BusinessMirror January 24, 2024

Microinsurance premiums grow to ₧10B-IC

By Jasper Emmanuel Y. Arcalas @jearcalas

T

WORLD | A9

21 ISRAELI SOLDIERS KILLED IN DEADLIEST SINGLE ATTACK ON THE ARMY SINCE WAR IN GAZA BEGAN

HE amount of premiums collected by the microinsurance industry as of the third quarter of last year rose by almost 20 percent year-on-year to over P10 billion as more Filipinos insured their lives and assets.

The Insurance Commission (IC) said microinsurance premium production as of the third quarter of 2023 expanded by 19.6 percent to P10.157 billion from P8.493 billion recorded in the

same period of 2022.

“The big increase in premium collection could be attributed to the across-the-board increase in premium collection by MBAs [Mutual Benefit Associations], and life and non-life insurance companies,” the IC said on Tuesday.

IC data showed that premiums collected by MBAs grew by 10.21 percent year-on-year to P5.586 billion from P5.069 billion.

Mea nwh i le, l ife i nsu ra nce companies posted P2.73 billion in microinsurance premiums during the reference period, which was

16.02 percent over the P2.353 billion it registered in the third quarter of 2022, according to IC data.

IC data also showed that premiums collected by non-life insurers as of the third quarter of 2023 jumped 71.96 percent to P1.84 billion from P1.07 billion.

The IC noted that the number of lives insured under microinsurance policies also increased during the third quarter of 2023.

“As of 30 September 2023, the number of lives insured under microinsurance policies is more

than 56 million Filipino lives, or 2.34 percent higher than the number of lives insured as of the same period last year,” the IC said.

IC data showed that the total number of lives insured as of the third quarter of 2023 reached 56.286 million versus the 54.999 million recorded in the same period of 2022.

“MBAs insured the highest number of Filipino lives, with a total of 28.6 million Filipino lives insured, followed by the life See “Microinsurance,” A2

BusinessMirror A broader look at today’s business

NEDA PUSHES WATER, FISCAL, DIGITAL BILLS www.businessmirror.com.ph

n

Wednesday, January 24, 2024 Vol. 19 No. 101

P25.00 nationwide | 3 sections 28 pages | 7 DAYS A WEEK

UNITED VS. ‘P.I.’ Senate President Juan Miguel Zubiri reads on Tuesday

(January 23, 2024) a manifesto signed by all 24 senators rejecting the people’s initiative as a way to push for Charter change, which he described as an effort to destabilize the bicameralism of the Senate and House of Representatives and undermine the country’s democracy. Story on page A12. ROY DOMINGO

By Andrea E. San Juan

T

@andreasanjuan

O remain on track in meeting the country’s goals by 2028, the National Economic and Development Authority (Neda) has urged Congress to pass bills that address the “structural weaknesses” of the country’s production sectors, among others.

Neda said these measures include the bills on the Department of Water Resources, Open Access in Data Transmission, and the various fiscal reforms that seek to strengthen tax administration, among others. In a statement on Tuesday, the agency prodded the lawmakers to pass these bills as the 19th Congress resumed its second regular session on Monday.

One year since the launch of the Philippine Development Plan (PDP) 2023-2028, Socioeconomic Planning Secretary Arsenio M. Balisacan said that “While we saw some of our headline indicators improve, much remains to be done.”

With this, Balisacan said, “To ensure that we remain on track to meet our goals by 2028, and in

anticipation of future challenges and scenarios, we must pass key legislative measures aimed at strengthening the country’s economic governance and addressing the structural weaknesses of our production sectors.”

Citing the 2023 State of the Nation Address (Sona) of President Ferdinand R. Marcos Jr., underscored the importance of the proposed Department of Water Resources, which will serve as the “primary agency responsible for the comprehensive and integrated water resources development and management in the Philippines.”

Currently, Neda noted, over 30 agencies have overlapping

SENIORS, PWDS TO ENJOY TOLL DISCOUNTS SOON, VOWS SMC

By Jovee Marie N. dela Cruz @joveemarie

T

HE House of Representatives on Tuesday received an assu ra nce t h at m i l l ion s of senior citizens and persons w it h d i s abi l it ies ( P W Ds) would soon enjoy a 20 -percent discount on the use of ex pressways and sk y ways in Metro Manila, southern Luzon and northern Luzon.

The assurance was given by a representative of San Miguel Corp. (SMC) during the inquir y conducted by three committees: on ways and means, on senior citizens, and the special committee on PWDs. This investigation aims to address gaps and confusion in the implementation of laws regarding discounts and benefits for the elderly, PWDs, and solo parents.

Spea ker Ferd inand Romualdez ordered the inquiry upon receiving complaints that many business establishments have not been honoring

the mandated privileges.

R a f ae l Ya but , he ad of SMC’s infrastructure group a nd for mer publ ic work s undersecretar y, expressed support for the 20-percent discount and committed to coordinating with the Toll Regulatory Board (TRB) and other relevant agencies for its implementation.

He said they would coordinate with the Toll Regulatory Board (TRB) and other concerned agencies on how to grant it.

Albay Rep. Joey Salceda, chairman of the ways and means committee, proposed a mechanism where the 20-percent discount would be added as an equivalent amount to the cost of an expressway or skyway radio frequency identification (RFID) card or its top-up load.

This way, he said there would be no loss for the expressway/skyway operator.

“In other words, it would be an add-on. If you buy P5,000,

Peza inks deal with RCBC, SMBC to broaden network

T

HE Philippine Economic Z one Aut hor it y (Pez a) inked an agreement with Rizal Commercial Banking Corporation (RCBC) and Sumitomo Mit su i Ba n k i ng Cor porat ion (SMBC) which aims to help the investment promotion agency to tap into a “broader” network of

international investors.

On the other hand, PezaDirector General Tereso O. Panga said the collaboration with RCBC “could streamline processes within the economic zones, making it more efficient and attractive for See “Peza,” A2

See “Seniors,” A2

See “Neda,” A2

PESO EXCHANGE RATES n US 56.1630 n JAPAN 0.3793 n UK 71.3944 n HK 7.1841 n CHINA 7.8102 n SINGAPORE 41.8533 n AUSTRALIA 36.8991 n EU 61.1334 n KOREA 0.0420 n SAUDI ARABIA 14.9748 Source:

BSP (23 January 2024)

Wednesday, January 24, 2024

A2

BusinessMirror

Marcos touts 2024 medical milestone: 1st lung transplant

By Samuel P. Medenilla

P

@sam_medenilla

RESIDENT Ferdinand R. Marcos Jr. said the country is set to mark another medical milestone this year with the conduct of the first local lung transplant this year.

This after the Lung Center of the Philippines (LCP) and the National Kidney and Transplant Institute (NKTI) launched the first Lung Transplant Program (LTP) in Quezon City on Tuesday.

“This creates the infrastructure

Microinsurance Continued from A1

insurance sector [18.39 million Filipino lives insured] and the non-life insurance sector [9.30 million Filipino lives insured],” the IC said.

Regalado: Joint efforts

IC Commissioner Reynaldo A. R eg a l ado at t r ibute d t he i n crease in microinsurance premium production and coverage to the “ joined efforts” of the

for lung transplants in the country, with the first one to be done within 2024,” Marcos said in his speech during the event.

Preparations for the LTP were initiated by LCP and NKTI on November 25, 2022 with the launching of a memorandum of agreement (MOA) to develop a lung transplant manual.

The manual addresses barriers such as lack of infrastructure and organ donation and allocation system, limited access to trained personnel and financial constraints.

The President lauded how both hospitals pooled their resources to create the LCP. He urged other local medical facilities to also initiate such partnerships. “ T he par t nership bet ween LCP and NKTI can be a template in which hospitals pool their resources and share assets to boost patient care and improve bottom lines,” Marcos said.

Marcos stressed t he impor t a nce of t he LCP, not ing t hat pneumonia and ot her forms of respirator y diseases were among the top 20 causes of

gover nment a nd t he pr ivate sector in promoting microinsurance and financial literacy among Filipinos.

“But our work doesn’t stop here. In order to reach more of our countrymen, the microinsurance division of IC conducts seminars and workshops among the communities in different provinces,” Regalado said in a speech during the National Microinsurance Forum on Tuesday.

“These activities aim to further educate the people about the salient features of microin-

surance and how it could help strengthen their financial resiliency,” Regalado added.

Microinsurance refers to products that can be purchased for premiums that are not more than 7.5 percent of the Metro Manila minimum wage as computed daily, according to the IC . Microinsu ra nce products include micro-life and health insurance, micro-agricultural insurance as well as pre-need products like micro-memorial, educational and even pension plans, the IC added.

mortality among Filipinos from January to July 2023.

“These are more than numbers because behind them is an immeasurable amount of people whose lives have been degraded, whose dreams have been shattered by disease that bankrupt a family, as well as the patient,” Marcos said.

He sa id t he gover nment should provide better healthcare ser vice to patients with lung diseases with the construction of seven more lung care centers in the coming years.

Seniors. . .

Continued from A1

you get P6,000, or P1,000 more, which is equivalent to 20 percent.

There is no loss on the part of the expressway/skyway operator,” he said.

Salceda suggested that the RFID sticker should be attached to the vehicle registered under the name of the senior citizen or PWD. SMC operates the Metro Manila and Ninoy Aquino International Airport skyway systems, the South Luzon Expressway, the Southern Tagalog Arterial Road, and the TarlacPangasinan-La Union Expressway.

The other toll roads in Luzon are operated by Metro Pacific Corp. These are the North Luzon Expressway, Subic-Clark-Tarlac Expressway, Cavite-Laguna Expressway, Cavite Expressway, and NLEX-SLEX Connector.

No one spoke for Metro Pacific during this Tuesday’s hearing.

Airlines, too

THE three committees also checked

Peza. . .

Continued from A1

potential investors.”

On Tuesday, Peza signed a Memorandum of Understanding (MOU) with RCBC, one of the leading banks in the Philippines and SMBC, a global Japanese financial institution.

“Given the financial expertise of SMBC and RCBC, Peza gains leverage for the benefit of our locators and stakeholders, especially in starting up their business operations in the Philippines,” Panga added.

According to the Peza chief, this MOU is “targeted” to spur economic development—to help “continuously” position the country as an “attractive” investment destination.

“The concerted efforts of our esteemed Investment Promotion Partners [IPPs] will actively encourage and increase investments, especially those from Japanese companies,” Panga said.

For his part, Yuichi Nishimura, Managing Executive Officer of SMBC, expressed confidence that under President Ferdinand R. Marcos Jr.’s leadership, the Philippines is expected to become a “major growth driver” of Asia’s economy in coming years.

Despite the “rising geopolitical

The initiative is part of the Marcos administration’s goal of constructing 179 healthcare specialty centers by 2028.

“All of these support what the LCP-NKTI Lung Transplant Program seeks to achieve: To provide competent, committed, and compassionate care to our people,” Marcos said.

“So, in closing, let us remember that healthcare is our covenant with the people, a public commitment driven by neither political agenda nor personal legacy projects,” he added.

on the compliance of Philippine Airlines and Cebu Pacific regarding discounts for senior citizens, PWDs, and students.

Representatives from the airlines mentioned the availability of options on their websites for those eligible to avail themselves of the discounts.

Salceda listed alleged violators of laws on discounts and benefits, including major malls, drugstores, supermarkets, and food and transportation service providers. Food Panda and Grab were named among the alleged violators, and Salceda stated that the committees would invite them for further discussions.

Goldilocks, accused of limiting the 20-percent discount, did not send a representative to the hearing, and Salceda mentioned plans to invite them again.

During the three committees’ first hearing last week, Starbucks told the panels it has scrapped its “one food item, one beverage” limit on the application of the 20-percent discount and apologized for its “mistake.” risk and uncertainty,” he said, “I am confident that there is no change to the close relationship between the Philippines and Japan.”

Nishimura also noted that Japanese investors accounted for a 30 percent share of PEZA’s investment approvals in 2023, and Japan continues to be the biggest investor in the Philippine special economic zones.

The SMBC official also expressed confidence that under the leadership of Panga, “I am confident that Director General Panga will lead the further development of the economic zones in the country and will expand the foreign direct investments from Japan and other countries.”

Peza earlier said it is targeting to grow investments from Japan by 20 percent in 2024, which could translate to around P70 billion to P80 billion in investments.

“The 20-percent increase in 2024 is our target growth this year and we are set to undertake increased investment promotions in Japan to target specifically their SMEs. We are collaborating for instance with the large and regional banks in Japan to help us with our target acquisitions and for networking with their valued clients,” Panga said earlier this month.

In 2023, the investment promotion agency noted it secured P52.2 billion worth of investments f rom t he Japa nese market a lone whi le it clinched P17.7 billion in investments in 2022.

“Overall, they continue to be our biggest investors in the Peza zones,” Panga said.

Andrea E. San Juan

www.businessmirror.com.ph

Neda. . .

Continued from A1

functions over the country’s water resources, leading to “uncoordinated” planning efforts and inconsistent implementation of policies that “adversely” affect the country’s water supply.

Balisacan said “This state of affairs affects about 12.40 million people who obtain water from unsafe sources, with some areas needing more water service providers.”

Meanwhile, Neda is also pushing for the proposed Open Access in Data Transmission Act as part of the Common Legislative Agenda (CLA) of the Legislative-Executive Development Advisory Council, or Ledac, chaired by the President.

“The said bill aims to narrow the digital divide in the country by encouraging the development of data transmission infrastructure, removing barriers to competition in data transmission services, and enabling the full potential of e-commerce, digital trade, and applications in the fields of education, health, and agriculture, among others,” Neda said.

The agency said this bill promotes “further liberalization” of the telecommunications sector “by removing the requirement of a legislative franchise for players seeking to build their networks, rationalizing access and use of the country’s scarce spectrum resources, and making it easier for entrants to provide better services for consumers at more competitive prices.”

On the passage of “critical” fiscal reforms, Neda said it joins the members of the Economic Team to ensure the “speedy rollout” of improvements to the country’s tax administration systems as enabled by the recently passed Ease of Paying Taxes Act. “These revenue-generating and efficiency-enhancing measures will strengthen the country’s fiscal position and sustainably support the provision of social services and infrastructure projects in the medium and long term,” Neda said.

These measures, the agency noted, include the Real Property Valuation and Assessment Reform (RPVAR) and the value-added tax (VAT) on Digital Services.

Neda also cited the proposed Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) as one of the bills it is pushing for, noting that “it aims to improve tax administration for enterprises, encourage investments, and promote the ease of business in the country.”

On top of these priority bills, Neda said it is supporting the “passage” of the Economy, Planning, and Development Bill— “the latest iteration” of the Neda Bill.

“The measure aims to institutionalize the Neda into the Department of Economic Planning and Development to strengthen the government’s ability to formulate and coordinate medium- and long-term economic and development roadmaps aligned with the AmBisyon Natin 2040, the country’s long-term vision,” Neda said.

Wednesday, January 24, 2024

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

OSG, DOJ say govt won’t extend Senate opens probe into ‘ayuda scam,’ assistance to any ICC investigation slams ‘theft’ of cash aid from poorest

By Joel R. San Juan @jrsanjuan1573

S

OLICITOR General Menardo Guevarra declared Tuesday that the Philippine government will not extend any assistance in enforcing any processes that may be issued by the International Criminal Court (ICC) in relation to its investigation into the crimes against humanity allegedly committed by former president Rodrigo R. Duterte and his men during their all-out war campaign against illegal drugs.

In a text message to reporters, Guevarra echoed President Marcos’ position that the ICC has lost jurisdiction over the country and any investigation within our jurisdiction “is a threat to the country’s sovereignty.”

“The Philippine government will therefore not lend any assistance to the ICC, much less in the enforcement in Philippine territory of any processes issued by the ICC,” Guevarra said.

Guevarra reiterated his call to alleged victims of human rights abuses in the war on drugs to come out and file appropriate charges before the courts.

“Our own national institutions are ready to investigate and prosecute all those who have violated the law,” Guevarra maintained.

Guevarra’s statement came after former Senator Antonio Trillanes IV claimed that members of the ICC have gathered sufficient evidence against Duterte when they visited the country last December.

Trillanes further said that an arrest warrant might be issued soon by the ICC against those involved in Duterte’s war on drugs.

In response to Trillanes’ statement, Guevarra said: “Let him believe what he wants to believe.”

The Department of Justice (DOJ), for its

part, reiterated its position that the Philippine government has no legal obligation to assist the ICC. In a statement, Remulla stressed that any investigation to be conducted by the ICC within the country’s jurisdiction should have prior consent and approval of concerned government agencies such as the Department of Foreign Affairs (DFA), Department of the Interior and Local Government (DILG), and the DOJ. He added that any presence of international bodies, such as the ICC “must be in accordance with our Constitution and relevant laws.”

Contrary to Trillanes’ claim, Remulla said the DOJ has not received any confirmation with regard to alleged presence of ICC members in the country.

“Specifically, the DOJ has not received any advisory from the DFA that the ICC has indeed entered the Philippines, a requirement that would trigger the inter departmental coordination concerning developments that go to the very core of our sovereignty and the primacy of our Constitution and our laws,” Remulla said.

Remulla maintained that the country has “a robust and functional justice system capable of addressing internal issues” without foreign intervention.

“The Department of Justice reiterates its consistent stance on matters pertaining to the International Criminal Court (ICC).

Having withdrawn from the ICC, the Philippines has no legal duty to comply with any obligations or proceedings thereunder,” the DOJ chief said.

Remulla also assured that the DOJ would continue to extend assistance to the victims of the anti-illegal drug war and defend the rights of every Filipino.

By Butch Fernandez @butchfBM

T

WO Senate panels on Tuesday opened investigations into allegations of a so-called “ayuda scam” whereby unscrupulous officials skimmed off chunks of funds intended for doleout to marginalized communities in Mindanao.

At the start of a hearing by his Committee on Public Order and Dangerous Drugs, Senator Ronald “Bato” dela Rosa said he was compelled to investigate after receiving a letter late last year from Davao del Norte Oro Governor Edwin Jubahib. The inquiry is being held jointly with the Committee on Social Welfare and Development.

“According to him [Jubajib], he discovered that there were over 60 individuals from Davao del Norte and seven from Davao de Oro who had been allegedly victimized by a scheme they infamously called as the “Ayuda Scam,” dela Rosa said in his opening statement at Tuesday’s hearing.

“There were serious allegations narrating how beneficiaries who were supposed to receive the expected assistance of P5,000 received the meager amount of P1,000. Further, the governor described how the perpetrators led the victims to a separate room where their money would be “forcibly taken” from them, and how they went home with only P1,000 in their pocket.

Noting “the sheer weight of the possible corruption that underpins them, we admit that this is a major concern that our government should deeply look into,” said dela Rosa.

“Today, we are present in this

hearing to do all that we can, in aid of legislation, to get to the bottom of this issue. Mainly, we are here to know the following: (1) Whether there is indeed a scam, a scheme, or an illegal mechanism in the distribution of financial assistance implemented by DSWD and other government agencies in the Davao Region or any other region in the Philippines; and (2) whether our government agencies are capable of, or if their efforts are adequate in preventing such schemes.”

Lastly, dela Rosa sought policy recommendations from the resource persons they invited to ensure that there will be no “ayuda scam” or any other similar fraudulent mechanisms, warning that such would tend to “disrupt the peace and order of our communities.”

He noted that poverty incidence had declined from 23.7 percent to 22.4 percent in the first semester of 2023, per the Philippine Statistics Authority. Still, he said, there are 25.24 million Filipinos needing financial assistance from government.

“If even the aid set aside for them by government, if even such aid is stolen from them, what else is left for them?” he wondered aloud.

For his part, Senator Jinggoy Ejercito Estrada said it was important to validate if indeed some rogue officials were prostituting the cash aid program of the Department of Social Welfare and Development (DSWD), main implementor of the Assistance to Individuals in Crisis Situations (AICS) program.

He described it as DSWD’s f lag-

ship program for the poorest of families, giving medical assistance, burial, transportation, education, food and financial assistance to those in dire straits.

Per reports received by Dela Rosa’s office, the “ayuda scam” allegedly duped more than 60 residents in Davao del Norte and seven residents in Davao de Oro out of their money.

Minority Leader Aquilino “Koko” Pimentel III said the issue of “ayuda scam” in Davao del Norte is beyond politics; it is about a group that took advantage of the government programs and perpetrated the scam.

Pimentel said the impression that the “ayuda scam” is merely a political issue in Davao del Norte is no longer true following the evidence and testimonies of the witnesses.

“The mission of this committee is to crack down on the group that has taken advantage of the government programs such as the Government Internship Program (GIP) and the Assistance to Individuals in Crisis Situation (AICS)…

This committee, with the help of the minority group, will get to the bottom of this,” Pimentel said. “For me this is no longer a Davao del Norte politics, we need to find out the syndicate operating behind this,” he added.

At the Senate hearing, a former employee of Davao del Norte Vice Gov. De Carlo “Oyo” Uy, known only as Mon, admitted she deducted huge amounts from the payout of AICS and the Tulong Panghanapbuhay sa Ating Disadvantaged/Displaced Workers (TUPAD).

Mon sa id she t u r ned over t he mone y to t he st a f f of O yo a nd she dec ided to at tend t he Sen ate

AFP vows support to Coast Guard in maritime territorial operations DMW shuts down Manila office of Dubai-based

By Rex Anthony Naval

T

HE Armed Forces of the Philippines (AFP) on Tuesday said that it is always coordinating with the Philippine Coast Guard (PCG) on how to best support the law enforcement agency.

“We are continuously coordinating with the Philippine Coast Guard on how we can support them in their operations. So this will be based on the National Task Force for the West Philippine Sea guidelines and we will, we need to do our best to prevent this incident from happening again in the future,” AFP spokesperson Col. Francel Margareth Padilla said in an interview with CNN Philippines’ “the Source Tuesday.”

“We will be always on the guard for these instances as well and we will be supporting the missions that will be conducted by (the) PCG,” she noted.

Padilla made this comment when asked on what the AFP can do to support further the PCG in wake of the January 12 incident where members of the China Coast Guard accosted Filipino fishermen gathering seashells at the south entrance of Bajo De Masinloc and made them throw back the shells they collected before allowing them to leave.

At the time, there were no PCG and Bureau of Fisheries and Aquatic Resources patrol ships in the area as they were on patrol in some other places.

Padilla also said the AFP is looking to

deploy more naval patrols in Bajo De Masinloc as it conducts less and less internal security operations.

“For the Philippine Navy, as the internal security operations continue to dwindle, then we can allocate more resources to our external defense. So we’ll have more assets of our Navy circling around the area,” she added.

As this developed, Padilla also confirmed that some technical difficulties among the ships being utilized for the rotation and resupply (RORE) mission for Ayungin Shoal has forced the postponement of the operation which was initially scheduled last weekend.

“The vessel that was supposed to be used for the RORE mission encountered some technical difficulties so we cannot disclose the specifics of it for security reasons but like in aircraft, we really need to check if the aircraft is airworthy, we need to check the seaworthiness of these vessels also,” she added.

Padilla said that the RORE would be rescheduled on another date once the vessel in question is seaworthy again.

“The RORE was actually rescheduled because it was determined that there was technical difficulty with the vessel so we rescheduled it to a later date to ensure the safety of our personnel, welfare of our troops is our primary concern so that’s why it was rescheduled.”

₧132.9M worth of illegal drugs seized from Jan 1 to 18, PNP chief reports

P

HILIPPINE National Police (PNP) chief Gen. Benjamin Acorda Jr. announced that its anti-illegal drug operations from January 1 to 18 has resulted in the seizure of an estimated P132.9 million worth of narcotics.

The PNP chief, in a statement Monday, said this was achieved by conducting 1,376 anti-illegal drugs operations that resulted in the arrest of 1,661 drug personalities.

“These efforts highlight our determination to eradicate the menace of illegal drugs from our communities, thereby safeguarding the well-being of our citizens,” Acorda noted.

And as part of its efforts to maintain the integrity and professionalism of the police force, a total of 4,614 personnel underwent

random drug testing during this period.

“Out of these individuals, 4,517 were uniformed personnel, while 97 were non-uniformed personnel. Regrettably, six individuals tested positive for methamphetamine. Rest assured, the PNP will not tolerate such behavior, and we will ensure that appropriate charges are filed to address this issue and uphold the uncompromising principles of a drug-free police force,” Acorda said.

The PNP chief also repor ted that celebrations of the Feast of the Sto. Niño nationwide–Sinulog Festival in Cebu, the Ati-atihan Festival in Kalibo, Aklan, and the Lakbayaw in Tondo, Manila—were all concluded peacefully. Rex Anthony Naval

illegal recruitment agency, 2nd closure in 2024

T

HE Department of Migrant Workers (DMW) shut down the Manila office of Dubai-based firm Legal Connect Travel Consultancy for offering fake jobs in Italy and Malta to overseas Filipino workers (OFW) and prospective overseas job seekers.

DMW Officer-in-Charge Hans Leo J. Cacdac led the closure of Legal Connect’s offices at Unit 705, DHC Real Estate Lessor Building, No. 1115 EDSA, Barangay Veterans in Quezon City, on Tuesday morning, January 23, 2024.

“Walang legal na ginagawa ang Legal Connect Travel Consultancy na kilala rin bilang Legal Connect Travel Services. Sa katotohan ay illigal lahat ang aktibidad nila —illegal recruitment, illegal collection ng fees, lahat illegal,” declared Cacdac.

The DMW, through its Migrant Workers Protection Bureau (MWPB), acted on three complaints from applicants whose applications were either stalled or ignored by Legal Connect after the company collected exorbitant placement fees from them. Two of the complaints were from Dubai-based OFWs, while the third complaint was lodged by an applicant in Manila.

Legal Connect, which was found to be operating without a valid DMW license, lures unsuspecting applicants with promises of agricultural jobs as fruit and vegetable pickers, dairy farm workers as well as caregivers in Italy and hotel crew service jobs in Malta.

Legal Connect offered monthly salaries

ranging from P60,000 to P100,000 but imposed “processing” fees ranging from P250,000 to P380,000. They would collect an initial “placement” fee from P80,000 to P100,000, with the balance to be paid in installments. Processing times were deceptively long, with applicants waiting for 6 to 8 months for jobs that never materialized.

Officers and personnel of Legal Connect are now facing serious charges of illegal recruitment committed by a syndicate, which is punishable by life imprisonment and fines ranging from P2,000,000 to P5,000,000. In addition, the company’s officers and personnel shall be blacklisted from participating in the government’s overseas recruitment program.

A3

hea r i ng a f ter receiv i ng t h reat s t h rough her ce l lphone.

Senator Alan Peter Cayetano, for his part, called on victims and witnesses of the scam to come forward and provide hard evidence that could help put an end to the scheme that occurred in some areas in Mindanao late last year.

“Mr. Chair, I would like to support your hearing. I would also like to ask the question whether you are willing to expand it if additional witnesses will come here regarding other areas,” Cayetano told Senate Committee on Public Order and Dangerous Drugs chair Senator Ronald “Bato” dela Rosa during the investigation on January 23 over the matter that has reportedly already victimized at least 67 individuals.

The scam uses an illegal mechanism under the Department of Social Welfare and Development (DSWD)’s Assistance to Individuals in Crisis Situation (AICS) Program.

Cayetano, who was the main proponent of providing P10,000 assistance to poor Filipino families during the COVID-19 pandemic, commended the people working hard behind the rollout of economic relief across the nation.

“I’ll address myself to the DSWD, LGUs, and to the public-marami talaga ang natutulungan ng ayuda especially during the pandemic. Many LGUs and DSWD workers are working hard and sacrificing, and even members of Congress, minsan pati yung sila pa ang bumubunot [ng pera] eh,” he said.

However, Cayetano said there is a reality on the ground where people scheme and rob the people of assistance.

“In reality, may rumors talaga [ang scam]. Minsan totoo, minsan hindi. [Nakakalungkot kasi] if you have 8, 9, 10 na maayos ang pagbibigay ng ayuda, pero y’ung isa na may kalokohan, apektado lahat,” he lamented.

Cacdac also issued instructions to the DMW’s Migrant Workers Office in Dubai (MWO-Dubai) to work with law enforcement officials in the United Arab Emirates (UAE) to further investigate Legal Connect’s illegal activities there.

The DMW urges other applicants who fell victim to Legal Connect’s schemes to report their cases to the MWPB through their Facebook page or email address at https://www.facebook.com/dmwairtip and mwpb@dmw.gov.ph .

Meanwhile, victims based in the UAE may contact the Assistance to Nationals Hotline of the Philippine Embassy at +971563535558 to report their cases against the company.

This is the second illegal recruitment agency padlocked by the DMW this year.

The department earlier shuttered the offices of GIS German Document Facilitation Services (GIS German) in Malate, Manila on January 5, 2024, also for illegal recruitment activities.

Solons call for PCSO chief’s resignation for implementing e-lotto betting scheme

By Jovee Marie N. Dela Cruz @joveemarie

S

URIGAO del Norte Rep. Robert Ace Barbers on Tuesday accused Philippine Charity Sweepstakes Office (PCSO) General Manager (GM) Mel Robles of disregarding the legal opinion of the Office of Government Corporate Counsel (OGCC) and arrogating upon himself the power of the President in approving and implementing the agency’s online lotto betting scheme, even as Cagayan de Oro City Rep. Rufus Rodriguez called for the resignation of the PCSO chief.

Barbers, the chairman of the House Committee on Dangerous Drugs, revealed that the PCSO, currently under scrutiny, engaged the services of Pacific Online Systems Corporation (POSC) allegedly without public bidding and OGCC approval.

He said that for a one-year test run, the PCSO and POSC executed a memorandum of agreement (MOA) whereby PCSO granted POSC 14 percent commission based on the generated daily sales instead of a reasonable return or reimbursement of its operating costs.

“These are all prohibited transactions made by the PCSO under Mr. Robles’helm. The contract with POSC was done without bidding, with great advantage in the 14 percent commission to the favored party (POSC), and worse, without

the approval of the Office of the Government Corporate Counsel, and implemented without the prior approval of the Office of the President, as required by law,” Barbers said.

“Clearly, the PCSO violated laws under its own charter, blatantly defied the OGCC’s legal opinion on the e-lotto scheme, and Mr. Robles virtually arrogated upon himself President Marcos Jr.’s powers to approve it prior to its implementation,” he stressed.

The lawmaker from Mindanao said a recent series of events raised doubts on the integrity of the PCSO, and they include the publication of a poorly edited photo of an alleged Lotto winner; the P236 million Lotto draw where 433 bettors won at the same time; more than a billion pesos have been on in a span of three weeks, with one bettor winning; and the use of the unapproved new e-lotto platform.

In House Resolution 1547, Barbers called for an investigation by the Committee on Public Accounts into the legality of the PCSO-POSC contract, highlighting the evidence of graft and violations found in the OGCC legal opinion.

Barbers cited violations of RA 1169 (PCSO Charter), the Government Procurement Act, and the Anti-Graft and Corrupt Practices Act in PCSO’s dealings with POSC. He underscored the absence of necessary approvals from the Office of the President for the Web-based Application Betting Platform (e-lotto).

“Jurisprudence on the same matter further prohibited the PCSO from investing in a business engaged in sweepstakes, lotteries, and other similar activities, whether in collaboration or joint venture with others. This prohibition did not deter GM Mel Robles of PCSO from contracting with POSC for the e-lotto platform,” Barbers said.

Resign

FOR his part, Rodriguez called for the resignation of Robles, citing concerns over the potential harm to young individuals, especially children, through the agency’s e-lotto, or online lotto project.

“It is accessible to anyone, even to young children whose welfare might be affected,” he said.

He said e-lotto opens gambling to minors who have mobile phones, computers, and similar devices.

“It exposes them to the evils of gambling and erodes moral values,” he said.

The House committee on games and amusement has endorsed a bill prohibiting online lotto.

The measure seeks to ban “online placing of bets through mobile phones, laptops, tablets, personal computers, and other similar gadgets for all lotto games.”

In spite of the approval of the Rodriguez bill by the House Committee, Robles, allegedly in defiance of the committee, proceeded to implement

the e-lotto test run.

Rodriguez pointed out that in launching the online lotto, the PCSO disregarded the recommendations of the OGCC, including the requirement for the agency to secure the approval of the Office of the President.

He pointed out that the OGCC recommended limiting the e-lotto test run to six months instead of one year and that the 14-percent commission from e-lotto sales of the service provider must not be paid during the test run.

“Robles likewise has not secured approval of the e-lotto from President Marcos. I believe that the President will not allow this online lotto because it will be very detrimental to our children and the Filipino youth!” Rodriguez said.

“The PCSO ignored the three OGCC recommendations, and they must face legal sanctions accordingly,” he added.

Rodriguez said the PCSO should focus on its principal mandate, which is charity work, using income from its traditional revenueraising projects instead of promoting various forms of gambling.

“We have enough gambling in our country, legal and illegal. We should not add to it because gambling destroys our values, including the value of hard work, endangers the welfare of children, and ruins the lives of many people,” he said.

Wednesday, January 24, 2024

A4

Economy

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

PHL aims to double Halal output to serve local and global market A

PPP law ‘upgrade’ simplifies private sector participation in devt projects–Villafuerte

By Jovee Marie N. Dela Cruz

By Andrea E. San Juan @andreasanjuan

T

HE Philippines is aiming to double its local Halal output from its current 3,000 Halalcertified products and services to 6,000 to cater to both domestic demand and global market, according to Trade and Industry Secretary Alfredo E. Pascual.

In his speech during the launching of the Philippine Halal Industry Development Strategic Plan 2024-2028, Pascual said, “We aim to enrich supermarket shelves in foreign countries with Philippine Halal products.”

“The execution of our Halal Strategic Plan will see a doubling of our current 3,000 Halal-certified products and services to 6,000, catering to both the burgeoning domestic demand and the global Halal market,” the Trade chief said.

To achieve this, Pascual said the agency would foster collaborative efforts among government agencies, attract P230 billion in foreign investments, and in the process gener-

ate 120,000 new jobs over the next four years.

The Trade chief said the approach invites global participation in Philippine industry development and encourages major local manufacturers to produce Halal goods, thus meeting the rising demand at home and abroad.

Pascual explained that halal encompasses “more than just culinary provisions.” He said it is an “expansive” ecosystem that spans Islamic finance, Muslim-friendly travel, modest fashion, pharmaceuticals, cosmetics, and media and recreation aligned with Islamic principles. “ The appeal of Halal products also goes beyond religion. Many non-Muslim individuals worldwide are drawn to Halal products for their known safety, cleanliness, hygiene, and health benefits,” he said.

