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cent of gross domestic product, rently account for less than while 40 percent of gross domestic product, while

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can expand by at leastsaid 7 percent this Still, Balisacan the economy can expand by at least 7 percent this

helm of the antitrust he served development plan.body, Before taking helm of the antitrust body, he served

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n ■

ON ON NEW NEW ECONOMIC ECONOMIC TEAM’ TEAM’

BBM’S VOW: A BETTER, SAFER, PROSPEROUS LIFE June inflation could hit 6% amid hikes–Diokno Sottoprice closes ‘productive’

Bysecond Samuel Medenilla THE BRP Melchora Aquino, the of twoP.multi-role response @sam_medenilla, vessels procured by the Philippine government from Japan, is welcomed by the Philippine Coast Guard at the Port Area in Manila on Wednesday, June 1, 2022, completing its maiden voyage from Japan. Constructed by Mitsubishi Shipbuilding Co. in Japan, the ship, named Jovee Marie N. dela Cruzthe @joveemarie after Sora, the Grand Spanish colonialbyperiod, is part ofgovernment the Maritimefrom Safety Capability Improvement Project ofCoast the Coast DOMINGO THETandang BRP Melchora Aquino, theWoman secondofofthe twoRevolution multi-roleduring response vessels procured the Philippine Japan, is welcomed by the Philippine GuardGuard. at theROY Port Area in Manila on Wednesday, June 1, 2022, completing its maiden voyage from Japan. Constructed by Mitsubishi Shipbuilding Co. in Japan, the ship, named & Bernadette Nicolas @BNicolasBM after Tandang Sora, the Grand Woman of theD. Revolution during the Spanish colonial period, is part of the Maritime Safety Capability Improvement Project of the Coast Guard. ROY DOMINGO B C U. O @caiordinario B C U. O @caiordinario

P T T

RESIDENT Ferdinand “Bongbong” HE performance of the Philippine R. Marcos onsecond Thursday promised HE performance of thehalf Philippine economy inJr.the in the second half life aofeconomy better, safer and prosperous the year will rest squarely of the during yearofwill rest squarely forthe Filipinos his 6-year term, and on shoulders the incoming on the of the incoming said heshoulders will do whatever itteam, takes to fulfill administration’s economic administration’s economic team, according a local thinkwhen tank. he won’t that vow, to even in times according to a local think tank. have support for certain initiatives.

Sotto closes ‘productive’ PANDEMIC CHALLENGE PANDEMIC CHALLENGE session; Zubiri next SP? MARKS 18TH CONGRESS session; Zubiri next SP? MARKS 18TH CONGRESS T

By Bianca Cuaresma

may be expected to decelerate back to within target for that year.

Earlier this week, the peso also HE g row t h of consu mer crossed the P55 territory, marking UTGOING Senate PresiDrilon moved to electthe Majority prices could accelerate to 6 its weakest state against US dolB J M N. D C and strengthened our political and dent Vicente Sottoyear, III Leader Juanthan Miguel Zubiri as the UTGOING Senate PresiDrilon moved to elect Majority percent in June this lar in more 16 years. @joveemarie governmental institutions.

B J M N. D C and strengthened our political and declared at 7:41 Sotto pm ofIII acting Senate President Pro Temdent ngVicente Leader Juan Miguel Zubiri asconthe Sentral Pilipinas (BSP) “Looking ahead, the BSP will “Despite the institutions. many challenges Bangko @joveemarie governmental Wednesday as adjourned sine die pore from noon of June 30 until declared at 7:41 pm of acting Senate President Pro TemGovernor Benjamin Diokno said on tinue to closely monitor emerging HE House of Representatives that “Despite happenedthe during tenure manymychallenges the thirdasregular session of thedie price July 25,from when the of 19th Congress Wednesday as adjourned sine pore noon June 30 until continued increases developments to enable timely onHEWednesday ended the asthat your happened Speaker, we have risen and Thursday, House of Representatives during my tenure 18th Congress on the part of the fi rst convenes. the third regular session of the July 25, when the 19th Congress in key commodities affect the conintervention to arrest emergence of 18th highlighting ourselves One Conon Congress, Wednesday ended the proven as your Speaker,to webe have risen and Senate, capping on what Minority in the day,effects, colleagues 18th Congress the part of the further fiEarlier rst convenes. sumer basket. second-round conits 3-year achievements, including gress, ready to serve our people,” 18th Congress, highlighting proven ourselves to be One Con- Leader Franklin Drilon described signaled that Zubiri had secured Senate, capping what Minority Earlier in the day, colleagues In a message to reporters, Diokno sistent with BSP’s mandate of price laws to helpachievements, the country navigate histo colleagues. its 3-year including Velasco See “BBM,” A2can handle the emerging scenario,” the gress, told ready serve our people,” asLeader cabinet In its latest Market Call report, First Metro “one of Franklin thecould mosthave productive sesthe “votes” that ofstability,” majority of senators Drilon described signaled Zubiri Diokno had secured inflation settled beand financial said. through and emerge strongernavigate from “One Congress, ready to scruti- said laws to help the country Velasco told his colleagues. report stated.

Investment Corp. and University of Asia and the sions” of the chamber, a feat made who will sit in the 19th Senate, a cabinet can handle the emerging scenario,” the In its latest Market Call report, First Metro as “one of the most productive sesthe “votes” of majority of senators tween 5.7 percent and 6.5 percent In its June meeting, the BSP said the Covid-19 pandemic. nize the national budget, to pass through and emerge stronger from “One Congress, ready scruti- remarkable One of the major risks that post the most Pacifi c (FMIC-UA&P) Capital Markets Research by the fact that much matter confi rmed by Drilon. report stated.

Investment Corp. and University of Asia and the sions” of the chamber, a feat made who will sit in the 19th Senate, This means that inflation it expects inflation to average at 5a In Covid-19 his valedictory laws, conduct hearings, the pandemic. speech, nizetothe national budget,totopropass inofJune. uncertainty is the Russia-Ukraine saidPacifi thecgrowth momentum which gave rise to One to of the the economy major risks that post the most (FMIC-UA&P) Capital Markets Research it was in aispandemic.

Zubiri confi appears now to be the remarkable by the fact that much percent matter rmed byrevised Drilon. acceleration certain from May’s for this year, from Speaker Velascospeech, said vide oversight on the implementaIn Lord his Allan valedictory waruncertainty which willtomark its first 100 days.

The war thesaid 8.3-percent growth in the fiwhich rst quarter laws, to conduct hearings, to prothe economy is the Russia-Ukraine the growth momentum gave will rise to His peers heaped praise on only Zubiri likely candidate to stand of it was in a pandemic. appears now to befor the 5.4 percent print. the earlier forecast of 4.6 percent in the 18th Congress was Velasco a key and of oversight laws, and on to generally make Speaker Lord Allan said tion began February 24 this anddays. will The reachwar spillthe over to the second quarter. vide the implementawar in which will mark its fiyear rst 100 8.3-percent growth in the first quarter will SottoHis for his leadership, and laud-on election as the next Senate Presi-for peers heaped praise only likely candidate to stand Diokno said the continued inMay. The country’s inflation target steady partner of President Duterte it easier for the next Congress and 100began days on 3. FMIC-UA&P Capital However, of the economy in the 18th Congress was a key and tion of laws, and to generally make edSotto in June February 24 this year and Markets will reach spill over tothe theperformance second quarter. and thanked as well theand seven dent, after as Sen. Cynthia Villar, earhis leadership, laud- for election the next Senate Presiin for domestic oil prices, upthis year and next year is at 2 to insteady passing lawsof that promoted Research saidoncommodity prices, particularly oil the third and fourth quarters will of bethe determined to continue the legpartner President Duterte itsitleadership, easier for the next Congress and crease 100 days June 3. FMIC-UA&P Capital Markets However, the performance economy in other “graduating” members of seven the lier touted asSen. a strong contender, ed and thanked as well the dent, after Cynthia Villar, earadjustment in electricity rates, 4announced percent. she was withdrawing prices, could remain elevated until the particularly war in East- oil by the the third policies be implemented the new economic development, work for the sake of our in passing laws thatstrengthpromoted islative Research said commodity prices, andtofourth quarters will by be determined its leadership, to continue thekaleg- ward chamber, including two other of pilother “graduating” members the lier touted as a strong contender, prices of key food items, and ernprices, Europecould is resolved.

This uncertainty lead economic Muchbeuncertainty will greet Thethe BSP also earlier announced ened the administration justice babayans,” he added. remain elevated until the will war in Eastby the team. policies implemented by thethenew economic development,ofstrengthislative work for the sake of our ka- higher lars—Drilon and Senate race.

BytoCai U. Ordinario nomic Planning Secretary Archamber, including twoPresident other pil- from announced she was withdrawing to an ation of above 5 percent in economic managers as the pandemicwill continues peso depreciation are the primary that inflation willere breach target and the rule of law, enhanced the ernaverage Europe infl is resolved.

This uncertainty willthelead economic team. Much uncertainty greet the He said the pandemic forced the ened the administration of justice babayans,” he added.

Pro Tempore Ralph Recto.

“Walathe nang [Th is no]the SP race,” @caiordinario senio M. Balisacan said the govlars—Drilon and Senate President from race. country year. inflation of above 5 percent in the andeconomic commodity prices remain sources of inflationary pressures protection of labor andenhanced social welto anthis average managers as theelevated. pandemic continues for 2023, and is expected to average House leadership to be dynamic, and the rule of law, the He said the pandemic forced the As Tempore his “last Ralph officialRecto. act,” Drilon she told reporters, Pro “Wala nang [Thadding, ere is no]“ISPwant race,” ernment’s limited Statistics fiscal space In April, Authority “Thecommodity robustness in the economic country thisthe year.Philippine and prices remain elevated.recovery, the month. fare, improved of and at 4.3 percent for next year. This and proactive. protection of the laborquality and social wel- innovative House leadership to be dynamic, during introduced a resolution meant to a simple life” and explained she As his “last offi cial act,” Drilon she told reporters, adding, “I want NCOUR AGING greater remains the primary consider(PSA) reported ation nationwide increased founded“The heavily on employment gains, should In April,that theinflPhilippine Statistics Authority robustness in the economic recovery, The BSPahas raised their oil price increased access to is anwanted upward adjustment to their “Despite the lingering threat fare, improved theeducation quality ofand and innovative and proactive. prevent month-long leadership just to “take care of my adintroduced a resolution meant to a simple life” and explained she private sector particiation when it comes to underto 4.9 percent in April 2022.

The average infl ation spillfounded over intoheavily Q2 [theonsecond quarter].gains, And while (PSA) reported that inflation nationwide increased employment should information, enhanced our health for Senate, the year,aswhich largely within-target forecast of 3.9 perincreased access to education and “Despite the lingering threat forecasts gap in the the terms of vocacy, agriculture,” signaling her prevent a month-long leadership just wanted to “take care of my adfor the fi rst four months of the year stood at 3.7 pation in government taking infrastructure projects. a tighter fi scal space and infl ation pose serious to 4.9 percent in April 2022. The average inflation spill over into Q2 [the second quarter]. And while C  A and emergencyenhanced response our system, affects inflation forend thisatyear and into May. information, health Sotto and ofof cent desire keep her chairmanship gap in theRecto Senate, as thenoon terms vocacy, agriculture,” signaling of her headwinds infiH2 anprojects economic infrastructure reBalisacan saidofthe Marcos for the first four months the year stood at 3.7 a tighter scal[second space half], and infl ation poseteam serious C  A the next.

Bank’s latest of that T hese inf lationar yof and emergency response system, S “H,” A Butch Fernandez June 30.The committee.

Sotto and Central Recto end at noon desire tomounting keep her chairmanship of high-quality the new President’s headwinds intechnocrats H2addressing [secondinhalf], an economic team quires issues in administration intends to conforecast on crude oil prices is for it pressures are expected to to more S “H,”projects A June 30.

Fernandez that committee. Butch lead of high-quality the new President’s Public technocrats PrivateinPartnerships tinue the ongoing as to settle at $106.30 per barrel, up rate hikes from the Central Bank.

(PPPs) such as contingent well as those that were nearly from the $104.04 per barrel forecast In its research note earlier, Fitch ■ US 52.4120 ■ JAPAN ■ad-UK 66.0496BBM’S ■ HK ■ the SINGAPORE ■ Ferdinand AUSTRALIA 37.6004 DAY6.6799 In top photo, 17th President of38.2625 the Philippines, “Bongbong” Marcos ■ SAUDI ARABIA 13.9750 ■ EU 56.2643 ■ CHINA 7.8555 Source: BSP (June 1, 2022) liabilities and risk-sharing, completed by the 0.4073 Duterte in May. For next year, crude oil is Solutions—the research arm of the ■l US ministration.

52.4120 ■ JAPAN ■ UK 66.0496 ■ a HK 6.6799 ■ SINGAPORE 38.2625 ■after AUSTRALIA 37.6004 ARABIA 13.9750 ■ EU 56.2643 ■Fitch CHINA 7.8555 Source: BSP (June 1, 2022) Jr., shares moment for posterity onstage with his family minutes taking his oath before Chief ■ SAUDI according to the Nationa The 0.4073 pipeline, expected to hit $95.30 per barrel, Group - said it now expects the Justice Alexander Gesmundo at the National Museum in Manila on Thursday, June 30, 2022. From left, Economic and Development however, will have to be refrom the $89.50 per barrel forecast BSP to raise its rates to 3.25 percent the President’s son Simon, nephews Borgy and Matthew flanking their mother Sen. Imee Marcos, son Authority (Neda). evaluated. in May. for this year. This is a more aggresSandro, mother Imelda Romualdez Marcos, wife Liza, son Vincent and sister Aimee. Above, outgoing In an interview with the BSP officials said a Dubai crude sive monetary tightening path than President Rodrigo Roa Duterte takes his last walk at Malacañang after departure honors. He asked See “Contingent,” A2 BusinessMirror, Socioecooil price of $90 per barrel in 2023 the earlier forecast of 2.75 percent Filipinos to support his successor. NONIE REYES/ROY DOMINGO is the threshold at which inflation by the end of the year. @BcuaresmaBM

TT

O O

CONTINGENT LIABILITIES, RISK SHARING: ISSUES BUGGING PPP

E

PESO EXCHANGE RATES PESO EXCHANGE RATES

PESO exchange rates n US 55.0210

n japan 0.4030 n UK 66.7020 n HK 7.0120 n CHINA 8.2121 n singapore 39.4925 n australia 37.8379 n EU 57.4584 n SAUDI arabia 14.6649

Source: BSP (June 30, 2022)

News

BusinessMirror

A2 Friday, July 1, 2022

10-M Pinoys unbanked, WB says, as it nudges govt, fintech firms

By Cai U. Ordinario @caiordinario

N

E A R LY 10 mi l l ion Fi lipinos remain unbanked and the World Bank said the government, private sector, and financial service providers can help address this.

In its Global Findex Database 2021 report, the World Bank estimated that around 9.23 million Filipino adults remain unbanked.

The Washington-based lender said millions of adults received government payments in cash only.

But Filipinos are not alone and they are part of the 1.4 billion people in the world who remain unbanked.

The World Bank said efforts to expand access to financial services, including leveraging digital payments, should be undertaken.

“Digitalizing some of these payments could be cheaper and could reduce corruption for the government while bringing recipients into the formal financial system,” World Bank economists led by Saniya Ansar said in a Blog about the latest report.

Contingent...

Continued from A1

“We already have evidence that this works—the Global Findex 2021 finds that 865 million account owners in developing economies opened their first financial institution account for the purpose of receiving money from the government,” they added.

In a survey of 1,000 Filipinos, the World Bank said 51 percent of adults interviewed have bank accounts; 47 percent of women own bank accounts; and 34 percent of poot adults have accounts.

In Cambodia and the Philippines, about 20 percent of unbanked adults—or about 10 percent of all adults—received government transfer payments in cash.

The World Bank said, however, that more than 80 percent of the unbanked who received such payments in these economies have a mobile phone.

The report noted that while online shopping is now popular among consumers, many still pay for these goods in cash. In the Philippines, 36 percent of adults bought something online, and three in four online shoppers paid only in cash for

their purchase.

Access to financial services has gender, age, and income gaps. In terms of gender, there is an 8-percentage-point gap in account ownership in the Philippines; 15-percentage-point gap in age; and a gap of over 20 percentage points in terms of income.

“As we seek to move out of the pandemic and as governments seek to consolidate the momentum and expand access to digital banking services, policies must factor in protections for the most vulnerable among us, including women, the poor and those with limited educational attainment or financial literacy,” the World Bank economists said.

The World Bank said if more access to financial services is given to women, for example, they will have a louder voice in terms of household spending and decision making.

The report noted that the results of a field experiment in the Philippines found that women who used commitment savings products encouraged regular deposits into a personal account with a rural bank. This allowed them to spend for household

goods relevant to their needs, such as washing machines.

Increasing access to financial services, including digital payments, can increase if companies use accounts to pay wages and salaries. Some 41 percent of wage earners in the Philippines received wages via bank accounts.

Remittances through accounts also help increase access to financial services. The World Bank said about half of adults in Cambodia, Mongolia, the Philippines, Russia, and República Bolivariana de Venezuela sent or received via accounts and money transfers.

Expanding access to financial services can also help address concerns of Filipinos, particularly through savings and other investments. The report noted that 64 percent considered health expenses their concern while 50 percent were worried about old age.

The World Bank report stated that on average, some 14 percent of adults save. This may include saving cash at home or saving in the form of assets such as livestock, jewelry, or real estate.

Some are more savvy and invest in investment products offered by equity and other traded markets or by purchasing government securities.

“The President has expressed, realizing there are very limited resources, the private sector would have to come in and would have to be enticed, en-

couraged to participate in infrastructure development. Which means, the PPP would have to be strengthened,” Balisacan said.

By strengthening the PPP framework, Balisacan said, there is a need to address concerns that were raised about this particular mode of financing. These concerns included contingent liabilities and risk sharing issues.

Former Philippine Institute for Development Studies (PIDS) President Gilberto Llanto defined contingent liabilities as obligations shouldered by the national government on behalf of private investors to absorb risks from “insufficient market demand, adverse exchange rate fluctuations, and other negative shocks.”

These, Llanto said, are deemed contingent because they may or may not be shouldered by the government, depending on the occurrence or outcome of the event.

However, he said, “contingent liabilities usually arise from the payment of government guarantees.”

Balisacan also said proper risk sharing pertained to the risks borne by the private sector and the government when undertaking PPPs. The PPP was introduced under the second Aquino administration, under which Balisacan first served as Socioeconomic Planning Secretary after the resignation of the late Cayetano W. Paderanga from the post.

“PPP is a relatively new funding mechanism for our infrastructure. That was fairly developed during the PNoy administration and then we were able to launch a number of those PPPs but we also learned lessons from those early projects. And we should be able to enhance, improve the design, the framework of PPPs so we can maximize the benefits from those,” Balisacan explained.

In January, ADB Economic Research and Regional Cooperation Department Advisor Yesim Elhan-Kayalar said developing economies should increase partnerships with the private sector to finance infrastructure programs.

Elhan-Kayalar said this will help economies recover from the pandemic. She said responding to the pandemic has placed a strain on public funds and induced countries to resort to external borrowing to augment their resources.

She said charting a path toward economic recovery will mean financing large-scale public works that would generate sufficient jobs and foster private sector development for both upper and lower middle income countries.

Elhan-Kayalar said this includes financing infrastructure programs in emerging upper middle-income countries such as the P9-trillion Build, Build, Build program in the Philippines.

www.businessmirror.com.ph

BBM...

Continued from A1

In his inaugural speech after being sworn into office as the 17th President of the Philippines

by Chief Justice Alexander Gesmundo at the National Museum of Fine Arts, Marcos said he and the Filipinos share the same dream.

“The campaigns I’ve run have taken me here where I stand today. I listened to you and this is what I have heard. We all want peace in our land. You and your children want a good chance at a better life in a safer, more prosperous country. All that is within reach of a hardworking, warm, and giving race,” he said.

“Your dreams are mine. Pangarap niyo ay pangarap ko. How can we make them come true?

How can we do it together? But I will take it as far as anyone with the same faith and commitment can as if it depended entirely on himself,” Marcos added.

Marcos continued, “in our hope to make our country peaceful, your hope is my hope. In your hope of making our country successful, your hope is my hope. And in our hope for our brighter future and the futures of our children, your hope is my hope.”

The tone of the speech suited well the 65-year-old former senator whose return to Malacanang, where he spent much of his growing up years as son of former President Ferdinand Marcos Sr., bore much historical significance.

He returned to Malacañang more than 36 years after the strongman was ousted in 1986 on the fourth day of the EDSA People Power Revolution, sending the family to exile in the United States.

Before the noontime oathtaking, his predecessor Rodrigo Duterte met first with Marcos before being given departure honors in Malacañang Palace and before Marcos was formally inaugurated at the National Museum of Fine Arts in the City of Manila.

Duterte's cabinet officials, including his economic team finance secretary Carlos G. Dominguez III, Trade Secretary Ramon Lopez, Agriculture Secretary William Dar, were also present to witness the Palace ceremony.

According to Duterte's National Security Adviser Hermogenes Esperon, the former president was expected to take a commercial flight back to his hometown in Davao City.

Economic woes, diminished agriculture

He vowed to come out with a “comprehensive all-inclusive” plan to address the country’s economic woes during his term, reminding everyone of the tough times in the immediate months amid persisting effects of the pandemic and the Ukraine crisis.

“The pandemic ravaged bigger economies than ours. The virus is not the only thing to blame.

What had been well-built was torn down,” Marcos said.

“Then came Ukraine, the most vulnerable when it comes to food are the countries farthest away from the conflict,” he added.

Marcos said he will provide urgent attention to the agriculture sector, which he said is "diminished by unfair competition" to ensure the country's food selfsufficiency.

He said among the measures he is considering is the review of how international free trade agreements impact the local agriculture sector.

“The richest free trade countries always gave their agricultural sectors. Their policy boils down to don’t do as we do. Do what we tell you to. I am giving that policy the most serious thought if that doesn’t change or make more allowances for emergencies with long-term effects,” Marcos said.

“Food is not just a trade commodity. Without it, people weaken and die, societies come apart.

It is more than a livelihood, it is an existential imperative, and a moral one,” he added.

Prior to his inauguration, Marcos already said he will reassess

the Regional Comprehensive Economic Partnership (RCEP) before he decides to ratify it to determine its impact on the competitiveness of the agriculture sector.

Fossil-free technology

Marcos said he also wants to address energy and environment concerns at the same time by tapping new technology.

“Sufficient fossil fuel-free technology for whole economies has yet to be invented and it is not seriously tried by rich countries,” Marcos said.

He expressed concern about the slow pace in international efforts to address climate change, which is wreaking havoc in developing countries, including the Philippines.

“We will look to our partners and friends to help the Philippines who despite having a very small carbon footprint is at the highest risk. First spare victims and help them recover, and move on to lessen the harmful impact of climate change,” Marcos said.

Better labor force

He promised to also focus on the qualifications and preparedness of the country’s workforce, particularly of overseas Filipino workers (OFW).

“We are condemning the future of our race to menial occupations abroad. Then, they are exploited by traffickers,” Marcos said.

He hopes Vice President and Education Secretar y Sara Z. Duterte can implement reforms to boost the employability of the country’s future workforce.

“Let us give OFWs all the advantages we can to survive and to thrive,” Marcos said.

Marcos also committed to continue the mass infrastructure projects initiated by former president Rodrigo R. Duterte to help disperse development in more parts of the country.

“Following these giants’ steps, we will continue to build, I will complete on schedule the projects that have been started. I am not interested in taking credit,” Marcos said.

He said a comprehensive infrastructure plan for his administration is now in the works.

“No part of our country will be neglected. Progress will be made wherever there are Filipinos so, no investment is wasted,” Marcos said.

Cabinet oath-taking

After taking his oath as the 17th President of the Philippines, Marcos led the mass oath-taking ceremony for his Cabinet secretary-nominees, including his Vice President Sara Duterte who is now Education Secretary, Executive Secretary Vic Rodriguez, Trade Secretary Alfredo Pascual, Labor Secretary Bienvenido Laguesma, Migrant Workers Secretary Susan Ople, among others.

Marcos, who ran together with the former president's daughter Sara under the UniTeam tandem, secured a landslide win in the May national elections after garnering a historic 31 million votes.

He assumed the post at a time when the country is still reeling from the impact of the Covid-19 pandemic which also further jacked up the country’s debt and deficit ratios as a share of the economy.

As of end- April, the national government’s outstanding debt zoomed to another record-high at P12.76 trillion.

The national government’s debt-to-GDP ratio as of the first quarter of the year rose to 63.5 percent, above the internationally recommended 60-percent threshold by multilateral lenders for emerging markets like the Philippines. It is also the highest since the country’s debt-to-GDP ratio hit 65.7 percent in 2005 under the Arroyo administration.

The country's budget deficit ratio last year also hit an u nprecedented le ve l of 8 .6 percent of GDP on the back of weaker revenue collections and increased expenditures amid the health crisis.

