets for new customers are available, as well as bundles with Shiseido’s hero product Ultimune.

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Monday, January 22, 2024

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PIVOTING TO GREEN LIVING

IN 2024 WITH SM STORE

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REAT things start from small beginnings. It’s the start of a new year so why not start something great like going green with the help of SM Store.

Together with its supplier partners, customers and communities, SM Retail is championing the SM Green Movement. It is a collective effort towards green living, green culture and a green planet.

With the many brands of SM, you can start your green journey with a greener shopping experience through SM Green Finds. SM Store took these first steps to offer products that help promote the wellbeing of our communities and our planet so that we can all enjoy a greener shopping experience.

SM Green Finds offer products that are made from natural ingredients and promote local artisans and support community livelihood. Through the SM Green Finds initiative, it is easier for customers to choose products that consider the well-being of our communities and our planet every day.

To begin your green journey with SM Store, you can start by creating a greener home with SM Home which offers a wide variety of linens such as bedsheets and towels made of bamboo and TencelTM fibers. You can also organize your homes with KEA baskets made of sustainable materials like abaca and buri.

ACE Express at the SM Store also offers a line of products that can help you adopt sustainable living. These products

include LED lighting that saves energy, solar powered products, bathroom fixtures that conserve water, non-toxic cleaning solutions, sustainably sourced gardening supplies, waste segregation bins and conventional products that use natural or recycled materials.

For your beauty regimen, SM Beauty carries a Clean Beauty line with better packaging and better ingredients. It’s a host of products that are mindfully created, made from natural ingredients and free from harsh chemicals. SM Beauty also promotes the sale of refill packs that allow not just more saving but less plastic usage.

Refresh your wardrobe sustainably with SM Fashion’s Green Finds collection.

Explore eco-friendly options, including Repreve denim clothing made from recycled plastic. Broaden your sustainable choices to encompass innerwear and accessories crafted from bamboo, showcasing SM Store’s commitment to stylish and environmentally conscious outfits.

Look for the Green Finds label in the SM Store and embark on your green journey with SM Store as your destination for sustainable living.

SM Green Finds makes green living easy for its customers by promoting products that are eco-friendly, made from natural and local ingredients and supports local communities. To find out more about our sustainability programs, search for The SM Green Movement.

ICCPI to hold business luncheon to highlight PHL economy in 2024

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HE Italian Chamber of Commerce in the Philippines, Inc. (ICCPI) is organizing an exclusive business luncheon titled, “The Philippines: Back to be the Rising Asian Tiger Economy? A Spotlight on the Economy, Monetary and Fiscal Policies, Industry, and Trade & Investment”. The economic briefing will be held on February 1, 2024 from 12 noon to 3 pm at the Chantara Hall, Dusit Thani Manila.

This business luncheon offers a comprehensive analysis of the Philippines’ economic resurgence, focusing on the intricate dynamics of monetary policies, fiscal strategies, industrial sectors, and investment opportunities.

Additionally, this event aims to highlight investment prospects across sectors, providing a thorough understanding of the country’s investment climate and opportunities ripe for strategic capital deployment.

The distinguished gathering will be graced by keynote speakers, adding a layer of significance to the occasion. Among them, the Secretary of the Department of Trade and Industry (DTI) Alfredo E. Pascual and the Head of the Economic Trade Section of the EU Delegation to the Philippines, Hon. Philipp Dupuis. Furthermore, the President of the Philippine Chamber of Commerce and Industry, Engr. Enunina V. Mangio will bring her wealth of experience to the forefront, contributing to the event’s discourse.

For more information, visit www.iccpi.org.ph, call +63 917 563 8633 or email info@iccpi.org.ph.

Poor rely on PCSO’s medical assistance when illness strikes

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HE biggest jackpot prize in the Philippine Charity Sweepstakes Office (PCSO) is P1,180,622,508 and was won by two bettors from Albay and Samar on October 14, 2018.

Some people make a mental note of that event, refusing in fact to place their bets until the jackpot prize has grown big enough to their liking. That prompted PCSO General Manager Mel Robles to launch on December 16 last year Handog Pakabog, which increased the jackpot prize to P500 million for the 6/55 and 6/58 lotto games.

A hefty jackpot prize is a winning proposition for PCSO as well as for the bettors. In the weeks of the historic 6/55 and 6/58 draws, PCSO registered an unprecedented increase in sales.

The revenue stream has since tapered off, so maybe the agency should renew the promo from time to time, say every quarter, to bring back bettors into a state of frenzy.

