BusinessMirror January 29, 2024

Neda eyeing PPP projects to ease debt burden

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FROM CAR FACTORIES TO FASHION LINES: THE UNSETTLING IMPACT OF HOUTHI ATTACKS ON GLOBAL TRADE

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HE National Economic and Development Authority (Neda) is eyeing to undertake more Public Private Partnerships (PPPs) to help shoulder the debts of projects.

Socioeconomic Planning Secretary Arsenio M. Balisacan recently told reporters a number of projects could be offered as PPPs if the private sector deems them profitable.

Balisacan said one of these projects is the Bataan-Cavite Interlink Bridge (BCIB) Project, which is currently being financed by a $2.11-billion loan from the Asian Development Bank (ADB) and a $1.14-billion loan from the Asian Infrastructure Investment Bank (AIIB).

“We would want to see this new Bataan-Cavite bridge, have that [as] a PPP. Build it, turn it into, attractive for the private sector,” Balisacan said.

“If it’s profitable enough, even the debt can be transferred to the private sector so they can continue the servicing.”

Balisacan said one way the private sector can come in is through the operation and maintenance of the project which could pave the way for the private sector to also shoulder the debt servicing for the loans from ADB and AIIB. The Neda chief said there are still a lot of PPPs that the government can offer. Currently, Balisacan said the Laguindingan airport is up for Swiss Challenge.

He added that by February, the government will award the winner for the Ninoy Aquino International Airport (NAIA) rehabilitation. Earlier, lawmakers appealed to extend the bidding to ensure “a fair and competitive process”

(See: https://businessmirror. com.ph/2023/12/18/adb-plea-toextend-bidding-for-naia-rehabgets-backing/).

Meanwhile, based on ADB data, the BCIB project is a 32.15-km road link that will connect Bataan and Cavite. ADB said this is the missing link in the road network of the National Capital Region (NCR), Central Luzon, and Calabarzon.

The BCIB, ADB said, will include the construction of a tourist center and supporting facilities will be established at the north approach of the bridge.

ADB said this will provide information about the ecosystem and diversity of destinations on the Bataan Peninsula and Corregidor Island.

Completion of the BCIB, the final link of the loop road around Manila

Bay, will provide opportunities for expansion outside the NCR for economic integration and growth.

It will also boost the tourism for Bataan Province and Corregidor Island and serve as a support to the development of Port of Mariveles as a premier international shipping gateway, hence expanding the overall port capacity of Manila Bay. ADB also said the BCIB will be an alternative route from north Luzon to south Luzon without traveling through the heavily congested roadways of NCR, and thus reduce the pressure on the existing northsouth corridors.

In case of a natural hazard, ADB said, the BCIB can serve as the main evacuation route for the people of Bataan, Cavite, Rizal, and south NCR. Cai U. Ordinario

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Monday, January 29, 2024 Vol. 19 No. 106

P25.00 nationwide | 2 sections 20 pages |

FASTER GROWTH IN Q4

PUP DOMINATES AS TOP TALENT SOURCE Around 29,000 high school students gathered at the Polytechnic University of the Philippines in Santa Mesa, Manila, on Sunday, January 28, 2024, to take the entrance examination. According to a recent survey by online job portal JobStreet, PUP has kept its position as the leading source of hireable employees among colleges and universities for two consecutive years. The survey revealed that PUP secured the top spot as the school “where most employers source their candidates” with a significant 23 percent, followed by the University of the Philippines at 9 percent, and De La Salle University at 7 percent. NONIE REYES

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By Cai U. Ordinario

@caiordinario

F the economy grew faster in the last quarter of 2023, the Monetary Board, the highest policymaking body of the Bangko Sentral ng Pilipinas (BSP), may consider hiking interest rates.

At the sidelines of the recent Annual Reception for the Banking Community, BSP Governor Eli M. Remolona Jr. told reporters fourth quarter GDP may have posted faster growth than the 5.9 percent recorded in the third quarter. He added that the second-quarter growth was an “aberration.”

In terms of inflation, Remolona said, the BSP expects inflation to slow in the first quarter of 2024 due to base effects. But commodity prices are expected to increase

in the second quarter of the year.

Given this, the central bank remains in a hawkish mode.

“I think it’s gonna be better than Q3 [third quarter] kasi yung Q2 (second quarter) medyo aberration yun in terms of growth,” Remolona said. “If the growth is strong, that gives us a bit more room to hike. [Yes] hike. [Since it’s a] strong growth, kaya ng economy tanggapin [the economy can absorb it].”

See “Rate,” A2

GLOBAL TRADE DISRUPTIONS PROMPT ALARM FROM UNCTAD

By Andrea E. San Juan @andreasanjuan

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HE United Nations Conference on Trade and Development (Unctad), UN’s trade and development body, has raised the alarm on global trade disruptions, with estimates that the trade volume going through the Suez Canal—a “critical waterway” connecting the Mediterranean Sea to the Red Sea—decreased by 42 percent over the last two months.

In a statement, Unctad raised “profound concerns over es-

calating disruptions to global trade” including the recent attacks on ships in the Red Sea, which a shipping expert earlier said could affect Philippine goods being sourced from Europe and Africa.

“Recent attacks on ships in the Red Sea, combined with geopolitical tensions affecting shipping in the Black Sea and the impacts of climate change on the Panama Canal, have given rise to a complex crisis affecting key trade routes,” UN’s trade and development body said.

See “Global,” A2

Foreign investment curbs have cost economy ‘a lot’

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FFORTS to make the economy less restrictive to foreign players—whether by economic Charter Change or other reforms—are welcome because the country already “lost a lot” of opportunities by having foreign investment restrictions, according to the National Economic and Development Authority (Neda).

Socioeconomic Planning Secretary Arsenio M. Balisacan stressed the need for a sense of urgency when it comes to making the country less restrictive to foreign investors.

Balisacan noted that the country already lost a lot of opportunities such as those in education, which could have helped the country im-

prove competition nationwide and get access to innovations.

“If you can just focus on the economic provisions that’s fine with me, but we have to do it quick because we don’t want uncertainties in the market,” Balisacan recently told reporters.

“What we’re saying is that in so far as the economy is concerned, we need to open the economy whether you can do that by constitutional amendments or by other means,” he also said.

Balisacan said the Philippines could have been the perfect destination for education investments, particularly from both American and European institutions.

See “Foreign,” A2

PESO EXCHANGE RATES n US 56.3180 n JAPAN 0.3814 n UK 71.5745 n HK 7.2040 n CHINA 7.8497 n SINGAPORE 42.0221 n AUSTRALIA 37.0629 n EU 61.0881 n KOREA 0.0421 n SAUDI ARABIA 15.0182 Source: BSP (January 26, 2024)

News

BusinessMirror

A2 Monday, January 29, 2024

Asean foreign ministers to hold ‘retreat’ in Laos

By Malou Talosig-Bartolome

Philippine Foreign Affairs Secretary Enrique Manalo will skip the retreat of the Association of Southeast Asian Nations (Asean) because it coincides with the state visit of President Ferdinand R. Marcos Jr. to Vietnam.

DFA Undersecretary for Bilateral Relations and Asean matters Theresa Lazaro will represent Manalo instead.

Aside from the Philippines, Myanmar, Vietnam and Laos, the countries of 10-member Asean are Brunei, Indonesia, Malaysia, Singapore, Thailand, and Cambodia.

For years, the bloc has emerged as a middle power, playing a pivotal role in keeping peace and stability and the engine of economic growth of the Asia-Pacific region.

Laos, which took its turn to chair this year, will host the Asean Foreign Ministers Retreat in its mountainous northern province of Luan Prabang. Laos’s theme for its chairmanship in 2024 is “Enhancing Connectivity and Resilience.”

Foreign affairs analysts told BusinessMirror that they do not expect Laos to advance one of the key geopolitical concerns in southeast Asia—

the South China Sea dispute.

Laos, the only landlocked country in southeast Asia, has a robust trade relationship with China, with US$5.68 billion in bilateral trade, Xinhua’s subsidiary China Economic Information Service (CEIS) reported.

The communist state greatly benefited from China’s Belt and Road Initiative (BRI) initiative, including the benchmark China-Laos railway. However, its public debt has reached approximately US$15.9 billion in 2023, equivalent to 125 percent of GDP. Half of Laos’s external debt is owed to China.

“For the past years, the trend in Asean is not to dwell on geopolitical issues, which is not exactly what Asean is for. So we are not expecting that this trend will change under Laos’s chairmanship,” a senior diplomat said.

Laos will focus on the economic agenda to improve “connectivity” —physical infrastructure such as highways, railways, ports and airports. Laos, one of the smallest and

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are still “very imprecise.”

“We’re kinda in the zone where it’s kind of neutral. This is based on our estimates of what’s called the natural rate. Our estimates are very imprecise so, which means we could hike and it’s still okay but we’re not sure because it’s an imprecise [measure],” Remolona said.

Meanwhile, Socioeconomic Planning Secretary Arsenio M. Balisacan said he hoped fourth-quarter growth would be better than the previous quarters to attain the low end of the 6 to 7 percent target.

Initially, Balisacan said, the economy needs to post growth of 7.2 percent year-on-year for the

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@maloutalosig

XCLUDING Myanmar, foreign ministers from southeast Asia will gather for the first time this year on Monday in Laos, amid challenges of rising tension in the South China Sea and the unresolved humanitarian and political crisis in Myanmar.

Continued from A1

Remolona said, however, the BSP remains in a “neutral” zone when it comes to their estimates for growth and inflation. He said their measures

poorest countries among Asean members, has no direct flights outside Asia.

On the challenge of resilience, Laos would like to steer the region in helping solve the disruption of supply chains brought about by the pandemic, the war in Ukraine and possibly by the attacks on ships in the Red Sea and Black Sea. Asean ministerial retreats are usually brainstorming sessions where foreign ministers can discuss any topic they deemed important.

One of the pending issues that will likely crop up is the problem of Myanmar.

Myanmar’s military took over power in 2020, and had since refused to heed the Five-Point Consensus that Asean leaders have laid out to resolve the civil strife. Its foreign minister Daw Zin Mar Aung is barred from attending the retreat.

Meanwhile, East Timorese foreign minister Bendito Freitas will attend the AMM Retreat. East Timor is poised to become the bloc’s 11th member.

fourth quarter of 2023 to attain the low end of the government’s target of 6 percent to 7 percent for 2023.

There is still a chance, he said, that the economy posts better growth despite the decline in the country exports and imports performance.

“It’s largely domestic, the high share of domestic component of GDP is what gives you the confidence. I think despite the high inflation, the domestic spending is quite robust,” Balisacan said.

“Of course, it could have been much better if inflation declined faster than what we’ve seen. But I think the fact that inflation is seen to continue to decrease should give confidence to our people,” he added.

In an open letter to the President, Remolona stressed the importance of non-monetary measures to address inf lation this year. (See: https://businessmirror .com.ph/2024/01/26/ bspchief-endorses-non-monetarymeasures-against-inf lation-topbbm/).

He said the BSP’s risk-adjusted forecasts indicated that inflation may settle above the target at 4.2 percent in 2024 before slowing to about 3.4 percent in 2025.

However, Remolona said risks remain skewed to the upside this year and next year. These upside risks include higher transport charges, increased electricity rates, and higher oil and domestic food prices.

“Of course that’s [non-monetary measures] been our effort all along.

We have been focusing on the nonmonetary side, because we do know that the supply side aspects of inflation pressure is what we need to attend to, especially in food,” Balisacan said.

However, when asked whether there are other non-monetary measures in the pipeline, Balisacan only stressed that they are closely monitoring inflation and hope the El Niño will not be “worse than what we expected during the last quarter of last year.”

So far, he added, “we aren’t seeing major effects but we are foreseeing the Q2 [second quarter] and the latter end of Q1 [first quarter] for the El Niño, so we are preparing for that.”

Earlier, Remolona said non-monetary measures include Executive Order No. 50, which extended the effectivity of reduced tariff rates on key agricultural commodities and could temper risks to food prices.

However, Remolona said this is not enough, and other supply-side measures are “equally important” to keep inflation at bay.

These strategies include those needed to mitigate the potential impact of El Niño in communities, as well as efforts to boost farm sector productivity.

The BSP expects an uptick in inflation in the second quarter before slowing to within the target band in the third and fourth quarters of 2024.

First-quarter inflation is expected to be within target due to base effects.

www.businessmirror.com.ph

Global...

Continued from A1

According to Unctad, the Suez Canal handled approximately 12 to 15 percent of global trade in 2023.

Over the last two months, however, Unctad “estimates that the trade volume going through the Suez Canal decreased by 42 percent.”

Unctad said major players in the shipping industry have temporarily suspended Suez transits in response to the Red Sea crisis.

With this, the UN’s trade body noted that weekly container ship transits have plummeted by 67 percent. It added that tanker transits and gas carriers are experiencing “significant declines.”

Consequently, shipping prices are increasing. “The $500 surge in the average container spot freight rates during the last week of December was the highest ever weekly increase,” Unctad noted.

For one, Unctad said average container shipping spot rates from Shanghai have more than doubled (+122 percent) since early December. “More specifically, the rates from Shanghai to Europe have more than tripled [+256 percent], while rates to the west coast of the United States increased by 162 percent, although ships on this route do not go through the Suez Canal,” said Unctad.

Further illustrating the global impact of the crisis, the UN’s trade and development body said insurance premiums have surged, “compounding” the overall cost of transit.

On the “far-reaching” economic implications of these disruptions, Unctad said, “prolonged interruptions, particularly in container shipping, pose a direct threat to global supply chains, raising the risk of delayed deliveries and higher costs.”

While current container rates are “approximately half of the peak seen during the Covid-19 crisis,” the trade body said “it will take time for the higher prices to hit consumers, with the full impact expected within a year.”

According to Unctad, the crisis also impacts global food prices, with

Foreign...

longer distances and higher freight rates “potentially cascading into increased costs.”

“Disruptions in grain shipments from Europe, the Russian Federation and Ukraine pose risks to global food security, affecting consumers and lowering the prices paid to producers,” Unctad noted.

Oxford Economics

EARLIER this month, Oxford Economics said that if the Red Sea were to remain closed to shipping for several months, and shipping freight costs stayed around twice the level of mid-December, “this could add 0.7 percentage points [ppts] to annual [consumer price index] CPI inflation rates by the end of 2024.”

The UK-based think tank said the recent wave of attacks on ships sailing through the Red Sea— through which around 30 percent of all container shipping traffic passes—“has major ramifications for the shipping industry.”

While Philippine traders are “yet to feel the effects” of the crisis, some stakeholders have started bracing for the impact of the heightened global trade disruptions, particularly for goods sourced from and exported to Europe and the Mediterranean.

Last week, Philippine Economic Zone Authority (Peza) Director General Tereso O. Panga said in a Viber message to reporters that, “At Peza, we are already preparing for this by collaborating with the affected RBEs [registered business enterprises] sourcing/importing and exporting to and from the EU and the Mediterranean to ensure that the least possible effects would be felt as contingencies are set in place in advance of any major conflict.”

“We have yet to feel the effects in the Philippines but are pro actively working together with other concerned agencies to de-risk global supply chains that may affect our locators in particular and the whole economy in general,” the Peza chief also noted.

Continued from A1

But due to the restrictions, which initially included prohibiting foreign teachers from practicing their profession in the Philippines, the country missed out on these investments.

Balisacan said many top schools located instead to the country’s Southeast Asian neighbors such as Singapore, Malaysia, Thailand, Vietnam, and even Cambodia.

“We could have boosted the quality of education in the country, [improved] research. It’s not too late but we have to move fast,” Balisacan said.

In a statement over the weekend, Balisacan clarified that restrictive economic provisions of the Constitution must be amended to boost economic growth and development.

Removing these restrictions will also improve the ease of doing business and bring down the costs of inputs like energy.

However, Balisacan said it is still crucial to adopt a balanced approach to amending the country’s charter.

He said this includes maintaining certain protections, such as the stance against full foreign ownership of land, as articulated

by President Marcos.

“I reiterate my full support for

PHL...

the Charter amendments on the restrictive economic provisions and encourage our lawmakers to continue their diligent work towards realizing these changes,” Balisacan said.

“The focus of my message is on the positive impacts that these amendments will have on our country’s economic environment, and I look forward to the advancements they will bring,” he added.

Earlier, Neda warned the ongoing dispute between the House of Representatives and the Senate on the proposed changes in the 1987 Constitution is causing “uncertainties,” which may “inhibit” investments in the country.

In a news conference in Malacañang, Balisacan urged both houses of Congress to finally settle the matter so the country can maintain its investor confidence.

Members of the Senate are opposing the people’s initiative (PI) to amend certain economic provision of the Constitution, which is being backed by the House, since it will pave the way toward joint voting for the said amendments .(See: https://businessmirror. com.ph/2024/01/26/neda-chiefreminds-lawmakers-settle-dispute-on-cha-cha-issue/).

Cai U. Ordinario

Continued from A12

This is due to the tenacity and ingenuity of attackers who exploit cyber hygiene issues or find novel ways to compromise legacy defenses. Another key reason for these breaches lies in the complexity of security capabilities in most modern organizations. They use an average

of 31.58 disparate security tools to protect their highly interconnected and innovative environments. The lack of correlation and the level of noise generated by these tools creates immense visibility gaps and dampens their ability for detection and response,” Lim noted.

Monday, January 29, 2024

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

In support of local infra dev’t, Bong Go inspects construction of Kalinga road

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ENATOR Christopher “Bong” Go, as vice chairperson of the Senate Committee on Finance, has extended his support for the ongoing construction of the BonoBongat Road in Rizal, Kalinga. The project, which is set to enhance connectivity and economic growth in the area, was visited

by Go on Thursday, January 25.

During his visit, Go expressed his commitment to supporting projects that drive progress in developing areas.

“Ang pagpapabuti ng imprastraktura sa ating mga liblib na lugar ay susi sa pag-unlad ng ating bansa,” he stated.

Go also highlighted the project’s potential impact, saying, “Sa pamamagitan ng proyektong ito, mas mapapadali ang pagbiyahe at kalakalan sa Rizal, Kalinga, na mag-aambag sa mas mabilis na pag-unlad ng komunidad at ekonomiya.”

The senator’s visit underscores the government’s focus on inclusive growth, particularly in regions historically lacking infrastructure support. By prioritizing projects like the Bono-Bongat Road, Go said his goal is to help create a more balanced and equitable development across the nation.

To further boost economic development and improve public service delivery in the province, Go has supported several other projects in the province. These include rehabilitating roads in Balbalan, Pinukpuk, and Tinglayan, installing street lights in Rizal and Tinglayan, constructing waterworks in Lubuagan, and acquiring an ambulance unit for the local government of Rizal.

Meanwhile, Go also reminded the residents that there are six Malasakit Centers in the Cordillera Administrative Region if they require assistance to cover their medical expenses.

These Malasakit Centers are located at the Baguio General Hospital and Medical Center, Benguet General Hospital in La Trinidad, Far North Luzon General Hospital & Training Center and Conner District Hospital in Apayao, and Luis Hora Memorial Regional Hospital and Bontoc General Hospital in Mountain Province.

With a total of 159 centers established nationwide, the Malasakit Centers program has already provided assistance to around ten million indigent patients.

Go spearheaded this initiative and later formalized it under Republic Act No. 11463, a legislative measure he principally authored and sponsored.

“Andiyan na po sa loob ang apat na ahensya ng gobyerno para sa mga available na medical assistance programs. Target po nito na pababain nito ang inyong hospital

bill to the lowest amount possible,” Go explained.

“Huwag ho kayong mahihiyang lumapit sa mga Malasakit Centers. Para po ‘yan sa Pilipino. Nalulungkot po ako tuwing may mga nagaalangan magpatingin sa doctor dahil natatakot sila sa babayaran sa hospital. Pangalagaan niyo po ang inyong kalusugan dahil katumbas ito ng buhay ng bawat Pilipino. Mayroong Malasakit Center na handang tumulong sa inyo,” he added.

Go, chairperson of the Senate Committee on Health and Demography, also supported the construction of a Super Health Center (SHC) in Tabuk City, which will offer basic health services, such as database management, out-patient, bir thing, isolation, diagnostic (laboratory: x-ray and ultrasound), pharmacy and ambulatory surgical unit.

Other available services are eye, ear, nose, and throat (EENT) service, oncology centers, physical therapy and rehabilitation centers, and telemedicine, making remote patient diagnosis and treatment possible.

Through the collective effor ts of DOH, local government units, and fellow lawmakers, sufficient funds have been allocated for 307 Super Health Centers in 2022, 322 in 2023, and 132 in 2024. DOH, led by Secretary Teodoro “Ted” Herbosa, Jr., is the lead implementing agency that identifies the strategic areas where they will be constructed.

Finally, Go also principally sponsored and is one of the authors of the Republic Act No. 11959, also known as the Regional Specialty Centers Act, which was signed into law by President Ferdinand “Bongbong” Marcos, Jr. on August 24. The law mandates the establishment of regional specialty centers within existing DOH regional hospitals.

In closing, Go reiterated his support for similar initiatives, ensuring that the needs of every Filipino are addressed.

“Patuloy tayong magtutulungan para sa pagpapaunlad ng ating mga komunidad.

Ang bawat Pilipino, anuman ang kanyang pinanggalingan, ay karapat-dapat sa isang maunlad at masaganang buhay,” he concluded.

Go was invited to the 2024 Kalinga Provincial Athletic Meet held in Rizal, Kalinga, on the same day. He then proceeded to Isabela, where he attended the inauguration of a Super Health Center in Mallig town. Go also inspected the Mallig Public Market and a bridge in the town, both projects he had earlier advocated for. He then attended the Bambanti Festival in Ilagan City and joined the groundbreaking ceremony of the new Super Health Center in Echague.

DSWD allots ₧537-M aid to disaster victims in south

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HE Department of Social Welfare and Development (DSWD) said Sunday said PHP537 million emergency cash has been released for disbursement to families affected by natural disasters in Samar and Mindanao late last year.

Assistant Secretary Romel Lopez, also the DSWD spokesperson, said the payout was in line with DSWD Secretary Rex Gatchalian’s directive to ensure that all affected families are able to immediately recover after a triad of disasters that occurred in the last quarter of 2023.

The DSWD Field Offices (FOs) in Region 8 (Eastern Visayas), Region 12 (Soccskargen) and Region 13 (Caraga) started on January 18 the simultaneous payout of cash aid, through the Emergency Cash Transfer (ECT) program.

“The secretary’s directive is anchored on

the goal of the Marcos administration to leave no one behind in times of disasters and other emergencies,” Lopez said.

The Eastern Visayas FO listed 123,133 families from Northern Samar that were affected by flooding incidents due to the effects of a shear line in November.

The FO allotted more than PHP374.3 million for their cash assistance.

As of Jan. 26, the Eastern Visayas FO has already served 13,418 affected families, disbursing over PHP40.7 million since the payout started on Jan. 19. Each beneficiary received PHP3,040.

In Soccskargen, the DSWD assisted 6,210 families from the towns of Glan, Malapatan, and Alabel in Sarangani province, whose houses were totally and partially damaged by the 6.8 magnitude tremor that hit the province in November. PNA

‘Coastal Road Project’ activities, not reclamation–LLDA

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H E L a g u n a L a ke D e ve l o p m e n t Authority (LLDA) belied allegations that ongoing activities in Taytay Angono and Binangonan, Rizal are “land reclamation” but part of the construction of a Coastal Road Project initiated by the Provincial Government of Rizal through the Department of Public Works and Highways (DPWH).

The developments include staging areas for the coastal road and the strengthening of embankments, says Cesar Arnel M. Ortega, Officer-in-Charge, Shoreline Management Office of the LLDA in a letter responding to a

complaint filed by the Philippine Movement for Climate Justice (PMCJ).

According to Ortega, the ongoing project aims to decongest the main roads in Rizal and enhance commuter life and business accessibility. “ The LLDA stands in suppor t of the Coastal Road Project recognizing its significance in alleviating traffic hazards, facilitating the transportation of farm products, and aligning with the government’s initiative for easy access to agricultural products from farm to market.

“This project is well within the allowable

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Davao City Mayor calls on Marcos to resign

By Manuel T. Cayon @awimailbox

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AVAO CITY—Mayor Sebastian Z. Duterte has called on President Ferdinand R. Marcos Jr. to resign “if you have nothing else to do.”

Duterte criticized Marcos for reviving peace negitiations with leaders of the Communist Party of the Philippines and for increasing relations with Washington. The latter, he said, may lead to further tensions in the West Philippine Sea/South China Sea. The mayor also said Marcos also failed to control drug syndicates that he said “are back.”

Duterte, the younger brother of Vice President Sara Z. Duterte, issued his call for Marcos’s resignation during the “Hakbang ng Maisug Leaders’ Forum.” The forum was attended by former key figures in the past administration of President Rodrigo R. Duterte as well as prominent figures

in the Marcos administration.

They said they trooped to this city to show their support to the Dutertes who openly rebuked the move to amend the Constitution.

While the forum centered on broadsides against the move to amend the 1987 Constitution, talks among participating local government leaders from across the country said the weekend gathering was a show of force against the perceived political maneuvering allegedly by the camp of House Speaker Ferdinand Martin G. Romualdez.

Among those who attended was Victor D. Rodriguez, Marcos’s former Executive Secretary. He said he accepted the invitation to speak before local government leaders and supporters of the Dutertes “because I, too, am not for sale.”

“People are asking me why I am here; and I will answer you, that i saw this post that says ‘Dabawenyos are not for sale.’ And so, i accepted this invitation to be here,” Rodriguez said.

“Let us cascade this show of bravery to our relatives, to our neighbors and to the rest of the country that like you here in Davao are not for sale, so must we, the Filipinos, are not for sale, that we can not be swayed by money,” he added. “Let us show them that we will not be silent while they attack and disgrace the Constitution.”

Davao City Rep. Isidro T. Ungab also disclosed that the move to amend the Constitution was already deliberate as shown in the sudden bloat of the 2024 budget allocation for the Commission on Elections (Comelec).

Ungab said that from the Comelec’s request for P43.716 billion, the President’s budget proposal was toned down to P27.104 billion after the Department of Budget and Management did not recommend P16.61 billion of it.. Ungab said that there was an unusual insertion of P13 billion that was justified for addiitional expenditures for the midterm election and “people’s initiative.”

What was surprising, he said, was that Sen. Imee R. Marcos, the chairman of the appropriations, was quoted as saying that she was not aware of it.

Ungab said he researched on the history of the insertion after Rep. Edcel C. Lagman had questioned the huge insertion in the Comelec budget.

Former Presidential spokesman Harry Roque, gave a lecture on the role and duties of the Chief Executive and ex plained for mer Pres.

Duerte’s foreign policies as he also compared this the Marcos administration, hurling criticism at the turnaround of the latter in relation with the United States.

Former Speaker Pantaleon D. Alvarez said he attended the Leaders forum “to show solidarity to Duterte.”

“Duterte is my friend and will always be a friend,” he said while also criticising the move to change the Constitution.

A public gathering was to be held later in the evening at the Rizal Park.

Marcos lauds Iloilo denizens for preserving PHL’s identity

BY Samuel P. Medenilla @sam_medenilla

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RESIDENT Ferdinand R. Marcos Jr. lauded the celebration of the Dinagyang Festival in Iloilo for helping preserve the country’s cultural identity.

In his brief message for the celebration,

the chief executive recognized the cultural and religious significance of the festival held every fourth Sunday of January.

“Let the Dinagyang Festival serve as a reminder of our collective responsibility to preserve, protect, and promote our identity in these changing times,” Marcos said.

The festival is marked by the colorful

ati tribe costumes and the demonstration of devotion to the Sto. Niño (Child Jesus).

“The Dinagyang Festival is a reflection of the rich and colorful mosaic that make up all our indigenous groups, including the brave and enduring Ati people whom we also honor today,” Marcos said.

He also extended his greeting to the people of Iloilo for being able to continue

with the celebration of the festival, which he said demonstrates their sense of pride and unity.”

“I wish you a happy and unifying event,” Marcos said.

The festival started last Friday with a fluvial procession in the Iloilo River and procession featuring the image of Sto. Niño at the San Jose de Placer Parish Church.

Janitors, security guards among majority of agency workers

By Cai U. Ordinario @caiordinario

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ORE than half of agency workers are janitors, security guards, and factory workers, according to the latest data from the Philippine Statistics Authority (PSA).

Data from the Module on Employment data based on the Integrated Survey on Labor and Employment showed there were 590,779 agency workers nationwide as of August 2022.

More than half or 373,691 of these employees are low-skilled workers. A total of 199,144 are working as janitors and security guards while 174,547 are production or assembly line workers.

“A total of 16,954 establishments or around 46.7 percent of the total establishments contracted out or outsourced services of workers

from manpower agencies,” PSA said.

Across industries, firms in the Electricity, Gas, Steam and Air Conditioning Supply had the highest proportion of establishments with agency-hired workers at 78.2 percent.

This was followed by Real Estate Activities at 62.8 percent and Human Health and Social Work Activities except Public Work Activities at 60.3 percent.

Apart from janitorial and security service providers as well as factory workers, the top 10 jobs performed by agency workers were repair, maintenance, and construction services accounting for 35,460 workers; packaging, 33,562; and warehousing, 25,707.

The top 10 list is completed by marketing and sales workers at 23,211; messengerial, 20,817; logistics or transport, 20,389; food or catering services, 13,766; and general administrative services, 13,307.

Meanwhile, there were only 11,134

Persons with disabilities (PWDs) employed in establishments with 20 or more workers as of August 2022.

“Employed persons with disabilities [PWDs] accounted for 0.2 percent or around 11,134,” PSA said.

The bulk or 7,303 PWDs are employed in the Services industry. More than half of these workers or 3,767 are working in wholesale and retail trade, repair of motor vehicles and motorcycles as well as administrative and support service activities.

The data showed 2,653 PWDs were working in establishments engaged in the administrative and support service activities while 1,114 were in wholesale and retail trade.

It can also be noted that the industry that employed the most PWDs was manufacturing with 3,125 of these workers.

The industries that employed the least PWDs were the mining and quarrying industry

Chambers’ chacha war rages amid fear of investor turnoff BEYOND the angry exchange, however, Salceda pointed out that part of the proposed amendments of the HOR is to expand the scope of the economy that is open to foreign investment and to make investing in the country easier. It will also push for the passage of an enabling law addressing the “existing limits in the Constitution.”

Last Friday, Neda Secretary Arsenio M. Balisacan said the “disagreement” between the HOR and the Senate over the chacha may inhibit investments in the country.

The Senate rejected the proposed joint voting by the HOR since it will prevent the

SOME House leaders criticized the Senate reaction.

“It is disheartening to see Senate President [Juan Miguel] Zubiri jump to the conclusion of a constitutional crisis instead of embracing the spirit of collaboration

put forth by Speaker Romualdez. We need dialogue, not doomsday predictions,” House Majority Leader and Zamboanga City Rep. Manuel Jose “Mannix” M. Dalipe said.

House Senior Deputy Speaker Aurelio “Dong” Gonzales Jr. urged Zubiri not to “escalate tensions.”