Continued on A4

A BusinessMirror Special Feature

www.businessmirror.com.ph

Friday, July 1, 2022 A3

THE NEW SAN JOSE BUILDERS, INC.: PROVIDING AFFORDABLE HOUSES, FOSTERING DIGNITY TO FILIPINOS AND FELLOW COUNTRYMEN

Las Casas Filipinas de Acuzar in Bagac, Bataan is a beach resort, convention center, and heritage destination rolled into one. With its many facets, it is truly a unique destination with much to offer for every traveler. (Actual Photo)

Victoria de Valenzuela’s indoor water spa. The 49-storey condominium will soon rise at MacArthur Highway cor. Sampaguita Street, Marulas, Valenzuela (Artist’s Perspective)

By Leony R. Garcia

M

ENTION Bagac, Bataan, and Las Casas Filipinas de Acuzar easily comes to mind. Yes, the once sleepy coastal town of Bagac, only a 3-hour drive from Manila, comes alive with this monumental project from New San Jose Builder Inc. (NSJBI).

Las Casas Filipinas de Acuzar is a 400-hectare heritage site featuring the timeless elegance of 63 heritage houses and 34 historically significant structures from the Spanish colonial period, including restored originals and replicas. Establishing itself as a landmark of pride for Filipino heritage and culture, Las Casas Filipinas de Acuzar was recently awarded 2021 Historic Hotels Worldwide Best Historic Hotel in Asia and the Pacific by Historic Hotels Awards of Excellence.

Aside from Las Casas Filipinas de Acuzar, the company particularly takes pride in being part of one of the country’s most momentous land development projects, The Philippine Arena in Bulacan. The earthquake- and super typhoon-proof arena is more than the size of the largest arenas in the US and Europe, with its impressive 50,000-seating capacity. Moreover, the company is also the main developer of the Ciudad de Victoria or the Philippine Arena Complex.

Grand properties and more…

NSJBI’s proven track record of innovating pioneer projects has raised the bar and set a new paradigm in real estate development.

And thus, its grand projects.

Victoria Arts and Theater Tower

With construction in full swing, the Victoria Arts and Theater Tower is rising soon at Timog Avenue corner GMA Network Drive, in Quezon City.

It’s a spectacular 60-storey abode that will serve as the new mecca for creative minds and inspired spirits that features everything the best in life has to offer -- a hotel with amenities, residential condominium with indoor swimming pool, fitness gym, multi-purpose hall; likewise, office and commercial spaces, events place and executive lounge are available in the property -- and its centerpiece: a grand theater with a planned seating capacity of 350 people.

Victoria Arts and Theater Tower has a classic-modern façade and balconies in the lobby area that give the structure a blend of European artistic style with the design accents made by the artisans at Las Casas Filipinas de Acuzar.

It is a mixed-use residential and commercial building, with six commercial floors and a total of 1,652 residential units, plus 98 hotel rooms. It also features a residential penthouse, a function room, and a helipad.

Victoria de Hidalgo

Touted as the best for investment and location – in the heart of Manila -- Victoria de Hidalgo also boasts of unique structure design, and most of all, best in price and payment term. It will house various commercial, retail and business establishments at the convenient of its residents. Various sports and wellness amenities like indoor bas-

Commercial and retail spaces at Victoria de Hidalgo, which will soon rise at F.R. Hidalgo Street, Quiapo, Manila (Artist’s Perspective)

ketball court, fitness gym, badminton courts, water spa and lap pool, bowling alley and wellness center can be accessed through the Victoria Sports club membership.

With a total of 46 floor levels, Victoria de Hidalgo is a pre-selling sports-themed condominium development offering 2,298 residential units rising at F.R. Hidalgo St., Quiapo, Manila.

Victoria de Valenzuela

Victoria de Valenzuela is a 49-storey pre-selling condominium that features three commercial floors and will be the first high-rise property in the area. The structure will also include retail spaces, wellness spa, and dining shops where students can study and relax. A plan to have multi-purpose room, sky garden, function room and landscape will be an added feature of this property.

Located at MacArthur Highway cor. Sampaguita Street, Marulas, Valenzuela City, Victoria de Valenzuela is set to have a total of 145 dormitory units and 1,617 residential units which will surely bring the residents higher.

Victoria Sports Tower Monumento

The soon-to-be first skyscraper in Caloocan City, Victoria Sports Tower Monumento is the haven for sports jocks and lifestyle enthusiasts with 56 floors of residential and commercial spaces.

This architectural wonder will be the center of business, entertainment, leisure, beauty and wellness, and sports. Victoria Sports Tower Monumento is the exqui-

site choice not only for the careeroriented but most definitely, for every family.

Located just a stone’s strow away from the national statue of a great Philippine hero, Andres Bonifacio, investment opportunities is endless in this prime property development.

Victoria Sports Tower

A high-rise residential condominium situated along EDSA, is easily accessible to GMA Kamuning MRT station, Victoria Sports Tower offers high-class residential apartments with convenient access to some of Quezon City’s most popular night spots and more: the property's own state-of-the-art sports facilities designed to attract the fitness-minded, both young and old.

Victoria Sports Tower has dedicated four entire floors to an upscale, state-of-the-art Sports Center. With a 50-meter indoor lap pool, water spa and a kiddie pool, six private gyms, and complete wellness facilities.

Victoria Sports Tower also houses VS Hotel, a hotel dedicated to sports, fitness, and wellness, occupying the 9th to 12th floors of the property. VS Hotel is the perfect refuge for travelers and locals who want to get away from the roaring and bustling metro either to spend time relaxing or close a business deal while staying fit, playing their favorite sports, and enjoying their staycation.

Victoria Sports Tower is likewise a home to Manuel L. Quezon University’s (MLQU) School for Professional Advancement & Continuing Education (SPACE) where the School of Law and Graduate Studies are located.

The acquisition of MLQU in October 2014 was a historic achievement for NSJBI. Since then, NSJBI has joined every Filipino student in achieving a better life through education with the upgrading of MLQU’s facilities as well as its curriculum.

“Building Homes, Uplifting Lives”

Victoria Sports Tower Monumento will be located just few steps away from the monument of Andres Bonifacio in Caloocan City (Artist’s Perspective)

Since its establishment in 1986, NSJBI has surrounded itself with visions that sets it apart from other real estate companies: building Filipinos’ dreams, understanding their struggles, and sharing their values.

With all its visions, the company works continually to provide for Filipinos affordable homes that they can call their own.

NSJBI is both a developer and a contractor, enabling it to produce – and, therefore, sell – at a lower cost.

This is why it is known for its very affordable packages for its units.

Flexible and competitive financing is available through in-house and bank financing.

Victoria Arts and Theater Tower façade – a 62-story mixed used development property will soon rise at GMA Network Drive cor. Timog Avenue, Quezon City (Artist’s Perspective)

Victoria Sports Tower Monumento activity swimming pool. The 56-story building is a commercial and residential property for sports jocks and lifestyle enthusiasts. (Artist’s Perspective)

Moving forward after the pandemic, NSJBI stays true to its vision and mission with its current corporate tagline of “Building Homes, Uplifting Lives”. With the easing of government restrictions relating to the pandemic, project constructions are in full swing in order to meet market demands and customer/buyer expectations. Likewise, pre-selling properties are in active mode. Currently, the Victoria Arts & Theater Tower, Victoria de Hidalgo, Victoria de Valenzuela, Victoria Sports Tower Monumento as well as Victoria de Malate, located along Angel Linao Corner, Quirino Ave., Malate, Manila, are key pre-selling properties the company is focusing on.

Regular developments and property management improvements are also in the pipeline as far as RFO (Ready For Occupancy) projects are concerned. Needless to say, NSJBI will stay true to its core corporate objectives of providing affordable houses to Filipinos with the goal of fostering dignity in our fellow countrymen.

NSJBI currently has other residential prime properties which can be found all over key centers of Metro Manila, available in the most affordable of terms: Victoria Towers at the crossroads of Panay Avenue and Timog Avenue in Quezon City; Victoria Station 1 linked to the Kamuning MRT Station, Victoria de Manila 1 and Victoria de Manila 2 right in the center of Taft Avenue in Manila; Victoria de Makati along at the corner of Washington and Dela Rosa Streets in

Makati; Victoria de Morato in Scout Borromeo near Tomas Morato in Quezon City; Fort Victoria in Bonifacio Global City in Taguig; and Isabelle de Valenzuela. Most NSJBI properties are strategically located in the center of metropolitan living and are having sports-themed projects suitable to meet the modern active lifestyle.

Truly, New San Jose Builders, Inc. (NSJBI) has remained to its commitment ever since it was established 36 years ago. Year after year, the company has been surprising and surpassing the expectations of Filipinos with its modern and contemporary approach to building homes and uplifting lives. Under the leadership of Dr. Jose Rizalino Acuzar at the helm as Chairman and Dr. Isagani Germar as Co-Chairman with Engr. Cesar Sanqui as President, of NSJBI has earned a track record of innovating pioneer projects.

It has created a wide array of choices and methods for purchasing properties in the best locations across the metro. Thus, through the years, NSJBI has come up with a robust portfolio of service and recreational facilities, transport infrastructure, sustainable townships, and prime residential condominiums.

For more information about NSJBI projects, call (02) 84427777. Keep up with the latest information and announcements by liking the fan page in Facebook at www.facebook.com/newsanjoseofficial or visiting the website at www.nsjbi.com.ph.

A4 Friday, July 1, 2022 • Editor: Vittorio V. Vitug

The Nation BusinessMirror

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PBBM attends first official military engagement today

By Rene Acosta @reneacostaBM

T

HE Philippine National Police reported no untoward incident during the inauguration on Thursday of President Ferdinand “Bongbong” R. Marcos Jr., as he has been scheduled to attend today’s 75th anniversary commemoration of the Philippine Air Force, his first official

BBM. . .

Forthcoming Sona

engagement with the military as its Commander-in-Chief.

Air Force spokesman Col. Maynard Mariano said Marcos Jr. is expected to physically attend the Air Force anniversary, which will be held at its Haribon Hangar in Clark Air Base, Mabalacat City, Pampanga.

Based on the monitoring of the PNP’s Operation Center, Marcos Jr.’s inauguration at the National Museum was peaceful with no sig-

nificant incident reported, except for the protest gathering staged by at least 5,000 members of different groups.

The PNP said the protesters converged at around 9 a.m. at Plaza Miranda in Quiapo, Manila, where various issues dealing on human rights, justice, press freedom, wage increase, political prisoners and oil prices were raised.

Among the groups that joined

the protest ra lly were r ights group Karapatan, Kilusang Mayo Uno, Bayan Muna, Anakpawis and Courage.

Mariano said the highlight of the Air Force’s anniversary is the expected presence of the Commander-inChief, who will witness a high- speed opener by FA-50s and a flyby by other Air Force assets.

Meanwhile, the Department of National Defense said its incoming

officer in charge had tested positive for Covid-19.

“Undersecretary [Jose] Faustino [Jr.] will physically report for work after complying with the prescribed quarantine period. He is fully vaccinated and boosted, and is asymptomatic. He will temporarily perform his duties while in isolation,” the defense department said in a news statement issued by its spokesman Arsenio Andolong.

Faustino replaced outgoing Defense Secretary Delfin Lorenzana.

The statement said Faustino came into close contact with a Covid-positive individual during one of his many engagements and consultations “prior to his assumption today, June 30, as OIC, DND.” “The transition ceremony will be conducted virtually…tomorrow, 1 July,” the statement added.

continued from a2

MARCOS said he will bare more details of his economic plans at his forthcoming State of the Nation Address (Sona) next month.

The solutions, he said, will even include the proposal of his rivals in the May 9, 2022 presidential race.

“I did not bother to think of rebutting my rivals. Instead, I searched for promising approaches better than the usual solutions,” Marcos said.

He said he is ready to face the tasks ahead even without “wide cooperation.”

“I will not predicate my promise to you on your cooperation. You have your own

lives to live, your work to do, and there too, I will help,” Marcos said.

“Government will get as much done alone without requiring more from you,” he added.

Marcos made the statement despite getting over 31 million votes in the May 9, 2022 polls.

The son of former president Ferdinand

E. Marcos Sr. delivered his speech before foreign dignitaries and high-ranking guests including former president Joseph Ejercito Estrada, Chief Justice Alexander G. Gesmundo who administered the oath to him, former Senate President Vicente Sotto III who read the dispositive portion of the 18th Congress’s joint resolution proclaiming him and Vice President Sara Zimmerman Duterte winners of the May 9 elections.

No divisions

MARCOS, who secured 31 million votes, also vowed to continue to reject the politics of division and focus on the work at hand.

“By your vote, you rejected the politics of division. I offended none of my rivals in this campaign. I listened instead to what they were saying and I saw little incompatibility with my own ideas about jobs, fair wages, personal safety and national strength and ending want in a land of plenty,” he said.

He also reiterated his call for Filipinos to unite and stand together.

“In this fresh chapter of our history, I extend my hand to all Filipinos. Come,

let us put our shoulders to the wheel and give that wheel a faster turn to repair and to rebuild and to address challenges in new ways to provide what all Filipinos need, to be all that we can,” he said.

“We are here to repair a house divided, to make it whole and to stand strong again in the bayanihan way expressive of our nature as Filipinos. We shall seek, not scorn dialogue; listen respectfully to contrary views; be open to suggestions coming from hard thinking and unsparing judgment, but always from us Filipinos,” he added.

Marcos also vowed to continue to listen to the voice of people who are calling for “unity, unity and unity.”

“We will go further together than against each other, pushing forward not pulling each other back out of fear, out of a misplaced sense of weakness. But we are the furthest from weak. The Filipino diaspora flourishes even in the most inhospitable climes, where they are valued for their quality. The changes we shape will benefit all and will shortchange no one. I was not the instrument of change, you were that. You made it happen. I am now,” he added.

Economy BusinessMirror

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Editor: Vittorio V. Vitug • Friday, July 1, 2022 A5

Solons outline PBBM’s pivotal role in boosting agri production

By Jovee Marie N. Dela Cruz @joveemarie

L

AWMAKERS said President Ferdinand “Bongbong” R. Marcos Jr., will play a pivotal role in boosting Philippine agriculture.

Marcos, during his inauguration, had made pronouncements about revamping the structure of the Department of Agriculture.

Albay Rep. Joey Sarte Salceda said Marcos will likely focus on three key areas in agriculture: yield for main or staple crops, lower input costs and more direct delivery to end-users to reduce consumer prices of food and modernization of value chains and logistics for agriculture.

Salceda also suggested to the new administration a framework for immediately boosting Philippine agriculture. “[We should] coordinate the DTI [Department of Trade and Industry], DOST [Department of Science

and Technology], GFIs [government financial institutions], DICT [Department of Information and Communications Technology], and other relevant authorities to provide services to every stage of the agricultural value chain, from post-harvest processing, packaging, cold storage, transport, and marketing [including online] to boost agricultural production and sell to the consumer with minimal pass-through or middleman costs,” he said.

The lawmaker added the government should also mobilize the Armed Forces of the Philippines Corps of Engineers to ease farmto-market chokepoints, expedite the completion of ongoing farmto-market roads, and other valuechain infrastructure and expand recruitment and deployment of irrigation development officers and other integrators of farm inputs.

“Map the agricultural value chain and require certain compa-

nies to produce or import supplies in severe deficiency [such as fertilizers],” he said. “[We should also] issue executive orders intensifying enforcement against price gouging, uncompetitive behavior, and other market abuses, especially in farm inputs,” he added.

Salceda said the government must also require that Citizenship Advancement Training, SK Programs, and other youth activities to have a food production component.

The lawmaker said the government should also require the use of unutilized urban government land, such as unproductive land in schools and government complexes for the production of nutritious food. “[We should] make seeds and basic food garden starters widely available, especially to low-income communities. [We should also] establish powers that would allow the President to require canning,

preservation, and other methods of extending the shelf-life of surplus food production [similar to Defense Production Act powers],” he added.

For his part, 1 Pacman Rep. Mikee Romero said that it is the time to rally behind the country’s goals and aspirations laid out in the inaugural address of President Marcos.

“If we want to help our country recover from the pandemic, high inflation, and high fuel prices, we cannot fail the Filipino people,” he said.

“It is time to put in place the building blocks of the country’s strategic fuel reserve, which I have long proposed, so that when fuel prices subside and stabilize that would be the time to inject the fuel reserves into the facilities and system built for the purpose,” he said.

Crucial to the food self-sufficiency objectives of the new administration, he said the government

must build an efficient commodities market and trading system, including its component storage depots, accountability and transparency mechanisms, and the commodities exchange.

Bagong Henerasyon Rep. Bernadette Herrera said investment and accountability in public utilities and energy sector will help achieve “sufficiency and plenty” under the Marcos administration.

“I agree with what President Marcos Jr. said about energy sufficiency. This is consistent with my long-standing position on public utilities including the power utilities,” she said.

“I have long been for renewable energy, solar power, wind power, mini-grids and microgrids, and mini-hydro facilities because these are the energy technologies suited to our archipelagic needs,” she added.

In the 19th Congress, Herrera

said what the President said can be paired with specific actions in terms of annual appropriations, bills encouraging investments and accountability in the energy, water, and telecoms sectors.

“This is how we can help achieve sufficiency and plenty for the Filipino people,” she added.

‘Great leader’

HOUSE Majority Leader and Leyte 1st District Rep. Martin G. Romualdez said President-elect Marcos Jr. “will be a great President.”

“He made history by being the first majority President in modern times. I am sure he has his eyes on other extraordinary feats by having a legacy Filipinos will be proud of for many years and by being a great President,” Romualdez said. “President Marcos will play a pivotal role in uniting the nation which is key to moving the country to greater heights.”

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Friday, July 1, 2022

TheWorld BusinessMirror

EU countries back climate measures after long talks B

By Samuel Petrequin The Associated Press

RUSSELS—European Union countries reached a deal following hard-fought talks that dragged into early Wednesday to back stricter

climate rules that would eliminate carbon emissions from new cars by 2035.

The 27 EU members found agreement on draft legislation aimed at slashing EU greenhouse gases by at least 55 percent in 2030 compared with 1990 rather than by a previously agreed 40 percent.

Editor: Angel R. Calso • www.businessmirror.com.ph “A long but good day for climate action: The council’s decisions on Fitfor55 are a big step towards delivering the EU Green Deal,” said Frans Timmermans, the European Commission vice-president in charge of the Green Deal, after the meeting of environment ministers in Luxembourg.

The agreement on the five laws proposed by the EU’s executive arm last year paves the way for final negotiations with the European Parliament. EU lawmakers are See “EU,” A8

www.businessmirror.com.ph

Asean special envoy makes 2nd visit to strife-torn Myanmar

TheWorld BusinessMirror

B

ANGKOK—Cambodia’s foreign minister is making his second visit to Myanmar as a special envoy of the Association of Southeast Asian Nations to the country that has been mired in violence and civil unrest since the military seized

power last year.

State-run television MRTV reported that Prak Sokhonn and his party were welcomed by officials from the Ministry of Foreign Affairs after their arrival in Yangon on Wednesday.

Friday, July 1, 2022 Asean has been seeking to implement a five-point consensus it reached on Myanmar last year calling for dialogue among all concerned parties, provision of humanitarian assistance, an immediate cessation of violence and a visit by a special envoy to

A7

meet all parties. Cambodia is the current chair of the 10-nation grouping, which includes Myanmar.

M y a n m a r ’s m i l i t a r y - i n s t a l l e d See “Asean,” A8

A8

Friday, July 1, 2022

TheWorld BusinessMirror

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Russian troops fight to encircle Ukraine’s last eastern stronghold

By Francesca Ebel & Yuras Karmanau The Associated Press

K

REMENCHUK, Ukraine—Russian forces battled Wednesday to surround the Ukrainian military’s last stronghold in a long-contested eastern province, as shock reverberated from a Russian airstrike on a shopping mall that killed at least 18 in the center of the country two days earlier.

Moscow’s battle to wrest the entire

Donbas region from Ukraine saw Russian forces pushing toward two villages south of Lysychansk while Ukrainian troops fought to prevent their encirclement.

Britain’s defense ministry said Russian forces were making “incremental advances” in their offensive to capture Lysychansk, the last city in the Luhansk province under Ukrainian control following the retreat of Ukraine’s forces from the neighboring city of Sievierodonetsk.

Russian troops and their separatist allies

control 95 percent of Luhansk and about half of Donetsk, the two provinces that make up the mostly Russian-speaking Donbas.

The latest assessment by the Institute for the Study of War, a Washington-based think tank, said the Ukrainians were likely in a fighting withdrawal to seek more defensible positions while draining the Russian forces of manpower and resources.

Avril Haines, the US director of national intelligence, said Russia “may think time is on its side” due to the escalating costs borne by the West and fatigue as the war grows longer. The most likely scenario predicted by American intelligence, Haines said, is a “grinding struggle” in which Russia consolidates its hold over southern Ukraine by the fall.

The US correctly predicted Russia would invade Ukraine in February, but was wrong in assessing that it would quickly seize Kyiv. Speaking at an event in Washington on Wednesday, Haines said Russian President Vladimir Putin “has effectively the same political goals that he had previously, which is to say that he wants to take most of Ukraine” and push it away from Nato.

“We perceive a disconnect between Putin’s near-term military objectives in this area and his military’s capacity, a kind of mismatch between his ambitions and what the military is able to accomplish,” Haines said.

Putin also said his goals in Ukraine have not changed since the start of the war. He said they were “the liberation of the Donbas, the protection of these people and the creation of conditions that would guarantee the security of Russia itself.” He made no mention of his original stated goals to “demilitarize” and “de-Nazify” Ukraine.

He denied Russia adjusted its strategy after failing to take Kyiv. “As you can see, the troops are moving and reaching the marks that were set for them for a certain stage of this combat work. Everything is going according to plan,” Putin said at a news conference in Turkmenistan.

Meanwhile, crews continued to search through the rubble of the shopping mall in Kremenchuk where Ukrainian authorities say

20 people remain missing.

Ukrainian State Emergency Services press officer Svitlana Rybalko told The Associated Press that along with the 18 people killed, investigators found fragments of eight more bodies. It was not immediately clear whether that meant there were more victims. A number of survivors suffered severed limbs.

“The police cannot say for sure how many [victims] there are. So we are finding not the bodies but the fragments of bodies,” Rybalko said. “Now we are clearing at the very epicenter of the blast. Here, we practically cannot find bodies as such.”

Several families stood by what was left of the Amstor shopping center Wednesday morning in hope of finding missing loved ones.

“This is pure genocide,” local resident Tatiana Chernyshova said while going to lay flowers at the site. “Such things cannot happen in the 21st century.”

“We need to engage everyone to help stop the war, help us fight these scum—these Russian aggressors,” Chernyshova said.

Psychologists working at the site with families said they were trying to help people come to terms with their loss.

“We are trying to help them release their emotions now, as later it becomes harder and much more painful,” said one psychologist, who did not give his name as he was not authorized to speak to the press.

After the attack on the mall, Ukrainian President Volodymyr Zelenskyy accused Russia of becoming a “terrorist” state. On Wednesday, he reproached Nato for not embracing or equipping his embattled country more fully.

“The open-door policy of Nato shouldn’t resemble old turnstiles on Kyiv’s subway, which stay open but close when you approach them until you pay,” Zelenskyy told Nato leaders meeting in Madrid, speaking by video link. “Hasn’t Ukraine paid enough?

Hasn’t our contribution to defending Europe and the entire civilization been sufficient?”

He asked for more modern artillery systems and other weapons and warned the Nato leaders they either had to provide

Ukraine with the help it needed to defeat Russia or “face a delayed war between Russia and yourself.”

Russian foreign ministry spokeswoman Maria Zakharova on Wednesday dismissed what she claimed was the Ukrainian government’s “blatant provocation” in trying to blame the mall missile strike on Russia’s military.

Britain’s defense ministry said there was a “realistic possibility” that the mall strike “was intended to hit a nearby infrastructure target.”

“Russian planners highly likely remain willing to accept a high level of collateral damage when they perceive military necessity in striking a target,” the ministry said. “It is almost certain that Russia will continue to conduct strikes in an effort to interdict the resupplying of Ukrainian front-line forces.”

Russia’s military also is experiencing a shortage of more modern precision strike weapons, which is compounding civilian casualties, the British ministry said.

In southern Ukraine, a Russian missile strike on a multi-story apartment building Wednesday in the city of Mykolaiv killed at least four people and injured five, regional governor Vitaliy Kim said. Mykolaiv is a major port and seizing it—as well as Odesa farther west—would be key to Russia’s objective of cutting off Ukraine from its Black Sea coast.

Russia’s defense ministry said in a statement that the missile strike on Mykolaiv targeted a base for training “foreign mercenaries,” as well as ammunition depots.

In other developments Wednesday:

Russian lawmaker warns Lithuania

A senior Russian lawmaker warned that Lithuania’s refusal to allow some goods targeted by European Union sanctions through to Russia’s Baltic exclave of Kaliningrad could

EU. . .

Continued from A6

backing ambitious bloc-wide targets. Final approval of the legislative package requires the Parliament to resolve differences with the bloc’s national governments over various details.

“The council is now ready to negotiate with the European Parliament on concluding the package, thereby placing the European Union more than ever in the vanguard of fighting climate change,” said Agnès Pannier-Runacher, the French Minister for the energy transition.

The decision to introduce a 100 percent CO2 emissions reduction target by 2035 for new cars and vans would effectively prohibit the sale in the 27-nation bloc of new cars powered by gasoline or diesel.

Europe’s leading clean transport campaign group, Transport and Environment, said the EU government’s agreement was “historic” as it “breaks the hold of the oil industry over transport.”

“It’s game over for the internal combustion engine in Europe,” the group said.

Greenpeace was more skeptical, saying the 2035 deadline is too late to limit global warming to below 1.5 degrees Celsius (2.7 degrees Fahrenheit).

The deal poses a mighty challenge for German automakers, who have long relied on sales of increasingly big, gas-guzzling vehicles for their profits.