The jackpot prizes have since been won, and so 6/55 and 6/58 pots have reverted back to their respective prepromotion amounts. The agency also conducts draws for 6/42, 6/45, and 6/49, with varying guaranteed initial prize money.

A big chunk of the agency’s net receipts, 55 percent, is allotted for prizes.

Thirty percent goes to medical assistance, relief operations, and other charity projects. Operation (salaries, rentals, utilities) gets the remaining 15 percent.

The PCSO sales trajectory has climbed to historic highs. That proves, according to the general manager, that the agency’s top management has been able to foster trust in the system and in the people who run it. Over a two-week period last year, from November 1 to 15, PCSO attained P1.23 billion in gross sales. All the data available so far indicate that the agency will be able to reach its P53.25 billion sales target for the year. It may even surpass it.

As far as the people are concerned, assisting people is the PCSO’s only reason for existence, and they’re right

on the mark. What they may not be aware of is the fact that the agency pays taxes equivalent to 20 percent of its revenue. “I could use the amount to expand our charity program,” Robles said. “I couldn’t complain though. The government spends every peso for that very purpose in a roundabout way, after Congress includes the money in the annual Appropriations Act.” There are rumors going around that PCSO rigs the system to favor certain individuals. The rumors become credible when conf lated with real examples of corruption: the P15 billion PhilHealth scam and the P8.68 billion Phamally overprice scandal, for instance That could derail PCSO’s operation, with catastrophic results.

In a country with a weak healthcare system, the agency represents the only hope of deliverance for the poor when a serious illness strikes. Even a middleclass family, if left to fend for itself, could go bankrupt.

In a no-holds-barred, free-wheeling conversation with members of Capampangan sa Media Inc. or CAMI in Clark Global City recently, Robles chose to laugh off the rumors, rather than make an emotionally charged, condemnatory approach on the matter.

“Claims of PCSO manipulation are delightfully malicious,” he said with amusement. “That is why some people are drawn to them. I just hope they consider the evidence.”

Here’s how the system works. To determine the winner, the lotto machine draws six numbered balls one at a time.

There is no human intervention involved, except when someone, usually a representative from the public, presses the button to switch on the machine. The Commission on Audit oversees the whole process. And it is all televised for all the world to see.

“If anyone could predict the winner, I would like to talk to him,” Robles said.

“Maybe we could split the jackpot prize.

I could live comfortably in retirement with that kind of money.”

Suzuki welcomes 2024 with big cheers, big deals for Ertiga Hybrid, S-Presso

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MBRACE the new year with the keys to a brand-new ride! Suzuki Philippines is kicking off 2024 with unbeatable offers on two of their standout cars: the Ertiga Hybrid and the S-Presso.

From January 8 to January 31, 2024, Suzuki is rolling out remarkable deals for both loyal fans and first-time buyers. Opt for the Ertiga Hybrid or the compact S-Presso and enjoy hefty cash discounts of up to P60,000, initial down payments as low as P59,000, and monthly installments starting at just P13,391.

According to Norihide Takei, Suzuki Philippines’ Director and General Manager for the Automobile Division, “We understand that owning a car is a top priority for many Filipino families. As we step into the new year, we’re thrilled to offer these accessible down payments, affordable monthly rates, and substantial cash discounts to help everyone kickstart 2024 on the road.”

The Ertiga Hybrid lineup boasts not only cutting-edge features like the Engine Auto Stop System and a vibrant TFT LCD multi-

information display but also remarkable fuel efficiency.

Meanwhile, the S-Presso, Suzuki’s compact and fuel-savvy hatchback, comes with an instant cash discount of P32,000 for both the GL MT and GL AGS models, coupled with an attractive P59,000 down payment and monthly payments ranging from P12,579 to P13,391. It’s an excellent choice for young professionals and first-time buyers seeking affordability without compromising quality.

“This lineup of payment options and promotions is crafted to offer our customers diverse opportunities for a more convenient and sustainable travel experience,” added Takei.

Available at all 70 Suzuki dealerships nationwide until January 31, 2024, don’t miss out on Suzuki’s January promo and drive home your dream car!

For more information, you may check out any authorized Suzuki Auto dealerships nationwide or visit http://suzuki.com. ph/auto/. Fo r d a i l y u p d ate s o n S u z u ki , please like Suzuki Auto PH’s Facebook page at https://www.facebook.com/SuzukiAutoPH , follow them on Twitter at https://twitter. com/S uzukiAutoPH a n d I n s t a g ra m at @ suzukiautoph.