Surigao del Norte Rep. Robert Ace S. Barbers asked the Senate not to “demonize” chacha because of the joint voting, which he said is stipulated in the Constitution.

“The plain language of the Constitution needs no interpretation, but some quar ters tried to create a confusion that the term ‘all’ members of Congress should be understood to mean separate votes of the Senate and of the House of Representatives,” Barbers said.

development uses allowed by Republic Act 4850, as amended,” Ortega reiterated.

However, the Rizal Fisheries and Aquatic Resources Management Council (FARMC) and civil society organizations (CSOs) insisted that reclamation activities happening within the 90-hectare lake persist, and violate protocols. The group also said the projects lack clearance and consultation.

They are calling for transparency and the suspension of projects in and around the lake until all pertinent permits and information are provided.

The FARMC said they want to make sure that the projects are the right way and want

to be informed of the plans and how they will affect the capture-fisheries production of small fishermen.

“We are not against the construction of new roads if it will not hinder our access to the lake,” says Sonny San Jose, chairman of the Rizal FARMC. According to San Jose, projects are required to submit an Environmental Impact Assessment (EIA) and an Environmental Compliance Certificate (ECC) issued by the Department of Environment and Natural Resources before they can proceed.

Reclamation projects around Laguna Lake require clearance from the Philippine Reclamation Authority.

“However, none of these have yet to be provided. Despite this, the LLDA has also declared full support of the Coastal Road Project,” San Jose said.

According to San Jose, the LLDA explained that the Provincial Government of Rizal initiated the project through the DPWH and that it was actively engaging with these offices to expedite the necessary permits and clearances, which brings to question if the project proceeded without full clearance.

“The LLDA also mentioned that the reclamation projects in Taytay, which were reportedly led by private entities, were addressed by the Department of Human

Continued from A12

Investor optimism

24 senators from making any meaningful vote on the amendments against the 316 members of the HOR. Salceda agreed with Balisacan in calling for the prompt settlement of the “debate” between the two houses on the issue.

“Investor certainty is a function of legislative speed. The shorter the debates take, the more certain investors become,” the lawmaker said.

Constitutional crisis

with only 30 workers with disabilities as well as the arts, entertainment and recreation industry with only 36 workers.

The data showed there were a total of 5.37 million workers employed in formal establishments with 20 or more workers as of August 2022.

This was higher by 0.9 percent compared with the 5.32 million workers reported in June 2020 and by 7.2 percent compared with the 5.01 million workers in June 2018.

By major industry group, administrative and support service activities contributed the largest share of 1.55 million employed persons or 28.9 percent of the total employed persons.

This was followed by manufacturing with 1.06 million workers at 19.7 percent and wholesale and retail trade; repair of motor vehicles and motorcycles with 0.65 million workers or 12.1 percent of the total.

Manipulated initiative

DAVAO Del Norte 2nd District Representative Pantaleon D. Alvarez is among the lawmakers, who is opposing the ongoing PI, which he claimed is being spearheaded

by Romualdez.

He said the people behind the PI are using government benefits such as the Assistance to Individuals in Crisis Situation of the Department of Social Welfare and Development (DSWD) to support the PI. The former House speaker also said he got reports that some of those who signed the PI, which will pave the way for a joint voting in Congress for chacha, were paid P5,000.

Last week, Alvarez said he will file a petition questioning the PI before the Supreme Court.

Romualdez earlier belied allegations that bribery or unethical practices were used to persuade people to sign the PI petition.

Settlements and Urban Development [DHSUD]. This still needs to be confirmed with DHSUD,” San Jose stressed.

“These reclamation projects are under the jurisdiction of the LLDA, but they’re pointing us to other agencies for the clearances,” lawyer and Sanlakas SecretaryGeneral Aaron Pedrosa said.

“We are requesting these permits and the project plans to see if they violate any laws, if they threaten the lake and the communities around it. The lack of legal clearances, the covert, aggressive development around the area, and that they didn’t consult the affected communities is alarming,” Pedrosa said. Jonathan L. Mayuga

A4

Economy

Monday, January 29, 2024

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

Tesda urged to leave skills dev’t tack to private sector E

More Filipinos are joining ranks of poor–think tank

By Jasper Emmanuel Y. Arcalas @jearcalas

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HE Technical Education and Skills Development Authority (Tesda) must be decoupled to focus on its regulator role and leave the provision of skills development programs to the private sector, an economist said.

According to Alvin P. Ang, chairman of the Ateneo de Manila University Department of Economics, the national government should consider decoupling the functions of Tesda to create a more competitive environment in the technical education sector.

Ang pointed out that Tesda is currently being overburdened by offering skills development programs to the public instead of focusing on its role of being a regulator. He explained that Tesda should just stick to its

regulatory function and transfer to the private sector the implementation of technical education and skills development programs.

In doing so, more Filipinos nationwide would have access to technical education and skills development programs at a more competitive cost, the economist explained.

“Ang problema lahat ay sinasalo nila.

Imbes na regulator sila, ang ginawa nila siya na rin nag-provide: siya nagreregulate, siya rin nag-o-offer,” Ang told the BusinessMirror in a recent interview. “[If we decouple and there is private sector participation] mas dadami [ang nag-o-offer]. Hindi naman kaya ng Tesda [i-cater] ang buong Pilipinas, mas made-delegate nila [if it focuses on regulation].”

The economist further explained that the decoupling would also be cost efficient as it would reduce costs for the government while programs

offered by the private sector would be affordable as there would be competition.

Ang proposes that the budget being used by the Tesda in offering technical education can be converted into a voucher system that would provide scholarships to Filipinos nationwide.

The government has reportedly alloted about P15.2 billion for Tesda projects this year. A statement by the Department of Budget and Management read that Tesda’s “Supporting Innovation in the Philippine Technical and Vocational Education Training System” will be allotted P1.8 billion “to modernize the country’s technical and vocational education and training system.”

“The government would still offer scholarships, like a voucher system wherein [the interested Filipinos] would go to [Tesda-accredited private sector players],” he said.

“People at Tesda are good. But

Waste-to-energy tech more harmful–groups

By Lenie Lectura @llectura

T

HE Global Alliance for Incinerator Alternatives (GAIA) said over the weekend the waste-to-energy (WTE) technology offers “false solutions” to waste management because it is more expensive and allegedly more toxic.

According to the group, incineration is the only known method to convert waste to energy. However, it said that the industry “greenwashes incineration as ‘waste-toenergy’ despite generating minimal amounts of usable energy.”

“Incineration, in particular, stands out as one of the most environmentally harmful

Marina vows reforms to aid local shipping sector’s dev’t

T

HE Maritime Industry Authority (Marina) said on Sunday it has reaffirmed its commitment to enhancing the sustainability and competitiveness of the Philippine local shipping industry through policy reforms.

Marina Administrator Sonia B. Malaluan told members of the General Membership Meeting of the Philippine Coastwise Shipping Association that the agency is “committed to pursue reforms in order to promote the sustainability and competitiveness of the local shipping industry.”

Malaluan outlines the agency’s 10-point agenda, focusing on partnerships for implementing the “Updated Maritime Industry Development Plan 2028” (MIDP 2028).

A report by the Philippine Information Agency said that “the core programs of the MIDP 2028 include modernization and expansion of the Philippine domestic shipping, promotion and expansion of the Philippine overseas shipping, modernization of the Philippine shipbuilding and ship repair industry, and promotion of highly-skilled Filipino and competitive maritime workforce.”

She also emphasized the importance of digitalization and automation, highlighting the upcoming Marina’s Blockchain Enabled Certification System. This initiative aims to streamline processes and enhance safety, particularly for the Roll-on/Roll-off Passenger fleet.

Addressing workforce challenges, Malaluan assured stakeholders of Marina’s commitment to resolving manpower shortages.

She announced plans to conduct frequent examinations for licensing boat captains and marine diesel mechanics, responding to industry demand.

“We assure our stakeholders that the Marina will conduct examinations monthly for the issuance of licenses for our boat captains and marine diesel mechanics and as frequently as possible should there be any demand,” she said. Lorenz S. Marasigan

and costly waste disposal methods,” said the GAIA. “Incinerators are dirtier than the rest of the energy sources. They emit 3.8 times as much greenhouse gases,” it added.

The GAIA also said incinerators transform waste into toxic ash which would only worsen air and water pollution. It said that the ash generated by WTE is more toxic than the waste that was burned to produce electricity.

“This toxic ash causes harm to human health, increasing asthma risks, reduced lung function and greater hospital admission,” according to the group.

“In addition, incinerators are costly to build and run, wasting billions of taxpayer money that could go into real zero waste solutions,” it added.

Another group, Zero Waste Asia, said WTE was neither a “just” nor “transitional” energy source.

The International Finance Corp. (IFC) and the Asian Development Bank “must stop funding WTE projects to replace coal plants positioned as a renewable source of energy,” said Zero Waste Asia.

“Worse, privatizing the waste sector almost always displaces waste pickers. It is urgent to phase out these false solutions,” it said.

Ronald Steenblik, senior technical advisor of the Sustainable Just Economic Systems (SJES), said WTE plants do reduce plastic as a physical waste but also produce large amounts of carbon dioxide (CO2) emissions.

they are overwhelmed because they need to deliver [the education needs] while maintaining the standards,” Ang added.

Furthermore, he noted that the operational costs that the Tesda incurs from implementing its educational programs could be used to help startup private sectors that would train Filipinos improve their services in a decoupled scenario.

“The operational costs will now be transferred to the private sector or they can help private start-ups to train Filipinos. Because at present, [Tesda] regulates and at the same time offers [programs]. What are you regulating? Konting private [sector],” he said.

According to Tesda’s website, the government agency is expected to “devolve” its training functions to local government units while involving industry or employers in skills training.

“Residuals from burning plastics also have to be disposed of properly,” he added.

Steenblik also said that WTE plants are expensive. “They, too, produce a lot of waste.

And in the end, burning fuel derived from plastics adds CO2 to the atmosphere.”

During the second round of Green Energy Auction last year, there were no bidders for waste-to-energy.

One of the reasons cited by Energy Secretary Raphael PM. Lotilla was supply limitation.

“If one puts up a waste-to-energy facility that will be able to recover investment over a 15-year or 20-year period, they will need a stable supply of waste. But if the supply of waste is not going to be assured to them, they’re not going to waste good investment,” Lotilla said.

Focus on economic provisions in Cha-Cha move–group

By Rizal Raoul S. Reyes @brownindio

M

EMBERS of the Constitutional Reform and Rectification for Economic Competitiveness and Transformation (Correct) organization said those advocating for Charter Change (Cha-Cha) must first focus on the economic provisions of the Constitution to make the economy more competitive.

In a breakfast forum held in Quezon City last Friday, Correct Co-Founder Orion Perez Dumdum said they believe that the protectionist provisions in the 1987 Constitution pushed millions of Filipinos to seek employment abroad due to lack of opportunities at home.

Dumdum expressed his disappointment over the Senate’s recent manifesto rejecting a people’s initiative to change the Constitution.

“The Senators’ stance perpetuates the existing hurdles hindering our country’s economic progress. Rejecting the people’s initiative is a missed opportunity to address the longstanding economic challenges faced by Filipinos, particularly in terms of job creation and economic competitiveness.”

Dumdum said the restrictive economic policies enshrined in the 1987 Constitution have perpetuated massive underemployment and unemployment in the Philippines. He said the dearth of both local and foreign investment, coupled with limited economic opportunities, forced Filipinos to pursue livelihood abroad, often accepting positions beneath their educational qualifications.

“We should follow the example of Singapore, Malaysia, and even China, all of which have no restrictions against foreign ownership of businesses in their respective constitutions. Changing the restrictive provisions in the 1987 Constitution will lead to substantial

economic growth and job creation. This means that Filipinos won’t need to leave their families to work abroad,” he added.

Dumdum said Viet Nam “has immensely benefited” from opening their economy under the doi moi policy (renovation) as it received huge inflow of investments from top global corporations.

According to Ottawa, Canada-based development agency International Development Research Centre (IDRC), Viet Nam implemented a liberalization program starting in 1986 and which has resulted to significant changes in its agriculture and manufacturing sectors.

According to the World Bank, economic reforms since the launch of the Đổi Mổi in 1986, coupled with beneficial global trends, have helped propel Viet Nam from being one of the world’s poorest nations to a middleincome economy in one generation. Between 2002 and 2022, GDP per capita increased 3.6 times, reaching almost $3,700, it added.

“The Philippines needs a more open economic framework. I challenge and urge our pro-status quo policymakers to consider alternative solutions that prioritize job creation, economic competitiveness, and the overall well-being of its citizens,” Dumdum said. “Heed the most compelling argument to change the 1987 Constitution—it would unlock the nation’s potential and provide meaningful employment opportunities for all Filipinos.”

He urged the people to “first stay away from personality politics and understand how the House of Representatives works.”

Meanwhile,Center for People Empowerment in Governance (CenPEG) Chairman Temario C. Rivera said in an earlier forum there is a big possibility that changing the Constitution will possibly open up the raising of more creative changes in the political system which might see the shift to a parliamentary

form of government.

“This is my reading of the situation right now. The immediate concern is the 2025 election and later the 2028 presidential election,” Rivera said. “With a shift in government to a parliamentary form, the chances of House Speaker Ferdinand Martin G. Romualdez to become the next head of state becomes bigger.”

Industrialization not Cha-cha MEANWHILE, Rivera and Professor Bobby M. Tuazon, both analysts from the CenPEG, emphasized the significance of industrialization and a robust, self-reliant economy as the cornerstones for a genuinely independent foreign policy.

Rivera, a retired professor of the University of the Philippines and chairman of CENPEG, asserted that a strategic industrialization program was imperative for the Philippines to genuinely capitalize on increased foreign investments, dismissing the controversial Charter Change as solution to socioeconomic problems as claimed by some legislators.

Rivera stressed that legislators should address corruption, high electric power costs, declining education standards and the unpredictability of laws and policies as the genuine impediments to attracting more foreign investments.

He highlighted existing legislation like the Public Service Act, which liberalizes foreign investment policies.

“Can you solve these problems by simply amending the Constitution?

That is not the proper way to address our problems. No matter how you change the existing laws, if our leaders and policy makers are not determined to address our problems, there will be no end to these problems,” he explained.

Tuazon agreed, saying that too much corruption and lack of modern infrastructures are among the obstacles to foreign investments, not the need for charter change.

By Cai U. Ordinario @caiordinario

SCAPING poverty is becoming more difficult with a million more Filipinos joining the ranks of the poor than those leaving in the years 2003 to 2009, according to a study released by the Philippine Institute for Development Studies (PIDS).

In the study titled Poverty Transitions and the Near-Poor in the Philippines, PIDS Senior Research Fellow Jose Ramon G. Albert found that between 2003 and 2006, total poverty inflows exceeded outflows by about 200,000 households, which is about a million Filipinos.

The study also showed that while 1.3 million households escaped poverty in 2009 from 2006, 1.2 million households still gell into poverty during the period.

“While 8.6 percent of households were poor in 2003 but managed to exit from poverty by 2009, 9.2 percent of households that were non-poor in 2003 [of which, two-fifth were near-poor], slipped into poverty by 2009,” Albert said.

The study also showed that, using panel data from the Family Income and Expenditure Survey (FIES), only a fraction of the population was never poor and majority of households were considered “poor at some point.”

“While about seven-tenths of households were never poor, the remaining households have been poor at some point. About 10 percent of Filipino households were persistently poor, and about two-fifths were poor in one survey wave and exited from poverty in the next wave, or non-poor in one survey wave but fell into poverty in the next wave,” Albert said.

Given this, Albert said the country’s economic growth failed to “sufficiently trickle down and reduce poverty” in the country.

His study revealed that economic growth averaging 4.8 percent between 2003 and 2009 failed to significantly reduce poverty.

This was partly due to an uneven distribution of benefits, with high income inequality limiting the impact of growth on the most vulnerable.

Further, he also said the “near-poor” who are mostly located in rural areas are exposed to vulnerabilities such as natural disasters, commodity price hikes, or job losses that could push them back into poverty.

The study by the government think tank showed that of two-thirds of Filipinos living in poverty, a staggering 66 percent reside in rural areas. The PIDS said this geographic disparity underscored the need for immediate government intervention.

These interventions must boost rural economic opportunities, prioritizing farm productivity and diversification alongside

additional employment avenues. “The fluidity of poverty transitions in the FIES data underscores this income instability,” Albert stressed.

With these findings, Albert emphasized that there is a need for a multi-faceted approach to mitigate poverty. A targeted social protection for the near-poor through safety nets, cash transfers, and insurance programs should be prioritized.

Inclusive growth policies are also needed to bridge the income gap and empower less fortunate communities. These policies should focus on expanding rural economic oppor tunities, boosting agricultural productivity, investing in education and infrastructure, and creating decent jobs.

Additionally, it is recommended to build resilience among vulnerable households through disaster preparedness, financial inclusion, and market volatility protection to empower them to withstand economic and personal challenges.

The study calls for continued poverty monitoring and understanding poverty dynamics to inform policy responses. “It would also be important to regularly examine vulnerability to income poverty,” Albert noted.

Earlier, Ateneo de Manila University (ADMU) Department of Economics Chairperson Alvin P. Ang said if the government is keen on making the economy more inclusive to allow a greater number of Pinoys to take part in the country’s growth story, it must be willing to temporarily sacrifice fast GDP growth.

In a recent interview, Ang told the BusinessMirror that for this year, the economy could easily grow at 5.5 percent, even without any major reforms.

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

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

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

Ang said this will make the Philippines even more dependent on imports as well as labor export. This also means those businesses with large capital will continue to grow but those with less resources, will see their situation worsen. (See: https://businessmirror. com.ph/2024/01/22/growth-as-prioritymeans-more-inequality-economist/)

Business groups partner with Arta to implement assistance platform

B

USINESS groups are partnering with the Anti-Red Tape Authority (Arta) to support the implementation of a “business assistance platform” to attract investors and develop the ecosystem “conducive” for businesses.

In a statement issued last Friday, the Philippine Exporters Confederation Inc. (Philexport) said it signed with Philippine Chamber of Commerce and Industry (PCCI) and the Arta an agreement to “adopt and support” the implementation of the “Buklod Bayani Program” (BBP).

Philexport said the agreement will cater to “business-related inquiries and clarifying interpretations of existing policies, enhancing government processes and mobilizing resources as necessary, and adopting best practices that will be honored through an annual awards program.”

The agreement also created the “Buklod Bayani” hotline system and headquarters where enterprises can “channel or report” their inquiries and concerns to Arta and concerned government agencies. Under the agreement, the business groups and the Arta “will jointly cascade information and awareness about the programs and activities of the partnership between government and [the] ‘Buklod Bayani.’”

PCCI President Enunina V. Mangio has cited the chamber’s “standing agreement” with the anti-red tape watchdog designating local chambers as “Arta champions” to ensure that complaints of business pertaining to the “tedious” bureaucratic processes are properly received and endorsed to the agency, said Philexport.

Mangio emphasized that the chamber will continue to “actively” work with Frederick D. Go, Secretary for Office of the Special Assistant to the President for Investment

and Economic Affairs, the Arta and other stakeholders to “nurture the interest of potential investors” in order to create more jobs and generate additional revenue for government and other economic benefits.

The BBP is a business sector-led platform where organizations “can practically discuss and collaboratively resolve interconnected issues which would have otherwise slowed down the country’s progress,” read the Philexport statement.

Further, the agreement stipulated the adoption and support of the implementation of Republic Act 11032 (Ease of Doing Business and Efficient Government Service Delivery Act of 2018), particularly the Arta’s programs, projects and initiatives to improve bureaucratic efficiency.

Aside from the PCCI and the Philexport, the Arta had signed agreements with the German-Philippine Chamber of Commerce and Industry and the Nordic Chamber of Commerce of the Philippines, among others, to help the members of these chambers forward complaints to the government agency.

“By entering into this Memorandum of Understanding, we will make them champions so that their members who experience red tape will be able to let us know,” Arta Secretary Ernesto V. Perez said at the Ease of Doing Business Convention last November. “And with Arta knowing, the members will no longer be apprehensive about being target of reprisals. Through the memorandum of understanding that we have signed we will capacitate them to refer any complaints by any of their members so that Arta can act accordingly.”

(Full story here: https://businessmirror. com.ph/2023/11/30/arta-pins-hopes-onsenate-to-clear-p200-m-fund-hike/) Andrea San Juan

Monday, January 29, 2024

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

A5

‘Milk imports fall on weak peso, high prices’

By Jasper Emmanuel Y. Arcalas

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@jearcalas

WEAKER peso and high food prices likely slashed the Philippines’s total milk imports by 15 percent year-on-year to 2.3 million metric tons (MMT) last year, according to the Food and Agriculture Organization (FAO).

FAO projected that the country’s milk and milk products imports in 2023 could have fallen to 2.385 million metric tons (MMT), 421,000 metric tons (MT) lower than the 2.806 MMT recorded in 2022.

The estimated import volume

last year is even below the Philippines’s 2.576 MMT average import volume in 2020-2021, according to the UN agency.

FAO noted that the eroded consumer purchasing power due to elevated inflation and currency depre-

Bohol to host 7th farm tourism conference

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FTER a 5-year lull due to the Covid-19 pandemic, the Provincial Government of Bohol is hosting the resumption of the Philippine Farm Tourism Conference set at The Bellevue Resort in Panglao from February 26 to 28.

Now on its 7th edition, the international event is organized by the International School of Sustainable Tourism (ISST) and supported by the Southeast Asian Regional Center for Graduate Study and Research in Agriculture (Searca) based in Los Baños, Laguna.

Themed, “Farm Tourism: Consciousness for Healthy Living and New Experiences,” the conference will showcase lessons from the pandemic, and share best practices which seeks to provide social and economic empowerment to communities.

The event is also supported by the Asean Centre for Biodiversity, the Department of Tourism, Tourism Promotions Board, Department of Agriculture—Bureau of Fisheries and Aquatic Resources, Philippine Exporters Confederation (Philexport), the Department of Trade and Industry, and Philippine Airlines as the official carrier.

According to ISST President Mina Gabor, this year’s conference will focus on sustainable growth through the cultivation of fruit and vegetable farms, aquaculture and artisanal fisheries, and green investments in farm tourism.

The former tourism chief said that the event will also have a DTIled exhibit of agricultural produce and by-products under its One Town One Product program, and a farm tour which will highlight the notable farm tourism sites.

Conference topics include hospitality industry embracing sustainable farm-to-table concept, processing fruits and vegetables—key to food security, right marketing and revenue, value added benefits of artisanal fisheries, revival of the country’s multi-million seaweeds industry, the pampano fish as upcoming star of aquaculture, and green investment in agriculture and tourism in the Asian setting.

The conference will also confer the 4th Lakbay Bukid Awards to five local and foreign individuals and organizations who have contributed to the development of farm tourism in Asia.

Bohol First District Congressman Edgar Chatto noted that the event will be an opportunity to showcase the island province as the country’s first Unesco Global Geopark in 2023 which recognized its rich terrestrial and marine attributes spread out in a 8,808-sq km area.

As chairperson of the House of Representatives Climate Change Committee, Chatto will also be one of the resource persons in the 3-day gathering.

Participants will immerse in farm sites, such as Loboc Cacao Farm, Asin Tibuok makers in Alburquerque, Kinaiyahan Forest Park in Bilar, Lasang Cacao Farm in Maribojoc, Green Thumb Farm in Corella, South Farm in Panglao, Bohol Bee Farm in Dauis, Manay’s Farm in San Miguel, Ubay Dairy Farm, and Jagna Recycling Facility and Eco Farm.

The group will also visit the province’s iconic attractions of Tarsier Sanctuary in Corella and the Chocolate Hills Park in Carmen.

BUSINESSMIRROR FILE PHOTO

ciation slashed the country’s total dairy imports last year. A weaker currency would lead to higher milk prices for the Philippines as it virtually imports all of its dairy require-

ments annually.

It also said the Philippines contributed to the drop in overall global dairy trade.

“In 2023, international trade in

dairy products is forecast at 84.0 million tons [in milk equivalent], down 1.0 percent from 2022, a slower pace of decline than the 4.2 percent registered in 2022,” it said in its latest Dairy Market Review report published recently.

“The anticipated drop in world dairy trade in 2023 is primarily due to likely declines in imports by China, the Philippines, Indonesia, and Malaysia, partially compensated by higher imports by Brazil, Mexico, Algeria, Saudi Arabia, and Australia.”

FAO noted that a contraction is expected across all the various milk products being imported by the Philippines last year, including butter, whey, whole milk powder and skim milk powder (SMP).

“International butter exports are forecast at 1.1 million tons in 2023, a drop of 2.0 percent year-

on-year, after reaching a record high in 2022,” it said.

“The drop in trade reflects anticipated declines in imports by China, Indonesia, Bahrain and the Philippines.”

Butter imports in the Philippines were estimated to drop by 8.5 percent year-on-year in 2023, according to FAO. “Similarly, high inflation and slow economic growth in Indonesia and the Philippines would reduce consumer purchasing power, lowering butter imports by 25.4 percent and 8.5 percent, respectively,” it said. “[SMP] imports are forecast to drop in the Philippines, Malaysia and Indonesia due to lower consumer purchasing power of some population segments due to high inflation and currency depreciation.”

American producers set sights on local pet food sector

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MERICAN pet food makers would spend over $1.3 million (about P73.177 million) this year to expand their exports in 10 markets, including the Philippines, United Statesbased Pet Food Institute (PFI) said.

The PFI recently announced that it has received a $1.344-million funding under the US Department of Agriculture’s Foreign Agricultural Service’s (USDA-FAS) Market Access Program (MAP) this year.

The MAP program helps US food and agricultural exporters “expand” their shipments to key overseas markets.

PFI said the fund would be used to increase its exports to 10 markets where it is currently active: Brazil, the Caribbean, Central America, China, Colombia, Mex-

ico, the Middle East, the Philippines, South Korea, and Taiwan.

“The funds will be used to promote the benefits of complete and balanced US-made pet food to consumers in these markets,” it said in a statement.

The PFI noted that US agricultural exports rose by more than $24 for every dollar that they spent in the “development” of export markets through the MAP. “The allocation of these funds to PFI is not just a win for the pet food industry, it is a win for the US agricultural industry,” Nat Davies, PFI’s Vice President of Business Operations and Programs said.

“Pet food makers use at least 8,000,000 [metric] tons of plantand animal-based agricultural ingredients annually, investing $6.9 billion into the economy to

manufacture pet food. This provides an economic boost to rural communities and helps strengthen the US economy,” Davies added.

The Philippines has been part of PFI’s MAP market in recent years due to its growing demand for pet food.

The PFI said its members produce the “vast majority” of all US Spet food and treat products.

Some of its members include Cargill, Mars Petcare US, Nestlé Purina PetCare Company, and Royal Canin, among others, according to the PFI’s website.

Last year, the USDA-FAS in Manila projected that total pet food sales in the Philippines in 2023 would reach a record level of $434 million, about 9.3 percent over the $397 million recorded in 2022.

The USDA-FAS in Manila said

Tighter monitoring of food supply pushed

T

HE Department of Agriculture (DA) should closely monitor the supply of food products to prevent price fluctuations, according to a lawmaker.

AGRI Party-list Rep. Wilbert T. Lee issued the call after Agriculture Secretary Francisco Tiu Laurel Jr. ordered the suspension of onion imports in a bid to prevent onion prices from falling.

“Kung noong nakaraang taon, ang problema natin ay napakamahal ng presyo ng sibuyas, ngayon,

ang problema naman natin ay sobrang mura na nito,” he said in a statement.

“Kawawa naman po ang ating mga lokal na magsasaka dahil sa huli, sila ang malulugi at magdurusa. Kaya paigtingin pa sana ng gobyerno ang supply monitoring para maiwasan ang mga ganitong sitwasyon.”

According to the DA, farm gate prices of onion have fallen to P50 to P70 per kilo due to the increased supply. Prices could further drop next month when more onions are

harvested.

This is a complete opposite to the situation in December 2022 when onion prices skyrocketed to a record high P720 a kilo due to dwindling supply.

“Isipin ninyo, ang DA na mismo ang nagsabi na sa ibang mga lugar sa Nueva Ecija, bumagsak na sa P20 kada kilo ang presyo ng sibuyas.

Let us not wait for our farmers to throw away their harvest to cut their losses because it would be cheaper for them to do so,” the

the Philippines’s demand for pet foods has been constantly increasing in recent years due to the growing number of Filipino pet owners.

In fact, the Philippines ranked as the 9th largest market for US dog and cat food in 2021, according to the USDA-FAS in Manila. The US exported $51 million worth of dog and cat food to the Philippines in 2021, it added.

The top dog and cat food supplier to the Philippines in 2021 were Thailand at $71 million followed by the US and Europe ($28 million), the USDA-FAS in Manila said.

“The Philippines offers a growing opportunity for US pet food.

While people were confined to their homes during the pandemic, dog and cat adoptions increased and pet food consumption grew.”

Jasper Emmanuel Y. Arcalas

Bicolano lawmaker said.

Nueva Ecija produces 97 percent of onions in Luzon. Luzon, meanwhile, contributes 65 percent to the country’s onion supply.

“Dapat mas maayos ang monitoring and projection natin lalo na at mayroon pang El Niño. Mahirap kapag nasa kasagsagan na tayo ng tagtuyot ay saka pa lang natin mare-realize na kailangan pala natin mag-angkat,” Lee said.

“On the flip side, mahirap din na kapag umaapaw na tayo sa supply at bagsak na bagsak na ang presyo ng mga farm goods ay saka pa lang tayo titigil sa importasyon.”

Bayer jury’s $2.2-B Roundup verdict is biggest yet

B

AYER AG’s Monsanto unit was ordered by a Pennsylvania jury to pay more than $2.2 billion to a former Roundup user who blamed his cancer on the weedkiller in the largest verdict so far in five years of litigation over the herbicide.

Jurors in state court in Philadelphia Friday awarded John McKivison $250 million to compensate for his losses and $2 billion in punitive damages over his claims that years of using Roundup at work and at home caused his cancer. The 49-yearold was exposed to Roundup when he worked as a landscaper, according to evidence in the case.

Monsanto has won 10 of 16 Roundup trials recently, but the cases it has lost include a $1.5 billion verdict in Missouri handed down in November to three exusers of the herbicide. The Bayer unit faces its next trial early next

month in state court in Delaware.

The German conglomerate remains under intense pressure from the massive liability it inherited with its $63 billion acquisition of St. Louis-based Monsanto in 2018.

Bloomberg News reported Jan. 18 that company leaders were leaning against breakup options including separating its consumer-health and crops-science divisions in spite of investor frustration over Monsanto.

“We disagree with the jury’s adverse verdict that conflicts with the overwhelming weight of scientific evidence and worldwide regulatory and scientific assessments, and believe that we have strong arguments on appeal to get this verdict overturned and the unconstitutionally excessive damage award eliminated or reduced,” Bayer said in an emailed statement.

In 2019, a California jury

awarded a combined $2.055 billion in damages to a husband and wife who claimed they got cancer from using the weedkiller for 30 years. That award later was cut to $87 million and allowed to stand by the US Supreme Court.