Following intense haggling within the three-party government, particularly between the environmentalist Greens and

Asean. . .

Continued from A7

government initially agreed to the consensus but has since made little effort to implement it, and the country has slipped into a situation that some UN experts have characterized as a civil war.

Its stonewalling led fellow Asean members to block government leaders from attending major meetings of the regional grouping.

A spokesperson for the militar y government said on Tuesday that Prak Sokhoon will not be allowed to meet ousted government leader Aung San Suu Kyi during his five-day visit. Suu Kyi is being tried on multiple charges, including corruption, and was transferred last week to a custom-built solitary facility at a prison in Naypyitaw, the capital. Her supporters say the charges are politically motivated to discredit her and legitimize the military’s seizure of power.

The military ousted Suu Kyi’s elected government and then violently cracked down on widespread protests against its actions.

After security forces unleashed lethal force

trigger a military confrontation.

The statement by Vladimir Dzhabarov, a deputy head of the foreign affairs committee in the lower house of Russia’s parliament, followed the Kremlin’s warning that it will retaliate against restrictions of transit to Kaliningrad. The region borders EU and Nato members Poland and Lithuania.

Russia summons Norway’s envoy

Russia’s foreign ministry summoned Norway’s charge d’affaires to protest Oslo’s blocking of a shipment of supplies to a Russian coal-mining town in the Svalbard islands.

Although the Svalbards are Norwegian territory, a 1920 treaty allows all sigNatory countries the right to exploit its natural resources. Russia operates a coalmine in Barentsburg, a settlement of about 450 people, which relies on shipments from the mainland of food, machinery and other supplies.

Norway imposed sanctions on shipments from Russia in April.

144 Ukrainian troops released in prisoner swap

Ukrainian military intelligence says that in the largest prisoner swap since the start of the war 144 Ukrainian troops were released from Russian captivity. Of those released, 95 were involved in defending the Azovstal steel plant in Ukraine’s devastated southern city of Mariupol before Russian forces captured it weeks ago. Denis Pushilin, the separatist leader in Donetsk, said both sides released an equal number of soldiers.

Karmanau reported from Lviv, Ukraine.

Frank Griffiths and Sylvia Hui in London, Maria Grazia Murru in Kyiv, Samuel Petrequin in Brussels and Nomaan Merchant in Washington contributed.

the pro-business Free Democrats, German officials voted in favor of the compromise overnight.

The German government said the deal will also see the Commission make a proposal that will allow cars which run exclusively on climate neutral e-fuels to continue to be sold after 2035.

“This is a huge step forward and steers the transport sector onto the path of climate neutrality,” Environment Minister Steffi Lemke, a member of the Greens, said. By declaring that only cars and light utility vehicles that emit no CO2 can be sold from 2035, “we are sending a clear signal that we need to meet the climate targets.

This gives the car industry the planning security it needs.”

The EU wants to drastically reduce gas emission from transportation by 2050 and promote electric cars, but a report from the bloc’s external auditor showed last year that the bloc is lacking the appropriate charging stations.

Transportation accounts for about 25 percent of all greenhouse gas emissions in the EU. In addition to the landmark agreement on cars, the package also features a reform of the EU’s carbon market and the creation of a social climate fund to help vulnerable households cope with the planned clean-energy revamp. That issue has become more politically sensitive as Russia’s war in Ukraine has sent fuel prices soaring.

The overall goal is to put the EU on track to become climate-neutral in 2050 and to prod other major polluters, including the United States and China, to follow suit.

Frank Jordans in Berlin contributed to this story. against peaceful demonstrators, some opponents of military rule took up arms.

Cambodia’s government said Prak Sokhonn’s visit will follow up on the implementation of the five-point consensus, the outcome of a consultative meeting on Asean humanitarian assistance to Myanmar held in Cambodia last month, and help create an environment conducive to political dialogue through meetings with all concerned parties.

Prak Sokhonn is scheduled to meet with military government leader Senior Gen. Min Aung Hlaing and officials from at least six ethnic armed groups, which have been seeking greater autonomy from the central government. But there is skepticism that the meeting will advance peacemaking because none of the groups attending is currently in armed conflict with the government.

During his first mission in March, Prak Sokhonn met with Min Aung Hlaing, diplomats from other Asean countries and the UN and a Myanmar politician. He said after his return that he had seen minor progress during his visit and was not allowed to meet with Suu Kyi and other opposition leaders. AP

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A9

Friday, July 1, 2022

Poultry raisers issue warning on spread of fowl adenovirus

By Jasper Emmanuel Y. Arcalas @jearcalas

T

HE Philippines is seeing rising cases of inclusion body hepatitis (IBH) in poultry, worsening the production woes of fowl raisers who continue to reel from high input costs due to disruption to global supply chains.

The disease, which is caused by fowl adenovirus, is not harmful to humans since it is not zoonotic, government and private experts said.

Bureau of Animal Industry (BAI) Executive Director Reildrin G. Morales confirmed the growing number of IBH cases in the country, which he pointed out “threatens” poultry production as the disease may cause high mortality rate among flocks.

Morales explained that IBH has been present in the country even before and has always been considered as a “disease of farm concern.” However, the industry saw an uptick in IBH cases this year.

“Our data shows that we have concerns with IBH. The cases are quite high,” Morales, who also serves as the country’s chief veterinary officer, said.

“This disease has a threat to our poultry production due to the high mortality rate.

And all threats that will affect our harvest and growth of chickens, will have an impact on our supply,” he added.

Collaboration

MORALES assured the public and poultry raisers that the government is continuously collaborating with the private sector, including raisers and veterinarians, to address the situation.

The government has already held at least two technical meetings regarding the IBH situation and will continue to hold more, sources familiar with the matter told the BusinessMirror.

Morales did not disclose data on the current IBH situation, including the number of affected population and areas with confirmed cases.

But industry sources that are familiar with the matter, but not authorized to speak, told the BusinessMirror that there have been confirmed IBH cases, involving layers and broilers, in Central Luzon and Southern Luzon.

The BAI, an attached agency of the Department of Agriculture, has already issued special import permits for autogenous vaccines against IBH as part of the government measures to address poultry production problems that have resulted in lower supply and higher retail prices.

The BAI noted that the IBH, a “viral” disease, is resistant to several disinfectants, head and even changes in pH.

Lower production

GREGORIO SAN DIEGO, chairman of the United Broiler Raisers Association (Ubra) and the Philippine Egg Board Association, told the BusinessMirror that the spread of IBH is causing further headaches to poultry raisers who are already suffering from dismal production.

San Diego said poultry raisers that have been affected by IBH reported lower egg output for layers and smaller sizes for broilers.

“I am worried that the situation may worsen since this disease spreads faster since some infected poultry do not exhibit symptoms, thereby putting at risk other birds,” he said.

For the first time, Ubra recorded the sale of lower sized broilers—ranging from 700 grams to 1.29 kilograms—in the market.

The group explained that these undersized broilers were used to be given for free but because of the lower production, raisers have been forced to sell them to the market.

A runt size broiler (700 grams to 1 kilogram) is now fetching at a farm-gate price of P85 per kilogram, while an undersized broiler (1 kilogram to 1.29 kilograms) is being sold from P105 to P110 per kilogram at the farm level, based on weekly Ubra price survey.

Vaccines needed

UNIVERSITY of the Philippines-Los Baños professor Sherwin Camba, who is part of the technical group conducting surveillance on IBH, told the BusinessMirror that there are indeed rising cases of the disease in areas with “high” poultry population today.

Camba, a diplomate member of the Philippine College of Poultry Practitioners (PCPP), explained that the disease mainly affects the liver and also affects the pancreas and kidneys of the poultry, causing digestive problems such as loss of appetite and gizzard erosion.

Camba added that poultry infected by IBH may experience runting among broilers and reduction in egg output among layers.

Camba emphasized that the best option to combat IBH is autogenous vaccination, meaning that the vaccines will be made out of the specific serotype of IBH disease affecting a given poultry population.

However, the country’s available killed vaccine against IBH is only effective against two serotypes. The IBH disease has 12 serotypes, Camba added. Camba said the locally available killed IBH vaccine is effective against serotype 4 and 8 but the prevailing serotype affecting domestic poultry farms today is 8-B, based on ongoing surveillance.

“That is why we need to import [the autogenous vaccines] if we want to do the vaccination against the same serotype,” he said.

Sugar millers to start operations a month earlier continued from a12 Latest estimates made by the SRA indicated that the country’s current raw sugar stocks of 248,195.40 metric tons (MT) will be wiped out by August 4 while the current supply of refined sugar of 109,004.5 MT will be totally consumed by July 29.

Agriculture Undersecretary Fermin D. Adriano said the computation made by the DA’s economic team showed a sugar supply deficit of 203,000 MT and a refined sugar shortfall of about 332,000 MT. SRA Administrator Hermenegildo R. Serafica said the country is already “eating up” its sugar buffer stock.

Because of this, Serafica said the country will not have any carryover stocks of sugar at the start of the next crop year on September 1.

Historically and ideally, Serafica said the country must have carryover stocks of 250,000 MT of raw sugar and 200,000 MT to 250,000 MT of refined sugar at the end of any given crop year.

“Unfortunately, what is happening is even our carryover stocks from last year are [running out]. So we are now already consuming what would have been our buffer stock because our imports were delayed.”

(Related story: https://businessmirror. com.ph/2022/06/22/phl-faces-raw-sugar-shortage-as-demand-surges/)

SRAdatashowedthatsugarcaneproduction as of June 12 declined by 16.69 percent yearon-year to 20.778 million metric tons (MMT) while raw sugar output fell by 15.63 percent year-on-year to 1.789 MMT. Refined sugar output, meanwhile, declined by 13.71 percent to 955,058.8 MT from 1.106 MMT last year.

The tightness in sugar supply has resulted in all-time high prices for both raw and refined sugar.

The average retail price of refined sugar in Metro Manila wet markets as of June 23 soared to a fresh record high of P83.79 per kg while its average price in supermarkets reached an all-time high of P74.07 per kg, based on SRA data.

The average retail price of raw sugar in Metro Manila wet markets is now at P64.50 per kg while its quotation in supermarkets averaged P60.22 per kg.

The average retail price of washed sugar in Metro Manila public markets is currently at P61.84 per kg while those sold in supermarkets is at P67.43 per kg.

The average wholesale price of refined sugar as of June 23 reached a new record high of P3,991.43 per 50-kg bag, 73.35 percent higher than last year’s P2,302.5, SRA data showed. Also, the average wholesale price of raw sugar rose by more than half year-onyear to a record P2,846.15 per 50-kg bag.

A10 Friday, July 1, 2022 • Editor: Angel R. Calso

Opinion BusinessMirror

www.news.businessmirror@gmail.com

editorial

Marcos vows to focus on food sufficiency

‘W

hen America sneezes, the world catches a cold.” This phrase is often used to explain that what happens in the US affects the rest of the world. The prognosis is bad: US Inflation surged to 8.6 percent in May, a 40-year high, as the global supply chain crisis and the Ukraine war aggravated supply shortages.

Fed Chair Jerome Powell at first characterized surging consumer prices as merely a “transitory” problem, which is mainly the result of shipping delays and temporary shortages of supplies and workers as the US economy rebounded fast from the pandemic recession. Now, economists are saying that consumer inflation will remain elevated at least through this year, with demand outstripping supplies in many areas of the economy.

From the Associated Press: “Federal Reserve Chair Jerome Powell said there’s “no guarantee’’ the central bank can tame runaway inflation without hurting the job market. Speaking Wednesday at a European Central Bank forum in Sintra, Portugal, Powell repeated his hope that the Fed can achieve a so-called soft landing—raising interest rates just enough to slow the economy and rein in surging consumer prices without causing a recession and sharply raising the unemployment rate.”

As the world is shifting to a regime of higher inflation, economists warned in May that the US economy could be heading for a recession, or worse, stagflation: Former Fed chair Ben Bernanke warned that the country could be poised for “stagflation”—a slowing economy combined with high inflation. Lloyd Blankfein, former Goldman Sachs chief executive, warned of a “very, very high risk” of recession. Wells Fargo CEO Charlie Scharf said “there was no question that the US economy is heading toward a downturn.”

To fight inflation, the Fed is seen raising rates. The fallout of high Fed rates can be felt beyond America’s borders, hitting developing countries like the Philippines. The impacts on other countries range from higher borrowing costs to depreciating currencies, like what is happening to the peso. This will make it more expensive for us to pay for food imports and other products.

IMF Managing Director Kristalina Georgieva was worried enough last month to warn the Fed and other rate-hiking central banks to stay “mindful of the spillover risks to vulnerable emerging and developing economies.’’ She knows that as rates go up in the US, American government bonds will start looking more attractive to global investors. Then they start pulling money out of poor and middle-income countries and invest it in the US. This will drive up the US dollar and sink currencies in the developing world.

G-7 Statement on Global Food Security, June 28, 2022: “We note with grave concern that in 2022, according to the UN Global Crisis Response Group on Food, Energy and Finance, up to 323 million people globally will become acutely food insecure or are at high risk, marking a new record high. Multiple intertwined crises, including conflicts, the Covid-19-pandemic, the loss of biodiversity, climate change and ongoing global economic uncertainty around the globe result in this existential challenge. Russia’s war of aggression against Ukraine, including its blocking of export routes for Ukraine’s grain, is dramatically aggravating the hunger crisis; it has triggered disruptions of agricultural production, supply chains and trade that have driven world food and fertilizer prices to unprecedented levels for which Russia bears enormous responsibility. In our pursuit to ensure that all people can realize their right to adequate food, we reaffirm our goal to lift 500 million people out of hunger and malnutrition by 2030.”

The Philippines is not yet a food insecure country. But global food prices have reached record highs, threatening to exacerbate global food insecurity that could ultimately affect 110 million Filipinos.

We welcome President Ferdinand Marcos Jr.’s assurance in his inaugural speech that he will focus on food sufficiency. “The role of agriculture cries for urgent attention,” the President said. “An agriculture damaged and diminished by unfair competition will have a harder time, or will have no prospects at all of recovery.” The President knows the problems facing our farmers, which is why he appointed himself Agriculture secretary. “It’s important that the president takes that portfolio not only to make it clear to everyone what high priority we put to the agricultural sector, but also as a practical matter, so that things move quickly,” he said. We hope that the President will succeed in improving the country’s food output soon. This will help ease inflation pressures and stabilize food prices nationwide.

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Sonny M. Angara

Better Days

T

he 18th Congress officially came to a close this week, as the chambers started to welcome the newest batch of legislators— comprised of both old and new faces—tasked with advancing the interests and advocacies of their constituents nationwide.

With some measure of hope and excitement, we look forward to what will transpire in the upcoming 19th Congress. But we also look back at the recently concluded Congress with some pride, realizing just how many difficulties our colleagues, the Senate secretariat and our respective staff needed to transcend as the Covid-19 pandemic upended so many parts of our society.

For the first time in history, plenary sessions, committee hearings, and meetings were conducted online, as the virus forced numerous lockdowns and, sadly, cost thousands of lives, including some from both chambers of Congress. But the Senate and the House of Representatives refused to back down from Covid-19, choosing instead to face the greatest humanitarian crisis of recent times head on.

Despite extreme difficulties, the “Pandemic Congress” pulled through without any blueprint to follow, and managed to approve several key pieces of legislation to aid Filipinos and empower the country as a whole to ably respond to the pandemic.

Two Bayanihan laws were passed to ensure that the government’s

response to the health crisis would proceed without interruption. Both laws provided much-needed assistance to our health-care workers who remain front and center in the battle against Covid-19; affected groups, specifically micro, small and medium enterprises (MSMEs) that have languished due to the lack of economic activity; and, workers who were displaced and left jobless.

These landmark legislations provided various subsidies to low-income households, to the transport sector, and to those unemployed; additional allowances to health-care workers; condonation and extensions for certain debt payments; and a standby fund for testing and the procurement of Covid-19 medication and vaccines.

These measures were appropriately followed by the Covid-19 Vaccination Program Act of 2021 that we sponsored, which expedited the purchase and administration of Covid-19 vaccines and hence sparked the nationwide bakunahan for immunizing all covered Filipinos. The law provided the government with leverage in procuring vaccines as it authorized the Department of

Filipinos with higher FQ

Jennifer A. Ng Vittorio V. Vitug

Senior Editors

Creative Director Chief Photographer

The Pandemic Congress

Dr. Ser Percival K. Peña-Reyes and Rose Fres Fausto

EAGLE WATCH

A

review of the existing development vision (AmBisyon Natin 2040) and strategies (Updated Philippine Development Plan 2017-2022 and National Strategy for Financial Inclusion) shows that the government plans to use financial education as the primary pathway to achieve financial literacy and financial inclusion, which are expected to lead to financial security, which would, in turn, contribute to economic resilience. Nevertheless, is financial education—the way it is being conducted right now—really the solution to Filipinos’ financial problems?

Despite the presence of surveys suggesting that with higher financial literacy comes higher financial status, these are found to be correlation rather than causation.There is no empirical evidence that financial education works as expected.

Any government policy or pro-

gram to improve the financial condition of the population should be properly guided by what drives financial behavior. Financial education, the way it is currently carried out, teaches students lessons on interest rates, inflation, investment options, and more; however, the

Health (DOH) and the National Task Force (NTF) against Covid-19 to undertake negotiated procurement of vaccines. It also widened participation in the vaccination campaign as it allowed local government units and private entities to purchase vaccines and needed supplies under specific conditions.

With the help of our colleagues in both Houses of Congress, we made sure, as the Chair of the Senate Committee on Finance, to include key initiatives in the 2021 and the 2022 national budgets that would help address the pandemic and revive the Philippine economy towards recovery.

The 2021 national budget provided funding for key programs such as the purchase of Covid-19 vaccines, support for blended learning, free Wi-Fi in public places, hiring of contact tracers, social pension for indigents, and rehabilitation of areas and resettlement of individuals affected by calamities.

Meanwhile, the 2022 national budget placed utmost priority on pandemic response, which was prescient given that the country was on the heels of an Omicron variant surge. Funds were appropriated to the Covid-19 human resource for health emergency hiring, laboratory network commodities, the DOH’s epidemiology and surveillance program, and operations for national reference laboratories. The budget also reinforced the DOH’s Health Facilities Enhancement Program (HFEP) and the operations of government hospitals nationwide.

The 18th Congress was also able to pass the Public Health Emergency Benefits and Allowances for Health Care Workers Act, which we authored and

sponsored. This measure guaranteed the continuous grant of mandatory benefits and allowances to all public and private health-care workers and non-health workers in hospitals, health facilities, laboratories, medical temporary treatment facilities and vaccination sites.

Several laws were also passed to establish an enabling environment for the business sector to continue flourishing amid the uncertainty of the pandemic. These include such laws as the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE), which rationalized corporate income taxes and the fiscal incentives system, and the Financial Institutions Strategic Transfer (FIST) Act, which helped dispose nonperforming assets in the banking sector. Measures were also enacted to further open up our economy, including the amendments to the Public Service Act, Foreign Investments Act, and the Retail Trade Liberalization Act. While this Congress’ transcripts may be inundated with “you’re on mute” or with pet dog barks, all our colleagues rightfully deserve commendation after delivering legislation for all Filipinos amid the difficulties of Covid-19. Modesty aside, the 18th Congress stands as one of the Philippine legislature’s finest moments. Hopefully, it would serve as an example and inspiration for the next generation of legislators.

method merely targets the rational side of the brain (i.e., a narrow emphasis on head knowledge). Actual behavior, however, is driven more by human emotions, which are not given enough emphasis, if not totally overlooked, in the current curriculum. As a result, there are smart, industrious middle-aged and senior citizens who are not prepared for retirement despite having been welleducated and gainfully employed during their younger years.

Moreover, teachers, who are expected to carry out the mission of improving the financial condition of the population through financial education, are, themselves, experiencing the worst financial problems. The ballooning debt problem experienced by public school teachers provides a good case in point.

As reported by the Department of Education (DepEd), in 2019, public school teachers owed a combined debt of at least P319 billion, an increase of P18 billion in just over two years. The figures provided by the

DepEd included P157.4 billion owed by teachers to the Government Service Insurance System (as of May 29, 2019) and P162 billion in outstanding loans to accredited private lenders (as of June 6, 2019). Teachers who retired without paying off their loans used their pension to settle the balance. In 2016, the DepEd reported that 26,000 teachers did not receive retirement benefits because they needed to repay their loans.

A closer look at public school teachers’ conditions in their environment helps to explain how they got in this debt situation. One, it is too easy to get a salary loan. There is no need for the usual credit process. All they have to do is to show their salary slip. Two, the DepEd acts as the efficient collecting agent. Financial institutions need not bother with credit processes because they are assured of repayment, since the DepEd already acts as the collecting agent where the repayment is deducted at source. Three, the prescribed See “Eagle Watch,” A11

Senator Sonny Angara has been in public service for 18 years—9 years as Representative of the Lone District of Aurora, and 9 as Senator. He has authored and sponsored more than 250 laws. He is currently serving his second term in the Senate.

E-mail: sensonnyangara@yahoo.com| Facebook, Twitter & Instagram: @sonnyangara

www.news.businessmirror@gmail.com

Opinion BusinessMirror

Friday, July 1, 2022 A11

Truck tragedy a reminder of Life, not death, separates us from life struggle to stop migrant deaths

By Chris Megerian & Elliot Spagat The Associated Press

W

ASHINGTON—Drowned in the Rio Grande. Murdered in Mexico. Perished in the Arizona desert. For migrants traveling to the United States, the journey has always been full of peril.

A tragic reminder came this week when at least 51 people died after being abandoned in the back of a tractor-trailer in sweltering San Antonio. Authorities believe the vehicle was part of a human-smuggling operation.

While the scale of the calamity was shocking, it’s only the most recent example to illustrate how US officials have struggled to find the right strategy for patrolling the border and preventing deaths.

Lax enforcement can encourage more people to travel north in hopes of a better life. But clamping down is not always a deterrent. Instead, migrants may rely on riskier routes to avoid detection, or put themselves in the hands of smugglers who promise that they can evade authorities for a price.

The San Antonio tragedy triggered familiar reactions across the US political spectrum, indicating that a solemn record as the deadliest smuggling attempt in the nation’s history will do little or nothing to reshape a debate that has hamstrung Washington for decades. Finger pointing began almost immediately.

President Joe Biden, in Europe this week for international summits, said the deaths were “horrifying and heartbreaking.”

“Exploiting vulnerable individuals for profit is shameful, as is political grandstanding around tragedy, and my administration will continue to do everything possible to stop human smugglers and traffickers from taking advantage of people who are seeking to enter the United States between ports of entry,” Biden said.

The migrants were discovered on Monday when a city worker heard a cry for help from the abandoned truck that was parked on the side of a back road. Dozens were already dead; more died at nearby hospitals.

Texas Gov. Greg Abbott, a Republican who is investing billions of dollars of state money on border security, tweeted within hours of the grisly discovery that the deaths were “on Biden.”

“They are a result of his deadly open border policies. They show the deadly consequences of his refusal to enforce the law,” Abbott said.

Immigration advocates disagreed with Abbott’s criticism and said Biden was too focused on enforcement. A federal judge has kept in place a Trump-era policy that denies

Eagle Watch. . . continued from A10

minimum take-home pay boomeranged. The amount of P5,000, which was originally intended to limit borrowing, has, unfortunately, become an “anchor” that makes teachers borrow to that extent. (Can a teacher really live on a take-home pay of P5,000?) Four, the usual delays of the first salary of new teachers started the habit of borrowing. This regular occurrence of new teachers receiving their first salaries late by a few months started them off with their borrowing habit, which usually continues even when they start to receive their salaries on time.

Further research is required in order to meaningfully help teachers who, at some point, resisted financial education for them as the solution to their problem and, instead, demanded a salary increase.

In lieu of just focusing on financial literacy, which only targets the rational brain, there needs to be a stronger advocacy for Financial Intelligence Quotient (FQ) among Filipinos. FQ is the ability to make

many migrants a chance to seek asylum on grounds of preventing spread of Covid-19.

“If the Biden administration continues to illegally turn away migrants and deny their chance to rightfully seek asylum, individuals and families escaping persecution, war, and climate disasters will continue to face violence and death,” advocacy group RAICES Texas said in a statement.

White House press secretary Karine Jean-Pierre told reporters aboard Air Force One—as Biden was flying between summits in Germany and Spain—that the administration was focused on the victims and holding human smugglers accountable.

“The fact of the matter is, the border is closed, which is in part why you see people trying to make this dangerous journey using smuggling networks,” she said.

The UN migration agency has reported that nearly 3,000 people went missing or died trying to cross the border from Mexico into the United States since 2014. The San Antonio tragedy pushed the total to nearly 300 for the first half of this year.

The International Organization for Migration, along with the UN refugee agency, called for a swift investigation.

“Without sufficient pathways to safety, vulnerable and desperate people will continue to be preyed upon by smugglers or forced to resort to desperate measures to cross borders,” said Matthew Reynolds, the UN High Commissioner for Refugees’ representative to the United States and Caribbean.

US Customs and Border Protection, which counts deaths differently, reported 557 people perished on the southwest border in the 12 months ending September 30, more than double the 247 deaths reported in the previous year and the highest since it began keeping track in 1998.

Deaths became commonplace on the border after “Operation Gatekeeper,” launched in 1994, pushed migrant traffic to the Arizona deserts from San Diego. Despite billions of dollars spent every year on border security since then, neither Republican nor Democratic administrations have been able to stem the loss of life.

Migrants routinely take risks to cross into the United States.