Conrad Manila starts 2024 with ‘The More, The Merrier,’ an Exclusive Group dining offer

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ONR AD Manila recently announced its its enticing new buffet promotion, “ The More, The Merrier,” available exclusively at its all-day dining restaurant, Brasserie on 3. Starting from Januar y 10 to March 29, ever y group of four paying diners entitles the fifth guest to dine on the house, and for larger gatherings of eight, two additional diners enjoy a complimentar y feast.

Executive Chef Warren Brown, well-known for his culinary expertise, has curated an international buffet spread that promises to cater to diverse palates. From the delicate sushi creations at the Japanese section to the succulent offerings at the carving station, guests are invited to make the most of their lunch meetings or gatherings with this limited-time offer.

“We believe in creating moments that celebrate togetherness and exquisite flavors,” says Fabio Berto, the General Manager of

Conrad Manila. “With ‘The More, The Merrier’ promotion, we invite guests to gather, indulge, and savor the artistry of Executive Chef Warren Brown’s international buffet offerings. Whether it’s a milestone celebration or simply enjoying quality time with loved ones, Brasserie on 3 provides the perfect setting for unforgettable moments.”

For those seeking a delightful blend of savings and gastronomic delight, Conrad Manila’s Brasserie on 3 presents an irresistible offer with the “The More, The Merrier” Weekday Lunch Buffet promotion, where guests can elevate their dining experience, gather with loved ones, and get value for money while enjoying a scrumptious worldclass feast.

For reservations and inquiries, please contact Conrad Manila’s dining reservations today at +632 8833 9999 (landline), +63 917 650 3591 (mobile) or email MNLMB.FB@conradhotels.com

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Monday, January 22, 2024 B7

Living the excellence and service beyond the trophy I

Philippine creators dominate Klook’s Kreator Program with 1,800 Filipino ‘Kreators’ in 2023

TAGUIG, PHILIPPINES—Not that long ago, Filipino travelers would run to google for anything travel-related. However, the times have changed and according to world-renowned travel company Klook, 9 out of 10

REMEMBER walking into an office and seeing on a tall shelf, spanning a whole wall, an impressive array of its many awards garnered through the years. Most, if not all of us, will proudly ensconce our trophies, citations and medals in special places of honor in our offices and/or homes.

They rightfully represent the hard work and excellence that went into making the achievement possible.

They symbolize what can be achieved despite difficulties, and inspire us to continually strive and raise the bar.

Receiving congratulatory letters lifts our spirits and recognizes all the efforts for us and for our teams and institutions.

I gratefully credit my mentors who introduced me way back as a junior writer to the many award programs, asking me to draft the entries. Since then, I was totally engaged, now full circle: from awareness of the award programs, to being an entry writer, a non-winner but still learning from the experience, a winner, a committee member for the awards program, a judge/evaluator, and an advocate of such recognition programs.

These experiences enabled me to later conceive and manage a new award program with a nationwide search, from 2005 to 2010, a partnership between my company and my university that honored outstanding leadership and public service. It also moved me to help begin a national student communication award program in 2012, to start and chair a national student PR competition in 2015, and to champion the digitalization of a national award program in 2018, all three of which I’m glad continue to this day.

Then in 2021, the calling was to chair an international awards program that continues to dazzle with best works from all over the world. To-date, I mentor for various award programs, score entries, and help committees manage it.

I cannot forget those eureka moments, standing at the podium to address an audience of 1,000 on several awards nights, with the attendees’ winning energy pulsating in the hall.

The captains of industry, the best and brightest of the communication and PR teams and professionals from various sectors—multinationals, groups of companies, public utilities, PR and communication agencies, foundations, government departments and agencies, educational institutions, media, start-ups and entrepre-

neurs—who were all achievers, were there to receive their trophies.

These were awardees who not only took on challenges, even against all odds, to reach targets and stakeholders and enable a desired action. In that hall, as I had a full view of the jampacked audience from the stage, were the changemakers! Attending the awarding rites annually, you will see just how consistently winning certain institutions and companies are. Truly very inspiring!

I would get tapped on the shoulder to be greeted by former students who were there to receive recognition as professionals. This for me, is a valuable investment in excellence, planting the seed from students to professionals, and in time, to being the decision makers.

And so I posed the question during my talk, which I find myself posing more frequently: Beyond the trophy, what has positively and sustainably changed for the better for as many as possible because of what we accomplished? What has our win and our recognition brought about not only for ourselves, the institution we represent or the advocacy we espouse, but most importantly and significantly, for the greater good? Are we ready to work together for the cohorts, beneficiaries, recipients, stakeholders who we say will benefit or have benefited most from the excellent work we did and will do?