However, the Trade chief recognized that the “foremost challenge” we face is “the relatively low number of Halal-certified goods, services, and companies in the Philippines.”

Moreover, Pascual noted that despite having Southeast Asia’s third-

PITX sets 150-M pax target in ‘24

By Lorenz S. Marasigan @lorenzmarasigan

P

AR AÑAQUE Integrated Terminal Exchange (PITX) said on Tuesday it aims to serve 150 million passengers this year from last year’s 127 million passengers.

According to Jason Salvador, the head of corporate affairs and government relations at PITX, the company is gunning to reach this milestone by continuously improving its services, introducing new routes, and striking partnerships with transport companies.

Between 2019 and 2023, PITX has been

l a rgest Mu sl i m popu l at ion, t he Philippines’s Halal production lags behind that of non-Islamic countries like Singapore and Thailand.

“The foremost challenge we face is the relatively low number of Halalcertified goods, services, and companies in the Philippines,” Pascual said, adding that last year alone, the country imported Halal products worth $120 million, indicating a “substantial” market that the country could satisfy domestically.

Other challenges in the Halal industry in the country, Pascual added, are the tendency of government agencies to operate in silos, the gaps in the Halal value chain, and the lack of awareness and visibility of halal products, among others.

Despite “successful” partnerships, Pascual said there’s a need for “enhanced” inter-agency collaboration to unify roadmaps and strategies for Halal development.

On the gaps that must be addressed in the country’s halal value chain, the Trade chief said, “We require a comprehensive industrywide effort encompassing all stages

from production to consumption.”

Further, Pascual stressed that there is a need to improve awareness and visibility of Halal products.

“We aim to make it easier for all consumers, including the growing number of Muslim tourists, to find and access Halal products,” he noted.

Calling it a “sunrise industry,” Pascual gave an overview of the Halal industry in the global landscape.

“The world’s Muslim population, currently standing at approximately 1.9 billion, constitutes around 25 percent of the global population. This number is projected to grow to 2.8 billion by the year 2050,” the Trade chief said.

Moreover, he said that in line with this demographic trend, the Halal market is poised for “remarkable” growth, expected to reach $7.7 trillion by 2025—a more than twofold increase from $3.2 trillion in 2015.

“With 2025 just around the corner, these figures do more than just mark time—they underscore the growing significance of Halal products and services,” Pascual said.

recording a volume of roughly 127 million passengers per year. This year, it aims to increase this number by 18 percent to 150 million passengers.

“We are thrilled to see this milestone come to fruition this year, and we owe it all to our passengers who have put their trust in our services,” Salvador said. “We are committed to continuously improving our operations and services to provide a safe, convenient, and

seamless transport experience for everyone.”

He noted that PITX is expanding its network significantly. The terminal will now operate a total of 100 routes, contributing to the land port’s goal of becoming the “central hub for domestic transportation.”

Salvador explained that this initiative not only aims to enhance travel convenience but also contributes to the economic and social connectivity of the regions within the Philippines.

@joveemarie

SENIOR lawmaker on Tuesday said it is now simpler for local government units (LGU) to carry out massive projects in their respective localities as a result of President Ferdinand R. Marcos Jr.’s recent signing of a law upgrading the public-private partnership (PPP) program to encourage the private sector to invest more in the government’s infrastructure modernization and other flagship development ventures.

Camarines Sur Rep. LRay Villafuerte, in a statement, highlighted the positive impact of the new law on encouraging private sector investment in government infrastructure modernization.

According to Villafuerte, Republic Act (RA) 11966 allows LGU executives to go ahead right away on their PPP projects with private-sector partners, for so long as these proposed undertakings do not require national government (NG) funding, have been endorsed by their local development councils (LDC), and have secured prior approval by their respective sanggunian or legislative councils.

Republic Act (RA) 11966, or the “PPP Code of the Philippines,” which was one of the six laws signed by the President in December before the Congress adjourned for its five-week yearend break, “puts in place an enabling environment for private enterprises to invest big in financing, designing, building, operating, and maintaining flagship infrastructure and other development projects of both the national and local governments,” Villafuerte said.

Villafuerte, a lead author of RA 11966, emphasized its focus on integrating climate resilience, environmental sustainability, and gender

and development (GAD) policies into PPP projects.

Under the new law, national PPPs exceeding P15 billion require approval from the National Economic and Development Authority (Neda) Board chaired by the President.

National PPPs below P15 billion only need the approval from the respective heads of implementing agencies. Local PPPs without NG funding require approval from the respective sanggunians of implementing LGUs, while those with NG financing must be submitted to the Neda Board-ICC. However, the PPP Code states that local PPPs with NG financing shall be submitted to the Neda Board-ICC for approval, upon review and recommendation by the concerned regional development councils (RDC).

Villafuerte also highlighted the collaboration between the PPP Center and the Union of Local Authorities of the Philippines (ULAP) to promote well-structured and financially viable infrastructure projects via PPPs. To expedite PPP implementation, RA 11966 includes provisions prohibiting courts, except the Supreme Court, from issuing restraining orders against project implementation.

Errant judges may face suspension, and any relief issued in violation of the law is deemed void.

Villafuerte said PPPs open opportunities for private firms in search of new business locations and thereby foster a better environment for investments outside Metro Manila and other major urban centers.

During Villafuerte’s term as governor, CamSur became the first LGU to enact a PPP ordinance, which provided the guidelines and procedures for the provincial government to enter into a joint venture (JV) agreement with the private sector.

Go joins Sinulog fest, reaffirms support, gratitude to Cebuanos

S

ENATOR Christopher “Bong” Go personally participated in the vibrant Sinulog festival in Cebu City on Sunday, January 21. His attendance at festivity came after he extended his support to victims of a recent fire in the city, showcasing his commitment to public service and cultural participation.

“A time to pray at pasalamatan natin ang Panginoon. Ako, masaya rin ako. Pit Senyor sa atin mga kababayan. Mag-ingat kayo and celebrate Sinulog Festival peacefully and safely. Ang importante safe tayong lahat. Ako, palagi naman ako dito para makipag-celebrate ng Sinulog

Festival at magdasal at magpasalamat sa mga kababayan nating mga Bisaya.

Basta bukas ang aking opisina para sa inyong lahat,” he reminded.

Before joining the festivities, Go aided 38 families affected by a recent fire in Barangay Quiot Pardo, Cebu City. Prioritizing this fire visit during his scheduled participation in the Sinulog Festival through the invitation of Mayor Mike Rama, Go underscored the importance of first addressing urgent needs of indigent residents affected by crisis situations.

It can be recalled that the week prior, January 14, Go also person-

ally visited and provided assistance to fire victims in barangay Carreta in Cebu City before joining the celebration of the Sinulog sa Lalawigan Grand Showdown at the Cebu City Sports Complex upon the invitation of Governor Gwen Garcia.

Sinulog is a highly revered and vibrant annual festival in the Philippines, celebrated predominantly in Cebu City every third Sunday of January. The festival commemorates the Filipino people’s pagan past and their conversion to Christianity, mainly focusing on the reverence for the Santo Niño, or the Child Jesus.

In his speech during the Sinulog Festival, Go expressed profound gratitude to the local government and organizers for their efforts to keep the festival safe and successful. He underscored his commitment to Filipino cultural heritage and the importance of such events in fostering national unity.

Significantly, Go took this opportunity to reassure the Cebuanos of his continued support as a senator. He emphasized his dedication to the welfare and development of the region, recognizing the unique needs and contributions of Cebu to the nation.

News BusinessMirror

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

Wednesday, January 24, 2024

A5

PBBM reorganizes NICA amid ‘emerging threats’

By Samuel P. Medenilla

REGULATORY CLAMPDOWN Hans Leo Cacdac, the Officer-in-Charge of the Department

of Migrant Workers, seals off the entrance of a travel agency, Legal Connect Travel Consultancy Services, located in Brgy. Veterans Village, Quezon City, on Tuesday, January 23, 2024. The travel agency was reportedly engaging in the recruitment of Overseas Filipino Workers (OFWs) without the required license. This move is part of the ongoing efforts to regulate and monitor overseas employment activities. NONOY LACZA

House leader disowns unethical tactics in PI signature campaign

H

OUSE Speaker Ferdinand G. Romualdez on Tuesday denied any direct involvement of House members in gathering signatures for the People’s Initiative (PI), and condemned any accusations of bribery or “unethical tactics” used to entice people to sign the PI petition.

The Speaker issued the statement after the Senate lost interest in pursuing Resolution of Both Houses 6, or the suggested changes to the Constitution’s economic provisions, claiming that the House leadership is behind the PI. But Romualdez reaffirmed the House’s dedication to this vital democratic process, saying the PI serves as a direct channel for the expression of the people’s will, empowering citizens to propose constitutional amendments.

“The People’s Initiative stands as a direct expression of the people’s will, providing a means for citizens to propose constitutional amendments. The House does not endorse or sanction direct participation by its members in signature gatherings, ensuring the process’s integrity and independence remain intact,” said the Speaker.

Romualdez also condemned any allegations of bribery or unethical practices aimed at persuading citizens to sign the PI petition.

“I vehemently denounce any allegations of bribery or unethical practices in persuading citizens to sign the petition for the People’s Initiative. Such actions, if true, would violate the initiative’s spirit of honest and voluntary participation and erode our democratic foundations,” he said.

Consistent with previous statements, the Speaker emphasized the significance of attracting foreign capital and direct investments for economic growth, saying this necessitates a careful review of the Constitution, particularly its economic provisions to eliminate obstacles to development.

“Echoing my previous statements, the entry of foreign capital and direct investments is crucial for our economy. It necessitates a reexamination of the Constitution, particularly its economic provisions, to remove growth barriers,” he said.

The recent collaboration with the Senate, led by Senate President Juan Miguel Zubiri, and the filing of Resolution of Both Houses 6, demonstrate a unified commitment to constitutional reform.

He said this joint effort underscores the determination to establish a reformed, responsive, and resultoriented constitutional framework, fostering an economy conducive to the investments required for business growth, job creation, and livelihood opportunities for Filipinos.

“While the House respects and supports the People’s Initiative as an independent, citizen-driven process, our role is to facilitate and encourage democratic participation without direct involvement in signature collection. We are committed to ensuring that proposals are processed in accordance with legal and constitutional guidelines, maintaining the integrity of our Constitution in subsequent legislative actions,” he said.

Jovee Marie N. Dela Cruz

Transport group decries LTO-NCR’s collection of PUV listing renewals

By Roderick L. Abad

T

Contributor

HE Federated Land Transport Organizations of the Philippines (FELTOP) questioned the Land Transportation Office (LTO) over its continued fee collection for the processing of public utility vehicle (PUV) registration renewals and miscellaneous transactions.

The transport group officially asked again the help of Department of Transportation (DOTr) Secretary Jaime J. Bautista regarding the alleged defiance of the LTO-National Capital Region (LTO-NCR) on the cessation of such collection despite the latter’s swift issuance of an order to stop receiving the charges.

“We have already sent a lettercomplaint to Secretary Bautista regarding this seeming non-compliance of LTO chief, Asec [Assistant Secretary] Vigor Mendoza II, to his directive issued last December to stop collecting the P169 computer fees,” said Jun Rustico Braga, board director and spokesperson of FELTOP. Prior to this, the organization filed a graft case in November of last year against Mendoza before the Office of the Ombudsman for such anomalous activity.

The group’s PUV driver-members have gathered evidence, mainly official receipts of LTO transactions with the LTO-NCR , particularly their PUVREC (Public Utility Vehicle Registration Center) QC (Quezon City) and PUVREC Pasay showing their collection of such amount.

FELTOP earlier welcomed the DOTr chief ’s prompt action on their previous complaint. In fact, Bautista met the group’s officials, led by its president Diolito Inosanto, and officers Namita Lorenzo and Braga, in his office at the OSec DOTr in the Primex Tower along EDSA in Greenhills, San Juan City last December 20.

The following day, Mendoza then issued a memorandum order for all LTO regional and district offices to not process transactions involving PUVs via the old LTO Information Technology system that requires the payment of the P169 computer fee, instead to process it through the Land Transportation Management System (LTMS) free of charge.

Such amount had been previously removed already when the LTO, under the previous Duterte administration, assumed the computerization of its inhouse IT systems and contracted for the establishment of the LTMS.

@sam_medenilla

P

RESIDENT Ferdinand R. Marcos Jr. reorganized the National Intelligence Coordinating Agency (NICA), empowering it to counter “emerging threats,” including those related to cyber security, weapons of mass destruction, and threats coming from within the government itself.

In his three-page Executive Order (EO) No. 35 dated January 19, 2024, the Chief Executive reorganized the NICA to create the Office of the Deputy Director General (ODDG) for Cyber and Emerging Threats.

He noted the reorganization will ensure “a more vigorous intelligence collection, intensify internal and external coordination with foreign and domestic counterparts, and prepare intelligence and security assessments

and estimates using data analytics.”

EO 35 defined emerging threats as risks, which are “non-traditional in nature and have the potential to challenge traditional security approaches, which may be unsuited in addressing them.”

T he ODDG will include the Directorate for Counterintelligence and Security (DCS).

Also to be part of the ODDG units is the Directorate for Counterintelligence and Countering Weapons of Mass Destruction (DCCWMD), which will make use of “data analytics” for counterintelligence research related to chemical, biological, radiological, and nuclear, and other emerging threats.

Aside from conducting network monitoring through a National Cyber Intelligence Network, the DCCWMD will also be tasked to put up NICA’s response operations; security and safety assessment; information and communication technolog y development and management; and

supervise the NICA’s Cybersecurity Desks in its regional offices.

It will be led by an Assistant Director General to be appointed by the President.

NICA was also given a new mandate to request the details of personnel and other government departments, agencies, bureaus, offices, and institutions subject to approval of the head of office and availability of personnel.

Itmaybe“requested”byconstitutional bodies, the judiciary, and Congress, to coordinate with appropriate government offices to conduct investigations on matters of national security.

Last November, Marcos announced that cyber security is part of his administration’s priority agenda since it affects the operations of critical infrastructures such as ports, energy and telecommunications.

He called on Congress to fast track the passage of three bills, which are expected to fix the gaps in the country’s cyber-security policies.

SC junks petition to indict 21 policemen for murder in connection with 2016 drug operation in Caloocan

By Joel R. San Juan @jrsanjuan1573

T

HE Supreme Court (SC) has junked a widow’s petition seeking the indictment of 21 policemen for two counts of murder in connection with the killing of her husband Luis Bonifacio and son Gabriel during a buy-bust operation in September 2016.

In a 22-page ruling penned by Associate Justice Henri Jean Paul Inting, the Court’s Third Division affirmed the joint resolution dated January 15, 2020 and joint order dated March 8, 2021 issued by the Office of the Deputy Ombudsman for the Military and Other Law Enforcement Offices (OMBMOLEO), which found probable cause to charge only four of the 21 accused policemen for two counts of homicide.

The SC held that the OMB-MOLEO did not act with grave abuse of discretion when it found that no probable cause exists that the killings of Luis and Gabriel “were qualified by treachery, evident premeditation and abuse of superior strength” that would warrant the filing of murder charges against the policemen.

“In fine, the Court finds that the OMBMOLEO’s determination of probable cause was consistent with the basic precepts of criminal law and based on the evidence presented during the preliminary investigation,” the SC said.

The SC ruling came amid unconfirmed reports of a clandestine investigation being conducted by representatives International Criminal Court (ICC) into the crimes against humanity allegedly committed by former president Rodrigo R. Duterte and his men in connection with their all-out war campaign against illegal drug trade in the country.

“Nonetheless, absent any clear and convincing evidence that the police operation was conceived to kill the unsuspecting deceased, petitioner’s contention that the killings were attended by evident premeditation is totally bereft of merit,” the decision read.

“The mere fact that the killings were committed by police officers during a planned police operation does not by itself constitute prima facie evidence of evident premeditation,” it added.

The ruling stemmed from the petition filed by Mary Ann Domingo, wife and mother of the victims, seeking to hold the policemen liable for murder and not for homicide over the deaths.

Domingo recounted that on the night of September 14, 2016, she, her husband, and their three minor children, were resting and about to go to sleep on the second floor of the house located at Masikap Street, Barangay Barrio, Caloocan City when Gabriel arrived and informed them that he was accepted as a regular worker at a catering shop before proceeding upstairs.

After a few minutes, a family friend who was visibly agitated and anxious passed by and asked their daughter Maria Kaila if her father was at home and asleep.

Upon learning from Maria Kaila that Luis was asleep, he abruptly left and ran away.

Suddenly, a group of armed police officers, wearing police vests and carrying flashlights, barged into their house and proceeded to the second floor.

The petitioner added that she and her other kids were forced to go downstairs by the policemen who were pointing their guns at them.

When she looked back, she saw her husband on his knees with guns pointed at his head while Gabriel was pleading for the policemen not to hurt his father.

The petitioner said she then heard several gunshots coming from their house, prompting her to run to the nearest barangay hall and community precinct to ask for help.

However, the barangay and the on-duty policemen refused to intervene since it was a police operation conducted by a separate unit.

Domingo said she tried to go back to their house but was barred by a police officer from entering.

While at her friend’s house in the next barangay, the petitioner said she learned that her husband and son were brought to the Manila Central University-FTDF (MCU) Hospital.

However, when she arrived at the hospital, she was informed that the two victims were already dead.

The petitioner denied that her husband, who once served as a barangay tanod, and son, a waiter, were involved in the drug trade.

On March 14, 2017, Domingo filed a complaint for two counts of murder, robbery, grave misconduct, grave abuse of authority, gross oppression and conduct unbecoming of a public officer against the policemen involved in the operation.

The police officers, however, maintained that they were conducting a legitimate buy-bust operation against Luis on the night he and his son were killed.

Based on the police’s claim, Gabriel recognized their informant as a police asset during the buybust.

After alerting his father, the two ran up to their house, took their firearms, and fired on the police operatives.

At that point, accused-respondents, and back-up officers announced that they were police officers and ordered a ceasefire.

Their call, however, went unheeded, and thus, they had no other option but to use reasonable force to repel the attack and defend themselves.

Consequently, Luis and Gabriel sustained gunshot wounds and were rushed to the hospital where they were declared dead minutes after admission.

The policemen asserted that the testimonies of the petitioner “are bare, selfserving, and hearsay” because they have no personal knowledge of what actually transpired during the operation.

In the Joint Resolution dated January 15, 2020, the OMB- MOLEO dismissed the complaints for murder and robbery against respondents but found probable cause to charge four policemen namely P/MSgt. Virgilio Cervantes, P/Cpl. Arnel De Guzman, P/ Cpl. Johnston Alacre, and P/Cpl. Artemio Saguros Jr. with two counts of murder.

The other policemen were absolved of any criminal liability.

In denying Domingo’s petition, the SC noted petitioner’s admission that the police officers that entered their house declared their purpose and introduced themselves as police officers.

“They wore police vests with weapons readily visible and pointed at their family members. Evidently, it cannot be said that accused-respondents’ act of using their firearms was sudden and unexpected,” the SC noted.

Furthermore, the SC pointed out the petitioner’s admission that she did not see the shooting incident.

“Thus, petitioner’s contention that what was conducted by respondents was a raid, a ‘sona,’ or ‘tokhang’—not a buy-bust operation—and such means, manner and method were deliberately and consciously adopted by respondents to kill Luis and Gabriel is a mere opinion. To stress, the qualifying circumstance of treachery cannot be inferred from a mere opinion, presumption, or speculation,” the SC explained.

The SC likewise, dismissed petitioner’s claim of abuse of superior strength employed by the policemen during the operations.

The High Tribunal noted that policemen are required to have their service firearms on their persons while they are on duty, more so, when they are conducting a police operation where their lives are at risk.

Furthermore, the SC said law enforcers’ superior number in relation to their target is practical for it would deter most people from resisting with violence.

“To rule that police officers should disarm themselves or ensure that their number is not more than their targets in every police operation would be the height of absurdity,” the SC stressed.

Concurring with the ruling were Associate Justices Alfredo Benjamin Caguioa, Samuel Gaerlan and Japar Dimaampao.

BusinessMirror

Wednesday, January 24, 2024

A6

ESTABLISHMENT / ADDRESS No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE

No.

1NNOVATION INTERNATIONAL TRAVEL CONSULTANCY INC. Unit 9a3 9/f Ety Building., 484 Quintin Paredes St., Barangay 289, Binondo, City Of Manila GUO, HEPING Chinese Consultant 1.

Brief Job Description: Working with the clients to understand their needs.

GUO, JIANFENG Chinese Consultant 2.

Brief Job Description: Working with the clients to understand their needs.

KANG, LEI Chinese Customer Service Representative 3.

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

Basic Qualification: At least college level and fluency in Mandarin language.

16.

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

4.

Brief Job Description: Oversee all support and clerical work within a company.

KIM, BUMYONG IT Technical Mandarin

5.

Brief Job Description: Oversee all support and clerical work within a company.

KIM, YOUNGJIN IT Technical Mandarin 6.

Brief Job Description: Oversee all support and clerical work within a company.

LANH THANH TUNG IT Technical Mandarin

7.

Brief Job Description: Oversee all support and clerical work within a company.

NGUYEN NGOC DIEM IT Technical Mandarin

8.

Brief Job Description: Oversee all support and clerical work within a company.

NONG THI QUYNH NHU IT Technical Mandarin

9.

Brief Job Description: Oversee all support and clerical work within a company.

PARK, GIYOON IT Technical Mandarin

10.

Brief Job Description: Oversee all support and clerical work within a company.

TOKTOBAEVA, AIKE IT Technical Mandarin

11.

Brief Job Description: Oversee all support and clerical work within a company.

TRAN DOAN LOC IT Technical Mandarin

12.

Brief Job Description: Oversee all support and clerical work within a company.

13.

Brief Job Description: Provide financial management, analysis, and advice to client engagement teams to maximize profitability.

14.

15.

Brief Job Description: Oversees reserve funds.

BAI, HANCHENG Mandarin Speaking Customer Service Representative Brief Job Description: Provides services relating to products promotion.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Good verbal and written communication skills in Mandarin language.

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

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

Basic Qualification: At least college level and fluency in Mandarin language.

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

Basic Qualification: Excellent communication skills, both verbal and written.

Basic Qualification: Excellent communication skills, both verbal and written.

Brief Job Description: Develop and maintain standard operating procedures.

LIU, MEIRONG Supply Chain Manager

18.

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

YU, TIANJIAO Supply Chain Manager

19.

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

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

Basic Qualification: Excellent communication skills, both verbal and written.

20.

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

21.

Basic Qualification: Excellent communication skills, both verbal and written.

LIU, GUIQING Chinese Customer Service Representative Brief Job Description: Contact potential customers and answer question.

WANG, ZHIQING Marketing Consultant Brief Job Description: Study company profile, and conduct market research.

22.

ZHANG, YUNFEI Marketing Consultant Brief Job Description: Study company profile, and conduct market research.

23.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Excellent communication skills, both verbal and written.

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

Basic Qualification: Good verbal and written communication skills in Mandarin language.

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

YAN, JUNYONG Sales Consultant Brief Job Description: Study company profile, and conduct market research.

HOLTHUSEN, VOLKER Group Functions Controller

24.

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

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

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

Brief Job Description: Responsible for providing consolidated financial insights (analysis and reports including crossfunctional/cross business projects and dependencies) and provide effective and efficient support to the senior management and/or ROPU Finance and Controlling and continuous improvement projects.

Basic Qualification: College graduate. With at least 5 years of work experience in the finance industry.

PRIESNITZ, NIKOLAUS ALEXANDER General Manager 25.

Brief Job Description: Manage multi-segment operations with unique food and beverage outlet.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

DU, MENGLEI Marketing And Sales Agent 29.

C’EST LA VIE EVENT MANAGEMENT INC. 230, Narra Street, Marikina Heights, City Of Marikina

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

CHEN, HAOWEN General Trade Marketing Specialist Consultant 26.

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

Salary Range: Php 30,000 - Php 59,999 DENSO TECHNO PHILIPPINES INC. 2/f Sm Jazz Residences, N. Garcia Cor. Jupiter Sts., Bel-air, City Of Makati

Basic Qualification: Can contribute information, ideas, and research to help develop marketing strategies. Can help to detail, design, and implement plans for every product or service being offered.

ECHOTECH SERVICES INC. 18/f Philamlife Tower, 8767 Paseo De Roxas, Bel-air, City Of Makati

30.

WEI, HUILAN Bilingual Field Marketing Officer Brief Job Description: Track market and company sales performance.

GUO, HAO Bilingual Operations Officer

31.

Brief Job Description: Contribute operations information and recommendations to strategic plans.

Basic Qualification: Excellent in bilingual languages.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Excellent in bilingual languages.

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

FLY ASIAN INTERNATIONAL CORPORATION Eighty One Bldg. Newport City, Vab St. Newport Blvd., Barangay 183, Pasay City

XIE, CAISHUI Marketing Consultant (Mandarin Speaking Clients) 32.

Brief Job Description: Studying company profile and operations to understand its marketing needs. Implementing a marketing strategy according to objectives and budget.

Basic Qualification: Preferably 6 months experience with the position. Can multi-task and keen to details. Any nationality who can speak and write Chinese language fluently.

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

GDEX OUTSOURCING INC. U-2607 One San Miguel Avenue Condo, San Miguel Avenue, Ortigas Center, San Antonio, City Of Pasig

SUN, JONG-MIN Web Development Manager 33.

Brief Job Description: Create and maintain website layouts, design and content. Review, proofread and evaluate websites.

Analyze, evaluate and test websites to ensure they meet usability and accessibility standards.

Basic Qualification: Holder of a Master’s Degree in Software Analysis and Design. With at least 5 years of work-related experience in the computer programming industry.

Fluent in Korean and English languages.

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

GREAT ESCAPE TRAVEL CONSULTANCY CORPORATION Unit 1202 12th Floor One Global Place 5th Avenue Corner 25th Street, Bonifacio Global City, Fort Bonifacio, City Of Taguig

GUO, BIN Mandarin Travel Coordinator Brief Job Description: Research, explore and study different travel destination options in the Philippines. Recommend suitable travel options that best fit the clients’ needs.

Basic Qualification: College graduate. With at least 1 year of work experience in a related position. Fluent in ChineseMandarin and English languages and is able to work with minimal supervision.

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

HITACHI SOLUTIONS PHILIPPINES CORPORATION 12th Floor Marajo Tower, 26th Street Cor. 4th Ave. Bonifacio Global City, Fort Bonifacio, City Of Taguig TSUBUKU, TOMONORI Finance Director – Special Management Reporting 35.

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

Basic Qualification: With Bachelor’s Degree in Computer Science or any related course, with a minimum of 1 year IT experience and able to speak and write in Mandarin language.

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

34.

Salary Range: Php 500,000 and above

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

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

Salary Range: Php 500,000 and above

Basic Qualification: International and local candidates with experience in managing 5-star hotel.

Basic Qualification: At least six years’ experience in software development for cars as Software Engineer and at least four years in supervisory/managerial capacity.

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

BONIFACIO LANDMARK HOTEL MANAGEMENT CORPORATION Grand Landmark Condominium Residence Tower, 8th Avenue Corner 36th Street Bonifacio Global City, Fort Bonifacio, City Of Taguig

Basic Qualification: Good verbal and written communication skills in Mandarin language.

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

28.

BOEHRINGER INGELHEIM (PHILIPPINES), INC. 23/f Bdo Towers Valero Bldg., 8741 Paseo De Roxas, Bel-air, City Of Makati

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

Basic Qualification: 20 plus years professional experience with 10 plus years of client facing consulting experience as a plus.

YI, WEILONG Mandarin Customer Support Representative

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

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

Brief Job Description: Reporting directly to the General Manager – Engineering Value Add Division. This job is responsible for planning, leading, organizing, and controlling various activities in software.

QUALIFICATION AND SALARY RANGE

DIGISPARK TECH CORP. Unit 3 16th Floor Ore Central Building, 31st Street Corner 9th Avenue, Bonifacio Global City Fort, Fort Bonifacio, City Of Taguig

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

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Excellent communication skills, both verbal and written.

Basic Qualification: Strong organizational and management skills including problem-solving, representational skills, and excellent verbal and written skills. Self-motivated and creative.

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

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Excellent communication skills, both verbal and written.

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

27.

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

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Excellent communication skills, both verbal and written.

Basic Qualification: Strong organizational and management skills including problem-solving, representational skills, and excellent verbal and written skills. Self-motivated and creative.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

SHINOHARA, TETSUYA Section Head – Quality Control

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

Basic Qualification: Excellent communication skills, both verbal and written.

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

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

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

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

ACSTREAM MANAGEMENT INC. 9/f Sterling Centre, 131 Dela Rosa Cor. Ormaza Sts., San Lorenzo, City Of Makati TRUONG CHI HUNG Mandarin Speaking Budget Control Specialist

CHANG, JUI Mandarin Speaking Operations Specialist

No.

Basic Qualification: Good verbal and written communication skills in Mandarin language.

17.

ACCENTURE, INC. 7f Robinsons Cybergate Tower 1, Pioneer St., Barangka Ilaya, City Of Mandaluyong

PARUVANGADA BOPANA, CHENGAPPA Client Financial Mgmt Associate Director

Brief Job Description: Provides services relating to products promotion.

QUALIFICATION AND SALARY RANGE

Basic Qualification: At least college level and fluency in Mandarin language.

66 GLOBAL SOLUTIONS INC. 5/f 6/f 7/f And 10/f Ssk Building, Block 7 Lot 5 Kennedy Road Cor. Mindanao Avenue, Don Galo, City Of Parañaque HUANG, WEI-JIE IT Technical Mandarin

ESTABLISHMENT / ADDRESS

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION LIU, BO Mandarin Speaking Customer Service Representative

www.businessmirror.com.ph

Brief Job Description: Develop and maintain specialized management reports that go beyond standard financial reporting, focusing on key performance indicators and strategic metrics.

Basic Qualification: Bachelor’s Degree in any Accounting-related program.

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

HUAWEI TECHNOLOGIES PHILS. INC. 53/f Pbcom Tower, 6795 Ayala Ave., Cor., V.a. Rufino St., Bel-air, City Of Makati ZHANG, BOWEN Product Manager For Manila Solar Project 36.

Brief Job Description: Responsible for marketing promotion in the region and plan and execute key marketing activities in the Asiapacific region.

INTELUCK CORPORATION 9/f 107 Aguirre Bldg., Aguirre St., San Lorenzo, City Of Makati

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

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

BusinessMirror

www.businessmirror.com.ph

ESTABLISHMENT / ADDRESS No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION YANG, MING Distribution Sales Manager

37.

Brief Job Description: Manage sales team by developing, executing and supervising strategic sales plans with direct-report team. Facilitate purchase orders of the Distributors across the APAC region and ensures correct products and timely delivery as needed by the Distributors.

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: College graduate. With at least 1 year of work experience in a related position.

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

No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

METWIN USULI Indonesian Language-support Manager 54.

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

38.

Brief Job Description: Understands the disputes process (log and resolve) and works with the global dispute system.

Basic Qualification: Fluent in Spanish and English languages.

ERWIN SAMPUTRA Indonesian Language-support Officer 55.

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

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

39.

40.

41.

CHEN, YI Chinese Customer Service Brief Job Description: Customer support and data base services.

WANG, TAO Chinese Customer Service Brief Job Description: Customer support and data base services.

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

LINA Indonesian Language-support Supervisor Basic Qualification: Knowledgeable in computer applications with good verbal and written communication skills.

42.

Brief Job Description: Examine and validate the accuracy of the data to ensure that it produces meaningful information.

56.

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

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

57.

58.

59.

43.

44.

45.

46.

47.

48.

49.

50.

51.

52.

53.

Brief Job Description: Customer service.

60.

DO THI HUYEN TRANG Call Center Agent Brief Job Description: Customer service.

KIM, DOHOON Call Center Agent Brief Job Description: Customer service.

LEE, HANA Call Center Agent Brief Job Description: Customer service.

NGUYEN THI HA Call Center Agent Brief Job Description: Customer service.

NGUYEN THI NHU THAO Call Center Agent Brief Job Description: Customer service.

NGUYEN VIET HUNG Call Center Agent Brief Job Description: Customer service.

NGUYEN, VAN MINH Call Center Agent Brief Job Description: Customer service.

SUSI MARLINA Call Center Agent Brief Job Description: Customer service.

TAT MINH KHOI Call Center Agent Brief Job Description: Customer service.

VONG, LAP VINH Call Center Agent Brief Job Description: Customer service.

61.

62.

Basic Qualification: College graduate/level and fluent in Mandarin/basic English language.

Basic Qualification: College graduate/level and fluent in Mandarin/basic English language.

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

HOANG NGUYEN TRUC MAI Vietnamese Language-support Officer

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

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

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

PETCHMANEETAVEESIN, DOLRUTHAI Thai Language-support Officer

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate/level and fluent in Mandarin/basic English language.

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

KIANGKAEW, SUPAKIT Thai Language-support Officer

NOCMAKATI, INC. 8,9,10,11,12,14,15,16,17,18 & 19 Floors, Century Diamond Center, Poblacion, City Of Makati CHIENG THINH HINH Call Center Agent

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

FU, YU-TING Mandarin Language-support Supervisor

Basic Qualification: Excellent problem-solving, communication, and teamworking skills.

Basic Qualification: College graduate/level and fluent in Mandarin/basic English language.

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

TU, JO-HUA Mandarin Language-officer Support

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

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

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

VENNY PRAJNAWATI Indonesian Language-support Supervisor

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

NEW PRIME INDOOR CONSULTANCY CORP. Shop 2 No. 319, San Nicolas Street, Barangay 284, San Nicolas, City Of Manila CHEN, YANNA Research Analyst For Chinese Client

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

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

HUYNH DUC QUANG Vietnamese Language-support Officer 63.

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

Basic Qualification: College graduate/level and fluent in Mandarin/basic English language.

SHAH, SYED DANISH HUSSAIN Vice President, Sales-distributor Operations 64.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate/level and fluent in Mandarin/basic English language.

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

65.

66.

Basic Qualification: College graduate/level and fluent in Mandarin/basic English language.

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

Brief Job Description: Establishing business knowledge and awareness of shared company goals.

WANG, JINSHI Management Consultant 67.

Brief Job Description: Gather data and organize information about the problem that has to be solved or a method that has to be improved.

ZHOU, WEIHAI Management Consultant 68.

69.

Brief Job Description: Gather data and organize information about the problem that has to be solved or a method that has to be improved.