Jose Castillo, 43, left Nicaragua with his wife and 14-year-old son in January but didn’t cross the Rio Grande in Eagle Pass, Texas, until May, paralyzed with fear that they would drown. He and his wife finally decided that one of them could die, as long as their child made it safely.

They took a chance — and it worked.

“We can never return to Nicaragua,” he said. Spagat reported from San Diego

sound decisions and actions in handling one’s personal finances. It is not just the IQ (Intelligence Quotient) but also the EQ (Emotional Quotient) of handling money. Perhaps, incorporating FQ into existing plans and strategies will yield much better results in trying to modify Filipinos’ financial behavior for the better. There is a need to carry out FQ studies more actively in order to determine appropriate behavioral modification interventions.

It may serve the nation well if “nudge units” are established, similar to what developed countries have done to implement government policies using behavioral economics principles. Such policies have proven to be low- to no-cost tweaks with significant favorable outcomes.

Thus, achieving financial security and economic resiliency should be approached with a combination of FQ (the IQ and EQ of handling money) plus a conducive environment for healthy financial behavior.

This opinion article was co-written by Dr. Ser Percival K. Peña-Reyes and Ms. Rose Fres Fausto, who are faculty members of the Department of Economics at Ateneo de Manila University.

Tito Genova Valiente

annotations

T

ravel across the sea and distances has resumed. There is a sense of the danger easing up. Airports are full once more and people, it appears, do not mind the crowding. While the mask is there to cover our nose and mouth, it has become a remembrance of safety, not an assurance. At cafes, we easily drop these defenses— the conversations up close, the tactility.

At meetings, I have developed this joyful phrase, “we survived the war.”

The people I meet again, friends and acquaintances, I see as survivors.

They are beings who have crawled out of the deep and dark tunnel because the air has cleared once more. Out in the open spaces of face-to-face meetings, lectures, workshops, the events are nothing short of the celebratory and the emancipating.

Life is good. It is short but it is beautiful and good. And while there have been deaths in these two years and more from afflictions, some of us have the distinction—also the burden—of identifying the mortality from those caused by the virus to those brought about by lingering diseases or aging. With the pandemic having covered a mighty swath of humanity all over the world, resignation comes with an unheard of fluidity, an acceptance that there are indeed in this world the vanishing that cannot be controlled, a respect toward that, which science was not prepared to face.

Think of the conditions of our earth covered in wind, with air to breathe that would either annihilate us, or make us inhale with difficulty,

exhale as if our soul goes now with the fog coming out of our lungs. We had, even at the tail end of the pandemic, to preserve that which seems to make us live, with fear perhaps, but make us live still. Limited by the open spaces that would have been given to us as steward of this planet in the age of the normal, we held on to what we could conserve.

It was at this time when the life of a sister-in-law, dearly loved, slowly began to fade. She was conscious of it, and she was telling us her condition, ironically in small doses of disclosure as if fearing for our weakness at the face of death.

She moved in and out of the hospital and each time we countered an emergency, we had to field one person to accompany her. Each time we sent her a son or a daughter, there was a thought we were giving that child to the danger of the setting. Finally, when she expired, there were only two of her children with her. A friend who was

with the medical profession joined them later. That was the caveat— somebody who understood clinical life would know the risk.

Death, as we would never accept it, is the most societal mystery countering Life. Death bids us to gather and be caring. With death, grief comes next. Grieving is the only part of death we can embrace, the way Denise Levertov strips that emotion: Ah, grief, I should not treat you/like a homeless dog/who comes to the back door/for a crust, for a meatless bone. I should trust you.

And so there we were on that day, away from the bedside of the big sister we cared for and respected, and lived with for most of our life. The air she had breathed last was all for

her. We could not be there to touch her, or, in the golden opportune Fate sometimes gives us, talk to her without bidding farewell.

The only remaining act to do then was, as the poet said it, to trust sorrow.

Last week, an aunt, beloved as

Remembering Princess Diana Manny F. Dooc

TELLTALES

T

oday is Princess Diana’s 61st birthday. She was born on July 1, 1961 to Viscount Johnny Spencer Althorp and Frances Roche. She was raised in Sandringham, a luxurious 20,000acre estate close to the royal family. They leased one of the royal houses inside the estate and young Diana met and played with the Queen’s sons Prince Andrew and Prince Edward whenever the royal family spent their holidays in Sandringham. Prince Charles was almost 13 years her senior.

In 1975, her father inherited the title of Earl Spencer and Diana became known as Lady Diana and the family moved their residence to Althorp, the Earl Spencer residence in Northamptonshire. Her father was a member of the British nobility and a wealthy farmer who owned vast acres of farmlands and herds of animals. Her mother did not like living in the country and she preferred the active social life in London. She fell in love with a married man and a wallpaper millionaire, Peter Shand Kydd, whom she eventually married in 1969 after her divorce. Frances lived in an apartment in London in 1967 leaving her family behind when Lady Diana was barely six years old. Frances succeeded in getting a divorce citing cruelty, but the Viscount got the children. Nannies took care of the kids but they only obeyed their father. Lady Diana received her early education at home, together with other blue-blooded children around the estates. Later she was sent to several posh private schools for her formal education. At Sitfield, the first school she attended, she won one prize for “trying hard.”

Later, she enrolled at Riddlesworth Hall, an exclusive boarding school where she was awarded two prizes, one for pet care and the other for helpfulness. She did not like academics and she did not perform well in school. Her further studies ended when she twice failed to pass the 0-Level examination, which is equivalent to our College Admission

Test. She did not try again to be able to pursue tertiary education. At age 17, she permanently left for London to work.

She was lovely in person and photogenic before the camera. She was fashionable and glamorous and looked up to by women around the world. She had a sound fashion sense, which impacted style trends around the world. She was loved by countless admirers who were smitten by her charm and friendliness. Singer Elton John once recounted that Princess Diana “had quite an effect on men’’. He recalled that he once hosted a dinner for Walt Disney Executive Jeffrey Katzenberg with Lady Diana as a special guest. It was also attended by actors Richard Gere and Sylvester Stallone. This was the time when Princess Diana was already separated from Prince Charles, and Gere had broken up with Cindy Crawford. As the night progressed, it was obvious that the two Hollywood actors wanted exclusive attention from the Princess and they nearly came to blows to settle their differences. Cool heads prevailed and they were separated with Rambo leaving the dinner early.

Prince Charles had numerous dalliances with women but all of them were found to be unsuitable to become his wife and future queen. When he reached 30, the pressure for him to find a wife intensified. But it was not easy—she had to be a protestant and a virgin. Until he

met Lady Diana—a younger sister of a woman he previously dated.

Prince Charles had known Lady Diana since she was a child. Charles had dated her elder sister, Sarah, for a while and when they broke up, Diana caught Prince Charles’s attention.

Diana was then 17 and working in London as an assistant in a kindergarten school. Her mother, married to a wallpaper magnate, gifted her an expensive apartment on her 18th birthday. She got roommates to share the costs. Prince Charles invited her to the royal family gatherings and simple social functions at various royal palaces, including the royal yacht, Britannia, for a sailing weekend. She was invited to Balmoral Castle as a family guest and was received by the Queen, Prince Philip and the Queen’s Mother. She had known most of the royal family members in her youth. She obviously passed the “look-talk-andsee.” On February 6, 1981, Prince Charles proposed to Diana at Windsor Castle, which she accepted. They were married on July 29, 1981 at The Paul Cathedral, which was the most celebrated wedding in the modern era. Heads of state were present and it was watched by close to a billion people all over the world. Over half a million people lined the streets to catch a glimpse of the royal couple en route to the church. From thereon, she became a global icon whose every move was followed by the media and the public. She captured a huge following and her popularity had even eclipsed that of Prince Charles’s. However, their marriage was doomed from the start. They had nothing in common. She had no interest in world events and global issues, which a future king should pay close attention to. She had no ears for politics, finance, economics, climate change, foreign affairs and environment. She liked to discuss social events, parties, fashion, goings-on in high society and the lifestyles of the rich and the famous. She engaged in numerous charitable causes. She raised funds for the AIDs victims, she comforted the sick, the old and the dying and she was highly regarded by the LGBT community because of

well, passed on. We had not seen her for some four years. A grave misunderstanding between her family and ours made it wise that we cease that part of kinship with her. It was easy breaking the link with her daughters but with her, we had to summon the power not to look at her window whenever we passed by her home. Used to giving her the most ordinary things like a loaf of bread or a plate of noodles, we had to forgo those acts. It was clear to us, however, that she was not asking that we take care of her and pay her attention—far from it. She was quite an independent person.

We know the nature of the gift.

Marcel Mauss asks the question: “What power resides in the object given that causes its recipient to pay it back?” We know then what was lost when we were not anymore able to visit this aunt: we lost, with her, the magic of giving. That in the avowed reciprocity born out of giving a gift where the giver is magically changed, we breathed in loneliness. Every time we sent her those basic things—the boring gift as the Japanese put it ceremonially —we were multiplied several times in happiness and gratitude not to her but to ourselves. We saw, after all, ourselves capable of loving and ultimately caring for others, a wondrous, spectacular aspect of being human.

In life, she, living, was separate from us; in death, she is forever gone. Death has resolved a kinship.

For us, at least. Today, there is only grief and sadness to hug, prayers to offer till we, too, are gone, as well as flowers and candles to remember her remembering us.

E-mail: titovaliente@yahoo.com

her work with the gay people. She did not share Prince Charles’s passion for classical architecture and the arts, but she widened the range of charity works supported by the royal family.

Prince Charles continued his liaison with Camilla Parker-Bowles, his former lover. Their union, however, produced two sons, Prince William and Prince Harry, but it did not bring harmony to their souring relationship. She was also rumored to have illicit affairs with other men. When a BBC journalist, Martin Bashir, asked her about her husband’s relationship with Camilla on November 20, 1995, she unwaveringly replied: “Well, there were three of us in this marriage so it was a bit crowded.”

Before the year ended, Buckingham Palace announced that the Queen had advised the couple to divorce, which was also supported by the Prime Minister. The divorce decree was given on July 15, 1996 and it was finalized on August 28 1996.

Royal watchers will agree that Princess Diana was a devoted mother to her two sons. She was overly protective of them and hardly deferred to Prince Charles when it came to rearing their children. She chose her kids’ nannies over the ones assigned by the palace. She selected their schools and organized their activities. She accompanied them in going to school and supervised their schoolwork. She might be a lousy wife but she was a great mom. After the divorce, the Queen was reportedly in favor of allowing Princess Diana to continue using the style “Her Royal Highness” but Prince Charles was allegedly strongly against it. Prince William, however, appeased her mother by saying: “Don’t worry, mommy, I will give it back to you one day when I am King.” Don’t worry Princess Diana, you will always be our Queen. Princess Diana does not need a title to get people’s adulation. As her brother Lord Spencer has aptly said: “Diana was the very essence of compassion, of duty, of style, of beauty. All over the world, she was a symbol of selfless humanity.… She needs no royal title to generate her particular brand of magic.”

A12 Friday, July 1, 2022

SUGAR MILLERS TO START OPERATIONS A MONTH EARLIER

By Jasper Emmanuel Y. Arcalas @jearcalas

S

OME local sugar millers have committed to start milling a month earlier than usual in their bid to prop up the domestic supply of the sweetener.

David Alba, general manager of the Asociacion de Agricultores de La Carlota y Pontevedra (AALCPI), said three sugar mills in Negros Occidental will restart their operations even before the official milling season kicks off.

Alba said Victorias Milling Co. (VMC), Universal Robina Corp. (URC) La Carlota and the Binalbagan Isabela Sugar Company (BISCOM) will immediately reopen and mill early once raw sugar is available.

This, he said, is in response to the call of Negros Occidental Vice Governor Jeffrey Ferrer to restart their operations immediately amid the continuous decline in sugar supply.

“VMC President Minnie Chua gave her assurance that they are willing to refine when they have the raw sugar supply, and will resume operations by August, or a month earlier than the official opening of the milling season, usually in September, “ he said.

“URC La Carlota also said they are amenable with the

Vice Governor’s recommendation, while Joe Chan of BISCOM said that they will start milling in September. BISCOM will also refine once critical mass is reached,” he added.

Ferrer had announced that he will conduct consultation among various sugar refineries amid what he described as “rumors of a sugar shortage” in the country.

“There have been reports that low sugar stocks are due to hoarding, but this is an allegation that needs to be verified first. If indeed true, I will reach out to various refineries in the province if they are willing to open their mills to refine raw sugar in order to address the perceived shortage in the market,” Ferrer said in a previous statement.

The Sugar Regulatory Administration (SR A) recently disclosed that the country’s raw sugar stocks will be depleted by August as demand for the sweetener has outpaced supply due to lower cane production and the delay in import arrivals.

Calculations made by the Department of Agriculture (DA) and the SRA showed that the country will run out of refined sugar as early as the last week of July.

Continued on A9

PRESIDENT-ELECT Ferdinand R. Marcos, Jr., joined by wife Louise “Liza” Araneta-Marcos and sons Sandro, Joseph Simon and William Vincent, watches the civil-military parade during his inauguration as the 17th President of the Philippines at the National Museum of Fine Arts in Manila. BERNARD TESTA

Double-digit bank lending growth continues in May, hitting 10.7%

By Bianca Cuaresma

@BcuaresmaBM

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REDIT growth in the country continued to accelerate in May this year, rising further into the double-digit growth territory during the month, according to data from the Bangko Sentral ng Pilipinas (BSP) released on Thursday.

Outstanding loans of universal and commercial banks expanded at a quicker rate of 10.7 percent yearon-year in May after a 10.1-percent increase in the previous month.

Money circulating in the economy—which is measured as M3— also grew during the month, by 6.9 percent to hit P15.3 trillion in May. Bank lending first collapsed into contraction territory in December 2020 by 0.7 percent as the restrictions brought about by the pandemic affected the local banking industry. The contraction persisted amid the sustained all-time low monetary policy rate in place.

In comparison, bank lending grew 13.6 percent before the on-

slaught of the global health crisis in March 2020.

“With the ongoing normalization of its monetary policy settings, the BSP will continue to ensure that the expansion in credit and liquidity proceeds in line with the outlook for inflation and economic growth while remaining consistent with the BSP’s price and financial stability objectives,” the BSP said in a statement.

Broken down, outstanding loans to residents increased by 10.6 percent in May from 10.0 percent in April.

Specifically, outstanding loans for production activities went up by 10.8 percent in May from 10.3 percent in April with the rise in loans for real estate activities (16.4 percent); manufacturing (16.0 percent); information and communication (27.1 percent); wholesale and retail trade, repair of motor vehicles and motorcycles (6.2 percent); and construction (12.3 percent).

Similarly, growth in consumer loans to residents accelerated to 8.5 percent in May from 6.7 percent in April with the year-on-year increase in credit card loans and salary-based general purpose consumption loans.

Meanwhile, outstanding loans to non-residents expanded at a slower rate of 12.5 percent in May from 13.5 percent in the previous month.

In his analysis, Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort said the strong credit growth in the country could be indicative of stronger gross domestic product (GDP) growth in the coming months.

“Universal and commercial banks loan growth again sustaining double-digit growth rate recently, at 10.7 percent, has become one of the bright spots in the Philippine economy and also fundamentally supports faster GDP growth, going forward,” the economist said.

PCCI to BBM: Back ARTA’s reforms vs red tape to encourage business

By Andrea E. San Juan

T

HE Philippine Chamber of Commerce and Industry (PCCI) urges President Ferdinand “Bongbong” Marcos Jr. to sustain Anti-Red Tape Authority’s (ARTA) reform programs to ensure sustained business confidence in the government.

“The PCCI commends ARTA for having accomplished quite a number of milestones that really benefited the business community,” said PCCI President George T. Barcelon in a statement on Thursday.

The PCCI chief recognized the strong partnership established between ARTA and PCCI in implementing these policy reforms in government, adding the importance of eradicating red tape to gain the confidence of local and foreign investors.

Barcelon emphasized that PCCI has taken part in the National Effort for the Harmonization of Efficiency Measures of Interrelated Agencies (NEHEMIA) Program meant to address overregulation and promote interconnectivity among government agencies to eliminate redundant processes, which he said has yielded in positive results.

In a statement on Thursday, PCCI said the anti-red tape watchdog’s notable accomplishments that greatly benefited the business

sector are in the areas of telecommunication and connectivity, food and pharmacology, logistics and housing, and construction, among others.

PCCI emphasized that ARTA released three Joint Memorandum Circulars (JMCs), all aimed at speeding up the building of telco towers that reduced the amount of required permits from 13 to 8, documentary requirements from 86 to 15, and shortened the length of time for processing from 241 days to 16 days.

“It also integrated the Food and Drug Administration’s electronic License to Operate and Center for Drug Regulation and Research into the Central Business Portal, reducing the steps needed from 28 to 9 steps, the number of documentary requirements needed from 41 to 12, and the length of time for processing from 63 to 21 days,” said PCCI. It added that ARTA established the Green Lane for Licenses and Authorizations that enabled pharmaceutical companies to put up local manufacturing facilities within 10 months.

Another notable initiative of ARTA, PCCI said, is “the automation of processes and use of the Unified Logistics Pass (ULP) to reduce the steps required from 209 to 24 and the length of time for processing from

271 to 35 days. Payment of fees for the accreditation or registration with different entities shall also be made under a single window or through a business one-stop shop.”

Barcelon added that ARTA proactively acted on the concerns of various stakeholders in the congestion at the Matnog Port in Sorsogon by considering the adoption of an online booking system to resolve the issue.

The anti-red tape watchdog also contributed to the agriculture sector, the businessmen said.

“ARTA also addressed the concern of the agri-food stakeholders for overregulations of the Bureau of Plant Industry (BPI) by immediately suspending the implementation of a memorandum circular,” read the PCCI statement.

Meanwhile, PCCI urged ARTA to look into and possibly assist the Bureau of Plant Industry in streamlining its documentary requirements and processes, with the view to automating its service for business continuity and efficiency.

The PCCI hailed the anti-red tape watchdog headed by Director General Jeremiah Belgica as “it has so far delivered its mandate of bringing transparency and accountability to public office by cutting excessive bureaucratic processes and enhancing the local business environment.”

Companies BusinessMirror

Editor: Jennifer A. Ng

Friday, July 1, 2022

Century Pacific allots ₧2B for capital expenditures

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By VG Cabuag

@villygc

entury Pacific Food Inc., the food manufacturer led by the Po family, said it is allotting some P2 billion for capital expenditures (capex) this year, lower than the previous year’s capex of P2.5 billion.

Christopher T. Po, Century Pacific chairman, said despite rising inflation, the company is confident that its top line would post double-digit growth, as the company plans to raise the prices of its products.

“We expect this to be supported by a resilient demand, innovations, expansion and strategic price increases,” Po said in a news briefing after the company’s stockholders’

meeting.

Its capex this year will complement the spendings done over the past years, particularly during the pandemic over the last two years, which saw the company investing in capacity building, he said.

“So three consecutive years of double-digit growth require us to invest in more capacity, and invest in new products and innovations that

will allow us to continue to grow into the future,” Po said.

“The major capacity increases that came on stream last year had to do with the 50 percent increase in our coconut processing capacity. And then, for those of you have been following us in 2020, during the early stages of the pandemic, we also switched on a new capacity for a 100 metric ton a day tuna plant. Both operations for tuna and coconut plants are a highly utilized at this point in time.”

The company, which mostly sells canned goods including Century Tuna and 555, has already raised prices by mid-single digits on average for different products since the start of the year.

“But for the full year, I think we’ll end increasing on average between mid- to high-single digits,” Po said.

“This is not able to fully offset the cost pressures that we’re feeling.

We’re not passing on everything all in one go, because we want to cushion the effect on our consumers. But at the same time, we also have to be careful if we do it too quickly, that our consumers might also substitute our products for others and there are those who might even go to other categories. So it’s a balancing act.”

Po said Century Pacific has slowed down on introducing new products and is instead supporting innovations launched in the last 18 to 24 months.

“So we are savings some bullets now for the future when maybe the inflationary pressures are less felt.

And we are definitely doing the belt tightening, undertaken cost efficiency measures during the last two years of the pandemic. But to the extent that we have some more room to tighten our belts, we are doing that in order to shore up our bottom line.”

Balai ni Fruitas makes weak debut S

hares of food and beverage kiosk operator Balai ni Fruitas Inc. failed to fly on its first day of trading on the Philippine Stock Exchange (PSE) on Thursday due to market jitters.

Balai’s stock price lost 5 centavos to close at P0.65, down from its offer price of P0.70.

The benchmark PSE index fell 147.76 points to close at 6,155.43 points on Thursday.

In his welcome remarks, PSE President and CEO Ramon S. Monzon said the initial public offering (IPO) of Balai is both “significant

and symbolic” as it is the third listing on the bourse’s Small, Medium and Emerging (SME) Board this year.

“Balai’s listing is significant because it broadens the mix of companies listed on the SME Board. It will be the first food and beverage company to join the SME Board. Balai’s listing is also symbolic because it proves that the exchange can be accessible to SMEs for their capital raising requirements,” Monzon said.

Balai was able to raise P289 million in capital, the bulk of which will be utilized for store network expansion as the company eyes the addition

of 120 new stories by 2024 in Metro Manila and other urban areas all over the country. Portions of the fund will also be used to set up a commissary and for potential acquisitions.

“The brand familiarity and affinity certainly earned the confidence of local small investors based in 30 provinces and countries like Japan, Morocco, Singapore, and the UAE [United Arab Emirates] who subscribed to Balai’s IPO,” Monzon said.

“I would like to remind entrepreneurs that the PSE has a Listing and Engagement Assistance Program or

LEAP. Through LEAP, the exchange offers a free handholding program to guide companies, especially SMEs, in the ins and outs of equity funding and assist them to have a carefully planned and prepared IPO.” VG Cabuag

B1

NGCP completes key components of MVIP

T

HE National Grid Corporation of the Philippines (NGCP) said Thursday it has completed key components of the Mindanao-Visayas Interconnection Project (MVIP), paving the way for the completion of the P52-billion interconnection project that will link the Visayas and Mindanao grids.

“NGCP is now significantly closer to unifying the Philippine grid after completing several components of the Mindanao-Visayas Interconnection Project (MVIP), particularly the Santander and Dapitan Cable Terminal Stations, the 350kiloVolt (kV) submarine cable, and the LalaAurora 138kV transmission line,” the grid operator said.

NGCP completed the construction of the Cable Terminal Stations (CTS) in Santander, Cebu and Dapitan, Zamboanga del Norte, as well as installation of two 92-kilometer 350kV high voltage direct current (HVDC) power cables and two 92-km fiber optic cables. Site acceptance tests (SATs) were conducted at the Dapitan and Santander CTS to ensure the said facilities meet NGCP’s requirements.

Work on the submarine cable component commenced in November 2018 and was originally slated to be completed in June 2021. However, restrictions on entry of foreign experts, work suspension, and manpower reduction brought about by the Covid-19 pandemic contributed to significant delays in the project’s execution. Damage to submarine cable caused by a thirdparty vessel also delayed construction activities, with repairs completed only in November last year.

NGCP also successfully energized the Lala-Aurora 138kV Transmission Line last February 19. This MVIP component, on its own, will improve the reliability of power transmission services between Lanao del Norte and provinces in the Zamboanga Peninsula.

“NGCP is happy to report that these critical MVIP components are now complete and ready for energization. We hoped this would finish on time, but factors beyond our control required an adjustment to our project timeline.

We are working double-time to complete the overhead transmission line portions and advance the project to its commissioning stage to connect the Luzon, Visayas, and Mindanao grids,” the company said,” it said.

Several other components are still up for completion in October this year. These are Dumanjug Busin to Colon-Samboan 138kV Transmission Line in December 2022; Dapitan-Lala 230kV Transmission Line, Kauswagan-Lala 230kV Transmission Line, and Kolambugan-Lala 230kV Transmission Line in August 2022; and the Dumanjug-Santander 350kV Transmission Line, MagdugoDumanjug 230kV Transmission Line, and Dumanjug-Alegria 230kV Transmission Line.

“NGCP continues to appeal for the support of the local and national government to push this into fruition.

Delays in local government permitting, and right-of-way issues from slow judicial processes and unsupportive landowners continue to delay our efforts.” Lenie Lectura

Companies BusinessMirror

Friday, July 1, 2022

B2

DoubleDragon units ink land deal for Hotel 101 in Japan

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By VG Cabuag

@villygc

oubleDragon Corp. on Thursday said its international units executed a deal and paid the required deposit for the purchase of a piece of land in Japan, where it will build the first Hotel 101 outside of the Philippines.

The company said its units, DDPC Worldwide Pte. Ltd. and Hotel101 Worldwide Pvt Ltd., signed the sales contract for the purchase of 9,000 square meters of land in Hokkaido Prefecture, Japan.

The upcoming Hotel 101-Niseko is expected to be patronized by local domestic travelers in Japan,

and foreign tourists from other countries as well as Filipino travelers who visit Hokkaido for leisure. Sapporo New Chitose Airport in Hokkaido is just a few hours away from Manila by plane, the company said.

Niseko is famous worldwide for its powder snow and Kutchan Town where the property is located is one of

the foremost areas of heavy snowfall reaching 13 meters on average with some of the driest and lightest snow in the world.

Because of its location, Niseko is internationally renowned for consistent ly del iver ing good falls of light powder snow and a long ski season that stretches from late November until early May. Hokkaido is the northmost island of Japan. During the summer Hokkaido stays cool with average temperatures of about 20 degrees Celsius and is famous for its nature scenes, f lower fields and hot springs.