With the annual award programs we have nationally, regionally and globa l ly, communicators and PR professionals take center stage to be recognized for exceptional works as coveted awards are conferred on deserving and impactful programs, projects and tools.

The International Public Relations Association (IPRA) annually mounts the IPRA Golden World Awards (GWA).

“Established in 1990, (GWA) recognizes excellence in public relations practice worldwide in a variety of categories. Recipients of the award take particular pride in the recognition granted to their entry as meeting international standards of excellence in public relations. The Global Contribution Award recognizes a campaign with an objective of meeting one of the UN's 17 Sustainable Development Goals. The overall IPRA Grand Prix for Excellence is presented to the entry judged as representing the highest standards that year.”

Fellow IPR Ans have been very active in communication and award

Millennial and Gen Z travelers were found to heavily rely on social media recommendations for the best travel experiences before booking for trips.

While social media is known for its everchanging trends, authenticity remains to be the main thing sought out. Specific to Millennials and Gen Z travelers, gone are the days of looking at perfectly curated travel feeds. When searching for the next unique experience, they want content that is real, engaging, and informative.

As Millennials and Gen Zs are set to make up half of Asia Pacific’s population by 2025, coupled with the region’s thriving Gross Domestic Product, record mobile app penetra-

tion, and inter-region travel, Klook names Asia Pacific as the home of the generation of socially and mobile-savvy travelers. Currently, they comprise the majority of Klook’s user base and contribute up to 80 percent of the company’s mobile bookings.

Based on this data, Klook launched the Klook Kreator Program. This industry-first nano-to-micro influencer affiliate initiative aims to develop a community with a shared passion for travel and content creation.

The current affiliates of the Klook Kreator Program are a diverse group of individuals from different backgrounds and target markets that actively engage with their followers, making them the ideal re-

source for travelers seeking a first-person perspective into travel experiences. In the past year, the Klook Kreator Program has flourished into a vibrant community with 15,000 creators across 13 social media platforms and gaining 1.5 billion impressions.

During Klook’s ninth anniversary in 2023, the company decided to strengthen its efforts for the Kreator program. This decision resulted in Klook’s highest single-day sales amounting to US$ 100 million, with 200 million online impressions, driven by authentic, bite-sized User-Generated Content (UGC) in Asia Pacific.

The Philippines also emerged as the topperforming market for the Klook Kreator

Kane Errol Choa Chair, IABC Asia Pacific

Belle Tiongco President, IABC Philippines

Abigail Ho-Torres Assistant Vice President and Head, Customer Experience Maynilad Water Services Inc. and Chair, 19th and 20th PH Quill Awards & 9th and 10th Student Quill Awards

Leah M. Huang Managing Director, PR & Influence, Ogilvy and Chair, 59th Anvil Awards, PRSP

bodies as entrants, judges/evaluators, award committee chairs, advisers, and members. IPRA Philippines members have judged for the IPRA GWA: Edd Fuentes, Joy Buensalido, Richard Burgos and this writer.

This first quarter 2024 alone, we will have award program rites organized by national associations and global bodies where Philippine communication professionals are movers of the program.

By January 23, 2024, the Philippine Quill and Philippine Student Quill Awards ceremonies of the International Association of Business Communicators Philippines will be held. By January 31, 2024, the Anvil Awards of the Public Relations Society of the Philippines will be given.

And for a sense of national pride,

by March, our country will be one of the global Blue Ribbon Panels or BRP of the Gold Quill Awards of the International Association of Business Communicators. The Philippines will be a hub for Asia chaired by this writer with co-chair, fellow IPRAn Kane Errol Choa, to review and score international entries by a multicountry panel of distinguished professionals who are trained evaluators invited by IABC. This year, there will be professionals from the Philippines, Australia, Canada, Okinawa, Singapore and India. Further, winners of the Gold Quill are honored by IABC APAC with a Silver Quill Award.

What is encouraging is that award program criteria are increasingly putting much weight on impacts and results for positive change, for an even more meaningful depth and breadth, with outputs as starters, and outcomes more valued.

Fellow IPRAn and judge/evaluator Kane Errol Choa, says: “Communication has the power to enrich and transform lives” and that awards “inspire communicators to develop meaningful programs and connections.”

He cites, as IABC APAC Chair, that “The annual Silver Quill Awards of IABC Asia Pacific, celebrates and honors excellence in strategic communication as a testament to the brilliance, creativity, and ingenuity of communication professionals in the region, that also puts the spotlight on communication professionals who embrace their roles as catalysts of change. Filipinos have been recognized for their communication leadership as well in the IABC APAC Communicator of the Year Awards.”