Basic Qualification: Must fluently speak and write in Indonesian language.

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

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

Basic Qualification: Must fluently speak and write in Indonesian language.

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

Basic Qualification: Must fluently speak and write in Indonesian language.

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

71.

70.

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

Basic Qualification: Must fluently speak and write in Mandarin language.

Salary Range: Php 60,000 - Php 89,999 Basic Qualification: Must fluently speak and write in Thai language.

Basic Qualification: Must fluently speak and write in Thai language.

72.

73.

Brief Job Description: Complete store operational requirements by scheduling and assigning employees. Maintain store staff by recruiting, selecting, orienting and training employees.

Salary Range: Php 500,000 and above

Basic Qualification: College graduate. With prior work experience in software development products.

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

Basic Qualification: Proficient in speaking, reading and writing in bilingual languages.

DA SILVA, ANA JADE DE LIS Bilingual Customer Service Specialist 74.

Brief Job Description: Prepare product or service reports by collecting and analyzing customer information.

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

IVAN CHOO JIUN YU Bilingual Customer Service Specialist 75.

Brief Job Description: Prepare product or service reports by collecting and analyzing customer information.

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

TRINH, VIET THAI Bilingual Customer Service Specialist 76.

Brief Job Description: Prepare product or service reports by collecting and analyzing customer information.

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

TSAI, PEI-LUN Bilingual Marketing Operation Specialist 77.

Basic Qualification: Excellent in bilingual languages.

Brief Job Description: Analyze data, assess trends and determine actions to optimize performance.

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

AMAGI, SAYAKA Bilingual Sales And Marketing Officer 78.

Brief Job Description: Working with the sales team to develop targeted sales strategies.

FRANSISKA WATI Bilingual Sales And Marketing Officer

79.

Brief Job Description: Working with the sales team to develop targeted sales strategies.

VI THI XUYEN Bilingual Sales And Marketing Officer 80.

Brief Job Description: Working with the sales team to develop targeted sales strategies.

LIEW YIH REN Foreign Operations Specialist 81.

Brief Job Description: Assisting with the implementation of new process and procedures.

HONDA, DAISUKE Multilingual Customer Service Specialist

82.

Salary Range: Php 500,000 and above

Basic Qualification: At least college graduate.

Brief Job Description: Responsible for analyzing, modeling and producing technical requirements of system functionality design.

Basic Qualification: College graduate. With good analytical, technical and leadership skills.

TOTAL CREST BUSINESS SUPPORT, INC. 26/f & 27/f Alphaland Corporate Tower, Ayala Ave. Extn. Cor. Malugay St., Bel-air, City Of Makati

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

Basic Qualification: With more than 10 years expertise in distributor and retail operations in International and Regional Market.

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

XU, YANHONG Product Development Manager

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

Basic Qualification: Must fluently speak and write in Vietnamese language.

Brief Job Description: Providing project managers with outgoing resource management and related support.

THERMOPOWER CONTROL CORPORATION #383 F., San Diego St., Viente Reales, City Of Valenzuela

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

Basic Qualification: Must fluently speak and write in Vietnamese language.

Basic Qualification: At least college graduate.

NGUYEN KY ANH System Analyst And Senior Assistant Vice President

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

Brief Job Description: Define a region-specific marketing plan that supports the regional sales strategy.

HARADA, SHINGO Multilingual Marketing Specialist 83.

Brief Job Description: Define a region-specific marketing plan that supports the regional sales strategy.

Basic Qualification: Proficient in speaking, reading and writing in bilingual languages.

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

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

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Excellence in a foreign language.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in multiple languages.

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

Basic Qualification: Proficient in multiple languages.

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

Salary Range: Php 30,000 - Php 59,999 VISSIONARIES INC. 20/f Salcedo Towers, 169 H.v. Dela Costa St., Bel-air, City Of Makati Basic Qualification: At least college graduate.

CHEN, YU Recruitment Specialist (Chinese Speaking)

Salary Range: Php 30,000 - Php 59,999 84.

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

Basic Qualification: At least college graduate.

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

Basic Qualification: At least college graduate.

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

Basic Qualification: At least college graduate.

Brief Job Description: Identifying and addressing problems.

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

Brief Job Description: Providing project managers with outgoing resource management and related support.

QUALIFICATION AND SALARY RANGE

SECURITY BANK CORPORATION Security Bank Centre Bldg., 6776 Ayala Avenue, San Lorenzo, City Of Makati

Basic Qualification: Must fluently speak and write in Mandarin language.

LI, DAN Mandarin Speaking Consultant

DUAN, KAI Resource Planning Manager

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION HUANG, RUI Resource Planning Manager

HONG CHOI PHONG Recruitment Specialist (Vietnamese Speaking) 85.

Basic Qualification: College graduate/level and fluent in Mandarin/basic English language.

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

Brief Job Description: Establishing business knowledge and awareness of shared company goals.

WANG, BIAO Assistant Supervisor

Basic Qualification: College graduate/level and fluent in Mandarin/basic English language.

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

Brief Job Description: Transformation of the distributor operations business in P&G Philippines.

LIU, KAIJIA Assistant Supervisor

Basic Qualification: College graduate/level and fluent in Mandarin/basic English language.

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

No.

RRA ONE GLOBAL CONSULTANCY CORP. Blk 1 Lot 6 Progressive St., Lucky Homes Subd., Barangay 168, City Of Caloocan

Basic Qualification: College graduate/level and fluent in Mandarin/basic English language.

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

QUALIFICATION AND SALARY RANGE

PROCTER & GAMBLE PHILIPPINES, INC. 10f Seven/neo, 5th Ave., Crescent Park West, Bonifacio Global City, Fort Bonifacio, City Of Taguig

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

A7

ESTABLISHMENT / ADDRESS

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

MAERSK GLOBAL SERVICE CENTRES (PHILIPPINES) LTD. Levels 6-8 North Wing, Estancia Offices, Capitol Commons, Meralco Ave., Oranbo, City Of Pasig HERNANDEZ SOLORZANO, NURY LUZANGELA Disputes Voice Coordinator - Spanish Speaker

Wednesday, January 24, 2024

Basic Qualification: At least college graduate.

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

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

Basic Qualification: Graduate of any college course and preferably 6 months to 1 year work experience in the same industry.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Graduate of any college course and preferably 6 months to 1 year work experience in the same industry.

Salary Range: Php 30,000 – Php 59,999 *Date Generated: Jan 23, 2024

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

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

A8

BusinessMirror

Wednesday, January 24, 2024 Republic of the Philippines

8

DEPARTMENT OF LABOR AND EMPLOYMENT Regional Office No. IV-A 4th Flr. Andenson Bldg. II, Brgy. Parian, Calamba City Telefax No.: (049) 545-7362

JT INTERNATIONAL ASIA MANUFACTURING CORP. Lots 1-10, Block 4, Phase 3, Lima Technology Center, Santiago, Malvar, Batangas

January 24, 2024

NOTICE OF FILING OF APPLICATION/S FOR ALIEN EMPLOYMENT PERMIT/S (AEP/S)

Notice is hereby given that the following companies/employers have filed with this Regional Office application/s for Alien Employment Permit/s:

NO.

ESTABLISHMENT

1

CANON BUSINESS MACHINES (PHILIPPINES), INC. Lot 4, Phase 1B, First Philippine Industrial Park, Ulango, City of Tanauan, Batangas

NAME OF FOREIGN NATIONAL, POSITION AND BRIEF DESCRIPTION

Basic Qualification:

Part Engineering Department Assistant Manager

Fluently speaks Japanese language for effective communication to company headquarter, customers and suppliers.

Responsible for planning production schedules, and ensuring efficiency.

Ensure that manufacturing processes runs reliably and efficiently

CASTEM PHILIPPINES CORPORATION Lot 7 & 9, Block 15, Phase III, Cavite Economic Zone, Tejeros Convention, Rosario, Cavite

Basic Qualification:

Technical Adviser

Graduate of Mechanical Engineering or equivalent and with proficiency in Japanese language

Support and assist the VPTreasurer and Plant Manager in organizing and managing day-today activities for Plant Operators

9

PHILIPPINE TOEI CHEMICAL CORPORATION Block 18, Lot 7, Suntrust Ecotown Tanza, Sahud Ulan, Tanza, Cavite

10

ROHM ELECTRONICS PHILIPPINES, INC. Blk. 3 & 5, People’s Avenue, People’s Technology Complex, Maduya, Carmona, Cavite

Salary Range:

Covelandia Road, Binakayan, Pulvorista, Kawit, Cavite

ZAW MYINT

Basic Qualification:

Burmese Customer Service Representative

Able to speak, read and write Chinese and Burmese language

Lot C3-24, Phase 1, Bldg.

1, Carmelray Industrial Park II, Punta, City of Calamba, Laguna

GLARION TECHNOLOGIES CORPORATION Covelandia Road, Binakayan, Pulvorista, Kawit, Cavite

5

GLARION TECHNOLOGIES CORPORATION Covelandia Road, Binakayan, Pulvorista, Kawit, Cavite

6

GLARION TECHNOLOGIES CORPORATION Covelandia Road, Binakayan, Pulvorista, Kawit, Cavite

Basic Qualification:

Chairman

Must be a college degree holder and have more than 10 years experience in decision-making position

Brief Job Description:

Vietnamese Customer Service Representative

Able to speak, read and write Chinese and Vietnamese language

Basic Qualification:

Division Manager

College graduate and fluent in Nihongo

Brief Job Description:

Basic Qualification:

Vietnamese Customer Service Representative

Able to speak, read and write Chinese and Vietnamese language

THN AUTOPARTS PHILIPPINES INC. Lot 5, Block 3, Calamba Premiere International Park, Batino, City of Calamba, Laguna

13

TOYOTA AISIN PHILIPPINES, INC Toyota Special Economic Zone, Pulong Santa Cruz, City of Santa Rosa, Laguna

Salary Range:

NGUYEN VAN THONG

Basic Qualification:

Vietnamese Customer Service Representative

Able to speak, read and write Chinese and Vietnamese language

General Manager

Have strong leadership, communication and analytical skills

Brief Job Description:

Salary Range:

LEE, JAEGEOL

Basic Qualification:

Technical Manager

Have a knowledge in ISO 9001/14001, IATF 16949 and VDA

Brief Job Description: Oversee and provide technical support to business operational functions

Salary Range:

HAMAJIMA, SHINGO

Basic Qualification:

Senior Managing Coordinator

With at least 15 years of experience in transmission parts manufacturing

Brief Job Description:

14

TOYOTA CORROLLA SAPPORO PHILIPPINES HOLDINGS, INC. Lot 1968-D, Pulong Santa Cruz, City of Santa Rosa, Laguna

Php90,000 – Php149,999

Salary Range: Php90,000 Php149,999

VIJYA LAKHI KHEMANI

Basic Qualification:

Vice-president

Ability to speak and report to our headquarters in Japanese language, must have strong knowledge in manufacturing business

Brief Job Description: Coordinate with legal team for the execution of regular board meetings, control and manage company expenses

Salary Range:

Brief Job Description: Manage incoming calls and customer service inquiries

Php150,000 Php499,99

Basic Qualification:

Provide technical assistance to engineering team members related to quality assurance management, machine testing and machine maintenance

Brief Job Description:

Php30,000 Php59,999

Salary Range:

MIZUNO, TETSURO

Salary Range:

NGUYEN CONG THACH

Php500,000 and above

Php90,000 Php149,999

Brief Job Description:

Php30,000 Php59,999

Salary Range:

FUJIKI, HIROTAKA

Php30,000 Php59,999

Basic Qualification:

Manage incoming calls and customer service inquiries

UI, TAKAHIRO

Salary Range:

LE VAN THAI

Manage incoming calls and customer service inquiries

Lead and coach the factory organization to meet the agreed budgets and targets with continuous improvement approach

Evaluate performance and productivity

12 4

TAKANE ELECTRONICS (PHILIPPINES), INC.

Brief Job Description: Manage incoming calls and customer service inquiries

Brief Job Description:

Control and prepare the Preventive Maintenance Calendar

11 GLARION TECHNOLOGIES CORPORATION

Minimum of 10 years of experience including international assignments in at least two of the following areas, production, quality control, manufacturing, services and engineering

Oversee the performance of the Board and playing a pivotal role in the creation of conditions necessary for over-all board and individual effectiveness

Php90,000 Php149,999

3

Cluster Operation Lead Philippines

Php500,000 and above

Salary Range:

INABA, MASANORI

Brief Job Description:

Basic Qualification:

Salary Range:

Php90,000 Php149,999

2

VAJDI, AMIR

QUALIFICATION AND SALARY RANGE

NAMBA, RYOJI

Brief Job Description:

www.businessmirror.com.ph

Php150,000 Php499,999

Salary Range: Php30,000 Php59,999

Any person in the Philippines who is competent, able and willing to perform the services for which the foreign national is desired may file an objection at DOLE Regional Office IV-A located at 3rd and 4th Floors, Andenson Building II, Parian, Calamba City, Laguna, within 30 days after this publication.

7

GLARION TECHNOLOGIES CORPORATION Covelandia Road, Binakayan, Pulvorista, Kawit, Cavite

TRAN, TRUNG HAU

Basic Qualification:

Vietnamese Customer Service Representative

Able to speak, read and write Chinese and Vietnamese language

Please inform DOLE Regional Office IV-A if you have any information on criminal offense committed by the foreign nationals.

Brief Job Description: Manage incoming calls and customer service inquiries

Salary Range: Php30,000 Php59,999 To avail of free job referral, placement, and employment guidance services, visit the nearest Public Employment Service Offices (PESO) or log on at http://www.philjobnet.gov.ph

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

TheWorld BusinessMirror

Wednesday, January 24, 2024

A9

US, British militaries launch new round of joint strikes against multiple Houthi sites in Yemen

By Lolita C. Baldor & Tara Copp

W

The Associated Press

ASHINGTON—The US and British militaries bombed multiple targets in eight locations used by the Iranianbacked Houthis in Yemen on Monday night, the second time the two allies have conducted coordinated retaliatory strikes on an array of the rebels’ missilelaunching capabilities.

According to officials, the US and UK used warship- and submarine-launched Tomahawk missiles and fighter jets to take out Houthi missile storage sites, drones and launchers. The officials, who spoke on condition of anonymity to discuss a military operation, said Australia, Bahrain, Canada and the Netherlands contributed to the mission, including with intelligence and surveillance.

In a joint statement, the six allied nations said the strikes specifically targeted a Houthi underground storage site and locations associated with the Houthis’ missile and air surveillance capabilities. They added, “Our aim remains to de-escalate tensions and restore stability in the Red Sea, but let us reiterate our warning to Houthi leadership: we will not hesitate to defend lives and the free flow of commerce in one of the world’s most critical waterways in the face of continued threats.”

Britain’s Ministry of Defense confirmed that four Royal Air Force Typhoon jets struck “multiple targets at two military sites in the vicinity of Sanaa airfield” with precision-guided bombs. The strikes, said Defense Secretary Grant Shapps, were “aimed at degrading Houthi capabilities” and would “deal another blow to their limited stockpiles and ability to threaten global trade.”

One senior US military official told reporters the strikes dropped between 25 and 30 munitions and hit multiple targets in each location, adding that the US “observed good impacts and effects” at all sites, including the destruction of more advanced weapons in the underground storage facility. The official said this is the first time such advanced weapons were targeted.

The official also said fighter jets from the USS Dwight D. Eisenhower aircraft carrier conducted strikes, and other ships involved

THIS image provided by the US Navy shows an aircraft launching from USS Dwight D. Eisenhower (CVN 69) during flight operations in the Red Sea, January 22, 2024. The US and British militaries bombed multiple targets in eight locations used by the Iranian-backed Houthis in Yemen on Monday night, the second time the two allies have conducted coordinated retaliatory strikes on an array of the rebels’ missile-launching capabilities. KAITLIN WATT/US NAVY VIA AP

included the USS Gravely and USS Mason, both naval destroyers, and the USS Philippine Sea, a cruiser.

The joint operation comes about 10 days after US and British warships and fighter jets struck more than 60 targets in 28 locations.

That was the first US military response to what has been a persistent campaign of Houthi drone and missile attacks on commercial ships since the start of the IsraelHamas war in October.

The Houthis’ media office said in an online statement Monday that raids targeted Sanaa, Yemen’s capital. And Jamal Hassan, a resident from south Sanaa, told The Associated Press that two strikes landed near his home, setting off car alarms in the street. An Associated Press journalist in Sanaa also heard aircraft flying above the skies of Sanaa overnight Monday.

Al-Masirah, a Houthi-run satellite news channel, said there were raids on three areas of Sanaa: alDailami Air Base just north of the

21 Israeli soldiers killed in deadliest single attack on the army since war in Gaza began

By Josef Federman & Najib Jobain The Associated Press

J

ERUSALEM—Twenty-one soldiers were killed in the Gaza Strip in the deadliest attack on Israel’s forces since the October 7 Hamas raid that triggered the war, the military said Tuesday, a major setback that could add to mounting calls for a cease-fire.

The reser vists were preparing explosives to demolish two buildings in central Gaza on Monday when a militant fired a rocket-propelled grenade at a tank nearby. The blast triggered the explosives, causing both two-stor y buildings to collapse on the soldiers inside.

Prime Minister Benjamin Netanyahu has vowed to press ahead until Israel crushes the ruling Hamas militant group and wins the freedom of over 100 hostages held captive in Gaza. But Israelis are increasingly divided on the question of whether it’s possible to do either, and large numbers of Israeli casualties have pressured Israel’s government to halt past military operations.

Defense Minister Yoav Gallant said it was a “difficult and painful morning,” but that Israel was still committed to pressing ahead. “This war will determine the future of Israel for decades to come, and the fall of soldiers is a requirement to achieve the goals of the war,” he wrote on X, formerly known as Twitter.

Families of the hostages and many of their supporters have called for Israel to reach a cease-fire deal, saying that time is running out to bring the hostages home alive. On Monday, dozens of hostages’ relatives stormed a parliamentary committee meeting, demanding a deal to win their loved ones’ release.

Israel launched its offensive after Hamas’ October 7 cross border attack that

capital, Sarif, northeast of the city center, and al-Hafa, which is south of Sanaa.

British Prime Minister Rishi Sunak spoke with President Joe Biden earlier Monday. Sunak’s office said the two leaders agreed to take “as needed, targeted military action to degrade Houthi capabilities.”

The latest barrage of allied attacks marks the eighth time the US has conducted strikes on Houthi sites since January 12. And it follows an almost-daily assault on Houthi missile launchers by US fighter jets and ship-based Tomahawks over the past week. The rapid response missions, which officials said go after launchers that are armed and ready to fire, demonstrate the military’s increasing ability to watch, detect and strike militant activities in Yemen.

The chaotic wave of attacks and reprisals involving the United States, its allies and foes suggests that the retaliatory strikes haven’t destruction to that part of the territory, including Gaza City.

Dozens of Palestinians were killed Monday in heavy fighting in Khan Younis, where people dug graves in the courtyard of the city’s Nasser Hospital as staff struggled to deal with the large number of wounded people, including children.

Gaza’s Internet and phone networks collapsed again Monday for the 10th time during the war, posing another challenge for first responders and making it impossible for people to reach loved ones in different parts of the territory.

Israel believes Hamas commanders may be hiding in vast tunnel complexes beneath Khan Younis, the hometown of the group’s top leader in Gaza, Yehya Sinwar, whose location is unknown. Hamas leaders are also believed to be using hostages as human shields, further complicating any rescue efforts.

Pressure for a cease-fire

PALESTINIANS who flee from Khan Younis from Israeli ground and air offensive on the Gaza Strip arrive in Rafah, southern Gaza on Monday, January 22, 2024. AP/FATIMA SHBAIR

killed over 1,200 people and abducted some 250 others. More than 100 were released in November in exchange for a weeklong cease-fire and the release of 240 Palestinians imprisoned by Israel.

The offensive has caused widespread destruction, displaced an estimated 85 percent of Gaza’s population and left over 25,000 Palestinians dead, according to health officials in the Hamas-run territory.

The United Nations and international aid agencies say the fighting has unleashed a humanitarian disaster, with a quarter of Gaza’s 2.3 million people facing starvation.

The war has heightened regional tensions, with Iran-backed groups in Lebanon, Syria, Iraq and Yemen attacking United States and Israeli targets in support of Palestinians. The US and Britain launched another wave of strikes Monday against the Houthi rebels in Yemen, who have targeted international shipping in

the Red Sea in what they portray as a blockade of Israel.

Deadly fighting in the center and south

HAMAS is believed to have suffered heavy losses but has continued to put up stiff resistance in the face of one of the deadliest air and ground offensives in recent history.

Militants are still battling Israeli forces across the territory and launching rockets into Israel.

The attack that killed the soldiers occurred some 600 meters (yards) from the border in Maghazi, one of three built-up refugee camps in central Gaza dating back to the 1948 war surrounding Israel’s creation.

Ground operations have been focused on the camps, as well as the southern city of Khan Younis, after Israel claimed to have largely defeated Hamas in northern Gaza in operations that caused widespread

THE growing death toll and dire humanitarian situation have led to increasing international pressure on Israel to scale back the offensive and agree to a pathway for the creation of a Palestinian state after the war. The United States, which has provided crucial military aid for the offensive, has joined those calls.

But Netanyahu, whose popularity has plummeted since October 7 and whose governing coalition is beholden to far-right parties, has rebuffed both demands.

Instead, he has said Israel will need to expand operations and eventually take over the Gaza side of the border with Egypt, where hundreds of thousands of Palestinians who have fled from other areas are packed into overflowing UN-run shelters and sprawling tent camps.

That drew an angr y protest from Egypt’s government, which rejected Israeli allegations that Hamas smuggles in weapons across the heavily guarded frontier.

Jobain reported from Rafah, Gaza Strip. Associated Press writer Samy Magdy in Cairo contributed.

deterred the Houthis from their campaign against Red Sea shipping, and that the broader regional war that the US has spent months trying to avoid is becoming closer to reality.

For months, the Houthis have attacked ships in the region’s waterways that they say are either linked to Israel or heading to Israeli ports. They say their attacks aim to end the Israeli air-and-ground offensive in the Gaza Strip that was triggered by the Palestinian militant group Hamas’ October 7 attack in southern Israel. But any such links to the ships targeted in the rebel assaults have grown more tenuous as the attacks continue.

The US and allies warned of retaliation for weeks, and the White House and a host of partner nations issued a final warning on January 3 to the Houthis to cease the attacks or face potential military action.

That threat, however, had little noticeable effect. The Houthis continued to attack ships in the region, including at times appearing to target US Navy and US-owned ships, in addition to the wide range of commercial vessels.

Of the eight strike missions on Yemen this month, all but the two with Britain were conducted by the US military alone. Five of the latest strikes were labeled self-defense to take out missiles ready to fire. The most recent, on Saturday, struck and destroyed a Houthi anti-ship missile that was aimed into the Gulf of Aden and was prepared to launch, according to Central Command.

The Biden administration has also put the Houthis back on its list of specially designated global terrorists. The sanctions that come

with the formal designation are meant to sever violent extremist groups from their sources of financing, while also allowing vital humanitarian aid to continue flowing to impoverished Yemenis.

US defense officials have said they believe the strikes have degraded the Houthis’ weapons and strike capabilities. But Biden and others have acknowledged that the rebels are well-equipped by Iran and are likely to continue the attacks.

The Houthis, meanwhile, have made it clear that they have no intention of scaling back their assault. In the wake of the first US and British joint attack, Hussein al-Ezzi, a Houthi official in their Foreign Ministry, said, “America and Britain will undoubtedly have to prepare to pay a heavy price and bear all the dire consequences of this blatant aggression.”

The continued harassment of the ships has driven the US and international partners to take extraordinary steps to defend them through a joint mission named Operation Prosperity Guardian, in which they provide a protective umbrella for vessels traveling the critical waterway that runs from the Suez Canal down to the Bab el-Mandeb Strait.

About 400 commercial vessels transit the southern Red Sea at any given time. And the ongoing violence has prompted companies to reroute their ships, sending them around Africa through the Cape of Good Hope instead—a much longer and less efficient passage.

The Associated Press writers Jack Jeffery in London, Ahmed al-Haj in Sanaa and Jill Lawless in London contributed to this report.

AI-generated robocall impersonates Joe Biden in attempt to suppress votes in New Hampshire

By Ali Swenson & Will Weissert

The Associated Press

T

HE New Hampshire attorney general’s office on Monday said it was investigating reports of an apparent robocall that used artificial intelligence to mimic President Joe Biden’s voice and discourage voters in the state from coming to the polls during Tuesday’s primary election.

Attorney General John Formella said the recorded message, which was sent to multiple voters on Sunday, appears to be an illegal attempt to disrupt and suppress voting. He said voters “should disregard the contents of this message entirely.”

A recording of the call reviewed by The Associated Press generates a voice similar to Biden’s and employs his often-used phrase, “What a bunch of malarkey.” It then tells the listener to “save your vote for the November election.”

“Voting this Tuesday only enables the Republicans in their quest to elect Donald Trump again,” the voice mimicking Biden says. “Your vote makes a difference in November, not this Tuesday.”

It is not true that voting in Tuesday’s primary precludes voters from casting a ballot in November’s general election. Biden is not campaigning in New Hampshire and his name will not appear on Tuesday’s primary ballot after he elevated South Carolina to the lead-off position for the Democratic primaries, but his allies are running a write-in campaign for him in the state.

It’s not known who is behind the calls, though they falsely showed up to recipients as coming from the personal cellphone number of Kathy Sullivan, a former state Democratic Party chair who helps run Granite for America, a super-PAC supporting the Biden write-in campaign.

Sullivan said she alerted law enforcement and issued a complaint to the attorney

general after multiple voters in the state reported receiving the call Sunday night.

“This call links back to my personal cell phone number without my permission,” she said in a statement. “It is outright election interference, and clearly an attempt to harass me and other New Hampshire voters who are planning to write-in Joe Biden on Tuesday.”

It was unclear how many people received the call but a spokesperson for Sullivan said she heard from at least a dozen people who received it. The attorney general’s office encouraged anyone who has received the call to email the state Justice Department’s election law unit.

Gail Huntley, a 73-year-old Democrat in Hancock, New Hampshire, who plans to write in Biden’s name on Tuesday, said she received the call at about 6:25 p.m. on Sunday.

She instantly recognized the voice as belonging to Biden but quickly realized it was a scam because what he was saying didn’t make sense. Initially, she figured his words were taken out of context.

“I didn’t think about it at the time that it wasn’t his real voice. That’s how convincing it was,” she said, adding that she is appalled but not surprised that AI-generated fakes like this are spreading in her state.

White House press secretary Karine Jean-Pierre confirmed Monday that the call “was indeed fake and not recorded by the president.” Biden’s campaign manager, Julie Chavez Rodriguez, said in a statement that the campaign is “actively discussing additional actions to take immediately.”

“Spreading disinformation to suppress voting and deliberately undermine free and fair elections will not stand, and fighting back against any attempt to undermine our democracy will continue to be a top priority for this campaign,” she said.

The Associated Press writer Christina A. Cassidy in Atlanta contributed to this report.

B4

Show BusinessMirror

Wednesday, January 24, 2024 • Editor: Gerard S. Ramos

www.businessmirror.com.ph

TODAY’S HOROSCOPE

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Mischa Barton, 38; Tatyana Ali, 45; Ed Helms, 50; Neil Diamond, 83.

HAPPY BIRTHDAY: Pay attention, be direct and leave nothing to chance. It’s up to you to adjust to suit your needs. Don’t compromise regarding your passion, goals and health. Set high standards and expectations, and focus on reaching your goals with time to spare. Strive for perfection, and say no to anyone who tries to lead you astray. Take credit for your actions. Your numbers are 3, 12, 19, 21, 29, 35, 44.

RECKLESS PROJECT

SO this promoter reportedly lost so much money because of two projects they recently did, one of which was described as reckless. Slowly but surely, the company is being exposed for its misdeeds, such as favoritism and mishandling of projects. One of the projects they handled became international news, and not a good way. Before this, the company was already being lambasted on social media for favoritism and under-the-table dealings. What makes it worse for this promoter is that there is now a lot of competition.

Well, at the end of the day, the company has made a lot of money from past projects and the owners are already very rich.

INDIFFERENT

THERE are a lot of videos circulating on social media about how indifferent the young actor seems to his co-star when he thinks the camera isn’t filming.

It’s strange because in the past, he has always been so attentive to her. It got to a point that even their co-stars thought they were a real couple. Something seems to have happened in the past few months that changed everything. People think the young actor’s co-star did something that changed his opinion of her.

Others theorize that the young actor’s real girlfriend started to get jealous and wanted him to keep his distance from his co-star.

THE REAL REASON

SO what really caused the break-up of this power couple after years of being together? The actress, who is well-loved in the industry, allegedly never realized that the then-boyfriend is someone who is snooty and arrogant. To her, he was kind and sweet but he isn’t the same way to others and she never knew that until recently. For instance, she learned he is only nice to rich people but to those he deems useless to him, the actor doesn’t even bother. He is also not good to those who work in the service industry, something which the actress discovered too late.

PHOTO BY DAVID HOLMES ON UNSPLASH

CHEATER

THIS beautiful woman apparently has a reputation for cheating on her partners. In the past, she was caught cheating on her then-boyfriend, an actor who is now married. He was very much in love with her but she wanted something more. Well, eventually she did find something more. She got a rich man for a boyfriend but eventually, she cheated on him again. And she cheated not just once but several times. Eventually, she got caught but out of pride and vanity, the rich man didn’t dump her. Instead, he is making her suffer by not marrying her when everybody thinks he should.

ARIES (March 21-April 19): Approach someone you trust to offer insight into a personal or professional situation. Join forces with someone who feels as driven as you to contribute to a cause that concerns you. Take better care of your health, and do your best to avoid injury. ★★

TAURUS (April 20-May 20): You’ll quickly pick up information and skills. Set out on a path of discovery, and you’ll be surprised by what you learn and the changes you decide to implement. Say no to anyone trying to bully or control you. Take charge and follow your instincts. ★★★★

NORMAN JEWISON with Ted Neely on the set of one of his earlier films, the acclaimed Jesus Christ Superstar.

Norman Jewison,

acclaimed director

of ‘In the Heat of the Night’ and ‘Moonstruck,’ dead at 97

GEMINI (May 21-June 20): Check facts before you make a move. Learn all you can about the people you’ll be dealing with and the expectations others have of you. Don’t trust someone’s word; get what you want in writing. Promise only what you can deliver. Truth matters. ★★★

CANCER (June 21-July 22): Clear up any misunderstandings. Make sure everyone is on the same page before you start something new. Taking control will ensure you don’t get sidetracked by trivial matters or interference. A partnership looks promising. ★★★ LEO (July 23-Aug. 22): Choose maintenance over replacement. Keep your costs down and your goal doable; you’ll ease stress. If you do the work yourself, you’ll pick up additional skills that will come in handy. Lower your overhead and put a financial plan in place. Excess is the enemy. ★★★

N

BY HILLEL ITALIE The Associated Press

EW YORK—Norman Jewison, the acclaimed and versatile Canadian-born director whose Hollywood films ranged from Doris Day comedies and Moonstruck to such social dramas as the Oscar-winning In the Heat of the Night, has died at age 97.

Jewison, a three-time Oscar nominee who in 1999 received an Academy Award for lifetime achievement, died “peacefully” on Saturday, according to publicist Jeff Sanderson. Additional details were not immediately available.

Throughout his long career, Jewison combined light entertainment with topical films that appealed to him on a deeply personal level. As Jewison was ending his military service in the Canadian navy during World War II, he hitchhiked through the American South and had a close-up view of Jim Crow segregation. In his autobiography This Terrible Business Has Been Good to Me, he noted that racism and injustice became his most common themes.

“Every time a film deals with racism, many Americans feel uncomfortable,” he wrote. “Yet it has to be confronted. We have to deal with prejudice and injustice or we will never understand what is good and evil, right and wrong; we need to feel how ‘the other’ feels.”

He drew upon his experiences for 1967’s In the Heat of the Night, starring Rod Steiger as a white racist small-town sheriff and Sidney Poitier as a Black detective from Philadelphia trying to help solve a murder and eventually forming a working relationship with the hostile local lawman.

James Baldwin condemned the film’s “appalling distance from reality,” and thought the director trapped in a fantasy of racial harmony that would only heighten “Black rage and despair.” But The New York Times’ Bosley Crowther was among the critics who found the movie powerful and inspiring and in a year featuring such landmarks as The Graduate

and Bonnie and Clyde, Jewison’s production won the Academy Award for best picture while Steiger took home the best actor Oscar. (Jewison lost out for best director to Mike Nichols of The Graduate).

Among those who encouraged Jewison while making In the Heat of the Night: Robert F. Kennedy, whom the director met during a ski trip in Sun Valley, Idaho.

“I told him I made films and he asked what kind I make,” he recalled in a 2011 interview with The Hollywood Reporter. “So I told him that I was working on In the Heat of the Night and that it’s about two cops: one a white sheriff from Mississippi and the other a black detective from Philadelphia. I told him it was a film about tolerance. So he listened and nodded and said ‘You know, Norman, timing is everything. In politics, in art, in life itself.’ I never forgot that.”

He received two other Oscar nominations: For Moonstruck, the beloved romantic comedy for which Cher won an Academy Award, and Fiddler on the Roof, the classic musical about a Jewish village in Russia that Jewison has said was offered to him under the mistaken belief he was Jewish.

His other notable films included the Cold War spoof The Russians Are Coming, The Russians Are Coming, the Steve McQueen thriller The Thomas Crown Affair and a pair of movies featuring Denzel Washington: the racial drama A Soldier’s Story and The Hurricane, starring Washington as wrongly imprisoned boxer Rubin “Hurricane” Carter.

A third project with Washington never made it to production. In the early 1990s, Jewison was set to direct a biography of Malcolm X, but backed out amid protests from Spike Lee and others that a white director shouldn’t make the film. Lee ended up directing.

“I never really became as much a part of the establishment as I wanted to be,” he told The Hollywood Reporter in 2011. “I wanted to be accepted. I wanted people to say ‘that was a great picture.’ I mean I have a big ego like anyone else. I’m no shrinking violet. But I never felt totally accepted—but maybe that’s good.” ■

VIRGO (Aug. 23-Sept. 22): Live and learn.