Shares of Bayer fell almost 3 percent before the jury announced its verdict Friday after Bank of America analysts downgraded the company to underperform from neutral because of an overhang created by the Roundup litigation.

Bayer has set aside as much as $16 billion to resolve more than 100,000 cases over Roundup, which it acquired in the Monsanto deal. The company now faces a second wave of suits alleging glyphosate and other elements of the herbicide are carcinogens. It lost a bid in 2022 to have the US Supreme Court hear arguments that all Roundup suits should be

barred from going forward on procedural grounds.

Law yers for McKivison, a resident of Williamsport, Pennsylvania, said the former landscaper loaded 25-gallon tanks of Roundup on his tractor to deal with weeds and other vegetation on the job and also used it on his lawn and garden at home. He was diagnosed with non-Hodgkins ly mphoma—a cancer linked to Roundup’s active ingredient glyphosate—in 2020, according to court testimony.

“The jury spoke very elegantly with their verdict about the lengthy list of misconduct Monsanto engaged in as they recklessly sold this product for more than 50 years and callously endangered the safety of users,” said Thomas Kline, a Philadelphiabased lawyer who represented the plaintiff along with Jason Itkin in the three-week trial.

A BOTTLE of Bayer AG Roundup brand weedkiller concentrate is arranged for a photograph in a garden shed in Princeton, Illinois, United States, on Thursday, March 28, 2019. BLOOMBERG NEWS

Roundup users argue in the lawsuits that Monsanto knew some researchers tagged glyphosate as a carcinogen, but the company sought to bury those studies. Internal Monsanto documents made public during the litigation also showed company officials ghost-wrote scientific studies backing glyphosate’s safety.

Bayer Chief Executive Officer

Bill Anderson has been reviewing the company’s strategy and structure since taking over the helm in June. The Texas native has said nothing is off the table as he seeks to win back the faith of investors and navigate the company out of a thicket of challenges.

The case is McK ivison v.

Nouryon Chemicals, 220100337, Philadelphia Court of Common Pleas. Bloomberg News

A BusinessMirr

A6 Monday, January 29, 2024 | www.businessmirror.com.ph

For PHL business, 2024 will be challenging, but better than ‘23 H

By VG Cabuag

OPEFUL. That’s what most market participants are these days. Though 2024 is a continuation of the past year—or fairly similar—many are hoping that the interest rates will not be as disruptive as in 2023.

“When interest rates rapidly change, it's disruptive. When interest rates go up so much, financing becomes very expensive,” Alvin D. Lao, president and CEO of chemical manufacturer D and L Industries Inc., said.

DNL, which mainly manufactures ingredients for food firms, was not spared from the tough environment last year.

Its income fell 29 percent for the nine months of 2023 to P1.79 billion from the previous year’s P2.54 billion, partly as a result of the challenging business environment, the lingering effects of high inflation coupled, with the incremental expenses related to the commercial operations of its new Batangas plant.

Excluding the expenses for its new Batangas plant, which started operations in the third quarter, its income would have fallen narrower by 11 percent to P2.35 billion from the previous year’s P2.63 billion.

“We’re starting at a higher level (of interest rates). So this year, things shouldn't be.

I don't think interest rates will go up even more,” Lao said.

“So what I mean, this year will still be challenging,” but it will be fairly better than 2023, he said.

Many analysts were also optimistic that the market will turn to positive this year, after

the benchmark index, the Philippine Stock Exchange index, took a hit last year, falling by 116.35 points to close 2023 at 6.450.04 points.

Among the rosiest forecasts came from Wealth Securities Inc. at 7,734 points, Maybank Securities Inc. at 7,600 points, Dragonfi Securities Inc. at 7,500 to 8,000 points, BPI Securities Corp. at 7,400 points, 2TradeAsia at 7,400 points Philstocks Financial Inc. at 6,998 to 7,665 points and COL Financial Group Inc. at 7,100 points.

COL: Market mood mixed

COL, a brokerage firm that has the most retail investors in the country, said its survey of clients showed about 59 percent of them said that the market may inch up during the next six months, but 42 percent of them were concerned over geopolitical tensions and are anxious that inflation will rise anew.

April Lynn Tan, COL’s chief equity strategist, said inflation and bond rates have both peaked last year, as the US Federal Reserve kept on increasing its rates.

“The market is expecting a 100 basis point cut of the US Federal Reserve this year,” Tan said.

“If interest rates go down and borrowing can be cheaper, companies can borrow more and continue their expansion plans,” Tan said.

“Investors may start 2024 still on a cautious note as there remains no catalyst for the local bourse. Investors are expected to watch out for upcoming economic data for clues, primarily our inflation rate for the month of December,” Philstocks Financial Inc.’s research manager Japhet Tantiangco said.

Even the PSE itself is positive. It said six

Many analysts are optimistic that the market will turn to positive this year. NONIE REYES companies may go public this year, double the initial public offering that happened 2023. But this is without huge consumer names such as SM REIT or Gcash.

“Our capital raising forecast is P175 billion, around P40 billion of which will come from IPOs,” PSE president and CEO Ramon S. Monzon said.

A total of P140.95 billion was raised through the bourse last year.

“We will start with the listing of Citicore Renewable Energy Corp. Since no new REITs (real estate investment trusts) were added in 2023, we hope to see REIT IPOs make a comeback this year,” Monzon said.

Abacus Securities Corp. said some of the names that will go public this year are those who deferred their listing plans in 2023 due to poor market conditions, “With prospects of a better 2024 with potential rate cuts, there is increasing likelihood for a better market and for companies to conduct their IPOs,” it said.

“So this means that the five or six companies that will raise funds through an IPO this year, will average only about P8 billion or so in terms of capital raising each,” he said.

“So basically, that really precludes SM Prime Infra which are looking to raise about a

billion dollars for SM REIT (about P56 billion); (Enrique Razon’s) Prime Infrastructure Inc. has a very large number as well,” Nicky Franco, Abacus Securities head of research said.

Prime Infra earlier said it is expecting to raise as much as P33 billion.

As for Mynt, or Globe Fintech Innovations Inc., the fintech arm of Globe Telecom Inc., Franco said odds are likely for the company to tap funds from overseas.

“Recall that management said last year that they want to be IPO-ready by the end of 2023. So definitely they would have already done a lot of groundwork, preparatory work for that. And we believe that odds favor that Mynt will list this year. But it will be done overseas, unfortunate for us. But I think that it will be positive for Globe in the long run, because they really need the capital to continue their aggressive expansion strategy,” he said.

To further boost interest in the local stock market and avoid another sluggish trading environment as seen last year, Monzon said the PSE is pushing for regulatory reforms, increasing the number of listed companies and conducting an investor marketing campaign.

“The PSE is proactively collaborating with regulators and government entities to implement regulatory reforms aimed at fostering stock market investment,” Monzon said.

This includes the implementation of the Capital Markets Efficiency Promotion Act, which will include the reduction of the stock transaction tax to 0.1 percent from 0.6 percent, and the reduction of the dividend tax to non-resident aliens to 10 percent from 25 percent in a move to

harmonize the cash and property dividend rate.

“Finally, PSE will also reach out to our OFWs (overseas Filipino workers) through various investor education programs to be conducted in coordination with the Department of Migrant Workers,” Monzon said.

“The PSE‘s strategic priorities for 20242026 include expanding our product portfolio, improving market liquidity and pursuing new growth areas,” he said.

To support these strategic priorities, initiatives to be launched in 2024 include a reduction in the board lot of the bourse to as low as P100, so retail investors with a limited budget will have access to a wider range of stocks to invest in, increasing their overall participation in the market.

The PSE is also pitching provisions that expressly allow algorithmic trading in the Revised Trading Rules of the bourse. Such rules are pending regulatory approval.

However, Tan said inflation and interest rates could stay elevated in the first half, and the US economy faces a risk of hard landing and a bear market, or a fall of 20 percent from its high. Historically, the Philippines suffers from the contagion.

“Could this time be different?” she wondered aloud, adding that historically the US faces a recession in its economy after a pause in raising its rates. It has been six months since the US Fed has stopped increasing its rates.

“Philippine stocks could finally enter a bull market this year as the outlook for economic growth looks, bright and as stocks are cheap and underowned,” Tan said.

ror Special Feature

www.businessmirror.com.ph | Monday, January 29, 2024 A7

DEFENDING, FORTIFYING THE FORT:

PHL guns to protect, grow global IT-BPM market share

By Lorenz S. Marasigan

H

OME to more than 1.7 million business process management professionals, the Philippines is a strong contender in the global market for offshoring. As it holds almost a fifth of the global market share, the local industry is fiercely defending its position, while further expanding its portion in the pie.

According to IT and Business Process Association of the Philippines (IBPAP) President Jack Madrid, the country is holding down the fort against other nations trying to claw their way into the global offshoring scene.

“Defending our share in the global market is really so important. But what I want — more than defend — is to increase our share. What industry can you think of where the Philippines can claim to be a world leader? I think we can confidently say that IT-BPM is certainly one of them,” he said.

As of end-2023, the Philippines enjoys an 18-percent share of the market, next to India, the world industry leader.

The challenge, according to Madrid, lies in how the Philippines could effectively meet the “seemingly unlimited” demand for Filipino workers in the industry.

“Our challenge is not the demand. Our challenge is supplying the badly needed talent for us to defend and even increase our market share,” he lamented.

‘Severe’ problem

CURRENTLY, there is a supply gap in terms of employable talent in the Philippines, mainly due to factors such as lack of qualifications and the so-called “blue collar bias.”

Dominic Ligot, a consultant to the IBPAP, explained that Filipino applicants lack “domain experience or expertise.” He likened these skills or knowledge that are specific to industries beyond outsourcing, such as banking and healthcare.

“We actually have a relatively healthy supply of English, so it’s the next level — problem solving, critical thinking,” he said. “We are already home to the likes of JP Morgan, banks, that need domain experience or expertise and you can’t teach that to someone who is not ready to absorb that if they are being conditioned for low level work.”

The blue collar bias, meanwhile refers to the idea of Filipinos shying away from offshored jobs because they believe it to be similar to blue collar jobs.

“Majority of our types of work is actually mid to high level already like software developers in the likes of Accenture, mid-level work jobs such as transcription, non-voice type of resolutions, even the voice-type work,” Light explained.

This mentality paired with the lack of employable talent, according to Madrid, has led to a “severe” problem in terms of supply.

“When we speak to members the most common challenge that they describe is be-

ing able to hire the talent that they need. And so talent supply is really a severe issue. But the effect, it’s hard to quantify the opportunity cost and certainly not a loss of revenue — it’s really more of the opportunity cost of not being able to maximize the number of jobs and revenue,” Madrid explained.

New competition

ANOTHER challenge for the industry in protecting and expanding its share in the global market is new competition.

Emerging destinations like Poland, Egypt, Colombia, Costa Rica, South Africa, and Vietnam are now vying for a slice of the market, posing significant challenges to the Philippines’ dominance.

He emphasized the crucial role of talent development in addressing the supply gap and the heightened competition. This includes upskilling the existing workforce and aligning educational curricula with the rapidly changing demands of new technology-driven jobs.

Madrid said there were pilot programs for schools and universities to teach specific courses to students to prepare them for jobs in the industry. The industry is also looking at exploring the “employability of senior high school students” and is working with a local government unit to see this happen.

The IBPAP is likewise working with the Commission on Higher Education (CHED), the Department of Information and Communica-

tions Technology (DICT), the Technical Education And Skills Development Authority (TESDA), and even the Private Sector Advisory Council of President Marcos Jr. for the development of more educational courses geared towards generating a bigger talent pool for the industry.

Emergence of AI

ANOTHER avenue for talent development is the emergence of generative AI, one of the most common of which is ChatGPT. Generative AI, while a potential disruptor, is seen by Madrid as an opportunity to enhance efficiency and create higher-value job roles.

He emphasized the need for training programs to prepare the workforce for new, technologically advanced roles, turning the challenge of AI into an opportunity for growth and innovation.

“Generative AI has the potential to change the way we work and redesign the kinds of jobs that we perform. We are hopeful that AI will make our agents even more effective and efficient than they are. Technology augments how we work and we view it in that light,” he said.

The industry will also likely leverage AI for certain types of jobs that “can and should be automated.” These, Madrid explained, are jobs that are repetitive, simple, and judgementsensitive in nature.

"AI can improve the productivity of average agents. Think of AI as an additional voice when you’re dealing with a customer problem. There’s

somebody beside you helping you with faster and more accurate answers,” Madrid explained.

What is key to this is how companies manage their data.

“AI tools rely on how accurate, how complete, and how the data is structured and organized. I think people will continue to have problems that have resolutions that will involve a human deciding something. If the answer is simple, searchable, maybe we don’t need a human for that,” Madrid said.

2024 and beyond

AND as it navigates the complex task of developing talent to maintain or even expand its global market share, the IT-BPM industry is poised to record stronger gains in 2024.

On the back of a strong momentum in 2023 — when it surpassed its targets with 1.7 million jobs and exceeding $35 billion in revenues — the industry is expected to hit 1.8 million jobs and garner $39 billion in revenues. “[The year] 2024 is off to a promising start on the back of a very strong momentum,” he said.

According to Madrid, the most anticipated milestone for the industry is the crossing of the 2-million job mark by 2025.

He explained that this goal is significant, considering that it took over a decade to reach the first million jobs, and the industry is now set to double that figure in nearly half the time.

“The industry is alive and kicking and I am happy to say and I am confident in saying that we

are an indispensable pillar of the economy,” he said.

By 2028, Madrid said, the industry should have generated 2.5 million jobs in the Philippines.

The industry has been recognized as a key contributor to job generation, revenue, and foreign exchange by the administration of President Marcos Jr. Relative to the economy, the industry, according to Madrid, has the “highest” contribution to the gross national product “And that only highlights how major an economic pillar we are. If we achieve all our goals, we will increase our present 8 percent contribution to 9 percent — by far the highest contribution to GNP to our country,” Madrid said.

Still huge market

MADRID believes that there is still a huge potential in the global market for the Philippines, given that in the vast landscape of global offshoring, only 31 percent of the work that can be offshored has been tapped, leaving a staggering 69 percent still available.

This, he said, is a massive opportunity for the Philippines to expand its market share.

This unexplored territory offers immense potential for growth and expansion in the ITBPM sector, signaling a promising future for countries ready to seize these opportunities.

“There’s plenty to share from, but we need to fill in and plug the challenge supply gap so that we are qualified to take on that,” Madrid explained.

As the Philippines stands at the threshold of this offshoring goldmine, the challenge — or the opportunity, as Madrid would like to view it — lies in effectively harnessing its human resource capabilities.

The country's journey towards capturing a more significant share of the global offshoring market will involve concerted efforts across education, training, and industry-government collaboration

A8

The World BusinessMirror

Monday, January 29, 2024

Editor: Angel R. Calso

fires on Houthi US sees signs of progress on deal to release USmissile hours after Trafigura hostages, bring pause to Israel-Hamas war oil tanker attack

By Aamer Madhani & Zeke Miller

By Alex Longley, Archie Hunter & Mohammed Hatem

ASHINGTON—US negotiators are making progress on a potential agreement under which Israel would pause military operations against Hamas in Gaza for two months in exchange for the release of more than 100 hostages who were captured in the October 7 attack on Israel, according to two senior administration officials.

S Navy ships fired on a Houthi anti-ship missile in Yemen hours after a tanker operated on behalf of trading giant Trafigura Group carrying a cargo of Russian fuel was hit in the most significant attack yet by the rebel group on an oil-carrying vessel.

US Central Command said the Houthi missile was prepared to launch and posed an “imminent threat” to shipping in the area. US forces destroyed the missile, Centcom said on X. The US strike came hours after the Houthi rebels claimed the missile attack on the Marlin Luanda. The vessel was carrying Russianorigin naphtha—a product used to make plastics and gasoline—purchased below the price cap imposed by the Group of Seven nations, a Trafigura spokesperson said Friday.

“All crew on board the Marlin Luanda are safe and the fire in the cargo tank has been fully extinguished,” the company said in a statement on its website at 12 pm in London. “The vessel is now sailing towards a safe harbour.”

No other ships operating on behalf of Trafigura are currently in the Gulf of Aden and “we continue to assess carefully the risks involved in any voyage,” according to the company.

Central Command said US, French and Indian navy ships responded to the incident, adding that the Marlin Luanda had a crew consisting of 22 Indian and one Bangladeshi members. The response to the fire averted “a disaster that threatened lives and the seaworthiness of the ship and risked major environmental damage,” it added.

Global benchmark Brent rallied to a twomonth high.

The attack on the Marlin Luanda will raise fresh questions about whether oil tankers will continue to transit the Red Sea. Since joint US and UK airstrikes on the Houthis earlier this month, tanker traffic in the region has declined but some oil exporters, including Saudi Arabia, continue to use the waterway.

The targeted ship carried fuel from Russia will likely concern Moscow. Vast amounts of Russian petroleum now pass through the southern Red Sea to reach Asian buyers following Europe’s shunning of its cargoes due to the war in Ukraine. A Houthi spokesman previously told the Russian newspaper Izvestia that Russian and Chinese ships sailing through the Red Sea would be safe even as the group targets US and UK vessels.

The vessel collected its Russia-origin cargo via a so-called ship-to-ship transfer from a stretch of water in the Laconian Gulf in southern Greece, according to data from analytics firm Kpler. The area has been pivotal in helping Russia to get its petroleum to the global market and, as well as handling supplies under the price cap, has also facilitated more shadowy trades.

Trafigura, along with other commodity traders like Glencore Plc, Vitol Group and Gunvor Group, was one of the biggest lifters of oil from Russia before the country’s full-scale invasion of Ukraine and was a partner in a major oil project run by state producer Rosneft PJSC. The company has since moved away from those flows following US, European and UK sanctions on Russia’s energy exports. While its CEO Jeremy Weir has said it continues to trade small amounts of refined oil products from Russia, that position was under review.

That the company picked up a cargo via a ship-to-ship transfer off the coast of Greece sheds light on how one of the world’s biggest commodity trading houses is continuing to facilitate the export of oil products from Russia, at a time when war in Ukraine is still raging.

Ship-to-ship transfers have drawn regulatory scrutiny, mostly related to vessels operating outside of the G-7 price cap where the transfers can make it harder to keep track of a cargo’s origin. There have been particular concerns relating to older ships and when the switching takes place in an unregulated manner, although there is no suggestion that that is the case for the Marlin Luanda.

The latest incident also suggests that the US and its allies still haven’t sufficiently degraded the Houthis’ military capabilities two weeks after launching the first of several airstrikes on the group’s missiles, radars and other assets across Yemen. On Friday Houthi militants fired an anti-ship ballistic missile at the USS Carney, which successfully shot down the missile, Centcom said.

Last weekend, US Deputy National Security Advisor Jon Finer said military actions to deter the Houthis and other groups backed by Iran would take time. With assistance from John Harney / Bloomberg

W

The Associated Press

U

The officials, who requested anonymity to discuss the sensitive negotiations, said Saturday that emerging terms of the yet-to-be sealed deal would play out over two phases.

In the first phase, fighting would stop to allow for the remaining women, elderly and wounded hostages to be released by Hamas.

Israel and Hamas would then aim to work out details during the first 30 days of the pause for a second phase in which Israeli soldiers and civilian men would be released. The emerging deal also calls for Israel to allow more humanitarian aid into Gaza.

While the proposed deal would not end the war, US officials are hopeful that such an agreement could lay the groundwork for a durable resolution to the conflict.

The New York Times first reported on Saturday that progress has been made towards an agreement for a pause in fighting in exchange for the remaining hostages.

CIA director Bill Burns is expected to discuss the contours of the emerging agreement when he meets on Sunday in France with David Barnea, the head of Israel's Mossad intelligence agency, Qatari Prime Minister Mohammed bin Abdulrahman Al Thani, and Egyptian intelligence chief Abbas Kamel for talks centered on the hostage negotiations,

according to three people familiar with the scheduled meeting who were not authorized to comment publicly.

President Joe Biden on Friday spoke by phone with Egyptian President Abdel Fattah el-Sissi and Qatar’s ruling emir, Sheikh Tamim Bin Hamad Al-Thani. Calls with both leaders focused on the hostage situation.

“Both leaders affirmed that a hostage deal is central to establishing a prolonged humanitarian pause in the fighting and ensure additional life-saving humanitarian assistance reaches civilians in need throughout Gaza,” the White House said in a statement about Biden's call with the Qatari leader. “They underscored the urgency of the situation, and welcomed the close cooperation among their teams to advance recent discussions.”

Burns heads to France for the high-level talks after White House senior adviser Brett McGurk traveled to the Mideast this week for talks on the hostage situation.

If Burns sees progress in his talks in France, Biden may dispatch McGurk back to the Mideast quickly to try to complete an agreement. McGurk during his talks this week was also laying the groundwork for another trip to the region by Secretary of State Antony Blinken, who next week could

China’s coast guard orders Japanese fishing boat to leave waters near Japan-held islands

UN chief calls on countries to continue funding Gaza aid agency after allegations of militant ties

B

EIJING—China’s coast guard said Saturday its officers ordered a Japanese fishing vessel and several patrol ships to leave waters surrounding tiny Japanese-controlled islands in the East China Sea. It marked the latest incident pointing to lingering tensions between the sides.

China says the islands belong to it and refuses to recognize Japan’s claim to the uninhabited chain known as the Senkakus in Japanese and Diaoyu in Chinese. Taiwan also claims the islands, which it calls Diaoyutai, but has signed access agreements for its fishermen with Japan and does not actively take part in the dispute.

Coast guard spokesperson Gan Yu said in a statement that the vessels “illegally entered” the waters, prompting its response. “We urge Japan to stop all illegal activities in the waters immediately and to ensure similar incidents would not happen again,” the statement said. But the statement did not specify whether the vessels complied with the order.

China’s insistence on sovereignty over the islands is part of its expansive territorial claims in the Pacific, including to underwater resources in the East China Sea, the self-governing island republic of Taiwan with its population of 23 million, and virtually the entire South China Sea, through which an estimated $5 trillion in international trade passes each year. As with the Senkakus, China largely bases its claims on vague historical precedents.

Taiwan, a former Japanese colony, split from mainland China in 1949 amid the Chinese Civil War. The islands lie between Taiwan and Okinawa, 330 kilometers (205 miles) off the Chinese coast. Following World War II, they were administered by the United States and returned to Japanese sovereignty in 1972. AP

By Najib Jobain & Wafaa Shurafa The Associated Press

R

AFAH, Gaza Strip—The secretarygeneral of the United Nations on Sunday called on countries to continue funding the main agency providing aid in Gaza after several of its employees were accused of taking part in the Hamas attack on Israel that ignited the war four months ago.

The dispute engulfing the biggest provider of vital aid to Palestinians came as US officials said negotiators were closing in on a cease-fire agreement. The emerging deal would bring a two-month halt to the deadliest-ever Israeli-Palestinian violence, which has stoked instability across the Middle East.

Antonio Guterres warned that the UN agency for Palestinian refugees, known as UNRWA, would be forced to scale back aid to more than 2 million Palestinians as soon as February. The coastal enclave is in the grip of a severe humanitarian crisis, with a quarter of the population facing starvation.

“The abhorrent alleged acts of these staff members must have consequences,” Guterres said in a statement.

“But the tens of thousands of men and women who work for UNRWA, many in some of the most dangerous situations for humanitarian workers, should not be penalized. The dire needs of the desperate populations they serve must be met,” he added.

He said that of the 12 employees accused of taking part in the attack, nine had been immediately terminated, one was confirmed dead and “the identity of the two others is being clarified.” He said all would be held accountable, including through criminal prosecution.

UNRWA has 13,000 staffers in Gaza, nearly all of them Palestinians. It provides basic services, from medical care to education, for Palestinians families who fled or were driven out of what is now Israel during the 1948 war surrounding its creation—a

People attend a demonstration demanding the release of the hostages taken by Hamas militants into the Gaza Strip during the October 7th attack, in Tel Aviv, Israel on Saturday, January 27, 2024. AP Photo/Ariel Schalit

make his fifth trip to the Middle East since the start of the Israel-Hamas war in October.

The White House and CIA have yet to publicly confirm Burns’ meeting in France and administration officials have been guarded that a deal can quickly be brokered.

“We should not expect any imminent developments,” National Security Council spokesman John Kirby told reporters on Friday.

Biden and his aides are keenly aware that the mounting Palestinian death toll, and widespread suffering in Gaza, is frustrating some in his Democratic base, who want to see him put more pressure on Israel to end the war. Democrats in Michigan have warned the White House that Biden's handling of the Israel-Hamas conflict could cost him enough support within the state's sizable Arab American community to sway the outcome of the 2024 election in a state that could be key to whether he wins a second term.

majority of Gaza’s population. It has expanded operations during the war, running shelters housing hundreds of thousands of newly displaced people.

More than 2 million of the territory’s 2.3 million people depend on it for “sheer survival,” including food and shelter, UNRWA director Philippe Lazzarini said, warning this lifeline can “collapse any time now.”

The United States, which is the largest donor to the agency, immediately suspended funding over the weekend, followed by several other countries, including Britain, Germany and Italy.

The Israel-Hamas war has killed more than 26,000 Palestinians, according to local health officials, destroyed vast swaths of Gaza and displaced nearly 85 percent of the territory’s people. The Hamas attack in southern Israel killed about 1,200 people, mostly civilians, and about 250 hostages were taken.

Progress in cease-fire talks

Two senior Biden administration officials said US negotiators were making progress on a potential agreement under which Israel would pause military operations against Hamas for two months in exchange for the release of more than 100 hostages.

The officials, who requested anonymity to discuss the sensitive negotiations, said that emerging terms of the yet-to-be sealed deal would play out over two phases, with the remaining women, elderly and wounded hostages to be released by Hamas in a first 30-day phase. The emerging deal also calls for Israel to allow more humanitarian aid into Gaza.

More than 100 hostages, mainly women and children, were released in November in exchange for a weeklong cease-fire and the release of 240 Palestinians imprisoned

by Israel.

CIA Director Bill Burns is expected to discuss the contours of the emerging agreement when he meets Sunday in France with David Barnea, the head of Israel's Mossad intelligence agency, Qatari Prime Minister

Israel Prime Minister Benjamin Netanyahu has repeatedly vowed to continue the offensive until complete victory over Hamas is achieved.

Netanyahu has faced increasing pressure from the families of many hostages who are demanding a deal to win their loved ones’ release.

The October7 attack killed some 1,200 people in Israel, and Hamas and other militants abducted around 250 people.

Around 100 hostages were freed under a weeklong cease-fire deal in November in exchange for the release of Palestinians imprisoned by Israel. Around 130 remain captive, but a number have since been confirmed dead.

Hamas has previously said it will free more captives only in exchange for an end to the war and the release of thousands of Palestinian prisoners. Miller reported from Columbia, South Carolina. AP Diplomatic Writer Matthew Lee contributed to this report.

Mohammed bin Abdulrahman Al Thani, and Egyptian intelligence chief Abbas Kamel for talks centered on the hostage negotiations.

Despite the apparent progress, Israeli Prime Minister Benjamin Netanyahu reiterated in a televised news conference late Saturday that the war would continue until “complete victory,” including crushing Hamas.

Israel under scrutiny after UN court ruling

The dispute over UNRWA came as the International Court of Justice ruled Friday that Israel must do its utmost to limit death and destruction in its Gaza offensive.

The top United Nations court has asked Israel for a compliance report in a month, placing added scrutiny on Israel’s military.

The court’s binding ruling stopped short of ordering a cease-fire, but its orders were in part a rebuke of Israel’s conduct in its nearly 4-month war against Gaza’s Hamas rulers.

The case brought by South Africa to the UN court alleged Israel is committing genocide, which Israel vehemently denies.

A final ruling is expected to take years.

The court also ordered Israel to urgently get aid to Gaza. The amount of aid entering the territory remains well below the daily average of 500 trucks before the war, and UN agencies say distribution within Gaza has been severely hampered by the fighting and delays at Israeli checkpoints.

Israel holds Hamas responsible for civilian casualties, saying the militants embed themselves in the local population. Israel says its air and ground offensive in Gaza has killed more than 9,000 militants.

The offensive caused vast destruction in northern Gaza, where Israel says it has largely dismantled Hamas. The fighting is now focused on the southern city of Khan Younis and a cluster of built-up refugee camps in central Gaza dating back to 1948.

Shurafa reported from Deir al-Balah, Gaza Strip.

Aamer Madhani, Matthew Lee and Zeke Miller in Washington contributed to this report.

BusinessMirror

www.businessmirror.com.ph Republic of the Philippines

9

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

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

January 29, 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

AICE PHILIPPINES ICE CREAM INC. Block 9a, Lots 1-3, Lima Technology Center, San Lucas, City of Lipa, Batangas

2

AICE PHILIPPINES ICE CREAM INC. Block 9a, Lots 1-3, Lima Technology Center, San Lucas, City of Lipa, Batangas

3

AICE PHILIPPINES ICE CREAM INC. Block 9a, Lots 1-3, Lima Technology Center, San Lucas, City of Lipa, Batangas

NAME OF FOREIGN NATIONAL, POSITION AND BRIEF DESCRIPTION

QUALIFICATION AND SALARY RANGE

WANG, JUN

Basic Qualification:

GLARION TECHNOLOGIES CORPORATION

Area Sales Supervisor

At least 2 years pf experience working in sales in food industry

Covelandia Road, Binakayan, Pulvorista, Kawit, Cavite

10

Brief Job Description: Ensure timely collection of payments by working with the accounting team and supervise sales representative

Salary Range:

HAN, ZHENGBING

Basic Qualification:

Finance Supervisor

With advance degree in Accounting, Business, Economics and Finance

Brief Job Description:

Salary Range:

WU, QINGUANG

Basic Qualification:

Refrigeration Supervisor

Must have at least 2-5 years work experience in manufacturing company

Manage all aspects of ice makers, compressor, evaporators, condensers and relate ammonia equipment

NGUYEN, VAN MINH

Basic Qualification:

Vietnamese Customer Service Representative

Able to speak, read and write Chinese and Vietnamese language.

Brief Job Description: Manage incoming calls and customer service inquiries

Salary Range:

PHAN, VAN NHAM

Basic Qualification:

Vietnamese Customer Service Representative

Able to speak, read and write Chinese and Vietnamese language.

11

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

Manage incoming calls and customer service inquiries

Salary Range:

TRAN CONG PHAT

Basic Qualification:

Vietnamese Customer Service Representative

Able to speak, read and write Chinese and Vietnamese language.