Communication excellence advocate and fellow evaluator Belle Tiongco shares: “With great power comes great responsibility. When you've achieved the level of excellence, you're expected to keep it there, or aim it even higher. And that takes a lot of work and commitment.”

“Awardees receive a great responsibility that will permeate every aspect of their work and person. It's a

Program, contributing 76 percent to the program’s revenue from over 1,800 Filipino Kreators in 2023. Data also revealed that Filipinos still love to visit Japan, Singapore, and Hong Kong.

“Filipinos are such natural content creators—creative, informative, and entertaining—with a knack for genuinely engaging with their audiences. We are amazed at how they draw on their unique perspectives to connect with their followers locally and globally,” said Michelle Ho, General Manager of Klook Philippines and Thailand.

“They’ve become one of our strongest allies in advocating for finding joy in travel and exploring the Philippines and the rest

life changer, a gift that’s worth all the work. Winners bring something new to the table and most of the time, it’s something good for mankind. It could be an innovation or just a new way of looking at life and the world. Bottom line, it is still elevating for all of us.

So winners allow us to stand on their shoulders and see beyond the horizon.

Thank you, winners!” continues IABC Philippines President Belle.

Leah Huang, 2024 Anvil Awards Chair, says, “The campaigns we celebrate at our local PR Awards competitions show the increasing power of Public Relations to creatively and innovatively cut through our cluttered media landscape and create change.”

“They show how, through earned attention and influence, earned-first ideas wield the power to be change or culture catalysts that help safeguard reputation and solve problems; that help reposition a brand, advocate for good, encourage support for change and to generally make life better for individuals, corporations and communities. And the great thing is that for the strategic communicator, and especially for our award-winning PR professionals, this skill extends into their daily lives,” Leah stresses.

Fellow IPRAn Abi Ho Torres, and two-term Philippine Quill and Philippine Student Awards Chair recalls, “As we saw during the pandemic, when the world was forced to shut down and we all had to isolate ourselves, communication played a pivotal role in driving vaccine awareness and acceptance, in ensuring health and safety amid uncertainties, in keeping the world hopeful. Communication’s role in society is so immense that we need to exert effort to ensure that it is done right and done well.”

With the rich harvest of outstanding works, it is inspiring and encouraging, and prepares us for the next challenge, one perhaps to last a lifetime.

With winning catalysts synergized, bigger, sustainable positive change can happen.

Our profession today asks us all for impact and results that we can integrate. I salute and congratulate all our communication and PR awardees! Together let’s make positive change happen together, far beyond the trophies.

PR Matters is a roundtable column by members of IPRA Philippines, the local chapter of the United Kingdom-based International Public Relations Association, the world’s premier association for senior communications professionals around the world. Ritzi Villarico-Ronquillo, APR, IABC Fellow is a Consultant, Coach and Speaker on Business Communication and Strategic Public Relations with 43 years of experience in leading internal and external communication and PR in corporate, communities, academe and associations.

We are devoting a special column each month to answer the reader’s questions about public relations. Please send your comments and questions to askipraphil@ gmail.com.

of the world,” added Michelle.

Specific to Singapore, Filipinos avail the exclusive Klook Pass Singapore where travelers are granted access to two to 10 popular attractions to explore the country. In Hong Kong, the Ngong Ping 360 Cable Car is the main highlight for its breathtaking views, and for Japan, rail transport like the Shinkansen is the most availed of by the Philippine market. Domestically, the top attractions are Manila Ocean Park and Enchanted Kingdom.

With the success of the Kreator Program, Klook will continue to share authentic stories to empower travelers from anywhere around the globe to create their own definition of joy.

At Australian Open, anything can happen

By Howard Fendrich

I

The Associated Press

GA SWIATEK’S No. 1 ranking, four Grand Slam titles and 18-match winning streak were no help against big-hitting teen Linda Noskova at the Australian Open.

After crouching at the baseline and covering her face when she closed out the 3-6, 6-3, 6-4 thirdround victory over Swiatek on Saturday, the 50th-ranked Noskova said: “I didn›t really think that it would end up like this.”

Who possibly could have?

Noskova, after all, is making her debut at the year’s first Grand Slam tournament and had only two match wins at all majors until a week ago.

Plus, it had been a quarter of a century since any teenager eliminated the Women’s Tennis Association’s No. 1 player at Melbourne Park— Amelie Mauresmo defeated Lindsay Davenport in 1999.