Hotel 101 rooms globally are intended to be typical or similar in size and cater to the middle end of the market.

The concept patent of Hotel 101’s pioneering condotel has already been filed and the Hotel 101 trademark and country specific domains have

been secured in various countries globally.

The Hotel 101 smartphone application for both Apple iOS and Android that is designed to work in many countries is currently being developed.

The company said it will adopt a dynamic pricing on its room rates similar to airline tickets where its room price moves up and down depending on the real time supply and demand on the chosen date of booking.

“The Hotel 101 concept allows DoubleDragon to generate revenue and income twice, first from the pre-selling of the Happy Room units, then second after the project is constructed it generates long term recurring revenue from hotel operations,” the company said.

Hotel 101-Manila in full year 2021 achieved an average occupancy rate of 96 percent, the company said.

‘5G edges out WiFi in speed, streaming’

By Lorenz S. Marasigan @lorenzmarasigan

U

sers in the Philippines had a better experience when using 5G than WiFi, with Opensignal noting that this is reflective in areas such as speed, gaming experience, and streaming.

In its latest report sent to the media on Thursday, Opensignal said Filipino users’ average 5G download speeds are 5.3 times faster than those seen on WiFi. “Our Filipino smartphone users clocked up an impressive 138.6 Mbps for 5G Download Speed — 5.3 times and 8.8 times faster than the average download speeds seen when con-

nected to WiFi or 4G, respectively,” the report read.

WiFi download speeds averaged at 10.4 Mbps.

“Clearly, the arrival of 5G changes the balance between cellular and WiFi connectivity—as 5G cellular connections are typically faster than on WiFi, whereas Wifi has the advantage when cellular users are connected to 4G,” the report read.

Historically, Opensignal said, WiFi was the superior connection versus mobile options such as 4G and 3G. But the “arrival of 5G means that WiFi is no longer always superior to cellular.”

“In fact, average 5G download speeds are faster than Wifi and 5G

SMC unit ready to deploy BESS facilities

T

he power business of San Miguel Corp. (SMC) is now ready to deploy 500megawatt hour (MWh) of battery energy storage system (BESS) facilities out of the 31 planned BESS for nationwide rollout.

“We now have an installed storage capacity of 500 MWh that are ready for deployment any time. We hope to complete even more facilities, and bring our total capacity to 700 MWh by the end of this year,” said SMC President Ramon S. Ang in a social media post.

The company has already started its transition to cleaner energy with its ongoing construction of 31 BESS facilities, with a total capacity of 1,000 MWh, all over the country.

The rest of the BESS facilities are in various stages of development, “but we are looking to complete all 31 facilities with a total storage capacity

of 1,000MWh within the next 12 months,” he added.

The BESS represent SMC’s fullscale solution to fix power quality issues in the grid. With the integration of the BESS into the grid, Ang said this would improve the power quality and help address the intermittent nature of renewables.

“We believe this, and other bridge technologies, will allow us to truly achieve a just and inclusive transition to a clean energy future that will not only sustain our economic recovery and growth, but will also benefit both our environment and many Filipinos,” Ang said. Earlier, SMC said it was dropping plans to put up new coal-fired power plants, despite new technologies that make them cleaner. Ang said this is a company direction that is in line with all the major sustainability initiatives undertaken these past years. Lenie Lectura

currently enables the best experience in the Philippines on average when playing multiplayer mobile games or streaming video,” the report read.

According to the same report, Filipino gamers better experience when playing multiplayer mobile games on smartphones when connected to 5G than on WiFi. 5G Games Experience was at 62.5 points, a little better than the 59.5 points of WiFi Games Experience.

Similarly, Filipino users had the best Video Experience when streaming via 5G. Their 5G Video Experience was at 68.6 points versus the WiFi Video Experience of 47.7 points.

“However, WiFi will continue to have an important role—especially

when backing up files and downloading large apps due to the low cost of data it provides compared to many mobile plans,” Opensignal’s report read.

It also noted that 5G services have to be expanded “considerably because in the majority of locations only 4G is available—our 5G users in the Philippines connected to 5G 13 percent of the time and were on average connected to a 5G signal in four out of 10 locations they visited in the 90 day period starting on 1st March 2022.

Opensignal also noted that WiFi users also have to upgrade their devices in order to improve their experience.

mutual funds

June 30, 2022

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 202.73 -9.23% -8.91% -5.67% -13.03% ATRAM Alpha Opportunity Fund, Inc. -a 1.3339 -5.88% -7.08% -3.45% -19.85% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.7791 -9.82% -12.49% -8.25% -14.17% Climbs Share Capital Equity Investment Fund Corp. -a 0.695 -10.87% -10.23% n.a.

-8.13% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6496 -14.22% -9.91% n.a.

-15.73% First Metro Save and Learn Equity Fund,Inc. -a 4.5636 -7.19% -6.3% -3.73% -11.95% First Metro Save and Learn Philippine Index Fund, Inc. -a 0.6786 -5.76% -8.73% -6.53% -13.37% MBG Equity Investment Fund, Inc. -a 76.48 -24.19% -14.39% n.a.

-19.01% PAMI Equity Index Fund, Inc. -a 41.6425 -9.05% -7.81% -4.19% -13.47% Philam Strategic Growth Fund, Inc. -a 435 -9.44% -7.68% -4.23% -13.12% Philequity Dividend Yield Fund, Inc. -a 1.2325 6.99% -2.94% -0.93% -9.13% Philequity Fund, Inc. -a 31.8017 -7.23% -6.97% -3.21% -13.1% Philequity MSCI Philippine Index Fund, Inc. -a 0.8188 -8.36% -8.44% n.a.

-13.02% Philequity PSE Index Fund Inc. -a 4.3097 -8.14% -7.2% -3.57% -13.12% Philippine Stock Index Fund Corp. -a 718.27 -8.59% -7.26% -3.63% -13.3% Soldivo Strategic Growth Fund, Inc. -a 0.639 -10.73% -12.09% -6.49% -15.09% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.2234 -9.34% -9.84% -5.04% -14.62% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8176 -8.89% -7.54% -3.89% -13.44% United Fund, Inc. -a 3.0147 -7.65% -7.32% -2.83% -12.29% Primarily invested in Peso securities (units) Philequity Alpha One Fund, Inc. -a 1.0159 -6.77% n.a. n.a.

-12.63% Philippine Stock Index Fund Corp. -a 874.68 n.a. n.a. n.a. n.a.

Exchange Traded Fund (shares) First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 96.8229 -8.21% -7.05% -3.24% -13.15% Primarily invested in foreign currency securities (shares) ATRAM AsiaPlus Equity Fund, Inc. -b $0.9459 -26.1% -1.64% -0.96% -16.03% Sun Life Prosperity World Voyager Fund, Inc. -a $1.4824 -18.15% 4.68% 4.95% -19.71% Balanced Funds Primarily invested in Peso securities (shares) ATRAM Dynamic Allocation Fund, Inc. -a 1.526 -9.06% -4.58% -2.94% -9.81% ATRAM Philippine Balanced Fund, Inc. -a 2.0794 -7.69% -3.78% -2.46% -8.86% First Metro Save and Learn Balanced Fund Inc. -a 2.4858 -5% -2.53% -1.06% -7.63% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.1915 -2.35% n.a. n.a.

-8.37% NCM Mutual Fund of the Phils., Inc. -a 1.8678 -5.02% -1.49% -0.31% -7.38% PAMI Horizon Fund, Inc. -a 3.41 -7.9% -3.37% -1.71% -9.43% Philam Fund, Inc. -a 15.2692 -7.99% -3.55% -1.78% -9.36% Solidaritas Fund, Inc. -a 1.949 -5.9% -3.48% -1.84% -8.13% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.2662 -7.59% -5.88% -2.78% -10.44% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8497 -4.52% -5.4% -2.34% -10.95% Primarily invested in Peso securities (units) Sun Life Prosperity Achiever Fund 2028, Inc. -a 0.8932 -9.77% -4.55% n.a.

-9.76% Sun Life Prosperity Achiever Fund 2038, Inc. -a 0.8147 -10.77% -7.45% n.a.

-13.74% Sun Life Prosperity Achiever Fund 2048, Inc. -a 0.802 -10.99% -7.84% n.a.

-14.12% Primarily invested in foreign currency securities (shares) Cocolife Dollar Fund Builder, Inc. -a $0.0332 -13% -3.84% -1.56% -12.49% PAMI Asia Balanced Fund, Inc. -b $0.9416 -17.57% -1.6% -0.67% -11.76% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $3.9861 -16.25% 2.11% 3.06% -16.99% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,2 $1.0175 -15.24% -1.52% 0.11% -15.11% Bond Funds Primarily invested in Peso securities (shares) ALFM Peso Bond Fund, Inc. -a 373.07 0.19% 2.13% 2.25% -0.33% ATRAM Corporate Bond Fund, Inc. -a 1.8905 -1.94% -0.16% -0.05% 0.31% Cocolife Fixed Income Fund, Inc. -a 3.2286 -0.01% 1.92% 3.28% -0.47% Ekklesia Mutual Fund Inc. -a 2.1671 -4.21% -0.28% 0.56% -3.75% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.3984 -1.75% 1.2% 1.6% -1.14% Philam Bond Fund, Inc. -a 4.1846 -6.85% 0.02% 0.47% -4.8% Philam Managed Income Fund, Inc. -a 1.3202 -0.35% 2.84% 2.8% 0.08% Philequity Peso Bond Fund, Inc. -a 3.8891 -2.33% 1.94% 2.22% -1.93% Soldivo Bond Fund, Inc. -a 1.0075 -2.78% 2.34% 1.61% -2.01% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1293 -2.61% 1.91% 2.49% -1.82% Sun Life Prosperity GS Fund, Inc. -a 1.694 -3.16% 1.01% 1.81% -2.11% Primarily invested in foreign currency securities (shares) ALFM Dollar Bond Fund, Inc. -a $481.25 -1.01% 1.68% 1.77% -1.7% ALFM Euro Bond Fund, Inc. -a Є210.71 -4.28% -1.02% -0.09% -4.23% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.0794 -9.3% -3.04% -0.76% -10.34% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0243 -6.9% -1.72% -0.49% -6.54% PAMI Global Bond Fund, Inc -b $0.8983 -14.47% -6.15% -3.59% -12.17% Philam Dollar Bond Fund, Inc. -a $2.2084 -12% -1.91% -0.19% -11.86% Philequity Dollar Income Fund Inc. -a $0.0607225 -3.61% 0.93% 1.2% -2.52% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $2.7477 -13.53% -3.7% -1.8% -14.03% Money Market Funds Primarily invested in Peso securities (shares) ALFM Money Market Fund, Inc. -a 132.17 1.43% 2.3% 2.55% 0.75% First Metro Save and Learn Money Market Fund, Inc. -a 1.0637 1.02% 1.59% n.a.

0.57% Sun Life Prosperity Peso Starter Fund, Inc. -a,1 1.3258 1.57% 2.14% 2.48% 0.78% Primarily invested in foreign currency securities (shares) Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0638 0.58% 1.15% n.a.

0.3% Feeder Funds Primarily invested in Peso securities (units) ALFM Global Multi-Asset Income Fund Inc. -a 43.706 n.a. n.a. n.a. n.a.

Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a 1.2268 -3.39% n.a. n.a.

-11.29% Primarily invested in foreign currency securities (units) ALFM Global Multi-Asset Income Fund Inc. -a $0.8167 -18.33% n.a. n.a.

-15.8% a - NAVPS as of the previous banking day.

b - NAVPS as of two banking days ago.

c - Listed in the PSE.

d - in Net Asset Value per Unit

(NAVPU).

1 - Renaming was approved by the SEC last July 8, 2021 (formerly, Sun Life Prosperity Money Market Fund, Inc.).

2 - Adjusted due to stock dividend issuance last November 25, 2021.

"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.businessmirror.com.ph

PSE STOCK QUOTATIONS

June 30, 2022

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

BDO UNIBANK BANK COMMERCE BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK PHIL NATL BANK SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FIRST ABACUS NTL REINSURANCE PHIL STOCK EXCH SUN LIFE

484,537,470 1,090,687 181,346,213.50 215,380 369,659 79,432,130 142,879 4,820,656 15,229,212.50 50,805 997,320 6,900 73,010 6,000 488,473 1,076,530

-336,641,891 -4,040 -66,925,701 -2,690 -267,224 -8,246,650 -1,737,018 6,580,649.50 9,848 -11,700 -415,834 958,230

INDUSTRIAL AC ENERGY 7.9 8.04 7.9 8.04 7.65 8.04 15,675,300 123,198,509 ALSONS CONS 0.92 0.97 0.92 0.97 0.92 0.97 132,000 125,910 ABOITIZ POWER 29.45 29.5 29.55 29.6 29.45 29.5 1,119,700 33,045,115 RASLAG 2.06 2.07 2.16 2.2 2.06 2.07 18,886,000 39,855,840 BASIC ENERGY 0.365 0.37 0.375 0.38 0.365 0.37 2,140,000 791,450 FIRST GEN 16.86 16.9 17.1 17.1 16.9 16.9 587,800 9,979,626 FIRST PHIL HLDG 60.25 60.5 60.5 60.5 60.5 60.5 4,540 274,670 MERALCO 351.4 360 355 360 349 360 239,180 84,833,238 MANILA WATER 16.68 16.72 16.5 16.72 16.48 16.72 971,500 16,045,560 PETRON 3.03 3.07 3.07 3.07 3.02 3.03 1,002,000 3,045,490 PHX PETROLEUM 9.51 9.99 9.51 9.99 9.51 9.99 1,300 12,840 SYNERGY GRID 12.16 12.2 12.2 12.26 12.16 12.16 2,857,200 34,810,306 PILIPINAS SHELL 18 18.1 18 18.1 18 18.1 10,700 193,440 SPC POWER 9.07 9.1 9.18 9.18 8.9 9.07 171,100 1,549,712 SOLAR PH 1.63 1.64 1.66 1.66 1.6 1.64 26,552,000 43,363,810 VIVANT 16 18.46 16.7 16.7 16 16 5,100 83,420 AGRINURTURE 4.59 4.73 4.65 4.88 4.41 4.73 1,520,000 7,058,460 AXELUM 2.25 2.31 2.26 2.31 2.26 2.31 301,000 692,760 CENTURY FOOD 22 22.4 21.75 22.45 21.4 22 1,014,700 22,165,055 DEL MONTE 14.52 14.6 14.52 14.6 14.5 14.5 6,600 96,022 DNL INDUS 6.67 6.82 6.63 6.82 6.63 6.82 677,300 4,554,237 EMPERADOR 18.9 19.04 19.38 19.38 18.8 19.04 3,589,000 68,226,182 SMC FOODANDBEV 45 46.5 48.6 48.6 45 45 170,500 7,928,425 FIGARO COFFEE 0.59 0.6 0.59 0.61 0.58 0.59 8,936,000 5,322,220 FRUITAS HLDG 1.05 1.08 1.07 1.09 1.04 1.08 701,000 753,580 GINEBRA 98 100 100 100 98 98 5,040 496,291 JOLLIBEE 201 203.6 202.4 204 199 203.6 506,630 103,027,788 KEEPERS HLDG 1.09 1.11 1.11 1.11 1.09 1.09 2,569,000 2,807,050 MAXS GROUP 4.6 4.66 4.66 4.66 4.6 4.6 28,000 128,860 MG HLDG 0.112 0.122 0.113 0.113 0.112 0.112 120,000 13,500 MONDE NISSIN 13 13.06 13.44 13.48 12.7 13 19,965,200 257,742,972 SHAKEYS PIZZA 7 7.07 7.05 7.05 7 7 87,500 613,815 ROXAS AND CO 0.52 0.53 0.53 0.53 0.53 0.53 330,000 174,900 RFM CORP 3.98 4 4 4 3.98 3.98 47,000 187,140 ROXAS HLDG 1.43 1.44 1.45 1.45 1.44 1.44 15,000 21,660 SWIFT FOODS 0.091 0.093 0.09 0.091 0.09 0.091 640,000 58,230 UNIV ROBINA 110.8 111 108.5 112.5 108.5 111 4,685,110 520,736,933 VITARICH 0.6 0.62 0.6 0.6 0.59 0.6 413,000 247,400 VICTORIAS 2.76 2.77 2.77 2.77 2.77 2.77 1,000 2,770 CEMEX HLDG 0.63 0.65 0.64 0.65 0.63 0.64 2,606,000 1,653,680 EAGLE CEMENT 12.06 12.4 12.18 12.2 12.06 12.06 45,800 553,436 EEI CORP 3.55 3.57 3.73 3.73 3.46 3.55 172,000 621,270 HOLCIM 5.18 5.25 5.29 5.29 5.28 5.28 1,800 9,512 MEGAWIDE 4.53 4.55 4.7 4.94 4.28 4.55 2,461,000 11,688,430 PHINMA 18.9 19.2 19.2 19.2 19.2 19.2 200 3,840 TKC METALS 0.71 0.77 0.77 0.77 0.71 0.77 14,000 10,720 VULCAN INDL 0.76 0.8 0.79 0.79 0.77 0.77 410,000 318,540 CROWN ASIA 1.68 1.75 1.77 1.77 1.68 1.75 33,000 57,250 EUROMED 1 1.05 1 1 1 1 27,000 27,000 LMG CORP 2.85 3.6 3.6 3.6 3.6 3.6 2,000 7,200 PRYCE CORP 5.26 5.5 5.5 5.5 5.5 5.5 1,500 8,250 CONCEPCION 17.52 18.98 19.04 19.04 18.98 18.98 1,500 28,500 GREENERGY 1.6 1.61 1.63 1.64 1.59 1.61 10,432,000 16,933,770 INTEGRATED MICR 6.19 6.2 6.19 6.2 6.11 6.19 36,500 224,596 IONICS 0.55 0.59 0.56 0.59 0.54 0.59 169,000 93,710 PANASONIC 5.61 5.9 5.95 5.95 5.91 5.91 3,700 21,953 SFA SEMICON 1.15 1.2 1.09 1.28 1.08 1.2 3,022,000 3,553,270 CIRTEK HLDG 2.64 2.67 2.75 2.75 2.62 2.64 518,000 1,374,330

40,425,408 4,353,330 -2,964,450 11,100 -1,330,920 -267,410 3,272,338 1,396,248 -209,090 -9,748,146 61,310 35,920 -373,660.00 -373,800 -223,220.00 823,475 957,330 9,421,772 -7,476,415 1,500,030 -8,835,430 555,900 50,600 -77,855,996 -179,775 59,890 8,000 214,902,859 -1,188,940 10,800 -132,090 -27,000 -432,080 184,160 -

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

1,702,150 -77,629,050 -22,414,565 -14,966,177 -7,600 -116,220 11,868,745 -763,572 -1,338,745 -62,370 -13,104,381 -29,906,730 -76,714,495 8,389,172 -

HOLDING & FRIMS

110.5 8 84.05 26.85 6.98 47.8 7.01 17.78 90 75.6 1.95 3.45 0.6 0.6 183 2,252

1.42 600 47.55 8.8 8.8 0.76 0.405 4.28 8.8 7.02 2.23 485 3.35 48.5 7.5 0.5 2.97 8.09 3.53 2.81 0.82 782 106.9 103.5 0.158

111.9 8.01 84.8 26.9 7 48.5 7.29 17.8 91.4 75.8 2.04 3.5 0.71 0.63 185 2,366

1.43 616 47.95 8.96 8.98 0.8 0.415 4.31 8.82 7.05 2.5 489 3.45 48.7 9.9 0.59 3 8.1 3.57 2.86 0.84 785 107.9 116.8 0.165

115 8.08 86.4 27 7.03 49.2 7.2 17.98 91.5 76.5 2.22 3.45 0.67 0.6 186.5 2,366

1.45 631 50.5 9.25 8.99 0.76 0.41 4.3 8.83 7 2.5 491 3.4 49.9 7.5 0.55 2.99 8.37 3.59 3.06 0.84 810 106.6 116.5 0.165

115.8 8.1 87 27 7.03 49.2 7.2 18.2 91.5 76.5 2.22 3.45 0.71 0.6 186.5 2,366

1.46 631.5 50.6 9.28 8.99 0.76 0.41 4.31 8.85 7.02 2.5 491 3.4 50.1 7.5 0.57 3 8.4 3.61 3.08 0.84 820 107.9 116.5 0.165

110.5 8 84 26.9 7 47.8 7.01 17.78 90 75.6 1.95 3.45 0.67 0.6 185 2,366

1.42 600 47 8.8 8.8 0.76 0.405 4.25 8.56 7 2.5 481 3.4 48.7 7.5 0.55 2.97 8.1 3.52 2.81 0.84 778 106.5 116.5 0.165

110.5 8 84.8 26.9 7 47.8 7.01 17.78 91.4 75.8 1.95 3.45 0.71 0.6 185 2,366

1.43 600 47.55 8.8 8.99 0.76 0.41 4.31 8.82 7.02 2.5 489 3.4 48.7 7.5 0.57 2.97 8.1 3.53 2.81 0.84 782 107.9 116.5 0.165

4,346,980 136,200 2,128,150 8,000 52,700 1,647,900 20,000 268,400 167,530 670 488,000 2,000 103,000 10,000 2,630 455

4,300,000 271,960 2,140,700 5,159,100 3,700 10,000 200,000 143,000 9,207,900 10,100 1,000 135,890 4,000 1,591,900 100 225,000 44,000 3,575,400 14,204,000 6,425,000 1,000 422,700 170,000 70 360,000

6,167,790 165,252,690 102,528,490 45,917,071 32,978 7,600 81,650 612,270 80,970,136 70,702 2,500 66,290,940 13,600 78,440,650 750 127,930 131,340 29,517,164 50,393,190 18,874,560 840 332,510,735 18,273,332 8,155 59,400

PROPERTY ARTHALAND CORP 0.55 0.57 0.57 0.57 0.57 0.57 1,000 570 AYALA LAND 25.5 25.8 26.9 27.3 25.5 25.5 18,331,300 474,364,350 AYALA LAND LOG 3.3 3.41 3.4 3.4 3.3 3.3 328,000 1,087,270 ALTUS PROP 13 14.38 13 13.1 13 13.1 3,400 44,410 ARANETA PROP 1.73 1.76 1.9 1.9 1.7 1.73 6,292,000 11,114,630 AREIT RT 34.9 34.95 35 35 34.25 34.9 1,230,300 42,700,610 A BROWN 0.73 0.78 0.79 0.79 0.78 0.78 12,000 9,450 CITYLAND DEVT 0.68 0.69 0.69 0.69 0.69 0.69 21,000 14,490 CROWN EQUITIES 0.083 0.09 0.091 0.091 0.091 0.091 10,000 910 CEB LANDMASTERS 2.49 2.5 2.5 2.55 2.49 2.5 133,000 332,080 CENTURY PROP 0.37 0.375 0.375 0.375 0.365 0.365 560,000 205,700 CITICORE RT 2.4 2.41 2.44 2.44 2.41 2.41 959,000 2,325,160 DOUBLEDRAGON 8.2 8.27 8.45 8.45 8.17 8.27 50,300 416,293 DDMP RT 1.45 1.46 1.47 1.5 1.46 1.46 1,192,000 1,752,560 DM WENCESLAO 6.76 6.85 6.78 6.78 6.76 6.76 17,500 118,478 EMPIRE EAST 0.2 0.212 0.2 0.2 0.2 0.2 90,000 18,000 EVER GOTESCO 0.249 0.25 0.25 0.26 0.248 0.25 10,840,000 2,730,780 FILINVEST RT 6.75 6.8 6.8 6.8 6.75 6.8 352,700 2,396,507 FILINVEST LAND 0.87 0.88 0.88 0.9 0.88 0.88 5,842,000 5,144,670 GLOBAL ESTATE 0.84 0.92 0.84 0.92 0.83 0.92 1,157,000 994,510 8990 HLDG 10 10.18 10.1 10.18 10 10.18 47,800 481,974 PHIL INFRADEV 0.92 0.95 0.92 0.92 0.92 0.92 20,000 18,400 CITY AND LAND 0.71 0.72 0.73 0.73 0.71 0.71 118,000 84,050 MEGAWORLD 2.16 2.2 2.32 2.32 2.16 2.16 42,834,000 95,748,030 MRC ALLIED 0.185 0.19 0.191 0.191 0.184 0.184 3,210,000 606,960 MREIT RT 15.18 15.2 15.3 15.3 15.14 15.2 773,200 11,743,886 PHIL ESTATES 0.37 0.39 0.37 0.37 0.37 0.37 10,000 3,700 PRIMEX CORP 2.06 2.09 2.01 2.1 2 2.09 2,022,000 4,197,820 RL COMM RT 6.18 6.2 6.2 6.24 6.1 6.2 4,667,700 28,782,161 ROBINSONS LAND 16.96 17.24 17.72 17.72 16.96 17.24 727,700 12,546,590 PHIL REALTY 0.213 0.236 0.235 0.237 0.235 0.236 400,000 94,150 ROCKWELL 1.21 1.36 1.21 1.21 1.21 1.21 1,000 1,210 SHANG PROP 2.47 2.56 2.57 2.57 2.56 2.56 2,000 5,130 STA LUCIA LAND 2.91 3.06 3.08 3.08 3.08 3.08 2,000 6,160 SM PRIME HLDG 36 36.55 36.4 37 35.3 36.55 9,056,000 327,556,010 VISTAMALLS 3.3 3.5 3.3 3.3 3.3 3.3 1,000 3,300 SUNTRUST RESORT 0.96 1 0.95 1 0.95 1 17,000 16,200 VISTA LAND 1.98 2.04 2.04 2.04 1.97 1.98 1,016,000 2,040,100 VISTAREIT RT 1.74 1.75 1.75 1.75 1.74 1.74 804,000 1,399,880