Php60,000 Php89,999 GLARION TECHNOLOGIES CORPORATION Covelandia Road, Binakayan, Pulvorista, Kawit, Cavite

Salary Range:

13 AICE PHILIPPINES ICE CREAM INC. Block 9a, Lots 1-3, Lima Technology Center, San Lucas, City of Lipa, Batangas

MU, YONGGANG

Basic Qualification:

Sales Manager

College graduate with at least 2 years sales experience, must possess good time management and prioritization skill

Brief Job Description: Provide support service to the entire GT sales department and conduct regular audits to ensure the store is functional and presentable

ATLAS COPCO (PHIL.) INC. North Main Avenue, Block 2, Lot 12, Phase 2, Laguna Technopark, Biñan, City of Biñan, Laguna

Covelandia Road, Binakayan, Pulvorista, Kawit, Cavite

DE WINTER LOPEZ, EDUARDO

Basic Qualification:

General Manager

Bachelor’s degree with excellent leadership skills

14

Lot 34, Phase 1-B, Road 3, First Philippine Industrial Park, Ulango, City of Tanauan, Batangas

Brief Job Description: Responsible for profit and loss balance sheet of the business

Vietnamese Customer Service Representative

Able to speak, read and write Chinese and Vietnamese language.

Brief Job Description: Manage incoming calls and customer service inquiries

Salary Range:

VU THI THU TRANG

Basic Qualification:

Vietnamese Customer Service Representative

Able to speak, read and write Chinese and Vietnamese language.

OWENS, NORWOOD CLARK

Basic Qualification:

Lot 18, 3rd Street, First Philippine Industrial Park, Ulango, City of Tanauan, Batangas

Associate Director

With 10 years of relevant experience in aerospace, automotive, industrial machinery or electronics

Coordinate with design activities in Europe and the us to meet customer requirements and further the efficiency of the design

Manage incoming calls and customer service inquiries

Salary Range:

FUTAGAMI, SHUTO

Basic Qualification:

Adviser

Bachelor’s degree graduate with extensive knowledge in sales

Brief Job Description: Establish strong global business network to other Honda subsidiaries goals of the company

Salary Range:

NIDEC PRECISION PHILIPPINES CORPORATION

IWATA, KOICHI

Basic Qualification:

Senior Manager

Must possess exceptional managerial abilities in dealing with the improvement or development of operational procedures related to plastic injection process

119 East Main Avenue, Laguna Technopark, Malamig, City of Biñan, Laguna

Brief Job Description: Responsible in the management of the assigned division in the achievement of its goals

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

SU, CHANGNAN

Basic Qualification:

Chinese Customer Service Representative

Able to speak, read and write Chinese language.

Brief Job Description: Manage incoming calls and customer service inquiries

8

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

Salary Range: Php150,000 Php499,999

Salary Range:

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.

Php30,000 Php59,999

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

NGUYEN THI MAI

Basic Qualification:

Vietnamese Customer Service Representative

Able to speak, read and write Chinese and Vietnamese language.

Brief Job Description: Manage incoming calls and customer service inquiries

Php90,000 – Php149,999

Salary Range: Php500,000 and above

7

Php30,000 Php59,999

Php150,000 Php499,999

B/E AEROSPACE B.V.

Brief Job Description:

Php30,000 Php59,999

Brief Job Description:

Salary Range:

15 6

HONDA PHILIPPINES, INC.

Php30,000 Php59,999

Basic Qualification:

Salary Range: Php60,000 Php89,999

5

GLARION TECHNOLOGIES CORPORATION

Salary Range:

TRAN, THI THUAN

Php60,000 Php89,999

4

Php30,000 Php59,999

Brief Job Description: Manage incoming calls and customer service inquiries

12

Php30,000 Php59,999

Brief Job Description:

Php60,000 Php89,999

Monitor financial markets, trends and regulations for possible impact in the company

Brief Job Description:

Monday, January 29, 2024

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

A9

A10 Monday, January 29, 2024 • Editor: Angel R. Calso

Opinion BusinessMirror

www.news.businessmirror@gmail.com

editorial

Long overdue benefits for elderly and PWDs

T

he recent assurance given by a San Miguel Corp. official to the House of Representatives regarding the implementation of a 20-percent discount on expressways and skyways in Metro Manila, southern Luzon, and northern Luzon is a long-awaited and positive development. This move will benefit approximately 10 million senior citizens and 1.4 million persons with disabilities (PWDs) in the country. It is high time that these vulnerable groups receive the privileges and benefits they are entitled to under the law. (Read the BusinessMirror report: “Seniors, PWDs to enjoy toll discounts soon, vows SMC,” January 24, 2024).

Speaker Ferdinand Romualdez deserves commendation for ordering the inquiry that shed light on the gaps and confusion in the implementation of laws concerning discounts and benefits for the elderly, PWDs, and solo parents. It is disheartening to hear complaints that many business establishments have not been honoring these mandated privileges. The inquiry serves as a reminder that the rights and welfare of senior citizens and PWDs should never be overlooked or neglected.

Rafael Yabut, head of SMC’s infrastructure group, expressed support for the 20-percent discount and committed to coordinating with the Toll Regulatory Board and other relevant agencies to ensure its implementation.

This collaborative effort is crucial to ensure that the discount is properly granted and accessible to those who are eligible. The involvement of all stakeholders and concerned agencies is essential for an effective implementation process.

Albay Rep. Joey Salceda, chairman of the Ways and Means Committee, proposed a mechanism to add the 20-percent discount as an equivalent amount to the cost of an expressway or skyway radio frequency identification (RFID) card or its top-up load. This innovative solution ensures that there is no loss on the part of the expressway/skyway operator while still providing the intended benefit to the senior citizens and PWDs. Salceda’s suggestion to attach the RFID sticker to the vehicle registered under the name of the eligible individuals is a practical and efficient way to verify and enforce the discount.

The inquiry also shed light on the compliance of Philippine Airlines and Cebu Pacific regarding discounts for senior citizens, PWDs, and students. The availability of options on their websites for eligible individuals to avail themselves of the discounts demonstrates a step in the right direction. However, it is essential that all businesses, including major malls, drugstores, supermarkets, and food and transportation service providers, comply with the laws on discounts and benefits. Any violations or noncompliance should be addressed and rectified promptly.

It is disappointing that some businesses, such as Food Panda and Grab, have been named as alleged violators. The committees’ decision to invite them for further discussions is a proactive step towards finding solutions and ensuring compliance. Similarly, Goldilocks, which failed to send a representative to the hearing, should be held accountable for limiting the 20-percent discount, and further engagement with them is necessary.

The recent acknowledgment by Starbucks of its mistake in limiting the application of the 20-percent discount is commendable. This demonstrates the importance of businesses taking responsibility for their actions and rectifying any inconsistencies in providing the entitled benefits to senior citizens and PWDs. The collaborative efforts between the government, businesses, and relevant agencies are crucial to ensure the effective implementation of these benefits. It is imperative that all businesses adhere to the laws on discounts and benefits to guarantee that senior citizens and PWDs can access the privileges they deserve. Let this be a reminder that society must continue to work towards inclusivity and support for those who need it most.

Since 2005

BusinessMirror A broader look at today’s business ✝ Ambassador Antonio L. Cabangon Chua

Building on hope, inspiring the future Atty. Jose Ferdinand M. Rojas II

RISING SUN

A

S the country remembers the 91st birth anniversary of former President Corazon Cojuangco Aquino on January 25, it is crucial to reflect on her unparalleled contributions to the nation’s history. President Cory led the Philippines through a challenging period toward true democracy. Officials close to her, when she was president, said that President Cory had to “deal with conflicts in the Palace and among her allies, with criticisms here and abroad, and with a fickle business community, a testy press, and an impatient people.”

It is important to continue paying respects to our departed leaders who have shaped our history. More than 14 years after her death, we recall President Cory’s crucial role as a woman who led the country with grace and strength, answering the call to serve our nation at a difficult time. The years following her ascent to power were indeed challenging,

yet President Cory inspired the entire nation to stand together and overcome the transitional hurdles.

President Cory bravely fought for freedom and against corruption, restoring hope and trust in the government. She put the house in order, so to speak, becoming a symbol of hope and a bright future. Above all, she inspired us to value and protect

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our democracy.

And so today, it rests on our shoulders—the responsibility to defend our hard-fought rights and our freedom because if we don’t, we could definitely lose them. We, too, have an obligation to our fellow countrymen, to fight for them when necessary and to stand together to improve our lives as a people.

Let us not forget one of the most valuable lessons from the Edsa Revolution: that we can make a difference, regardless of how small or seemingly insignificant we may be.

Many years after President Cory, the lessons she taught us remain relevant. Amid the numerous challenges our nation faces today, we must allow

her life and leadership to continue inspiring us. Our current leaders can gain valuable insights from her faith, values, and principles. Her unwavering commitment to fighting corruption and promoting civic engagement should serve as a blueprint for the public sector today.

In the spirit of the People Power Revolution, open dialogue and constructive discourse must be encouraged. By fostering dialogue among diverse segments of society, the public sector can reinforce the principles of democracy and collaboration that President Cory championed.

All of us must work diligently to ensure that the values President Cory embodied continue to shape our beloved country’s future. In doing so, we honor the woman who bravely fought for our freedom and brought democracy back to our country. As we remember President Cory on her 91st birthday, let us not only look back on her remarkable legacy but also look forward, actively contributing to the continuation of the democratic principles she so ardently upheld.

BSP eyes deepening of capital market to empower businesses

Founder Publisher

President Cory bravely fought for freedom and against corruption, restoring hope and trust in the government. She put the house in order, so to speak, becoming a symbol of hope and a bright future. Above all, she inspired us to value and protect our democracy.

LITO GAGNI

A

new breeze is sweeping through the nation’s capital market, and it is Governor Eli Remolona of the Bangko Sentral ng Pilipinas who stands out for spearheading this movement.

Governor Remolona is diligently implementing a range of measures with the goal of enhancing the depth of our country’s capital market.

This development is noteworthy and signifies a positive shift in the financial landscape.

The deepening of the capital market will mean that funding for entrepreneurial pursuits need not rely on the banks alone, something that he has noticed in his first few days at the BSP. For him, other modes of raising funds should be made available, which is a way forward to invigorate the business community, while keeping a tight eye on inflation.

The need to expand the scope of borrowing for businesses is one of four goals that Remolona spelled out during the Bankers’ Night at Fort San Antonio Abad on Friday. And this means pursuing other modes of

raising funds, such as the issuance of corporate bonds.

Remolona’s focus has been drawn to bond issuance, which he initially raised during a media briefing and further elaborated on during a speech at the Manila Rotary Club. During his address, he questioned the prevailing practice of exclusively permitting triple-A rated bond issuers to fulfill their financing requirements. According to him, it is essential to consider allowing B-rated bonds to be listed on the bond market as well.

Having gained experience at esteemed institutions like the Bank of

The need to expand the scope of borrowing for businesses is one of four goals that Remolona spelled out during the Bankers’ Night at Fort San Antonio Abad on Friday.

And this means pursuing other modes of raising funds, such as the issuance of corporate bonds.

International Settlements and the Federal Reserve Bank, Remolona expressed his disappointment with the Philippines’ lagging status in terms of bond issuances. In his view, it is crucial to enable the issuance of single A-rated bonds and even triple B bonds in the market.

Remolona has his sights on the development of the market while at the same time having an eagle eye on inflation. His ascendancy in the country’s monetary authority augurs well for the Philippine capital market. After all, a much-developed market will allow entrepreneurs to tap funds that now are just concentrated with the banks.

By allowing a deeper capital market, such that of allowing single A or triple B rated bonds, the country’s business community will be invigorated as more entrepreneurs can have

access to credit even without the collaterals that banks usually require.

This will result in more jobs and more revenues for the government.

Thailand, for instance, has a deeper capital market where non- triple A bonds can be floated. In fact, even the stock market of Thailand is much bigger than our own stock market even though the Manila Stock Exchange was the first to be established in Asia.

Formed in 1927, our own stock exchange can only boast of $500 million in daily trades as against that of Thailand’s $3 billion value turnover.

From our own vantage point, it would seem that the economic growth of a country is a function of its healthy capital market. By having a developed capital market, businesses can thrive and even lead to industrial expansion, a key aspect for a developing economy. Indonesia and Singapore have much vibrant capital markets than the Philippines, and look how progressive they have become.

Remolona’s vision of fine-tuning the capital market is seen leading to more enterprising individuals going the route of bond funding for their businesses. Of course, there will be many businesses that will fall by the wayside, but the successful ones will See “Gagni,” A11

Opinion BusinessMirror

www.news.businessmirror@gmail.com

Philippines as a global tax leader

No hidden agenda Siegfred Bueno Mison, Esq.

Joel L. Tan-Torres

DEBIT CREDIT Part nine

T

he more important contributions of the Organization for Economic Cooperation and Development (OECD) in the field of taxation are its research and publication of the Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations (“transfer pricing guidelines”). This resource has long been referred to by various nations and members of the global tax community in implementing engagements about the taxation of international trade and business. Starting way back in the 1990s, when I was the chief of the BIR International Tax Affairs Division and a member of the Philippine Tax Treaty Negotiations Panel, I was already extensively using the early editions of transfer pricing guidelines.

The OECD recently released the 2022 edition of the Transfer Pricing Guidelines (https://read.oecdilibrary.org/taxation/oecd-transferpricing-guidelines-for-multinationalenterprises-and-tax-administrations2022_0e655865-en#). These guidelines were first published in 1995, and had since then been subject to several revisions. These continue to be a leading reference for transfer pricing for both tax administrators and taxpayers alike.

These transfer pricing guidelines provide guidance on the application of the “arm’s length principle,” which is the primary valuation standard, for income tax purposes, of crossborder transactions between interrelated companies. In today’s economy where multinational enterprises have a prominent role, transfer pricing continues to be the concern of tax administrations and taxpayers alike.

Tax authorities need to ensure “that the taxable profits of MNEs are not artificially shifted out of their jurisdiction and that the tax base reported

by MNEs in their country reflects the economic activity undertaken therein and taxpayers need clear guidance on the proper application of the arm’s length principle.”

While the BIR does not have extensive rules and regulations on transfer pricing matters similar to the OECD, it has stipulated in Revenue Memorandum Circular 26-2008 that the OECD transfer pricing principles shall govern this area. Since then, several BIR issuances have been issued including, Revenue Audit Memorandum Order 1-2019, Revenue Regulations (RR) No. 2-2013, 10-2010, and 19-2020.

The BIR should accelerate its initiatives in the transfer pricing area.

This can include enhancing the competencies of specialized BIR examiners in transfer pricing audits either by sending them abroad for training or contracting global transfer pricing tax experts to conduct extensive training in the Philippines. The BIR should also invest in a transfer pricing database that can be used in benchmarking the pricing and valuation practices of taxpayers.

With the BIR examiners fully trained and equipped with the technology and data resources, they can proceed with conducting transfer pricing audits of local conglomerates and subsidiaries and branches of foreign multinational companies operating in the Philippines. The BIR can focus on taxpayers from the technology, pharmaceutical, min-

The BIR should accelerate its initiatives in the transfer pricing area. This can include enhancing the competencies of specialized BIR examiners in transfer pricing audits either by sending them abroad for training or contracting global transfer pricing tax experts to conduct extensive training in the Philippines. The BIR should also invest in a transfer pricing database that can be used in benchmarking the pricing and valuation practices of taxpayers.

Gagni . . .

Remolona has so far instilled new ways of governance in the Bangko Sentral ng Pilipinas such as appointing Ms. Edna Villa to handle the treasury operation of the central bank. Aside from this, Remolona has also set his sights on furthering the digital operation for the banking community.

This will lead to allowing the unbanked to be part of the financial system, one way for them to be part of the capital market that will lead to a better direction for the country’s business community.

continued from A10

be able to offset the losses.

Actually, by deepening the capital market, lower interest rates are seen as funds compete against one another resulting in other alternatives for borrowers. This will signal a new way of doing business for the country as new enterprises bloom with the funding potential available because of the vision of Remolona to push for a deeper capital market.

ing, energy, financials, real estate, and export-manufacturing industries. These industries are potential sources of transfer pricing tax avoidance committed by corporations with offshore transactions and foreignrelated companies.

The BIR can source information from the data coming from the Related Party Transactions forms (BIR Form 1709) prescribed by RR 19-2020, and transfer pricing materials readily available on the Internet. However, this rich source of information coming from the BIR Form 1709 submissions should be digitalized to a program that will generate information for use in the transfer pricing audit.

The BIR can also tap the resources of the exchange of information facilities with its foreign tax counterparts to gather information on transactions of the taxpayers with its related parties abroad. These measures can generate successful outcomes and practices of effective transfer pricing audits that can be shared with the tax administrators of other countries.

These are the essential measures for the BIR to move forward with its transfer pricing agenda that can generate tax revenues and project the competence and leadership capacity of the BIR in the global tax community.

To be continued.

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

THE PATRIOT

C

hange is constant. Anything done to change the status quo, but without the buy-in of those who will be affected by it, will likely end up in conflict if not chaos. Anything hidden, which is worse, can end up in rebellion. Hence, leaders in the corporate world conduct town hall meetings, road shows, and consultative sessions to get their employees involved, or at the very least aware of what the company has done or will be doing. Legally, anything done by the Board out of the usual course of business needs to be ratified by the shareholders, those who are affected by such Board action.

A similar situation exists in the government arena. Cha-cha or charter change is back in the conversation these days. While the Constitution in ARTICLE XVII allows for amendments by Congress, upon a vote of three-fourths of all its Members, by a constitutional convention as called by Congress, or directly by way of a “people’s initiative,” any such changes in the fundamental law of the land requires the participation of the people or by the representatives of the people though their elected members of Congress. On top of this constitutional requirement, there has to be ratification by way of a plebiscite. It is never easy to change things, but it doesn’t mean that it cannot happen. What the Constitution simply requires is that at the very least, stakeholders have a say in whatever change that can potentially affect how they are being governed. Learning the lessons of previous Charter Change movements, government leaders should adopt an awareness strategy for the public to really know what’s at stake. No amount of monetary influence and coercion could lead to substantial support. The buy-in from those who will eventually ratify any changes should emanate from a more than rudimentary knowledge of the “what” and the “why” behind this initiative.

I heard someone say that awareness is the beginning of knowledge,

knowledge is power, and power, when used for good, ends in progress. As such, a small group of well-meaning Filipinos revived the old-school style of disseminating information to the public, in the hopes of reflecting transparency and equipping the people with the right information.

This way, any speculations about proposed government programs will be addressed accordingly, and curiosities will be assuaged directly by the ones who hold authority over the issues. Thus, a “roundtable” setup of discussion was spawned, aptly called “The Agenda,” equally engendered from the old assembly called “Kapihan.”

“Kapihan” literally means coffee shop. The very first forum that allowed an informal discussion of national issues in a “coffee shop” ambience was dubbed as Kapihan.

Over time, the term is now associated with any interactive event where members of media can ask questions directly to leaders, not necessarily without reckless abandon but with an objective of getting more clarity for eventual publication. Fast forward to today. The AGENDA at the Club Filipino was launched precisely to reignite this decades-old style of stakeholder engagement.

Patterned after and tracing its roots from the Kapihan as we know it, the Agenda aims to allow for a more open, interactive, and transparent discourse of the most

Monday, January 29, 2024 A11

pressing issues in Philippine society. Richard “Ricky” Rivera, the co-founder of Everything For Good (EFG)—the organization behind this weekly event—launched the first episode of The Agenda a few days ago at the Club Filipino, presumably the site of the very first Kapihan in this country. For Ricky, despite and because of the prominence of social media, he believes that traditional media, through the Kapihan, for instance, remains as a better communication channel as it allows for a more thorough and lively discussion of issues and insights, straight from the leaders concerned.

Hence, Ricky believes that hearing the words straight from the very source is more credible than those heard from other sources.

Getting first-hand information is not the only objective of this worthwhile undertaking. The face-to-face discourse is intended as well to mirror the facts as they are, nothing fabricated, nothing hidden. Hidden agendas pervade any scenario, and in certain cases, they exist when a leader sticks to rehearsed “talking points” when responding to questions. By not truthfully answering such queries, the leaders resort to said talking points on what they are “permitted to say”, therefore skirting any accidental disclosure of a hidden information or secret motive behind their REAL goals.

One writer explained that “hidden agendas go back to the first days of man with Satan’s deception in the Garden of Eden—Satan’s motive was NOT to make mankind wise… but instead to have mankind reject the instructions of God!” Regrettably, this “formula” has endured the times, is re-scripted and retooled yet maintained its color of deception. We are thus wary of people who we believe are “secretly trying to achieve or cause a particular thing, while they appear to be doing something else.” The latest attempt at a charter change may perceptibly be an example of this “hidden agenda” recipe where it is alleged that solons appear to be favoring a change in the basic law, but they are covertly thickening their pockets. The same

accusations are hurled against another form of “change” in a social setting—the PUV modernization program, as some transport groups assert corruption in the midst of making the country’s public transportation system efficient and environmentally friendly.

With this as the prevalent setting, The Agenda faces the challenge of inviting the people back to the right information as conveyed and articulated by authorities with no hidden agenda. Whatever issue currently affects the populace, or any proposal that aims to effect cultural or societal changes, will be handled with as much truth and integrity as possible.

In the Bible, we are reminded of the words of the Apostle Paul in their ministry at Thessalonica. Harking back to his audience of how they shared God’s gospel in the face of strong opposition in Philippi, Paul tells of the authenticity of their Message and their persons as bearers of truth, never intending to trick them, hence: “God tested us thoroughly to make sure we were qualified to be trusted with this Message. Be assured that when we speak to you we’re not after crowd approval— only God’s approval. Since we’ve been put through that battery of tests, you’re guaranteed that both we and the Message are free of error, mixed motives, or hidden agendas.

We never used words to butter you up. No one knows that better than you. And God knows we never used words as a smoke screen to take advantage of you.”

May we be like Paul, walking in the path of truth with no hidden order of business. His agenda has always been God’s agenda.

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

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

Chinese engineers keep Russia’s metal furnaces firing

By Bloomberg News

M

agnitogorsk , i n the Ural mountains, was developed as a symbol of Soviet industrial might and its capacity for economic modernization. Today, a new, 75 billion-ruble (roughly $840 million) coking plant in the steel town is being built by a Chinese engineering giant and hundreds of Chinese workers.

The contract between Magnitogorsk Iron & Steel Works PJSC, known as MMK, and state-owned Sinosteel Engineering & Technology Co. was signed before Russia’s invasion of Ukraine and links between the two predate that. But since Chinese engineers and builders began arriving in large numbers to speed up construction last year, the project has been trumpeted by officials on both sides as emblematic of closer ties.

A hefty investment when compared to most past Chinese activity in Russia, Magnitogorsk is just one of dozens of examples from across the country of Beijing’s engineers and machines keeping Russian heavy industry alive. It’s a trend that owes much to China’s technological prowess, but also to overcapacity at home and to Moscow’s urgent need to keep producing the iron and steel its wartime economy requires.

With few choices for Russia, bonds are strengthening. Beyond the Urals, the country’s biggest mining company, MMC Norilsk Nickel PJSC, turned to China for help on a sulfur dioxide emissions-capture operation after European contractors stepped away in 2022, with the project still incomplete. Steelmaker Severstal PJSC has just signed up a Chinese equipment supplier for a near-$1 billion iron ore processing plant.

Chinese diggers and heavy dump

trucks are taking a growing share of the market. Meanwhile both of the top two Chinese metallurgical service providers have pointed to significant overseas growth—Metallurgical Corp. of China Ltd. said the value of newly signed overseas contracts in 2023 amounted to 63 billion yuan ($8.8 billion), representing an increase of over 43 percent on the previous year, including a contract to build a production line for aluminum giant United Co. Rusal International PJSC. Sinosteel Engineering & Technology Co. also says it wants to boost its market share in Russia and its neighbors, among others.

“For Russia, Chinese equipment supply is a necessity now, as there is no alternative,” said Alexander Gabuev, director of the Carnegie Russia Eurasia Center. “China has a broad range of equipment. Most of the time it is not worse than other offerings and sometimes it is quite innovative.”

Beijing remains wary of violating wide-ranging US sanctions imposed in early 2022 and has avoided direct military support, but it also prefers to hold its northern neighbor close.

Russia’s reliance on China has increased dramatically in the past two years as Western groups leave and its needs accumulate, from import substitution for basic electronics to project redesign, alternative spare parts and creative solutions for chronic worker shortages exacerbated by conscription and emigration.

The steel, mining and metal industry is among those seeing the biggest change. While oil and gas producers have been focused on replacing imported technology since 2014, when the US and the EU first imposed sectoral sanctions after Russia annexed Crimea, this corner

of heavy industry was, relatively, a success story that leaned on external links. That left steelmakers and miners far more dependent on Western imports, prompting a scramble in early 2022 to find new suppliers for everything from reagents to drilling machines.

‘No limits’ friendship?

Chinese providers have stepped up. When Russia hosted its biggest Russian metals and mining annual conference in Moscow in November, Chinese outfits—mostly equipment makers and service providers—accounted for 364 out of 815 participants. Only Russia had more. In 2019, for a comparison outside the pandemic period that sealed China’s borders, there were 83.

“The demand for the participation of Chinese partners in Russian projects is growing,” Economic Development Minister Maxim Reshetnikov said in September at a separate Russia-China forum. “Among other things, it’s due to the switch to the Chinese technologies and the replacement of technologies of companies that are leaving Russia.”

Russian companies named in this story, including MMK, declined to comment, as did Sinosteel, a unit of China Baowu Steel Group Corp, the world’s largest steel producer. MCC, part of China Minmetals, could not be reached for comment.

One immediate advantage is cost.

“Chinese partners can set low prices for equipment thanks to comprehensive support from their state, including tax breaks and subsidies, financial preferences from banks as well as administrative assistance from the Chinese authorities and trade unions,” said Daria Builova, director of strategy at Natek, a manufacturer of technological

equipment for oil and petrochemical industries.

But there is also technology. China completed massive investments in capacity in the past decades to produce metals for its own urbanization, building some of the world’s largest and most technically up-todate metallurgical plants. Some are arguably greener too. Its companies are advanced partly because of the almost perennial glut at home that is also pushing them abroad.

In the first 10 months of last year, Chinese exports of electric vehicles and equipment to Russia grew 27 percent compared with the same period in pre-war 2021 to $13.3 billion, while the import of mechanical equipment and devices rose 79 percent to $20.3 billion, according to estimates published by the Moscowbased Gaidar Institute. Meanwhile machinery imports from countries like Germany have tumbled.

And yet, there’s a difference between keeping Russia’s industry alive, especially in the context of an economy supported by state spending and military demand, and helping it to grow. While China is keeping furnaces firing, its support may not be enough for new production.

“In terms of maintaining and servicing existing units, we see that the current replacement of parts and machines is carried out relatively painlessly. If we look at operating results, there is good capacity utilization, including in sanctioned companies,” said Dmitry Kazakov, analyst at BCS in Moscow. But the picture is less certain for projects approved before 2022, which are expected to include Western technology, “because in some cases China may not have sufficient competence.” With assistance from

Alfred Cang and Winnie Zhu / Bloomberg

A12 Monday, January 29, 2024

PHL GOT MOST OF THE REGION’S CYBERATTACKS IN ’23–REPORT

C

Y BER SECUR IT Y provider Palo Alto Networks has highlighted five critical trends that will shape the cybersecurity landscape in the Philippines and the greater Asia Pacific for 2024.

Palo Alto has released its Networks’ State of Cybersecurity Report, which highlights that the Philippines experienced the highest number of disruptive cyberattacks in Southeast Asia last year, with 29 percent of local organizations experiencing a 50-percent-or-more increase in incidents.

The report identifies a surge in hacktivism and cyber-first campaigns as a key trend for 2024.

With major global events like the Olympics and regional elections on the horizon, hacktivism is expected to shift towards digital platforms. The accessibility of cybercrime-as-a-service models has lowered the technical barrier, enabling activists with minimal technical skills to execute large-scale attacks.

Artificial Intelligence (AI) is set to play a contradictory role in cybersecurity. While AI has the potential to strengthen defense mechanisms, it also opens new vulnerabilities for cyberattacks, the report said. It further warned of AI’s use in creating sophisticated phishing scams and highlights the need for vigilance against AIrelated vulnerabilities.

The report further said that operational technology (OT) systems, crucial to industrial organizations, are increasingly at risk due to the convergence of IT and OT. Palo Alto urges organizations to prioritize cybersecurity in their OT systems to mitigate the heightened risk to these networks.

Another significant trend is the consolidation of cybersecurity tools. The report underscores the inefficiencies stemming from the use of disparate security tools and advocates for their consolidation. This move is expected to enhance the response time to security threats and streamline the management of cybersecurity frameworks.

Lastly, the report emphasizes securing multi and hybrid cloud environments as organizations continue to adopt cloud technologies. A unified security strategy across different cloud providers is essential to manage the complexities and security challenges in these environments.

“Going into 2024, highly motivated cybercriminals, nation state attackers and hacktivists will continue to innovate, expand and exploit – not much we can do to slow that down.

However, we could and should definitely address the complexity of our security capabilities with AI to make them more effective and cost efficient,” Palo Alto Networks Regional Chief Security Officer Ian Lim said.

Last year, organizations saw unprecedented levels of cybercrime with bad actors using ransomware to target critical infrastructures and found novel techniques to exploit emerging technologies like generative AI to ill-effect. In the Philippines, several government offices fell victim to cybercattacks, jeopardizing personally-identifiable information of millions of Filipinos.

“In 2023, we’ve seen mature organizations, who invest heavily in cybersecurity, still falling victim to debilitating cyber attacks.”

Chambers’ Cha-cha war rages amid fear of investor turnoff

A

By Samuel P. Medenilla & Butch Fernandez

@sam_medenilla @butchfBM

HOUSE leader said at the weekend he is banking on the swift resolution of the congressional impasse on Charter Change (Cha-cha) to ensure investor confidence in the country. However, senators did not sound conciliatory, with one offering evidence that the Speaker was, despite denials, “behind” the ongoing push for a People’s Initiative that is not really grassroots-based.

Committee on Ways and Means Chairman and Albay Second District Rep. Jose “Joey” S. Salceda said there is no “investor uncertainty,” when it comes to the House Framework for amending the economic provisions of the 1987 Constitution.

In fact, he maintained that the initiative of the House of Representative (HOR) will lead to “investor optimism” since it intends to further liberalize the economy.

“Unlike other reforms where there is a rationalization of existing incentives or benefits, this one will not take away any existing investor rights and privileges.

This will expand them,” Salceda

said.

“They can invest in more places and more sectors, infuse more capital, and hire more Filipinos,” he added.

The National and Economic and Development Authority (Neda) earlier cited a need to assess the impact of the raging Cha-cha debates on investments.

Video shows Martin

SENATOR Chiz Escudero bared proof on Saturday that Speaker Martin Romualdez backs the ongoing signature campaign for a People’s Initiative, which senators had dubbed a “Politicians’

Initiative” or a “Pekeng Initiative.”

Escudero said the House leader cannot feign ignorance of “the lower chamber-led signature drive to amend the Constitution” as he offered a video of the House leader announcing plans to pursue the PI to change the Charter.

In the video, taken December 11, 2023 at the Philippine Economic Briefing in the province of Iloilo, Romualdez proudly announced that the recommended means to change the 37-year-old Constitution was through the PI, said Escudero.

“We are thinking right now of addressing the procedural gap or question on as to how we amend the Constitution,” Romualdez was quoted saying, indicating that “we will highly recommend that we embark on a people’s initiative to cure this impasse, so to speak, on how we vote,” even as he added: “And I hope we can undertake this as soon as possible, so we could have some clarity on the procedures.”