Use your knowledge and experience to outmaneuver anyone who wants to spar with you. A change of plans will work in your favor. Get involved in something that concerns you, and make a difference in the outcome. ★★★★

LIBRA (Sept. 23-Oct. 22): Keep doing what you do best and ignore outside influences trying to ruin your plans. It’s up to you to sidestep negativity and make your dream a reality.

When in doubt, follow your heart and you’ll have no regrets. Live within your means. ★★

SCORPIO (Oct. 23-Nov. 21): Wake up and recognize what you have going for you.

Refuse to let someone trying to manipulate you hinder your ability to get ahead. Trust in yourself, and you’ll develop a unique platform to launch what you want to pursue. Positive action will pay off. ★★★★★

SAGITTARIUS (Nov. 22-Dec. 21): Don’t trust someone else to do things for you. Take the initiative and do the best you can. Your enthusiasm and raw energy will help you reach the finish line. Avoid emotional spending, shared expenses and impulsive decisions. Plan your actions. ★★★

CAPRICORN (Dec. 22-Jan. 19): Take what’s yours and don’t look back. Set your course and proceed with confidence. Keep everyone up to date to avoid interference. Dealing with matters as they arise will give you leverage when you need it the most.

An opportunity is within reach. ★★★

AQUARIUS (Jan. 20-Feb. 18): Sit tight until things settle down. Learn from what’s happening around you, and you’ll avoid getting caught in a similar trap. Contact associates who can offer sound advice or a lead to help you establish yourself in other markets. The physical contributions you make will pay off. ★★★

PISCES (Feb. 19-March 20): Make changes that encourage you to pursue your goals. Let your imagination take over, and you’ll figure out how to turn an idea into a prosperous venture. Call on experts and those you trust to contribute; something good will transpire. Romance is favored. ★★★★★ BIRTHDAY BABY: You are persistent, insightful and friendly.

You are organized and original.

‘snap judgments’ BY PRASANNA KESHAVA The Universal Crossword • Edited by David Steinberg/Anna Gundlach/Jared Goudsmit

ACROSS 1 Strategy 5 Does some basic math 9 Gothic church topper 14 Ambience 15 Ark architect 16 Sudden fright 17 McDonald’s window (Note the last 2 letters of this answer + the first 4 of 19-Across) 19 Jargon 20 “Bye!” 21 Trojan tale 23 Long sandwich 25 Sings jazz without lyrics 28 Wished, as a farewell (...last 2 letters of this answer + the first 4 of 31-Across) 31 Gave the willies 36 Old Italian currency 37 In style 38 Pen brand 39 Like a spoken exam 40 Drinks from a fountain?

42 Lavish love (on) 43 Nail polish maker

44 Laura of “Jurassic World Dominion” 45 Groovy 46 Opera pioneer Claudio (...last 5 letters of this answer + the first 2 of 50-Across) 50 Corner key on a PC 51 “Baloney!”

52 Albeit, briefly 54 Written compositions 58 “Gotcha,” to a beatnik 62 With 65-Across, some boxing results...and a theme hint 65 See 62-Across 67 Name that anagrams to “Ellis” 68 Hardly at all 69 Camp beds 70 Busybody 71 Ferret’s relative 72 Short commercial DOWN 1 Cricket batters’ protective gear 2 Tempt 3 “Voyage to India” singer India.___ 4 Elite fighter 5 Colonial insect 6 Where Qatar Airways is based

7 Have the nerve 8 Steer clear of 9 Join, as film 10 Moneymaker for Google 11 Roadside lodging 12 Oil-drilling apparatus 13 “Green” prefix 18 ___ de toilette 22 Telepathy, e.g.

24 Confidentially loops in 26 In addition 27 Courting sort 28 What aptly bookends “blossom” 29 Heat without oil at a movie theater, say 30 Saps of energy 32 ___ Island (smallest state) 33 Downy duck 34 Greeting from Hallmark.com 35 Immune system component 41 Bad mood 42 Wonder Woman publisher 47 Believer in a creator 48 Latino Walk of Fame’s SoCal neighborhood 49 Some are Beetles

53 That guy’s 55 Namesake of an inedible apple?

56 Himalayan legend 57 All-in-one printer option 59 Basketball target 60 Enthusiastic about 61 (Yo, listen up!)

62 Foxlike 63 Circular type of chart 64 Novelist Deighton 66 Texter’s “No idea” Solution to today’s puzzle:

www.news.businessmirror@gmail.com

Opinion BusinessMirror

Wednesday, January 24, 2024 A11

Deepfake audio of Biden Iran is ‘directly involved’ in Yemen Houthi rebel alarms experts in ship attacks, US Navy’s Mideast chief tells AP lead-up to US elections

By Jon Gambrell | The Associated Press

By Margi Murphy

N

o political deepfake has alarmed the world’s disinformation experts more than the doctored audio message of US President Joe Biden that began circulating over the weekend.

In the phone message, a voice edited to sound like Biden urged voters in New Hampshire not to cast their ballots in Tuesday’s Democratic primary. “Save your vote for the November election,” the phone message went. It even made use of one of Biden’s signature phrases: “What a bunch of malarkey.” In reality, the president isn’t on the ballot in the New Hampshire race—and voting in the primary doesn’t preclude people from participating in November’s election.

Many have warned that new artificial intelligence-powered video and image generators will be used this year for political gain, while representation for nearly half of the world is on the line in polls. But it’s audio deepfakes that have experts worried now. They’re easy to edit, cheap to produce and particularly difficult to trace. Combine a convincing phone message with a voter registration database, and a bad actor has a powerful weapon that even the most advanced election systems are ill-equipped to handle, researchers say. “The political deepfake moment is here,’’ said Robert Weissman, president of the consumer advocacy think tank Public Citizen. He called on lawmakers to put in place protections against fake audio and video recordings to avert “electoral chaos.”

The fake Biden message comes as an increasing number of US political campaigns use AI software to reach constituents en masse—and as investors are pouring money into voice-cloning startups. On Monday, while the deepfake phone message was making the rounds, the AI voicereplicating startup ElevenLabs announced it had raised a new round of funding that valued the company at $1.1 billion.

The doctored political recording wasn’t the first. Last year, audio deepfakes spread on social media ahead of Slovakia’s parliamentary elections, including one clip in which party leader Michal Simecka appeared to be discussing a plan to purchase votes. Political use of video and audio deepfakes have meanwhile proven limited.

It’s unclear exactly how the Biden message was generated. New Hampshire’s attorney general was investigating the call on Monday. But tracking the fake audio to its source will prove especially difficult because it was spread by telephone as opposed to online, according to Joan Donovan, an assistant professor of jour-

There’s another reason the fake Biden clip was particularly worrisome to disinformation researchers and election officials. It confirmed their biggest fear: Bad actors are using deepfakes not just to influence public opinion but to stop voters from coming to the polls altogether. nalism and emerging media studies at Boston University. Audio messages delivered by phone don’t come with the same digital trail.

“This is an indication of the next generation of dirty tricks,” Donovan said.

There’s another reason the fake Biden clip was particularly worrisome to disinformation researchers and election officials. It confirmed their biggest fear: Bad actors are using deepfakes not just to influence public opinion but to stop voters from coming to the polls altogether.

“Even if such misinformation introduces confusion that only impacts a few hundred or thousands of votes, it could be meaningful in terms of the results and outcome,” said Nick Diakopoulos, a professor at Northwestern University who has researched manipulated audio and elections.

The US Federal Election Commission has taken small steps toward regulating political deepfakes, but it has yet to clamp down on the technologies helping to generate them. Some states have proposed their own laws to curb deepfakes.

Elections officials are running training exercises to prepare for an onslaught. Around 100 federal and state officials assembled in Colorado in August to brainstorm the best response to a hypothetical fake video containing bogus elections information. Deepfakes were the focus of another exercise in Arizona in December when officials worked through a scenario in which a video of Secretary of State Adrian Fontes was falsified to spread inaccurate information.

Meanwhile, deepfake detection tools are still in their infancy and remain inconclusive.

On Monday, for example, ElevenLabs’ own detection tool indicated that the Biden call was unlikely to have been created using cloning software—even as deepfake detection startup Clarity said it was more than 80 percent likely to be a deepfake. Bloomberg

J

ERUSALEM—Iran is “very directly involved” in ship attacks that Yemen’s Houthi rebels have carried out during Israel’s war against Hamas, the US Navy’s top Mideast commander told The Associated Press on Monday.

Vice Adm. Brad Cooper, the head of the Navy’s 5th Fleet, stopped short of saying Tehran directed individual attacks by the Houthis in the Red Sea and the Gulf of Aden.

However, Cooper acknowledged that attacks associated with Iran have expanded from previously threatening just the Persian Gulf and its Strait of Hormuz into waters across the wider Middle East.

“Clearly, the Houthi actions, probably in terms of their attacks on merchant shipping, are the most significant that we’ve seen in two generations,” he told the AP in a telephone interview. “The facts simply are that they’re attacking the international community; thus, the international response I think you’ve seen.”

Iran’s mission to the United Nations and the Houthi leadership in Yemen’s capital, Sanaa, didn’t respond to a request for comment. However, the Houthis later claimed to have attacked a US-flagged vessel, something that the 5th Fleet dismissed as “patently false.”

Since November, the Iranianbacked Houthis have launched at least 34 attacks on shipping through

the waterways leading up to Egypt’s Suez Canal, a vital route for energy and cargo coming from Asia and the Middle East onward to Europe.

The Houthis, a Shiite rebel group that’s held Sanaa since 2014 and been at war with a Saudi-led coalition backing Yemen’s exiled government since 2015, link their attacks to the Israel-Hamas war. However, the ships they’ve targeted increasingly have tenuous links to Israel— or none at all.

In recent days, the US has launched seven rounds of airstrikes on Houthi military sites, targeting air bases under the rebels’ control and suspected missile launch sites.

However, risks for the global economy remain as many ships continue to bypass that route for a longer trip around Africa’s southern tip.

That meant lower revenue for Egypt through the Suez Canal, a vital source of hard currency for the country’s troubled economy, as well as higher costs for shipping that could push up global inflation.

As Cooper took command of the 5th Fleet in 2021, the threat to shipping focused primarily around the

Persian Gulf and its narrow mouth, the Strait of Hormuz, through which a fifth of all oil traded passes. A series of attacks blamed on Iran and ship seizures by Tehran followed the collapse of Iran’s nuclear deal with world powers.

In his interview with the AP, the Navy commander acknowledged the threat from Iran’s proxies and that its distribution of weapons extended from the Red Sea out to the far reaches of the Indian Ocean. The US has blamed Iran for recent drone attacks on shipping, and a US-owned cargo vessel came under attack from the Houthis in the Gulf of Aden last week.

So far, Iran hasn’t become directly involved in fighting either Israel or the US since the war in Gaza began on Oct. 7. However, Cooper maintained Iran had been directly fueling the Houthi attacks on shipping.

“What I’ll say is Iran is clearly funding, they’re resourcing, they are supplying and they’re providing training,” Cooper said. “They’re obviously very directly involved. There’s no secret there.”

Cooper described the ship attacks striking the Mideast as the worst since the so-called Tanker War of the 1980s. It culminated in a oneday naval battle between Washington and Tehran, and also saw the US Navy accidentally shoot down an Iranian passenger jet, killing 290 people in 1988.

Back then, American naval ships

India tops Hong Kong as world’s fourth-largest stock market

By Ashutosh Joshi

I

ndia’s stock market capitalization has overtaken Hong Kong’s for the first time as the South Asian nation’s growth prospects and policy reforms make it an investor darling while global capital pours out of China.

The combined value of shares listed on Indian exchanges reached $4.33 trillion as of Monday’s close, versus $4.29 trillion for Hong Kong, according to data compiled

by Bloomberg. That makes India the fourth-biggest equity market globally. Its value crossed $4 trillion for the first time on December 5, with about half of that coming in the past four years.

Equities in India have been booming, thanks to a rapidly growing retail investor base and strong corporate earnings. The world’s most populous country has positioned itself as an alternative to China, attracting fresh capital from global investors and companies alike, thanks to its stable political setup and a consumption-driven economy that remains among the fastest-growing of major nations.

The relentless rally in Indian stocks has coincided with a historic

slump in Hong Kong, where some of China’s most influential and innovative firms are listed. Beijing’s stringent anti-Covid-19 curbs, regulatory crackdowns on corporations, a property-sector crisis and geopolitical tensions with the West have all combined to erode China’s appeal as the world’s growth engine.

“We see India as the best structural growth story across not just emerging markets, but worldwide,” said Evan Metcalf, CEO at Global X ETFs. “While China growth has stalled and is mired in uncertainty, India has a generational opportunity to emerge as the growth engine of emerging markets. Demographics are a key advantage, coupled with a surge in educated youth and a progressive government pursuing key structural reforms.”

Chinese and Hong Kong equities are suffering a rout of epic proportions, with the total market value of

their stocks having tumbled by more than $6 trillion since their peaks in 2021. New listings have dried up in Hong Kong, with the Asian financial hub losing its status as one of the world’s busiest venues for initial public offerings.

On Tuesday, equities in mainland China halted losses while those in Hong Kong rallied after the nation’s authorities were said to consider a package of measures to stabilize the slumping stock market.

Some strategists expect a turnaround. UBS Group AG sees Chinese stocks outperforming Indian peers in 2024 as battered valuations in the former suggest significant upside potential once sentiment turns, while the latter is at “fairly extreme levels,” according to a November report. Bernstein expects the Chinese market to recover, and recommends taking profits on Indian stocks, which it sees as expensive, according to a note earlier this month.

That said, momentum seems to be on India’s side for now.

Pessimism toward China and Hong Kong has further deepened in the new year amid a lack of major economic stimulus measures. The Hang Seng China Enterprises Index,

No-frills flying emerges as travel’s painful, greener future

By Angus Whitley

D

ensely packed aircraft, little legroom and no free drinks. It’s starting to look like the uncomfortable reality of global air travel for more and more passengers as airlines race to decarbonize.

The spartan cabins and fuss-free service of low-cost carriers appeared half a century ago, a makeover that made flying affordable to the masses.

Since Southwest Airlines Co. first took off from Dallas in 1971, dozens of budget peers including Ryanair Holdings Plc, AirAsia Bhd. and India’s IndiGo have emerged to take on more pricey legacy carriers.

With global air travel almost completely recovered from the pandemic, cutting emissions is once again the industry’s No. 1 challenge. The lowcost, low-luxury business model that democratized air travel in recent decades has now become an unlikely template for reducing pollution.

That’s because budget airlines’ obsession with lowering weight in order to save fuel—by installing paper-

thin seats, ripping out business-class thrones and ditching heavy extras like booze and blankets—also happens to produce the best emissions metrics in the skies.

The five airlines in the world that emit the fewest pollutants per passenger are all low-cost carriers, according to data from carbon-reduction advisory firm Envest Global.

Wizz Air Holdings Plc, the Hungarybased carrier that mostly serves Europe and the Middle East, leads the pack. Major brands including Delta Air Lines Inc., Cathay Pacific Airways Ltd. and British Airways, which is owned by IAG SA, belch out almost twice as many emissions for every passenger they carry, the data show.

It’s grim news for those accustomed to turning left as they board

escorted reflagged Kuwaiti oil tankers through the Persian Gulf and the strait after Iranian mines damaged vessels in the region. Cooper said authorities had no current plans to reflag ships and escort them past Yemen.

Instead, the US and its allies employ a “zone defense, and every once and a while we shift to a one-on-one,” he said.

Cooper’s reference to the tensions from more than three decades ago underlines just how precarious the situation in the wider Mideast has become as worries of a regional conflict over the Israel-Hamas war grow.

Monday night, Houthi military spokesman Brig. Gen. Yahya Saree, in a recorded address, claimed an attack in the Gulf of Aden on the Ocean Jazz, a US-flagged ship managed by Seabulk, a company in Fort Lauderdale, Florida. The firm declined to comment when reached by the AP. The Ocean Jazz had been in the Red Sea heading south four days ago, according to tracking data.

The 5th Fleet issued an online statement dismissing the Houthi claim.

“The Iranian-backed Houthi terrorists’ report of an alleged successful attack on M/V Ocean Jazz is patently false,” it said. The 5th Fleet “has maintained constant communications with M/V Ocean Jazz throughout its safe transit.”

their flights, the traditional path to roomy premium seats. With a 2050 deadline looming for aviation to reach carbon neutrality, the emissions data suggest that airlines in fact need to jam more passengers onto their aircraft, give them less space, and cut back on food and drink in order to make flying sustainable.

“This low-cost model is aligned with the central elements of a lowcarbon strategy,” said Envest Global Chief Executive Officer David Wills, who’s based in Sydney. “Everything is designed to minimize fuel cost per passenger.”

Without an overhaul, aviation won’t achieve its mid-century emissions-reduction goals. Its share of CO2 output is set to balloon as other segments decarbonize—to an estimated 22 percent by 2050 from about 2 percent today if emissions aren’t cut fast enough. The aviation industry is “not on track” to hit its net zero target, the International Energy Agency says on its website.

Looming threats

Airlines that fail to take sufficient action risk fines and tighter regulation. Fuel levies are already being rolled out in Europe, a jurisdiction that’s leading efforts to make flying kinder to the environment.

Seats in the business and firstclass sections of aircraft cabins generate larger carbon footprints for their occupiers because they take up more space and are heavier than economy berths.

For example, a passenger in coach flying from Hong Kong to Singapore in an Airbus SE A350 would wrack up 170 kilograms of emissions, according to the International Air Transport Association’s carbon calculator. The same trip in business class generates 682 kilograms. A ride in premium economy produces 256 kilograms.

Every extra passenger that airlines can squeeze into the plane, and every kilogram they can strip from the cabin, helps cuts each customer’s individual carbon emissions.

Budget carriers have turned this ruthless science into an art form. Ryanair in 2009 explored the idea of tearing out seats to create a standing cabin where more people could be packed in. Before the pandemic, Philippines budget carrier Cebu Air Inc. was moving kitchens and bathrooms on some of its new Airbus SE A330neos to cram in a record 460 seats. Low-cost carriers routinely fit out planes with nonreclining seats sans entertainment screens to cut down the weight of materials.

Dirty downside

IT may be fuel efficient, but the budget flight movement has also driven a boom in air-travel demand because of the bargain ticket prices. Low-cost carriers were responsible for almost 90 percent of growth in fuel use and CO2 emissions from US airlines between 2005 and 2019, according to the International Council on Clean Transportation. Fuel-efficiency improvements by budget carriers just

a gauge of Chinese shares listed in Hong Kong, is already down more than 10 percent after capping a record four-year losing streak in 2023.

The measure is near its lowest level in almost two decades, while India’s stock benchmarks are trading close to record-high levels.

Foreigners who until recently were enamored with the China narrative are sending their funds over to its South Asian rival. Global pension and sovereign wealth managers are also seen favoring India, according to a recent study

by London-based think-tank Official Monetary and Financial Institutions Forum.

Overseas funds poured more than $21 billion into Indian shares in 2023, helping the country’s benchmark S&P BSE Sensex Index cap an eighth consecutive year of gains.

“There is a clear consensus that India is the best long-term investment opportunity,” Goldman Sachs Group Inc. strategists including Guillaume Jaisson and Peter Oppenheimer wrote in a note on Jan. 16 with results of a survey from the firm’s Global Strategy Conference.

With assistance from Alex Gabriel Simon and Ishika Mookerjee /Bloomberg

couldn’t keep pace with their passenger growth, the ICCT said.

Comparisons based on emissions per passenger also overlook the cargo that full-service carriers are more likely to haul.

Still, the task facing airlines, regulators and governments is to harness more widely the fuel efficiency of low-cost carriers while keeping a grip on demand-driven emissions, according to the ICCT. Burning smaller volumes of dirty fuel is critical because the aviation industry’s plan to switch to sustainable fuel is far from assured. Current production capacity of this cleanerburning power source is barely 1% of aviation’s global fuel requirements, and passenger numbers are projected to double from 2019 to over 8 billion in two decades.

“How can we nudge more airlines to adopt low-cost carrier efficiency measures while ensuring that lower fares don’t turbo-charge demand?” said Dan Rutherford, director of research at the ICCT. Bloomberg

A12 Wednesday, January 24, 2024

PHL ENVOY MEETS 18 PINOY SEAFARERS HELD IN IRAN

By Malou Talosig-Bartolome @maloutalosig

P

HILIPPINE Ambassador to Tehran Roberto Manalo met the 18 Filipino seafarers on board the seized oil tanker M/T St. Nikolas on Friday, Foreign Affairs Undersecretary Eduardo de Vega said.

This developed as Foreign Affairs Secretary Enrique Manalo met with the Iranian vice president in Uganda and requested that the Filipino seafarers be released immediately.

The Filipino seafarers were caught in the geopolitical quagmire between the US and Iran. In 2023, the US seized the ship (then named Suez Rajan) for allegedly bringing Iran’s oil, in violation of the oil embargo sanction by the US on Iran.

Last January 11, Iran’s Navy seized the oil tanker while transiting the Gulf of Oman in “retaliation” for the US confiscation of Iranian oil last year.

The Iranian Foreign Ministry has granted the request of the Philippine government for consular access to the Filipino seafarers and immediately coordinated Ambassador Manalo’s trip.

De Vega told BusinessMIrror that the 18 Filipinos are “alright and treated well.”

“They [seafarers] are now allowed to use their cellphones to call their families everyday,” he said.

It looks like the Filipino crew will not be charged before any Iranian court.

Iran’s media reported that the seizure of the Marshall Island-flagged and Greekowned oil tanker was in compliance with

a court order. Iran had accused the US Navy of “piracy,” by taking US$56 million worth of Iranian oil from this ship and diverting them to Texas last year.

The DFA official said that even though the Filipino seafarers will not be held liable for the alleged “piracy,” they cannot be released “without replacements.”

“The ship cannot be just left anchored without a crew manning it,”he explained.

SFA, Iran VP meeting AT the sidelines of the Non-Aligned Movement Summit in Kampala, Uganda, Secretary Manalo and Iranian First Vice President Mohammad Mokhber met and had a “candid exchange on geopolitical issues and the safety and welfare of PH seafarers.”

“I likewise asked for the release of the 18 PH seafarers currently aboard the detained ST Nikolas, and requested that Iran continue to grant consular access to our Embassy in Tehran, and allow regular contact between the seafarers and their families back home,”Manalo wrote on his X post.

Manalo and Mokhber also noted the potential to grow the Philippine-Iran trade relations.

Senate, House gird for war over ‘P.I.’ as Cha-cha route T

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

HE two chambers of Congress appeared headed for a legal battle on Tuesday after all 24 senators signed a manifesto rejecting People’s Initiative as a way to push for Charter change, which Senate President Juan Miguel Zubiri described as an effort to destabilize the bicameralism of the Senate and House of Representatives and undermine democracy.

Majority Leader Joel Villanueva and Sen. Ronald “Bato” dela Rosa also delivered impassioned attacks on the “PI” on the floor, both saying the ongoing campaign for a people’s initiative to allow Charter amendments—through a constituent assembly drowning out 24 senators’ vote with the vote of 300 members of the House of Representatives—was obviously not grassroots initiated but a devious plot by politicians. Dela Rosa called it a “politicians’ initiative.”

However, House Committee on Ways and Means Chairman Joey Sarte Salceda on Tuesday stressed the legitimacy of the People’s Initiative as a constitutional amendment process, saying that neither the Senate nor the House can deny the people’s sovereign right to initiate constitutional changes and that lawmakers should not be afraid of

the popular will.

“That is why, despite its broad powers to legislate, the Senate can issue only a statement against the People’s Initiative. Ultimately, over and above the House and the Senate, the people are supreme and sovereign,” Salceda said in a statement.

“Once the signature campaign crosses the 12-percent threshold for registered voters nationwide and 3 percent per district, the Constitution should operate, and a plebiscite to bring the matter to the people directly is in order,” he added.

Senators signalled, however, this will not come easy, with Zubiri saying they are ready to mount a legal challenge in the Supreme Court, and asked Minority Leader Aquilino Pimentel III, a Bar topnotcher, to help them with it.

Addressing the Senate’s reservations about foreign ownership

of land, Salceda questioned the effectiveness of current land policies in protecting the agriculture sector.

He also raised critical points about the impact of restrictive policies on farm mechanization, poverty rates among agricultural households, and the stagnant growth of the agriculture sector.

“Are we protecting our farms or starving them of capital? We have the lowest farm mechanization among all major Asean economies [1.2 horsepower per hectare versus 1.6 percent on average],” he said.

“Are we protecting our farmers or keeping them poor? Over 42 percent of agricultural households are poor, versus 11 percent for non-agricultural households. That means our non-agricultural households alone are already at the same poverty rate as rich countries like Germany and Canada,” he added.

Salceda challenged the notion that protecting restrictive land policies equates to success. He pointed out that countries with the highest agricultural efficiency, such as Israel and the Netherlands, impose no restrictions on foreign ownership of private land.

These countries, despite their limited land supply, have thrived by attracting foreign capital and technology into their agriculture sectors, said Salceda. “Frankly, to address the heart of the matter, so what if a foreigner buys land?

As long as he buys it at a fair price and invests to make it productive.

I would rather allow the foreigner to do agriculture here than import cheaper food abroad with hardearned OFW dollars. We Filipinos are already among the largest landowners in Australia, and that country does not complain,” he said.

“We have already tried some of the most radically nativist land policies the world has ever known— from comprehensive land reform to near-total restrictions on the foreign ownership of land to heavy tariffs against agricultural imports to restrictions on land consolidation. Nothing has worked to actually feed our people and lift farmers out of poverty,” he added.

“Perhaps we should try freedom—the freedom of the people to amend their constitution. The freedom of farmers to work with foreign capital and technology. The freedom of Filipinos to invest in the agriculture sector,” he added.

That “freedom,” however, is precisely what senators said they are questioning, given what Villanueva described as “numerous” complaints of ordinary people who claim they were duped into signing forms that turned out to be endorsements of a people’s initiative.

“We should not be afraid of the popular will. The House is not, and the Senate, as a bastion of democracy, should not be,” Salceda insisted.

Companies BusinessMirror

Editor: Jennifer A. Ng

Wednesday, January 24, 2024

B1

ICTSI divests stake in unit ‘Sustech can help gencos evalauate to streamline operations plant operations’

I

By Lorenz S. Marasigan

@lorenzmarasigan

By Lenie Lectura

nternational Container Terminal Services Inc. (ICTSI) has divested the majority stake in its Indonesian subsidiary for $2 million.

According to a disclosure to the stock exchange, ICTSI Far East Pte. Ltd. signed a conditional sale and purchase agreement with PT Sarana Kelola Investa for the sale of 80.19 percent of shares in PT ICTSI Jasa Prima Tbk (IJP).

IJP is a listed company in Indonesia that indirectly engages in port operations through PT PBM Olah Jasa Andal (OJA).

OJA currently has a 15-year equipment supply cooperation agreement with PT Pelabuhan Indonesia II (Pelindo), operating at the Port of Tanjung Priok in Jakarta. This agreement was initially signed on June 5, 2013.

The divestment, according to the Razon-led company, is part of ICTSI’s broader strategy to streamline its operations. The move allows ICTSI to “rationalize its operations” in Indonesia and “redirect resources”

more efficiently. The decision is also aligned with ICTSI’s global strategy, “focusing on full concession contracts” where it maintains comprehensive control over all business aspects, including regulatory and commercial activities.

According to the regulatory filing, the transaction is subject to fulfilling various requirements under the conditional share sale and purchase agreement.

These requirements include the application for the change in ownership at the Indonesia Stock Exchange and other standard conditions precedent to closing, typical of such transactions in the industry.

Last November 2023, ICTSI reported that its profits rose by 4 percent year-on-year to $484.54 million in January to September mainly due to robust revenues from its port operations.

@llectura

T

Photo from www.ictsi.com

The company’s revenue from port operations also rose by 7 percent to $1.76 billion from to $1.64 billion in the previous year, as it handled 9.45 million twenty-foot equivalent units during the said period.

“These excellent results were delivered against some very strong pri-

or year comparatives,” ICTSI Chairman Enrique K. Razon said.

Consolidated cash operating expenses grew by 12 percent to $489.14 million, while financing charges and other expenses saw a marginal increase of one percent to $132.68 million.

SMNI ordered to halt operations T

he National Telecommunications Commission (NTC) has issued a cease and desist order against Swara Sug Media Corp., the operator of broadcasting company Sonshine Media Network International (SMNI), effectively stopping its radio and TV station operations.

“The said order was issued pursuant to Section 4, Rule 10 of The 2006 Rules of Practice and Procedure before the National Telecommunications Commission, which allows the NTC to motu proprio issue a cease-and-desist order against any respondent pending hearing and final consideration in order to protect the interest and welfare of the public,” the NTC said in a statement.

The January 18 order stems from administrative case 2023-052 and is based on NTC’s rules allowing such measures to protect public interest during pending hearings.

The NTC further noted that the decision to issue the order is also related to the supposed non-compliance of SMNI with a prior 30-day suspension order.

“The NTC has received reports

showing that Respondent did not strictly comply with the suspension aspect thereof and was still operating in certain areas in Region VI by as late as 27 December 2023,” it said.

Furthermore, during an administrative hearing on January 4, Swara Sug was granted an extension until January 15 to file its answers. Instead, the company submitted a Motion for Bill of Particulars on January 11, which the Commission later denied on January 16.

Additionally, Swara Sug unsuccessfully attempted to disqualify all three sitting Commissioners from the case, a motion the NTC dismissed on January 17, citing a lack of merit.

“The NTC has directed SMNI to explain in writing within 15 days from receipt of the Order dated 18 January 2024, why it failed to strictly comply with the 30-day suspension order, and directed it to cease and desist from operating its radio and television stations pending hearing and final consideration of the abovecaptioned administrative case,” the NTC said.

When sought for comment SMNI

Legal Counsel Mark Tolentino confirmed that the group has received the NTC’s order on Monday.

“Just received the order yesterday afternoon. We can’t believe that the order was real because it has no legal basis. We will study all possible legal remedies, including filing a motion for reconsideration,” he said via SMS. SMNI was recently in hot waters after the House of Representatives’ Committee on Legislative Franchises conducted three committee hearings that raised concerns about SMNI’s operations.

During the hearings, lawmakers claimed that SMNI had allegedly committed infractions, including the dissemination of deliberately false information or willful misrepresentation, which could be detrimental to the public.

The committee also noted that SMNI had “committed infractions of the Philippine Constitution, Kapisanan ng mga Brodkaster ng Pilipinas, Broadcast Code, and the Revised Corporation Code.”

These allegations prompted Congress to call on the NTC to suspend

SMNI’s operations through a House Resolution, with the NTC giving “due deference to such determination of the House of Representatives and its authority over all matters directly and principally relating to the grant, amendment, extension, or revocation of franchises.”

SMNI, owned by Davao-based preacher Apollo Quiboloy, has a television news channel and operates a radio channel in Manila.

In December, the Movie and Television Review and Classification Board (MTRCB) slapped a two-week suspension on two of its programs, Gikan Sa Masa, Para Sa Masa and Laban Kasama ng Bayan.

Gikan Para Sa Masa was suspended after it aired former President Rodrigo Duterte threatening Act Teachers Partylist Rep. France Castro.

Laban Kasama ng Bayan, meanwhile, was placed in a two-week suspension following hosts Jeffrey Celia and Lorraine Badoy’s reports on the alleged travel extravagance of House Speaker Martin Romualdez. Lorenz S. Marasigan

Chaos in the Red Sea starts to bite into firms’ profits

W

ith the Red Sea crisis roiling shipments of everything from cars to energy, it’s a matter of time before soaring costs and supply-chain strains show up in companies’ earnings reports.

Several firms are already warning of the impact. Electric-vehicle maker Tesla Inc. plans a two-week production halt at a German plant due shipment delays, while Sweden’s Volvocar AB has announced a threeday stoppage at its Belgian factory.

British retailers Tesco Plc, Marks & Spencer Group Plc and Next Plc have all flagged the risk of higher prices for consumers.

All that’s because at least 2,300 ships are taking lengthy detours to avoid Houthi militants’ attacks in the

Red Sea—a waterway that normally handles over 12 percent of global sea trade. Central bankers are warning of an inflation surge that could hamper

interest-rate cuts. For many companies, especially in Europe, it’s adding to transit times, padding out freight bills and raising insurance costs.

And it’s forcing analysts to re-think companies’ earnings estimates for the coming year.

In the past three months, the consensus forecast for car-makers’ earnings is down 5 percent, data compiled by Bloomberg shows. Shippers on the other hand are emerging winners—with container rates surging 300 percent on some routes, earnings estimates for MSCI Europe’s transportation index have risen 7 percent in just two weeks.

Thomas Brenier, head of equities at Lazard Freres Gestion in Paris, has trimmed exposure to the auto sector, seeing it as “one of the first to suffer due to its complex and tense supply chain.” He is also avoiding retail, as it “could suffer from a lack of products to sell.” Bloomberg News

okyo—Sustech Inc. told officials of the Department of Energy (DOE) that there is a technology suited for the Philippines that can provide an accurate analysis of the performance of power plants even when glitches occur.

“There is a Japanese firm, it has AI capability, and it already has at least 21 patents. The experience is that it can process the data, whether (power plant) is on outage, whether it’s on making sure that the size of transmission, energy storage is correct,” said DOE Director for the Energy Utilization Management Bureau (EUMB) Patrick Aquino.

He identified the Japanese firm as “Sustech, but it is up to genco [generation company] to purchase or subscribe to the service.”

The company, according to Aquino, claimed that its technology has an accuracy rate of 92 to 94 percent.

“I will pass on the information to others as if it is that accurate, (then) it can be a good tool. I will share that not only to the Secretary, but also the ERC [Energy Regulatory Commission], which will also be a good recipient of that because they can put in all of the data, let the program run, and be able to identify the problem.”

The technology requires that historical data be utilized for at least two weeks to assess the performance of the power plant so it can gather all information and assess its performance, possibly detecting even errors in its operation.

Citing the Panay power incidents, DOE Undersecretary William Fuentebella said this technology is able to gather the data and provide an analysis thereafter.

“We already have policies in place such as the ‘causer pays’ mechanism, but we have to release first the price determination methodology. Whoever caused the outage must pay, whether it’s the genco or the transmission, this will be later on determined.”

Senator Win Gatchalian said power-generating companies that are unable to provide a stable and steady supply of electricity should be held accountable for outages that

result in economic losses.

Gatchalian made this pronouncement following a power interruption in Negros and Panay sub-grid due to an unplanned outage of Panay Energy Development Corp. (PEDC) Unit 3 last January 17.