SERVICES ABS CBN 9.96 10.18 10.5 10.6 9.92 10.18 503,600 5,127,525 GMA NETWORK 11.2 11.26 11.48 11.48 11.2 11.2 389,100 4,408,296 GLOBE TELECOM 2,226 2,268 2,280 2,280 2,216 2,268 72,070 161,951,820 PLDT 1,680 1,690 1,735 1,760 1,670 1,680 169,425 287,419,430 APOLLO GLOBAL 0.038 0.039 0.04 0.04 0.038 0.038 71,600,000 2,752,900 CONVERGE 20.95 21.15 21.85 21.95 20.35 21.15 13,168,500 276,828,145 DFNN INC 3.28 3.3 3.16 3.3 3.15 3.3 354,000 1,137,160 DITO CME HLDG 3.91 3.93 4.13 4.13 3.88 3.93 4,070,000 16,156,770 JACKSTONES 1.52 1.6 1.52 1.52 1.52 1.52 1,000 1,520 NOW CORP 1.14 1.15 1.13 1.15 1.11 1.15 898,000 1,015,720 TRANSPACIFIC BR 0.285 0.29 0.295 0.3 0.285 0.29 3,120,000 908,350 2GO GROUP 6.82 6.99 6.99 7 6.82 6.82 2,300 15,823 ASIAN TERMINALS 13.5 13.88 13.5 13.5 13.5 13.5 500 6,750 CHELSEA 1.33 1.38 1.39 1.39 1.39 1.39 46,000 63,940 CEBU AIR 41.55 42.1 42.1 42.5 41.55 41.55 59,700 2,507,860 INTL CONTAINER 184 184.9 199.8 199.8 184 184 2,250,870 421,826,545 LBC EXPRESS 19.52 21.95 19.52 19.52 19.52 19.52 200 3,904 LORENZO SHIPPNG 0.63 0.72 0.68 0.68 0.63 0.63 14,000 9,010 MACROASIA 4.21 4.32 4.37 4.41 4.3 4.32 155,000 675,640 METROALLIANCE A 0.9 0.95 0.9 0.9 0.9 0.9 11,000 9,900 PAL HLDG 5.45 5.75 5.45 5.5 5.4 5.5 67,800 367,275 HARBOR STAR 0.84 0.87 0.87 0.87 0.87 0.87 1,000 870 BOULEVARD HLDG 0.08 0.082 0.082 0.085 0.08 0.08 21,640,000 1,753,310 DISCOVERY WORLD 1.6 1.7 1.6 1.6 1.6 1.6 2,000 3,200 WATERFRONT 0.41 0.44 0.41 0.41 0.41 0.41 240,000 98,400 CENTRO ESCOLAR 6.5 6.69 6.5 6.69 6.5 6.69 200 1,319 BELLE CORP 1.19 1.2 1.19 1.19 1.19 1.19 418,000 497,420 BLOOMBERRY 5.81 5.99 6.04 6.11 5.8 5.81 3,342,900 19,941,883 PACIFIC ONLINE 1.43 1.48 1.37 1.44 1.37 1.44 28,000 40,090 LEISURE AND RES 1.39 1.4 1.4 1.4 1.39 1.39 1,080,000 1,510,490 PH RESORTS GRP 0.79 0.8 0.82 0.83 0.79 0.8 317,000 254,620 PREMIUM LEISURE 0.395 0.4 0.4 0.4 0.4 0.4 70,000 28,000 PHILWEB 4.85 4.87 5.43 5.43 4.66 4.85 24,123,200 119,751,560 ALLDAY 0.32 0.325 0.32 0.33 0.32 0.325 29,970,000 9,676,450 BERJAYA 5.61 6.15 6.04 6.15 6.04 6.15 18,100 110,565 ALLHOME 4.68 4.75 4.6 4.75 4.58 4.75 2,323,000 10,748,020 METRO RETAIL 1.43 1.44 1.45 1.45 1.43 1.43 26,000 37,280 PUREGOLD 30.1 31 31.5 31.5 30.1 30.1 1,629,000 49,795,610 ROBINSONS RTL 50.35 50.4 50.15 50.7 50.15 50.4 327,880 16,530,037 PHIL SEVEN CORP 52.5 53.5 53 53 52 52.5 500,910 26,297,875 SSI GROUP 1.22 1.23 1.21 1.24 1.21 1.23 1,271,000 1,553,810 WILCON DEPOT 23.7 23.8 24.1 24.35 23 23.8 1,488,500 35,590,515 APC GROUP 0.195 0.198 0.198 0.198 0.19 0.198 290,000 56,790 IPM HLDG 6.6 6.99 7 7 7 7 900 6,300 MEDILINES 0.58 0.59 0.59 0.59 0.56 0.59 234,000 135,430 PRMIERE HORIZON 0.4 0.41 0.41 0.41 0.4 0.405 660,000 268,000 SBS PHIL CORP 3.76 3.98 3.76 3.99 3.76 3.99 6,000 23,710

MINING & OIL ATOK 7 7.02 7 7.02 6.9 7.02 239,700 1,656,122 APEX MINING 1.46 1.47 1.48 1.48 1.44 1.46 451,000 656,950 ATLAS MINING 4.8 5.1 4.86 5.2 4.8 5.2 309,000 1,500,790 BENGUET A 5.5 5.7 5.8 5.8 5.45 5.5 92,400 528,025 BENGUET B 5.45 5.5 5.82 5.9 5.6 5.6 37,500 214,320 CENTURY PEAK 2.7 2.74 2.74 2.74 2.74 2.74 20,000 54,800 FERRONICKEL 2.38 2.4 2.4 2.48 2.33 2.4 1,478,000 3,546,700 LEPANTO A 0.133 0.135 0.133 0.135 0.133 0.135 12,030,000 1,613,490 LEPANTO B 0.135 0.14 0.136 0.136 0.136 0.136 100,000 13,600 MANILA MINING B 0.0092 0.0099 0.0092 0.0092 0.0092 0.0092 1,000,000 9,200 MARCVENTURES 1.43 1.45 1.46 1.48 1.41 1.45 1,269,000 1,849,570 NIHAO 0.9 0.95 0.9 0.9 0.9 0.9 109,000 98,100 NICKEL ASIA 6.29 6.3 6.4 6.47 6.22 6.3 1,575,500 9,983,840 ORNTL PENINSULA 0.7 0.71 0.71 0.73 0.7 0.7 233,000 166,730 PX MINING 3.37 3.4 3.48 3.48 3.3 3.43 931,000 3,130,970 SEMIRARA MINING 34.3 35 34.05 35 33.8 35 2,557,700 88,245,340 UNITED PARAGON 0.0059 0.0062 0.0062 0.0062 0.0062 0.0062 5,000,000 31,000 ACE ENEXOR 9.9 9.98 9.88 10.46 9.5 9.9 987,400 9,882,467 ORNTL PETROL A 0.011 0.012 0.011 0.012 0.011 0.011 12,800,000 143,800 PHILODRILL 0.0085 0.009 0.0085 0.0089 0.0085 0.0089 4,000,000 34,800 PXP ENERGY 5.21 5.3 5.2 5.44 5.02 5.3 1,116,500 5,893,228

PREFFERED HOUSE PREF B 98 99.5 99.5 99.5 99.5 99.5 100 9,950 HOUSE PREF A 99 100 100 100 100 100 10 1,000 AC PREF B1 501 502 501 501 501 501 1,000 501,000 ALCO PREF C 100.9 104.9 105 105 105 105 20 2,100 AC PREF B2R 500 501 496.4 501 496.4 501 4,040 2,005,640 CEB PREF 41.9 43.5 41.8 45.9 41.8 43.5 1,700 73,240 CPG PREF A 101 101.7 101 101 100.8 101 20,430 2,062,730 DD PREF 99 101.4 100 100 100 100 100 10,000 EEI PREF B 104.9 105 105 107 105 105 19,650 2,063,350 FGEN PREF G 99.8 100.8 99.5 99.5 99.5 99.5 300 29,850 MWIDE PREF 2B 97.5 101 99.5 101 99.5 101 1,000 99,900 MWIDE PREF 4 98 99 99 99 99 99 700 69,300 PNX PREF 3B 100 100.8 100.8 100.8 100.8 100.8 160 16,128 PNX PREF 4 974 978 979 979 979 979 10 9,790 PCOR PREF 3B 1,062 1,070 1,062 1,062 1,062 1,062 155 164,610 SMC PREF 2F 76.1 76.5 76.5 76.5 76.5 76.5 900 68,850 SMC PREF 2H 74.7 76.1 75 75 74.7 74.7 6,700 500,839 SMC PREF 2I 76 78.45 76.05 76.05 76 76 6,680 507,730 SMC PREF 2K 72.75 74.95 72.8 72.8 72.75 72.75 500 36,380 TECH PREF B2D 53 56.5 56.85 56.85 56.85 56.85 360 20,466

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 9.31 9.5 9.32 9.42 9.31 9.31 163,200 1,533,141 GMA HLDG PDR 11.26 11.4

WARRANTS TECH WARRANT 0.51 0.52 0.52 0.58 0.5 0.51 266,000 140,410

-199,922,470 -149,440 13,100 107,500 14,154,400 2,500 2,240 -11,742.00 33,700 -5,200 2,047,345 -1,973,540 5,000 -11,799,200 1,384,558 -2,379,940 -4,593,434 -1,147,900 22,800,215 -1,434,560 -12,898,920 -179,172,205 23,400 20,122,410 300,960 953,390 -224,400 -98,550.00 -2,097 -698,490.00 -31,832,755 -43,450 216,000 -85,520 20,500 -4,760 3,931,359 -4,110 -6,950.00 -3,005,240 -289,700 -587,800 -21,548,480 4,767,875 30,855 357,960 32,525 -86,110 -486,790 2,910 54,800 1,095,300 -13,600 -9,200 73,580 3,858,160 -308,530 5,881,610.00 -1,511,876 -997,181 -5,300

SMALL & MEDIUM ENTERPRISES

BALAI FRUITAS CTS GLOBAL HAUS TALK ITALPINAS MERRYMART XURPAS

0.64 0.92 0.96 0.73 1.28 0.29

0.65 0.93 1 0.76 1.29 0.295

EXHANGE TRADE FUNDS FIRST METRO ETF

95

96.1

0.68 0.95 1 0.75 1.3 0.295

0.83 0.95 1.01 0.75 1.31 0.295

0.63 0.92 0.96 0.73 1.28 0.29

0.65 0.93 0.96 0.75 1.29 0.295

229,460,000 7,142,000 23,000 139,000 898,000 510,000

172,005,960 6,677,070 22,210 103,080 1,162,850 149,300

-1,368,970 89,290 3,840 -

97.4 97.4 95 95 29,320 2,823,477 442,022

www.news.businessmirror@gmail.com

IC approves SeaInsure’s purchase of 2 insurers

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Singaporean insurance firm affiliated with Shopee Pte. Ltd. has entered the Philippine insurance market after it acquired two licensed Philippine non-life insurance companies AA Guaranty Assurance Co. Inc. (Aaga) and Reliance Surety and Insurance Co. Inc. (RSI).

The Insurance Commission (IC) announced on Thursday it has approved the acquisition of Aaga and RSI by SeaInsure PG Private Ltd., an insurance firm under tech conglomerate Sea Ltd., Shopee’s holding company.

“Sea Limited’s entry into the Philippine insurance industry through SeaInsure’s acquisition of these two local insurers is a significant milestone to the development of the local digital insurance business and InsurTech,” Commissioner Dennis B. Funa said.

The IC said it found the acquisition of both the Aaga and RSI to be compliant with the regulatory frameworks under Circular Letter 2014-37 dated September 5, 2014 on “Documentary Requirements for the Acquisition of Control of a Domestic Insurance Company.” The regulator added the acquisition also complies with Circular Letter 2018-64 dated December 28, 2018, on “Guidelines on the Registration of Controlled Insurers.”

The IC said the Aaga was rebranded as SeaInsure General Insurance Co. Inc. (SeaInsure Philippines) and was launched as a digital insurance company after it was acquired by SeaInsure in February last year.

SeaInsure Philippines has also been granted with a license by the IC, authorizing it to transact as a non-life insurance business.

Meanwhile, SeaInsure acquired RSI in February this year and converted it from non-life to life insurance business. However, a new certificate of authority to transact life insurance business shall be sought from the regulator in line with the Insurance Code.

The IC said it approved last March the transfer of RSI’s non-life insurance portfolio to SeaInsure Philippines, noting that SeaInsure Philippines automatically assumes all polices issued by RSI beyond the cut-off date, if any and any valid non-life insurance-related claims that may arise in the future.

“At the same time, the Filipino insuring public can be reasonably assured that SeaInsure Philippines and the newly-converted life insurance company acquired by SeaInsure shall be strong, sustainable and competitive, not only within the Southeast Asian region, but perhaps globally,” Funa said.

SeaInsure parent company Sea Ltd. is a listed consumer Internet conglomerate on the New York Stock Exchange with three core business lines across digital entertainment, e-commerce and digital financial services. Its digital entertainment business, Garena Online Private Ltd., is a global game developer and publisher with presence in Southeast Asia, Taiwan and Latin America.

Its e-commerce business, Shopee, provides users with an online shopping environment that is supported by integrated payments, logistics and other value-added services.

SeaMoney, the digital financial services business of Sea Ltd., offers ewallet services, payment processing, credit services and other financial products.

Sea Ltd. has business presence in Vietnam, Indonesia, Singapore, Malaysia, Thailand, Taiwan and the Philippines.

Insurance penetration in the country increased to 2.03 percent as of end of third quarter last year from 1.69 percent in the same period in 2020, latest data from the IC showed. Bernadette D. Nicolas

Banking&Finance BusinessMirror

Editor: Dennis D. Estopace • Friday, July 1, 2022

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‘Govt to rely on domestic borrowing’

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By Bernadette D. Nicolas

@BNicolasBM

INANCE Secretary-designate Benjamin E. Diokno vowed the government will be “opportunistic” on foreign borrowings as the peso hit its weakest level against the greenback in more than 16 years.

Diokno, who is the outgoing Bangko Sentral ng Pilipinas (BSP) governor, told reporters that the government will continue to rely on domestic borrowings to lessen the impact of currency fluctuations on the national government debt.

“We will be opportunistic. So if there’s a good opportunity to borrow in foreign currency, we will do

that; but right now, our bias is to rely on domestic borrowing,” Diokno told reporters following a turnover ceremony at the Department of Finance last Wednesday, the day the peso crossed the P55-$1 territory.

But Diokno said the weakening of the peso should not be a concern, pointing out that the peso remains “competitive” compared to other

currencies.

During the DOF turnover ceremony, Diokno vowed to keep the country’s debt-to-GDP ratio within the “sustainable threshold” while balancing the need to sustain the country’s economic recovery.

He also vowed that the Marcos administration will work towards achieving three goals by the end of the president’s term: reduce the deficit-to-GDP ratio to three percent; achieve upper-middle-income status; and, bring down poverty incidence to single-digits.

For his part, Duterte’s finance secretary Carlos G. Dominguez III said Diokno is the “best possible choice” to succeed him because the outgoing central bank governor possesses “the skills, the insight and the dedication” to take on the demanding job of Secretary of Finance.

Dominguez also said he hopes that their proposed fiscal consolida-

tion will be “somewhat useful” for the new administration to help manage the country’s debt and sustain the country’s economic recovery.

The DOF recently unveiled its proposed fiscal consolidation and resource mobilization plan seen to generate a total average of nearly P350 billion per year from 2023 to 2027 to help the country outgrow its debt at a faster rate. The 3-package proposed fiscal consolidation and resource mobilization plan include the imposition of several taxes and the 3-year deferment of the second tranche of reduction in personal income tax rates. It also includes the expansion of the value-added tax (VAT) base and the removal of VAT exemptions—except for education, agricultural products, health, financial sector and raw food, among others.

As of end- April, the national government’s outstanding debt zoomed

to another record-high at P12.76 trillion, just two months before President Duterte steps down from office.

The national government’s debtto-gross domestic product (GDP) ratio as of the first quarter of the year rose to 63.5 percent, above the internationally recommended 60-percent threshold by multilateral lenders for emerging markets like the Philippines. It is also the highest since the country’s debt-to-GDP ratio hit 65.7 percent in 2005 under the Arroyo administration.

Last May, when the peso hovered at P52-$1, state think tank Philippine Institute for Development Studies (PIDS) said that the country’s debtto-GDP ratio, which has climbed to 60.5 percent in 2021 from 39.6 percent in 2019, is still manageable.

However, returning to its prepandemic levels may not be feasible in the near term, the PIDS study said.

Peza allows firms to pay fees online

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NET-ZERO GOAL

Security Bank Corp. President and CEO Sanjiv Vohra (third from left, first row) attended the launch of the Glasgow Financial Alliance for Net Zero (GFANZ) APAC Network Office in Singapore. With over 450 member firms in 45 countries, GFANZ aims to accelerate the world’s transition to net-zero greenhouse gas emissions by 2050. Security Bank recently disclosed its commitment to zero out coal generation financing—no longer fund the construction of new coal generation plants and with a view to completely exit by 2033.

Setting a strategic board meeting agenda

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HE way a board agenda is structured will dynamically affect the quality of board focus and its ability to handle the big decisions that are required to create the future. This is further supported by the quality of board reports that provide succinct, focused information that facilitates the Board to understand the choices they have.”

This was the context of “Setting the Strategic Board Agenda” written by Steven Bowman and Brendan Walsh of Malvern, Australia-headquartered Conscious Governance, as well as the webinar I recently attended, “How to Develop your Strategic Board Agenda” organized by BoardPro Ltd., a board management software company in Australia.

The webinar panellists who shared 13 top practices on strategic board agenda setting were: BoardPro CEO and Co-Founder Brett Herkt; Conscious Governance Managing Director Steven Bowman; and, Grounded Governance Managing Director Giselle

Association World Octavio Peralta McLachlan. They shared the following practices associations can immediately adopt: 1. Place your purpose/vision prominently on top of the meeting agenda page. This will remind everyone present why your organization exists and why you are there (not just to hold meetings). It can also steer where the conversation should go and guide board behavior.

2. Create a colorful cover sheet or include a service user story. Try using a cover sheet with a photograph of your important work or key projects plus a short description. This can help to remind board members of the reasons for the organization’s existence.

Alternatively, spend 10 minutes exploring a service user story or a “mission moment.”

3. Place strategic matters ahead of operational matters.

Prioritize the first part of the meeting for strategic matters. This helps to overcome the problem where a meeting delves into operational matters for extended discussions and then finds there is not enough time left to deal with the strategically important stuff.

4. Use a consent agenda. The consent agenda technique is a powerful tool that reduces the amount of time spent on reports that are “for noting only.” This is sometimes called a “block agenda,” i.e., where a group of items are placed together and approved by the board as a block. As well as separating items for noting, you should also have “items for discussion” and “items for decision” by the board.

5. Color code the agenda for the action required by the board. On the agenda, you can color-code the item, depending on the action required from the board.

For instance, you can use green for “Items for Noting,” use amber for “Items for Discussion,” and use red

for “Items for Decision.”

6. Create a standard heading on all reports. The heading could read as “Strategic Implications for Board Discussion” (or similar). The mere presence of this heading may prompt a board member to raise a strategic issue or question related to the topic.

7. Measure the right things.

Often, board reports are full of data that are unhelpful information for board members (or even management). While many associations measure new member sign-ups, they often fail to disclose how many members were lost, and what the full-year impact of those losses are worth to the organization. Finally, consider benchmarks and targets.

Are you measuring the real outcomes of your work, or just activity or outputs?

Octavio Peralta is currently the executive director of the Global Compact Network Philippines and founder and volunteer CEO of the Philippine Council of Associations and Association Executives, the “association of associations.” E-mail: bobby@pcaae.org.

HE Philippine Economic Zone Authority (Peza) has tapped MYEG Philippines Inc. and PayMaya Philippines Inc. so registered firms can settle fees online using the two firms’ interconnected platform.

Peza Director General Charito B. Plaza said the move is to promote digital transactions and ease of doing business. By tapping MYEG Philippines and Paymaya Philippines, enterprises located in Peza zones, including business process outsourcing (BPO) companies and factories, can make advance payments, pay for registrations and administrative processing and settle fees using the PayMaya’s e-wallet under MYEG’s payment options.

“We are very pleased to make the Maya wallet available, through MYEG, as we bring cashless convenience to Peza members,” Plaza was quoted in a statement as saying.

“This move is part of our goal to foster business recovery and economic growth under the so-called ‘next normal.’ With PayMaya’s digital-payment technologies at hand, we can deliver a more efficient and transparent public service.”

“This initiative will encourage more businesses to embrace digital payments for their government transactions and we thank Peza for their trust,” PayMaya CEO and Founder Orlando B. Vea was quoted in the statement as saying. “Our goal is simple: help make government transactions more convenient through digital payments.”

As the country pushes for economic recovery and development after the pandemic, Vea said PayMaya will continue to pursue its goal of building digital governance so more Filipinos can enjoy convenient, secure, and safe transactions through digital payment solutions.

PayMaya operates the “Maya” money platform. MYEG Philippines is in a joint venture partnership with Malaysian firm MYEG Services Berhad, a publicly-listed company in the Kuala Lumpur Stock Exchange. Rizal Raoul Reyes

Lender sees open finance driving new wave in financial innovation

By Rizal Raoul S. Reyes @brownindio

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XECUTIVES of Union Bank of the Philippines (UnionBank) announced that the Aboitiz-led lender will be “pushing aggressively” to promote open banking and open finance, which they expect would “revolutionize” banking and financial services that will serve as “a catalyst for the new wave in financial innovation.”

In her presentation during a forum organized by the lender, UnionBank Fintech Business Group Head Erika Dizon-Go explained that open banking and open finance may differ slightly from each other: the former promotes data sharing on banking services while the latter promotes data and capability sharing across the financial sector. Nonetheless,

she said the goal is the same, which is the creation of an open ecosystem.

According to Dizon-Go, an open ecosystem provides numerous benefits, including seamless data access and sharing, more opportunities for cooperation and collaboration, and most importantly, “unprecedented customer-centricity.” She added this will lead the way to completely change the way people see banking and finance.

Dizon-Go cited as example that open finance can inspire service providers to innovate and create new revenue streams. She added that open finance can promote increased transparency and operational efficiency for businesses. For customers, Dizon-Go said open finance can help them develop better personalization and, in turn, “more meaningful experiences.”

She said there are several pillars supporting open banking, including regulatory push for frameworks built on principles of consent, interoperability and collaboration. Another pillar, Dizon-Go said, is formed by “the heightened expectations coming from the digital and modern social experiences that are redefining banking and finance.”

The two other pillars she identified are: competition, especially with the emergence of non-traditional players; and, infrastructure, which is increasingly becoming more reliant on application programming interfaces.

“All of these factors are coming in to play and have triggered the open banking and open finance movement and the beginning of the unbundling of the traditional banking models,”

Dizon-Go said.

Customer consent

AT the core of open banking is customer consent where end users can have the choice to share their data or not and limit how much of their data is used, she explained.

On balancing competition with collaboration, especially since open ecosystems require the latter for them to truly serve their purpose, UnionBank would rather focus more on “co-opetition,” adding that there is a place for different industry players to benefit from a win-win-win model, Dizon-Go said. “We understand that some financial institutions, some fintechs and some third parties have specific products and services that we don’t, and we believe that for us to be able to better serve our customers,

we should be able to integrate those specific products and services into our own,” she added.

“Open banking and open finance are only as good as the number of players that cooperate within that ecosystem, and that’s, I think, one of the biggest things that we have to consider.” Dizon-Go said that the ninth-largest lender in terms of total asset “can create more value.”

“More importantly, it adds value to our customers and how they do their financial transactions, and that is what’s really important to us,” Dizon-Go said. “Of course, as a bank, there is a bottom line that we need to think of, but we believe that there is a space for both to co-exist, for the customers to be served appropriately and for the bank to be able to have new business models.”

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Friday, July 1, 2022 • Editor: Gerard S. Ramos

Relationships BusinessMirror

Out in Ormoc OVER 200 hectares of Ormoc is planted with queen pineapple, a major agricultural product.

Its sweetness is celebrated with a Piña Festival, where a Piña Queen is crowned and colorful floats parade down the city’s thoroughfares.

PHOTOS BY STELLA ARNALDO

www.businessmirror.com.ph

Today’s Horoscope

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Storm Reid, 19; Missy Elliott, 51; Pamela Anderson, 55; Dan Aykroyd, 70.

HAPPY BIRTHDAY: Reminisce, reach out to someone special, share memories, update your image and strive to do something that makes you happy. Take the time to get to know yourself better and grow mentally, emotionally and spiritually. Look at the big picture, and you’ll discover what you can do to make the world and your life better. Your numbers are 9, 15, 22, 26, 30, 33, 41.

ARIES (March 21-April 19): Plan a fun outing or spend time with someone who makes you feel good about yourself. Make personal gain, romance and self-improvement your goals, and discuss your intentions with someone you love. A home improvement project will add comfort and convenience.

HHHHH

F

OR the longest time, Ormoc City was mentioned in the same breath as typhoons, earthquakes, and disaster relief. So when an invitation came from newly-elected Leyte Fourth District Rep. Richard Gomez and his wife, Ormoc Mayor Lucy Torres-Gomez, to attend their fiesta, I couldn’t resist. Surely, I thought, there has to be more to this city than all these natural disasters it seemed attached to.