Romualdez continued: “So, we would like to amend the Constitution vis-à-vis how we procedurally amend the same. And that’s either we vote jointly or separately, we would like to have the result by and through People’s Initiative.”

Reacting to the video, Escudero said: “This is clearly a politiko’s

(not a people’s) initiative.”

“How can Speaker Romualdez deny he is not behind this ‘pekeng initiative’ when he bragged about it last December and took credit for it?” Escudero said in his X (formerly Twitter) account, where he also shared the 45-second video clip of the House Speaker talking about his Charter change plan last month.

Senator Grace Poe prodded the public to junk the “Pekeng Initiative.”

She stressed that “what the Filipinos urgently need are food on the table, jobs, healthcare, education, and quality life.”

At the same time, she assured: “We, in the Senate, are ready to work and focus on the things that matter––and we hope the House is ready to set aside this PI and do the same.”

The surveys show, “our people have more important things on their mind. The high prices of goods. Jobs. Higher salaries.

Food. Naghihirap po sila, gutom po sila.”

Last January 23, the Senate issued a strongly worded manifesto signed by all 24 senators, rejecting the House bid for Cha-cha through the PI, which signature gathering has been marred by allegations of bribery and corruption, and illegal use of government programs and funds.

Continued on A3

See “PHL,” A2

India, PHL renegotiating air services agreement in push for trade, tourism

By Malou Talosig-Bartolome @maloutalosig

T

HE Philippines and India are renegotiating the bilateral air services agreement between the two countries, the Department of Foreign Affairs said.

DFA Undersecretary for International Economic Relations Charles Jose said relations between India and the Philippines have thrived for the past 75 years from food security, pharmaceuticals, defense, space, and financial technology.

“As a matter of priority, we are working to increase the flow of twoway trade and tourism between our two countries by facilitating travel through air services agreement. We’d like see more Indians getting the chance to visit and ‘Love the Philippines’ and for the Filipinos experiencing ‘Incredible India’,” Jose said in his speech during the reception of India National Day on Friday.

Trade between the Philippines and India from January to October 2023 reached US$2.5 billion (P140 billion), with Philippine exports reaching US$121 million (P6.8 billion)-- the highest recorded in the history of bilateral trade.

Manila and New Delhi hope that trade and tourism between two countries would flourish in 2024 with increased flights. The updated India-Philippine air services agreement was signed in 2021, and the Philippine Senate ratified it in 2023.

Despite this, there are no direct flights between the Philippines and India yet. Indian Ambassador to Manila Shambhu Kumaran said Philippine and Indian airlines have

been holding consultations to implement the air services agreement.

“We would like to increase tourism and there is a lot of business travel already. So we do believe there is a need for direct flight,” Kumaran told reporters after the Embassy reception in Makati.

The Indian ambassador said the Philippine government is asking for amendments to the 2021 air services agreement. He didn’t say what these amendments are.

The Philippine government is also eyeing to include Indian nationals in its pilot electronic Visa program. Manila first offered eVisa to China, but suspended it due to technical issues.

“We are heartened by the announcement that e-Visas will be offered to Indians. We hope that it can be done quickly. I know the Philippine government is working hard trying to make this happen,” Kumaran said. He stressed that the implementation of the air services agreement and the e-visas are “important pillars” to further improving the bilateral trade and tourism between the two countries.

India is projected by the Organization for Economic Cooperation and Development (OECD) to be the world’s fastest-growing economy in 2024. It is expected to grow at 6.1 percent in 2024.

Alongside the increase of India’s per capita income comes a surge of travelers among Indian multigenerational families, GenZs and millennials segments. Analysts estimate that India’s outbound travel could hit 80 million to 90 million trips a year by 2040.

BAGONG PILIPINAS The kick-off rally of Bagong Pilipinas, the Marcos administration’s brand of governance and leadership, draws a massive crowd with active participation from government agencies and barangay officials at the Quirino Grandstand in Rizal Park, Manila, on Sunday (January 28, 2024). ROY DOMINGO

‘Bagong Pilipinas not a political game plan’

B

ACKED by a “master plan for genuine development,” President Ferd inand R .

Marcos, Jr. launched Sunday the “Bagong Pilipinas” (New Philippines) campaign to achieve “grand” changes in the country which will transcend his administration.

Clad in a white-shirt with the Bagong Pilipinas (BP) logo, the ecstatic chief executive described the innovation and empowerment he wants to realize during the kickoff of the campaign at the Quirino Grandstand at the Rizal Park in Manila.

“Bagong Pilipinas is not a political game plan that caters to a privileged few. It is a master plan for genuine development that benefits all of our people,” Marcos said.

Development blueprint

HE noted the BP is based on targets set by the Philippine Development Plan (PDP) 2023-2028, which were crafted by each government agency after comprehensive stakeholder consultations.

“It enumerates the sectors to which funds should be channeled, and what nurturing policies must be planted, so that these can contribute to the overall growth that we desire. It lists the infrastructure which we are building better and more. It paints the ideal human development index that we are all working to achieve,” Marcos said.

He said the BP will include “flooding” farmers and fishermen with much-needed intervention such as irrigation and market ac-

cess, especially amid the growing impact of El Niño on their production this year.

Through the execution of the BP, he said he hopes to restore the lost trust and confidence of Filipinos in themselves and institutions.

“Bagong Pilipinas is addressed to all government officials and employees and citizens of this country. It is an invitation to all of us to think of being a Filipino and view the nation from a renewed perspective,” Marcos said.

“It is a call for transformation.

The transformation of our idea of being a Filipino, and the transformation of our economy, of governance, of society,” he added.

Non-partisan

HE allayed concerns that BP will

only serve the “narrow political interest” of the few.

“Bagong Pilipinas is not a new partisan coalition in disguise. It is a set of ideals that all of us Filipinos, regardless of political creed or religion or wealth, can coalesce around,” Marcos said.

“To those whose overheated imagination has been poisoned by toxic politics, Bagong Pilipinas is no Trojan Horse. It conceals no agenda.

It is a program, many workhorses driven by the love of country,” he added.

An estimated 400,000 people attended the launch of BP last Sunday. These included members of the Senate, House of Representatives as well as officials and employees of national government agencies.

Samuel P. Medenilla

Companies BusinessMirror

Editor: Jennifer A. Ng

Monday, January 29, 2024

B1

Prepare for PSEi Nissan: Right policies will turnaround, COL spur growth of EV in PHL tells investors

J

By Lenie Lectura

@llectura

apanese automobile manufacturer Nissan said key policies will likely allow the electric vehicle (EV) industry in the Philippines to grow by as much as 10 percent in the next few years.

Speaking to reporters in Tokyo last week, Nissan Asean President Isao Sekiguchi said the performance of the EV sector in countries in the region will vary. Singapore, he said, is leading in terms of EV penetration, followed by Thailand.

“Thailand last month was about 14 percent of total market while Singapore is about 18 percent. Presence of EV in the Philippines is still marginal. I see the EV market, including the Philippines, will probably grow 5 percent, maybe 10 percent.

We see more percentage from Thailand and also from Singapore and also from Vietnam. It is somewhere from 15 to 20 percent. So Philippines, Indonesia and some other markets in Asean, we still see up to 5-10 percent,” said Sekiguchi.

Incentives, EV charging stations,

cost, and consumer confidence are some of the driving factors that will increase EV market in the Philippines. “[In the] Philippines, I think it will come but what makes the breakthrough to a certain extent is the policy. Specific policy, I would say, is to give incentive. Policy will play a greater role, monetary or nonmonetary benefits,” said Sekiguchi.

Department of Energy (DOE) officials, who were also in Tokyo last week, said incentives must also be extended to hybrid EVs. “We have discussed this already with the Tariff Commission and the EUMB [Energy Utilization Management Bureau] is working with DTI [Department of Trade and Industry] in coming up with a cost-benefit analysis.

We have already flagged this before the secretaries that we really have to extend the incentives to include hybrid, two wheeled and three-wheeled electric vehicles for friendlier zero-tariff treatment.

What was extended to pure EV should also be extended to hybrid EVs, two wheel and three-wheel,” said DOE Undersecretary Felix William Fuentebella.

DOE-EUMB Director Patrick Aquino said a group is extensively preparing a detailed proposal to be presented to the Tariff Commission.

“In terms of getting an actual issuance, the President exercises power when the Congress is not in session.

So we’re looking at the Easter window, Holy Week. We’re looking at that, hopefully to be in place within the year, but the publishing of the EO [Executive Order] should happen when Senate and the House are not in session,” Aquino said.

Based on DOE data, the cumulative number of EV registration as of end-2022 stood at 9,666. In the previous years, registered EVs reached 8,594 in 2021; 7364 in 2021; 6,900 in 2019; 6,194 in 2018; 2,304 in 2017; 899 in 2016; 346 in 2015; and 145 in 2014.

With an increasing number of EVs available in the market and a surge in individual interest, the DOE be-

lieves that the value proposition of EVs is “becoming increasingly evident,” especially in light of rising oil prices and growing concerns about air pollution.

“Speaking about the Philippines market in the Asean, it is one of growing markets overall. We see that the market will continue to grow in the coming years,” Sekiguchi said.

In October last year, DOE Secretary Raphael Lotilla proposed the temporary removal of import tariffs on electric motorcycles.

Aside from the issuance of EO 12, which reduces the tariff rates to 0 percent on completely built-up units of certain EVs for a period of five years, Lotilla said his office has likewise proposed the temporary removal of tariff rates on import duties on electric motorcycles like EVs plied in hybrids and hybrid EVs as well as their parts and components.

“By eliminating the tariff rates for these items, we can provide consumers in both private and public sectors with greater opportunities to choose EVs over traditional vehicles.

We are now awaiting feedback from the Tariff Commission on this proposal,” said Lotilla.

He said the DOE is also working with stakeholders to establish mechanisms for EV charging stations including the issuance of standards.

PLDT: Cyberattacks surge in 2023

By Lorenz S. Marasigan @lorenzmarasigan

T

he PLDT Group said on Sunday it thwarted 16 billion cyberattacks in 2023, ballooning by 9,000 percent from only 182 million attacks the year prior.

This dramatic surge signals a substantial escalation in cyber threats in the Philippines, compelling PLDT to call for government oversight of a national cybersecurity master plan.

“PLDT and Smart’s robust cybersecurity culture has enabled us to fend off these attempts from breaching our network and assets.

We are always on our toes, and we continue to beef up our capabilities.

Our cybersecurity agents undergo regular training. We upgrade our tools. And we engage partners who can help us secure our most important asset—our customers,” PLDT Chief Information Security Officer Angel T. Redoble said.

The group reported blocking over a billion cyberattacks monthly, with the peak in November and December, where each month saw over three billion attempts.

Redoble said the seasonal spike in cyber-attacks, noting the heightened vigilance during holidays to protect not only the company but also the Filipino people dependent on their services.

“Cyberattacks surge during holidays because that’s when people are distracted by the festivities.

But for us, that’s when we are at the highest alert level. We’re not only protecting the company, but the entire Filipino people who rely on our services, especially in an increasingly digital landscape.”

The cybersecurity challenges extend beyond private organizations, with government websites also facing significant attacks in 2023, some of which are suspected to be state-sponsored and linked to geopolitical tensions.

Redoble said there is a need for government-led coordination in cybersecurity, urging for a “unified strategy” to protect national infrastructure like energy, telecoms, and financial services.

“We are in the middle of a cyber war. We need to secure our

country’s vital infrastructures like energy, telecoms, and financial services. If we talk about cyber resiliency, stakeholders—both private entities and government units—must collaborate. And we need the government to orchestrate our efforts.”

He noted that the PLDT Group continues to engage external partners to further boost its cybersecurity capabilities.

Recently, the Group’s Cyber Security Incident Response Team (CSIRT) has joined the global Forum of Incident Response and Security Teams (FIRST), giving the telco group access to valuable data and tools that will further beef up its formidable playbook against cyberthreats and attacks.

BCDA gives Airbnb adds currency conversion fee ICT bidders A more time

T

he Bases Conversion and Development Authority (BCDA) said it is extending the deadline of submission of requirements to mid-February for prospective bidders for the Passive Information and Communications Technology (ICT) infrastructure in New Clark City.

In October 2023, the state-run firm started the project by inviting prospective bidders to submit the pre-eligibility requirements for the disposition of its passive ICT Infrastructure.

BCDA said this project will be undertaken through a joint venture that will handle the “commercialization” as well as the expansion, repair and maintenance of passive ICT infrastructure in New Clark City with an estimated project cost of P2.53 billion. Andrea E. San Juan

irbnb Inc. is planning to increase the guest service fee for cross-currency bookings as the vacation-rental company pushes into more international markets to boost growth.

Starting April 1, an additional fee of as much as 2 percent will be charged to guests if they pay in a different currency from the listing, Airbnb said on its website. That would bring the guest service fee to as much as 16.5 percent of the subtotal, which excludes taxes. Hosts can also choose to tack on a cleaning fee, which has prompted complaints from some guests as being excessive.

“From time to time, we adjust our fees to better align with the value we provide,” the San Francisco-based company said in an email to users Wednesday.

The move could drive approximately $200 million to $500 million in incremental profit in 2025, according to TD Cowen analyst Kevin Kopelman. While the tailwind may be offset if users shift to paying in local currency at checkout, there may still

The Philippine Stock Exchange in Taguig in 2022. Bloomberg News

By VG Cabuag @villygc

I

nvestors in the local equities market should prepare for the stock market’s eventual turnaround as the benchmark Philippine Stock Exchange index (PSEi) consolidated its base last year.

Juanis Barredo, COL Financial Group Inc.’s chief technical analyst, said amid the ongoing rise in the PSEi, investors and traders should be prepared to time their entry when the market corrects, especially since the main index is just inches away from its resistance level of 6,700.

Barredo said the market could hit between 7,100 and 7,500 this year.

On Friday, the PSEi closed at 6,686.09, up 12.59 points from Thursday’s 6,673.50. So far in its fourth week, the main index is up 182.55 points from last year’s close.

“The only thing we need to climb is one more obstacle at 6,700. And if we can clear that particular resistance point, I think you’ll probably see a bit more viable movement into the market,” Barredo in a briefing with clients on Friday.

“Both the Philippines and the US are a bit stretched and could do some correction. And we should take this as an opportunity that will allow us to be able to jump back into the market and, and have a little bit of more upside, rather than where we are today—if you’re looking at where we are compared to a 7,100 or 7,500 target.”

Barredo said the momentum of the market, however, may get derailed in the likelihood of a delayed rate cut in the US, which many analysts could start in May, the result of the US election, and the escalation of supply bottlenecks caused by the conflict in the Middle East and Eastern Europe.

“Let’s say they delay that for one quarter or maybe even two, then that might be a surprise to the market that they might not take too well,” he said.

“Second are problems in the US elections, because they do have one coming in November. And there’s a

name coming back up into the picture that might change the whole course of how things are moving. So that clearly may pose some degree of risk,” he said, referring to former US president Donald Trump.

Barredo said investors should keep their eye on the recovery ball, as this is where the country is headed.

“We’ve seen the worst; we’ve seen a higher note to the market that paints a very good picture already, and that there are clearly some strong trending issues that are positioning ourselves into the market. And you have to learn how to be able to prepare yourself to take advantage of these things, especially when corrections appear.”

Meanwhile, the PSE said it retained the composition of PSEi during its regular review covering trading activity for January to December 2023.

This is the second straight review that the PSE decided to retain the composition of the 30 most liquid and well-capitalized listed firms.

“The review of the composition of the indices was based on the policy on index management,” the PSE said in its circular.

For the PSE MidCap index, it kicked out Filinvest Reit Corp. and replaced it with Petron Corp.

The MidCap Index provides information on companies outside the PSEi that have an established track record of performance and have the potential to grow even further as they expand business and market share in their respective industries.

For the PSE Dividend Yield Index, Aboitiz Equity Ventures Inc. and GMA Network Inc. were both out and were replaced by China Banking Corp. and Synergy Grid and Development Phils. Inc. The said index focuses on companies that consistently give highyielding dividends. The 20 companies in this index are selected based on liquidity and three-year average dividend yield performance.

The changes will take effect on February 5.

Jollibee opens 100th branch in N. America

The Airbnb website on a smartphone arranged in the Brooklyn Borough of New York, United States, on Friday, May 5, 2023. Bloomberg News

be a high-single-digit impact to 2025 Ebitda, Ken Gawrelski, an analyst at Wells Fargo, wrote in a note.

“Sometimes we make changes to give us flexibility to offer and evaluate new products, features and policies, including fees,” Sam Randall, an Airbnb spokesman, said in a separate statement to Bloomberg.

“The update to the service fee is

an example of us enabling the ability to bring our platform in line with industry practices and is not anticipated to affect the majority of our guests as cross-currency transactions make up a smaller percentage of bookings,” he said.

The shares jumped 5.3 percent to $149.62 at the close Friday, the highest value since July 31. Bloomberg News

F

astfood company Jollibee Foods Corp. has opened its 100th store in British Columbia, Canada.

The opening comes as the brand continues its accelerated push in North America, the world’s largest quick-service restaurant market and a key geographic pillar in the company’s strategy to become one of the top five fastfood chain in the world.

“We have come a long way from our first store in North America in Daly City back in 1998,” Ernesto Tanmantiong, president and CEO, of Jollibee group said.

“The launch of our 100th store in North America is a crucial milestone for us, demonstrating the strength of our Jollibee North America team and the continued support of our diverse fanbase. We hope you will continue to cheer us on as we open the next 100 stores in North America.”

Jollibee’s 100th location is situated at 12047 72nd Avenue in the highly popular Strawberry Hill Shopping Center, with the first customer queueing as early as soon as 12:15 p.m. the previous day, a 20-hour wait. VG Cabuag

B2

Companies BusinessMirror

Monday, January 29, 2024

PSE STOCK QUOTATIONS

January 26, 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 PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE FERRONOUX HLDG MEDCO HLDG PHIL STOCK EXCH SUN LIFE VANTAGE

152,720 459,851,145 10,235 280,894,558 3,757,325 667,105 63,320,311.50 972,106 137,520 9,007,680 6,661,453.50 8,057,380 451,580 88,020 4,350 63,586 13,000 4,920

57,520 131,752,789 685 186,803,109 -3,135 557,873 21,537,963.50 -5,280,800 2,162,537.50 -4,655,505 18,900 -

INDUSTRIAL ACEN CORP 4.15 4.18 4.28 4.28 4.09 4.18 8,140,000 34,019,740 0.54 0.55 0.55 0.55 0.55 0.55 102,000 56,100 ALSONS CONS 0.74 0.75 0.77 0.77 0.75 0.75 276,000 209,070 ALTERNERGY HLDG 37.5 37.8 37.5 37.8 37.2 37.8 429,100 16,086,655 ABOITIZ POWER 1.19 1.22 1.19 1.22 1.19 1.22 88,000 104,870 RASLAG BASIC ENERGY 0.187 0.19 0.19 0.19 0.188 0.19 860,000 162,950 FIRST GEN 18.16 18.2 18.32 18.32 18.16 18.2 537,700 9,788,226 FIRST PHIL HLDG 64.6 65 64.65 65 64.6 64.6 51,770 3,347,046 JOLLIVILLE HLDG 5 5.9 5 5.9 5 5.9 200 1,090 376.8 377.4 380 380.4 375.2 377.4 201,960 76,190,872 MERALCO 18.24 18.26 18.4 18.4 18.22 18.24 824,100 15,064,032 MANILA WATER 3.31 3.32 3.3 3.35 3.3 3.32 182,000 602,460 PETRON 4.31 4.69 4.7 4.7 4.59 4.69 22,000 103,280 PETROENERGY 7.32 7.4 7.4 7.45 7.37 7.4 17,100 126,907 REPOWER ENERGY 31.8 31.85 32.1 32.2 31.85 31.85 507,900 16,241,030 SEMIRARA MINING SYNERGY GRID 7.6 7.61 7.6 7.7 7.6 7.61 421,900 3,221,118 SHELL PILIPINAS 10.76 10.78 10.82 10.82 10.76 10.78 44,800 483,004 SPC POWER 7 7.01 7.15 7.15 7 7.01 87,900 616,768 SP NEW ENERGY 1.2 1.23 1.19 1.21 16,473,000 20,043,710 AGRINURTURE 0.68 0.7 0.69 0.72 0.66 0.7 10,404,000 7,164,850 2.11 2.29 2.15 2.29 2.11 2.29 109,000 232,270 AXELUM 32 32.25 33.1 33.1 31.8 32 4,249,600 136,197,900 CENTURY FOOD 6.1 6.18 6.19 6.19 6.1 6.1 25,900 158,082 DEL MONTE 6.61 6.65 6.7 6.7 6.6 6.61 723,500 4,791,301 DNL INDUS 20.65 20.7 20.95 20.95 20.65 20.7 1,102,200 22,821,065 EMPERADOR SMC FOODANDBEV 48.7 48.75 48.7 48.75 48.6 48.75 20,800 1,012,700 FIGARO COFFEE 0.65 0.66 0.67 0.67 0.65 0.65 4,147,000 2,729,360 ALLIANCE SELECT 0.455 0.49 0.455 0.455 0.455 0.455 60,000 27,300 FRUITAS HLDG 0.87 0.88 0.85 0.89 0.85 0.87 2,373,000 2,052,000 GINEBRA 162.1 164 162 165 162 164 7,680 1,245,268 274.4 274.6 270.2 276.4 270.2 274.6 848,440 232,731,712 JOLLIBEE 1.45 1.46 1.44 1.45 1.44 1.45 1,943,000 2,813,210 KEEPERS HLDG 5.7 6.29 5.7 6.27 5.7 6.27 1,300 7,752 MACAY HLDG 3.39 3.47 3.36 3.49 3.36 3.47 95,000 327,830 MAXS GROUP MONDE NISSIN 8.43 8.51 8.63 8.63 8.41 8.43 1,178,100 9,963,787 SHAKEYS PIZZA 10.5 10.68 10.4 10.5 10.4 10.5 40,300 422,000 ROXAS AND CO 0.425 0.435 0.425 0.425 0.42 0.42 450,000 191,050 2.88 2.9 2.9 2.9 2.89 2.9 1,168,000 3,384,250 RFM CORP SWIFT FOODS 0.061 0.064 0.065 0.065 0.061 0.061 60,000 3,700 112.5 113.9 115 115.9 112.5 112.5 1,206,970 136,798,879 UNIV ROBINA 0.5 0.51 0.5 0.51 0.5 0.51 25,000 12,640 VITARICH 2.53 2.8 2.56 2.56 2.51 2.53 32,000 80,930 VICTORIAS 0.91 0.92 0.89 0.92 0.89 0.91 168,000 153,260 CEMEX HLDG 0.67 0.68 0.66 0.69 0.66 0.68 171,000 116,110 EC VULCAN CORP EEI CORP 5.92 5.99 6.08 6.08 5.91 5.99 349,100 2,081,069 3.39 3.4 3.4 3.4 3.39 3.39 145,000 491,940 MEGAWIDE TKC METALS 0.375 0.39 0.39 0.39 0.39 0.39 140,000 54,600 1.55 1.61 1.59 1.61 1.55 1.55 269,000 429,730 CROWN ASIA 0.72 0.8 0.8 0.8 0.8 0.8 1,000 800 EUROMED 2.03 3.1 2.37 2.37 2.3 2.3 30,000 70,250 LMG CORP 5.19 5.3 5.2 5.3 5.2 5.2 247,300 1,286,952 PRYCE CORP 13.38 13.6 14.26 14.26 13.5 13.6 2,700 37,078 CONCEPCION 0.23 0.232 0.231 0.232 0.227 0.232 10,440,000 2,397,120 GREENERGY 2.46 2.47 2.54 2.54 2.4 2.46 803,000 1,977,110 INTEGRATED MICR IONICS 1.15 1.16 1.2 1.2 1.15 1.16 427,000 496,940 5.13 5.53 5.54 5.54 5.52 5.54 2,100 11,608 PANASONIC 2.39 2.44 2.45 2.45 2.4 2.45 366,000 895,850 SFA SEMICON 1.85 1.86 1.9 1.9 1.86 1.86 127,000 237,770 CIRTEK HLDG

489,360 3,000 -4,431,875 57,120 5,670 4,087,040 -2,161,280.50 1,936,798 -1,883,848 -232,120 1,138,595.00 -15,240 -48,604 -89,600 5,114,920 -2,428,460.00 -12,900 -19,936,405 -125,052 -1,443,778 8,118,550 -214,120 607,310 27,300 -5,210 1,077,422 137,880,396 -58,510 -380,002 405,330 -1,697,130 -56,578,420 -900 1,340 34,000 8,320 -13,600 -300 -665,600 -

ABACORE CAPITAL ASIABEST GROUP AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL ANSCOR COSCO CAPITAL DMCI HLDG FILINVEST DEV GT CAPITAL JG SUMMIT KEPPEL HLDG A LODESTAR LT GROUP PRIME MEDIA SOLID GROUP SM INVESTMENTS SAN MIGUEL CORP TOP FRONTIER WELLEX INDUS

16,580,950 -8,397,730 799,060 -10,113,569 -716,880 41,371,755 11,288,170 -5,841,010 204,786,050 -7,848,152 -

HOLDING & FRIMS

33.6 144.5 6.5 112.8 31.3 8.66 57.5 18.78 55.55 23 72.35 43.15 1.13 2.63 0.087 184.2 2,550 0.77

1.07 2.8 675 48.6 11.3 11.94 5 10.48 5.51 655.5 38.05 5 0.38 9.5 2.62 0.94 923.5 111.5 96.1 0.27

34.1 144.8 6.85 113.7 31.4 8.79 57.8 18.88 55.65 23.1 72.4 43.2 1.15 2.64 0.097 185 2,600 0.82

1.08 2.88 677 48.8 11.32 11.98 5.02 10.5 5.56 657.5 38.15 5.5 0.405 9.51 2.68 0.99 925 112 102.9 0.275

34 143.9 6.85 111.3 31.55 8.68 57.65 18.84 55.7 23 72.5 43.15 1.19 2.68 0.087 190.9 2,600 0.82

1.09 2.8 680.5 49 11.5 12 5.05 10.62 5.5 655 38.5 7.49 0.405 9.32 2.63 0.99 904 112.7 100 0.27

34 144.8 6.85 113.7 31.55 8.8 57.8 18.88 55.7 23 72.6 43.35 1.2 2.68 0.087 190.9 2,600 0.82

1.09 2.8 683 49 11.5 12 5.05 10.62 5.59 657.5 38.5 7.49 0.405 9.52 2.68 0.99 925 113 100 0.27

33.6 143.2 6.8 108 31.3 8.66 57 18.84 55.65 21.7 72.05 43.1 1.13 2.66 0.087 185 2,600 0.82

1.05 2.8 672 48.35 11.3 11.8 4.98 10.5 5.5 650 37.65 5.5 0.38 9.29 2.63 0.99 891.5 110.1 96.1 0.27

33.6 144.8 6.85 113.7 31.4 8.8 57.8 18.88 55.65 23 72.35 43.2 1.15 2.66 0.087 185 2,600 0.82

1.08 2.8 675 48.6 11.32 11.94 5 10.5 5.59 655.5 38.05 5.5 0.38 9.5 2.68 0.99 925 111.5 96.1 0.27

4,500 3,189,580 1,500 2,483,880 120,000 76,300 1,101,050 51,500 2,470 391,800 92,170 186,600 392,000 33,000 50,000 340 5 6,000

17,816,000 2,000 270,060 1,073,000 1,704,600 8,600 2,309,200 1,078,300 7,100 103,180 2,686,300 52,300 30,000 4,631,800 101,000 34,000 490,490 195,000 130 260,000

18,987,120 5,600 182,642,380 52,171,595 19,346,184 103,040 11,540,084 11,375,436 39,059 67,611,210 102,194,500 287,849 11,650 43,742,091 265,730 33,660 450,699,600 21,743,589 12,961 70,200

PROPERTY ARTHALAND CORP 0.43 0.445 0.43 0.43 0.425 0.43 230,000 98,850 5.5 6 4.95 5.5 4.95 5.5 2,000 10,450 ANCHOR LAND 34 34.1 34.05 34.1 33.25 34 7,556,500 254,740,215 AYALA LAND 1.72 1.73 1.74 1.76 1.72 1.72 137,000 237,750 AYALA LAND LOG 8.96 9.37 8.96 8.96 8.96 8.96 200 1,792 ALTUS PROP ARANETA PROP 1.16 1.18 1.19 1.19 1.17 1.18 679,000 798,430 31.95 32 31.95 32.4 31.55 32 18,230,400 580,906,775 AREIT RT A BROWN 0.65 0.66 0.66 0.66 0.66 0.66 125,000 82,500 CITYLAND DEVT 0.69 0.7 0.7 0.71 0.7 0.7 2,590,000 1,813,010 0.065 0.069 0.065 0.069 0.065 0.069 100,000 6,580 CROWN EQUITIES 2.62 2.64 2.63 2.63 2.61 2.62 73,000 190,730 CEB LANDMASTERS 0.27 0.275 0.275 0.275 0.265 0.275 570,000 152,600 CENTURY PROP 2.66 2.68 2.66 2.68 2.65 2.68 3,500,000 9,324,650 CITICORE RT 7.86 7.92 7.95 7.95 7.86 7.9 12,900 101,977 DOUBLEDRAGON 1.22 1.23 1.24 1.25 1.22 1.22 900,000 1,104,050 DDMP RT DM WENCESLAO 5.9 6.04 6 6.05 6 6.05 300 1,810 0.123 0.124 0.123 0.124 0.123 0.124 450,000 55,450 EMPIRE EAST 0.275 0.285 0.28 0.285 0.27 0.285 170,000 47,750 EVER GOTESCO FILINVEST RT 3.11 3.14 3.15 3.16 3.1 3.11 1,211,000 3,788,250 FILINVEST LAND 0.67 0.68 0.68 0.68 0.67 0.68 2,445,000 1,653,140 0.83 0.84 0.83 0.83 0.83 0.83 1,000 830 GLOBAL ESTATE 8.43 8.9 8.46 8.95 8.46 8.95 600 5,125 8990 HLDG 0.5 0.51 0.54 0.54 0.49 0.51 659,000 328,940 PHIL INFRADEV 0.76 0.77 0.78 0.78 0.77 0.77 722,000 562,550 CITY AND LAND 1.97 1.98 1.98 2 1.96 1.98 10,660,000 21,094,250 MEGAWORLD MRC ALLIED 1.4 1.44 1.4 1.5 1.4 1.4 970,000 1,398,880 MREIT RT 13.94 13.98 14.14 14.16 13.7 13.94 991,900 13,856,680 PREMIERE RT 1.54 1.55 1.55 1.55 1.54 1.55 180,000 278,700 2.31 2.32 2.32 2.32 2.32 2.32 10,000 23,200 PRIMEX CORP 5.42 5.47 5.5 5.5 5.37 5.47 5,305,100 28,821,974 RL COMM RT 16.16 16.2 16.58 16.58 16.2 16.2 1,218,700 19,841,598 ROBINSONS LAND 1.39 1.43 1.39 1.39 1.39 1.39 1,000 1,390 ROCKWELL 3.85 3.91 3.9 3.91 3.88 3.91 144,000 562,400 SHANG PROP 3.1 3.33 3.32 3.33 3.32 3.33 41,000 136,500 STA LUCIA LAND SM PRIME HLDG 33.7 33.75 33.5 33.8 33.25 33.7 7,420,400 249,813,535 SUNTRUST RESORT 0.78 0.82 0.76 0.82 0.76 0.82 54,000 43,420 1.75 1.76 1.75 1.75 1.75 1.75 134,000 234,500 VISTA LAND 1.72 1.73 1.75 1.75 1.72 1.73 1,137,000 1,967,060 VISTAREIT RT