Specifically, the lawmaker called on the DOE and the ERC to audit generation companies 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. They should not be allowed to get off the hook easily,” he said.

The lawmaker said holding generation companies accountable for power outages is explicitly provided for under ERC Resolution No. 10, series of 2020, which enforces the maximum number of days for the annual unplanned outages in generating assets.

It can be recalled that the blackout that 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.

(PCPC) Unit 1.

Gatchalian had earlier called for stiffer penalties against industry players found guilty of mismanaging power-related issues that result in economic losses, emphasizing that any penalty should be commensurate with the economic loss incurred in affected areas.

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

Under the reliability index implemented since 2020, for power facilities equipped with pulverized coal technology, their allowable “unavailability” or outages 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.

LTFRB orders InDrive to cease operations

T

he Department of Transportation (DOTr) said on Tuesday the Land Transportation Franchising and Regulatory Board (LTFRB) has issued a “cease and desist” order against InDrive,atransportnetworkcompany.

In a media advisory, the DOTr quoted LTFRB Chairman Teofilo Guadiz III as saying “the Board’s decision is—cease and desist.”

On Tuesday, the LTFRB conducted a hearing on a complaint against InDrive for supposedly violating the fare matrix set by the agency for transport network companies.

Lawyer Ariel Inton, who represented the complainants during the hearing, said InDrive’s bid-ask fare model goes against the current regulated fare systems.

According to InDrive’s website, passengers may place fare “offers” to drivers nearby through its platform.

In contrast, the matrix set by the LTFRB includes a flag down rate, a per minute charge, a distance rate, and a

surge component.

“It’s essentially contracting, which isn’t permitted under the fare matrix,” he said. “Their system is really violative.”

He further explained that even though InDrive claims its model benefits passengers by allowing them to choose fares, in practice, drivers gravitate towards higher fares, which can disadvantage passengers.

“The board’s finding is that they were convinced that there was a violation so InDrive was suspended,” he said. Inton warned: “If InDrive continues their operations tomorrow, we will move for the revocation of their accreditation.”

InDrive’s representatives were sought for comment, but they have yet to reply to the BusinessMirror’s queries as of writing time.

“They need to change their system and comply with our regulations,” Inton said. “But now it is very clear that they have a violation.” Lorenz S. Marasigan

B2

Companies BusinessMirror

Wednesday, January 24, 2024

CNPF hastens RE transition of tuna, coconut facilities

T

By VG Cabuag

@villygc

una canner Century Pacific Food Inc. (CNPF) on Tuesday said it has stepped up its investments in renewable energy (RE) initiatives with the expansion of its solar photovoltaic (PV) capacity and the commissioning of new biomass boilers in General Santos.

The company is expanding its solar power facility in General Santos City, its largest manufacturing hub in the country where it produces tuna and coconut products.

From a capacity of 5.2 megawatts, the operational solar capacity rose by 65 percent to 8.6MW and is expected to be fully operational by March 2024.

“In addition to being an environmentally forward choice for CNPF,

investing in solar unlocks value for the company and enhances our operational resilience,” Teodoro Alexander T. Po, the company’s president and CEO, said.

The company’s tuna and coconut facilities mainly use clean energy sourced from a hydroelectric power plant through the grid.

In 2021, the company commissioned its first solar PV plant in keeping with its commitment to

from our operations also serves as an eco-friendly substitute for coal, contributing to substantial reductions in carbon emissions,” Noel Tempongko, vice president for coconut OEM, said.

Century Pacific’s operations yield coconut shells as byproducts of the company’s de-shelling operations for coconut meat and various coconut derivatives such as desiccated coconut, cocomilk, oil and flour.

Since its commissioning, its roof solar system in General Santos has generated more than 15 million kWh of energy.

Following the addition of this new boiler, CNPF will be adding another mixed biomass boiler in the second quarter.

“Our company’s pursuit of growth runs alongside our desire for longevity. This necessitates a commitment to responsible business practices and creating long-lasting, positive impact on both our bottom line and the planet. Win-win initiatives such as these capture our direction and future,” Po said.

more sustainable manufacturing practices. As of end-2022, more than 60 percent of the hub’s power requirements were harnessed from clean energy sources.

Since 2021, the company has invested approximately P380 million to build and expand its solar plant, which now features a PV roof solar system operating on-grid.

In addition to solar power, the company is also investing in energy alternatives for its coconut operations with the commissioning of new biomass boilers.

The new boiler will utilize coconut shells as biomass fuel, converting byproducts into energy and eliminating coal usage in the process.

On a broader scale, the company anticipates a 36-percent reduction in overall coal consumption across its factory.

“As demand for coconut products soar locally and abroad, our focus is on sustainable practices to mitigate our environmental impact. The expansion of our biomass boilers, utilizing coconut shells

URC Malaysia bags international awards

U

niversal Robina Corp.

(URC) announced that its Malaysian unit bagged two international awards.

Universal Robina Munchy’s was named as one of HR Asia’s Best Companies to Work for in Asia, Malaysia chapter.

The Munchy’s brand, meanwhile, was selected as brand of the year under the biscuits category in Malaysia by the World Branding Forum.

The Best Companies to Work for in Asia award is a testament to the company’s dedication to fostering exceptional workplaces, URM’s CEO, Rodney Wong said.

URM was among 78 companies cited by HR Asia for its exemplary environments that prioritize employee well-being and growth.

The HR Asia program covers over 20,000 companies and surveys some 1.5 million employees across Asia.

“The significance of this recognition underscores our commitment to creating an environment where our employees thrive,” Wong said.

URM was also among the recipi-

ents of the World Branding Awards.

This global recognition platform recognizes the best global, regional and national brands for their achievements.

The winners were selected after an appraisal of their brand valuation, a consumer market research, and a public online voting.

Munchy’s was again cited as the Brand of the Year under the biscuits category in Malaysia. It was the fifth straight year that it received this award.

“These accolades stand as evidence to our relentless pursuit of excellence, innovation and commitment to fostering an environment where our employees flourish,” Wong said.

“They further inspire us to continue pushing boundaries and setting new benchmarks in our industry.”

In 2021, URC acquired Munchy’s, one of the leading biscuit manufacturers in Malaysia. Established in 1991, Munchy’s has now been recognized and successful brand in over 50 countries. VG Cabuag

Swatch Group sales miss record as strong franc dents results

S

watch Group AG failed to hit the sales record predicted by its chief executive officer as the return of customers in China for brands including Omega and Longines disappointed and a strong Swiss franc weighed down results.

The Biel, Switzerland-based company reported revenue of 7.9 billion Swiss francs ($9.1 billion) for 2023, missing an analyst consensus estimate of 8 billion francs.

CEO Nick Hayek said a year ago

that 2023 sales could reach an alltime high of as much as 9 billion francs as Chinese shoppers came back to stores after the end of pandemic lockdowns. China is traditionally the company’s biggest market, accounting for as much as 40 percent of sales. The company said the surging value of the Swiss franc against other currencies dented sales by 554 million francs even as it aggressively hiked watch prices.

“The rapid erosion of major currencies against the Swiss franc could not be offset by continuous price adjustments,” the company said in a statement.

While Swiss watch exports are expected to hit a record this year, rival watchmakers including Richemont have reported slowing demand in recent months following a Covidera boom. Bloomberg News

MUTUAL FUNDS

January 23, 2024

NAV

One Year Three Year

per share

Five Year

Y-T-D

Return*

Return

Stock Funds ALFM Growth Fund, Inc. -a

214.16

-3.37%

-1.89%

-4.32%

-0.46%

1.4831

2.15%

4.43%

0%

ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.9791

ATRAM Alpha Opportunity Fund, Inc. -a

1.62% 1.73%

0.7%

-4.6%

-1.61%

-6.38%

-2.31%

Climbs Share Capital Equity Investment Fund Corp. -a 0.7053 -0.55%

-3.76%

-5.86% n.a

First Metro Consumer Fund, Inc. -a

-6.21% n.a

1.45%

First Metro Save and Learn Equity Fund, Inc. -a 4.6827-6.05% -1.75%

-3.39%

1.14%

First Metro Save and Learn Philippine Index Fund, Inc. -a 0.7045-6.3%

-2.22% n.a n.a

MBG Equity Investment Fund, Inc. -a

84.33

5.64%

-6.44%

-7.25% n.a

PAMI Equity Index Fund, Inc. -a 43.7635

-5.72%

-2.22%

-3.64% n.a

1.98% -0.48%

Philam Strategic Growth Fund, Inc. -a

0.6347

-11.24%

-4.56%

-0.38%

454.87

-3.46%

-2.31%

-3.63%

Philequity Dividend Yield Fund, Inc. -a

1.2256

-0.46%

1.54%

-1.52% n.a

Philequity Fund, Inc. -a

-3.58%

-0.51%

-2.55%

1.32%

Philequity MSCI Philippine Index Fund, Inc. -a 0.8799-3.58%

-1.2%

34.2208

Philequity PSE Index Fund, Inc. -a

1.68% 1.68%

-3.45% n.a

1.5% 1.94%

4.5978

-4.71%

-1.35%

-2.87%

1.18%

765.32

-4.84%

-1.52%

-2.93%

1.16%

0.6892

-4.95%

-1.31%

-5.37% n.a

0.51%

3.432

-5.02%

-1.82%

-4.42%

-0.35%

Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8678-5.13%

-1.83%

-3.23% n.a

United Fund, Inc. -a

0.52%

1.99%

-4.38%

-1.61%

-3.15%

1.73%

1.74%

Soldivo Strategic Growth Fund, Inc. -a

3.1527

0.94%

-0.78%

Philippine Stock Index Fund Corp. -a

Sun Life Prosperity Philippine Equity Fund, Inc. -a

1.14%

1.97% 2.01% 1.97%

Primarily invested in Peso securities (units) COL Equity Index Unitized Mutual Fund, Inc. -a 1.0756-5.05% n.a n.a n.a

1.89%

COL Strategic Growth Equity Unitized Mutual Fund, Inc. -a,2 1.0103 n.a n.a n.a n.a 0.56% Philequity Alpha One Fund, Inc. -a

1.0178

-10.18%

-2.17% n.a n.a

-0.12%

Philippine Stock Index Fund Corp. -a

929.04

-4.85% n.a n.a n.a

1.97%

Exchange Traded Fund (shares) First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 103.9637-4.3% -1.12%

-2.63%

1.84%

1.99%

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

$0.7734

-16.11%

-16.61%

-4.41%

Sun Life Prosperity World Voyager Fund, Inc. -a $1.6603

12.91%

-1.23%

-2.03%

-5.91%

6.9% n.a

-0.09%

Balanced Funds Primarily invested in Peso securities (shares) ATRAM Philippine Balanced Fund, Inc. -a 2.2153

-1.12%

-0.73%

0.44%

0.07%

ATRAM Unicapital Diversified Growth Fund, Inc. -a,41.5184

2.54%

1.23%

-3.31%

-2.57%

-1.44%

0.52%

First Metro Save and Learn Balanced Fund, Inc. -a 2.5116

-4.52%

-1.47%

-1.06%

-0.79%

0.6%

First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.1928

-5.58%

-0.95% n.a n.a

1.26% -3.47%

-0.26%

PAMI Horizon Fund, Inc. -a

NCM Mutual Fund of the Phils., Inc. -a 3.5828

-0.56%

-1.87%

-0.23%

0.57%

0.76%

Philam Fund, Inc. -a

15.6858

-0.88%

1.9535

-2.56%

-0.92%

0.27%

0.45%

0.79%

1.44%

Solidaritas Fund, Inc. -a

2.0479

-1.04%

-0.76%

1.06%

-0.98%

1.18%

0.98%

Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.4338

-1.57%

-1.37%

-2.07%

0.13%

Sun Life Prosperity Dynamic Fund, Inc. -a 0.9093

0.64%

-1.2% n.a

0.55%

-2.33%

0.76%

Primarily invested in Peso securities (units) Sun Life Prosperity Achiever Fund 2028, Inc. -a 0.9441-0.3%

-2.7% n.a n.a

Sun Life Prosperity Achiever Fund 2038, Inc. -a 0.8568-4.01%

-3.35% n.a n.a

0.4% 1.15%

Sun Life Prosperity Achiever Fund 2048, Inc. -a 0.8381-4.69%

-3.49% n.a n.a

1.51%

Primarily invested in foreign currency securities (shares) Cocolife Dollar Fund Builder, Inc. -a $0.03269

-1.18%

-5.82%

-1.6%

0.04%

PAMI Asia Balanced Fund, Inc. -b $0.866 -10.09%

-11.02%

-1.94%

-1.32%

-5.37%

-1.57%

Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.2616

7.25%

-2.63%

4.11%

Sun Life Prosperity Dollar Wellspring Fund, Inc. -a $1.0271

2.17%

-4.43%

0.77% n.a

2.82%

-0.71% -1.34%

Bond Funds Primarily invested in Peso securities (shares) 1.73%

2.58%

ATRAM Corporate Bond Fund, Inc. -a

ALFM Peso Bond Fund, Inc. -a 391.09

1.9142

1.46%

0.19%

0.59%

0.11%

0.28%

Cocolife Fixed Income Fund, Inc. -a

3.3344

2.62%

1.2%

2.26%

3.76%

0.27%

Ekklesia Mutual Fund, Inc. -a 2.2769

2.99%

-0.36%

1.24%

1.51%

-0.4%

First Metro Save and Learn Fixed Income Fund, Inc. -a 2.4503

1.48%

-0.04%

1.97%

Philam Bond Fund, Inc. -a

4.2951

3.17%

2.31%

0.15%

1.29%

1.94%

-2.62%

2.07%

1.1%

-0.07%

Philam Managed Income Fund, Inc. -a

1.3818

3.95%

1.46%

3.17%

1.84%

0.63%

Philequity Peso Bond Fund, Inc. -a

4.0343

3.09%

0.38%

2.52%

1.79%

0%

Soldivo Bond Fund, Inc. -a

2.54%

0.29%

2.95% n.a

0.11%

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

1.0509

3.3015

3.42%

0.94%

3.26%

2.34%

Sun Life Prosperity GS Fund, Inc. -a

2.73%

0.19%

2.43%

1.7%

-0.3%

1.7641

-0.28%

-0.34%

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

1.0123 n.a n.a n.a n.a

0.47%

Primarily invested in foreign currency securities (shares) ALFM Dollar Bond Fund, Inc. -a $495.77

2.78%

0.75%

1.98%

ALFM Euro Bond Fund, Inc. -a Є214.11

1.6%

-0.8%

2.52%

0.11%

0.09%

0.82%

ATRAM Total Return Dollar Bond Fund, Inc. -b $1.0314-0.81% -6.99%

-1.88%

0.05%

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

2.9%

-2.19%

-0.08% n.a

-3.84%

-3.07%

-0.54%

PAMI Global Bond Fund, Inc. -b $0.8528 Philam Dollar Bond Fund, Inc. -a

-2.12% $2.2846

Philequity Dollar Income Fund, Inc. -a $0.0610228

-7.88%

-1.09%

2.53%

-3.38%

1.8%

-1.52%

1.48%

-0.72%

1.33%

1.58%

0.18%

-1.95%

-5.18%

-1.01%

0.38%

Sun Life Prosperity Dollar Abundance Fund, Inc. -a $2.7514

0.82%

0.06% -0.4%

-2.9%

Money Market Funds Primarily invested in Peso securities (shares) ALFM Money Market Fund, Inc. -a 137.13

2.84%

1.81%

2.48%

2.06%

0.19%

First Metro Save and Learn Money Market Fund, Inc. -a 1.1108 3.31%

1.94% n.a n.a

Sun Life Prosperity Peso Starter Fund, Inc. -a 1.37842.87%

2.44%

2.03%

2.05%

0.22%

0.2%

Primarily invested in Peso securities (units) ALFM Money Market Fund, Inc. -a 104.9

4.22% n.a n.a n.a

0.31%

Primarily invested in foreign currency securities (shares) Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.1003

2.71%

1.47%

1.58% n.a

0.26%

Feeder Funds Primarily invested in Peso securities (units) ALFM Global Multi-Asset Income Fund, Inc. -a 43.58110.82% n.a n.a n.a Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a

1.4779

18.4%

ALFM Global Multi-Asset Income Fund, Inc. -a $0.7977-2.3% a - NAVPS as of the previous banking day.

-6.95% n.a n.a

b - NAVPS as of two banking days ago.

2 - Launch date is October 6, 2023.

0.48%

-0.62%

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.”

January 23, 2024

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

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

20,155 516,480,484 18,700 120,300,517 1,716,825 620,626 204,850,544.50 906,713 803,366 20,053 2,350 2,631,716.50 8,853,720 940,710 1,817,730 13,610 29,980 24,000 392,661 1,632,000

163,305,046 27,980,920 252,000 153,843,982.50 3,752 -558 -1,986,696.50 -2,103,910 239,615 1,377,000

INDUSTRIAL ACEN CORP 4.11 4.14 4.11 4.15 4.09 4.14 4,324,000 17,834,690 0.52 0.55 0.55 0.55 0.52 0.55 32,000 17,450 ALSONS CONS ALTERNERGY HLDG 0.75 0.76 0.74 0.76 0.74 0.76 2,903,000 2,174,910 37.85 37.95 37.95 38 37.75 37.95 469,900 17,834,225 ABOITIZ POWER 1.2 1.23 1.2 1.23 1.18 1.23 36,000 43,550 RASLAG BASIC ENERGY 0.188 0.189 0.188 0.19 0.188 0.189 210,000 39,690 18.2 18.28 18.04 18.32 18 18.2 243,400 4,418,514 FIRST GEN 64.3 64.4 63.3 64.4 63.3 64.4 5,740 367,949 FIRST PHIL HLDG MERALCO 383.4 383.6 385 385.2 381.2 383.4 183,250 70,263,990 18.58 18.6 18.58 18.9 18.5 18.6 6,464,300 119,967,928 MANILA WATER PETRON 3.28 3.3 3.35 3.37 3.3 3.3 790,000 2,614,500 PETROENERGY 4.4 4.57 4.4 4.57 4.4 4.57 11,000 49,560 4.08 4.8 4.58 4.8 4.58 4.8 11,000 50,920 PHX PETROLEUM REPOWER ENERGY 7.31 7.4 7.48 7.48 7.31 7.4 23,900 177,370 SEMIRARA MINING 31.8 31.9 31.7 31.95 31.6 31.8 461,800 14,714,555 7.66 7.77 7.9 7.96 7.65 7.66 686,400 5,283,036 SYNERGY GRID SHELL PILIPINAS 10.78 10.8 10.8 10.82 10.76 10.78 100,800 1,087,886 7.05 7.1 7.1 7.1 7 7.1 29,900 211,972 SPC POWER 1.22 1.23 1.24 1.24 1.21 1.23 9,709,000 11,857,990 SP NEW ENERGY AGRINURTURE 0.66 0.67 0.66 0.69 0.65 0.67 4,659,000 3,138,120 2.13 2.32 2.11 2.32 2.11 2.32 32,000 73,270 AXELUM 34.25 34.5 34.9 35 34.25 34.25 993,900 34,285,875 CENTURY FOOD DEL MONTE 6.03 6.2 6.1 6.2 6.1 6.2 8,300 51,175 6.51 6.55 6.6 6.6 6.47 6.51 1,625,900 10,613,202 DNL INDUS 20.9 20.95 20.95 21.05 20.9 20.95 1,101,100 23,105,915 EMPERADOR SMC FOODANDBEV 48.5 48.6 48.7 48.8 48.5 48.5 38,100 1,853,065 0.62 0.63 0.64 0.64 0.62 0.62 8,948,000 5,615,830 FIGARO COFFEE FRUITAS HLDG 0.81 0.82 0.82 0.83 0.81 0.81 2,558,000 2,085,170 GINEBRA 163 164 165.7 165.7 164 164 2,790 458,235 263 263.8 260 264 260 263 251,720 66,082,490 JOLLIBEE KEEPERS HLDG 1.42 1.43 1.43 1.43 1.42 1.42 568,000 806,830 3.4 3.49 3.3 3.53 3.3 3.4 303,000 1,040,640 MAXS GROUP 0.096 0.1 0.095 0.1 0.095 0.1 400,000 38,900 MG HLDG MONDE NISSIN 8.55 8.57 8.37 8.6 8.36 8.55 15,679,500 133,544,208 10.5 10.58 10.1 10.6 10.1 10.58 2,945,800 30,977,232 SHAKEYS PIZZA 0.43 0.44 0.435 0.45 0.43 0.44 70,000 30,600 ROXAS AND CO RFM CORP 2.89 2.91 2.9 2.91 2.89 2.9 4,394,000 12,743,100 0.58 0.6 0.62 0.62 0.6 0.6 26,000 15,850 ROXAS HLDG 0.058 0.064 0.058 0.058 0.058 0.058 20,000 1,160 SWIFT FOODS UNIV ROBINA 112.4 112.6 113.9 114.4 112.2 112.4 1,275,630 144,227,044 0.485 0.51 0.51 0.51 0.49 0.49 13,000 6,410 VITARICH CONCRETE A 40.05 49.95 42 42 42 42 200 8,400 0.9 0.91 0.92 0.95 0.9 0.91 198,000 180,310 CEMEX HLDG 0.66 0.68 0.69 0.69 0.65 0.68 543,000 359,310 EC VULCAN CORP EEI CORP 6.08 6.09 6.1 6.23 6.08 6.09 561,900 3,457,718 MEGAWIDE 3.33 3.34 3.31 3.35 3.31 3.34 368,000 1,227,450 20 20.35 20.4 20.4 19.9 19.9 700 14,180 PHINMA CROWN ASIA 1.53 1.58 1.53 1.59 1.53 1.53 94,000 147,690 0.78 0.79 0.78 0.78 0.78 0.78 20,000 15,600 EUROMED 5.3 5.4 5.54 5.54 5.4 5.4 2,000 10,912 MABUHAY VINYL PRYCE CORP 5.2 5.22 5.22 5.22 5.21 5.21 35,800 186,676 0.234 0.235 0.243 0.243 0.235 0.235 11,530,000 2,763,640 GREENERGY 2.54 2.6 2.52 2.6 2.52 2.55 261,000 666,620 INTEGRATED MICR IONICS 1.1 1.11 1.09 1.1 1.08 1.1 866,000 950,820 4.66 5.53 4.55 4.64 4.55 4.64 3,600 16,614 PANASONIC 2.4 2.44 2.41 2.44 2.38 2.44 603,000 1,455,160 SFA SEMICON CIRTEK HLDG 1.85 1.87 1.89 1.89 1.84 1.87 188,000 351,070

-96,160 10,500 -4,555,160 394,944.00 -2,384,836 -185,420 13,320 -4,800 -5,984 -2,519,185 -1,152,705 -194,440 35,450 6,103,420 364,260 -45,950.00 -5,677,420 43,745.00 -4,403,985 16,257,800 -825,165 1,499,850 5,740 -234,594 -6,450,236 -395,160 900 -57,195,659.00 25,951,360 -1,119,920 -91,338,058 1,854 66,480 -585,270 -1,204,520 18,990

ABACORE CAPITAL AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL ANSCOR ANGLO PHIL HLDG ATN HLDG A COSCO CAPITAL DMCI HLDG GT CAPITAL JG SUMMIT KEPPEL HLDG A LT GROUP PRIME MEDIA SOLID GROUP SM INVESTMENTS SAN MIGUEL CORP TOP FRONTIER WELLEX INDUS ZEUS HLDG

232,220 -23,987,515 -2,810,585 -1,883,232 -245,780 4,685,696 84,075,550 -9,603,460.00 195,259 49,350,645 -5,035,298 -

HOLDING & FRIMS

33.55 141.3 6.75 107.5 31.5 8.63 57.35 8.85 18.84 55 22.2 71.95 43.35 1.19 2.56 2.65 1,001 0.38 179 2,550

1.05 683.5 48.75 11.56 11.76 0.4 0.38 5 10.46 640.5 39.1 5.5 9.1 2.66 0.94 888 116.5 96.1 0.265 0.076

33.7 142 6.85 107.6 31.6 8.68 58 8.9 18.86 55.7 23.5 72 43.5 1.2 2.57 2.74 1,200 0.42 179.5 2,620

1.06 688 49 11.6 12 0.42 0.39 5.01 10.5 641 39.15 6.99 9.16 2.7 0.99 890 117.2 100 0.275 0.083

33.8 142 6.5 106.5 31.45 8.63 56.9 8.75 18.76 55.8 23.5 72 43.35 1.29 2.57 2.71 1,200 0.4 177.5 2,550

1.09 690.5 49 11.6 11.98 0.4 0.38 4.87 10.4 642 39.05 5.4 9.15 2.67 0.99 884 118 99 0.27 0.083

33.8 142.5 6.75 107.6 31.6 8.69 58 8.85 18.86 55.8 23.5 72.8 43.95 1.29 2.57 2.74 1,200 0.4 179.6 2,550

1.09 691 49.25 11.66 12 0.4 0.38 5.03 10.6 666 39.45 5.5 9.21 2.7 0.99 893 118 99 0.27 0.083

33.55 140.6 6.5 106.4 31.45 8.63 56.8 8.75 18.76 55.7 23.5 71.9 43.25 1.18 2.55 2.71 1,199 0.4 177.2 2,550

1.04 683.5 48.4 11.54 11.98 0.4 0.38 4.87 10.26 641 38.9 5.4 9.1 2.66 0.98 884 116.5 99 0.27 0.083

33.55 142 6.75 107.6 31.5 8.63 58 8.85 18.86 55.7 23.5 72 43.5 1.23 2.57 2.74 1,199 0.4 179.6 2,550

1.06 683.5 48.75 11.6 12 0.4 0.38 5 10.5 641 39.1 5.5 9.1 2.7 0.99 890 116.5 99 0.27 0.083

600 3,644,070 2,800 1,122,370 54,400 71,900 3,555,940 102,500 42,700 360 100 36,560 203,600 793,000 710,000 5,000 25 60,000 2,210 640

2,728,000 129,760 132,000 2,984,800 50,000 50,000 200,000 680,000 7,089,400 401,670 593,600 4,500 2,289,800 8,000 30,000 229,320 60,010 220 800,000 20,000

2,880,470 89,126,135 6,437,770 34,617,228 599,814 20,000 76,000 3,386,160 74,282,924 262,636,755 23,235,585 24,730 20,974,713 21,330 29,690 203,820,905 7,023,288 21,780 216,000 1,660

PROPERTY ARTHALAND CORP 0.42 0.435 0.42 0.42 0.42 0.42 10,000 4,200 33.85 34.3 33 34.3 32.85 34.3 6,527,200 220,857,440 AYALA LAND AYALA LAND LOG 1.75 1.78 1.78 1.78 1.74 1.78 482,000 851,010 8.97 9.3 8.96 8.96 8.96 8.96 500 4,480 ALTUS PROP 1.18 1.19 1.14 1.22 1.13 1.19 4,174,000 4,925,340 ARANETA PROP AREIT RT 33.95 34 34.1 34.1 33.9 34 467,800 15,891,125 0.64 0.66 0.64 0.66 0.64 0.66 4,000 2,580 A BROWN 0.7 0.72 0.68 0.73 0.68 0.72 6,000 4,320 CITYLAND DEVT CROWN EQUITIES 0.066 0.071 0.066 0.071 0.065 0.071 470,000 30,710 2.61 2.63 2.61 2.65 2.61 2.63 170,000 447,800 CEB LANDMASTERS CENTURY PROP 0.27 0.275 0.275 0.275 0.27 0.275 140,000 38,250 2.69 2.7 2.69 2.72 2.69 2.7 13,158,000 35,525,970 CITICORE RT 7.92 7.99 7.85 8 7.76 7.99 103,200 816,142 DOUBLEDRAGON DDMP RT 1.24 1.25 1.23 1.25 1.22 1.24 3,258,000 3,998,800 DM WENCESLAO 5.7 5.98 5.98 5.98 5.98 5.98 3,500 20,930 0.125 0.126 0.124 0.126 0.124 0.126 3,880,000 485,460 EMPIRE EAST EVER GOTESCO 0.275 0.285 0.275 0.285 0.275 0.285 540,000 150,600 3.12 3.14 3.15 3.15 3.1 3.14 434,000 1,356,610 FILINVEST RT 0.67 0.68 0.67 0.68 0.66 0.68 801,000 537,430 FILINVEST LAND GLOBAL ESTATE 0.83 0.84 0.83 0.83 0.83 0.83 330,000 273,900 8.75 8.97 8.95 9 8.95 8.97 65,600 588,325 8990 HLDG 0.51 0.53 0.53 0.53 0.5 0.53 515,000 267,350 PHIL INFRADEV CITY AND LAND 0.76 0.77 0.76 0.76 0.76 0.76 15,000 11,400 1.97 1.98 1.97 1.98 1.97 1.97 10,183,000 20,074,910 MEGAWORLD 1.48 1.49 1.5 1.52 1.46 1.49 450,000 671,080 MRC ALLIED MREIT RT 14.12 14.16 14.1 14.16 14.1 14.12 1,124,300 15,877,588 0.33 0.35 0.33 0.33 0.33 0.33 10,000 3,300 PHIL ESTATES PREMIERE RT 1.52 1.54 1.53 1.54 1.52 1.52 373,000 571,550 2.32 2.38 2.33 2.33 2.33 2.33 1,000 2,330 PRIMEX CORP 5.46 5.49 5.42 5.48 5.34 5.48 4,655,000 25,373,791 RL COMM RT ROBINSONS LAND 16.56 16.58 16.5 16.7 16.4 16.56 4,323,600 71,689,398 PHIL REALTY 0.149 0.175 0.17 0.18 0.17 0.175 1,060,000 184,040 1.4 1.44 1.45 1.45 1.44 1.44 48,000 69,380 ROCKWELL SHANG PROP 3.9 3.93 3.92 3.93 3.9 3.9 135,000 527,330 3.2 3.34 3.41 3.41 3 3.3 1,517,000 4,623,520 STA LUCIA LAND 33.05 33.4 33.2 33.6 32.95 33.05 4,359,200 145,144,500 SM PRIME HLDG VISTAMALLS 2.26 2.3 2.3 2.3 2.3 2.3 28,000 64,400 0.79 0.81 0.8 0.81 0.79 0.81 405,000 324,930 SUNTRUST RESORT 1.76 1.77 1.76 1.77 1.76 1.76 414,000 729,980 VISTA LAND VISTAREIT RT 1.73 1.74 1.75 1.75 1.73 1.73 371,000 645,680

SERVICES ABS CBN 4.81 4.88 5.15 5.15 4.8 4.88 611,000 3,015,900 8.89 8.9 8.89 8.9 8.88 8.9 133,500 1,186,987 GMA NETWORK MANILA BULLETIN 0.2 0.233 0.2 0.2 0.2 0.2 60,000 12,000 7.25 8.52 7.25 7.25 7.25 7.25 100 725 MLA BRDCASTING 1,749 1,750 1,750 1,757 1,746 1,750 25,375 44,393,895 GLOBE TELECOM PLDT 1,290 1,294 1,296 1,297 1,282 1,290 34,455 44,450,815 0.013 0.014 0.013 0.014 0.013 0.014 163,700,000 2,129,300 APOLLO GLOBAL 8.67 8.68 8.84 8.84 8.66 8.68 1,909,800 16,625,224 CONVERGE DFNN INC 3.05 3.07 3.05 3.05 3.05 3.05 4,000 12,200 2.39 2.4 2.39 2.44 2.38 2.4 3,301,000 7,985,410 DITO CME HLDG NOW CORP 1.16 1.17 1.18 1.19 1.17 1.17 361,000 424,180 TRANSPACIFIC BR 0.131 0.134 0.134 0.134 0.134 0.134 100,000 13,400 15.76 23.6 15.76 16.5 15.74 15.76 1,019,400 16,066,518 ASIAN TERMINALS CHELSEA 1.51 1.55 1.49 1.55 1.49 1.55 223,000 341,240 32.8 32.95 32.7 32.95 32.65 32.95 143,300 4,700,450 CEBU AIR 240.4 243.4 241.8 243.4 239.4 243.4 1,158,500 279,352,694 INTL CONTAINER LBC EXPRESS 15.6 17.9 15.3 16 15.3 15.6 500 7,820 4.06 4.08 4.1 4.11 4.05 4.06 450,000 1,835,040 MACROASIA 5.26 5.55 5.4 5.68 5.4 5.55 31,400 174,397 PAL HLDG HARBOR STAR 0.85 0.86 0.85 0.86 0.81 0.86 24,000 20,120 0.061 0.063 0.064 0.064 0.062 0.062 540,000 33,560 BOULEVARD HLDG 6.86 8.53 6.86 8.51 6.86 8.51 1,300 9,083 GRAND PLAZA WATERFRONT 0.4 0.41 0.4 0.4 0.4 0.4 20,000 8,000 8.5 8.73 8.73 8.73 8.73 8.73 600 5,238 CENTRO ESCOLAR 566 584 589.5 589.5 584.5 584.5 30 17,585 FAR EASTERN U IPEOPLE 7.3 7.45 7.35 7.35 7.2 7.3 56,000 403,460 0.56 0.57 0.56 0.58 0.56 0.57 6,581,000 3,735,550 STI HLDG BELLE CORP 1.15 1.16 1.17 1.17 1.15 1.16 166,000 192,630 BLOOMBERRY 10.44 10.46 10.26 10.48 10.18 10.44 4,766,100 49,610,918 4.3 4.32 4.42 4.42 4.17 4.3 1,004,000 4,278,680 PACIFIC ONLINE PH RESORTS GRP 0.83 0.84 0.82 0.84 0.82 0.83 563,000 467,700 PREMIUM LEISURE 0.65 0.67 0.67 0.67 0.66 0.67 6,710,000 4,445,440 7.92 7.97 7.56 8 7.56 7.97 3,246,500 25,401,673 DIGIPLUS PHILWEB 1.77 1.78 1.82 1.88 1.77 1.77 385,000 689,540 0.159 0.16 0.159 0.161 0.159 0.16 4,250,000 679,550 ALLDAY 1.12 1.13 1.13 1.13 1.12 1.12 2,017,000 2,261,500 ALLHOME METRO RETAIL 1.29 1.3 1.29 1.29 1.29 1.29 115,000 148,350 28.75 28.8 28.65 29 28.5 28.75 811,100 23,338,285 PUREGOLD 36.4 36.5 36 36.55 35.8 36.4 1,044,000 37,681,400 ROBINSONS RTL PHIL SEVEN CORP 77.3 77.5 78 78 77.3 77.3 770 59,704 2.72 2.74 2.66 2.72 2.65 2.72 633,000 1,693,000 SSI GROUP UPSON INTL CORP 1.39 1.42 1.47 1.75 1.39 1.42 245,000 354,960 WILCON DEPOT 21.8 22 21.85 22 21.75 22 253,200 5,543,225 2.13 2.95 2.94 2.94 2.94 2.94 2,000 5,880 EASYCALL MEDILINES 0.31 0.315 0.31 0.31 0.31 0.31 120,000 37,200 PAXYS 1.21 1.29 1.21 1.21 1.21 1.21 7,000 8,470 0.172 0.174 0.174 0.174 0.172 0.174 120,000 20,760 PRMIERE HORIZON SBS PHIL CORP 4.21 4.58 4.2 4.58 4.2 4.58 63,000 271,110

MINING & OIL ATOK 4.65 5.43 5.49 5.49 5.43 5.43 2,000 10,920 APEX MINING 2.9 2.91 2.85 2.92 2.84 2.9 1,774,000 5,120,340 4.67 4.68 4.68 4.73 4.68 4.68 227,000 1,063,910 BENGUET A 4.6 4.68 4.7 4.7 4.68 4.68 39,000 182,680 BENGUET B CENTURY PEAK 3.06 3.23 3.06 3.23 3.05 3.23 72,000 220,360 2.1 2.12 2.12 2.14 2.1 2.13 18,000 38,040 FERRONICKEL 0.038 0.04 0.038 0.039 0.038 0.039 600,000 23,200 GEOGRACE LEPANTO A 0.073 0.078 0.074 0.074 0.073 0.073 860,000 63,390 0.074 0.075 0.075 0.075 0.075 0.075 170,000 12,750 LEPANTO B MANILA MINING B 0.0044 0.0045 0.0043 0.0044 0.0043 0.0044 5,000,000 21,800 0.82 0.83 0.8 0.85 0.8 0.83 1,861,000 1,539,060 MARCVENTURES 0.5 0.58 0.485 0.485 0.485 0.485 1,000 485 NIHAO NICKEL ASIA 4.86 4.87 4.89 4.89 4.82 4.87 757,000 3,684,330 ORNTL PENINSULA 0.62 0.65 0.65 0.65 0.62 0.65 63,000 39,570 3.11 3.12 3.1 3.15 3.1 3.12 804,000 2,501,760 PX MINING ENEX ENERGY 4.69 4.74 4.58 4.69 4.58 4.69 11,000 50,860 0.0077 0.0081 0.008 0.008 0.008 0.008 10,000,000 80,000 PHILODRILL 3.9 3.92 3.85 3.9 3.85 3.9 66,000 256,190 PXP ENERGY

PREFFERED HOUSE PREF B 99 101 101 101 101 101 30 3,030 1,070 1,079 1,080 1,080 1,070 1,079 1,485 1,592,310 ACEN PREF B AC PREF AR 2,482 2,504 2,486 2,486 2,480 2,480 2,080 5,158,880 492 495 495 495 495 495 490 242,550 AC PREF B2R 33.95 34.65 34 34 33.95 33.95 600 20,385 CEB PREF DD PREF 94.3 95 95 95 94 94 37,530 3,531,065 96 97 96.95 97 95.8 97 3,500 339,271.50 EEI PREF B 952.5 979.5 951 951 951 951 520 494,520 GTCAP PREF B JFC PREF A 960.5 999.5 961 961 961 961 50 48,050 96 99 99 99 99 99 4,970 492,030 MWIDE PREF 2B MWIDE PREF 4 93.15 94 94 94 93.15 94 5,330 499,043 23.05 25.6 23.05 25.6 23 25.6 1,700 39,605 PNX PREF 3B 991.5 992 992 992 992 992 200 198,400 PCOR PREF 3A PCOR PREF 3B 992 997.5 997.5 997.5 997.5 997.5 10 9,975 72.75 73 73 73 72.4 73 91,220 6,606,800 SMC PREF 2F 71 72.75 71.5 72.75 70.25 72.75 44,800 3,191,920 SMC PREF 2I SMC PREF 2J 70 72.95 70 70 69.4 69.4 14,000 976,600 69.9 71 69.9 69.9 69.9 69.9 66,600 4,655,340 SMC PREF 2K 78 78.5 78 78.5 78 78.5 15,010 1,170,785 SMC PREF 2L SMC PREF 2N 77.8 78.5 78.5 78.5 78.5 78.5 10 785 78.5 78.6 78.3 78.6 78.3 78.5 27,120 2,128,764 SMC PREF 2O 48.4 48.5 48.5 48.5 48.5 48.5 4,400 213,400 TECH PREF B2D

ABS HLDG PDR 4.66 4.9 4.9 4.9 4.66 4.66 80,000 379,200 8.12 8.95 8.96 8.96 8.96 8.96 1,000 8,960 GMA HLDG PDR

WARRANTS 1.0045 n.a n.a n.a n.a

Primarily invested in foreign currency securities (Units)

1 - Launch date is August 22, 2023.