I was not disappointed. Ormoc is a thriving hub of commerce, having attracted investments from major retailers like Gaisano and SM, several commercial banking institutions including China Bank Savings, car dealerships, furnishing companies, name restaurants as well as and home-grown food brands, even as the local government continues to nurture its agriculture-based economy and, now, tourism.

Gomez, who was mayor for two terms before running for congressman last May, attributes the economic growth of Ormoc to its peace and order and liberal investment policies. “We took care of the drug problem,” he says, with the Philippine National Police lending its full support. Investments came because the city had an open-door policy; the local government issues business permits to legitimate investors without tying them to any, uhm, crafty conditions that marked previous administrations.

I would also think the infrastructure investments made by the LGU has made it easier for businesses to develop and thrive. All the roads we passed moving around the city were well-paved, such that key areas, from tourist spots to retail areas, are quickly accessed.

Not content that Ormoc just produces rice, sugarcane, and sweet queen pineapple, Gomez has encouraged the planting of cash crops such as cacao and coffee as well as organic farming. Alto Peak Chocolates, a popular confectionary store in the city, already makes chocolate products using cacao grown

TAURUS (April 20-May 20): Be honest when dealing with domestic matters. Someone won’t see things your way. Give others the freedom you expect in return. Set boundaries to avoid getting dragged into something that makes you feel uncomfortable. A change of scenery will lift your spirits.

HH

GEMINI (May 21-June 20): Participate, and expand your interests and circle of friends.

Consider what you can offer to improve your life and alleviate any concerns. A self-improvement project will fetch compliments, and romance will bring you closer to someone you love. HHHH

by local farms, although most of its ingredients still come from Davao. “We partnered with EDC (Energy Development Corp.) for a coffee and cacao plantation benefiting upland farmers,” says Gomez. EDC, the operator of the country’s largest geothermal power plant, is eyeing the production of 12,000 kilos of coffee and cacao beans per year, once the farmstead is fully operational.

As a tourism attraction, Ormoc has an abundant array of gorgeous scenery—from clean rivers and picturesque lakes, to placid beaches, and lush hills and mountains with chilly, windy climes. “It’s like Hawaii,” says Gomez. We were treated to a light seafood lunch on a floating cottage on the serene and peaceful Lake Danao, located within a natural park.

The forest in this natural park is where the Ormocana butterfly is found, a species endemic to the area.

“We wouldn’t have known about this butterfly had Richard not done a cultural mapping of the city,” says Torres-Gomez. “The cultural mapping covered

all barangays, and the people helped identify all the unique facets of their towns,” she adds.

The city has a rich heritage dating back from the Spanish era with ruins of old homes inscribed as landmarks, along with the cobble-stoned Puente dela Reina bridge near the old Ormoc City Hall, now converted into a museum. “The building, still with its magnificent architecture, was just standing here, unused. When I became mayor, I decided to repurpose it as a museum,” explains Gomez.

The museum houses artifacts from World War II such as exploded ordnance and artillery found in the area—the city having been the headquarters of the Japanese military forces. It also has curated art pieces from the Gomez couple’s private collection, including Amorsolo portraits and modern pieces by wellestablished artists. Ongoing is an exhibit of paintings

by Ormocano artists.

LEO (July 23-Aug. 22): A sensitive issue will surface. Listen and take notes to ensure you get your facts straight. Use the information to set yourself up for success. An investment in how you look, use your skills or make money is favored. HHH

VIRGO (Aug. 23-Sept. 22): Don’t let fear limit you. If change is necessary, jump in and make the adjustments required to improve your lifestyle and relationships with others. Social events will help you connect with someone influential. HHH

LIBRA (Sept. 23-Oct. 22): Jump in and take advantage of every possible opportunity.

Position yourself for success, and mix business with pleasure. The more active and vibrant you are, the easier it will be to persuade others to see things your way. HHHH

SCORPIO (Oct. 23-Nov. 21): Take advantage of a sensitive situation instead of letting someone use you for personal gain.

Don’t take on responsibilities that don’t belong to you.

Distance yourself from trouble, and focus on something you enjoy doing. HH

Continued on B5

Rewards for families to enjoy JAPANESE lifestyle retailer Miniso recently launched its Miniso Wink Rewards Card loyalty program with lots of exciting perks and rewards. Now, there’s more reason for families to check out and shop for fun and fashionable finds from the brand.

That’s because cardholders get a 10-percent off on regular items upon registration, a double reward points during special days and occasions, and priority lane access when they visit the store.

There are also promo of the month’s discounts and offers exclusive to members only, and a 20-percent off discount on regular priced items during the member’s birth month.

And the good news is that the card can also be used as a Beep Card at all partner merchants and transport stations like P2P, LRT, MRT, etc., and it has the same function as the ordinary blue beep card which is reloadable and can be also used to pay at merchants/ terminals that accept beep.

The Miniso Wink Rewards Card, which only costs P200, can be used to earn points on all merchandise purchases and redeem points for in-store credit.

Customers must present their rewards card at the cashier during check out and points will be awarded.

CANCER (June 21-July 22): Put things in perspective before disrupting your life or someone else’s. Gather facts, and be willing to compromise. Try to discourage negativity by keeping the peace. Apply for a position that offers stability and something you find gratifying. HHH

SAGITTARIUS (Nov. 22-Dec. 21): Wheel and deal until you get what you want. Your chatter will stir interest and win approval when dealing with someone you respect. A positive change at home will allow you the freedom and space to pursue a dream. HHHHH

CAPRICORN (Dec. 22-Jan. 19): Don’t get angry; get moving. Put your energy into something that matters to you, and take a positive step toward improving your home, relationships and the way you do business. Set up boundaries with people who drag you down. HHH

AQUARIUS (Jan. 20-Feb. 18): Focus on moving forward, and don’t stop until you like what unfolds. Using your wit and charm to bring out the best in others will be a testimony to your leadership ability. Spend time with someone you love.

HHH

SO many lovely items and giftables families can choose from.

TO hug and to hold—lovely beverages pillow plushies.

For every P200 spent, customers will collect 1 membership point automatically credited to account after 7-10 days from the date of purchase. It can be redeemed inside Miniso stores as cash to purchase

any item from Miniso (1 point = P1.)

The rewards card can only be used at Miniso stores nationwide except Miniso stores inside SM Hypermarket, Savemore, and Alfamart.

PISCES (Feb. 19-March 20): Take the time to do a good job and finish what you start.

Your reputation depends on how you handle others and sensitive matters. Don’t divulge secrets or give anyone access to your personal information or passwords. HHH BIRTHDAY BABY: You are outgoing, social and demonstrative.

You are vibrant and colorful.

‘color coded’ BY STEVE FAIELLA The Universal Crossword/Edited by David Steinberg

ACROSS 1 Halifax, ___ Scotia 5 Study all night, say 9 Entice 14 “You said it!”

15 Spa attire 16 Fast on one’s feet 17 Hot line, maybe?

18 Iowa college town 19 The “K” in K-Town 20 Spends one’s golden years at home 23 Floppy part of a basset hound 24 Kristen Stewart portrayed her in Spencer 25 Chemist’s workplace 27 Ride the waves 30 Sanctify 34 Disneyland transport 38 Numbered highway sign 40 Edmonton hockey player 42 Give a scathing review to 43 Musical composition 44 Gentler part of one’s personality 47 Sushi bar beverage 48 “Feed a cold, ___ a fever” 49 Caramel candy brand

51 52 57 60

Ungraceful person “I’ve found it!”

AstroTurf alternative Salad choice, and a description of the first words of the starred clues’ answers 64 Group of Girl Scouts 66 Actress Rooney or Kate 67 Killmonger’s first name in Black Panther 68 Atmosphere protector 69 Like numbers divisible by two 70 “Welcome to my ___!”

71 ___ over (studied) 72 Small salamander 73 Bird feeder morsel DOWN 1 Congested-sounding 2 Last Greek letter 3 Ticked off 4 Restless 5 Board game with the categories “Data Head” and “Creative Cat” 6 Easy win 7 Biblical brother of Cain 8 Flat-topped landform

9 10 11 12 13 21 22 26 28 29 31 32 33 34 35 36 37 39 41 45 46 50 53 54 55

Go out for a bit?

Swelled head Deep mud “You’ve gotta help me!,” e.g.

What the ‘ in :’( represents Some face cards?

Mollusk in jaecheop-guk ___ Badenov (Rocky and Bullwinkle baddie) Features of distressed jeans Panache Swedish furniture chain The giraffe has the longest one Family diagram ___ and turn Barrel of laughs The A in NATO? The first “M” in MGM Prefix with “skeleton” Did a makeover on Mortgage update, for short Tastefully stylish Belonging to us Film spools Spooky Butter-spreading tool

56 57 58 59 61 62 63 65

Made an inquiry Put an end to Pasta that looks like rice It might become unhinged Marvel mutants Roof overhang Made a sketch of Number on a foam finger

Solution to today’s puzzle:

Show BusinessMirror

www.businessmirror.com.ph

Editor: Gerard S. Ramos

• Friday, July 1, 2022

B5

Swaggering arts: ‘New’ Kabuki on Netflix TOMA IKUTA in a Kabuki documentary

Britney Spears’s ex ordered to trial on stalking charge VENTURA, California—A California judge found on Monday that there is enough evidence against a man once briefly married to Britney Spears who showed up uninvited at the pop star’s wedding to go to trial on a felony stalking charge.

After a two-hour preliminary hearing, Ventura County Judge David Worley ruled that 40-year-old Jason Allen Alexander should be held to answer on the charge, along with misdemeanor counts of trespassing, vandalism and battery, court records showed.

Not guilty pleas to all the charges were entered by an attorney for Alexander, who did not attend and remains jailed.

Spears married longtime boyfriend Sam Asghari at her home in Thousand Oaks, California, on June 9, in front of several dozen guests including Selena Gomez, Drew Barrymore, Paris Hilton and Madonna.

Alexander, a childhood friend of Spears to whom she was married for less than three days in 2004, appeared uninvited at the house before the ceremony, livestreaming his raid on Instagram.

Richard Eubler, a since-fired security guard for Spears, testified at Monday’s hearing that Alexander got inside her house and up to the locked door of Spears’s bedroom while she was inside, according to multiple media reports.

Eubler said Alexander had also tried to enter the property in the days before the wedding.

Alexander’s attorney, Sandra Bisignani, argued there was no evidence he had any intention of harming Spears. AP

Out in Ormoc Continued from B4 From its unique land and waterscapes to its rich cultural heritage, Ormoc will also attract the intrepid food tripper for the two delicacies for which it is particularly known: its incredibly tasty lechons, which don’t need any liver sauce—just a dab of a soyvinegar dip enhances the flavor of the crispy skin and smoked, tangy meat—and its queen pineapples, which may be smaller than the usual pineapples we buy in cans, but are juicy and pack a lot of sweetness.

The city’s first post-pandemic fiesta celebrated these two Ormocanon food products.

The Piña Festival, which coincides with the feast day of the city’s patron saints, Saints Peter and Paul, began last Sunday with a parade of colorful floats, where participants tried to outdo each other in the most unique and colorful creations in honor of the queen pineapple. The day’s festivities were capped with a concert and the coronation of this year’s Piña Festival Queen, the alluring and talented Princess Adonna Ortega Paraiso of STI College.

The next night was the Lechon Kumbira, participated in by various purveyors of the delicious spit-roasted pig, all vying for a chance to win P70,000.

I don’t envy the judges of this event, which included some media colleagues; they had to taste 12 lechons in all. The pigs were delectable, for sure, but I don’t think my heart would have stood a chance. I was quite content feasting on the winning porker prepared by Malang’s Lechon Place.

Ormoc manages to blend the new and the old, the modern with folk traditions—making it a unique and engaging destination. There are projects the congressman and the mayora will continue to keep Ormoc on the map of curious tourists and passionate investors, while encouraging the establishment of more home-grown distinctive businesses. As TorresGomez promised at her inauguration address last Tuesday, “The best is yet to come!” n

W

HO would ever think that a theater form that dates back to the 17th or 18th centuries would make its way to Netflix? But then again why not?

Netflix is a popular format and, for all its traditions and perceived ancientness, Kabuki is in reality a popular art—the regular people’s entertainment— and not the high art foreign writers are prone to designate.

Celebrating the pop in Kabuki are the two presentations of the theater form: one is the Kabuki piece itself, Akadousuzunosuke, and the documentary on pop idol Toma Ikuta joining the said production.

Both are spellbinding, a coup for Netflix no less.

Matsuya Onoe is the lead of the Kabuki play. He plays Suzunosuke, a swordsman who is looking for ways to improve his fighting skills and work on his kokoro, interchangeably translated as soul and heart.

He is with his good friend Rainoshin in the forest.

The play opens with what is supposed to be Suzonosuke’s dream, where his father figures in. An encounter with the King of Hell happens as his father, Tetsunosuke, searches for a fighting technique. The young swordsman wakes up still with the voice of his father ringing in his ears.

The two friends travel to Edo and join a dojo, a school where one immerses in martial arts and spirituality. Edo (which is now the present-day Tokyo) is a city of confusion and progress. It is this depiction of the capital that makes for an exciting reading of this Kabuki play. In the city, prices are rising high, even the price of soba when revealed shocks the two young men. Proto-capitalists are behind the manipulation of the economy. Behind the merchants and middlemen, however, is a resurrected evil from hell. This demon is represented on earth by a theater owner and a stage diva. Hiding behind the glitter of entertainment, they aim to transform men into oni, or demons.

The density of metaphors is both manipulative and tantalizing. And so contemporary.

The warehouse/headquarters of the master of the Chiba Dojo, in which Suzunosuke and Rainoshin are enrolled, is depicted as difficult to penetrate. It is guarded by robots and fitted with electricity.

Akadousuzunosuke belongs to the category of “New Kabuki.” These are plays written after the end of Second World War (other scholars use the Meiji Period as the cut-off), the reference being that most Kabuki plays were composed during the Edo period, with the older ones based on the oldest theater tradition, the Noh. Being a well-guarded tradition, it is rare for a non-Kabuki actor to be made part of a production.

There is the long training to consider and there is also the patronage that protects the theater. But Matsuya Onoe, the lead of the play, is a good friend of Toma and they had a pledge back in high school that, one day, they will perform together in a Kabuki play.

One day, Toma, a pop idol, and a product of Johnny and Associates, the talent management firm noted for pretty boys, decides to fulfill that promise with his friend. He has zero training in Kabuki although he has an active career in theater. Despite all that, he is entering a terrifyingly untested arena insofar as being an actor is. He will be acting with his friend who began his career in Kabuki at the age of five.

All of this can be found in Sing, Dance, Act: Kabuki, a documentary on Toma Ikuta and his incursion into this theater form dating back to the Genroku Period, the so-called Golden Age of Edo, an era when the arts flourished.

The documentary has two aspects: the personal and the theatrical. The first one looks into the artistic journey of Toma and how he feels he is a rut. Where should he go? When he begins the rehearsals for the play, it is a fearless venture. The other aspect should interest even the scholars of Japanese theater and this is because Toma brings us into an up-close examination of what makes Kabuki a truly original form worthy of being designated as Intangible Cultural Heritage by Unesco.

Toma is given the privilege to perform several times a mie, that exaggerated pose where the actor raises his two hands, sometimes one hand with a sword, to frame his face as he crosses one eye (!)

and freezes. Foreign critics call the mie a theatrical equivalent of a close-up shot. In the Kabuki play, imagine not one but at some point five or six characters all doing a mie, their positions held for seconds, a spectacular combination of a tableau and a mise-en-scene.

Other techniques unique to Kabuki are shown to the audience as Toma rehearses them. He does a roppo (literally, “six motions”), a set of rough actions and swagger, presently employed by the lead actors (or the important ones) as they exit via the hanamichi (the road or way of the flowers), a ramp-like structure.

For all the perceived rigidity of Kabuki, the documentary and the Kabuki play itself indicate how a popular culture, when attended to by artists and governments, can evolve into a more relevant cultural artifact. Note how Kabuki magnificently resonates in the more current forms of anime, manga, samurai films, cosplay, mecha and technologies—indices to a material culture that has reached various classes of people. In this development, the audience, and not just a claque of critics, demonstrates a fastidious knowledge of the art form. This is real patronage, the kind needed to prop up an artist that represents a nation.

The documentary is directed by Tadashi Aizawa.

It is interesting to note that in 2003, the UP Center for International Studies presented Kanjinchō (The Subscription List), a Kabuki play translated by Jerry Respeto and directed by then Professor Emeritus Tony Mabesa and Jina Umali, with non-Kabuki actors performing the lead. n

Ruru Madrid banners biggest adventure series ‘Lolong’ ON Monday, July 4, a new hero rises on Philippine primetime TV as Ruru Madrid headlines GMA Network’s biggest adventure series this year, Lolong.

A homegrown GMA artist, Ruru is proud to take on the titular role in this latest creation of GMA Public Affairs that tells the exciting tale of a man’s extraordinary friendship with a giant crocodile.

“This is my 10th year in showbiz at ito ang project na ibinigay sa akin. I’m just very lucky at ganito kaganda ’yung materyal namin, ganito kaganda ’yung cast. I learned so much from the show,” shared Ruru.

Joining Ruru in this series as his leading ladies are his co-GMA artists Shaira Diaz and Arra San Agustin who play the roles of Elsie and Bella, respectively.

Free-spirited and ‘woke,’ Elsie is Lolong’s loyal friend.

Their friendship will blossom into something deeper that will be tested by various forces. Bella, on the other hand, is a travel vlogger from Manila. Behind her beauty is a mysterious personality that will leave viewers guessing if she is a friend or a foe.

Off-camera, Shaira and Arra have cemented their friendship because of the show.

“Bago pa man, solid na ’yung samahan namin, ’yung naging pagkakaibigan namin ni Arra,” said Shaira. “Parang kapatid ko na siya. Si Ruru din, ‘di niya pinaparamdam na may lamang sa aming dalawa.”

Arra promised viewers that they will be glued to their screen: “Hindi predictable ’yung love story dito. Abangan nila ang mga mangyayari.”

Lolong’s life will be further surrounded by the characters brought to life by the powerhouse cast members composed of Christopher de Leon, Jean Garcia, Bembol Roco, Malou de Guzman, Rochelle Pangilinan, Paul Salas, and Ian de Leon.

Adding more color to the series are Marco Alcaraz, DJ

Durano, Mikoy Morales, and Maui Taylor. Set to portray special roles, as well are Gina Pareño, Pokwang, Mon Confiado, Ryan Eigenmann, Leandro Baldemor, and Abby Viduya.

As a child, Lolong (Ruru) develops an affinity with animals through the help of his parents Gloria (Abby) and Raul (Leandro). They introduce him to a unique friend—a gigantic crocodile they name Dakila. Immediately, Lolong and Dakila form an unusual bond.

Unfortunately, Armando Banson (Christopher) has made it his personal crusade to kill all crocodiles in his small town

of Tumahan, saying that the creatures are a menace to their livestock and have been reported to attack and kill people.

Growing up, Lolong kept his friendship with Dakila a secret. But he would also notice peculiar things about himself and would soon discover that while being special is not a choice, it is his calling—and he needs to answer the call.

The show’s stars are all excited to share to viewers all over the world this project that took three years in the making.

“This is going to be a very entertaining series, I am sure of that. This is going to be a rollercoaster ride for everyone. I am proud of this project,” said Christopher.

Jean, on the other hand, grew fond of her coactors: “I’m so proud of this group. Iba ’yung pagmamahal, ’yung passion, ’yung galing, ’yung pag-aaral na isinapuso nila rito for Lolong.”

The idea of creating a crocodile-themed drama series came from award-winning broadcast journalist and GMA News anchor Jessica Soho and assistant vice president for GMA Public Affairs LJ Castel.

Dakila, who has been fondly referred to as the “highest paid actor in the series,” is made of a fiberglass body and silicone skin. To make him move like a real crocodile, the production team used pneumatic technology and an air compressor, as well as computer-generated imagery (CGI).

Lolong is another prime-time offering produced by GMA Public Affairs, which was behind some of the country’s hit TV series (Inday Will Always Love You, One of the Baes, Owe My Love and Love You Stranger), as well as the well-loved series that showcased stunning cinematography and superb visual narratives, such as The Lost Recipe, Ilustrado, Alamat and Sirkus, among others.

Directing Lolong are Rommel Penesa and Conrado Peru.

It airs weeknights after 24 Oras. Viewers offshore can watch it on GMA Pinoy TV. More information is available at www.gmanetwork.com.

RURU MADRID stars in adventure-serye Lolong

B6 Friday, July 1, 2022

Maker of world’s first COVID-19-safe water purifier opens flagship store at SM Mall of Asia Square

Meralco, ERC and UP Diliman sign MOA to pilot retail aggregation

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HE Manila Electric Company (Meralco), Energy Regulatory Commission (ERC), and University of the Philippines Diliman (UP Diliman), will pilot an implementation of Retail Aggregation that will allow the academic institution to choose its preferred supplier of electricity for the combined power requirements of the various buildings within the campus.

Retail Aggregation Program is a scheme provided under the Electric Power Industry Reform Act (EPIRA) wherein two or more electricity end-users within a contiguous area can join together to pool their demand and be treated as a single Contestable Customer, thereby enabling it to participate in Retail Competition and Open Access (RCOA).

RCOA is a policy provided under EPIRA that allows electricity end-users classified by the ERC as a Contestable Customer to directly negotiate its power rates and enter into retail electricity supply contract with its preferred supplier.

The state university signified its intent to explore retail choice mechanisms to comply with the directive of the InterAgency Efficiency and Conservation Committee(IAECC)undertheGovernment Energy Management Program (GEMP), to reduce the government’s monthly electricity consumption.

To provide UP Diliman what it needs to participate in the retail supply market and minimize incremental costs, Meralco

PRESENT DURING THE SIGNING OF THE MOU AT THE UP CAMPUS IN QUEZON CITY ON JUNE 24, WERE FROM LEFT: Meralco Vice President and Head of Corporate Business Group Engr. Ma. Cecilia M. Domingo, UP Vice President for Development Elvira A. Zamora, UP President Atty. Danilo L. Concepcion, ERC Chairperson and CEO Atty. Agnes VST Devanadera, ERC Commissioner Atty. Alexis M. Lumbatan, and Meralco First Vice President and Head of Regulatory Management Office Atty. Jose Ronald V. Valles. proposed the use of meters with remote data collection capability and electronic tabulation of individual readings of buildings within the campus.

This pilot implementation, which will be done in phases, will cover all 149 customer accounts within the campus with a combined demand of 4.27 MW. “For the entire university system, this is a way for us to fulfill our mandate to harness our resources, including our campuses and academic community, toward our quest for national development, by supporting the initiatives of our government agencies, our private sector, and our communities,” UP President Atty. Danilo L. Concepcion said.

Meralco First Vice President and Head of Regulatory Management Office Atty.

Jose Ronald V. Valles said: “We would like to recognize the ERC for its instrumental role in this partnership, particularly by the promulgation of the necessary rules and regulations governing retail aggregation.

Their guidance and oversight have shaped both this pilot implementation and retail aggregation for the rest of the country.

Beyond retail aggregation, we are hopeful that this project will be the first of many initiatives where Meralco can work with the ERC and University of the Philippines to bring innovation and customer empowerment to our kababayans.”

W

ATERLOGIC, the company behind the innovative water purification technology of Aqua SmartGuard (ASG), further expands its foothold in NCR with the opening of its flagship store. This new store, located at the second level of Mall of Asia Square (bridgeway to IKEA), Pasay City, serves as a milestone reflecting the company’s commitment to the Philippine market and will bring Aqua SmartGuard’s water solutions closer and more accessible to Filipino families for guaranteed safe and high-quality drinking water.

“We are proud of the work that we have put into our expansion in the Philippines as we stay true to our vision of transforming drinking water for every Filipino with Aqua SmartGuard,” said ASG Chief Operating Officer and Country Manager Windy Goffe-Gomez, who led the ribbon cutting ceremony along with ASG Philippines CEO and President Yoni Saar.

Waterlogic has been providing trusted and reliable water service to over 50 million households and offices in more than 70 countries for the past 30 years. In the Philippines, Waterlogic has established branches at Trinoma, Greenbelt and SM Megamall.

The company’s latest innovation and top offering, the Aqua SmartGuard WL cube unit, is built with state-of-the-art Firewall UVC technology and BioCote antimicrobial surface protection. These patented world-class technologies keep both the water and machine

A

S the local Covid-19 situation appears to be calming down, the Philippines’ domestic tourism market is more likely to help the industry recover.

In response, the government continues to impose the minimum health standards, in cooperation with the local government units (LGUs) and the tourism industry, reassuring travelers of their safety.

The Department of Tourism advises

travelers that safety measures are still strictly observed and enforced by the department and the LGUs. In this atmosphere of renewed interest and rising demand to travel, the Philippine Travel Agencies Association (PTAA) unveiled the PTAA 29th Travel Tour Expo & 7th International Travel Trade Expo at the SMX Convention Center Manila on June 24-26, 2022.

SSS partners with UBP for the issuance of UMID Pay Cards

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HE Social Security System (SSS) and UnionBank of the Philippines (UBP) signed a memorandum of agreement recently that will allow SSS members to acquire Unified MultiPurpose Identification (UMID) Pay Cards through the UBP. Aside from being a valid governmentissued ID, the UMID Pay Card will be linked to a UBP regular savings account with no required maintaining balance, where members can receive the proceeds of their SSS benefits, loans, and refunds.