SERVICES ABS CBN 4.57 4.6 4.7 4.7 4.56 4.6 687,000 3,169,500 8.89 8.9 8.89 8.9 8.86 8.89 144,200 1,281,796 GMA NETWORK 1,720 1,737 1,760 1,760 1,720 1,720 160,135 276,767,850 GLOBE TELECOM 1,287 1,294 1,289 1,297 1,285 1,294 47,740 61,620,780 PLDT 0.013 0.014 0.013 0.014 0.013 0.013 8,300,000 108,500 APOLLO GLOBAL CONVERGE 9.24 9.25 9.11 9.37 9.05 9.25 11,193,300 103,377,272 DITO CME HLDG 2.45 2.46 2.45 2.46 2.43 2.46 1,196,000 2,925,140 NOW CORP 1.15 1.16 1.16 1.18 1.15 1.16 347,000 404,010 0.13 0.131 0.127 0.131 0.127 0.131 60,000 7,820 TRANSPACIFIC BR 16.08 16.9 16.02 16.98 16.02 16.94 21,300 341,756 ASIAN TERMINALS 1.49 1.52 1.48 1.52 1.48 1.52 86,000 129,180 CHELSEA 32.55 32.6 33 33 32.6 32.6 366,400 11,958,605 CEBU AIR 236 237.2 240 240.8 235 236 1,605,050 380,632,198 INTL CONTAINER 15.66 17.66 17.6 17.6 17.6 17.6 3,000 52,800 LBC EXPRESS 0.55 0.64 0.55 0.55 0.55 0.55 6,000 3,300 LORENZO SHIPPNG MACROASIA 4 4.02 4.13 4.13 4 4 295,000 1,183,570 METROALLIANCE A 0.43 0.44 0.43 0.44 0.43 0.44 130,000 56,500 5.25 5.3 5.44 5.44 5.3 5.3 21,200 112,388 PAL HLDG 0.82 0.85 0.83 0.85 0.82 0.85 31,000 25,650 HARBOR STAR 1.81 1.89 1.81 1.81 1.81 1.81 13,000 23,530 ACESITE HOTEL 0.061 0.064 0.061 0.064 0.061 0.064 3,220,000 202,240 BOULEVARD HLDG 1.16 1.34 1.15 1.34 1.15 1.34 9,000 10,540 DISCOVERY WORLD 0.4 0.41 0.4 0.4 0.4 0.4 110,000 44,000 WATERFRONT 8.5 8.72 8.74 8.74 8.74 8.74 1,400 12,236 CENTRO ESCOLAR 579.5 580 584 584 579.5 579.5 80 46,450 FAR EASTERN U IPEOPLE 6.51 7.25 7.25 7.25 7.25 7.25 1,400 10,150 0.54 0.55 0.57 0.58 0.52 0.55 3,081,000 1,666,400 STI HLDG BELLE CORP 1.16 1.17 1.18 1.18 1.15 1.17 824,000 954,690 BLOOMBERRY 10.96 10.98 11.28 11.28 10.9 10.98 5,900,300 64,929,660 PACIFIC ONLINE 4.44 4.49 4.33 4.5 4.3 4.49 777,000 3,440,270 0.83 0.84 0.83 0.84 0.83 0.83 223,000 185,390 PH RESORTS GRP 0.68 0.69 0.66 0.7 0.66 0.69 22,391,000 15,480,080 PREMIUM LEISURE 7.98 7.99 7.93 7.99 7.85 7.99 1,969,300 15,638,948 DIGIPLUS 1.82 1.85 1.91 1.91 1.85 1.85 101,000 186,910 PHILWEB ALLDAY 0.157 0.159 0.158 0.16 0.157 0.157 3,400,000 536,000 ALLHOME 1.13 1.14 1.13 1.15 1.12 1.13 1,035,000 1,172,510 METRO RETAIL 1.29 1.3 1.3 1.3 1.29 1.29 231,000 298,040 PUREGOLD 28.5 28.55 28.5 28.8 28 28.55 927,100 26,357,860 ROBINSONS RTL 36.35 36.55 37 37 36.15 36.35 259,800 9,480,055 78 79 79 79 79 79 10 790 PHIL SEVEN CORP 2.67 2.71 2.7 2.71 2.64 2.67 1,660,000 4,407,330 SSI GROUP 1.38 1.45 1.5 1.5 1.35 1.38 21,000 30,060 UPSON INTL CORP 21.8 21.9 22.1 22.1 21.65 21.9 676,500 14,841,915 WILCON DEPOT 0.22 0.223 0.222 0.234 0.22 0.22 1,010,000 229,480 APC GROUP EASYCALL 2.2 2.55 2.99 2.99 2.99 2.99 1,000 2,990 0.32 0.325 0.32 0.325 0.315 0.32 110,000 35,350 MEDILINES 1.21 1.29 1.21 1.21 1.21 1.21 23,000 27,830 PAXYS 0.163 0.168 0.172 0.172 0.164 0.164 1,120,000 187,830 PRMIERE HORIZON 4.35 4.64 4.52 4.52 4.52 4.52 3,000 13,560 SBS PHIL CORP

MINING & OIL ATOK 4.71 4.98 5 5 5 5 1,000 5,000 2.8 2.81 2.83 2.87 2.78 2.8 3,774,000 10,635,930 APEX MINING 3.39 3.5 3.45 3.5 3.45 3.5 91,000 317,900 ATLAS MINING 4.57 4.6 4.65 4.69 4.55 4.6 315,000 1,452,090 BENGUET A BENGUET B 4.6 4.64 4.61 4.61 4.61 4.61 8,000 36,880 0.136 0.15 0.152 0.152 0.136 0.136 20,000 2,880 COAL ASIA HLDG 3.06 3.2 3.21 3.21 3.21 3.21 9,000 28,890 CENTURY PEAK 2.01 2.05 2.05 2.05 2.01 2.05 338,000 681,920 FERRONICKEL LEPANTO A 0.073 0.077 0.076 0.077 0.076 0.077 610,000 46,440 0.0044 0.0047 0.0047 0.0047 0.0047 0.0047 1,000,000 4,700 MANILA MINING A 0.0044 0.0046 0.0045 0.0045 0.0045 0.0045 4,000,000 18,000 MANILA MINING B 0.83 0.84 0.82 0.83 0.81 0.83 493,000 405,560 MARCVENTURES 0.4 0.6 0.345 0.345 0.345 0.345 60,000 20,700 NIHAO 4.83 4.88 4.79 4.87 4.79 4.83 528,000 2,553,790 NICKEL ASIA ORNTL PENINSULA 0.64 0.65 0.64 0.67 0.64 0.65 420,000 270,040 PX MINING 3.11 3.13 3.14 3.14 3.1 3.11 851,000 2,645,400 0.0041 0.0043 0.0041 0.0041 0.0041 0.0041 7,000,000 28,700 UNITED PARAGON 4.69 4.89 4.68 4.89 4.68 4.7 26,000 122,510 ENEX ENERGY 0.008 0.0081 0.0081 0.0081 0.008 0.008 10,000,000 80,500 ORNTL PETROL A 0.0079 0.0082 0.008 0.008 0.008 0.008 6,000,000 48,000 ORNTL PETROL B 0.0078 0.008 0.0078 0.0078 0.0078 0.0078 10,000,000 78,000 PHILODRILL 3.89 3.91 3.9 3.9 3.7 3.9 169,000 653,430 PXP ENERGY

PREFFERED AC PREF AR 2,492 2,506 2,492 2,492 2,492 2,492 20 49,840 97 98 98 98 98 98 10 980 BRN PREF A 33.95 35 33.95 33.95 33.95 33.95 300 10,185 CEB PREF 93.8 94.95 94 95 94 94.95 21,660 2,050,483 DD PREF 96 97.8 97 98 97 98 6,260 607,230 EEI PREF B MWIDE PREF 2B 94.5 98 98 98 98 98 3,000 294,000 93.4 93.5 94 94 94 94 2,050 192,700 MWIDE PREF 4 100.5 101 101 101 101 101 40 4,040 MWIDE PREF 5 25.35 34.85 34.95 34.95 34.95 34.95 100 3,495 PNX PREF 3B 985 990 990 990 990 990 10 9,900 PCOR PREF 3A 985 1,010 985 985 985 985 100 98,500 PCOR PREF 4B 72.4 72.8 72.8 72.8 72.4 72.4 2,250 163,024 SMC PREF 2F 71.1 72.7 72 72 71.1 71.1 6,000 427,500 SMC PREF 2I 70.5 71 70 71 70 71 3,990 280,960 SMC PREF 2J 70 70.65 70 70 70 70 1,400 98,000 SMC PREF 2K SMC PREF 2L 77.95 78.5 78.5 78.5 77.9 77.9 5,040 395,616 78.85 79.25 78.85 79.25 78.85 79.25 13,010 1,025,842.50 SMC PREF 2O TECH PREF B2D 48.5 48.8 48.5 48.55 48.5 48.55 5,700 276,550

PHIL. DEPOSITARY RECEIPTS

ABS HLDG PDR 4.5 4.7 8.31 8.94 8.95 8.95 8.95 8.95 1,000 8,950 GMA HLDG PDR

WARRANTS

TECH WARRANT

0.275

0.295

SMALL, MEDIUM & EMERGING

BALAI FRUITAS CTS GLOBAL HAUS TALK ITALPINAS KEPWEALTH MERRYMART XURPAS

0.41 0.73 0.97 0.62 1.52 1.02 0.26

0.425 0.75 0.99 0.66 1.58 1.04 0.265

EXHANGE TRADE FUNDS FIRST METRO ETF

105.3

105.5

0.295

0.295

0.295

0.295

20,000

5,900

-26,027,115 -349,586,740 9,900 5,260 -3,500,440 6,298 -2,850.00 -69,180 -303,980 4,060 2,452,620 28,200 -940,404 -4,538,894 -8,881,258.00 -3,900 82,279,635 1,730 -40,098,765 3,704,635 -47,265,867 547,770 -8,040.00 -5,329,930 -86,344,956 3,980.00 1,340 -12,236 57,520 78,930.00 -6,308,740 256,780.00 -1,446,257 55,500 -89,290 -64,090 6,500 -2,298,510 -7,018,110 -2,765,240 -5,610 -5,425,020 441,730 -10,350 -641,400 4,100 5,340 19,500 -792.5 8,950.00 -

0.415 0.43 0.41 0.41 360,000 150,650 4,100 0.73 0.73 0.73 0.73 297,000 216,810 0.97 0.99 0.97 0.99 415,000 406,050 0.63 0.66 0.62 0.62 64,000 40,910 1.53 1.53 1.52 1.52 2,000 3,050 1.03 1.05 1.02 1.04 1,461,000 1,508,600 315,990 0.27 0.27 0.26 0.265 520,000 138,650 -40,500

105.5 105.5 105.1 105.5 5,340 562,418 -187,407

www.businessmirror.com.ph

Exec: EEI ready to support infra push of Saudi Arabia

C

By VG Cabuag

@villygc

onstruction firm EEI Corp. has expressed support for Saudi Arabia’s Vision 2030 initiatives, which are expected to create job opportunities for Filipinos.

“Saudi Arabia is projected to make heavy investments towards construction projects like water systems, treatment facilities, roads, bridges and livable spaces to accommodate the growing needs of its population and the demands of its vibrant economy,” EEI President and CEO Henry D. Antonio said.

“Saudi is also beefing up its transportation sector and we are optimistic that EEI will be able to contribute to the infrastructure development of the Kingdom. EEI’s vast experience and reliability in projects with our international partners is further evidence of our excellence and readiness to undertake massive projects here and abroad.”

Vision 2030 is Saudi Arabia’s mas-

ter plan to transform and diversify its economy by shifting away from its reliance on oil and focusing on other future growth industries.

By 2030, Saudi aims to achieve three main goals—move away from economic reliance on oil, uplift the lives of its people and sustain its place on the global stage.

EEI said it is keen to participate on the rise of potential civil, infrastructure, oil and gas business as well as employment opportunities for Filipinos.

“While it is exciting for EEI to seek and work on prospects for various projects under Saudi’s Vision 2030 plans, one of the most fulfilling tasks we have at the company is in providing overseas work opportunities for

Filipinos. The multiplier effect of Saudi’s grand plan can also mean a great demand for Filipino workforce that would ultimately benefit their families and loved ones,” Antonio said.

Late last year, EEI signed a memorandum of understanding with Samsung Engineering NEC Co. Ltd. (SENEC) in Saudi Arabia to collaborate and work on projects in the country and to further expand overseas work opportunities for Filipinos.

Under the agreement, EEI and SENEC are committed to work together and mutually explore opportunities to fulfill the development objectives of Saudi Arabia including providing support through Filipino manpower mobilization to the country.

Both companies recognize the skills, adaptability and resilience of Filipino overseas workers. Labor skills in the fields of masonry, carpentry, electrical, welding, equip-

ment management, warehousing, steel fabrication and other construction-related crafts are seen to fulfill manpower requirements for EEI’s various projects not only in the Philippines but also overseas.

EEI has been present in Saudi Arabia since 1993 through Al Rushaid Construction Co. Ltd. (ARCC), the joint venture company of Al Rushaid Petroleum Investment Corp. and EEI Ltd., a wholly-owned subsidiary of EEI. ARCC engages in general construction and has participated in various major developments in the Kingdom, particularly in the construction of refineries and petrochemical plants, power and desalination plants, mining and industrial facilities.

As of end-2023, ARCC employs 4,592 Filipinos among its 7,224 workforce and is set to add more with the new and potential prospects seen in Saudi Arabia’s Vision 2030 grand plan, the company said.

MUTUAL FUNDS

January 26, 2024

NAV

One Year Three Year

per share

Five Year

Y-T-D

Return*

Return

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

STOCK-MARKET OUTLOOK

217.16

-2.09%

-1.16%

-4.18%

-0.34%

3.04%

1.4978

3.34%

4.95%

0.2%

1.88%

1.7%

ATRAM Philippine Equity Opportunity Fund, Inc. -a 3.0199

-3.48%

-0.91%

-6.22%

-2.2%

Climbs Share Capital Equity Investment Fund Corp. -a 0.709

-0.48%

-3.41%

-5.84% n.a

First Metro Consumer Fund, Inc. -a

-4.01%

-6.12% n.a

2.72%

-3.19%

2.61%

ATRAM Alpha Opportunity Fund, Inc. -a

0.6426

-9.08%

First Metro Save and Learn Equity Fund, Inc. -a 4.7509-4.71% -1.01%

Last week

Share prices resumed its upward trend last week as the main index almost touched the 6,700-point mark on China’s stimulus measures and higher-than-expected US economic growth in the fourth quarter last year.

The benchmark Philippine Stock Exchange index gained 182.55 points to close at 6,686.09 points.

The main index was down just once during the week as many investors were hedging for the volatile trading ahead of the US Federal Reserve meeting this week.

Trading activity, however, was still anemic, as it reached an average of only P4.14 billion.

Foreign investors, who cornered just 38 percent of the trades, were net buyers at P793.2 million.

All other sub-indices ended in the green, led by the broader All Shares index that gained 56.83 points to close at 3,508.61 points, the Financials index rose 94.27 to 1,906.95, the Industrial index added 15.74 to 9,093.68, the Holding Firms index climbed 172.56 to 6,395.01, the Property index surged 81.50 to 2,898.18, the Services index was up 7.52 to 1,602.61 and the Mining and Oil index increased 35.03 to 9,245.23.

For the week, losers were still ahead of gainers, 121 to 99 and 31 shares were unchanged.

Top gainers were National Reinsurance Corp. of the Philippines, Discovery World Corp., Roxas Holdings Inc., Philippine Realty and Holdings Corp., Keppel Philippines Holdings Inc. A, Pacifica Holdings Inc. and Bloomberry Resorts Corp.

Top losers, meanwhile, were NiHAO Mineral Resources International Inc., Jackstones Inc., Victorias Milling Co. Inc., Dizon Copper-Silver Mines Inc., Anchor Land Holdings Inc., Coal Asia Holdings Inc. and Grand Plaza Hotel Corp.

This week

Trading is expected to be volatile due to the busy trading week, with the Fed meeting by the end of the month and the announcement of Philippine GDP for 2023.

“The strong US GDP figures (last) week slowed bulls advocating for an early rate cutfutures are now implying a 41 percent probability for at least one rate cut in the March Fed meeting from 88 percent probability last month,” broker 2TradeAsia said.

“Managing expectations versus reality will be key in the first half of the year, as we have repeatedly mentioned in our past notes, and tempering uber-positive outlook is likely going to pay more dividends in the long run versus assuming a complete return to pre-2020 low interest rate era.”

According to Juan Paolo Colet, managing director at China Bank Capital Corp., there will be a slew of economic data and month-end trading.

“The market is likely to react mainly to the Philippines’s fourth quarter GDP growth print.”

Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., said with last week’s close, the local market stands at a price-to-earnings ratio of 13.72 times, still below its 2019 to 2023 price to earnings ratio average of 18.15 times.

“This shows that there is still room for bargain hunting within the market. However, investors are expected to maintain a cautious stance. The record high performances in Wall Street, if it continues, is expected to give the market a boost. However, the current weakness seen in the local currency, if sustained, may weigh on the local bourse.”

Immediate support for the main index is its 10-day exponential moving average at 6,400 points and resistance is at 6,700 points.

Stock picks

Maybank Securities gave a buy rating on JG Summit Holdings Inc. (JGS) Following approvals by the Bangko Sentral ng Pilipinas and Securities and Exchange Commission of the Bank of the Philippine Islands and Robinsons Bank merger, the company now owns .3.6 percent of BPI’s outstanding shares.

“We think this asset swap should be NAV [net asset value]-positive over the longer term for JGS given positive prospects for BPI which we expect to translate to better stock price performance,” the broker said.

It’s forecast for a target price of P58 apiece remain unchanged.

JG Summit shares closed last week at P38.05 apiece.

Meanwhile broker Regina Capital Development Corp. also gave a buy on pullbacks recommendation on the stock of BDO Unibank Inc. as its technical indicators are still signaling buy unanimously, despite snapping its four-day winning streak last week.

“This implies that the current market on BDO is just a result of some traders top slicing.

Investors may want to get into position near BDO’s support which is at P140.00,” it said.

BDO’s shares closed Friday at P144.80 apiece. VG Cabuag

-0.25%

First Metro Save and Learn Philippine Index Fund, Inc. -a 0.7138-5.24% -1.44% n.a n.a MBG Equity Investment Fund, Inc. -a

84.34

5.68%

-6.09%

PAMI Equity Index Fund, Inc. -a 44.3646 Philam Strategic Growth Fund, Inc. -a

-4.72%

-1.45%

-3.51% n.a

3.38%

461.12

-2.25%

-1.6%

-3.46%

-0.4%

3.08%

Philequity Dividend Yield Fund, Inc. -a

1.2238

-1.77%

1.76%

-1.67% n.a

1.53%

Philequity Fund, Inc. -a

-2.68%

34.6381

-7.22% n.a

0.18%

-2.42%

1.42%

-0.49%

-3.3% n.a

2.88%

Philequity PSE Index Fund, Inc. -a

4.6594

-3.76%

-0.58%

-2.74%

1.27%

3.3%

Philippine Stock Index Fund Corp. -a

775.44

-3.91%

-0.77%

-2.81%

1.25%

3.32%

Soldivo Strategic Growth Fund, Inc. -a 0.7013

-3.42%

-0.53%

-5.15% n.a

2.28%

Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.4791

-0.25%

-3.73%

-1.09%

-4.3%

-1.07%

-3.1% n.a

United Fund, Inc. -a

0.61%

3.27%

-0.98%

-2.98%

3.08%

2.98%

Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8795-4.15% -3.51%

1.47%

-0.76%

Philequity MSCI Philippine Index Fund, Inc. -a 0.8919-2.59%

3.1925

2.53%

3.41% 3.35%

Primarily invested in Peso securities (units) COL Equity Index Unitized Mutual Fund, Inc. -a 1.0898-4.09% n.a n.a n.a

3.24%

COL Strategic Growth Equity Unitized Mutual Fund, Inc. -a,2 1.0169 n.a n.a n.a n.a 1.21% Philequity Alpha One Fund, Inc. -a

1.0278

-9.46%

-1.67% n.a n.a

0.86%

Philippine Stock Index Fund Corp. -a

941.48

-3.88% n.a n.a n.a

3.33%

Exchange Traded Fund (shares) First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 105.3745-3.33%-0.35%

-2.5%

1.93%

3.37%

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

-16.59%

-16.07%

-3.92%

Sun Life Prosperity World Voyager Fund, Inc. -a $1.6857

$0.7856

12.52%

-0.91%

-1.91%

-4.43%

7.4% n.a

1.44%

Balanced Funds Primarily invested in Peso securities (shares) ATRAM Philippine Balanced Fund, Inc. -a 2.2393

-0.58%

-0.6%

0.52%

1.16%

ATRAM Unicapital Diversified Growth Fund, Inc. -a,41.5436

3.8%

2.73%

-2.6%

-2.32%

-1.29%

2.18%

First Metro Save and Learn Balanced Fund, Inc. -a 2.5342

-3.74%

-1.02%

-0.93%

-0.7%

1.5%

0.194

-5.46%

-0.58% n.a n.a

First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 1.89% NCM Mutual Fund of the Phils., Inc. -a

1.9668

-3.1%

0.06%

0.52%

1.45%

PAMI Horizon Fund, Inc. -a

3.6096

0.01%

-1.47%

-0.15%

0.59%

1.52%

Philam Fund, Inc. -a

15.808

-0.17%

-2.16%

-0.83%

Solidaritas Fund, Inc. -a

2.0615

-0.42%

-0.39%

1.75%

0.29%

1.57%

-0.95%

1.24%

1.65%

Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.4623

-0.92%

-0.92%

-2%

0.19%

Sun Life Prosperity Dynamic Fund, Inc. -a 0.917

1.11%

-1.11% n.a

1.4%

-1.65%

1.6%

Primarily invested in Peso securities (units) Sun Life Prosperity Achiever Fund 2028, Inc. -a 0.9473-0.27%

-2.5% n.a n.a

Sun Life Prosperity Achiever Fund 2038, Inc. -a 0.8658-3.38%

-2.75% n.a n.a

0.74% 2.21%

Sun Life Prosperity Achiever Fund 2048, Inc. -a 0.8473-4.01%

-2.86% n.a n.a

2.63%

Primarily invested in foreign currency securities (shares) Cocolife Dollar Fund Builder, Inc. -a $0.03256

-1.42%

-5.81%

-1.7%

0.01%

PAMI Asia Balanced Fund, Inc. -b $0.8744 -10.11%

-10.56%

-1.65%

-1.26%

-4.45%

-1.96%

Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.3095

7.39%

-2.42%

4.42%

Sun Life Prosperity Dollar Wellspring Fund, Inc. -a $1.0336

2.51%

-4.29%

0.92% n.a

2.92%

0.41% -0.71%

Bond Funds Primarily invested in Peso securities (shares) ALFM Peso Bond Fund, Inc. -a 391.2

3.1%

1.72%

2.57%

2.32%

ATRAM Corporate Bond Fund, Inc. -a

1.9143

1.39%

0.19%

0.48%

0.11%

0.28%

Cocolife Fixed Income Fund, Inc. -a

3.3338

2.31%

1.19%

2.26%

3.76%

0.26%

Ekklesia Mutual Fund, Inc. -a 2.2785

2.71%

-0.34%

1.25%

1.52%

-0.33%

First Metro Save and Learn Fixed Income Fund, Inc. -a 2.4509

1.27%

-0.04%

1.97%

Philam Bond Fund, Inc. -a

2.08%

1.1%

0.06%

4.3006

0.18%

1.25%

1.88%

-2.58%

Philam Managed Income Fund, Inc. -a

1.3817

3.83%

1.46%

3.16%

1.84%

0.62%

Philequity Peso Bond Fund, Inc. -a

4.0329

2.51%

0.37%

2.51%

1.76%

-0.04%

Soldivo Bond Fund, Inc. -a

2.46%

2.95% n.a

0.13%

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

1.0511

3.3025

3.06%

0.94%

3.26%

2.33%

Sun Life Prosperity GS Fund, Inc. -a

2.27%

0.18%

2.43%

1.7%

-0.33%

1.7636

0.3%

-0.26%

-0.31%

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

1.0128 n.a n.a n.a n.a

0.52%

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

2.73%

0.76%

1.97%

ALFM Euro Bond Fund, Inc. -a Є214.11

1.55%

-0.8%

2.52%

0.1% 0.06%

0.07%

0.82%

ATRAM Total Return Dollar Bond Fund, Inc. -b $1.0311-1.05% -6.94%

-1.92%

0.05%

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

2.9%

-2.06%

-0.08% n.a

-3.89%

-3.08%

-0.58%

-1.12%

PAMI Global Bond Fund, Inc. -b $0.8524

-2.59%

-7.88%

Philam Dollar Bond Fund, Inc. -a

$2.2772

2.08%

-3.46%

0.73%

1.77%

-1.84%

1.45%

-0.73%

1.33%

1.58%

0.21%

-2.42%

-5.23%

-1.12%

0.33%

Philequity Dollar Income Fund, Inc. -a $0.0610417

Sun Life Prosperity Dollar Abundance Fund, Inc. -a $2.7376

-0.4%

-3.39%

Money Market Funds Primarily invested in Peso securities (shares) ALFM Money Market Fund, Inc. -a 137.14

2.47%

2.06%

First Metro Save and Learn Money Market Fund, Inc. -a 1.1111

2.81%

1.81%

3.3%

1.94% n.a n.a

0.2%

Sun Life Prosperity Peso Starter Fund, Inc. -a 1.37882.86%

2.04%

2.44%

2.05%

0.24%

0.23%

Primarily invested in Peso securities (units) ALFM Money Market Fund, Inc. -a 104.93

4.21% n.a n.a n.a

0.33%

Primarily invested in foreign currency securities (shares) Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.1007

2.71%

1.48%

1.58% n.a

0.29%

Feeder Funds Primarily invested in Peso securities (units) ALFM Global Multi-Asset Income Fund, Inc. -a 43.82430.79% n.a n.a n.a Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a

1.5112

17.69%

1.65%

9.02% n.a n.a

2.86% Sun Life Prosperity World Income Fund, Inc. -a,1

1.016 n.a n.a n.a n.a

1.63%

Primarily invested in foreign currency securities (Units) ALFM Global Multi-Asset Income Fund, Inc. -a $0.7994-2.51%

-6.88% n.a n.a

a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago.

1 - Launch date is August 22, 2023.

2 - Launch date is October 6, 2023.

-0.41%

c - Listed in the PSE.

3 - Launch date is May 25, 2023.

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

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

www.news.businessmirror@gmail.com

Banking&Finance

Tourist visa extensions hoist BI revenues in ’23

By Joel R. San Juan @jrsanjuan1573

T

HE Bureau of Immigration has earned P1.43 billion in revenues from tourist visa extensions for 2023.

BI Tourist Visa Section Chief Raymond D. Remigio, in a statement, said the amount is 23.6-percent higher compared to P1.15 billion that the agency earned from tourist visa extensions in 2022. Remigio attributed the major increase to the renewed interest in international travel following the Covid-19 pandemic.

Immigration Commissioner Norman G. Tansingco said that the data reflects the BI’s efforts to make compliance with immigration regulations easier by opening new offices and setting up their online services for the convenience of the transacting public.

“We are one with the Department of Tourism in their campaign to reinvigorate international travel and tourism in the country,” Tansingco said. “Faster and easier immigration service is our contribution to the national government’s efforts.”

Visa-free nationals are given an initial stay of 30 days, which they could extend in any of the BI’s offices nationwide or via the

BI’s online platform.

Meanwhile, the BI’s records showed that the People’s Republic of China topped the number of unwanted aliens barred from entering the country in 2023.

Data showed that a total of 645 Chinese nationals were turned away by Philippine immigration officers for being considered undesirable or not properly documented. Other excluded aliens were refused admission after they were deemed as likely to become public charges if they are allowed to stay here.

A public charge pertains to an alien whose presence here poses a menace to society or a burden to the government from whom he could depend for subsistence or support while sojourning in the country.

Also turned away by immigration officers were those included in the immigration’s blacklist due to various offenses. Next to China was Vietnam with 490 nationals barred from entering the country.

The BI earlier said it had blocked the entry of a total of 3,300 unwanted aliens last year.

The list of excluded passengers also included aliens, registered sex offenders (RSOs), wanted fugitives, and those who were rude and disrespectful towards BI officers.

BusinessMirror

Editor: Dennis D. Estopace • Monday, January 29, 2024

B3

Treasury flits ₧75B as initial capital of MIF corporation

T

By Reine Juvierre Alberto

HE Bureau of the Treasury (BTr) is set to transfer P75 billion in initial capital to the Maharlika Investment Corp. (MIC) as part of the operationalization move.

During its meeting last Friday, the MIC Board approved the remittance of contributions from the account of the Treasury to the MIC, according to a statement by the Department of Finance (DOF).

The remittance came nearly five months after the Land Bank of the Philippines (LBP) and the Development Bank of the Philippines (DBP) remitted P50 billion and P25 billion, respectively, to the Maharlika Investment Fund (MIF) last September.

The Treasury “shall transfer the contributions to the account of MIC within five business days from receipt of the relevant Board Resolution,” the DOF said.

The MIC was created through Republic Act (RA) 11954 (An Act

Establishing the Maharlika Investment Fund) as the sole vehicle for mobilizing and utilizing the MIF for investments in transactions aimed at generating optimal returns on investments. The act further stated that the MIC shall have an authorized capital stock of P500 billion, of which the P125 billion seed capital will come from the LBP and DBP. The P75 billion collectively remitted by the two state-run lender is still P50 billion short as required by the law.

An additional P50 billion will come from the Bangko ng Sentral and Pilipinas and the national government’s share in the Philippine Amusement and Gaming Corp. and government financial institutions.

“The MIC’s role is to establish a diversified portfolio of investments in the local and global financial markets and in other assets that promote the commercial as well as developmental and strategic objectives of the Fund,” the DOF said.

The DOF added that the MIC Board has also approved the motion to appoint the LBP and DBP as depository banks of the MIC, which it said is consistent with the DOF’s Department Circular 002-2022. Under this circular, government-owned and controlled corporations such as the MIC “may deposit and maintain government funds with the LBP and DBP without the need for prior approval from the Secretary of Finance.”