PSE STOCK QUOTATIONS

PHIL. DEPOSITARY RECEIPTS

1.09%

8.18% n.a n.a

0.59% Sun Life Prosperity World Income Fund, Inc. -a,1

www.businessmirror.com.ph

TECH WARRANT

0.275

0.295

0.27

0.295

0.27

0.295

60,000

16,700

96,753,100 5,280 12,000 -5,370,775 1,920 26,300 -25,218,460 31,832 -4,910 -2,850.00 -71,830 61,670 -3,570,210 -75,000 52,850 -6,608,905 23,614,022.00 -37,700 30,690 -18,069,395 -28,190 -45,080 -6,859,255 -6,989,470 -6,166,316 399,920 22,420 807,940 -24,809,164 16,220 -29,150 -8,232 787,920 -9,200.00 18,058,476 8,840 -41,500 -8,533,864 829,200 7,202,610 886,325 17,890 87,930 -169,030 -2,942,850 -3,100 4,680 91,500 68,870 -540,630 -3,250 -204,060 -198,400 8,622 -203,985 8,960 -

SMALL, MEDIUM & EMERGING

0.41 0.41 0.41 0.41 170,000 69,700 0.74 0.74 0.73 0.73 226,000 165,130 0.94 1.01 0.94 0.99 1,696,000 1,662,270 0.66 0.66 0.66 0.66 3,000 1,980 0.06 0.06 0.06 0.06 50,000 3,000 1.01 1.02 1.01 1.01 1,210,000 1,223,830 0.275 0.275 0.255 0.27 1,160,000 301,350 -7,650

EXHANGE TRADE FUNDS

104 104.6 103.8 104.6 20,470 2,135,244 41,895

BALAI FRUITAS CTS GLOBAL HAUS TALK ITALPINAS LFM PROP MERRYMART XURPAS

FIRST METRO ETF

0.41 0.73 0.97 0.63 0.06 1.01 0.255

104.3

0.425 0.75 0.99 0.66 0.068 1.02 0.27 104.6

www.news.businessmirror@gmail.com

Credit, debit cards soon accepted for multiple use

C

ATCH the local metro railways using your debit or credit card? That might be the future of railway payments in the country if things go well with the pilot testing being undertaken by the national government.

Bangko Sentral ng Pilipinas (BSP) Deputy Governor Mamerto E. Tangonan disclosed that the central bank is currently working with the Department of Transportation (DOTr) for the roll-out of a digital payments for transit.

“There is an ongoing pilot between Land Bank [of the Philippines and] Mastercard... DOTr that allows you to use your debit or credit card with a MasterCard brand to pay for your rail,” Tangonan told reporters recently.

The use of cards to pay railway rides is part of the efforts of the BSP to further digitalize the country’s payment systems.

In other digitization efforts of the BSP, Tangonan disclosed that local government units (LGUs) are “taking the initiative” to expand the use of digital payments in their wet markets.

“So, with the DILG (Department of the Interior and Local Government), we’re working through DG (Deputy Governor) [Bernadette Romulo-Puyat], for the ‘PalengQR’ roll-out. I’m happy to observe and note that, you know, LGUs themselves are taking the initiative to roll it out in their own jurisdictions,” he said.

Tangonan also noted that the Bureau of International Revenue’s (BIR) invoicing project is making strides.

The BSP targeted to convert at least 50 percent of the retail payments to digital last year. The BSP is set to release a report on the 2022 digital payment status by the middle of this year, Tangonan said.

“There’s a lag in terms of collecting, compiling and analyzing the data. That’s why I mentioned that our timeline for releasing the results of the e-payments measurement report is six months from year end. So, we can anticipate another briefing for the epayments measurement report for 2023 by around July of this year,” he said.

“Yeah, so the targets may be aligned with the Philippine Development Plan, that’s targeting 60 percent to 70 percent by 2028. So, that’s also a worldwide commitment. So, yeah, again, the next 20 percent is not as easy as the first 50 percent. You know how the innovation cycle goes, right? So, yeah, but anyway, we have initiatives lined up to get us there,” he added.

Jasper Emmanuel Y. Arcalas

Banking&Finance BusinessMirror

A

B3

BSP to issue new bank-disclosure rules

T

By Jasper Emmanuel Y. Arcalas

@jearcalas

HE Bangko Sentral ng Pilipinas (BSP) would soon release new guidelines that would expand key banking indicators and measures, including loans that worsen the climate crisis, a high-ranking official said.

BSP Deputy Governor Chuchi G. Fonacier said the central bank would roll-out its report on taxonomy either in the last week of January or in February.

“The one on the taxonomy is ac-

tually to be rolled out. It’s done, parang refinements na lang. So, if not in the last week of this month, maybe in January; it’s likely in February,” Fonacier told reporters recently.

The report on taxonomy includes

the disclosures by banks regarding their climate-related loans and assets. The report would indicate which loans and assets of banks are good, bad or worse for the climate.

The taxonomy report is part of the BSP’s thrust of strengthening its research capabilities in its quest to deepen capital markets to make the financial sector sustainable.

(Related story: https://businessmirror.com.ph/2023/08/11/bspto-boost-research-capability-forsustainable-financial-sector/) Fonacier added that the BSP’s report on digital banks would be out within the first quarter. She explained that the BSP is still collating pertinent information about the digital banking industry since the banks only made full operations in 2022.

“That is why we are still gathering

data to really serve as well to have a full analysis of what’s been happening,” she said.

“But, initially the onboarding was not a problem. Meaning, the deposit generation ang bilis makakuha. But in the deployment of the funds, that’s where the challenge is for them,” she added.

The report that is being drafted by the BSP seeks to evaluate the country’s current digital banking industry.

Last year, BSP Governor Eli M. Remolona Jr. emphasized the BSP’s commitment to contribute to the country’s efforts to achieve “net zero” through its 11 sustainability strategies. The United Nations defines “net zero” as “cutting greenhouse gas emissions to as close to zero as possible, with any remain-

ing emissions re-absorbed from the atmosphere, by oceans and forests for instance.”

One of the 11 strategies is to mandate banks to make climate-related disclosures. He explained that banks would be tasked to report which of their loans and assets is good, bad, or worse for the climate.

The taxonomy to be used for this disclosure system, Remolona said, is being crafted together with climate scientists. Some of the questions that will be asked include whether bank’s loans or assets slow down or accelerate climate change and promote carbon emissions or absorb carbon emissions.

Each metric, Remolona explained, will be weighted, allowing the BSP to give each bank an overall rating in terms of its role in climate change.

New products boost IC’s fee collection

By Reine Juvierre S. Alberto

T

HE Insurance Commission (IC) said the amount of fees it collected last year rose by 3.83 percent to P518 million from P499 million in 2022 on the back of more product registrations by insurers.

“The increase in the collection of registration and supervision fees is attributable to the 10.04 percent increase in ‘Registration Fees for Product Approvals’ and the 14.12-percent increase in ‘Examination Fees,’” read a statement the IC issued on Tuesday.

According to the IC, it collected P61 million in Registration Fees for Product Approvals, 10.04 percent higher than the P56 million recorded in 2022.

Higher examination fees that expanded by 14.12 percent on an an-

nual basis also boosted the overall contributions. The IC accumulated P148 million in Examination Fees last year from P130 million in 2022, based on IC’s latest data.

The P518-million collection of registration and supervision fees consists of Examination Fees for insurance agents; Certificate of Authority Fees for new and renewal applications of licenses of insurance agents, brokers, adjusters and other professionals involved in the insurance industry; Registration Fees for Product Approvals; Supervision Fees; and Processing Fees, the IC added.

IC data showed Supervision Fees also increased to P25 million recorded in 2023 by 3.02 percent from P24 million it collected in 2022.

Miscellaneous Income of the IC

also grew by 26.59 percent to P33 million last year from P26 million in 2022.

Meanwhile, the IC noted the “Certificate of Authority Fees” (CAF) and “Processing Fees” it collected in 2023 dipped. The CAF amounted to P188 million in 2023, declining to 3.39 percent from the P194 million posted in 2022.

The IC’s collection of processing fees also decreased to 7.19 percent from P12 million in 2022 lower than the P11 million recorded in 2023.

The IC, in accordance with the provisions of the Insurance Code and Executive Order 192 (s.2015), is mandated to regulate and supervise the insurance and pre-need industries and health maintenance organizations conducting business in the country.

High demand leads to low bond yields

H

IGHER demand by investors caused the average yield of Treasury bonds (T-bonds) to ease, allowing the Bureau of the Treasury (BTr) to make a full award of Tuesday’s auction and raise P30 billion for the national government.

The BTr explained that it made a full award of the fresh 10-year Tbonds it auctioned on Tuesday as the rates offered by investors were “broadly in line” with prevailing secondary market rates. The coupon rate for the fresh government securities was set at 6.25 percent.

“The auction received strong demand, going 3.4 times oversubscribed as total submitted bids amounted to P102.2 billion. With its decision, the Committee raised the full program of P30.0 billion,” the Treasury said after the tender.

The investors’ average yield bid for the T-bonds stood at 6.218 percent with a range of 6.1 percent to 6.25 percent.

Rizal Commercial Banking Corp.

Chief Economist Michael L. Ricafort said the average yield of the new 10year T-bonds were lower than the 6.224 percent average rate recorded in the previous 10-year T-bond auction last December 5, 2023.

The average yield was also lower than the comparable 10-year PHP BVAL yield of 6.25 percent as of January 22, Ricafort added.

Ricafort attributed the decline in yield sought by investors to “easing” inflation trend and market expectations of a Federal Reserve rate cut this year.

“The 10-year T-bond auction yield also eased on unusually high/strong demand or total bids at P102.233 billion, more than 3 times the total offering of P30 billion, which was fully awarded; also higher vs.

P40.651 billion vs. the previous 10year T-bond auction on December 5, 2023,” Ricafort said.

The Treasury has found success

UBP 1st lender in decades awarded Agora’s marketing firm of the year BOITIZ-led Union Bank of the Philippines (PSE: UBP) has been awarded as marketing company of the year during the 42nd Agora Awards.

UBP is the first lender in decades to receive the award.

Typically, banks don’t land on the list of brands people associate with great customer experience. That’s because most consumers have been used to bearing with the pains and inconveniences of banking like long lines, hours of waiting, limited business hours, voluminous document requirements and just overall poor customer service, the lender said.

UBP said it changed all that when it became the first bank to introduce consumers to the benefits and conveniences of real

Editor: Dennis D. Estopace • Wednesday, January 24, 2023

and seamless end-to-end digital banking.

Its mobile banking platforms was created for retail and consumer banking, the portal for corporate banking and “UB Negosyante for SME banking.”

“It reshaped the future of banking by addressing the pain points customers have associated with traditional banks,” it said.

To ensure inclusivity in its digital adoption strategy, the bank transformed even its physical touchpoints, both branches and its frontliners, introducing self-service tablets and providing its personnel with the necessary skills to guide digital migrants to realize the ease of doing digital banking.

In 2023, it was voted the “Most Recommended Retail Bank” and

achieved the highest net promoter score among Philippine banks, according to Bain Consulting’s 2023 “Prism Report.”

The bank has added over 4 million customers in the last twoand-a-half years, including the onboarding of Citibank Philippines’ consumer banking customers in August 2022.

With close to 14 million retail customers, UBP has surpassed its larger competitors.

The Agora Awards, the annual recognition program organized by the Philippine Marketing Association, honors outstanding organizations that have demonstrated exceptional Marketing practices and contributed to the growth and development of the Marketing profession in the Philippines.

VG Cabuag

so far across all of its tenders of government securities this month as it has been making full awards of Treasury bills and T-bonds auctions.

The Treasury has yet to make a partial award, mixed award or full rejection of its auctions so far this year.

The national government has set its borrowing plan this year at P2.46 trillion, some P253 billion more than last year’s P2.207 trillion gross borrowing plan, based on state budget documents.

This year’s borrowing program would still follow a 75:25 mix in favor of domestic sources.

The Marcos administration will borrow P1.853 trillion from the domestic market through the sale of T-bills and T-bonds.

The Treasury will tender a total of P51.050 billion worth of T-bills and P1.802 trillion worth of T-bonds for the entire 2024.

Jasper Emmanuel Y. Arcalas

CRYPTO CENTERS

VIRTUAL asset service provider Moneybees Forex Corp. announced last Tuesday it has expanded its over-the-counter cryptocurrency exchange service with the opening of a third hub in Alabang. Moneybees Chairman and CEO Jay Ricky Villarante was quoted in a statement as saying that the opening of JK BitcoinHub, operated and managed by PSulit Money Changer, will help increase access to crypto markets. Jennalyn H. Villarante, owner of PSulit Money Changer, said that “by offering cryptocurrency exchange services, [we] can tap into a growing market and provide customers with a convenient and modern solution.” CREDIT: Moneybees Forex Corp.

G-Xchange sells shield for GCash transaction

G

CASH operator G-Xchange Inc. launched last Monday an “add-on” feature to the firm’s digital wallet platform executives said will protect consumers from fraud and scams for P30 a month.

G-Xchange calls its new product “Send Money Protect,” or “SMP,” and dubbed as the “first embedded online scam protection for money transfers.”

Developed with Warren, New Jersey, United States-headquareterd The Chubb Corp., SMP provides GCash users “with an additional layer of security for their ‘Express Send’ transactions,” read a statement from G-Xchange. The monthly fee of P30 insures up to P15,000 in transactions.

According to G-Xchange VicePresident Winsley Royce F. Bangit, the SMP would protect GCash users against the most prevalent online frauds, such as fake sellers and identity impersonation scams. Users need to activate the “Send Money Protect” option during “Express Send” transactions.

Bangit added that SMP will boost

A take on the future “You’ll spend most of the rest of your life in the future . . . and you’ll never get out of it alive.”—From a futurist

A

MIDST the festive environment of 2023 Christmas and the onset of the 2024, many international concerning events hugged the headlines—the continuing Ukraine war, the Gaza miseries, the Houthis’ encounters, the geopolitical threats, the rapid developments in technology, threats and consequences of artificial intelligence, and more. The world seems to be in turmoil.

For most of us, there is always a good promise what the future brings.

Experience equips us to overcome the challenges that the future may present. Some believe that the future can be conquered based on what happened in the past. If these premises were correct, how come the world is always besieged with crisis after crisis despite great minds at work. Well heralded new

a user’s confidence in sending money.

Covered by the micro insurance product are scams involving social engineering— or the use of fake identities—and online shopping fraud.

Bangit said the firm is putting high premium on security, as such it now accounts for “the biggest chunk” of the company’s capital expenditures.

When asked what happens to accounts that have been proven to have been used in scams and fraud, Bangit said the firm “will leverage its relationship with law enforcements to ensure that these bad actors will be put behind bars.”

“We make sure to be relentless in strengthening our trust and security initiatives—from utilizing topnotch cybersecurity technology and AI-powered systems, to ensuring our customers are educated,” he added.

“We also work very closely with law enforcement agencies to run after cybercriminals. In addition to these, we are excited to offer SMP so our users can have that option to give themselves extra protection against threats.” Lorenz S. Marasigan

ideas and norms have skin with an internal evolved into threats clock ticking away and real risks.

24 x 7 x 52, the globThe world has inal economy resource deed changed and Finex free base knows no boundcontinues to change. enterprise aries and time zones.

Technology yields roInstant response has bust changes that Conchita L. Manabat become the norm. imply “less relevant Quickest time is of experience” has become more practithe essence! cal. You can no longer learn just from The baggage of experience may be experience. Simply extrapolating from better left behind to provide a clean what we know and where we are today platform for an entirely new play of may no longer be useful. The variables, things. Clinging to the past serves as the timeline, the other significant eleconstraint. As the buzzwords say, think ments and more, keep on changing and outside the box! By taking a giant leap becoming extraneously time sensitive. into the Great Unknown, we can parIt seems that the name of the game is ticipate in making the promises of the to take on and manage risks instead future happen. We need to participate of avoiding them. Reluctance to make and make our mark for our future. bold decisions with more studies and consultations renders actions stale or Dr. Conchita L. Manabat is the president of the too late to arrest the likely enormous Development Center for Finance. A past chairperson of damages/consequences. the International Association of Financial Executives The “unknown” is now the realm of Institutes (IAFEI), she now chairs the Advisory Council of all possibilities. Wrapped in a digital the said organization.

B4

Show BusinessMirror

Wednesday, January 24, 2024 • Editor: Gerard S. Ramos

www.businessmirror.com.ph

TODAY’S HOROSCOPE

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Mischa Barton, 38; Tatyana Ali, 45; Ed Helms, 50; Neil Diamond, 83.

HAPPY BIRTHDAY: Pay attention, be direct and leave nothing to chance. It’s up to you to adjust to suit your needs. Don’t compromise regarding your passion, goals and health. Set high standards and expectations, and focus on reaching your goals with time to spare. Strive for perfection, and say no to anyone who tries to lead you astray. Take credit for your actions. Your numbers are 3, 12, 19, 21, 29, 35, 44.

RECKLESS PROJECT

SO this promoter reportedly lost so much money because of two projects they recently did, one of which was described as reckless. Slowly but surely, the company is being exposed for its misdeeds, such as favoritism and mishandling of projects. One of the projects they handled became international news, and not a good way. Before this, the company was already being lambasted on social media for favoritism and under-the-table dealings. What makes it worse for this promoter is that there is now a lot of competition.

Well, at the end of the day, the company has made a lot of money from past projects and the owners are already very rich.

INDIFFERENT

THERE are a lot of videos circulating on social media about how indifferent the young actor seems to his co-star when he thinks the camera isn’t filming.

It’s strange because in the past, he has always been so attentive to her. It got to a point that even their co-stars thought they were a real couple. Something seems to have happened in the past few months that changed everything. People think the young actor’s co-star did something that changed his opinion of her.

Others theorize that the young actor’s real girlfriend started to get jealous and wanted him to keep his distance from his co-star.

THE REAL REASON

SO what really caused the break-up of this power couple after years of being together? The actress, who is well-loved in the industry, allegedly never realized that the then-boyfriend is someone who is snooty and arrogant. To her, he was kind and sweet but he isn’t the same way to others and she never knew that until recently. For instance, she learned he is only nice to rich people but to those he deems useless to him, the actor doesn’t even bother. He is also not good to those who work in the service industry, something which the actress discovered too late.

PHOTO BY DAVID HOLMES ON UNSPLASH

CHEATER

THIS beautiful woman apparently has a reputation for cheating on her partners. In the past, she was caught cheating on her then-boyfriend, an actor who is now married. He was very much in love with her but she wanted something more. Well, eventually she did find something more. She got a rich man for a boyfriend but eventually, she cheated on him again. And she cheated not just once but several times. Eventually, she got caught but out of pride and vanity, the rich man didn’t dump her. Instead, he is making her suffer by not marrying her when everybody thinks he should.

ARIES (March 21-April 19): Approach someone you trust to offer insight into a personal or professional situation. Join forces with someone who feels as driven as you to contribute to a cause that concerns you. Take better care of your health, and do your best to avoid injury. ★★

TAURUS (April 20-May 20): You’ll quickly pick up information and skills. Set out on a path of discovery, and you’ll be surprised by what you learn and the changes you decide to implement. Say no to anyone trying to bully or control you. Take charge and follow your instincts. ★★★★

NORMAN JEWISON with Ted Neely on the set of one of his earlier films, the acclaimed Jesus Christ Superstar.

Norman Jewison,

acclaimed director

of ‘In the Heat of the Night’ and ‘Moonstruck,’ dead at 97

GEMINI (May 21-June 20): Check facts before you make a move. Learn all you can about the people you’ll be dealing with and the expectations others have of you. Don’t trust someone’s word; get what you want in writing. Promise only what you can deliver. Truth matters. ★★★

CANCER (June 21-July 22): Clear up any misunderstandings. Make sure everyone is on the same page before you start something new. Taking control will ensure you don’t get sidetracked by trivial matters or interference. A partnership looks promising. ★★★ LEO (July 23-Aug. 22): Choose maintenance over replacement. Keep your costs down and your goal doable; you’ll ease stress. If you do the work yourself, you’ll pick up additional skills that will come in handy. Lower your overhead and put a financial plan in place. Excess is the enemy. ★★★

N

BY HILLEL ITALIE The Associated Press

EW YORK—Norman Jewison, the acclaimed and versatile Canadian-born director whose Hollywood films ranged from Doris Day comedies and Moonstruck to such social dramas as the Oscar-winning In the Heat of the Night, has died at age 97.

Jewison, a three-time Oscar nominee who in 1999 received an Academy Award for lifetime achievement, died “peacefully” on Saturday, according to publicist Jeff Sanderson. Additional details were not immediately available.

Throughout his long career, Jewison combined light entertainment with topical films that appealed to him on a deeply personal level. As Jewison was ending his military service in the Canadian navy during World War II, he hitchhiked through the American South and had a close-up view of Jim Crow segregation. In his autobiography This Terrible Business Has Been Good to Me, he noted that racism and injustice became his most common themes.

“Every time a film deals with racism, many Americans feel uncomfortable,” he wrote. “Yet it has to be confronted. We have to deal with prejudice and injustice or we will never understand what is good and evil, right and wrong; we need to feel how ‘the other’ feels.”

He drew upon his experiences for 1967’s In the Heat of the Night, starring Rod Steiger as a white racist small-town sheriff and Sidney Poitier as a Black detective from Philadelphia trying to help solve a murder and eventually forming a working relationship with the hostile local lawman.

James Baldwin condemned the film’s “appalling distance from reality,” and thought the director trapped in a fantasy of racial harmony that would only heighten “Black rage and despair.” But The New York Times’ Bosley Crowther was among the critics who found the movie powerful and inspiring and in a year featuring such landmarks as The Graduate

and Bonnie and Clyde, Jewison’s production won the Academy Award for best picture while Steiger took home the best actor Oscar. (Jewison lost out for best director to Mike Nichols of The Graduate).

Among those who encouraged Jewison while making In the Heat of the Night: Robert F. Kennedy, whom the director met during a ski trip in Sun Valley, Idaho.

“I told him I made films and he asked what kind I make,” he recalled in a 2011 interview with The Hollywood Reporter. “So I told him that I was working on In the Heat of the Night and that it’s about two cops: one a white sheriff from Mississippi and the other a black detective from Philadelphia. I told him it was a film about tolerance. So he listened and nodded and said ‘You know, Norman, timing is everything. In politics, in art, in life itself.’ I never forgot that.”

He received two other Oscar nominations: For Moonstruck, the beloved romantic comedy for which Cher won an Academy Award, and Fiddler on the Roof, the classic musical about a Jewish village in Russia that Jewison has said was offered to him under the mistaken belief he was Jewish.

His other notable films included the Cold War spoof The Russians Are Coming, The Russians Are Coming, the Steve McQueen thriller The Thomas Crown Affair and a pair of movies featuring Denzel Washington: the racial drama A Soldier’s Story and The Hurricane, starring Washington as wrongly imprisoned boxer Rubin “Hurricane” Carter.

A third project with Washington never made it to production. In the early 1990s, Jewison was set to direct a biography of Malcolm X, but backed out amid protests from Spike Lee and others that a white director shouldn’t make the film. Lee ended up directing.

“I never really became as much a part of the establishment as I wanted to be,” he told The Hollywood Reporter in 2011. “I wanted to be accepted. I wanted people to say ‘that was a great picture.’ I mean I have a big ego like anyone else. I’m no shrinking violet. But I never felt totally accepted—but maybe that’s good.” ■

VIRGO (Aug. 23-Sept. 22): Live and learn.

Use your knowledge and experience to outmaneuver anyone who wants to spar with you. A change of plans will work in your favor. Get involved in something that concerns you, and make a difference in the outcome. ★★★★

LIBRA (Sept. 23-Oct. 22): Keep doing what you do best and ignore outside influences trying to ruin your plans. It’s up to you to sidestep negativity and make your dream a reality.

When in doubt, follow your heart and you’ll have no regrets. Live within your means. ★★

SCORPIO (Oct. 23-Nov. 21): Wake up and recognize what you have going for you.

Refuse to let someone trying to manipulate you hinder your ability to get ahead. Trust in yourself, and you’ll develop a unique platform to launch what you want to pursue. Positive action will pay off. ★★★★★

SAGITTARIUS (Nov. 22-Dec. 21): Don’t trust someone else to do things for you. Take the initiative and do the best you can. Your enthusiasm and raw energy will help you reach the finish line. Avoid emotional spending, shared expenses and impulsive decisions. Plan your actions. ★★★

CAPRICORN (Dec. 22-Jan. 19): Take what’s yours and don’t look back. Set your course and proceed with confidence. Keep everyone up to date to avoid interference. Dealing with matters as they arise will give you leverage when you need it the most.

An opportunity is within reach. ★★★

AQUARIUS (Jan. 20-Feb. 18): Sit tight until things settle down. Learn from what’s happening around you, and you’ll avoid getting caught in a similar trap. Contact associates who can offer sound advice or a lead to help you establish yourself in other markets. The physical contributions you make will pay off. ★★★

PISCES (Feb. 19-March 20): Make changes that encourage you to pursue your goals. Let your imagination take over, and you’ll figure out how to turn an idea into a prosperous venture. Call on experts and those you trust to contribute; something good will transpire. Romance is favored. ★★★★★ BIRTHDAY BABY: You are persistent, insightful and friendly.

You are organized and original.

‘snap judgments’ BY PRASANNA KESHAVA The Universal Crossword • Edited by David Steinberg/Anna Gundlach/Jared Goudsmit

ACROSS 1 Strategy 5 Does some basic math 9 Gothic church topper 14 Ambience 15 Ark architect 16 Sudden fright 17 McDonald’s window (Note the last 2 letters of this answer + the first 4 of 19-Across) 19 Jargon 20 “Bye!” 21 Trojan tale 23 Long sandwich 25 Sings jazz without lyrics 28 Wished, as a farewell (...last 2 letters of this answer + the first 4 of 31-Across) 31 Gave the willies 36 Old Italian currency 37 In style 38 Pen brand 39 Like a spoken exam 40 Drinks from a fountain?

42 Lavish love (on) 43 Nail polish maker

44 Laura of “Jurassic World Dominion” 45 Groovy 46 Opera pioneer Claudio (...last 5 letters of this answer + the first 2 of 50-Across) 50 Corner key on a PC 51 “Baloney!”

52 Albeit, briefly 54 Written compositions 58 “Gotcha,” to a beatnik 62 With 65-Across, some boxing results...and a theme hint 65 See 62-Across 67 Name that anagrams to “Ellis” 68 Hardly at all 69 Camp beds 70 Busybody 71 Ferret’s relative 72 Short commercial DOWN 1 Cricket batters’ protective gear 2 Tempt 3 “Voyage to India” singer India.___ 4 Elite fighter 5 Colonial insect 6 Where Qatar Airways is based

7 Have the nerve 8 Steer clear of 9 Join, as film 10 Moneymaker for Google 11 Roadside lodging 12 Oil-drilling apparatus 13 “Green” prefix 18 ___ de toilette 22 Telepathy, e.g.

24 Confidentially loops in 26 In addition 27 Courting sort 28 What aptly bookends “blossom” 29 Heat without oil at a movie theater, say 30 Saps of energy 32 ___ Island (smallest state) 33 Downy duck 34 Greeting from Hallmark.com 35 Immune system component 41 Bad mood 42 Wonder Woman publisher 47 Believer in a creator 48 Latino Walk of Fame’s SoCal neighborhood 49 Some are Beetles

53 That guy’s 55 Namesake of an inedible apple?

56 Himalayan legend 57 All-in-one printer option 59 Basketball target 60 Enthusiastic about 61 (Yo, listen up!)

62 Foxlike 63 Circular type of chart 64 Novelist Deighton 66 Texter’s “No idea” Solution to today’s puzzle:

www.businessmirror.com.ph

Consumer brand earns industry recognition for green initiives, quality products

A leading direct-selling company in the Philippines, Personal Collection (PC) has garnered prestigious awards for its product quality, marketing programs, and advocacydriven initiatives. The company clinched these esteemed accolades from the Asia Corporate Excellence and Sustainability (ACES) Awards 2023, FMCG Asia Awards 2023, Smart Parenting Awards 2023, Asia CEO Awards 2023, and Marketing Excellence Awards Philippines.

PC’s #GreenLifeGreatLife movement, an environmentfocused campaign took centerstage as it received highly coveted recognitions from the FMCG Asia Awards 2023 last November in Singapore and the Asia Corporate Excellence and Social Responsibility (ACES) Awards 2023 in Malaysia. The ACES Awards placed PC among past winners of the Green Initiative Award, recognizing outstanding achievements in promoting sustainability and environment conservation. PC’s green campaign, launched in 2021, has resulted in more than 240,000 mangroves and trees planted, tons of trash collected, and reduced 6,362 tons of CO2 from the atmosphere.

PC bagged the Eco-Friendly Initiative Award from the FMCG Asia Awards for its socially responsible business practices. In particular, PC was lauded for transitioning over 83 percent of its products to biodegradable packaging, spreading sustainable practices to its consumers. For two consecutive years, PC has joined the Circle of Excellence for CSR Company of the Year at the Asia CEO Awards 2023 for its #GreenLifeGreatLife movement—an initiative dedicated to sustainability and environment conservation. This prestigious award highlights PC’s commitment to corporate social responsibility.

In the consumer goods arena, Personal Collection earned recognition in various categories of the Smart Parenting Awards 2023. PC’s products (Tuff Liquid Laundry Detergent, Tuff Multi-Surface Cleaner, Alfa-1 Body Spray, Herbs and Beauty Blooming Bouquet Shampoo and Conditioner, and Glutalight Whitening Beauty Powder), were celebrated as top choices for personal care and home care needs of Filipino families.