Then again, pedigree and past performance seem to mean little to nothing so far this year, setting up a Week 2 that features a bunch of new players and storylines.

“For sure,” Swiatek said, “I wish I could have played a little bit better.”

That’s been a familiar refrain. Even before Swiatek’s exit, only 12 seeded women reached the third round, equaling last year’s French Open for the fewest at a Slam since the 32-seed format was introduced in 2001.

“We have, like, a deep pool of players who can beat anybody on the given day. I think that’s what makes them more dangerous,” said Victoria Azarenka, a two-time champion in Melbourne. “The consistency sometimes can be on and off. You don’t know which player you’re going to get on which day.”

The first three rounds were calmer for the men—Novak Djokovic led nine of the top 10 seeds safely through. (No. 8 Holger Rune lost to Arthur Cazaux, a 21-year-old from France who is the first non-Australian men’s wild-card entry in 30 years to get to the fourth round.)

Bike to wellness fun activity set in Cavite in May

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HOPWISE whips up the urban cycling scene with the Shopwise Bike Fest on May 18 in Vermosa, Cavite.

Aimed at promoting not only a healthy and active lifestyle but also fostering a sense of community among participants, the fun bike ride will cater to all age groups with race categories designed for both kids and adults.

Shopwise, known for its commitment to providing accessible opportunities for customers to embrace a quality lifestyle, sees cycling as a sustainable and cost-effective means to maintain good health.

“Our mission is to provide our customers with accessible opportunities to embrace a quality lifestyle,” Shopwise general manager Kerwin Legarde said. “Cycling has consistently captivated the interest of people worldwide, offering a sustainable and cost-effective means to maintain good health.”

Registration got under way over the weekend through the event’s official web site https://shopwise.

Bike Fest.com.ph, or Shopwise on social media platforms www.facebook. com/ShopwiseSupercenters or www. instagram.com/shopwise.ph.

For the adult category, three different distances are set, including the 45-km long ride, 30km short ride and 60-km individual and corporate open.

Children aged 6 to 15 will have their own 30-minute solo ride or opt for a 30-minute family ride with one adult. Even tots 2 to 5 years old have their own Tricycle ride with options to go for the 100-meter or 500-meter course.

The Ironman Group and Sunrise Events Inc. planned road closures for safety of participants during the event.

Race support will also be provided.

Permitted are road bikes, BMX, mountain, gravel and foldable bikes.

Fixies, bikes with no brakes, bikes with aerobars and e-bikes are excluded.

An expo on May 15 to 17 at the Ayala Mall Circuit, Activity Center in Makati will usher in the Shopwise Bike Fest weekend, backed by the City of Cavite, Shopwise and Vermosa.

Sports BusinessMirror

Outstanding young athletes hailed with Siddayao awards

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TOUCH of youth is forthcoming next Monday in the San Miguel Corp.-Philippine Sportswriters Association (SMC-PSA) Awards Night.

Twelve young athletes who showed loads of potential in 2023 are the newest recipients of the Tony Siddayao Awards from the country’s oldest media organization led by its president, sports editor Nelson Beltran of The Philippine Star.

Weightlifter

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onday, January 22, 2024 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

Of the eight women left in the top half of the bracket, only Azarenka has been to a major final, and no one is currently in the Top 10. No. 12 Zheng Qinwen, a 21-year-old from China, is the highest seed there.

Aside from that pair, along with Noskova and three-time major semifinalist Elina Svitolina, others who can make the final are Jasmine Paolini, Dayana Yastremska, Anna Kalinskaya and Oceane Dodin—a quartet who were 23-63 in Grand Slam action before this fortnight.

So what does it all mean? It’s hard to make sweeping conclusions based on early-for-them departures by Swiatek, No. 3 Elena Rybakina, No. 5 Jessica Pegula, No. 6 Ons Jabeur and No. 7 Marketa Vondrousova.

But it does offer a contrast to the sort of day-in, day-out excellence displayed by Serena Williams, for one, as she compiled 23 Slam singles titles and, even as the end of her career approached, run after run to the finals at the sport’s biggest tournaments.

And, in this postSerena world, it offers fans a chance to learn unfamiliar names and appreciate unfamiliar games. They won’t all be future stars—and, likely, none will be—but it’s worth watching to find out.

Noskova is part of the seemingly never-ending reservoir

of talent from the Czech Republic.

Folks who follow tennis closely know she was the 2021 French Open junior champion. They might also remember she was half of the doubles team that beat Williams and her sister, Venus, in doubles at the 2022 US Open, Serena›s last event.