Potential investors

NEWLY-appointed Finance Secretary Ralph G. Recto, and now chairman of the MIC, presided over the second board meeting of MIC on January 26 to discuss its strategic direction. The DOF said that during the meeting, the Board also approved a resolution mandating MIC President and CEO Rafael Jose D. Consing Jr. to continue discussions with stakeholders to gain potential investments.

Consing, meanwhile, said the MIF will tap the following sectors such as infrastructure; oil, gas, and power; agroforestry industrial urbanization; mineral processing; tourism; transportation; and, aerospace and aviation to attain “multigenerational commercial, economic, and social development value creation.”

The MIC’s commercial objective is geared towards generating “optimal absolute return and maximizing financial gains on its investments in the short- to medium-term.” Its long-term objective is to “promote economic development by making strategic and profitable investments in key sectors.”

On the sidelines of the 2024 Annual Reception for the Banking Community last Friday, Recto told reporters there are potential investors in the MIF. The Finance Secretary added the DOF’s role in the MIC Board is to ensure that the MIF is utilized properly, although they are “not even there yet” as they are currently organizing the Fund.

“I think it will take time to organize all of that but there seems to be interest in investing in Maharlika from what I’ve heard. There are potential investors,” Recto said.

Perspectives

BIR to focus on Taxpayer Service, says Generative AI: value, risk and regulation Lumagui after receiving PCCI’s award

I

N the last few months, generative Artificial Intelligence (AI) has become a global sensation.

Predictions of its potential impact on society, employment, politics, culture and business fill the media and the internet. Business leaders are intrigued by the possibilities and are convinced that generative AI is truly a game-changer.

Across industries and functions, generative AI is ranked as top emerging technology. Marketing & sales, Finance & Accounting, Corporate Governance and M&A strategy are priority functions where organizations are envisaged to invest the most on generative AI. Also, increasing prioritization of Risk Management is seen as a critical aspect for AI adoption. Cyber Security and Data Privacy are the top risks that business leaders are concerned with. But, as with many emerging technologies, the path from buzz to business value while managing risk is not simple or straightforward.

To steer industries toward responsible action around AI broadly, governments around the world have proposed regulations such as EU AI Act and the US AI Bill of Rights that require businesses to consider consequences of adopting AI technology alongside opportunities. In the Philippines, there is a lack of laws that centralize AI guidelines, but an Artificial Intelligence Development Authority (AIDA) Bill is in the works.

How Generative AI is capable of creating value

BUSINESS leaders are highly interested in the capabilities and opportunities generative AI can unleash and believe it has the potential to reshape how they interact with customers, run their workplaces and grow their revenue.

In the 2023 KPMG Generative AI Survey, it was found that regardless of sector or function, 74 percent rank generative AI as the emerging technology that will have the biggest impact on the business over the next three to five years, ahead of other trend-

ing technological capabilities such as advanced robotics, quantum computing, augmented reality/ virtual reality (AR/VR), 5G and blockchain.

Transforming business processes using generative AI precursors like machine learning and automation requires breaking them down into their individual component parts and applying strategic thinking around what components to accelerate or optimize. As such, they mostly impact business processes with point solution approaches designed to solve a single problem.

Generative AI changes the game. Processes do not need to be broken down because generative AI tools can apply the large variety of human knowledge, experiences and common sense embedded into their models to fill the gaps. This creates immense opportunity to apply and scale the technology across real-world enterprise-wide business processes. Businesses recognize generative AI’s potential. Generative AI technology is in the midst of a meteoric rise and is now reaching an inflection point. The market has evolved to the point that large companies in basically every industry can no longer ignore it and are now springing into action.

Top risks with adoption of Generative AI

THE risks posed by generative AI models are broad and complex, spanning multiple areas of the business, from privacy and security to compliance and ethics. Billions of dollars could be wasted if enterprises place bets on wrong tools, applications, or use cases, or fail to weave initial pilot projects into their ways of operating.

Customers could be alienated and brands could be ruined, by an unsupervised generative AI algorithm spewing out immoral or erroneous advice. Anxiety could rise among employees who feel threatened by the possibility of technological displacement or confused by the changes in their normal work routines brought on by generative AI tools. Businesses

could run afoul of global laws and regulations if a generative AI bot exposes sensitive or confidential information or intellectual property.

As highlighted in the 2023 KPMG Generative AI Survey, the vast majority of respondents (92 percent) rank their concerns about the risks of implementing generative AI as moderately to highly significant. The top risk management and mitigation focus areas—those selected by the greatest percentage of survey respondents as high priorities—are cybersecurity (53 percent), privacy concerns with personal data (53 percent) and liability (46 percent).

Regulations evolving around AI

THE Philippine AI Bill aims to develop and implement a national AI strategy and assigns AIDA to be the “watchdog” against the risks associated with AI technology.

“As we gradually integrate Generative AI into our operations, the need for legislation governing the use of Artificial Intelligence in the Philippines becomes increasingly important.

To ensure responsible development and adherence to ethical principles in AI usage, the establishment of a regulatory body is essential. This will foster trust and security in our functions as we address the risks that accompany AI,” said Technology Consulting Principal Doris Aura B. Pastoriza.

The excerpt was taken from the KPMG Thought Leadership publication: https://kpmg. com/in/en/home/insights/2023/11/generativeai-value-risk-and-regulation.html © 2023 KPMG Int’l Ltd. is a private English company limited by guarantee. R.G. Manabat & Co., a Philippine partnership, is a member firm of a global organization of independent member firms affiliated with KPMG Int’l Ltd. All rights reserved. E-mail ph-kpmgmla@kpmg.com or visit www.home.kpmg/ph.

This article is for general information purposes only and should not be considered as professional advice to a specific issue or entity.

The views and opinions expressed herein are those of the author and do not necessarily represent the BusinessMirror , KPMG International or KPMG in the Philippines.

B

UREAU of Internal Revenue (BIR) Commissioner Romeo D. Lumagui Jr. received the prestigious “Business Enabler Award” from the Philippine Chamber of Commerce and IndustryQuezon City (PCCI-QC) last January 25 during the latter’s induction and turnover ceremovies. The award is given to Lumagui for his significant impact in the business community of Quezon City, a statement from the BIR read.

Lumagui said the award “is a very timely recognition of the efforts being made by BIR because for 2024 we are focusing on Taxpayer Service.”

“This year, we will exert our efforts in improving our services within the framework of ease of doing business in the Philippines.

The whole BIR is at your service,” he added.

This year, the BIR will be focusing on Lumagui’s pillar of “Excellent Taxpayer Service,” the statement read. “This has the support of the National Government as shown by the passing of the Ease of Paying Taxes Act earlier this month.”

According to the BIR, the bureau will be implementing in the coming months “structural changes in its processes and requirements.”

The BIR will be undergoing an institutional change towards being a service-oriented agency, it added.

To that note, the BIR has jumpstarted its 2024 mission of “Taxpayer Service” by conducting the first ever nationwide Tax Compliance Verification Drive (TCVD) last January 18 and January 19.

During the TCVD, examiners of the BIR visited 44,611 business establishments for the purpose of educating and guiding them in their tax compliance. No penalties were meted by the BIR for this first incursion, as long as they comply with their tax obligations.

Asialink taps car BPI rents EV to help dealers to build cut diesel emission up loan portfolio

By Cai U. Ordinario

A

@caiordinario

SIALINK Finance Corp. plans to expand its loan portfolio through partnerships with brand-new and second-hand car dealers in

2024.

In 2023, the company released over P12.6 billion in loans and expects 2024 to be better as it grows its customer base and resources. It had close to 29,500 new borrowers as 2023 drew to a close.

Asialink CEO Robert B. Jordan Jr. said for 2024, the company will expand its market share by partnering with dealers selling brand-new cars and trucks across the Philippines, as well as on-boarding more dealers of second-hand vehicles.

“We are strategically expanding our network by actively seeking partnerships with both institutional entities and individual lead generators,” Jordan said.

“This initiative is geared towards broadening our reach and diversifying the sources that contribute to our lead generation efforts,” he added.

Asialink said it has been forging partnerships with the country’s largest banks and investment firms.

It raised P2 billion from a corporate notes facility with five lenders as noteholders and arranged by RCBC Capital Corp. and SB Capital Corp. It also raised P1 billion from Yuanta Saving Bank Philippines Inc. and the state-run Small Business Corp. Asialink said these deals are opening up a new window to small and medium companies with little to no access to traditional sources of funding.

To also expand its portfolio and make its security process more robust, Asialink linked up with online car sales firm Carbay Philippines Inc. and CIBI Information Inc.

This December 19, 2023, photo shows the electric vehicle that will provide free shuttle service to employees of the Bank of the Philippine Islands commuting to and from the MRT Buendia Station and the BPI Buendia Center. The lender said last Wednesday that it will soon add another stop at One Ayala Terminal.

CREDIT: Bank of the Philippine Islands

T

HE Bank of the Philippine Islands (BPI) announced it has leased a new electric vehicle (EV) unit in a bid to gradually replace its old gas-powered fleet vehicles and curtail its greenhouse gas emissions and fuel consumption.

According to the lender, it entered into a lease agreement with GET Philippines Inc., a provider of EVs that use fast-charging lithium-ion batteries, to supply an EV unit that will be used to provide free shuttle services for BPI employees travelling between the BPI Buendia Center and the MRT Buendia station. The EV could potentially reduce the bank’s diesel consumption by 30,000 liters per year, which in turn will reduce greenhouse gas (GHG) emissions by 40,000 kilograms of carbon dioxide per year. “We are glad to see that more companies are pushing for the use of EVs and starting to realize its positive impact not only on the environment but also on their bottom line,” GET PHL President Sigfrido R. Tiñga was quoted in a statement as saying.

The EV features a wider body and plenty of passenger room for 30 people compared with traditional shuttles that can only accommodate and ferry up to 15 passengers at a time. The EV has a wheelchair ramp for persons with disabilities and boarding for people carrying bikes and other wheeled items.

Explainer BusinessMirror

B4 Monday, January 29, 2024

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From car factories to fashion lines:

The unsettling impact of Houthi attacks on global trade

By Paul Wiseman & Mae Anderson The Associated Press

C

ar factories have idled in Belgium and Germany. Spring fashion lines are delayed at a popular British department store.

A Maryland company that makes hospital supplies doesn’t know when to expect parts from Asia.

Attacks on ships in the Red Sea are delivering another shock to global trade, coming on top of pandemic-related logjams at ports and Russia’s invasion of Ukraine.

Houthi rebels in Yemen, seeking to stop Israel’s offensive against Hamas in Gaza, are attacking cargo ships plying the waters connecting Asia with Europe and the United States, forcing traffic away from the Suez Canal and around the tip of Africa. The disruption is causing delays and driving up costs—at a time when the world has yet to vanquish a resurgence of inflation.

“What’s happened right now is short-term chaos, and chaos leads to increased costs,” said Ryan Petersen, CEO of the supply chain management company Flexport.

“Every ship that gets rerouted has 10,000 containers on it. It’s a lot of emails and phone calls getting made to replan each of those container journeys.”

Adding to the bedlam in global shipping is what Petersen calls a “ double whammy”: Passage through another crucial trade corridor — the Panama Canal — is restricted by low water levels caused by drought. And shippers are in a rush to move goods before Chinese factories shut down for the Feb. 10-17 Lunar New Year holiday.

The threat grows considerably the longer the war in Gaza drags on. Disruption to Red Sea trade lasting a year could surge goods inflation by up to 2 percent, Petersen says, piling on pain while the world already struggles with higher prices for groceries, rent and more. That also could mean even higher interest rates, which have weakened economies.

For now, Man & Machine in Greater Landover, Maryland, is awaiting a shipment from Taiwan and greater China. It’s been one setback after another for the company, which makes washable keyboards and accessories for hospitals and other customers.

Founder and CEO Clifton Broumand usually gets a shipment of components about once a month, but the latest delivery, which departed Asia four weeks ago, is delayed. The normal route—three weeks via the Suez Canal—has been shut down by the Houthi attacks.

Rerouting to the Panama Canal didn’t work either—the shipment

A cargo ship sails through the town of Ismailia, Egypt, March 30, 2021. Houthi rebels in Yemen are attacking cargo ships plying the waters connecting Asia with Europe and the United States, forcing traffic away from the Suez Canal and around the tip of Africa. AP/Ayman Aref

This photograph provided by the Indian Navy shows US-owned ship Genco Picardy that came under attack from a bomb-carrying drone launched by Yemen’s Houthi rebels in the Gulf of Aden, Thursday, January 18, 2024. Attacks on ships in the Red Sea by Yemen's Houthi rebels have unraveled a key global trade route, forcing vessels into longer and more costly journeys around Africa. Indian Navy via AP

was stymied there by the droughtrelated mess. Now, it might have to cross the Pacific to Los Angeles and come by truck or train to Maryland. Broumand has no idea when the products will arrive.

“It’s annoying, and it’s interesting. I think our customers, everybody understands. This is not like, ‘Why didn’t you plan this?’—who knew?” he said. “We call our customers and say, ‘Hey, it’s going to be delayed. This is why it is.’

Nobody likes it, but it’s not going to kill anybody, it’s just another frustration.”

Other industries are seeing similar hassles.

Electric carmaker Tesla has to shut down its factory near Berlin from Monday to February 11 because of shipment delays. The

Chinese-owned Swedish car brand Volvo idled its assembly line in Ghent, Belgium, where it makes station wagons and SUVs, for three days this month while waiting for a key part for transmissions.

Production at a Suzuki Motor Corp. plant in Hungary stopped for a week because of a delay in getting engines and other parts from Japan.

The British retail chain Marks & Spencer warned that the turmoil would delay new spring clothing and home goods collections that were due in February and March.

Chief executive Stuart Machin said the Red Sea trouble was “impacting everyone and something we’re very focused on.”

Roughly 20 percent of the clothes and shoes imported into

the US arrive via the Suez Canal, said Steve Lamar, CEO of the American Apparel & Footwear Association. For Europe, the impact is even bigger: 40 percent of clothes and 50 percent of shoes traverse the Red Sea. “This is a crisis that has global implications for the maritime shipping industry,” Lamar said.

As of January 19, Flexport says, almost 25 percent of global shipping capacity is being or will be diverted from the Red Sea, adding thousands of miles and a week or two to trips.

The cost of shipping a standard 40-foot container from Asia to northern Europe has surged from less than $1,500 in mid-December to nearly $5,500. Getting Asian cargoes to the Mediterranean is

even costlier: almost $6,800, up from $2,400 in mid-December, according to the freight booking platform Freightos.

But things could be worse. At the height of supply chain backups two years ago, it cost $15,000 to ship a container from Asia to northern Europe and nearly $14,200 to take one from Asia to the Mediterranean.

“In terms of supply chain disruptions, we’re not even close to what was happening during the pandemic,” said Katheryn Russ, a University of California, Davis, economist.

In 2021 and 2022, American consumers, stir-crazy from Covid-19 lockdowns and armed with government relief checks, went on a spending spree, ordering furniture, sports equipment and other goods. Their orders overwhelmed factories, ports and freight yards, leading to delays, shortages and higher prices.

Things are different now. After that supply chain mess, shipping companies expanded their fleets.

They have more ships to cope with shocks.

“The market is in a state of overcapacity," said Judah Levine, Freightos’ head of research, “which happens to be a good thing. There should be enough capacity to accommodate this disruption.”

Global demand also has cooled off—partly because the US Federal Reserve and other central banks have raised interest rates to combat inflation and partly because China’s powerhouse economy is sputtering. Inflation has come down over the past year and a half, though it's still higher than central banks would like.

“There are really big forces bringing down inflation,” said Russ, who was a White House economic adviser in the Obama administration. “It’s hard to see (the Red Sea disruption) would substantially muck up the declines

in inflation that we’ve been seeing beyond a tenth of a percentage point here and there.”

Many companies say they have yet to see meaningful impact. Retailer Target, for instance, said most of its products don’t pass through the Suez Canal and was “confident in our ability to get guests the products they want and need.”

BM W sa id: “A l l l ights a re green…our factory supplies are secure.” Norwegian fertilizer giant Yara said it was “only mildly impacted by the transit challenges in the Red Sea.” Carlos Tavares, CEO of automaker Stellantis, has said: “So far, it’s OK. Things are moving well.”

The respite may not last. If shippers avoid the Suez Canal for a year, Flexport CEO Petersen warned, “it’s a really big deal.” The higher costs would lead to “goods inflation of 1 to 2 percent.”

Jan Hoffmann, a UN shipping expert, warned Thursday that Red Sea shipping snags posed a risk to global food security by slowing the distribution of grain to parts of Africa and Asia, which depend on wheat from Europe and the Black Sea area.

It would be even worse if the Middle East conflict widens and drives up oil prices, which are now lower than they were the day before Hamas attacked Israel on October 7.

For now, companies are muddling through.

Retailer Urban Outfitters’ Free People subsidiary imports clothing from India and is shipping “a lot of that through air,” co-president Frank Conforti said at an investors’ conference this month. But it’s too costly to put furniture and household goods on planes.

At least home goods aren’t as “fashion-sensitive” as clothing, Conforti said, so losing 15 days “sailing down the tip of Africa isn’t the end of the world.”

Style

BusinessMirror

www.businessmirror.com.ph

Editor: Gerard S. Ramos • Monday, January 29, 2024

B5

Miss Universe Philippines Cagayan de Oro 2024 crowns first queen Lynn Eirene Lomongo from Barangay Iponan, wearing a Dr. Mavy Ladlad terno, is the first Miss Universe Philippines Cagayan de Oro.

Green agate tulle necklace with hammered brass pendant

Playful cable bangle with white and champagne South Sea pearls

Bold and bright beaded dangling earrings

WITH their unconventional non-spherical shapes baroque pearls bring art and coolness together

Bejeweled dreams

Beginning February 1, explore the artistry of Filipino-made jewelry and bring out your inner creative at Kultura’s Jewelry Market (www.kulturafilipino.com). This exciting shop-in-shop concept at the SM Makati Store on Level 2 introduces new collections from 15 local jewelers and designers, highlighting gifts from Philippine seas and forests imaginatively transformed in the innovative hands of local artisans.

There are South Sea Pearl Jewelry. Highly coveted for their rarity, exceptional quality and size, South Sea pearls embody timeless luxury. Sourced from oysters in the South Pacific and the Philippines, these are renowned for their lustrous white and champagne hues.

Freshwater Pearls, on the other hand, are admired for their natural radiance and elegance. Said to symbolize love, purity and harmony, these classic gems come in various hues, from white to pastels, and are a popular choice that complements modern taste and style. Distinguished by their unconventional, non-spherical shapes, Baroque Pearls combine artistry and coolness. Also sophisticated, these one-of-a-kind gems are an effortless way to make a style statement.

From Agate to Zektzerite, Semi-Precious Stones are cherished for their unique healing properties, including promoting tranquility and balancing energies. Mix, match, love and layer as you like, with a myriad of colors, shapes and styles. There are also statement accessories skillfully handcrafted from discarded carabao horn, embracing sustainability and creativity in every piece. Inspired by the national animal of the Philippines, carahorns symbolize strength and resilience.

At Kultura’s in-store customization station, design your own necklace or bracelet by mixing and matching colorful beads, semi-precious stones and pearls. Additionally, don’t forget to take advantage of the pearl maintenance services, from restringing to cleaning and repairs. Want to learn more about pearls? Schedule a virtual or face-to-face appointment with knowledgeable pearl experts.

Visit Kultura’s Jewelry Market from February 1 to 29, located at the Kultura store on Level 2 of SM Makati.

PHOTOGRAPHED BY RHAFAEL M. ARCAINA | RAPIDOFOTO PHOTOGRAPHY SERVICES

C

AGAYAN DE ORO—Here’s a lesson in herstory I never learned growing up: that there is only one street in my beloved city named after a woman. One! It’s Valenzuela Avenue, formerly or more commonly known as Agora Road. It is named after Arcadia Valenzuela y Babangha of Lapasan, who fought for our country’s independence against the Spaniards and the Americans.

Valenzuela’s revolutionary feats were featured in the nail-biting question-and-answer round at the city’s “Most Beautiful Night,” as another Cagayanon woman made herstory: Lynn Eirene Lomongo, an 18-year-old student of Phinma-Cagayan de Oro College from Barangay Iponan, was crowned the first Miss Universe Philippines Cagayan de Oro on Saturday, January 27, at The Atrium, Limketkai Center. The fast-paced, jam-packed glittering night was steered by visionary director Dennis Almazan, with assistance by Achoo Harayo, who made extensive research on CDO’s history, arts and culture for that highly informative Q&A round. Kudos also goes to MUPh Accredited Partner Rejellaine S. Vidad and National Search Consultant Mags Cue, marketing manager Vahjna Babia and head stylist and swimwear designer Shine Casiño.

The first edition was hosted by the engaging KC Montero, Miss Chinatown 2022 Berjayneth Chee, and KBP Golden Dove finalist as best host Nicole Abas Datayan. The two performances by CDO’s own crooner Arthur Nery brought the house down.

An impressive selection committee was composed of accomplished personalities who have extensive knowledge, experience and understanding of the pageant industry: the go-to shoe designer of beauty queens and the official footwear designer of Miss Universe, Jojo Bragais; Jerome de la Fuente, general manager of the Limketkai Luxe Hotel; President and CEO of Aficionado Perfume, Takoyatea and The Lord of Scents Joel Cruz; executive director of Miss Universe Philippines Creative Partnerships and CookAsia Inc. Lloyd Lee; and topnotch architect, Miss Universe 2011 Third Runner-up and the Miss Universe Philippines National Director Shamcey Supsup-Lee. The winner of Miss Universe Philippines Cagayan de Oro will be the city’s official representative to the Miss Universe Philippines 2024 National Finals. Out of hundreds of applicants, the organization selected 17 exceptional delegates who exemplified the beauty, grace and intelligence of Cagay-anons.

They are Alyssa Niña Ala-an of Barangay 1, Natazha Vea Bautista of Barangay 40, Theophany Belle Arcadio of Bugo, Christine Campion of Bulua, Paula May Paderanga of Camaman-an, An Cristie Tangcalagan of Canitoan, Kyle Hyacinth Magas of Carmen, Sol Sigrid Sumalhay of Gusa, Lynn Eirene Lomongo of Iponan, Mereyl Del Puerto of Indahag, Katrina Schaal of Kauswagan, Aira Jane Barata of Lapasan, Hanna Crystel Malay of Lumbia, Ericka Dane Amante of Macabalan, Mia Jade Abueva of Nazareth, Zrinka Faith Non of Patag, and Rexzil Paayas of Tablon. The reps from Iponan, Indahag, Barangay 40, Bulua, and Tablon advanced to the top.

In a surprising twist, a wild card was announced— Macabalan as People’s Choice Awardee; and Canitoan as the seventh finalist especially chosen by the MUPH CDO Organization for her attendance and attitude.

At the end of the unforgettable night, the dusky Christine Campion of Bulua, a senior quality evaluator, was adjudged second runner-up. She won P100,000 cash. The articulate Rexzil Paayas of Tablon, a magna cum laude graduate in International Studies, was first runner-up and won P150,000 cash.

Iponan’s Lomongo, the grand winner who also won Best in Swimsuit and Best in Long Gown, wore a serpentina gown made from intricately beaded fabric of glass beads embellished with broken mirror

acrylic crystals created by Dr. Mavy Ladlad. She took home P200,000 cash. All cash prizes, are from the Philippine Development Corp.

All the winners were also given P5,000 worth of gift certificates from Le Rouge Salon and P10,000 gift checks from clothing brand Mags Nationwide. They will wear a luxurious crown made of real South Sea pearls and gemstones worth P500,000 by Rayna and Son. Days before her well-deserved victory, the lovely Lomongo posted on her Facebook: “I believe in Philippians 4:13.” The Bible passage states: “Whatever I have, wherever I am, I can make it through anything in the One who makes me who I am. I am able to do all things through Christ who strengthens me.”

The humble beauty added: “I let myself drive into enjoyment and fascination as I stepped on center stage—wearing incredible designs made by talented designers. I was surrounded and supported by people who helped me achieve every journey I can’t imagine to experience, and my words aren’t enough to thank all of you. It was a night that was truly palpable.

“Furthermore, this would not be a success without the people behind the Miss Universe Philippines Cagayan de Oro 2024 swimsuit and long gown competition, and we are beyond grateful for all of your time, efforts and dedication.” n

Watsons finally opens at Power Plant Mall MY favorite Watsons store is the one in The Block at SM North Edsa but perhaps the second best for me is the newly opened branch in Power Plant Mall. When I posted about this store in my Instagram stories, a lot of people said, “Finally!”

Yes, finally. There’s been a clamor for a Watsons at the tony shopping mall, especially from millennial and Gen Z employees of nearby offices, families who live in the area, and people like myself who visit the mall once in a while.

The store has an excellent selection of millennialand Gen Z-approved brands like Clinique, VMV Hypoallergenics, Round Lab, Basicare, Banila Co, Beauty of Joseon, BYS, W.Dressroom, Y.O.U, Clio, CosRx, DrJart+, Deoproce, Innisfree, Issy, Kaine, Laneige, Manic Panic, Maybelline, O.Two.O, Peripera, Some by Mi, Origins, Puritan’s Pride, Bioderma, Dr. Teal’s, and Goli.

The pharmacies, which have an extensive range of health and wellness products, are manned by well-trained pharmacists who can guide customers on their prescriptions’ proper dosage, timing, and administration of medicines. These pharmacists can also offer recommendations for generic alternatives to prescription medicines.

Watsons Power Plant Mall and Greenbelt 5, another newly opened store, have self-checkout counters for more efficient shopping. The O+O (online and offline) model enables online shopping through the Watson app or website. The Click & Collect service lets shoppers order online and get their purchases in-store within 30 minutes. Alternatively, shoppers can also opt for the Express Delivery Service for guaranteed doorstep delivery within three hours.

“Watsons’ integration of our e-commerce platforms allows our customers to access a wider product selection. Aside from making sure our customers can shop easily and conveniently, Watsons Power Plant also has TikTok-viral brands like Issy, Round Lab, Beauty of Joseon, and many others. We also have Clinique, Origins, and a lot of Filipino and Korean brands,” said Sharon Decapia, senior AVP for marketing, PR and sustainability of Watsons.

So here are my favorite finds from Watsons Power Plant Mall: n Dr. Jart+ Cicapair Cream. As a K-pop fan, I couldn’t not resist the special deal of Dr. Jart+ wherein you could get four-cut selfie postcards of all Enhypen members for a P1,500 purchase of the brand’s Cicapair products. I am a big fan of Dr. Jart+ products, especially the Cicapair Cream so this was a no brainer for me. n Kaine Kombu Balancing Ampoule Toner.

This toner is more viscous than the liquidy toners we’re used to. It has Kombucha, Panthenol, and MultiMolecular Hyaluronic Acid (8 types). Sometimes I just

use this, an emulsion, and a sunscreen for day. By the way, this has lactic acid so it’s also an exfoliant. Kaine is a 100-percent vegan brand. Aside from this toner, the Korean brand is also famous for its serums and Green Fit Pro Sun (sunscreen). Kaine also has ecofriendly packaging. n Round Lab Birch Juice Moisturizing Tone Up Sunscreen. I normally stay away from any skincare that says “tone up” because they make me look gray but this sunscreen, which is a bestseller even in Korea, does not leave a white cast. It has SPF50+ PA++++ and a texture that’s light and moisturizing. n Laneige Lip Sleeping Mask. I never not have a jar or two of this lip mask. I know that a lot of people use this as a lip balm but I do use it like a mask over lip balm at night and when I wake up, my lips are no longer crusty. n Issy Active Concealer in PT4. I use this shade as a color corrector. Issy Active Concealer is one of the best concealers in the market right now. It used to be just available online so it was difficult to color match so I’m happy the brand is now at Watsons. n Beauty of Joseon Ginseng Essence Water.

Beauty of Joseon is viral for its sunscreen but I also love their serums and this essence, which I use as a toner. This product has ginseng root water, niacinamide, and a ginseng complex containing ginseng root extract, ginseng berry extract, and ginseng root ferment filtrate. n Clinique Moisture Surge. What I love about this moisturizer is that you can use it at night and wake up to soft moisturized skin but it’s also OK to use during the day as a makeup base. It’s lightweight and oil-free, and also reasonably priced.

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Why I think Jo Koy was a winner at the Golden Globes

A

T this point, legions of netizens sha l l have read about, and remarked on, popu lar stand-up comedian Jo Koy’s highly controversial hosting gig at the 81st Golden Globe Awards. Right after the event held on January 8, 2024, Jo Koy’s performance received a backlash of negative critiques from Hollywood celebrities, mostly claiming that Jo Koy, uhm, didn’t make them laugh.

It’s been nearly three weeks since so why am I writing about this episode that went viral for days on local and international news portals?

Well, for one, I (and my husband Adrian) have always personally admired Jo Koy for how he struggled, dealt with multiple challenges, and achieved fulfillment of his dream to be a standup comedian in the US entertainment circuit.

We both read his life story in his book “Jo Koy Mixed Plate,” which, as its title suggests, bared a little bit of this and a little bit of that...snippets from his persona and family life that his fans don’t get to see onstage. Indeed, Jo Koy’s entire journey has been a “mixed plate” of emotions, experiences, achievements, and embarrassing mistakes that could have derailed it, but Jo Koy was one persistent chap. He worked exceedingly hard from the time he was an 11-yearold boy coping with adolescence and life as an immigrant after he and his parents moved to the US.

In his book, Jokoy wrote:

“All the blood, sweat, and tears behind my journey from being a funny, mixed-up kid who didn’t know how he fit into this country to being the comedian—and man—I am today. Here is the path to my American dream, which was paved by a lot of failures, department store raffle tickets to win free color televisions, bad jokes, old VHS tapes full of Richard Pryor and Eddie Murphy, a motorcycle my mom probably still hates, the only college final I aced [wasn’t math], and getting my first laugh onstage.”

n FedEx Express empowers

communities with over 8,000 kg of donated supplies to NGOs

M A NIL A , PHILIPPINES —More than 2,200 team members from FedEx Express, one of the world’s largest express transportation companies, have been actively collecting over 8,000 kilograms of muchneeded supplies for more than 30 non-profit organizations (NGOs) of choice across the Asia Pacific, Middle East, and Africa (AMEA) region.

In the Philippines, FedEx collaborated with local NGO, Action for the Care and Development of the Poor (ACAP) in Parañaque City, to

donate school supplies to 100 beneficiaries under ACAP’s programs.

These donations of supplies were made as part of the annual FedEx Cares Purple Tote Campaign which ran between October to December 2023 to empower FedEx team members to come together and support the NGOs they value most in their local communities.

FedEx volunteers from 18 markets in the region including Australia, China, Egypt, Hong Kong, India, Indonesia, Japan, Malaysia, Namibia, New Zealand, United Arab Emirates, Singapore, South Korea, South Africa, Taiwan, Thailand, Vietnam, and the Philippines took part in the program.

This year team members came together in teams of all sizes across the region. Each team worked with their charities of choice and collected goods they needed most and distributed them to the charities in FedEx Cares purple tote bags.