More information is available at www. personalcollection.com.ph.

Leejay Evangelista (right), chairman for environment, social, and governance committee of Personal Collection, received the FMCG Asia Awards 2023 in Singapore on November 23, 2023.

Image BusinessMirror

Editor: Gerard S. Ramos • Wednesday, January 24, 2024

The Italian eye: Not so typically male T HE good life is one lived between town and country, for fresh air and even fresher ideas.

The FENDI Men’s Fall/Winter 2024-25 collection designed by Artistic Director of Accessories and Menswear Silvia Venturini Fendi muses on the noble pursuits of the great outdoors, streamlined by the swagger of the city.

Pondering the changing landscape of sartoria, the hybridity of the silhouette and its multiple meanings remains a constant question in menswear, answered

by FENDI in ways that transcend and surprise.

Uniting a deep knowledge of culture with the prowess of techniques new and old, subtle expressions of Europeana abound, from the soft rub of Casentino blanket wools to the waxy polish of all-weather cloths and the smooth hand of loden.

The collection features the hibernal palette of peat and granite, burnt umber, coal and forest green, bright swathes of cornflower and denim blues, cherry, grass green, canary yellow and cloud gray all flourish in contrast or tone-on-tone.

Expounding upon the duality of the urban and the bucolic, the spirit of the Scottish kilt is imbued across the collection in long pleated shorts worn with leather Wellingtons and hiking socks, flat-front checked skorts or classic trousers tweaked with controlled pleats down each leg.

Relishing in a sense of homely sophistication and a tribute to the Selleria and leather workmanship, the FENDI Men’s Fall/Winter 2024-25 accessories collection is all curves and contours, from the new Siesta bag that flattens like a pillow in striped quilting

or shearling, to the folding modularity of the Melon hobo and backpack styles adorned with chrome FF2 hardware. On foot, lace-up deck shoes are elevated on a platform injected sole, while grain leather Wellington boots are traced with Selleria stitching up the ankle.

Guests who attended the show include South Korean actor Lee Min Ho, Chinese multi award-winning actor and FENDI Men’s ambassador Kuanghan Hsu, American actor and FENDI Men’s ambassador Jeremy Pope, and FENDI Men’s ambassador Massimiliano Caiazzo, American actor James Franco, British actor and FENDI Men’s ambassador Nicholas Galitzine, British actor Kit Harington of HBO’s series Game of Thrones, and British actor Ed Mcvey of the Netflix series The Crown. n

Knowing your review biases Performance appraisals have an impact on an employee’s promotion to a leadership position, salary increase, opportunities for training, and the projects assigned to them. It is important that you evaluate your team fairly if you want them to develop their full potential. As people managers, you need to remember that performance reviews are not just there to discuss their opportunities for improvement but also a venue where you can encourage your team by validating their strengths and successes.

But for it to work, you need to be fair in evaluating their performance throughout the year. We all have biases but as someone who controls the professional development of a group, you need to know how these biases affect your judgment so you can calibrate your evaluation based on what they have actually done.

But before you can evaluate objectively, you need to be self-aware of your biases and how these can affect your evaluation.

A common bias in performance evaluation is the recency bias where you evaluate someone based on what they have done in the past weeks or months.

This is somehow related to primacy bias where first impressions affect how you evaluate the performance of your team. This is a problem because your evaluation is not holistic and is not representative of what they have actually accomplished. They might also take advantage by only exerting effort as the evaluation period approaches. If this is not managed, you will end up with team members who perform well only near the evaluation period, but drag their feet for the rest of the year.

Another evaluation bias is called the halo bias, which is similar to the horns bias. Halo bias happens when a person’s strength in a certain performance category affects the evaluation of other performance measures. Conversely, horns bias happens when a person’s weakness affects the other performance metrics. Either way, your evaluation will not reflect what the team member needs to improve for the following year. If your overall evaluation is slanted

to their strengths, you end up promoting people to their level of incompetence. If you focus excessively on their weakness, they will end up eventually losing confidence in what they do well.

A people manager can also be too lenient in a bid to be more likable and popular to their team. This is called leniency bias. Their idea of a safe space is where nobody criticizes anyone and they avoid conflict at all costs. They believe that in order to have productive team members, everybody should get along. The problem with this is that mistakes are not corrected and issues are not addressed or resolved because the manager chooses to ignore them. What is worse is when they play favorites and ignore the rest of the team.

This leads us to the similar-to-me bias which happens when a manager favorably rates team members who are most like them. We are naturally drawn to people who have the same interests and skills as we do. The problem with this is that managers will eventually be surrounded by sycophants who will act the way their managers want and will tell their managers whatever they want to hear. If not addressed, managers like this will end up with people with the same skill set and will lack necessary team members to complement them.

On the other hand, a manager can also become too harsh that no one can actually achieve the level of standard that they set. For them, no one is good

enough and will never be good enough to merit a ranking of above average. Managers like this will eventually tire out their team and lose them one by one.

And then there are those who do not want to work too hard on their evaluations so they rate everyone as average regardless of their performance. These managers do not take their leadership seriously and focus excessively on getting the job done more than taking care of their team. These managers will eventually be left with mediocre team members who will only do as they are told because they know that they will be rated as average anyway. They will not have any motivation to improve their work and even slack off because they know that whether they perform or not, they will be rated as average.

Another bias is when you evaluate people based on the same rank within the organization. This is a bias because people may have the same rank but they have differences in tasks and expectations. A manager in sales cannot be evaluated the same way as a security manager because the outputs required from both are different. You can compare and evaluate them on their leadership skills or any other behaviors expected from people managers, but in terms of importance to the organization both should have equal standing.

Your evaluation should be based on what was agreed on at the start of the evaluation year and should reflect whether the targets and expectations were met.

You cannot totally remove your biases but being self-aware helps in diminishing their influence when you appraise your team’s performance. When you evaluate your team deliberately and conscientiously, it gives you the basis in providing them the opportunities they deserve and acknowledging how their work has contributed to the overall success of the team. And when team members know they are significant to the success of the team, it will become easier for them to do more than just the bare minimum.

B5

B6

Wednesday, January 24, 2024

www.businessmirror.com.ph

FILIPINO MILLENNIALS POSTPONE BIG LIFE

DECISIONS DUE TO SOCIAL, ECONOMIC BARRIERS

F

ILIPINO millennials are opting to delay major life decisions such as marriage and starting a family which, according to data and insights firms, may be prompted by economic uncertainty and societal influences.

Studies also show that the “instant gratification generation” prioritizes landing their dream job and attaining work-life balance to indulge in enjoyable experiences such as engaging in hobbies and travelling sooner than later in life.

Turning this vision into reality is no easy feat, as these young adults often get caught in a tugof-war between meeting lifestyle goals, fulfilling personal and familial obligations, and saving for the future. These struggles make it harder for them to maintain their financial well-being and push them to momentarily set aside their ambitions.

AXA Philippines, one of the leading insurance providers in the country, actively empowers Filipino millennials to take significant leaps without having to forgo their dreams to give way to other priorities through AXA MyLifeChoice.

“AXA Philippines recognizes the challenges that the young generation faces. MyLifeChoice was developed to protect what matters most to them by providing all-around coverage, tailored to align with their financial capabilities, as they strive to manifest their life purpose. It’s a way to help them pursue their goals and plans sooner instead of delaying these for later,” AXA Philippines Chief Marketing Officer Nandy Villar said.

AXA MyLifeChoice is an all-around insurance plan that provides life coverage with benefits for injuries from accidents, health coverage that prepares individuals for financial setbacks caused by critical illnesses, and investment opportunities to support ideal lifestyles and help secure the future they dream of building.

It helps alleviate the pressure of making difficult decisions for millennials, such as choosing to set aside cash in case of health emergencies or trying to support their ideal lifestyle while providing for loved ones.

Filipino young adults are proactively securing their future by being frugal, seeking additional income, saving for the future, and budgeting smartly to support their family members and themselves. The all-around insurance plan empowers them to juggle multiple roles and responsibilities without sacrificing their life aspirations.

For as low as P157 per day (based on a basic annual premium of P50,000 and critical illness rider premium of P7,322, for female, age 35, 10 pay variant), MyLifeChoice provides life coverage with cash benefits in case of sustained injuries due to an accident, cash benefits should they get hit by any of the 74 covered critical illnesses, and investment opportunities to fund more of their goals.

Recognizing that Filipino millennials not only prioritize their own dreams but also care for their loved ones, AXA Philippines hopes to empower them to achieve their ambitions without having to sacrifice one goal for another. Villar stated, “We want to make insurance as inclusive as possible that it seamlessly integrates with people’s multifaceted lives. With MyLifeChoice, we hope that it becomes more than a plan, but a partner in the simultaneous pursuit of individual aspirations and familial responsibilities—essentially, the things that truly matter.”

As millennials navigate the complexities of life and strive to achieve their dreams, AXA Philippines stands by this generation by securing them and the kind of future they hope to achieve.

MyLifeChoice is one of the ways the insurance provider gives these young adults the confidence to manifest their life purpose—whether it’s about becoming a go-getter, building a family, or both.

Dr. Carl Balita wins an Agora, Rallies Marketers to Sell PHL

D

R Carl Balita recently received the prestigious Agora Awards for Outstanding Achievement in Entrepreneurship from the Philippine Marketing Association (PMA). The 42th Agora Awards Night was held at the Shangrila Fort and was attended by marketing luminaries of the country.

In his acceptance speech, Dr Balita rallied the Filipino marketers to help not only their enterprises and organizations but the country.

“Marketers are effective communicators and we have to help sell this country together, as there is so much beauty in it,” he says which was supported by applause from the audience.

Dr Balita also challenged the audience to transform to be ready for the future by becoming social enterprises by “doing good in doing well and become a corporate citizen who is a good neighbor to his host community.”

He recalls how he started advocating for entrepreneurship for 20 years in his program Radyo Negosyo in ABS-CBN DzMM Teleradyo. He also made a special call for the Filipino marketers to also resonate the needs of fellow Filipinos who are in need, and he named the vulnerable groups, the persons with special needs, the disadvantaged, the indigenous, and even the

Dr. Carl Balita giving his acceptance speech.

overseas Filipinos.

Dr Carl Balita runs his review center scattered in 200 cities nationwide offering test preparation programs for more than 30 board review courses.

His CBRC (Carl Balita Review Center) holds the distinction of being the first ISO-certified business of its kind, and for producing more than 700 board topnotchers across various fields. He has bridged almost a million Filipino professionals.

Dr Carl Balita is also a known social entrepreneur

who, through his review center, has donated a mosque, classrooms, dormitory for the indigenous, installed deep wells in schools, among others.

Present in relief missions in almost all calamities over the years, he has led his team to help Quezon City vaccinate one million residents during the pandemic. He has initiated the planting of one million trees through his students and alumni and has recently launched the program “Pagbasa, Pag-asa,” which is an instructional development for reading materials of different dialects for children all over the country.

His awarding was supported by the presence of his colleagues from the Philippine Franchise Association (PFA), where he is a trustee, and Philippine Chamber of Commerce and IndustryQuezon City (PCCI-QC), where he is Chairman Emeritus.

The Agora Award is regarded as the “Oscars” of business awards through its pioneering efforts to celebrate marketing excellence. Dr. Balita joins the luminaries of marketing and business and the circle of Agora Awardees. To him, “this is a dream come true, because all I wanted is to do best what I enjoy most: doing business and serving the needs of my clients, and this is such an inspiration to do what I do better.”

Arcovia City Launches Manila Padel Club with Thrilling Tournaments

A

RCOVIA City marked a sporting milestone as it held the grand opening of Manila Padel Club. This marks the first-ever branch within Megaworld Lifestyle Malls, bringing the thrill of padel sports to the township’s vibrant and dynamic community.

Manila Padel Club is the brainchild of CEO and Co-founder Alenna Dawn Magpantay, with its newest branch, featuring state-of-theart facilities, it is poised to revolutionize the

Philippine sports scene, fostering a vibrant community and contributing to the growth of padel across all player levels in the country.

During its inauguration last January 20, 2024 Manila Padel Club at Arcovia City also hosted a series of Open and Mixed Tournaments. It will then be followed by the Men’s and Women’s Tournament on January 27 and 28, 2024 The big announcement in the opening celebrations was that of the Asia Pacific Open

scheduled for February 15 to 18, 2024. This prestigious tournament is expected to draw the top 200 players from the region, showcasing the competitive spirit and camaraderie that define the sport of padel.

“Arcovia City is excited to provide a platform for players of all levels to come together, share their passion for the game, and contribute to the flourishing padel community in the Philippines.

Through this partnership, we are able to promote a healthy and active lifestyle within the urban setting of our growing township,” shared Arcovia City General Manager Kux Quiogue.

For more updates on the latest happenings, visit megaworld-lifestylemalls.com or call their hotline at 8-462-8888 or follow their social media accounts on Facebook (https://www.facebook. com/megaworldlifestylemalls), Instagram (@MegaworldLifestyleMalls), and TikTok (@ megaworldlifestylemalls).

Arcovia City launches the first Manila Padel Club in Megaworld Lifestyle Malls. Co-founder and CEO of Alenna Dawn Magpantay led the ribbon-cutting ceremony, joined by Megaworld Lifestyle Malls Cluster General Manager Mark Sta Ana, Arcovia City General Manager Kux Quiogue, and ABS-CBN Corporation CEO Carlo Katigbak.

THE Philippines’ only government-owned school for the deaf now features new facilities to boost the skills of its students.

Century-old Philippine School for the Deaf now a modern hub for future-ready learners

T

HE Philippine School for the Deaf (PSD) has been a cornerstone of the deaf community in the Philippines and throughout Asia.

Established in 1907, PSD has a long and proud history of providing educational opportunities for deaf students. As the only government-owned institution for the deaf in the country, it plays an essential role in empowering individuals with hearing impairments and fostering their inclusion in society.

Years of dedicated use had taken its toll on PSD’s facilities, leaving them in need of significant refurbishment. This was particularly true for the senior high school laboratory building, which was in dire need of rehabilitation.

“Our challenges include the rehabilitation, major repairs, and maintenance of the school facilities and buildings,” PSD principal Shery Funcion said.

“Because of these, our learners could only do so much.

The teachers cannot really maximize the tasks and activities they give to the students.”

“Before the rehabilitation, alongside other challenges, we had issues with the ventilation and the lighting inside the senior high school laboratory building. Because of the heat, our teachers could not teach effectively and efficiently,” she said.

With the common goal of empowering the youth and fostering a culture of achievement, the Henry Sy Foundation and SM Foundation collaborated with DepEd’s School’s Division Office-Pasay and Pasay Local Government Unit to strengthen the capabilities of PSD students.

Through social good collaboration, the Foundations ensured that the infrastructural limitations of the past were replaced with modern learning spaces specifically designed for practical subjects like dressmaking, electronics, and IT. A dedicated dance studio with a dressing room and a conference room provides spaces for creative expression and collaboration. New tools and furniture in the baking and cookery laboratory facilitate handson learning, while thoughtfully placed ramps and railings ensure accessibility for all students.

A handwashing station and PWD-friendly toilets have been rehabilitated with clean, functional amenities The restored covered court, complete with a spacious stage, creates a dynamic area for outdoor learning and recreation.

For Principal Shery, the SM group’s contribution went beyond the classrooms. “Part of our program is to equip our students with essential skills and competencies to help them pursue their careers outside the four walls of the classroom.”

“And the rehabilitation of the entire building helped with that. Most especially in the home economics laboratories, The learners can now carry out their performance tasks. They can now apply the concepts they learned in the classroom, giving the opportunity to hone their skills and competencies.”

With the completion of the building, the Henry Sy Foundation ushers in a new era of diverse and upgraded learning spaces, one that amplifies the often unheard calls of differently abled members of the community.

HP unveils most personalized gaming portfolio with OMEN, HyperX brands

C

ES 2024, HP Inc. (NYSE: HPQ) unveiled its most personalized gaming portfolio yet with innovations across its OMEN and HyperX brands. New laptops, accessories, and software are all designed to work together to create a seamless gaming ecosystem so gamers can focus on what they do best: play.

“Computing continues to become more personal, and this is especially true in the gaming community,” said Kong Meng Koh, Managing Director, Southeast Asia and Korea, HP. “Whether it is your gaming laptop, monitor, or accessory, HP has developed a customizable and personalized solution that can be tailored to your need.”

Those who value a gaming lifestyle crave versatile machines capable of handling the rigor of top-tier AAA games while boasting the performance to manage visually demanding creative endeavors from multitasking projects to operating robust creative platforms. Specifically crafted for gaming and creative work, including students, the OMEN Transcend 14 Gaming Laptop is offered with an advanced OLED display, an elegantly slim body, and superior-grade internals, which make up the world’s coolest and lightest 14-inch gaming laptop.

HP has also updated its OMEN Transcend 16.1 inch Gaming Laptop PC with the addition of up to a striking 2.5K 240Hz OLED display option as well as its OMEN 16.1 inch Gaming Laptop PC and Victus 16.1 inch Gaming Laptop PC—all updated with Intel® Core™ i7 HX processors.

Seamless connectivity is a critical part of any gamer's wireless headset experience. Expanding on last year’s first gaming laptops with an embedded module for intuitive audio pairing and ultra-low latency (ULL) solution, the all-new OMEN Transcend 14 ups the ante with a bundled option for the world’s first gaming laptop with 2.4 GHz ULL connectivity for the HyperX Cloud III Wireless Headset. This gives gamers easy switching between your PC and console.

Its straightforward setup enables anyone to dive into a flawless gaming experience with outstanding audio, from the get-go.

New offerings designed for the next level in personalization from HyperX include: n Small, Compact and Mighty: The HyperX Cloud Mini Headsets are tailored for younger gaming enthusiasts to provide comfort and safe sound experiences with volume-limiting capabilities to ensure a safer auditory experience. n Built for Personalization and Customization: The first hot-swappable keyboard with a gasket

mounted design from HyperX, the HyperX Alloy Rise Keyboard is available in full-size and 75 percent options with dedicated arrow keys. Equipped with pre-lubed HyperX Linear Switches and pre-installed HyperX PBT Keycaps, it features enhanced RGB lighting with an ambient light sensor for auto-adjusting brightness, ensuring optimal visuals. n High Performance with a Smaller Footprint: The new HyperX Pulsefire Haste 2 Mini, a compact gaming mouse, has been designed for gamers who appreciate ultra-lightweight, highperformance tools, and offers an impressive battery life of up to 100 hours. It features a highly precise HyperX 26K Sensor, dual wireless mode connectivity, dust-proof HyperX Switches, and adaptable grip tape for superior handling. n Travel Ready: The HyperX Knight and Delta Gaming Backpacks offer a place to securely stow gaming laptops and gaming accessories with durable and weather-resistant polyester, classic HyperX colors, and compiles with most airlines carry-on size regulations for gaming on the go.

Whether you're a gamer deeply immersed in a digital world, or a creator conceiving a new one, you need a device capable of keeping up and pushing the envelope of what’s possible. Driven by a relentless desire to offer a transformative experience, the OMEN Transcend 32 UHD 240Hz OLED Gaming Monitor is the world’s most advanced gaming monitor.

BusinessMirror

Editor: Tet Andolong

Wednesday, January 24, 2024 B7

ALP builds the new power address in Quezon City

By Rizal Raoul S. Reyes

A

new power address is soon going to rise in Quezon City courtesy of Ayala Land Premier’s (ALP) One Vertis Plaza.

ALP Chief Operating Officer Paolo Viray said the One Vertis Plaza will add a dimension to the company’s formidable reputation as the top high-end real-estate developer in the country when the 42-level tower nears its completion. One Vertis Plaza is ALP’s first office project.

“The topping off of One Vertis Plaza is a momentous milestone indeed as it signifies our first foray into the office segment, successfully translating the experience and expertise we have gained from our traditional stronghold of high-end residential developments,” Viray said.

Moreover, One Vertis Plaza has recently been topped off in a recent ceremony led by ALP officers together with project team

From left: Gibson Ganzon, CM Deputy Director, ALPI; Leya Moya, Head of Customer Relations Group, ALPI; Paolo Viray, Chief Operating Officer, ALPI; Cherryl Uy, Head of Project Development Group 1, ALPI; Arch. Vena Sabat, Architecture Studio Head, ALPI; Arch. Abelardo Tolentino Jr President and CEO, AIDEA Inc.; Efren Mananquil, Group Head of the Construction Operations Group, MDC; Engr. Edwin Magsalansan, Director and Vice President, Sy^2 + Associates Inc.; Isabelita Briones, Senior Quantity Surveyor, PMQS Construction Solutions.

One Vertis Plaza is going to be the future power address in Quezon City.

partners and consultants, signaling the structural completion of the building and the on-track turnover of its office spaces targeted in 2024.

Situated in a prime area within the 46-hectare, mixed-use, master-planned estate Vertis North, it is ALP’s first-ever office development in the burgeoning location

of Quezon City, as well as the only premier corporate address of its kind in the city.

“This achievement would only be possible not just with the expert resources provided by our partners and project team members, but with the enduring trust and confidence of our market of discerning Ayala Land Premier

clients,” Viray added.

One Vertis Plaza houses a total of 372 office units ranging from 101 to 325 square meters in size.

It attains a distinctively premier corporate atmosphere with a low density of only 8 to 10 units on each floor, which has a typical area of 2,319 square meters.

A major building design feature that makes One Vertis Plaza a premium-grade office building is its mixed-use ground level. The entry experience begins at The Concourse—a spacious, grand motorcourt that allows for effi-

cient vehicular circulation, leading to a double-volume lobby area called The Gallery.

Beyond the grand lobby is The Square, which offers an array of select restaurants and spaces to unwind or conduct business meetings, complementing similarly curated retail establishments at The Plaza. This mixed-use zone is further integrated with the estate’s Vertis Gardens.

In the pursuit of going green, One Vertis Plaza is also vying to be Leadership in Energy and Environmental Design (LEED)

Silver-registered, with sustainability features such as resourceefficient fixtures; a 100-percent glass façade using low-emissivity, double-glazed glass with operable windows; high solar reflectance index for external flooring and roof deck surfaces; a rainwater management system; as well as a materials recycling facility, among others.

One Vertis Plaza is the pinnacle of business and enterprise in Quezon City today—a dynamic address that is a modern measure of success, made possible by Ayala Land Premier.

SMDC continues Makati expansion with Jade Residences Accor all set to expand

Asian footprint, including two new hotels in PHL

Story & photos

by John Eiron R. Francisco

S

M D e v e l o p m e nt C o r p .

(SMDC) recently initiated the groundbreaking ceremony for Jade Residences, its sixth residential condominium project in Makati City.

“We keep on developing here because we are happy with the performance of our residential projects in Makati,” President of SMDC Jose Mari Banzon said on Wednesday, January 17, 2024, during the groundbreaking event.

According to Banzon, over 60 percent of SMDC sales originate from international markets, emphasizing the significance of Makati as the primary residential and premier Central Business District (CBD) in the Philippines, and holds a special place in the hearts of Filipinos.

“So, it is easy to sell when you have a project in Makati. We are happy with the performance here.

As you know, you can see, we have a lot of land in Makati for our future projects,” he said.

According to an SMDC executive, the company has been in Makati, developing residential condominiums for the past 15 years, starting with Jazz Residences, followed by Air Residences and Lush Residences.

Their third project along Chino Roces Avenue—Jade Residences, follows the Red Residences and Mint Residences.

The said new development will offer modern and spacious living spaces, as well as various amenities, for urban dwellers who seek convenience, comfort, and style.

“This shows the SMDC’s commitment of providing to every Filipino quality homes and access to sustainable and cosmopolitan lifestyle,” said SMDC Vice President of Project Development Sandro B. Javier.

Jade Residences was launched

By Roderick L. Abad

A

Distinguished Guests at the Jade Residences Groundbreaking Ceremony (Left to Right): Henry Antonio, President & CEO, EEI Corporation; Jonas Perez, Vice President - Engineering, SMDC; Sandro Javier, Vice President - Project Development, SMDC; Jessica Sy, Assistant Vice President - Project Director, SMDC; Hon. Abigail Binay, City Mayor of Makati; Jose Mari Banzon, President, SMDC; Hon. Virgilio Hilario III, Brgy Chairman, Brgy. Bangkal, Makati; Jason Valderrama, President, JCV & Associates.

in June 2023—a 34-story structure that features both aboveground and underground levels, and houses nearly 2,000 units.

When asked by BusinessMirror about what distinguishes Jade Residences from other SMDC projects, Banzon highlighted that SMDC projects primarily focus on amenities. While acknowledging comparable modern amenities, he emphasized that each project possesses a distinct design style or tastes. For Jade Residences, the emphasis is on an oriental, classy, and modern aesthetic.

“During the design develop-

ment of this project, we have put in all the necessary innovations.

All these latest designs would also complement sustainability. More on sustainability and that’s a big environmentally-friendly project,” he explained.

Meanwhile, the SMDC executives like Banzon and Javier expressed gratitude to the Makati LGU, “as a premier city in the Philippines and because of the [its] progressive, professional management.”

The SM group, as per Banzon, holds Makati dearly, and the company anticipated a long-lasting

presence due to the fondness for the city.

“We will be developing a lot of residential projects in Makati in the future,” he said.

The groundbreaking ceremony were attended by executives and representatives, including SMDC’s VP of Engineering Jonas Perez, Project Development VP Sandro Javier, Assistant VP-Project Director Jessica Sy, Makati City Mayor Abigail Binay, Barangay Bangkal Chairman Virgilio Hillario III, and JCV & Associates President Jason Valderrama, along with sales staff and media partners.

CCOR announced the addition of two new properties in the Philippines, expanding its hotel portfolio in Asia.

The latest signings at the end of 2023 include Mercure and ibis brands, strengthening the global hospitality group’s leadership across market segments.

T he strategic ex pansion is aligned with the company’s vision to provide diverse and extraordinary experiences to guests worldwide.

“We are very pleased to welcome these exceptional properties into the Accor network,” said Garth Simmons, chief operating officer, Premium, Midscale and Economy Division for Accor in Asia. “These new additions underline our dedication to delivering unparalleled hospitality experiences and further solidify our presence in key markets.” ibis Styles Subic is set to become t he f irst inter nat iona l branded hotel in the former military base of the United States in the country.

With its target opening in 2026, this world-class accommodation facility offers modern interiors perfect for both business and family guests with its playful and trendy design.

For a holistic stay experience, the 175-key property boasts of a swimming pool, meeting space, and a gym—all aimed at bringing enjoyment to future residents.

Accessible to points of interest in the area, ibis Styles Subic is conveniently a 10-minute walk from the Subic Bay Yacht Club and a 3-minute drive to SBMA Beach.

It’s just across the Ayala Malls’ Harbor Point.

Soon to be the second global hospitality brand there in the next couple of years is Mercure Subic.

Adjacent to the former, the hotel will house 250 modern designed rooms that draw inspiration from local influences while adhering to the brand’s international standards.

The facilities and amenities here will encompass an all-day dining venue and a specialty restaurant, a swimming pool complemented by a pool bar, a wellequipped gym, and versatile meeting and conference spaces.

Other partnerships that the Accor Group reached include the Mercure ICON Singapore City Centre in Singapore, as well as four hotels in India, such as Mercure Rajahmundy City Centre, ibis Styles Mysuru, and Novotel Bengaluru Airport Varun and ibis Sytles Bengaluru Airport Varun.

W it h more t h a n 62 dea l s (14,800 keys) executed in 2023, these clearly show how resilient and adoptable Accor is to changing landscapes and consumer demands.

“These signings under the Novotel, Mercure, and ibis brands showcase our commitment to providing a wide range of offerings to meet the evolving needs of our guests,” Simmons said.

Mov ing for ward, t he f ir m keeps its commitment to strive for growth opportunities and widening its footprint worldwide.

It dreams of an exciting future, marked by innovative tie ups and new signings that are in synch with the evolving needs of travelers.

As Accor focuses on delivering outstanding hotel experiences, the group hopes to constantly redefine the landscape of the global hospitality industry.

Sports

Tabuena opens TCC bid with record 64

BusinessMirror

B8 | W

M

ednesday, January 24, 2024

mirror_sports@yahoo.com.ph Editor: Jun Lomibao

A day unlike almost

any other in NBA J

OEL EMBIID scored 70 in Philadelphia. KarlAnthony Towns had 62 in Minnesota. They paired up to do something the National Basketball Association (NBA) hadn’t seen on the same day in more than 45 years.

So, mark it down: January 22, 2024, was a day unlike almost any other in NBA history.

On the 18th anniversary of Kobe Bryant’s 81-point game for the Los Angeles Lakers—the second-best scoring game in NBA history— Embiid and Towns put on a pair of dazzling, historic scoring shows of their own with a pair of career-high, franchise-record efforts.

Embiid’s 70 points set the 76ers’ record in Philadelphia’s 133-123 win over San Antonio.

Towns scored 62 points—two more than his previous career best and Wolves record—but it wasn’t enough in Minnesota’s 128-125 loss to Charlotte.

Add it all up, and Monday was the fourth day in NBA history where two players scored at least 60 points.

The others were April 9, 1978 (David Thompson had 73 for Denver and George Gervin had 63 for San Antonio as they dueled on the season’s final day for the scoring title), January 17, 1962 (Jerry West scored 63 for the Lakers and Wilt Chamberlain

scored 62 for the Philadelphia Warriors) and December 8, 1961 (Chamberlain had 78 for the Warriors and Elgin Baylor had 63 for the Lakers in a triple-overtime game against one another).

Embiid had 34 at halftime, and when he scored five quick points early in the third quarter, 76ers coach Nick Nurse began taking notice.

“I was like, ‘Geez, that’s a lot with a whole half to go.... This’ll probably be a big number tonight,’” Nurse said.

A real, real, real big number.

Embiid’s 70-point night tied the 12th-biggest scoring effort in NBA history, and broke Chamberlain’s 76ers team record of 68 points.

Chamberlain was playing for the Philadelphia Warriors when he set the NBA record with 100 points.

Embiid became the ninth different player with a 70-point game: Chamberlain did it six times, and everyone else on the list—Baylor, Thompson, David Robinson, Bryant, Devin Booker, Donovan Mitchell, Damian Lillard and now Embiid—has done it once.

Embiid got to enjoy his big night since it came in a win. Towns didn’t have that luxury.

It was only the second time since 1993 that a player scored at least 62 points in a loss—Booker had 70 in a Phoenix loss at Boston in 2017. That said, Towns also had a game unlike any

JOEL EMBIID and Karl-Anthony Towns put on a pair of dazzling and historic scoring shows. AP other in NBA history—the first player ever with 10 two-pointers, 10 threepointers and 10 free throws in a game.

Lillard had at least nine of each type of basket on three occasions.

James Harden had nine 1s, 2s and 3s on two occasions. Towns is the first with a triple-double of basket types— he was 11 for 20 on 2-pointers, 10 for 15 on three-pointers and 10 for 14 on free throws.

Minnesota coach Chris Finch suggested that Towns’s huge scoring night—he also had a Wolves record of 44 points by halftime—kept his team from being locked in on the task at hand. Minnesota has the best record in the Western Conference, while Charlotte came into the night at 9-31.

“Obviously, we’re going to try to feed a hot hand, look for a hot hand,” Finch said. “But at some point, we’ve got to get back to making the right play, we’ve got to get back to doing the right things.” AP

IGUEL TABUENA asserted his dominance at the challenging The Country Club with a record eightunder 64 in calm conditions for a commanding six-stroke lead over South Korean Min Seong Kim and two others at the start of the rich TCC Invitational in Santa Rosa City on Tuesday.

Tabuena bounced back from an opening hole mishap with consecutive birdies and a three-birdie binge from No. 6 as he sustained his assault on the 7,735-yard course with awesome ball-striking and superb iron play and putting.

He birdied four of the first seven holes going back to assert his control over the elite 30-player field, which includes former champions and top finishers from last year’s Philippine Golf Tour Order of Merit (PGT OOM) ranking.

“I didn’t expect to play like this but sometimes, with no expectations, you play better,” said the 2017 champion, who birdied all four par-5s underlining his exceptional start on the course where he triumphed last November with an imposing 4&3 victory over Tony Lascuña in the final of the International Container Terminal Services Inc. TCC Match Play Invitational.

“It wasn’t as windy in the morning so the course actually played easier for the rest of the field,” added Tabuena, who set up birdies from as close as three feet and buried a couple from as far as 25 feet.

Tabuena’s 64 shattered the 67 posted by Micah Shin in the third round en route to winning the event in 2018.

Kim rallied with three birdies in the last five holes to buck a bogey on No. 13 and post a 70, joining Lascuña and Sean Ramos at second while longshot Rico Depilo holed out

MIGUEL TABUENA: Sometimes, with no expectations, you get play better. ROY DOMINGO with a bogey to slip to solo fifth at 71.

Lascuña, the 2004 winner of PGT’s f lagship tournament, put in a four-birdie, two-bogey card for a 70 while Ramos fought his way back from a two-over card with four birdies in a seven-hole stretch from No. 8.

While Tabuena thrived, the majority of the field struggled, including reigning OOM winner Jhonnel Ababa, who also bogeyed the challenging closing hole to end up with a 72, dropping to joint sixth with Guido van der Valk and Clyde Mondilla.

Women Down Under a tale of two halves

M

ELBOURNE, Australia—Wimbledon champion Carlos Alcaraz will meet Olympic gold medalist Alexander Zverev in the Australian Open quarterfinals and Daniil Medvedev is also back in a last eight that is stacked with the top six seeds.

While the men’s competition is playing fairly true to the rankings, the women’s really is a tale of

two halves.

No. 12-seeded Zheng Qinwen, a quarterfinalist at last year’s US Open, is the highest-ranked player left in the top half of the bracket, where all four women who won Monday reached the last eight at Melbourne Park for the first time.

“The people who arrive to quarterfinals, for sure they’re all feeling really well in this tournament,” Zheng said after her 6-0, 6-3 win over No. 95 Oceane Dodin. “It’s one player against another player, and we will compete.”

She’ll next play No. 75-ranked Anna Kalinskaya. No. 50 Linda Noskova, who beat top-ranked Iga Swiatek in the third round, will meet No. 93 Dayana Yastremska.

There’s still three Grand Slam winners in the other half of the bracket. No. 2 Aryna Sabalenka, the defending champion, will take on 2021 French Open champion Barbora Krejcikova and US Open winner Coco Gauff will play Marta Kostyuk in quarterfinals on Tuesday.