But this? Swiatek was listed

by FanDuel Sportsbook as a minus-1,700 favorite, then took the first set, but then couldn›t handle Noskova›s confidence and booming strokes down the stretch.

Noskova is in a wave of not-yet20-somethings making noise in Melbourne.

Three 16-year-olds won first-round matches—the most at the Australian Open since 2005—and one, Mirra Andreeva, was scheduled to play in the fourth round Sunday on the bottom half of the bracket.

That’s the portion that

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Shin back in hunt at TCC

ICAH SHIN returns to the site of his last triumphant career moment in The Country Club (TCC) Invitational 2024 which gets under way Tuesday at the TCC course in Laguna.

The Korean-American, whose talents blossomed in Davao, beat Miguel Tabuena by one in a thrilling stretch-run battle to win the 2018 edition, becoming the

MICAH SHIN is relentless in chasing for a fourth crown.

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HILIPPINE Sports Commission (PSC) Chairman Richard Bachmann committed to expanding the agency’s reach in grassroots talent identification and promotion of peace through sports in Mindanao.

“This year we have an opportunity to expand our reach in Mindanao by reinforcing our grassroots efforts and be the government’s instrument for peace through sports,” said Bachmann as he hosted a dialogue with various sports coordinators in the region at the PSC Mindanao Office in Davao City Friday.

Bachmann said that the initiative has to start with the PSC improving its satellite offices and seeking collaboration with regional coordinators, coaches and trainers.

IGA SWIATEK: I wish I could have played a little bit better. AP

LINDA NOSKOVA: I didn’t really think that it would end up like this. AP includes Coco Gauff, the 19-year-old American who won the US Open in September, and No. 2 Aryna Sabalenka, the defending champ in Melbourne. They both reached the quarterfinals without dropping a set, so not every result has been a stunner.

Still, as Sabalenka cautioned: “Anything can happen.” Which is not necessarily a bad thing for those watching.

first non-Filipino champion in the tournament’s prestigious history, renowned for its elite lineup and substantial prize purse.

That was Shin’s third career win after scoring a breakthrough in the Central Azucarera de Tarlac (CAT) Open of the Philippine Golf Tour (PGT) in 2016, followed by a gripping playoff triumph in an Asian Tour event at Manila Southwoods the following year.

Subsequently, Shin elevated his game to compete in the region’s premier circuit, relentlessly pursuing a fourth championship.

And the Asian Tour break has provided the 26-year-old golfer with an opportunity to once again compete in the TCC Invitational, fortifying an already formidable field composed of former champions and the Top 30 from last year’s PGT Order of Merit (OOM).

Back-to-back defending titlist Guido van der Valk top-bills the exclusive roster, joined by past winners Tony Lascuña (2004),

Angelo Que (2007, 2010 and 2011) and Tabuena (2017).

Reigning OOM titlist Jhonnel Ababa, meanwhile, headlines a talent-rich cast, including Clyde Mondilla, Reymon Jaraula, Ruperto Zaragosa III, Dino Villanueva, Michael Bibat, Marvin Dumandan, Sean Ramos and Lloyd Go. The P6 million championship, organized by Pilipinas Golf Tournaments Inc. and supported by official apparel Kampfortis Golf, also boasts of a diverse line-up, all geared-up for a crack at the coveted championship, including Keanu Jahns, Zanieboy Gialon, Albin Engino, Nilo Salahog, Jay Bayron, Elmer Salvador, Koreans Hyun Ho Rho and Minseong Kim, Fidel Concepcion, Rico Depilo, Elee Bisera, Art Arbole, Mars Pucay, Gerald Rosales, Gabriel Manotoc and Ferdie Aunzo.

Meanwhile, several pros will team up with TCC members and amateur guests of the sponsoring International Container Terminal Services Inc. in the pro-am tournament Monday offering players a final chance to familiarize themselves with the long, challenging course.

Groseclose yields to fast, furious rivals in Youth Winter Olympics

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By Josef Ramos

ANGWON, South Korea— Speed Skater Peter Joseph Groseclose came so close to performing better in his second event at the Fourth Winter Youth Olympic Games but couldn’t match the pace set by athletes who’s just so familiar with snow sports.

Groseclose had his moment in the 1,000 meters of short track on Sunday but missed out on a semifinal berth at the Gangneung Ice Arena.

Groseclose finished fourth in the quarterfinal phase with a time of

PSC supports sports in Mindanao

PETER GROSECLOSE has one more event on Monday.

for Mindanao coach Noli Ayo and chief of staff Din-Din Urquiaga in a meeting with the officials of the Bangsamoro Sports Commission (BSC) aimed to strengthen links.