My second reason for writing about this is, I consider Jo Koy as Filipino (well, Jo Koy is halfFilipino and calls himself an allAmerican half breed and proud of it!). He stayed close to his Filipino roots throughout those challenging years growing up in the US. His running jokes about his mom are very relatable; all too familiar is how he depicts her as a strongwilled Filipino mother raising a strong-willed son the Filipino way.

Reading about Jo Koy’s humble beginnings, his parents’ divorce, and other details of his life made me feel more deeply for him. I readily empathized with him through his many failures and frustrations, like when he had to beg his mom to get HBO. Jo Koy has said this many times: “If you’re not in love with standup, you have to leave. I love being on stage; I love making people laugh.”

And so from grade school, Jo Koy convinced himself that he was destined to be a comedian. He never told anyone about his aspiration but he doggedly followed Robin, Billy, Whoopi, and other famous comedians, watched their acts, and started writing down their jokes as they told them onstage. He studied and soaked up all that standup, “watching over and over until Jay or Johnny or Louie or Ellen was nothing but a grainy, pixelated blur.” Jo Koy knew what he wanted to be and he stayed on track!

This leads me to my third reason for coming to Jo Koy’s defense and standing up for him: the man is a true professional and acted like one, both onstage and off. Despite knowing that other invited hosts had declined the offer, Jo Koy, who asserted that he got the script 10 days before the show, still bravely studied it, put in his own creative lines, and performed it the best way he knew how.

Everyone in show business will tell you that comedy can be the most difficult form of entertainment. It may look and sound like it’s a breeze but we all know comedians have to learn and master their lines and deliver them with

perfect timing! Making people laugh is even more difficult during these politically correct times when highly sensitive issues compel people to be extremely cautious and discreet. Subjects like politics, racism, gender equality, inclusivity, etc. are just a few examples.

Jo Koy’s dream gig turned out to be incredibly challenging. The LA Times acknowledged that the comedian faced a tough crowd.

Celebrities who commented in his favor, and even hundreds of supporters who came to his defense, agreed. They believed that because Jo Koy was a newcomer and not as famous as past Golden Globe hosts like Ricky Gervais, the audience simply decided they would not laugh.

The truth was, Jo Koy didn’t deserve the snub. He did not insult anyone; he was not rude. Style expert and podcaster Melissa Rivers affirmed this, saying that “the Golden Globes was supposed to be the most fun!”

Quite ironically, it was the audience that was rude, particularly one petty celebrity singer who couldn’t force a smile when the camera panned to catch her reac-

Over 2,400 beneficiaries including young children, the elderly, and the underserved groups received goods with love from FedEx team members.

“Ever y action that improves our world, no matter how small, is something extraordinary. These individual donations under our FedEx Cares program has created new opportunities for our team members to multiply the positive impact FedEx makes in the local communities where we live and work,” said Kawal Preet, president of Asia Pacific, Middle East, and Africa (AMEA) region at FedEx Express. “Committing to Do Good is one of our most important values, and community action like this is one of the things that makes working at FedEx so incredibly rewarding.”

“One of our core values at FedEx is connecting people and possibilities. Not only are we committed to supporting our customers, we are

also striving to bring hope and opportunities to local communities,” said Maribeth Espinosa, managing director of FedEx Express Philippines. “As we embark on our 40th year of operations in the country this year, we look forward to continue serving communities and creating a better future for our next generation.”

As part of FedEx Cares, team members around the globe are encouraged to come together to “Drive forward. Give back” by volunteering and doing countless acts of caring throughout the year. Earlier In April 2023, FedEx teams across AMEA came together under the “50 Days of Caring” to support FedEx 50th anniversary. This program mobilized more than 1,000 FedEx volunteers and their families in community-based activities focused on sustainability and environmental protection, education, welfare, and support for the underserved.

tion. Someone actually remarked that it was like bullying the newbie host. “Hollywood people are just so entitled, self-absorbed, and overly sensitive. Comedians should boycott these award shows!” said an irate netizen.

Still, Jo Koy handled the job as a professional even as he knew fully well what could happen. He performed according to expectations and did as he was directed.

It was the big career break he had wanted and so he was primed to do it!

Thank God for distinguished actors like Meryl Streep and Robert de Niro who were more decent and kind, and displayed courtesy and a sense of humor that the rest of the audience didn’t have.

Despite the negativity spawned

by Jo Koy’s appearance at the Golden Globes, I am gratified by the comedians and other colleagues who stood up for him.

Here’s what they said: Whoopi Goldberg: “I understand how difficult hosting an awards show can be. These hosting gigs are brutal! If you don’t know the room, if you’ve not been in those rooms before, and you’re sort of thrust out there, it’s a hit or

n OPPO and Nokia seal

cross-license pact for cellular communication technologies

SHENZHEN, CHINA—Smart device company OPPO has signed a global patent cross-license agreement with Nokia covering standard-essential patents in 5G and other cellular communication technologies. Following the agreement, both parties will resolve all pending litigation in all jurisdictions. The specific terms of the agreement are confidential as per mutual agreement.

Feng Ying, Chief Intellectual Property Officer at OPPO, stated, “We are pleased to have reached this global patent cross-license agreement with Nokia, which includes cross-licensing for 5G standardessential patents. This agreement reflects the mutual recognition and respect for each other’s intellectual property and lays the foundation for future collaboration between

miss. You have to know the room.”

Steve Martin: “I tip my hat off to anyone who steps out on stage to host a live awards show. It’s a very difficult job and not for the squeamish. I know because I’m still throwing up from the last time I did it in 2010. So congratulations to Jo Koy who took on the toughest gig in show business, hit, missed, was light on his feet, and now has 20 minutes of new material for his standup.”

Michael V: “Jo Koy’s jokes were funny, direct, and pretty much self-explanatory. The last thing he should be doing is trying to explain it to people who purposely chose not to understand and appreciate them.”

Let me end this piece by saying that despite the unfavorable publicity Jo Koy received from the Hollywood press, I believe that he is a real winner! He was not only the first Filipino-American to host the Golden Globes; he stayed positive throughout the stressful aftermath. My personal take on this is, we Filipinos should have given Jo Koy more support and encouragement in the same manner we cheer our sports heroes whenever they break ground or swoon over our beauty queens, win or lose.

Jo Koy deserved as much. We should have rallied behind him and given him the love, kind words, and appreciation that he needed at that moment.

Jo Koy, it’s never too late. We are very proud of your performance at the Golden Globes and wish you more career-defining turns and more success in your profession.

Thank you from the country that you continue to honor with your hard work and passion for making people laugh.

We should all adopt Whoopi Goldberg’s worthwhile suggestion: “We have to support our national treasures called comedians.”

PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (Ipra), the world’s premiere association for senior communications professionals around the world. Joy Lumawig-Buensalido is the President and CEO of Buensalido PR and Communications. She was past Chairman of the IPRA Philippine chapter for two terms.

PR Matters is devoting a special column each month to answer our readers’ questions about public relations. Please send your questions or comments to askipraphil@ gmail.com.

OPPO and Nokia. OPPO continues to advocate for reasonable royalty fees and a long-term approach to intellectual property that supports the resolution of disputes through amicable negotiations and mutual respect for the value of all intellectual property.”

Jenni Lukander, President of Nokia Technologies, said, “We are delighted to have reached a crosslicense agreement with OPPO that reflects the mutual respect’s intellectual property and Nokia’s investments in R&D and contributions to open standards. OPPO is one of the leading companies in the global smartphone market and we look forward to working together to bring further innovation to their users around the world. The new agreement—along with the other major smartphone agreements we have concluded over the past year—will provide long-term financial stability to our licensing business.”

mirror_sports@yahoo.com.ph | Editor: Jun Lomibao

Sports BusinessMirror

Monday, January 29, 2024 B7

Obiena, best of 2023 feted in PSA Awards Sacrificial cow for Egypt team in Africa Cup

E

GYPTIAN soccer officials have sacrificed a cow in a bid to bring the national team more luck at the Africa Cup of Nations in Abidjan, Ivory Coast.

Team spokesman Mohamed Morad told The Associated Press on Friday the Egyptian Football Association killed the cow and distributed the meat to needy people in Cairo the day before.

Egypt, which has yet to win a game, plays Congo in the last 16 in San Pedro on Sunday. The team’s flight from Abidjan to San Pedro was delayed by an hour on Friday.

Egypt’s campaign has been hit by injuries. The Pharaohs lost star Mohamed Salah to a hamstring injury in their second group game, then goalkeeper Mohamed El Shenawy with a dislocated shoulder in the third and last group game. Imam Ashour was hospitalized overnight on Wednesday for concussion treatment after a head injury in training. He has since rejoined the squad.

Egypt players reportedly sacrificed a calf during training before going on win the 2008 Africa Cup in Ghana.

Egypt, the record seven-time champion, has drawn its three group games. But so did Congo. Only one will win on Sunday.

Spectator subs as referee

A SPECTATOR at a Bundesliga game was recruited as the fourth official after the assistant referee was struck in the face by the ball and taken to hospital on Saturday in Wolfsburg, Germany.

The game between Wolfsburg and Cologne was stopped in the 14th minute when Cologne player Max Finkgräfe hit a powerful clearance straight into the face of assistant referee Thorben Siewer, who was on the sideline nearby.

Siewer fell to the ground and seemed dazed, requiring around three minutes of treatment before he was helped off the field. He was replaced on the sideline by fourth official Nicolas Winter.

Following an appeal to the crowd for any spectators who were qualified referees, 32-year-old Tobias Krull took over the fourth official role as emergency backup.

Krull is a goalkeeper for local sixthdivision club MTV Gifhorn. He changed from a shirt and jeans into a black tracksuit to join the officiating crew.

Wolfsburg said Siewer was in hospital for observation.

Last week, a fan in England took over as the fourth official in extra time of an FA Cup game between Wolverhampton and Brentford. He wasn’t allowed to celebrate his team›s winning goal.

T

HE cream of the crop of Philippine sports in the year just passed will be feted in a celebration like no other in the 2023 edition of the San Miguel Corp.Philippine Sportswriters Association (SMC-PSA) Annual Awards Night on Monday at the Grand Ballroom of the Diamond Hotel.

World No. 2 and Asian men’s pole vault record holder Ernest John “EJ” Obiena is the biggest star of the night as the sole recipient of the prestigious Athlete of the Year Award exclusively handed out by the country’s oldest media organization.

Led by PSA president Nelson Beltran, sports editor of The Philippine Star, the sports writing fraternity

will honor a total of 140 awardees in what is considered the biggest Awards Night in the 75-year history of the association.

The country’s top sports officials led by Philippine Sports Commission (PSC) Chairman Richard Bachmann and Philippine Olympic Committee (POC) President Abraham “Bambol” Tolentino will lead the sports community in toasting the athletes, personalities and entities who did the country proud in the previous year.

Gilas Pilipinas, which brought pride and immense joy to this basketball-crazy nation after ending a 61-year gold medal drought the Asian Games gold medal, will also be part of the huge festivity as the magnificent

Aryna Sabalenka: No one-hit wonder M

ELBOURNE, Australia—In the back of her mind Aryna Sabalenka didn’t want to be, in her words, that player who wins a major title and disappears.

Winning her first Grand Slam crown in Australia a year ago gave Sabalenka the confidence she could do it again.

Losing the US Open final last September gave her the extra motivation.

Sabalenka ensured she wasn’t a one-hit wonder by clinching back-toback Australian Open titles with a 6-3, 6-2 win over Zheng Qinwen on Saturday in a one-sided women’s final that contrasted sharply with her comeback three-set victory here over Elena Rybakina last year.

“I just wanted to show that I’m able to be consistently there and I’m able to win another one,” the 25-year-old from Belarus said. “So compared to last year, it’s a completely different me.

Compared to the US Open, once again, it’s a different me; I’m more controlled and kind of like don’t let the rest of the things come to my mind.”

In 2022, Sabalenka struggled so badly with her serve in tense moments that she doubted she could win a major. Now she’s relying on it to break down opponents.

She didn’t serve a double-fault in

gateway in the country, ArenaPlus, is presenting the traditional Awards Night which also has the PSC, POC, Milo, PLDT/Smart and Cignal as major sponsors, and the Philippine Basketball Association (PBA), Premier Volleyball League, Rain or Shine and 1-Pacman Partylist Rep. Mikee Romero as major backers.

Providing nostalgia is the presentation of the Lifetime Achievement Award to basketball legends Allan Caidic and the late Avelino “Samboy” Lim and champion coaches Dante Silverio, Joe Lipa and Arturo Valenzona.

Hangzhou Games gold winners Margarita “Meggie” Ochoa and Annie Ramirez lead the recipients of the Major

ARYNA SABALENKA proves her consistence and capability to win a second straight Australian Open title. AP

followed straight-sets wins over 2021 French Open winner Barbora Krejcikova in the quarterfinals and Amanda Anisimova in the fourth round.

“I’m definitely a different person and a player and I have more experience playing the last stages of the Grand Slams,” Sabalenka said, reflecting on the last 13 months.

“There was some tough moments for me losing the US Open final—that loss actually motivated me so much to work even harder.”

And that, she said, gave her more confidence in her game and more self-belief.

“The first one is always special

because I feel like it’s more emotional,” she said. “For the second time, it’s just such a relief.”

Only two things slowed down Sabalenka’s progress Saturday to her second Grand Slam singles title.

In the third game of the second set, with Zheng serving, the match was interrupted after an activist started yelling out. The match continued after the man was escorted out by security.

Then, when she was serving for the match, Sabalenka had three championship points at 40-0 but missed two with unforced forehands errors and another with Zheng’s clever drop shot. AP

Nesthy, EJ top vote getters

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Lascuña (blue shirt) celebrates his victory with his fellow pros, including former champions and the top 30 from last year’s Philippine Golf Tour Order of Merit, during awards ceremony of The Country Club (TCC) Invitational 2024 at the TCC in Laguna Friday. Lascuña beat Miguel Tabuena in a two-man duel to secure the coveted championship 20 years after the Don Pocholo Razon Memorial Cup.

LYMPIAN pole vaulter Ernest John “EJ” Obiena and boxer Nesthy Petecio were voted in absentia to the Philippine Olympic Committee’s (POC) Athletes Commission last Saturday at the Rizal Memorial Coliseum.

Petecio, women’s featherweight boxing silver medalist in Tokyo, got the most number of votes with 121 while Obiena, world No. 2 and Asian record holder, was next with 99 votes.

A total of 145 national athletes from various national sports associations attended the proceedings supervices by POC secretary-general Atty. Wharton Chan.

Also voted to the commission were swimmer Jessie King Lacuna (83), basketball player Jack Animam (80) and football player Inna Palacios (61).

The commission members’ term starts February 1 and expires in 2028. They will meet online this week to determine their chairman, vice chairman and treasurer.

The Athletes Commission is reserved one seat in the POC Executive Board and two slots in the General Assembly with voting powers.

“This is the perfect time to pass the torch to these new elected athletes and we believe in their capacity as new leaders,” said triathlete and outgoing Athletes Commission Nikko Huelgas said.

“My number one priority is to make sure the Filipino athletes are well represented,” Palacios said. “I hope we help them to have the best version of themselves not only as athletes but better people as a whole.” Josef Ramos

rising stars.

Joining Malixi are three other talented players—Japan’s Mamika Shinchi, India’s Avani Prashanth and South Korea’s Eunseo Choi.

Malixi and Shinchi, both 16, split the premier titles in Australia recently in come-behind-fashions with Malixi rallying from four strokes down to snare the Australian Master of the Amateurs crown.

Shinchi, on the other hand, overhauled a six-shot deficit then beat local ace Amelia Harris to secure the

Australian Amateur title.

The 17-year-old Prashanth, the reigning Queen Sirikit Cup individual winner at Manila Southwoods last year, and Choi, who posted two victories in 2023, add further depth to the competition. Choi, also 17, finished ninth in Australian Masters of the Amateurs and placed third in the Australian Amateur.

Reflecting on her success Down Under, Malixi expressed her happiness and gratitude for the experience.

the final, and she didn’t face a break point.

No. 2-seeded Sabalenka set the tone with big, deep forehands and converted service breaks early in each set against the 21-year-old Zheng, who was making her debut in a Grand Slam final.

The journey and the destination were equally important for Sabalenka.

In the semifinals, she avenged her US Open final loss to No. 4-ranked Coco Gauff with a straightset win.

That

Salute for Lascuña Antonio “Ton”

Malixi brings winning act to As-Pac tilt

Angry fan chases referee

AN angry supporter ran onto the field and chased the referee after a late penalty decision in England’s third division on Saturday.

The Port Vale fan tried to confront referee Craig Hicks after he awarded an 88th-minute penalty to League One leader Portsmouth, which secured a 1-0 win for the visitor.

The supporter chased after Hicks, who ran into the dugout, before members of the coaching staff on the sideline intervened and stopped the fan.

Port Vale posted a statement on social media saying it condemned the fan’s actions and “will work with the relevant authorities to ensure the matter and the individual is dealt with a zero tolerance approach.” AP

12 of head coach Tim Cone will be feted with the President’s Award.

The women’s national football team that made a historic debut in the FIFA Women’s World Cup will also be recognized with a special “Golden Lady Booters” award.

Also lending their precious time for the celebration are two of the country’s top businessmen and sportsmen— SMC President and CEO Ramon S. Ang and First Pacific Company Chairman and CEO Manuel V. Pangilinan—who will be honored as Executives of the Year for working hand in hand in the successful hosting of the FIBA World Cup and the 19th Asian Games gold medal in Hangzhou, China.

The leading sports entertainment

Awards, while the Samahang Basketbol ng Pilipinas and Jiu-Jitsu Federation of the Philippines are the National Sports Associations of the Year.

There are also Special Awards to be given to outstanding individuals such as seven-time PBA MVP June Mar Fajardo (Mr. Basketball), Creamline stalwart Diana Mae “Tots” Carlos (Ms. Volleyball), Filipinas star forward Sarina Bolden (Ms. Football) and tennis sensation Alex Eala (Ms. Tennis).

The gold medalists in Hangzhou and Cambodia Southeast Asian Games as well as their counterparts in the Asian and ASEAN Para Games banner a long list of awardees to be cited during the formal gathering, which will also hand out the Tony Siddayao Awards and the Milo “Gold’ Grit and Glory Award.”

Veteran sports analyst and columnist Quinito Henson and Denise Tan will host of the event.

Registration starts at 6 p.m.

R World Slashers Cup Top game fowl aficionados Carlos Tumpalan (left) and Roger Fermosa (right) provide a fitting photo during Saturday’s press launch of the 2024 World Slashers Cup International 9-Cock Derby at the Gateway Mall in Araneta City. With them are (from left) Miss Globe 2023 Second Runner-up Anna Lakrini and Binibining Pilipinas 2023 First Runner-up Katrina Anne Johnson and Second Runner-up Atasha Reign Parani. The world-renowned derby kicks off Monday at the Smart Araneta Coliseum. NONOY LACZA

Danke, Jurgen THE news that Jurgen Klopp is stepping—voluntarily it must be stressed—down as Liverpool manager following the end of this season hit me like a thunderbolt.

I feel sad, but I sort of saw this coming.

He had left Mainz and Borussia Dortmund after seven years with each club. He has been at Anfield for eight-and-ahalf seasons. He won everything that he didn’t with his two previous clubs.

When he was managing Mainz, he got them promoted in his third year at the helm. They did well in their first two seasons in the Bundesliga. The next year, they were relegated. Klopp stayed on but was unable to get them promoted after which he left.

After a year away, he was announced as the manager of Dortmund and he won a smattering of titles with this club.

But towards the end, his teams ran out of steam.

It could be said that the same thing happened at Liverpool but this year’s performance saw the team competing on four fronts despite losing several key players and rebuilding the midfield.

And now—unlike Mainz and Dortmund—seems like the best time to leave. He has brought them back to the top.

IANNE MALIXI brings her breakthrough winning act in Australia to the Women’s Amateur Asia-Pacific Championship unfolding Thursday in Thailand.

Despite facing a stellar field of competitors, the Filipina ace remains unfazed to showcase her skills at the Siam Country Cluc’s Waterside course in Pattaya.

The sixth edition of what has become the region’s premier ladies amateur championship features a formidable roster of international

With many players approaching their prime, under the right replacement, they could compete for a few more years.

When Jurgen was announced as Liverpool manager, within two months, I was at Liverpool to watch him manage a game.

I knew that we had gotten a really good manager and had no doubts about him leading the Reds back to the top.

That game I saw in February of 2016 was a scintillating 4-4 draw against Arsenal with Joe Allen scoring the equalizer at death’s door with the snow falling down.

Since then, I have been fortunate enough to interview Jurgen Klopp seven times—three in person and four on zoom. I have a selfie with him and he autographed some memorabilia for me.

That first time I interviewed him, he laughed when he saw me wearing a t-shirt (the official one) that said, “the Normal One.” It was the very last shirt Liverpool sold of that design and fortunately, it was my size.

The news of his impending departure is somewhat crushing. You know it’s coming, but you don’t know when.

The reason why I thought that outside the rejuvenated Liverpool side, this was the best time to leave was for two things—the German national team is in shambles and he always said it would be an honor to coach Die Mannschaft.

Furthermore, this seems like the best time to pursue former Liverpool star Xabi Alonso who has been making waves as coach of Leverkusen.

Wherever Liverpool ends up at the end of this campaign, I will always have fond memories of Jurgen Klopp as manager of the Reds. He restored our pride, and cemented his place as one of the all-time best managers who didn’t take on big-money clubs, but always turned the fortunes around of clubs that were adrift.

And for that, he—the city of Liverpool—will always always be grateful.

He arrived “the normal one,” and however this season ends, he will still go out, “the extraordinary one.”

Danke, Jurgen. Gott segne dich und ich wunsche dir immer das beste.

ExecutiveViews BusinessMirror

B8

Monday, January 29, 2024 | www.businessmirror.com.ph

www.businessmirror.com.ph

CYNTHIA R. MARANAN, RMT, DHUM

Leading CRM Clinical Laboratory with Christ as her CEO

By John Eiron R. Francisco

She also said that their working hours are designed to accommodate personal commitments that acknowledge the challenges staff face in maintaining a work-life balance.

“We’re not just a workplace. We’re a family. I want them to see me not just as the owner but as someone they can consider family,” she said, highlighting the importance of mutual respect and understanding in her clinic.

As she reflects on the 20-year journey of CRM Clinical Laboratory, Maranan acknowledges the blessings of a supportive family, dedicated staff, and a compassionate approach to patient care that has made the clinic's success truly fulfilling.

“Isa lang yung sinasabi ko, na i-treat natin ang ating pasyente as our family,” she said. [I'm saying only one thing.Let's treat our patients as our family].

She recognized that when patients enter the clinic, they carry not only physical ailments but also emotional burdens.

With dedication, Maranan has been honored by multiple award-winning organizations that acknowledged her humanitarian efforts and her clinic’s commitment to serving over several decades of service.

However, she emphasized that the ultimate reward comes from serving the Lord and making a positive impact on the community.

“I am humbled by the awards, but the true reward is knowing that we are fulfilling our purpose in God’s plan,” she said.

I

Medical missions are a delight. It's not just about cultivating your kindness and hospitality, but also about forming friendships and learning from the people you get to know in a particular place

ADAPTING TO TECHNOLOGICAL ADVANCEMENTS

MEANWHILE, to better improve its services, the clinic ensures compliance with the Professional Regulation Commission (PRC), and Department of Health requirements. Maranan takes the initiative to cover the costs of seminars necessary for Continuing Professional Units (PCU), a crucial component of license renewal.

She also shed light on how CRM Clinical Laboratory stays abreast with technological innovations by attending seminars, exhibitions, and conventions. This is a regular practice in her clinic to ensure that the clinic integrates the latest technologies into its operations.

During the pandemic, the clinic was prompted to adopt telemedicine that provided online consultations and embraced a Laboratory Information System (LIS) for more efficient management.

“Fear of change should not hold us back,” she emphasized. “Investing in technology is essential for the progress of our clinic.”

Despite the initial challenges of introducing digital solutions to less tech-savvy staff, the clinic successfully transitioned to a more streamlined and efficient operation, such as updating its equipment and making use of stateof-the-art machines.

For instance, Maranan highlighted advancements in radiology, where digital technology enables faster response times and more reliable results compared to traditional methods.

LEGACY OF COMPASSIONATE CARE

BERNARD TESTA

N the dynamic world of business, having a leader to guide the team is paramount. The term Chief Executive Officer (CEO) bears significant weight and represents substantial responsibilities and a high level of professionalism.

However, for Cynthia R. Maranan, a Registered Medical Technologist and Doctor of Humanities, the acronym CEO takes on a profound and transformative meaning— “Christ Executive Officer.”

This perspective has become the cornerstone of the principles behind her leadership as she marks two decades of running her clinic.

“As I mentioned, I'm not really a CEO. What I mean is, CEO stands for Christ Executive Officer, because we should always consider the Lord as our partner in everything—be it in relationships, marriage, in situations like these, in any business, any form, anything,” Maranan told BusinessMirror.

Cynthia is a self-identified Christian entrepreneur and the owner of CRM Clinical Laboratory, Drug Testing Center Medical Clinic, one of the pioneer clinics in the City of Sto. Tomas, Batangas that was established in 2004.

Her journey began in her high school days at Manila Central University (MCU), where she discovered her fascination with the intricacies of the human body while watching “Kapwa Ko, Mahal Ko,” a medical show hosted by Rosa Rosal. This propelled her towards a path of science, in particular medical technologies.

“When I was in high school, I realized my passion for science, specifically medical technologies,” she said, “So when I entered college, it became my number one choice.”

After graduating from MCU, Maranan pursued a Bachelor of Science in Medical Technology at Far Eastern University (FEU)/ San Juan de Dios College (SJDC). However, financial constraints forced her to temporarily set aside her dream of becoming a doctor. Undeterred, she worked in a clinical laboratory in Valenzuela City, where she encountered mentors who eventually became significant figures in her life.

Her professional journey continued to evolve as Maranan spent 13 years at the Chinese General Hospital (CGH) in Blumentritt. The experience honed her skills, eventually reaching the position of Clinical Supervisor.

During that time, she pursued a master’s degree at the Philippine Women’s University (PWU). However, her pursuit of higher positions and dreams did not end there.

Her journey took an unexpected turn when she moved to the United States with her husband, after passing the state board exam in California. While working and waiting for her credentials, she faced challenges but managed to return to the Philippines for clearance from the CGH. Yet, family priorities led her to stay in the country, where she explored opportunities outside employment.

“Mas nanaig kasi yung puso ko pagiging ina,” she added. [My heart as a mother prevailed] In Tanauan, Batangas, Maranan initiated providing laboratory services to the community.

Her dedication and the extension of affordable services garnered support from local midwives and health workers. Eventually, she expanded her services which led to the establishment of a clinic bearing her initials.

“Yun na lang siguro yung alam kong pwede namin gawing business, dahil nandyan na rin ako sa medical field,” she said. [Perhaps, that's the only business I could envision, given my background in the medical field] Reflecting on her journey, Maranan expressed gratitude for the support of her husband as they joined forces to enhance the clinic and contribute to the medical field. But, she went through a lot of hardship especially when her husband died.

FROM REALIZATION TO ACTION

BEYOND working in the hospital, Maranan recounted the inception of her involvement in community outreach that began with a personal realization. This event prompted her to reassess her priorities and led her to discover a deep-seated passion for medical missions. Driven by a desire to provide free healthcare services to those in need, she embarked on a journey to make a positive impact on the lives of others.

“Nag-instill talaga sa isip ko na ang sarap namang tumulong sa kapwa mo,” she said. [Really instilled in my mind how fulfilling it is to help others] According to Maranan, the initial foray into medical missions came through collaborations with churches and pastors who were focused not only on evangelism but also on addressing the health needs of the community.

She actively offered services such as free sugar monitoring, urinalysis, and blood typing

during these missions, emphasizing the importance of catering to both the spiritual and physical aspects of individuals.

As her commitment to community service grew, she became a pioneer member of the Lions Club Santo Tomas chapter and participated in scheduled projects aimed at benefiting the local community. She later joined the Tanauan Medical Society and contributed to their yearly projects that involved exchanging ideas among doctors and providing essential medical services to the elderly in local homes.

“Nakakatuwa kasi sa medical mission. Hindi lang nade-develop yung pagiging kapwang gawa mo, hospitality, pero yung friendship at natututo ka na may nakikilala ka sa isang lugar,” she said.

[Medical missions are a delight. It’s not just about cultivating your kindness and hospitality, but also about forming friendships and learning from the people you get to know in a particular place] Moreover, Maranan shared insights into collaborative efforts with Victory Christian Fellowship and Partners in Christ Ministers In Mission Alliance Inc (PICMMA) and the World Council Excellence Award Ministry (WCEA). These initiatives included real talk and joining missions for youth organizations.

20 YEARS OF SUCCESS: THE ‘SECRET INGREDIENT’

WHEN asked about her “secrets” to a better working environment, Maranan said that “it’s not necessarily a secret in the conventional

sense. It’s more about aligning your plans with a higher purpose. In my case, I firmly believe that following the path set by the Lord is important.”

Drawing parallels from biblical teachings, she further explained: “As the Bible says, ‘Give to Caesar what belongs to Caesar, and give to God what belongs to God.’ ” She added: “I can attest to it personally; I’m not bragging, but even if others try when you give your 10 percent, the Lord will give back to you abundantly and overflowing.”

This combination of strategic planning, dedication to service, a focus on continuous improvement, and a collaborative and supportive relationship with her staff, ultimately developed her adherence to leading by Christian ethics.

“Prayer, faith, and genuine connections with staff are crucial,” she said. “Our work is not just about serving me; it’s serving the Lord, and it’s Him who provides us with everything we have.”

Maranan highlighted the importance of faith and building positive relationships with staff and even with their patients, and expressed her commitment to guiding employees facing personal challenges, offering them opportunities for betterment rather than immediate dismissal.

“We consider ourselves a family,” she emphasized, and believes that this familial atmosphere contributes to the long tenures of many staff members in her clinic, with some having served for over a decade.

However, she asserted: “Physical care and human touch are irreplaceable. As we move forward, we'll continue to prioritize compassionate patient care and adapt to technological advancements.”

“Iba pa rin kapag inaalagaan ka, lalo na tayo mga Pilipino, napaka-caring natin kahit nasa ibang bansa,” she said. [It's different when you're being taken cared of, especially for us Filipinos. We are very caring, even when we work in other countries] She emphasized that even with technological progress, the importance of human care remains significant in today’s context.

She expressed a desire to enhance her clinic's capabilities to meet the growing demand for advanced diagnostic services that align with the changing preferences of patients.

When asked about the potential expansion of CRM Clinical Laboratory, Maranan remained humble, suggesting that it might be a consideration for her children. As she gracefully approached her 60s, she shared her contentment with the fulfilling journey of her 20-yearlong business.

Maranan reflected on the joy she found in reaching milestones, not only in her professional life but also in acquiring properties as a result of her dedication and the support she gained from her community.

With a heart full of gratitude, and a woman of faith and a humane life, she declared her love for the Lord and pledged to give back in any way possible to her fellow residents in the City of Sto. Tomas, Batangas.