The first of the men’s quarterfinals—10-time Australian

Open champion Novak Djokovic vs No. 12 Taylor Fritz and No. 4 Jannik Sinner vs No. 5 Andrey Rublev—were set on Sunday, well before Alcaraz completed a Grand Slam set by reaching the last eight in Australia for the first time.

The 20-year-old Alcaraz missed the 2023 Australian Open because of injury, but is making up for lost time.

He beat Miomir Kecmanovic 6-4, 6-4, 6-0 in less than two hours to open Monday’s night session on Rod Laver Arena. AP

Rabe competes for flag, country in freestyle skiing in Gangwon

By Josef Ramos

G CHINA’S Zheng Qinwen is the highest-ranked player left in the top half of the women’s bracket. AP

ANGWON, South Korea—Freestyle skier Laetaz Amihan Rabe sees action in the first of her two events in the Fourth Winter Youth Olympics hoping to shake off loneliness and a formidable field.

“I feel lonely because I’m the only in my events,” said the 14 -year-old Rabe during a break in training at the Welli Hilli Park Ski Resort

where the temperature dropped to -15 Celsius on Tuesday.

“But I’m proud and ready for tomorrow [Wednesday],” she stressed.

Rabe nursed a minor bruise in her jaw as she heads into Wednesday morning’s women’s slopestyle competition that features 20 other strong contenders with athletes from Australia, Canada, China, New Zealand, Ukraine and the US as favorites.

There were crashes in the venue on Monday with one getting a concussion on the head and another breaking his knee and are out of the Olympics.

“All those happened on the same day [Monday],” said Ric Rabe, Rabe’s dad and coach. “Tomorrow is com-

Long overdue for Silverio NICE to know that the San Miguel Corp.-Philippine Sportswriters Association (SMC-PSA) Awards Night will honor five basketball greats with a Lifetime Achievement trophy each on Monday.

They are deserving—players Allan Caidic and the late Samboy Lim, and coaches Joe Lipa, Turo Valenzona and Dante Silverio—although one of them should have been feted much earlier. I refer to Silverio, whose sartorial tastes seriously rivals that of Armani’s, if not Versace’s.

Without Silverio, we would not have seen the birth of Toyota as a basketball power not only in the Philippines but in all of Asia.

Without Silverio, Toyota would have simply remained just that: the Philippines’ best-selling vehicle of all time.

And, yes, without Silverio, there would have been no Crispa mystique at all.

Crispa became dynastic and Toyota played a major role to that phenomenon.

Toyota it was that steadily stood gallantly as the perfect foe for Crispa in their storied rivalry that gripped Philippine sports for years from the Seventies to the Eighties.

Without Silverio as coach of Toyota, there would have been no maestro in Crispa coach Baby Dalupan.

Silverio was the losing Toyota mentor when Dalupan

LAETAZ AMIHAN RABE poses for a photograph with his dad Ric during a break in training on Tuesday.

petition day and she’s feeling alone.

But she’s in good spirit. She’s framing her mind to focus and finalize our plan today.”

Slopestyle freeski is skiing down over a series of rails and jump features while in big air, Rabe’s other event set on Sunday, features athletes launching themselves for a big jump and performing while airborne with spins, grabs and flips.

“I was able to do a lot of tricks and spins with my new skis,” she said. “I was able to ski at the snow park for few hours, checked out my speed and the rails if it’s sticky. It’s just small details, but very important.”

“She is one of the last qualifiers,” Ric Rabe said. “Realistic objectives

coached Crispa past the Comets en route to the Redmanizers’ first Grand Slam in 1976. Crispa’s second Slam came in 1983 under coach Tommy Manotoc.

Many Crispa-Toyota battles were considered classics, chiefly because both squads were adorned by the country’s top basketball players back then.

While Crispa prided itself with having such legends like Atoy Co, Philip Cezar, Abet Guidaben, Bernard Fabiosa, Freddie Hubalde, Epoy Alcantara, Rey Franco, Rudy Soriano, Rey Pages, Rudolf Kutch and the late Johnny Revilla, Toyota was celebrity-studded as it had Robert Jaworski, Ramon Fernandez, Francis Arnaiz, Abe King, the late Arnie Tuadles and Tino Reynoso, Pol Herrera, Alex Clarino, Gil Cortez, Ompong Segura, Oscar Rocha and the late Fort Acuna.

There was not a day that the Smart Araneta Coliseum was not packed to the rafters each time Crispa and Toyota met, be it a no-bearing game or a championship clash.

Dalupan is gone—bless his soul—but his legacy lives on. There has never been a coach way ahead of his time, Dalupan adroitly brushing aside coaching science in favor of

Citation for Echauz and crew The Standard Insurance

Centennial 5 team skippered by veteran sailor Ernesto “Judes” Echauz will receive a Citation during the San Miguel Corp.Philippine Sportswriters Association Awards Night at the Diamond Hotel on Monday. Echauz steered Centennial 5 with an all Filipino crew to Line Honors in the Rolex China Sea Race that started from Victoria Harbour April last year. It marked the first time in the race’s 61-year history that a Philippine sailing team won the event in dominant fashion.

are to gain experience from this international event and try to be the best among her FIS [International Ski Federation] counterparts while enjoying the moment here.”

Peter Joseph Groseclose, meanwhile, won’t be speedskating for two to three weeks to recover from a wound in his foot he sustained in a collision with a Chinese athlete in the men’s 500 meters where he finished fifth on Monday.

“With his current injury, we’re going to let him rest and recover for about two to three weeks,” his American-Hungarian coach JohnHenry Krueger told BusinessMirror on Tuesday. “The good news is the doctor said there’s no bone and ligament damage.”

Doctors at the Gangneung Asan Hospital needed nine stitches to close Groseclose’s wound.

his trademark street-smart ways.

Silverio became fodder to Dalupan’s no-pentel-fueledboard, situational coaching.

While its coming is a bit late, the trophy is still much appreciated—Silverio being a legend in his own right. Good job, Nelson (Beltran, PSA president).

I was with Caidic and Samboy Lim in Girona, Spain, during the 1985 World Club Championships, with Lipa in the 1986 Bangkok ABC and with Valenzona in the 1987 Taipei Invitational.

Every minute spent with them is as precious as gold. And, as memories are forever, my friendship with them burns ever so bright.

THAT’S IT Up to now, it boggles the mind that a weight category in the Olympic Games can be scrapped in the wink of an eye—sans explanation. Thus, Hidilyn Diaz’s 55-kg gold-producing class is gone, replaced by 59-kg. Let’s pray she hurdles the qualifiers soon and proceeds to win her second Olympic gold in Paris this year.

www.businessmirror.com.ph

Insurance Commission’ s th 75 Anniversary A BusinessMirror Special Feature

Wednesday, January 24, 2024 C1

INSURANCE COMMISSION CELEBRATES 75TH YEAR WITH MORE INSURED PINOYS

I

T was during the Spanish era that the Philippines was introduced to the concept of insurance through The Lloyd’s of London, an insurance market located in London’s primary financial district, who appointed Strachman, Murray & Co. Inc. as its representative in the country.

The entry of Strachman, Murray &Co started the influx of foreign insurance companies in the country. In 1898, life insurance was introduced with the entry of Sun Life Assurance of Canada in the local insurance market.

Not long after, in 1906, the first domestic non-life insurance company, the Yek Tong Lin Insurance Company, was organized.

Shortly after the Insular Life As-

surance Co., Ltd.,, the first domestic life insurance company in the country was established in 1910.

Due to the fast-paced growth of the insurance industry in the country, the Philippine legislature on December 11, 1914 enacted Act 2427 also known as the Insurance Act. This Act took effect on July 1, 1915 and repeated the provisions of the Spanish Code of Commerce on Insurance.

More and more poor Filipinos are availing of microinsurance products because of increased awareness. BERNARD TESTA

Ex-officio

UNDER the Insurance Act, the Insular Treasurer, in addition to his official title, was designated as the Insurance Commissioner exofficio, The government agency, which supervised the insurance business in the country was called the Insurance Division of the Bureau of Treasury.

As the industry prospered, the state recognized the need to establish an independent office to administer all matters pertaining to the country’s insurance industry.

Hence on January 3, 1949, along with the formal opening of the Central Bank of the Philippines at that time, the Bureau of Banking was remained as the office of the Insurance Commissioner by virtue of Republic Act No. 275. Likewise, the Bank Commissioner and Assistant Bank Commissioner were renamed to Insurance Commissioner and Assistant Insurance Commissioner, respectively.

This year, the Insurance Commission celebrates its 75th anniversary with the theme “Serving with Integrity: 75 years of Public Trust.”

The celebration comes at a time when insurance, which was once seen as an unnecessary expense or a financial burden to those who could not afford it, is now more necessary than ever. The efforts of the

Continued on C2

Insurance Commission’ s th 75 Anniversary

C2 Wednesday, January 24, 2024

A BusinessMirror Special Feature

www.businessmirror.com.ph

INSURANCE COMMISSION CELEBRATES 75TH YEAR WITH MORE INSURED PINOYS Continued from C1 Insurance Commission have paid off, gaining the trust of more Filipinos who have decided to insure themselves.

According to Statista.com, a global data and business intelligence platform with an extensive collection of statistics, reports and insights in over 80,000 topics, Filipinos have increasingly recognized the risk of a lack of security in cases of death, unforeseen accidents and hospitalization costs from illnesses.

It added that since getting insurance coverage could mean additional expenses, Filipinos belonging to low-income households turn to cheaper insurance products known as microinsurance. Microinsurance policies are mostly written by the Mutual Benefits Association (MBA). In addition to paying sick benefits, MBA members also receive financial support while out of employment.

A form of savings, investment

MANULIFE ANNOUNCES NEW GLOBAL LONGEVITY INNOVATION CHALLENGE WITH WEF’S UPLINK

M

ANULIFE recently announced in Davos, Switzerland a new multi-year partnership with UpLink, the World Economic Forum’s (WEF) open innovation platform, designed to help shape the future of, and investment in, longevity innovation.

The three-year partnership will include annual Manulife powered Global Longevity Innovation challenges, run

by UpLink. Manulife will also support WEF’s broader efforts to address the demographic and financial challenges of global ageing to help more people live longer, healthier, and better lives.

“Around the world, people are living longer, but not necessarily healthier,” said Roy Gori, President and CEO of Manulife.

“One-fifth of an individual’s life, on average, is now expected to be lived with morbidity or in a state of illness. Solving this longevity crisis will require a comprehensive approach to promoting healthier lifestyles, addressing socio-

economic inequalities, and investing in new research and technologies. By working across sectors and with partners like the World Economic Forum, we can focus on driving the longevity economy for the future of society’s health and well-being.”

The Manulife powered UpLink challenges will support an ecosystem of innovators who can help accelerate solutions in longevity focused on finance, health, and well-being.

Importantly, the program will be activated across Manulife’s global headquarters in Canada, the U.S., and Asia, as the company works to drive global change through placebased solutions.

“This collaboration

will drive innovation in the retirement ecosystem, offering financial solutions and policy recommendations for a resilient, equitable, and sustainable extended life,” said Olivier Schwab, Managing Director, World Economic Forum. “By combining Manulife’s expertise, UpLink’s commitment to elevating early-stage impact entrepreneurs, and the work of the Forum’s Centre for Financial and Monetary Systems, this initiative will play a pivotal role in promoting healthy aging and enhanced living standards throughout the world.”

This multi-year investment builds upon Manulife’s 2023 partnership with WEF’s UpLink to run innovation challenges to spur nature-based solutions to climate change across two key areas.

The first focused on sourcing innovative solutions across the entire sustainable forestry value chain, while the second surfaced innovations aimed at improving the connection between planetary and human health. In total, 21 ecopreneurial start-ups providing innovative and scalable models for sustainable forest management and more were selected as challenge winners.

For more information, visit www.manulife.com.

IN A report published by KPMG, it noted that many Filipinos perceive life insurance not only as a means of protection but also as a form of savings or investment due to the cash value it offers, which can be utilized for loans or as collaterals.

This, KPMG said, makes life insurance an appealing choice for longterm wealth accumulation.

“The Covid-19 pandemic is also one of the drivers of this mindset shift that resulted in an increased interest in life insurance and annuities in the country. The pandemic has highlighted the need for financial protection in the face of unexpected events. Many Filipinos are now more aware of the importance of having a safety net to protect their families and loved ones in the event of untoward incidents,” the KPMG report added.

According to KPMG in the Philippines Vice Chairman and COO Emmanuel P. Bonoan, “given the prevailing uncertainty about the future, it is not surprising that a growing number of Filipinos are actively seeking means to safeguard their financial well-being and es-

tablish a reliable income source during their retirement years.”

“This desire to attain financial stability and peace of mind has led many Filipinos to explore various avenues and financial products that can provide long-term security,” Bonoan added.

Increase in net income

DATA from the Insurance Commission support these reports of more Filipinos seeing the need for insurance as the net income of life and non-life insurance companies and MBAs increased by 9.38 percent year-on-year during the third quarter of 2023.

Based on the latest data from the Insurance Commission, the insurance industry registered a net income of P38.28 billion as of the end of the third quarter of 2023. This is a 9.38 percent increase from the industry’s net income of only P35 billion for the same period in 2022.

Both life and non-life insurance companies registered high net income growth rates for the third quarter. Life insurance registered a 10.32 percent increase with P28.79 billion in net income compared to P26.10 billion recorded during the same period last year. Non-life insurance recorded a net income of P5.48 billion, a 14.99 percent increase compared to the P4.76 billion recorded last year.

MBAs, however, experience a slight decline of 3.05 percent in net income year-on-year due to a significant increase in Total Underwriting Expenses of P9.64 billion as of the third quarter of 2023 which is 32.72 percent higher than the figures during the same period last year.

Total premiums

AS OF the third quarter of 2023, life insurance companies have already collected total premiums amounting to P229.89 billion. A total of P46.57 billion is considered as new business, which is a growth of 13.93 percent from figures for the same period last year.

Non-life insurance companies registered total net premiums written of P48.21 billon as of the same

period which is 15.56 percent higher than the total net premiums registered during the same period last year.

Even MBAs registered higher total contributions of P11,494.4 billion which is 7.43 percent higher than figures during the same period last year.

Data for the third quarter of 2023 also indicated the insurance industry’s continued growth in terms of assets, invested assets and net worth. Total assets and net work grew by almost 10 percent year-on-year, while total invested assets increased by almost 15 percent.

Microinsurance is key

ACCORDING to the Insurance Commission, more and more Filipinos are getting microinsurance to protect their lives and properties as a result of heightened awareness

by Filipinos on the importance of insurance because of the Covid-19 pandemic. The commission also credited its awareness programs in building public trust in microinsurance as a factor to growth.

Microinsurance has become more accessible to consumers because it is being bundled with micro-finance products like small loans.

Technological advancements such as mobile wallets, made transactions with microinsurance providers easier, IC added.

In terms of premium collection, microinsurance recorded a total amount of P3.249 billion in the first quarter, according to the IC. The amount was 22.48 percent higher than the P2.652 billion microinsurance premium collection registered in the same period of last year.

Microinsurance refers to products that can be purchased for premiums that are not more than 7.5 percent of the Metro Manila minimum wage as computed daily, according to the IC. Microinsurance products include micro-life and health insurance, micro-agricultural insurance as well as pre-need products like micro-memorial, educational and even pension plans.

Insurance Commission’ s th 75 Anniversary A BusinessMirror Special Feature

www.businessmirror.com.ph

Wednesday, January 24, 2024 C3

PIRA to push for digitalization, affordable non-insurance products

T

HE Philippine Insurers and Reinsurers Association (PIRA), the umbrella organization that represents the collective interests of the nonlife insurance industry in the country, will continue to work closely with the government in order to come up with more accessible and affordable noninsurance products for the less served sector of the population.

In an interview with BusinessMirror, Rogelio J. Concepcion, PIRA Inc General Manager said PIRA is working closely with the government

to address the protection gaps identified for agriculture insurance, catastrophic events, disaster risk mitigation and the need for products that are readily available and affordable for the marginalized and the MSMEs (Micro, Small and Medium Sized Enterprises).

“PIRA works closely with the regulators and is in close collaboration and consultation when it comes to the needs and the benefits of the insuring public.

These initiatives are in various stages of development,” he said.

While the Covid-19 pandemic has hastened the digitalization

journey of the insurance industry, it is “not as far as its kin in the banking industry.”

Concepcion pointed out that that “efforts would have to be undertaken to fully introduce

and utilize digitalization in the industry’s myriad processes.”

AI and its impact

IN addition to the challenges brought about by digitalization,

PIRA noted that the insurance industry will also have to deal with AI and how this will impact the industry.

“AI presents unique challenges for the industry both in covering the risks that it may entail as well as the use of AI in its operations. The industry will also have to tackle the impact of climate change and the effect on both the severity and frequency of natural calamities that it may spawn,” Concepcion said.

Insurers have also been busy with the advent of ESG (Environmental, social

and corporate governance), ORSA (Own Risk and Solvency Assessment) and other compliance issues to the possible detriment of other areas.

Additionally, PIRA members will also have to look into how to adapt the available technology with their processes.

“There is a need to leverage the next level process automation and virtualization technologies such as digital twins, 3D and 4D printing in the underwriting and claims processes, among others,” Concepcion said.

Getting insured? Here are tips on how to choose your insurance provider Y OU have finally decided to get yourself insured. Now you have to decide which company will provide you with your insurance plan. Here are some tips compiled from the Internet on what to look out for when choosing your insurance provider. nLicensed and stable.

Make sure that the insurance company you choose is licensed

to operate in the Philippines, has a solid company background and has a strong financial performance; nInsurance Commission’s criteria.The best life insurance firms perform well based on the Insurance Commission’s five criteria: premium income, assets, net worth, net income and new business annual premium equivalent;

nProgram variations.

It is good to pick an insurance company that has the knowledge and experience with various sorts of protection programs; nCost. Take note of the insurance coverage the companies offer and the cost of their policies. Insurance providers will offer you insurance policies with different amounts of covarege. It would be best to

evaluate whether the guidelines presidented to you will provide you enough covarge and are worth the cost. nCustomer service. It is also important to consider whether the company can provide you with excellent customer care. An insurance company that has trained and certified customer care representatitves will be more careful with your

requirements; and nClaim handling. Evaluate the company’s claim handling practices. It would help if you asked how the company handles claims filed by policyholders.

If you still cannot decide on the insurance product or company to choose from, you can always ask a friend or a relative for referral. They will definitely

have your best interest in mind.

Sources: 1 Secure your Future with the Best 2 Life Insurance in the Philippines

by Rouselle Isla 3 Qualities to look for when Choosing an Insurance Company by InLife What to look for when selecting an insurance company by Erwin Reyes, ichoose.ph

Insurance Commission’ s th 75 Anniversary

C4 Wednesday, January 24, 2024

A BusinessMirror Special Feature

www.businessmirror.com.ph

Financial protection preparedness still lacking, says Sun Life Grepa study

O

VERALL financial preparedness among some Filipinos remains low despite having a clear sense of their financial priorities.

Despite having identified their financial priorities, the majority of the respondents who took part in the 2023 Financial Readiness Survey of leading insurer Sun Life Grepa Financial Inc. (Sun Life Grepa) said they still lack financial readiness when it comes to securing protection instruments that address their various goals and needs.

Perceived full preparedness is less than 10 percent. Respondents said they are fully or somewhat prepared when it comes to having funds for emergency use (34 percent) and for major goals (32 percent), personal health (32 percent) and investments (30 percent).

In terms of respondents’ top

financial priorities, the latest priority rankings are consistent with the company’s 2022 survey results, although the percentages have slightly changed. Earning and saving income ranks number one at 69 percent (previously at 77 percent), followed by building wealth at 57 percent (from 60 percent) and protecting money at 39 percent (33 percent).

The changes in variance can be attributed to the sustained “new normal” or post-pandemic recovery. Full-time jobs and other income-generating opportunities have become more stable, allowing people room to adjust their financial priorities. Health protection

ranks fourth at 20 percent, up from fifth spot last year at 24 percent.

This is followed by child education at 26 percent, which held fourth spot last year at 28 percent.

Owning adequate insurance policies still gives people peace of mind, with policy owners having a higher level of perceived prepared-

ness compared to those without insurance ownership. As such, Sun Life Grepa plans to bolster its educational projects to inform people of the value of financial protection. These initiatives also help match people with financial products and instruments that address their specific needs.

For those wanting to insure their health, the company offers Sun Grepa Fit and Well, a comprehensive life and health protection that provides financial benefits upon early or late diagnosis of any of 114 covered critical conditions. There are also specialized health protection plans such as the Sun Grepa Senior Care for people in their golden years and Sun Grepa Cancer Care for those battling the Big C (cancer).

In addition, there is Sun Grepa ProHealth for clients looking for affordable health coverage and maximum health protection.

For owners of micro, small and medium enterprises (MSMEs) who need solutions to address their company’s and employees’ needs, Sun Life Grepa came up with Sun Life Grepa Accident ProSafe (packaged group insurance specifically designed for SMEs that offers comprehensive coverage against accidents), Sun Life Grepa Smart Care Plus (provides small business

employees with protection benefits against death, accidents and illnesses), and Sun Life Grepa HIPSTER (Health Insurance Plan for Small Enterprises, an affordable insurance solution that provides life, accident, disability, and medical benefits for MSME employees.)

Sun Life Grepa recently launched a new fund option called SLG Peso-Global Sustainability Growth Fund that caters to environmentally conscious investors looking to grow their finances sustainably. This peso-dominated, variable unit-linked (VUL) fund provides eash access to a mix of Environmental, Social and Governance (ESG)-driven global equity funds, offering investors a meaningful way to benefit from market opportunities.

Sun Life Grepa is continuously innovating financial solutions to accommodate varying concerns and preferences, giving the uninsured more ways to protect themselves and their futures.

Insurance Commission’ s th 75 Anniversary A BusinessMirror Special Feature

www.businessmirror.com.ph

Wednesday, January 24, 2024 C5

UNDERSTANDING AND INSURING ELECTRIC VEHICLES

T

EVIDA aims to regulate and develop the electric vehicle industry in the country, promoting EVs as a sustainable mode of transportation to reduce dependence on fossil fuels. It also governs the manufacture, assembly, importation, construction, installation, maintenance, trade and utilization, as well as research and development of electric vehicles. The act mandates various industries to have a five percent EV quota for their vehicle fleets, whether owned or leased under a timeline that will be determined by the industry roadmap.

The market currently ahs only a few EV operators, but with the passing of the EVIDA, more manufacturers are expected to enter the market. The government also seeks to cerate a supportive ecosystem for EVs by creating an EV roadmap that will form part of the country’s energy plan. The roadmap includes a charging infrastructure and fiscal and non-fiscal incentives.

However, the absence of credible and accurate data on claims for EVs is a major concern for the motor insurance industry, according to PIRA’s Michael Relloa. Despite this, the industry is already

MICHAEL FLIPPO | DREAMSTIME

HE implementation of the Electric Vehicle Industry Development Act (EVIDA) in the Philippines has created a buzz among motor insurers, who see opportunities in the growing EV market. However, the lack of reliable data on EV claims is a major concern for insurers, according to Philippine Insurers and Reinsurers Association (PIRA) Executive Director Michael Rellosa.

receiving queries regarding underwriting of EVs. He does not expect any impact on premium pricing as motor car rates in the Philippines are dependent on the use of the vehicle. If the EV is for private use, then the premium rate will be calculated under a private car. If ti is for commercial or business purposes, then a commercial vehicle

Growth in life insurance sales signals opportunity for Filipinos

L

IFE insurance Annual Premium Equivalent (APE) sales for the first semester of 2023 grew just under 10% as the industry remains well-positioned to top its annual pre-pandemic sales levels for the first time. APE is the annual total value of all single and recurring premium policies.

Known for its heavy reliance on face-to-face transactions in marketing its products, the life insurance sector was seen to be among the most impacted during the pandemic years. However, under the prevailing economic climate, Filipino families are increasingly seen to prioritize insurance to safeguard themselves and their loved ones against unforeseen events. Moreover, they also look for ways to ensure they are secure financially through whatever means.

There are five critical assets a person should consider to achieve financial security: nEmergency Funds: Emergency funds are savings for unanticipated expenses like medical incidents and house repairs. This fund would prevent someone from relying on high interest lenders when unexpected events occur. nInvestments: Investing money in assets like real estate and stocks can grow wealth over time, providing investors with a financial cushion for long-term goals such as retirement. The underlying assumption here is that one’s income exceeds one’s

expenses, thereby creating savings that can be channeled to investments. nMultiple Income Streams: Creating various revenue streams, such as side gigs and freelance work, can help boost financial stability.

Besides lessening one’s susceptibility to volatility in the economy, additional income provides surplus earnings that can be used to increase savings and investments. nInsurance Coverage: Good insurance protection, which safeguards other insurance types, including health, life, and property, is a cushion against unforeseen economic f luctuations that can impact one’s investments. Life insurance in particular is seen to protect one’s potential future earnings in the unlikely event of premature death.

Financial Education: Through financial literacy, individuals can make well-informed decisions regarding investments, budgeting, and debt management. This development of financial resources contributes to longterm security.

Renato A. Vergel De Dios, an insurance industry expert and President and CEO of BDO Life Assurance Company (BDO Life), said it is now crucial for individuals to seriously consider insurance and start acquiring the four essential assets, given the robust financial performance of insurance providers.

“The industry’s growth directly translates into enhanced benefits and security for our valued policyholders, reinforcing our commitment to their financial well-being.

Just as now is an opportune time to invest and acquire other personal assets, it is equally timely that our future income is preserved, in the event of untimely death, and its value passed on to our loved ones,” said Vergel De Dios.

He added that, “Only life insurance has the power to transfer future income otherwise foregone, to those who rely on us for financial support. This is the peace of mind that only life insurance can provide so that our loved ones need not worry should anything happen to their financial provider or breadwinner.”

Vergel De Dios further explained that securing oneself with life insurance and other assets ensures genuine financial security. The primary purpose of life insurance is to act as a safety net for losses due to death, illness, or disability. It is a viable financial Plan B when a person’s program of savings and investments, his Plan A, fails.

Learn more about how life insurance can protect you and your loved ones by visiting a nearby BDO branch and speaking with a BDO Life Financial Advisor.

rate is used.

Insurers are facing new challenges with the rise in EVs and are being forced to adapt their operations to deal with new pat-

terns and types of claims. The fundamental difference between EVs and traditional internal combustion engines (ICEs) is that the electric motor and battery in EVs

are more difficult to access, repair and replace, making it a challenge for insurers to develop adequate responses.

The changes are also leading to a rise in claims frequency and severity, with the probability of material damage claim leading to a total loss being higher for EVs. Claims tend to be addressed to official dealers as few garages are equipped to deal with the more complex repairs. New risks, including cyber claims are also emerging with EVs being connected. As the adoption of EVs continues to grow, the (re)insurance industry maust adapt its operations to cater to those changes.

Rellosa believes that PIRA can learn from similar organizations in other countries with more experience in insuring EVs. The government plans to build a widespread charing network in the Philippines, making buying an EV an attractive and more sustainable option.

The Department of Energy has endorsed a P2.5 billion investment in 20,000 EVs ino the country and eventually build 5,000 Ev charging stations. With these developments, the Philippines is poised to see a spurt in the growth of the EV market.

Insurance Commission’ s th 75 Anniversary

C6 Wednesday, January 24, 2024

A BusinessMirror Special Feature

www.businessmirror.com.ph

Tomorrow Starts Today: PhilPlans Unveils New Slogan as part of company rebrand

P

HILPLANS, a leader in pre-need services in the Philippines, is set to redefine the future with its revamped brand and a powerful mantra “Tomorrow Starts Today.” This reaffirms the company’s commitment as the nation’s trusted partner in securing a prosperous tomorrow for all. Recognizing the dynamic aspirations of modern Filipinos, PhilPlans is also embracing digitalization, championing proactive planning, and stepping into a future where tomorrow starts immediately.

step further, hand-in-hand.”

Bautista notes.

Official slogan

“We are not just selling preneed plans,” declared PhilPlans Chief Sales and Marketing Officer Ronald S. Bautista. “We are partners in planning for a secure and peaceful tomorrow.

Our digital transformation, product innovation, and brand evolution are all fueled by this core purpose. We are excited to embark on this journey with our clients, hand-in-hand, as we build a future where tomorrow starts today.”

“ Tomorrow Starts Today” is a further refinement of PhilPlans’ previous slogan “ Think Ahead ” that has served the brand for many years.

The new mantra is also an invitation to the public to act for a better tomorrow without delay.

“We’ve been empowering Filipinos to write their own tomorrows for 35 years, and now, with this new slogan as our guide, we’re ready to

“TOMORROW Starts Today” will become PhilPlans’ official slogan starting January 27th.

PhilPlans’ rebrand ushers in a seamless digital ecosystem, empowering clients with a customer portal launching this second quarter. Imagine real-time plan management, convenient updates, and a level of control that meets the expectations of the digitalsavvy consumer.

But PhilPlans understands that digital tools are just the beginning. Tomorrow’s security is built on today’s choices. That’s why the brand is constantly innovating, crafting new products tailored to your evolving needs.

W hether it’s securing a loved one’s future or ensuring that children’s dreams take f light, PhilPlans is evolving alongside its clients.

Reflecting this dynamic growth, PhilPlans presents a refreshed brand identity.

The iconic logo remains, but now exudes a renewed sense of dynamism and forwardthinking, mirroring the brand’s commitment to a proactive future.

PhilPlans’ rebrand is more than just aesthetics. It’s a declaration because PhilPlans is not just a pre-need company; but a partner in building a secure and comfortable tomorrow, sta r t i ng tod ay.

Joi n t he movement.

St a r t pl a n n i ng. B ec au se w it h Ph i l Pl a n s, Tomor row St a r t s Tod ay.

Insurance Commission’ s th 75 Anniversary A BusinessMirror Special Feature

www.businessmirror.com.ph

Wednesday, January 24, 2024 C7

FORTUNE LIFE 2024 SALES KICKOFF RALLY F

ORTUNE Life held its 2024 Sales Kickoff at Valle Verde 1 Clubhouse last January 10. With this year’s theme, “Build and Lead beyond boundaries,” each branch will focus its efforts on boosting sales productivity, agency building and sales growth through innovative approach.

Fortune Life Branch Managers with EVP & COO Emma Abad (7th from left) and SVP-OIC Marketing and Sales Virgilio Aquino (8th from left) during its 2024 Sales Kickoff at Valle Verde 1, Pasig City

Fortune Life EVP and Chief Operating Officer Emma Abad together with SVP & OIC for Marketing and Sales Division Virgilio Aquino and other officers graced the event.

Around 88 agents from 10 branches of NCR and South Luzon participated in the cheer dance contest showcasing their sales commitment for the year.

One of the event’s highlights was the recognition of top agents and qualifiers of Group Sales Drive Todo Ratsada and Amazing Race.

The top agent won a Trip to Puerto Princesa, Palawan plus an iPad and cash prize. Other winners received

luggage, portable projector, fitness band, earbuds and cash prize. To make the event more exciting, smartphones, e-bike and motorcycle were drawn as raffle prizes in the Road to Fortune sales drive.

A series of sales kickoff rallies for North and Central Luzon, Visayas and Mindanao branches will be held until February 2024.

Fortune Life Insurance is a member of the ALC Group of Companies founded by the late Ambassador Antonio L. Cabangon Chua, and currently chaired by D. Edgard A. Cabangon.

NCR and South Luzon Branch Managers and their respective sales teams together with Fortune Life officers during its 2024 Sales Kickoff

AMID A HARVEST OF AWARDS, YOUR SUPPORT COUNTS MOST

T

HE pandemic tested the media industry, forcing newsrooms around the world to overhaul the way they do their job while following strict health protocols in order to survive a deadly infection.

The BusinessMirror, the country’s premier national business daily, was tested like everyone else, and survived, even continuing to live up to its promise to provide a broader look at today’s business.

In November 2021, the business broadsheet was recognized as the “Business News Source of the Year” for 2020 by the Economic Journalists Association of the Philippines (Ejap), the country’s premier organization of business reporters, editors and wire agencies. It was a 4-peat for BM, having gotten the same honors for the years 2017, 2018 and 2019.

And, as in the past Ejap awards, it also swept half of the individual categories, with its seasoned reporters adjudged as best in their respective coverages.

Earlier in 2021, the BusinessMirror was given the Pro Patria Award by the Rotary Club of Manila, for “its commitment of valuable resources for the protection of free expression and its resilience in disseminating fair and truthful information resulting in an informed and enlightened citizenry.”

It was just the latest recognition from the prestigious Rotary Club, which named it “Business Newspaper of the Year” for 2018-2019, and again in 2020. In all, it has received six top

Rotary journalism awards in its short 16-year existence.

The BusinessMirror has also consistently reaped top awards in the Brightleaf Journalism Awards for Agriculture and the Philippine Agricultural Journalists-San Miguel Corp. (PAJ-SMC) Binhi Awards, also for the best in agriculture journalism.

The BusinessMirror was also repeatedly adjudged the leading daily in biotechnology journalism, a recognition bestowed by the Jose G. Burgos Jr. Biotechnology Journalism Awards.

The “broader look” mantra also drew recognition from the Philippine Statistics Authority (PSA) which named the BusinessMirror, at its first awards rites in 2018, as the inaugural “Data Champion.”

In the first “Bantog Science for the People” awards for media from the Department of Science and Technology, the BusinessMirror got the top award for the Institution category for Print; and the grand prize in the individual category for science journalist Stephanie Tumampos.

In 2018, Environment Reporter Jonathan Mayuga received the Luntiang Aligato award from the Climate Reality Project, a nonprofit organization founded by Nobel Laureate and former US Vice President Al Gore.

The Broader Look at biodiversity was also recognized. It was named among the Asean Champions of

Biodiversity, for the Media Category, by the Asean Centre for Biodiversity.

The Broader Look also extended to the paper’s corporate social responsibility. It organized and staged the first-ever recognition rites for the best of the Philippines’s friends in the world, with the “MISSION PHILIPPINES: The BusinessMirror Envoys & Expats Awards.” The initiative won a Gold Anvil in 2019.

Distinguished institutions in government have also repeatedly recognized the BusinessMirror’s role in spreading the word about the work they do—information that shines a light on good governance and committed public service to uplift people’s hopes. Most notably, these are the Social Security System and Pag-IBIG Fund.

Sixteen years, two of them in a pandemic, have tested the promise of a Broader Look. But they are also a measure of the unstinting support of friends—advertisers and news sources alike—and readers who continue to believe in that promise.

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

BusinessMirror A broader look at today’s business