Moreover, members who will be issued with the said UMID Pay Cards will be able to check their balance, withdraw cash, transfer funds, pay bills, or deposit cash through UBP’s branches, selfservice machines, and BancNet ATMs nationwide.

They will also have access to the online and mobile banking platforms of the UBP, where they may perform additional

SSS President and CEO Michael G. Regino (4th from left) and UBP President and CEO Edwin R. Bautista (3rd from left) together with other SSS and UBP officials during the MOA signing ceremony held at the SSS Building in Diliman, Quezon City last June 27, 2022. transactions such as depositing checks, buying load, and creating savings goals, among others.

The issuance of UMID Pay Cards through

the UBP is projected to be made available in the fourth quarter of 2022. Further details about the program will be posted on the SSS website and social media pages.

safe from viruses – even the COVID-19 virus –bacteria, contaminants, and unpleasant tastes and odors.

It is recognized and certified by international health organizations such as the Water Quality Association (WQA) and the Water Regulatory Advisory Scheme (WRAS).

Keen to reach more Filipinos to support their need for safe and quality drinking water, Waterlogic continues to expand its presence with store openings and collaborations.

Just recently, Waterlogic brought Aqua SmartGuard to the Trendsetter's X Home Buddies Bazaar at the SMX Convention Center in Pasay City.

“The market’s reception has been positive so far, which is why we continue to broaden our market and boost our accessibility. The goal is for Aqua SmartGuard to be part of every Filipino household and workplaces and be integrated into the healthy lifestyle of families and safety measures of companies for employees returning on-site,” added Goffe-Gomez.

Effective speaking means good communication, according to top crypto influencer Marvin Favis

PTAA, Intl trade & travel expo 2022 welcome travel seekers With the theme, “Braving and Shaping the Future of Travel”, the first face-to-face travel tour expo is poised to boost the tourism industry with great travel deals and awesome tour packages that will be made available to both foreign and domestic travelers.

The joint travel and trade expo had 142 exhibitors in participation that occupied Function Rooms 1-5 on the 2nd floor of SMX Convention Center Manila. Organizers estimated 30,000 to 45,000 visitors in attendance for the three-day travel and tour expo which fearured umerous exciting destinations, as well as event-exclusive promotions and discounts on airfare, accommodations, and tours. Travelers also got to choose their travel schedules, favored transport vehicles on sea, land, or on air, and even secured travel insurance on the spot.

Travel tour operators were on-hand for those who seek packaged trips for more convenience and pleasure. Attendees were treated to exciting raffles, corporate game shows, exhibitors and sponsors presentation, and lively entertainment.

In this event, the travel opportunities and perks surely satisfied the demand to travel anew.

THE ASG’s flagship store opening in Mall of Asia, Pasay City

MARVIN Favis with actress Bela Padilla

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HERE’S an effective way to speak to netizens, as proven by how one gets traction and trust. Coach Marvin Favis, the country’s leading crypto influencer by virtue of his popularity among netizens, shares his key to getting his message across.

It’s not something you haven’t heard before but certainly one you’d believe in especially if coming from someone like him.

“My secret is people. They probably love me because I can explain complicated things like crypto in layman’s terms -- very easy to understand,” said Marvin who currently has 2.4 million followers in Tiktok teaching people about crypto.

In fact, his followers continuously grow accoss all social media platforms and the YouTube because of teaching all areas of Crypo, like trading, hodling, decentralized finance or defi, play to earn games and NFTs. Cryptocurrency as you may have heard is a digital or virtual currency secured

by cryptography which makes it almost impossible to counterfeit. This new paradigm for money promises to streamline existing financial architecture to make it faster and cheaper. Let Marvin explain that further and you only have to check his social media accounts to understand.

“I treat people as my students and family.

We grow together, ups and downs. We are a family in my channel. I give all the information I gather and we learn together. This is my passion and they feel it,” he said.

Marvin’s motivation stems from his goal to contribute to the betterment of the current society by sharing his knowledge about crypto and blockchain technology. He introduced crypto trading to many Filipinos. He’s been going around the world, like in key cities like Dubai and high tech city states like Singapore.

He shared, “Crypto attracted and captured my attention because of its possibility to help the community through low rates in transferring money. I treat bitcoin as digital gold which can be enjoyed via the earnings in the future and the technology of crypto in all aspects like in finance industry, gaming and socialfi, specifically blockchain technology.”

For him, to describe crypto into a newbie, he needs to compare the thing to a gold and discuss how money evolves from barter, gold, physical money and now into digital cash like gcash and credit card.

He added, “More and more people are now diving into crypto because of its beauty and big returns in earnings. This technology is not only for crypto holders, but for artists like painters, singers and others into arts.”

Golden Haven celebrates another banner year

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OLDEN Haven Memorial Parks celebrates another banner year on June 29, 2022 as it marks its sixth anniversary as a publicly listed company on the Philippine Stock Exchange.

Golden Haven set its Initial Public Offering (IPO) in 2016 at Php 10.50 but stock value has since risen to Php 675 as of June 17, 2022, registering an increase of 6,000 percent.

Golden Haven’s impressive achievement puts it right on track with sister company BRIA Homes, now a top-tier housing developer in the Philippine real estate industry. With fiftyplus residential developments nationwide, BRIA was recognized as Affordable Housing Developer of the Year and Open Space Developer of the Year at the last Real Estate Asia Awards.

Meanwhile, Golden Haven’s remarkable growth affirms the company’s continued upward trajectory, the result of its persistent focus on building the most beautiful memorial parks in the Philippines. Now with over 30 projects across the country and more in the pipeline, Golden Haven is a sought-after name in the deathcare industry. Each impeccably designed park combines elegant architecture with verdant greenery, creating tranquil resting places for Filipino families’ dearly departed.

Along with Golden Haven’s continuous development and expansion, its care and attention to detail extends to customer service as well. Now offering online services

through its website, Golden Haven has made transactions smooth and convenient for potential buyers and investors. For one, reservations may be done with just a click from their computer or mobile device.

Customers can also choose from a variety of payment options and plans that include long-lasting maintenance, wherein funds are used for the property and the overall maintenance of the park. Once a buyer has fully paid for their plan, they’re guaranteed ownership in perpetuity.

Sellers also benefit from Golden Haven’s push towards new digital platforms. The continuous training they undergo help increase their reach and expand their territories, which in turn grow the company’s business.

Visit goldenhaven.com.ph or follow “Golden Haven” on social media platforms: Facebook, Twitter, Instagram, YouTube, Pinterest, Spotify, Tiktok, and Viber. For sales-related inquiries, contact (02) 8873-2922 to 23.

Sports BusinessMirror

mirror_sports@yahoo.com.ph | Editor: Jun Lomibao

Friday, July 1, 2022 B7

A DISAPPOINTING DAY FOR BRITAIN W

IMBLEDON, England—The recurring cries of “Come on, Andy!” at Centre Court meandered somewhere along the continuum from pushing to pleading as two-time champion Andy Murray’s shortest stay at Wimbledon came to a close.

Unable to overcome big John Isner’s big serves, the way he always has in the past, the revered Murray lost in the second round to the 20th-seeded American, 6-4, 7-6 (4), 6-7 (3), 6-4, on Wednesday night at the All England Club, capping a disappointing afternoon and evening in the grass-court Grand Slam tournament’s main stadium for the locals.

Prior to Murray vs. Isner, the host country’s other leading player, reigning US Open champion Emma Raducanu, was eliminated by Caroline Garcia of France, 6-3, 6-3.

Asked whether he plans to be back a year from now, the 35-year-old Murray replied: “It depends on how I am physically. If physically I feel good, we’ll try to keep playing. But it’s extremely difficult, with the problems I’ve had with my body the last few years, to make predictions.”

Murray needed multiple operations on his hip and now has an artificial joint. He also recently dealt with an abdominal issue that hampered his preparations last week.

In addition to becoming Britain’s first men’s singles title winner in 77 years at Wimbledon when he claimed the trophy in 2013—and adding another in 2016— Murray always had managed to make it to at least the third round in his 13 prior appearances. He lost that early twice, in his 2005 debut and in 2021.

“It’s no secret that I am most definitely not a better tennis player than Andy Murray. I might have

been just a little bit better than him today. It was an incredible honor to play him on this court, in front of this crowd,” said the 37-year-old Isner, who won the longest match in tennis history by a 70-68 score in the fifth set at Wimbledon in 2010 and reached the semifinals there in 2018.

“At the age I’m at now, I need to relish these moments. This was one of the biggest wins of my career.”

Raducanu, who won last year’s US Open at the age of 18, hasn’t gotten past the second round at a Grand Slam tournament since then.

On Wednesday, she lost to Caroline Garcia of France 6-3, 6-3 on Centre Court at Wimbledon.

“There’s no pressure. Like, why is there any pressure? I’m still 19. Like, it’s a joke. I literally won a Slam,” the 19-year-old British player said. “Yes, I have had attention. But I’m a Slam champion, so no one’s going to take that away from me. Yeah, if anything, the pressure is on those who haven’t done that.”

The 10th-seeded Raducanu has dealt with minor injuries recently, including a side strain that forced her to retire from a match at the Nottingham Open two weeks ago. She said she didn’t feel any pain but acknowledged being rusty after playing only “seven hours of tennis in a month.”

“To even compete with these girls at this level and win a round I think is a pretty good achievement,” she said.

Raducanu beat Alison Van Uytvanck 6-4, 6-4 in the first round—also in the main stadium—but ran into a player on a roll on Wednesday.

Garcia, who has been ranked as

high as No. 4, extended her winning streak to seven matches, which includes the Bad Homburg title in Germany last week for her first tournament win in three years.

“I struggled to find a way through her today,” Raducanu said. “But it’s OK because coming into this I didn’t really have many expectations of myself. Playing on Centre Court again was, again, a really positive experience for me. So, yeah, I can take it going forwards.” AP ATHLETES and coaches wait their turn to march during the military civic parade honoring President Ferdinand Marcos Jr.

MARCOS PUTS PREMIUM ON SPORTS

By Josef Ramos

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TWO-TIME champion Andy Murray’s shortest stay at Wimbledon comes to a close as Emma Raducanu, who won last year’s US Open at the age of 18, hasn’t gotten past the second round at a Grand Slam tournament since then. AP

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Women in sports development airs on PSC’s ‘Rise Up! Shape Up!’ show

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HE Philippine Sports Commission (PSC) stayed committed to women and sports development nationwide through its various programs over the last six years.

To celebrate the achievements of PSC-Women in Sports, PSC’s web series “Rise Up! Shape Up!” dedicates its Friday episode to the milestones and key accomplishments in nurturing the country’s sporting culture and women talent in sports.

“People often think that sports are mainly for men. But recent sports successes are a testament that women have the strength and determination to win in sports and life,” PSC Women in Sports Oversight Commissioner Celia Kiram said.

“We’re happy that through our programs we get to encourage women to appreciate sports and even take it up professionally.”

Kiram cited the Women’s Martial Arts Festival which gathered more than 15,000 girls and women.

The special episode will air at 7 p.m. and will have a rundown of the agency’s Zumbarangay Pilipinas, K-Isport and Gintong Gawad Awards.

“We are firm in our commitment to promote sports to achieving holistic wellness—from physical, mental, and emotional,” Kiram said.

“And we dared to deliver on this commitment through Rise Up! Shape Up! giving our online audience access to information on physical fitness and sports appreciation.”

ALL it a shot in the arm— or more aptly, in these pandemic times, a booster more than double—as a first in an oath-taking ceremony by any Philippine president took place just before noon on Thursday when 25 athletes and coaches marched during the military civic parade honoring the republic’s new chief executive.

Philippine Olympic Committee (POC) Rep. Abraham “Bambol” Tolentino was quick to express his organization’s invigorated confidence that sports will have its prominent nook in the administration of President Ferdinand Marcos Jr. “We are thankful to the new administration, to President Ferdinand Marcos Jr., for putting sports on a rightful platform in his administration,” said Tolentino moments after Mr. Marcos’s inaugural speech at the National Museum on Thursday.

“The POC, and the whole of Philippine sports for that matter, is more hopeful now that our athletes will be given more priority and attention under President Marcos,” Tolentino said.

Twenty-five athletes and coaches

in wushu, sepak takraw, jiu jitsu, judo, kurash, shooting, rowing and gymnastics marched during the military civic parade honoring the oath-taking of Mr. Marcos as the 17th president of the Philippines.

“The athletes’ inclusion in the parade signals how serious President Marcos’s outlook on sports will be,” Tolentino said. “Sports is a tried, tested and certified unifying factor among us Filipinos—time and again, we unite each time our athletes compete, and win, abroad.”

Outgoing PSC Chairman William “Butch” Ramirez also praised the incoming administration for recognizing the importance and contributions of Filipino athletes.

“It shows that the athletes and the Philippines sports are properly represented and this is a good sign for the next six years,” said Ramirez, adding that he has never seen in past presidential inaugurations that athletes marched before the new president.

“It’s a rare opportunity … here’s a president who let the athletes march during his inauguration. Wow, that’s a good sign,” said the 72-year-old Ramirez, who was PSC commissioner in 1998 and chairman from 2004 to 2008 and again from 2016 to 2022.

Senate Committee on Sports Chairman Senator Christopher “Bong” Go was delighted to see the athletes joining health-care workers and other frontliners in the parade.

“It’s a symbolic recognition of the athletes efforts and sacrifices.” Go said.

“This is one of the timely recognitions given to our Filipino athletes who contributed a lot to our society.”

Philippine Basketball Association Commissioner Willie Marcial said watching the athletes in the parade was “a great sign” that President

Kiwis show no mercy vs Gilas in qualifiers

EW ZEALAND was too hot to handle by a young Gilas Pilipinas team in an International Basketball Federation (FIBA) World Cup Asia Qualifiers match on Thursday at the Eventfinda Stadium in Auckland, New Zealand.

The Tall Blacks—taller, quicker and obviously possessing more chemistry—dealt the Filipinos a 106-60 beating that was quite expected from a team that only had one veteran, Kiefer Ravena, from the Philippine Basketball Association.

The Filipinos hardly challenged the hosts. They fell to deficits of 1023 and 21-47 at halftime, allowing the Kiwis to go undefeated in Group A at 4-0 for a ticket to the next round of the qualifiers.

Carl Tamayo, a University of the Philippines standout, finished with 16 points and five rebounds but suffered a sprained his ankle with eight minutes left in the game.

Letran’s Rhenz Abando tallied 11 points and Francis LeBron Lopez had eight points for the Filipinos,

who had an atrocious 4 of 26 shooting from beyond the arc.

Dion Prewster scored 15 points Finn Delany posted 14 points with seven rebounds and Jordan Ngatai and Ethan Rusbatch added 12 points each for New Zealand.

Despite posting a 1-2 record, the Filipinos are guaranteed to also advance to the next stage after South Korea’s disqualification in Group A. Gilas will face India on Sunday at the Mall of Asia Arena in Pasay City.

Josef Ramos

RUGBY CHAMPS Alabang Eagles Rugby Football Club women’s team members hoist the Premiership Division trophy during the recent third and final leg of the Philippine Football Rugby Union Luzon Rugby Cup at the Ayala Vermosa Sports Hub in Imus, Cavite. The Eagles beat the SKF Makati Mavericks, 17-5, to claim the crown.

Marcos will support national sports—amateur and professional.

“We are fully supported by the government ever since the pandemic struck us, and I believe the new administration will still remain supportive,” Marcial said. This is not only for the PBA, but for everybody as we’re now heading back to our normal lives.”

“That’s a great indication to see Filipino athletes recognized by the new president,” Philippine National Volleyball Federation Inc. President Ramon “Tats” Suzara said. “We are hoping the new administration will not only match but surpass what President Rodrigo Duterte did to Philippines sports and to our national athletes during his term.”

Former President Duterte has always recognized the contribution of Filipino athletes and honored them with recognition and incentives in Malacañang.

TNT targets QF berth against sputtering Dyip

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NT Tropang Giga shoots for a quarterfinal berth when it battles winless Terrafirma on Friday in the Philippine Basketball Association Philippine Cup at the Smart Araneta Coliseum.

The Tropang Giga, sitting at third place with a 6-2 win-loss record, are riding a five-game winning streak and the Dyip limping with five consecutive losses when they enter the 3 p.m. game.

But TNT Coach Chot Reyes said that complacency shouldn’t set in on his wards.

“We have to lean on our agility, on our versatility and our ability to adjust,” Reyes said. “The key for us is to get those Ws [wins], but more importantly is to get better each day and develop our game.”

The Dyip won’t be with big man Isaac Go (ACL injury) and Ed Daquioag (knee).

Sophomore guard Mikey Williams is coming off consecutive 27-point performances against Phoenix Super LPG and NorthPort in TNT’s previous games.

He is expected to be the man of the hour anew for the Tropang Giga besides Roger Pogoy, veteran Jayson Castro and JP Erram.

Barangay Ginebra San Miguel, meanwhile, goes for a share of the lead with powerhouse San Miguel Beer (5-1) when it meets Converge in the 6 p.m. game.

The Gin Kings of grand slam coach Tim Cone have won two straight—over NLEX, 83-75, and San Miguel Beer, 75-72—for solo second place with a 4-1 card.

The FiberXers are in eighth spot with a 2-4 record. They lost their last two games. Josef Ramos

Motoring BusinessMirror

B8 Friday, July 1, 2022

Editor: Tet Andolong

Thrifty treat, redux S

Story photos by Randy S. Peregrino

EVERAL weeks after its official debut, Suzuki Philippines hosted a media drive for us to take the first dibs on the all-new Celerio finally.

This city car has been one of the mass favorites due to its compact size yet spacious interior, as claimed by Suzuki. The latest generation model takes pride in possessing a small frame yet with a remarkably spacious interior and the fun-to-drive factor that goes with it.

Commissioned for the drive event were six units of the all-new Celerio, and our staging point was at the Suzuki dealership in Sucat, Parañaque. To add excitement, Suzuki incorporated an eco-challenge for all participants, highlighting the ultra-efficient capability of the subcompact hatch. The destination?

The Old Grove Farmstead in Lipa, Batangas.

Liquid expression

The “liquid expression” design cue made sense to finally see the vehicle in the metal.

Gone are the predecessor’s striking looks with sharp profiles and transitioned into a three-dimensional with curved surfaces look.

According to Suzuki, it resembles a water surface, deviating from its previous boxy-type body. Indeed, this new design concept created the illusion of making the exterior frame, particularly the front end, larger-looking.

The rear’s combination lamps were repositioned on the shoulder lines complementing the flared rear fenders. Of course, there are sporty and larger15-inch black alloy wheels.

Redesigned with convenience features

Onboard, we saw what Suzuki claims about the new cabin layout. The revamped styling exudes an invigorating vibe. Settling was easy with snug seats, fresh and grippy steering wheel, and uniquely-designed instrument panel features. The 6.2-inch touch-operated infotainment unit with a clear and responsive

anti-glare screen was easy to operate. It also has Weblink 2.0, Bluetooth, and USB connectivity functions with audio controls on steering wheels for convenience.

Together with two other colleagues, we finally took off, along with the entire convoy.

All cars were gas-filled equally up to the lid with a sealed cap for instruction purposes.

The objective was simple—to reach the Petron gas station in Lipa, refill, and determine which team registers the best fuel consumption (actual drive distance over exact liters of fuel consumed).

Ultra-efficient, reliable, and stable

We traversed in expressways throughout the leg. We tried maintaining the lowest speed limits to retain lower engine RPMs with the challenge in mind. While it was not considered real-world driving on a freeway, we wanted to see how things would turn out. We still turned on the aircon at a typical setting, by the way. For its size, the vehicle was impressively stable and well-planted. The steering response was also good.

Motivation comes from an updated and improved 1.0-liter K10C DUALJET gasoline engine generating 67 horsepower and 89 N-m of maximum torque. Suzuki claims that the updated 1.0L DUALJET engine delivers comprehensive advantages in thermal efficiency resulting from a better compression ratio, dual-injection system, and friction reduction—realizing a high level of balanced dynamic performance and efficiency. The motor operated smoothly during the whole leg considering the heavy load coming from three adult occupants.

Interestingly, this fuel-efficient motor works with a five-speed manual gearbox with

Pack of all-new Celerio exuding the new “liquid expression” design cue

Auto Gear Shift (AGS) transmission options.

The AGS transmission was as easy to operate as any auto gearbox. But since it runs a conventional manual gearbox with Intelligent Shift Control Actuator, the drive response was slightly different. Nevertheless, it was smooth shifting. We also occasionally used the sequential mode to see if there was much difference. Overall, it does the job with a little getting used to stepping on the brake to engage at a standstill; otherwise, it stays neutral.

We reached the gas station to fill up less than two hours later. Despite the wrong turn, which resulted in more distance and an around 30-minute slow moving, bumper to bumper traffic, we still consumed just over four liters in around less than 70 kilometers.

Still not bad at all.

Still remarkably roomy

On our way back, being a rear passenger was bliss. Like the previous generation, the allnew Celerio retained the remarkable spacious interior—more than generally expected from a subcompact hatchback. By the way, the cargo

Remarkably spacious, updated layout with convenient features

bay still has decent room to accommodate our bags and goodies. But the best part was the entire experience, seating at the back.

For a small vehicle, there was enough room for one to slouch at the back. Remarkably, tire rebound was very minimal to none. Even the road noise was minimal and without harsh reverberations at all. We made it back to the dealership feeling relaxed.

Safety features

For peace of mind, the all-new Cele-

VIOS CUP LIVE ENGINE ROAR RETURNS

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HE much-missed live action of the TGR Vios Cup will blast off on Saturday, July 2, at the famous Clark International Speedway in Angeles City, Pampanga, featuring the Circuit Championship and the Autocross Challenge.

To be flagged off at 9:30 a.m., the iconic TGR (Toyota Gazoo Racing) races from Toyota Motor Philippines (TMP) will feature the usual speedway stars for the delectation of fans deprived of the boom and thunder of the engine roar shelved for two years by the Covid-19 pandemic.

I can imagine the hunger for live action of a crowd used to savouring the sweet noise of speed-producing locomotives on the race track.

As in the past, admission is free, with spectators needing only to show their vaccination cards to gain entry to the event that is presented by Petron and Bridgestone, and is supported by Brembo, Denso, OMP, Tuason Racing, AVT, 3M, ROTA, My Toyota Wallet and Kinto One. But to be fair to home buddies, they can also watch the action via TMP’s online channels and TGR’s Facebook accounts, including the second leg in August and the concluding third leg in November.

Said Sunshine Cabrera: “TMP continues to fulfil its goal of elevating motorsports in the country and providing a platform for top Filipino racing talents, guided by the TGR philosophy of pushing

the limits for better results.”

The Circuit Championship will unveil the Philippines’s top racing teams with their seasoned and up-and-coming drivers battling for supremacy in the Super Sporting, Sporting, and Promotional classes.

Movie celebrities, influencers and media personalities are also expected to dish out their racing prowess again in the Autocross Challenge, even as the country’s best e-racers get the chance to unfurl their sim racing skills, too.

“Over the years, the TGR Vios Cup has been serving as a vehicle for us to champion the local racers, and to bring the thrill of racing to everyone,” said TMP First Vice President for Vehicle Sales Operations Sherwin Chualim. “We thank our ever-growing community of racers and motorsports fans for their support which makes the TGR Vios Cup one of the biggest, and longest-running racing events in the Philippines. With the public back to the grandstand once again, it’s the perfect way to bring together the ambitious spirit of the racers and the rousing energy of the fans.”

Seems like only yesterday when the Vios Cup was flagged off in 2014 by former TMP president Michinobu Sugata. Time flies, indeed.

Honda, Sony tie-up

HONDA and Sony have just joined hands in the sale of electric vehicles (EVs) and in pro-

The Celerio’s reliable and thrifty 1.0-liter gasoline engine

rio offers numerous advanced safety features. The frame design centers on Suzuki’s TECT (Total Effective Control Technology) concept. It is a structural design that efficiently absorbs and disperses the energy in the event of a collision.

Standard safety features include an anti-lock brake system (ABS) and Electronic Stability Program (ESP), Dual Airbags, seatbelt with pre-tensioners, rear parking sensors, and Hill-Hold Control. viding other services for mobility, Colene Jalalon reported.

Honda’s vehicle body manufacturing technology and after-sales service management experience will combine with Sony’s expertise in the development and application of imaging, sensing, telecommunication, network and entertainment thrusts.

“Sony and Honda plan to establish the new company within 2022 and to begin the sale of EVs and provision of services for mobility in 2025,” Jalalon said.

Called the Sony Honda Mobility Inc., it will be based in Tokyo, Japan, with a capital outlay of 10 billion yen (roughly P4.7 billion) on a 50-50 business investment each for both companies.

Said Kenichiro Yoshida, Sony President and CEO: “Based on our vision to ‘make the mobility space an emotional one,’ Sony’s initiatives are centered around safety, entertainment and adaptability. As we continue our learnings in these areas, we are excited to have met a partner, Honda.”

Said Toshihiro Mibe, Honda President and CEO: “Honda continues to take on new challenges in the environmental, safety, and other advanced fields in order to be a driving force for social change through mobility. We are very pleased to have signed a joint venture agreement with Sony. At the new company, we will strive to create new value through the fusion brought about by the combination of our different industries.”

PEE STOP My family and I condole deeply to Ken Angeles, who just lost his son to cancer. Sam, a famous chef in Davao City, was only 38. Please, dear God, grant peace to Sam’s soul…The Petron Philippine Overland Expedition will be held October 12 to 16 this year. More on this in future columns.