“We’re thankful to the Chairman [Bachmann] for this historic visit, the first of many, here in our region,”

BSC Executive Director Salihwardi Alba said. “The role of the PSC and BSC in the Bangsamoro region is very crucial, as we continue to use sports as a tool for peace, harmony and prevent violent extremism.

BSC is the policy-making and coordinating body of all amateur sports

“Gone are the days when our next generation athletes are only sourced from one region,” he said. “A stronger collaboration with our stakeholders in every region will propel our grassroots development.”

In a visit to Cotabato City Sunday, Bachmann joined Regional Coordinator

Angeline Colonia leads the youth brigade which will be bestowed with the award given to promising athletes 18 years old and younger.

The honor is named after the late Manila Standard sports editor Antonio “Tony” Siddayao, acknowledged as the Dean of Philippine sports writing.

Colonia, 16, bannered the country’s campaign in the 2023 Asian Youth and Junior Weightlifting Championships in New Delhi where she bagged three gold medals in the women’s 45-kg category.

Joining Colonia in the 12-athlete list are fellow weightlifters Prince Keil Delos Santos and Eron Borres, gymnast Karl Eldrew Yulo, chess player Christian Gian Karlo Arca, karateka Sebastian Neil Manalac, golfer Alethea Gaccion, modern pentathlon’s Joseph Anthony Godbout, muay thai’s Jan Brix Ramiscal, taekwondo jin Tachiana Kezhia Mangin, obstacle course’s Trisha Mae Del Rosario and jiu-jitsu’s Aleia Aielle Aguilar.

To be held at the grand ballroom of the Diamond Hotel, the traditional gala night is presented by the 24/7 sports app in the country ArenaPlus, and the Philippine Sports Commission, Philippine Olympic Committee, PLDT/Smart, Cignal and Milo as major sponsors.

Backing up the event are the Philippine Basketball Association, Premier Volleyball League, Rain or Shine and 1-Pacman Partylist Rep. Mikee Romero.

Registration starts at 6 p.m.

Awardees and guests who failed to personally receive a hard copy of their invitations can get them at the registration table at the venue.

World No. 2 pole vaulter EJ Obiena will be the recipient of the highest honor given by the country’s sports writing fraternity after being voted as the 2023 Athlete of the Year.

one minute and 28.889 of the race China’s Xinzhe Zhang and the US’s Sean Boxiong Shuai dominated with 1:27.738 and 1:26.792 clockings, respectively.

“Peter was just on the outside of the pack for a little too long,” coach John-Henry Krueger said. “In short track, you want to minimize your stay outside the pack because you’re skipping the longer distance and putting more effort just to stay with the group. That led to the result.”

Great Britain’s Willem Murray (1:27.931) and Turkey’s Muhammed Bozdag (1:27.592) earned the other two semifinal spots in Groseclose’s group.

Xinzhe stunned the final field and won gold in 1:26.257. Bozdag (1:26.349) clinched silver and Japan’s Raito Kida (1:26.478) bagged bronze.

The 16-year-old Groseclose, an 11th-grader at Oakton High in Washington DC, aggressively pushed himself ahead in the opening heats to enter the quarterfinal round with a 1:30.243 clocking. Bozdag earned the other quarterfinal seat with 1:30.409.

Despite again failing to advance to the medal race, Krueger, a twotime Winter Olympics medalist, said Groseclose is headed to the right direction.

“Today was a move going to the right direction. However, I think it could have been a much larger gap between what happened yesterday, so we just have to prepare and talk about the tomorrow’s event,” said Krueger, referring to his ward’s 500m race on Monday.

Groseclose, one of three Filipinos who qualified for the Winter Youth Olympics, also didn’t advance to the medal race in Sunday’s 1,500m race.

“It’s a less strategic race, it’s a 500, so it’s a sprint,” Krueger said.

“It’s definitely more of a physical race because you are using your raw power.

That’s his best distance.” development programs and institutions in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) and was created on September 17, 2020 through the Bangsamoro Autonomy Act No. 12 or “The Bangsamoro Sports Commission Act of 2020.”

Bachmann resumes his Mindanao tour on Monday with a memorandum of agreement signing with BSC and the Mindanao State University in Marawi City and a speaking engagement at the Bangsamoro Athletes’ Convocation, before making a courtesy visit to Misamis Occidental Governor Henry Oaminal Sr. in Oroquieta City on Tuesday.

PHILIPPINE Sports Commission chairman Richard Bachmann with stakeholders in Mindanao.